We found a deal!

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Click on Picture for additional photos PRE rehab

 

This post is long overdue! It has been a busy year and the demand for a good Real Estate deal is still driving the market.

In January, I helped some clients close a great deal. We had been on the hunt for several months, and all over the metro-plex.  While they were open to location and condition, they had a clear vision of the mid century modern home they wanted.  They were not afraid of a rehab and had contractors readily available.

We made an offer on a home, during the early stages of our home search.  It was located in North Dallas, in a well established neighborhood, on a circular street.  It had a huge lot and great drive up, but it needed everything. My buyers watched this home online for months and received an alert, every time the price reduced.

By the time they were ready to write the offer, another contract had been accepted.  We pursued a few other options, but couldn’t quite find a home they liked that was a real deal.

As luck would have it, the listing agent called us back in November and said the first deal with FHA financing fell through. Were we still interested? We went back to the home, walked through it again, and made an offer based upon the knowledge the the home would need cosmetic improvements, a new roof, and an a/c system.

After the home inspection it became clear it needed a lot more than cosmetics.  It was going to need system, structural, and mechanical improvements. This included foundation, electrical and plumbing.  During our option period we went back to the seller with a reduced purchase price to reflect the amount of money my clients would have to sink into it,  just to make it habitable.  And folks, we got one heck of a deal.  We purchased it at 53% less than original list price :-)

It pays to be persistent, to do your due diligence, and offer what a property is worth!

The new owners are almost done with their remodel process. I will post a few new photos soon of their custom mid century modern home.

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