We were working with the buyers in this story. They were approved for FHA financing but it wasn’t your regular home search, they were looking for an income property. Part of the reason they were looking for a multi-family property was that it allowed them to increase their approved financing budget but it also came with some unique hurdles as well. It is rare that income properties have any vacant units that these buyers could move into when the property was purchased (which is also an FHA requirement). So to recap we were searching for a multi-unit, have an established tenant in one side with good rent history, and we had to constantly compete against conventional and cash offers.
We were determined! We walked through some atrocious complexes, as you can imagine most of the properties available that aren’t bought up immediately by investors need a little love and care. We kept searching though. I even put together a mailing campaign to see if any current owners needed to liquidate their assets before tax season this year. We looked, looked, and looked, driving all over Emmett, investigating Caldwell, and just when we were least expecting it, we found them a place. The house came on the market that day and as the owner was still finishing up the items to make the home market ready, we walked through. A couple hours later, we had an accepted offer!
With the offer in place, we had the home inspected and put together a list of repairs. After paint, a new heater, some floor repairs, and items in the crawl space were completed we were set to close. After the home was closed, they used our moving trailer and in a blur, they moved into their home. We were able to take a very specific situation and get the buyers into a home with a final adjusted price of $11,000 under list price, with the aforementioned repairs, but the best part of the whole transaction was through our long search process, we were able to spend a lot of time getting to know these buyers.
Knocking for Nana
We had the pleasure of helping this particular grandmother transition from her rental house to owning her very own townhome where she could spend her twilight years. She was a very great client to work with and was able to let us know exactly what she was looking for. Her townhome needed to be in Boise close to her work, and of course, fit inside her budget. At the time, there wasn’t a lot of properties on the market that fit this description and the townhomes we did find were scooped up quickly by investors who were offering cash to the seller. Needless to say grandma was trying to hold on to hope, but was getting discouraged quickly.
However we weren’t quite ready to throw in the towel, and our team spent time brainstorming how find this elusive property for our client. We decided to create a postcard explaining her circumstances for moving and started knocking on all the doors in a few communities that fit her needs. So a few days and almost one hundred doors later, we came across a gentlemen selling his home without agent representation (For Sale By Owner).
We was able to speak with him and negotiate an acceptable offer for even less than my client was planning on spending on her townhome. The property was inspected and the seller took care of a few maintenance items as well as bought grandma a home warranty for her new home! We love to look back on this client’s story and remember that with a little effort and determination there is very little a person cannot accomplish.
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