Arlington Fixer Property
In this transaction, I worked with a pair of buyers who found the perfect home, but just needed to apply some love prior to closing. This is the story of how they took a fixer house and made it into a home.
How many people do you know in your life that want to flip a house? Truly, our generation has been inspired by the many programs on HGTV.
Shows like Flip or Flop, House Hunters, Good Bones, and others have all ignited the spark of real estate investing in their audiences.
But as we well know, the dream is often different than the reality! Whether your intent in buying a property is to flip it, or simply give it some love while you live in it, getting home improvement tasks checked off can be quite the process.
Case Study: From the Rubble to the Ritz
Recently, I had the privilege of working together with two close friends who were interested in buying a fixer as their first home, and living in it while they improved it. The objective was to find a property with all of the right stuff, and at the right price.
One Saturday morning, after experiencing a disappointment with a fixer property up in Mount Vernon, we decided to stop in at an open house in Arlington.
The home in Arlington was a stylish rambler that the seller had originally intended on flipping, but ultimately ran out of cash and stopped halfway through.
The main objectives to be accomplished here were the following:
· Clean up and finish the flooring
· Scrape, re-texture, and paint all walls
· Upgrade or clean the appliances (the fridge was remarkably moldy!)
· Re-install the cabinetry
Put simply, the home just needed some special attention!
Creating a Repair Plan
The buyers ended up making their offer on the home, and it was off to the races!
We quickly performed an inspection with the talented Puget Sound home inspector Bob Gross. The inspection was a resounding success, revealing no serious structural issues with the home.
You could say that it had “good bones.”
Clever Financing
Originally, the buyers had set up their financing in such away where they would perform the majority of the improvements and repairs after closing on the property and moving in.
…however, after our appraisal, it was revealed to us that the rules for the loan program had changed, and that getting the property repaired PRIOR to closing would be mandatory in order to fund the loan.
While some buyers could have been spooked our discouraged by this, these buyers were tenacious and determined to get the work done and moved in!
Thanks to the smooth accommodations from the listing agent, seller, title team, and lender, we all agreed to move the closing date to allow the buyers an additional month to complete the repairs and have the property re-appraised!
Getting the Work Done
Truly, I have never seen a pair of more hardworking people.These buyers successfully finished all of their work on the property just in time for the re-appraisal and successfully closed on the home!
See for yourself the difference that they made to this lovely home.
Coming to a Close
Even though it’s certainly an occasion worth celebrating,it’s always a bit melancholy to come to a close with the clients.
They successfully completed all of the repairs, had their loan funded, and are now proceeding to get all moved in and settled into their new home!
A huge congratulations to the buyers! And an even greater THANK YOU for allowing me the opportunity to work together with you.