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Sally and Kate are a mother and daughter looking to buy a place together, who were referred to me through CoBuy–an exciting new company with an online platform that makes it easier to buy a home with one or more other people–be it friends, family members, or both.
We met for our initial meeting and I learned their criteria.
Sally was looking to downsize from her large home and Kate was looking to purchase her first home. They each wanted to have their own space, and neither wanted to be in a basement space. They were also open to doing renovations if necessary, to make the space work for them.
I set up two searches, one for multifamily (duplex, etc) and one for single family.
The searches didn’t turn up a lot of properties that would be suitable for them, and in the end there were only five listings that I sent for their review. Turns out, they wanted to see all five, but were particularly interested in one of the Beacon Hill listings, which happened to be occupied, so I made an appointment.
We spent a Saturday touring all the properties and when we got to their favorite one, I opened the key box and we went in. Unfortunately, we could only see the hallways, living rooms and kitchen because all the other spaces were locked. Furthermore, according to the listing agent, the only way we could see the individual rooms was with an accepted purchase and sale agreement.
While this is a bit unusual, since Sally and Kate were interested in moving forward, I put together their offer with a contingency that their earnest money was not due, and that they could terminate the agreement upon full review of the property.
Their offer was accepted, and I set up a tour of the property. It had some deferred maintenance and needed cosmetic help, but Sally and Kate could see through those things knowing that the property was perfect for their plans. It was a split-level house, which could easily be divided into two units, with neither on a basement level.
They decided to go for it, so their earnest money was deposited and the inspection scheduled.
There were indeed some major items needing repair, but that didn’t scare Sally and Kate one bit since they were planning major renovations anyway. However, I was able to help them negotiate a lower price to compensate for those major repairs.
Finally, since the home’s rooms were currently rented, we had to set the closing date 90-days out to allow the seller to comply with Seattle’s tenant rules. Three months later, the property closed and Sally and Kate began the renovations.
Congratulation, you two! I can’t wait to see how it turns out.
Are you ready to take the plunge into the Real Estate market? Don’t do it alone. My mission is to help you achieve your life goals. Contact me today at 206-250-7291 or donkoonce@windermere.com.
