Yesterday a subscriber called to let us know about a very special gift he had purchased for the woman in his life. This couple has been buying foreclosures for some time, but had yet to buy the home where they were going to spend the rest of their lives. That changed a few weeks ago when their Short Sale offer was accepted by a seller who was desperate to avoid the Trustee Sale.
Their story is as follows:
The couple had been looking for months in the area around Perris, CA. They came across a listing for a beautiful lake-view custom home on two acres. The photos were stunning. It was literally Everything they were looking for.
The seller was asking $730,000.00, and the listing was over 6 months old. They didn't want to pay that much, but they knew they wouldn't be able to pay less if they didn't ask. So they asked.
As it turned out, the seller had paid $600,000.00 for the house over a year ago. He'd been trying to sell it ever since. His original asking price had been $900,000.00, with no takers. He dropped his asking price to $730,000.00 just six months later.
One month after that, he recieved a Short Sale offer of $550,000.00 from a potential buyer. He agreed to it so he could cut his losses. Comps at that time were still above $600,000.00 for homes in the area, so the bank refused to bend. The offer was rejected.
5 months later, our couple came upon the property. They checked comps at that time and found tract homes 5 miles away on 1/4 acre. The recent sale that most closely matched the dream property was just $380,000.00. They knew it was not a true match for this gem, but they decided to try.
Using this comp, they offered $360,000.00 CASH for the home of their dreams. The bank balked again. This time though, the bank asked for only $380,000.00. The new comp had worked.
The couple repeated their offer of $360,000.00, but also pointed out property problems and damages that they knew were nothing to speak of. The bank came back with a final counter of just $370,000.00, less a 3% credit toward closing costs, plus a cash rebate of $1500 for fixture repairs that wound up costing under $500.00
They bought the home of their dreams, made the repairs, and banked the $1000.00
You can see their Dreams Come True on www.Zillow.com .
The address is 14041 Grande Vista Avenue in Perris, CA 92570.
Not bad for a month's work.
And NO, its NOT for sale.