For this property I just sold in Sacramento, this transaction was a 1031 exchange, the buyer selling a SFR for a multi unit property. This property has 6 units with a possibility of 7. We were lucky in that the seller was willing to accept an offer contingent on the sale of the SFR, which we knew would sell fast, but still not always an easy task convincing a seller to take a sale of home contingency.
The transaction itself was pretty smooth for the most part. This was kind of a flip sale, the seller only owned it about a year, but did a lot of work to the property and then filled it with tenants. He initally wasn’t planning to sell so soon, but apparently, the more work he did, and the longer he was a landlord, he decided to sell. We expected that the home and termite inspectons would go really well, since he is a contractor, and had done a lot of work, but we were a little surprised at how much work still needed to be done as well as some things we felt he kind of cut corners or didn’t complete how we would hope for.
We did go back and ask for some repairs to be done by him, he did some of the items, not all that we asked for, but we negotiated back and forth until we came up with something both parties could agree on.
Overall, it’s a great property, at a great price, and great rental opportunity. There was more work to be done than anticipated, but still a definite win.
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