A San Diego Real Estate Trust Sale Case Study
The Challenge
Attorney John Grier introduced Sam to Kim Ward in February 2012. Sam lives in Huntington Beach and was acting as the Trustee and responsible for the property at 1534 Monitor Road in San Diego. The house had been rented to great tenants and Sam wished to offer them first right to purchase the real estate property.
A price of $379,000 was established and Kim met with the tenants for an initial consultation. After conferring with a mortgage broker and although they wanted to continue to live in their home, they decided to not buy the house. A few days later, Kim officially placed the house on the market.
The Strategy
The tenants had been living at the property for several years. Because there was no guarantee that the tenants would choose to purchase the home, Kim guided Sam to submit a 60 day notice to the tenants to vacate the property several weeks before placing it on the market. Then establishing the price of the property at the lower end of market value provided tremendous buyer interest.
The Results
Within days, many buyers and their agents viewed the house. As expected, multiple offers were received. Kim assisted Sam with strong negotiating and had an accepted contract within 5 days. The final sales price was $405,000 a full $26,000 over the asking price! Forty days later the keys were given to the new owners and Sam was relieved of the responsibility.
