Hey guys, in this video I’m going to break down an incredible scenario that unfolded for a client of ours, whom we helped position to buy their dream home. It started when we listed a beautiful home in Escondido; a historic property on an acre lot with an amazing view. One of our buyer clients naturally fell in love with this home, but they had to first sell their San Diego home so they could utilize that equity on a new purchase. This put them in a predicament as there were already multiple strong offers on the property. While they didn’t have many available options, we presented them with ours, HomeLight Trade-In. HomeLight Trade-In, which is a partner we work with, allows clients to free up equity in their current property by purchasing it. We then get the property market ready and once it’s sold for full market value, HomeLight will send the clients a check with the remaining balance of what the home sold for.
The Steps Involved
So how did this all unfold? Their San Diego property was worth about $1.2 Million. They had already tried selling it a few years ago, however it was a unique home that needed some work done to get it at market value. We were able to unlock about 90% of its current value within two weeks, allowing them to take that money and buy the Escondido home that they loved so much. They even went ahead and moved into their new home, at which point we took over the old property and got to work. There was a lot of work to be done on this property which is shown in the table below:
| Actual listing prep work costs | Date submitted | Amount |
| Termite | $6,550 | |
| Roof | $4,657 | |
| $1,000 for handyman,
$109.29 for HomeDepot, $311.64 |
$1,420.93 | |
| Handyman – (Minus $1,000 deposit by Joseph) | $2,780 | |
| Paint/Wood Trim | $6,350 | |
| Carpet – (Minus $311.64 deposit given by Joseph) | $2,804.79 | |
| Linares House & Window Cleaning | $700 | |
| TOTAL | $25,263.22 |
We had to do a foundation repair, new flooring, a thorough cleaning, and staging. There was a lot to be done to get the home market ready, but it was the only way we could hit the $1.2 Million mark.
Final Sales Figure
Even after all this work and our property launch, it was still a unique property. It was split into 4 levels and did not get the immediate attention we were hoping for.
We finally sold it for $1,174,000. Once we closed the sale, well after they had made the move over to their new home, we were able to send them a check for the balance amount that was over $40,000. This was a phenomenal outcome for our clients. While these scenarios don’t always unfold as great as this one did, if you need to sell a property before making your next purchase, this could be a viable option for you. You can find your new home, purchase it, move in, and let us take care of the sale of your existing one.
If you ever have any questions at all… please reach out to us!
- If you are thinking about buying or selling we would love to help!
- Visit us at TrueLocalRealty.com
- Or give us a call at 888-503-3117
We have Top Realtors in: Oceanside, Carlsbad, Encinitas, La Jolla, Pacific Beach, Ocean Beach, Cardiff, San Diego, Vista, San Marcos, Escondido and more.