Recently, one of our highly valued Probate Trust Attorneys referred a probate property to us for sale. She informed us that the heirs were in a hurry to sell the property.
We really liked their “let’s get it done” attitude! We quickly obtained the keys so we could view the property in preparation for putting it on the market. This is a strange floorplan was my first thought upon opening the door. My mind went in several directions, all at the same time, just like the house floorplan. It was cut-up with no obviously flow to how the rooms were laid out. “How are we ever going to sell this place?” Who would want their bedrooms here and there?
Before I could consider putting the house on the market, I charged my team with doing a detailed property search. We needed to move quickly and with due diligence in order to satisfy the heir and her attorney.
I took the extra step of having my team run a complete property profile.
The city records surprised us by showing there were only three (3) bedrooms. When I physically inspected the house I clearly saw there were five (5) bedrooms. The two “extra” rooms each had a closet and bathroom in them. They were obviously bedrooms! By the random layout, I could tell they were most likely add-on rooms.
The next step was to do a permit search to determine if any of the two (2) extra bedrooms were permitted. The seller decided to hire a contractor and architect to determine whether they could update the bedrooms legally. When done successfully, we would request the Assessor’s office to update their records along with the city and title company.
Failure to do so would have caused all kinds of problems when closing the sale. We needed to make this home a LEGAL five bedroom home in order to target our best buyers for the highest market price.
Buying a 5-bedroom home is obviously more attractive to a prospective buyer with a larger or a multiple generational family. The buyer’s Realtor needed to count on the fact that his client would be bidding on a legal 5 bedroom. While 3 bedrooms homes in the area were fairly easy to find, a five bedroom would be highly valued.
By taking the time and having the team to do detailed due diligence on the property, we could guarantee both the heir (seller) and the referring attorney that they could count on Jerry Friedman & Associates to comply with the city’s legal requirements as well as assuring them of a no hassles sale no matter how weird the floorplan.