The Issues:

1. The Trustee in charge of the property sale lived out of state.
2. The occupants of the property had pets that soiled the carpet in most rooms, making the property unsuitable for sale to a typical buyer.

The Numbers:

1. In its present condition, the house would likely sell to an investor for $400,000 and could close in as little as two weeks.
2. If the issues were addressed, the house would likely sell to a typical buyer for $500,000, but it would take at least two months to close and cost $20,000.

The Work to Be Done and How We Helped the Out-of-State Trustee:

1. Vacate the home and remove all the furniture. (The family assisted with this.)
2. Clean up the landscaping in the front and back. (We coordinated with the landscapers the Trustee had been using, ensuring the work was done satisfactorily. We did have them return to finish tasks they had missed.)
3. We obtained multiple bids to remove the carpet, treat the concrete for pet urine, seal the concrete, and replace the carpet. The Trustee chose the flooring company and paid for the service.
4. We obtained multiple bids to repaint the entire interior of the home. The Trustee chose the painter and paid for the service. During the process, the painter suggested fixing water damage on the back porch and removing dated paneling from the family room. The Trustee agreed, and that work was also completed.
5. This process took about 30 days, and the Trustee only came out at the end to inspect the work and pay for it. (We have had other clients who did not inspect the work, so everything was handled 100% remotely.)

What Happened: We placed a “Coming Soon” sign in the yard while the work was being done, generating significant interest by the time the home hit the market. The work turned out very well, and the market improved over the 30-day period. I suggested listing it at $550,000 rather than $500,000. On the first day the home was listed for sale, more than 20 people attended the open house, and we received two offers. Although they were not full-price offers, the Trustee, who was a very shrewd businessperson, decided to hold out for a full-price offer. On the third day, we received another offer of $540,000, countered at $550,000, and they accepted. During the inspection period, a couple of significant items were discovered, and the Trustee and Buyer mutually agreed to lower the price to $540,000 in lieu of making the repairs.

The Results: From the comfort of her home out of state, the Trustee was able to invest $20,000 in repairs, netting an extra $140,000 with the help of the Hankerson Team. We understand that not everyone is in a position to wait 60 days and invest $20,000, which is why we also offer an as-is cash offer that can close in as little as two weeks.