Helped Owner Exit Distressed Property

[Don Petrasek]

Investment Info:

Single-family residence other investment.

Sale price: $130,000

Successfully liquidated distressed property for a "don't want it anymore" Seller. Property needed extensive rehab and was not eligible for standard mortgage financing. By developing and executing a marketing plan specific to the property, I was able to generate 43 offers and negotiate the $79,900 listing price up to $130,000.

How did you add value to the deal?

1) created marketing to assure property had as much visibility as possible 2) developed on market timeline that created urgency without missed opportunities 3) negotiated best offers to make sure no money left on table

What was the outcome?

Seller netted ~50% more than expected

Lessons learned? Challenges?

Stick to your plan. We established an offer deadline that was designed to make sure all interested parties had a chance to submit an offer. Within a day of listing we received a very strong offer that required an answer right away (ignoring our established offer deadline). Based on interest level we stuck to our plan and did not respond- which was difficult (bird in the hand?). Wound up getting about 15% more for the property