Owned multiple commercial properties but were interested in purchasing their first multifamily building.
Why Lyon | Stahl:
A 7+ year post recession rebound coupled with a shortage of available inventory created a market that was highly competitive for buyers. This family wanted to work with a firm that was respected in their market and had a reputation of winning out highly sought-after deals.
We aggressively wrote several offers for our clients on all deals that fit their buy-side criteria. Shortly thereafter, one of our offers was accepted and we opened escrow. During the inspection period, we learned of some serious foundation issues that would cost nearly $200k to repair. As a result, we cancelled escrow and continued to diligently search for the right deal for our clients. We eventually opened escrow on another multifamily property, only to learn that a few of the units were non-conforming. We remained determined in our efforts to protect our clients and deliver an investment property that would benefit their portfolio for years to come.
We ultimately opened escrow and successfully closed on a well-maintained triplex in Hawthorne, California. This deal was very competitive, resulting in over ten offers on the property all similar in price and terms. However, we were able to gain the inside track due to our established relationship with the listing agent and proven track record of facilitating a smooth close.