This home needed to be sold to a cash buyer, but not the one that the executor had in mind.
The home was in dismal shape and needed a major cleanout (there was a printing press in the basement that weighed over a thousand pounds!). The estate had no money to invest in the home, and they had very little time to sell due to an unruly heir who wanted their share of the estate proceeds “NOW!”
We met with the executor at the property for our unique Max The Estate™ Consultation. At the consultation, the executor told us they had identified a cash buyer willing to pay $180,000 for the home “as-is”. We talked with the executor about the possible benefit of utilizing our InvestorMax™ process when going the investor route to maximize the money to the estate as well as to vet the cash buyer’s qualifications (many aren’t actually qualified to buy and are hoping to resell the contract at a markup to a REAL cash buyer before closing). The executor felt he had nothing to lose in going with our InvestorMax™ process because if we weren’t successful, he always had his “solid” $180,000 offer to fall back on.
We set to work, and on one blustery and snowy Saturday afternoon, we introduced the property to eleven cash buyers.
We received offers from eight of the eleven potential buyers, we disqualified four of the offers because their terms were shaky, and we went through two more rounds of bidding. In the end, the home sold for $275,000
After deducting $13,750 in sales costs (that wouldn’t have been incurred in a sale to the executor’s original $180,000 investor), the proceeds to the estate were $261,250. Subtracting the executor’s other $180,000 offer from before he met us (and that’s assuming that that other buyer actually CLOSED) from that $261,250 in proceeds means that the estate gained an additional $81,250 as a result of our efforts. But the story doesn’t end there.
During the process we learned that two of the three heirs to the estate (who both lived in the subject home) needed their share of the estate proceeds in order to be able to be able to find a place to live and to actually move their belongings. With that in mind, we were able to negotiate with the buyer for the two heirs to live in the home for an additional four months after closing.
$81,250 in extra proceeds and a delicate human interest story resolved to everyone’s satisfaction.
Outcomes like this are one of the reasons why we love what we do!