The seller had recently inherited a portfolio of properties from her mother. Due to the step up basis and her living out of state, she felt it was the right time to sell the California properties.
Why Lyon | Stahl:
The seller and her mother were past clients of Lyon Stahl, whom we maintained a relationship with. Upon the passing of her mother we provided a date of death valuation on all properties in her portfolio. After discussing with her CPA she found that it was the right time to sell.
Once the property was listed we jumped into action with our full scale marketing campaign which includes professional photography and drone footage, attractive and comprehensive marketing packages, direct mail to property owners and investors of the area, online marketing which includes every major real estate site (MLS/Costar/Loopnet/Redfin/Zillow/Trulia/etc.), email campaign to every potential buyer/investor, and an extensive call campaign to all prospective buyers/owners in the area.
As a result of our marketing efforts we were able to go under contract at asking price within the first week of listing the property. Due to deferred maintenance at the property the buyer asked for a large credit which the seller was not open to and chose to cancel the escrow.
Shortly after falling out of escrow we were able to bring another buyer to the property who was looking for a value add property and ready to take on the work. In order to get the property into a condition where the buyer could obtain financing we needed to assist with cleaning up debris around the property, fixing wall heaters, and installation of smoke and carbon monoxide detector.
As a result of our marketing efforts and ability to work with the lenders requirements, we were able to successfully close escrow with a happy buyer and seller.