A former client called me last month and told me it was time to sell his home. He had bought it as a restoration project three years ago and seemed motivated to part with the home.
Unfortunately, his work and family schedule never permitted him to finish the job. All the demolition had been done, but nothing had been put back in its place.
The situation for my client was made worse by the fact that the kitchen and bathrooms were non-existent. That meant that it would be impossible to finance the home with a normal loan. We needed either a cash or seller financed transaction to take place.
Fortunately, one of my investor clients was in the market for just this kind of project. We were able to work out a win-win scenario where the sellers agreed to finance the propety for a year while the buyers fixed up the home.
The purchase price for this property was $87,000 as-is. (I sold it to my seller three years ago for $70,000.) With the basement finished and superior trimmings put into place, I believe the home will sell for somewhere in the $135K-$150K range. The buyers have asked me to consult with them on designing the restoration work.
Here is a photo of the kitchen. Not much to comment on here except that it needs to be put back together.
The living room has an original fireplace, bookshelves, and craftsman
window
s.And here you can see that the yard had not been mowed in about three years.
4 comments:
He is lucky Ogden City didn't send him a code enforcement notice for the 3 year old weeds. Looks like a fun project. Good luck.
Brandon
Regency Property Managment
Nice job pulling together a win/win scenario. The bones look good. The home has potential.
what kind of advice do you give the buyer to fix it up?
In this case we are refinishing the wood floors, installing a knotty alder kitchen, restoring the original hex tile in the bathroom, restoring wood baseboards, and painting the interior craftsman colors....just to name a few. I will publish before and after video when we are done. Stay tuned...
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