We just closed escrow on this Arcadia trust sale. The trustee served the tenant notice to vacate to sell for the highest possible price. They were long-term tenants with very low rent. The trustee had a balloon payment due on another property, so the clock was ticking. Selling with the tenant in place would have cost her several hundred thousand dollars. It is tough to get a tenant who doesn’t want to vacate to move.
Once the tenant moved out, we did a pre-inspection. There was so much deferred maintenance that there was no point in making any repairs. The termite estimate alone was nearly $15,000.We debated about virtually staging the home, but we thought we should put our best foot forward in the best interest of our client.
We listed the home on 5/19, held an open house on Saturday and Sunday, and received fifteen offers. Although we listed at $899,000, our marketing efforts paid off, resulting in a $1,000,000 sales price. This Arcadia trust sale closed on 6/10. It was a very fast escrow with a cash buyer.
A note about the virtual staging, not one person who came to the open house commented that the home looked so different in person.
Just Listed Blog
I love virtual staging. It gives great ideas on how the space can be transformed and used