Blog Stories The Story of the Hand-Dug Basement

The Story of the Hand-Dug Basement

By Kim Parmon, February 18, 2020

My personal real estate motto is that anything can be a deal for the right price.

Ellie and Emilie were searching for a property they could fix up and either live in or rent out.  They wanted to build in their own equity and not pay for someone else’s work, which is something I wholeheartedly support!  We got to work looking for a fixer and ran into several multiple offer situations where true flippers were waiving their inspections and winning out.  Ellie and Emilie wouldn’t be deterred, though!  We kept at it and finally found a great property in Cully.  It had a solid floor plan, room to build equity, and an awesome lot.  They knew right away that they wanted to put in an offer but by the time I got into the car after our showing to call the agent the seller had gone under contract.  Darn it!

I had a feeling this property was the one despite the hiccups, so I encouraged Emilie and Ellie to write a back up offer.  Lo and behold, a week later I got the call: the top position offer was backing out and we were moving into first position!  My clients were thrilled.  We got our inspections scheduled right away.

We knew there were a lot of problems at this property prior to the inspections and had budgeted for them.  But we weren’t expecting to find out that the nine foot tall basement was supposed to be a crawlspace (!!!).  The seller had spent his thirty years at the property slowly digging down and creating a basement where one hadn’t existed before, dragging out buckets of rocks and gravel one at a time.  I’m talking Shawshank Redemption-style, folks.  I’ve seen a lot of weird things in my career but this one takes the cake!  Were Emilie and Ellie worried?  Not at all.  They kept their rational minds about them.  We reached out to a couple of foundation companies to have them take a look and got several bids.  We went back to the seller and were able to negotiate a 110k price reduction because of our findings.  It was a strange situation but the numbers still worked!

Last week, I gave Emilie and Ellie keys to their new property.  I’d show you pictures but it’s not much to see yet!  I’m so excited to see what they do to it, though.  🙂

Kim Parmon

Principal Broker

Kim is the first person who will tell you she never expected to be a Realtor. She's had many creative jobs in the past and spent years as a high-volume bartender-turned-bar owner, which she feels gave her an essential skill that translates beautifully into her career in real estate: the ability to juggle 1,000 things at the same time while keeping everyone calm! She became obsessed with buying a house after the market crashed in 2009, finally buying her very first teeny-tiny dilapidated bungalow as a short sale in 2011. She and her husband, Matt, spent a few years fixing it up, then sold it for a profit and bought another project. And then they did it again. And the rest is history! Kim's talent for finding diamonds in the rough has made her into one of Portland's most sought-after investment Realtors. She loves seeing the missed potential in properties and has all kinds of tricks up her sleeve to find great investments but this talent is equally useful when it comes to traditional buyers and sellers. When you buy a home with Kim's assistance you can be sure that she is looking at all angles of the purchase to make sure it aligns with your financial goals as well as your lifestyle and she will stop at nothing to make sure you are taken care of! Some of her clients think she's gotten their offers accepted through sheer force of will! When you list a house with her she will go above and beyond to present your house in the best possible light to make sure you maximize your return on investment. Above all else, Kim prides herself on her integrity and believes that everyone deserves a caring Realtor partner who truly listens and tries to do what's right for her clients, even when no one is looking. She is thrilled to call this beautiful city home and can't wait to help you make your dreams come true through real estate.
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