Todd: Hello! Welcome to Todd Miller TV. Joined here today with Darce Wilson who’s one of the agents here at the company; and that Darce has a success story that he wants to share. So Darce you had a client who has submitted an offer on a short sale.
Darce: That’s correct! Site unseen.
Todd: Site unseen, and the short sale they were getting a/were they getting a loan or cash?
Darce: It was an all cash purchase for an investor and it was listed for $159,000. We wrote an offer, site unseen for $150,000 estimated value about $165,000.
Todd: Okay. So, worth $165,000, listed for $159,000, offer for $150,000.
Darce: Correct.
Todd: Okay. Offer was accepted?
Darce: Correct.
Todd: Okay, then talk about what happened.
Darce: Then the short sale approval came in at $150,000.
Todd: Okay. So you got a short sale approval on a house for $150,000 that potentially could be worth $165,000.
Darce: Correct.
Todd: Okay.
Darce: Then we went in to the house and it was trashed. And you gotta understand, you can’t do this on all the deals, ’cause they had to have the right circumstances in place. But we had the right circumstances, we went back to the investor and after having a short sale approval $150,000 got ’em to reduce until $139,000.
Todd: So you got a house/how fast was it? I mean in dollar amount, ho much would a real estate may take to fix it up?
Darce: It was about $11,000 to fix it up. We/you could probably save a few grand off of that. Realistically it was about $8,000 in repairs
Todd: Okay so $8,000 in repairs. So $8,000 repairs from the $139,000 still only takes up to $147,000, which you still got almost/that’s like $18,000 under market value.
Darce: Yeah a little sweat when would try to build into it.
Todd: Okay, so, do you think every agent does that for their client? Or why was it that you get that? What do you think the difference was?
Darce: It was just like I say, you know you can’t do that all deals especially when you have a short sale approval, you’ve been waiting 45 days, and then you gotta get back to ’em and tell ’em to re-submit a new approval at $139,000. It doesn’t happen quite frequently, you know. It doesn’t happen that often.
Todd: Right.
Darce: So, but that’s the kind of service that we give out here in Nevada Realty Solutions.
Todd: I like that. That’s a good testimonial. So the bottomline is, what the lesson to be learned here is a couple things. Number 1 is that short sale approval letter, you can always get a new one if there’s/and this was shown you like a report we sent with the inspection that was attached.
Darce: Yeah! Have to give another 3 hours worth of, you know, putting the CMA together, getting the comparable comps, there’s a lot of work involve in doing something like that. But definitely a success story and a great win.
Todd: Awesome! Darce men, thanks for being here today.
Darce: Thank you for having me.