06/27/2024
Now that it’s over I can finally write about a harrowing but almost spiritually rewarding real estate deal.
It was another beat-the-clock situation, one so fraught with drama and heartache that we couldn’t rest until we got the “clear to close.”
The date was May 14. Our client was bound by an ominous, if bizarre, divorce decree: If they didn’t sell their home by June 1, their ex would have the authority to sell it himself.
It didn’t make sense. Though he was on the loan, he wasn’t entitled to any of the proceeds from the sale. But that meant he wouldn’t care if the house sold for a million dollars or fourteen cents. He wanted only to get it sold and finally sever the last connection to a fully corroded relationship. He was motivated to sell at any price.
But our client depended on that sale. They’d been living in near poverty and relied on the proceeds to pay off debt, get medical attention for pets, and secure the only affordable housing option left: a mobile home. Even if we didn’t understand the decree, it had to be obeyed.
Our seller was a dear and generous human, a kind-hearted rescuer of stray cats and lost people, and both had left their destructive marks on the suburban home. Once-carpeted floors were down to bare concrete. A manic roommate had torn up wallpaper and drywall. ��We had two weeks to get the house sold before the ex could take over. My magic weapon — staging — was not an option for a home with this level of (mainly cosmetic) disrepair.
Nearly paralyzed by overwhelm and now penniless, the seller couldn’t possibly get the house repaired and ready for sale in our usual way: sparkling clean, artfully presented, beautifully photographed. ��I dug into the subdivision’s sales data and discovered that homes were selling in the mid 200s. The seller and I came up with a price that would net enough to cover basic immediate needs and hopefully attract a buyer quickly. The only way we’d make the June 1 deadline would be a cash offer and quick closing which narrowed the pool of possible buyers down to investors. I immediately reached out to a group of out-of-state investors and, miraculously, one responded the very same day. I sent him my comps and photos. He was in! �
Then our fast track to closing hit a pothole: The investor realized he hadn’t accounted for replacing a rotted deck. Jamie and I quickly decided to slice our commission so the deal could keep moving forward.
We made our June 1 deadline. The home is now being repaired and readied for new owners. Our dear client is ready for a fresh start. And I’m more than ready for a good night’s sleep. Congratulations all around.
