old house new house
Say what you will about the Portland real estate market but these are the stories in my career that make me proud of the work I’m doing here.
Teruko came to me from her sister Nami and wife Azsa. Azsa wrote to me and asked if I would help Teruko sell her house on Prescott. I really knew nothing about the situation going into it so I set an appointment to meet Teruko.
Teruko and I immediately gelled and talked about all the people we had in common. She is truly one of the sweetest people I’ve come across, just so genuinely nice. Her son was about to graduate from high school and one of her brothers was living with her as well. From what I gathered, her house was a landing pad at any time for her million family members. As we walked through the house I’m realizing there is no foundation under us. The floors were all wonky and sloped and now the roof was leaking. I’m thinking to myself “who the hell let her buy this house with no concrete foundation?” I ask her to tell me the story and she explains that at the time, it was all she could afford. She was a single mom of a young son and wanted to invest in a home as close in as possible, even though it was kind of rough even back then.
I explained to her that with an active roof leak and likely rotted post and pier foundation, it makes the house unfinanceable, meaning we need to market to investors who will either rehab it or knock it down. It’s not ideal to be in that situation because you eliminate all the first time buyers out there looking for a fixer. It also means you are dealing with investors who come in with cash or hard money and offer you less than asking or offer asking and then try to get a price reduction on the repair addendum.
That’s exactly what happened with the first offer we accepted. They came in strong and then asked for an insane amount of money off the price at the end of inspections and wasted two weeks of our time. That deal fell apart and I scrambled to find another offer without having to come back on the market. A guy from my office had been checking in with me every few days to see how the deal was going because his guy was really interested. He was my first call when the first deal fell apart and he put together a good offer that we accepted. 10 days later we closed and everyone was happy.
Then we started looking for Teruko’s next house. We saw probably 5 houses before we saw “the one”. She and her son went and saw it a second time at the open house and charmed the listing agent so much that the lady called me gushing over them. I really believe that is the reason we got our offer accepted.
If you guys could see the difference in the two houses you would be amazed. This could not be any better of a house for them. Good sized mid-century, hardwoods throughout, fireplace, dialed kitchen, really nice yard (chickens included), and on a quiet street close to her other sister’s house. I love this little family so much and was honored I got to help them make a really smart investment. Congrats you guys. xoxoxo