extra recovered vs. investor offer
offers in 7 days
CA executor never visited the home
THIS project was a lot of work and it was not typical of what we usually do. But it does show how far we’ll go on behalf of our executors.
In addition to over 3,000 pounds of clutter (not unusual in a probate home), this condo unit itself was in MAJOR disrepair, as seen in the “Before” video footage below. The California-based executor was contemplating selling the unit to one of the MANY investor buyers who flooded his mailbox with postcards and “handwritten” letters in the prior months, just because it seemed like the easiest thing to do from 3,000 miles away. His New Jersey probate attorney suggested that he speak with us before he settled on a plan of action.
We got a key for the unit from the estate’s attorney and viewed the property. Then, we kicked off the preliminary process with our unique Estate Recovery Assessment™, which we did via phone and email since the executor was so far away. As the result of that consultation, we settled on a two-prong plan: 1.) get maximum bids from investors with our InvestorMax™ process, and 2.) compare those investor bids with the cost and anticipated net revenue result of a full renovation of the unit.
After a very involved cleanout, our Silvina Foley originally solicited bids from a large investor pool to get a baseline “as-is” price. The highest offer she received from a qualified investor was $245,000. We presented the executor with this maximum investor price and we also presented a full renovation alternative. The executor decided that they’d rather invest some money in renovating the unit with the goal of netting more money for the estate.
We then set out to detail the scope of work, identified and vetted contractors, and solicited bids on some of the work (some we did through our internal renovation unit because we were less expensive). The all-in renovation budget added up to $34,000. The executor gave us the go-ahead, and we got to work on behalf of the estate.
The BEFORE video
The AFTER video
We managed, and very often participated in this renovation, in which the unit received a new kitchen, bathroom, flooring, paint, trim, doors, lighting, etc. Of course, like all renovation projects, there were a few snags to overcome, but we hung in there and the gorgeous end result is shown in the “After” video above.
We then applied for and obtained the town’s required Certificate for Continued Occupancy.
Silvina placed the renovated unit back on the market, received multiple offers within days, and the executor chose an offer of $332,500.
After deducting the $34,000 in renovation costs, the gross amount to the estate was $298,500, which was an increase of $53,500 compared with the $245,000 they would have received from the investor buyer before the renovation.
And here’s an interesting fact – throughout the process, we never met this executor in person and he never visited the project – all of our communication was over the phone, via email, or text messages. Talk about “hands-off” on the part of the estate!
In the end, like most of our successful outcomes, this executor had faith in us and allowed us to just do what was necessary to get the job done.
Small condo. Small price point. BIG value added!
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SERVICES PROVIDED
→ Estate Recovery Assessment™
→ InvestorMax™ Process
→ Organization & Cleanout
→ Project Design & Management
→ Contractor Sourcing
→ Medium Repairs
→ Real Estate Marketing & Sale
Result at a glance
HOW CAN WE HELP YOU?
One conversation. No commitment. We’ll tell you honestly what we think is possible.
Not a sales call. Just a conversation about your situation, what the property might need, and what your options actually are. There’s no obligation and no pressure.
If we’re not the right fit, we’ll tell you. Or you can tell us.
Or call or text Silvina directly:
201-275-4159