By Alyssa Isenstein Krueger, April 23, 2021
Some friends of mine purchased their first home, a sturdy 1910 bungalow right off Alberta street nearly 20 years ago. Seven years ago and 2 kids later, they outgrew their Alberta house and I helped them purchase a larger home in NE where they still live. They loved their Alberta house, and even though they had moved out, they weren’t ready to part ways, so they held onto it as a rental. They have had a great run of tenants and their current tenant has been there for over a year. My sellers have talked about selling the house over the years, but were also quite happy to keep it as a rental. And then almost on a whim, my sellers purchased a dream property on the Washington side of the Gorge as a vacation property. They weren’t sure they really wanted to own 3 homes, and with the market as on fire as it is, now seemed like a great time to consider selling their rental.
The next door neighbors are close with the tenant who lives in the Alberta house, and when the neighbors found out my sellers were considering selling the house, they took the bull by the horns and went for it. The neighbors didn’t want to lose the tenant as a neighbor, so last month they sent my sellers an offer to purchase the home and keep the tenant. My sellers weren’t quite sure they were ready at that moment to sell, but with a tenant in place, the idea of selling it to the neighbors started to become more attractive. We discussed all the pros and cons of putting the house on the market vs selling it off market, and in the end, the pros outweighed the cons. Had their not been a tenant in the home, their decision may have been different, but they really respected their tenant and wanted to do right by him. The offer the neighbors sent over wasn’t quite high enough, so we countered back at a higher price and selling the house as-is with no repairs. The neighbors accepted and we went under contract. The transaction went really smoothly and we just closed. Selling a home off-market is not necessarily the in the best interest of a seller in such a strong sellers market, but with a tenant in place, in this case, selling it off market turned into a win-win-win for my sellers, the neighbors and the tenant.
Alyssa Isenstein Krueger
Broker | OR
She/Her
I am living the dream. Working as a real estate broker in my home town brings this native Portland gal joy beyond measure. Check Out My Reviews! I took the round-about-road towards this career...
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