Seller Case Study #2 (Compass Concierge)
Problem
The Estate doesn’t have the liquidity to pay for the repairs in order to get the most value out of the sale.
Background
Estate consisting of three adult children beneficiaries have retained us to sell their late mother’s artist loft in Soho. The loft was purchased 35 years ago and there is significant equity in the property. The issue is that the estate does not have the liquidity needed to bring the property into its highest and most marketable condition.
The loft has not been upgraded in 20 years and needed to be refreshed prior to bringing it to the market. The loft in its current condition is worth $2,500,000 at best. With $150,000 in upgrades and repairs, we felt the loft could be sold upwards of $2,950,000.
The estate does not have the liquidity necessary to pay for the repairs in order to get the most value out of the sale.
- As part of our sale proposal, we suggested options to the estate, one is to sell “as is” and list below the comparable sales at $2,500,000 and allow the market to determine its worth.
- The second and more compelling option proposed would be to complete all of the necessary repairs, paint, replace appliances and kitchen cabinets and upgrade floors prior to listing at a cost of $150,000. With these repairs, we believe a sale at or about $2,950,000 is possible. Our team would solicit the bids for the repairs and assist in managing the work as necessary as the seller lives on the west coast.
Solution
Through Compass Concierge we can without delay, pay for all the upfront costs to get the loft ready for market asap. There are no fees or interest. As a result, we can bring out the most value in the loft and obtain a higher selling price in a shorter period of time. At closing, from the sale proceeds, the estate would pay back the cost of improvements to Compass interest-free and without additional charges.
With Compass Concierge, sellers don’t have to worry about paying out of pocket during a period of time when liquidity is key. Because the vendors simply invoice Compass Concierge, sellers can choose to work with whichever service providers they like.
For the first time, we are able to solve the problem that many estate sales face when it comes to selling.
Want to learn more about what Compass Concierge can do for you? Visit our Compass Concierge page or email us at columbiavitoloteam@compass.com
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Background: Estate consisting of three adult children beneficiaries have retained us to sell their late mother’s artist loft in Soho. The loft was purchased 35 years ago and there is significant equity in the property. The issue is that the estate does not have the liquidity needed to bring the property into its highest and most marketable condition.
The loft has not been upgraded in 20 years and needed to be refreshed prior to bringing it to the market. The loft in its current condition is worth $2,500,000 at best. With $150,000 in upgrades and repairs, we felt the loft could be sold upwards of $2,950,000.
The estate does not have the liquidity necessary to pay for the repairs in order to get the most value out of the sale.
- As part of our sale proposal, we suggested options to the estate, one is to sell “as is” and list below the comparable sales at $2,500,000 and allow the market to determine its worth.
- The second and more compelling option proposed would be to complete all of the necessary repairs, paint, replace appliances and kitchen cabinets and upgrade floors prior to listing at a cost of $150,000. With these repairs, we believe a sale at or about $2,950,000 is possible. Our team would solicit the bids for the repairs and assist in managing the work as necessary as the seller lives on the west coast.
With Compass Concierge, sellers don’t have to worry about paying out of pocket during a period of time when liquidity is key. Because the vendors simply invoice Compass Concierge, sellers can choose to work with whichever service providers they like.
For the first time, we are able to solve the problem that many estate sales face when it comes to selling.
Want to learn more about what Compass Concierge can do for you? Visit our Compass Concierge page or email us at columbiavitoloteam@compass.com 