By Alyssa Isenstein Krueger, November 23, 2021
By Alyssa Isenstein Krueger, November 23, 2021
Sarah and Tariq contacted me in early August after being referred to me by one of my favorite lenders. They used to live in Portland, and had moved to Los Angeles for work, and were now being transferred back to Portland. They were moving to Portland in mid-November, so they came to Portland in mid-October to find a home. Before they arrived, we had a flurry of emails back and forth narrowing down homes they wanted to see. They seemed to really hone in on mid-centuries and when we came up with our list of homes to see over the next few days, the majority were mid-centuries. They arrived on a Thursday evening, and we hit the ground running on Friday morning. We saw around 12 houses together over the next couple of days, and they saw even more homes on their own visiting open houses.
They did write on one home, but when that home received another offer that was higher and waived their inspection, Sarah and Tariq decided they didn’t love it enough to go that far. With 2 days left on their clock, they started leaning towards writing an offer on a house they didn’t love, but felt it met their needs and after buying it, they could fix it up to their liking. They wanted to be under contract before they flew back to LA and I think they were ok with settling for a less than perfect house for the sake of being able to leave Portland having a house under contract.
While they mulled that house over, a house came on the market in North Tabor that seemed like it could be the one. We immediately went and saw it and both Sarah and Tariq just beamed and they knew within 20 steps into the house that this was the one. It had a classic living room with fireplace, formal dining room and vintage kitchen that looked almost brand new. Two bedrooms on the main floor and one up plus a semi-finished basement. The house had a tuck under garage as well as an oversized double car garage behind the house. One of the things that was on their must have list was a garage for their motorcycles, and this house had the perfect set-up for their bikes. They loved it and decided on the spot they would take the home as-is and waive the inspection contingency. The home was an estate and prior to going on the market the seller pro-actively replaced the sewer line, did a radon test and had soil samples taken and the tank decommissioned. The home was a well built 1951 classic with a foundation built like a tank, but I could tell that the roof had at least 3 layers including the original wood shingle roof, it needed plumbing updates, both the furnace and water heater were ancient and the chimney had seen better days. I put together a list for Sarah and Tariq with repair estimates for all the issues based off very recent bids for similar work. After going through those numbers, it all felt pretty manageable budget wise. They decided they would go the distance to get this house, and the sooner they could get it under contract the better. 99% of the time I would never advise a first time home buyer to waive the home inspection contingency, but in this case it made sense considering the potential big unknowns, sewer and oil tank, were already taken care of and Sarah and Tariq were dying to get the house.
The house was scheduled to have an open house on Sunday, and Sarah and Tariq wanted to get this house under contract before then. We wrote up a great offer that was over asking, waived the right of revocation, ordered the appraisal on day one, did a 26 day close, released the earnest money upon acceptance by the seller and waived the home inspection contingency. I would never advice a buyer to release their earnest money right away, but they were so sure that this was their house that when they asked what else they could throw in to hopefully get the seller to accept their offer right away, that was the really the only thing left. When we submitted the offer on a Friday night, it was as watertight as could be.
The next day, on Saturday, the listing agent called me and said the seller was so pleased with Sarah and Tariq’s offer, that she decided to accept it right away and they canceled the open house scheduled for Sunday. Sarah and Tariq flew back to LA on Sunday knowing that when they drove back to Portland in November, they had a house waiting for them. Even though they waived the home inspection contingency, they still had the home inspected so they would be able to prioritize repairs and know what they were getting into. Thankfully the home inspected like a dream, and pretty much everything I said would come up in an inspection as an issue, came up, and overall the house was in terrific shape. The house closed on a Thursday, and on Saturday morning Sarah and Tariq arrived in Portland with their pup a rented mini-van full of plants and the glow that comes with having the satisfaction of getting keys to their dream home.