Tag: Carson Mead

Mid-century time capsule

Posted on by Living Room Realty

My clients Paul and Ashley were on the lookout for a home in SW Portland. They wanted to change up their experience of being in Portland after 5 years of living in busier parts of NE Portland. They were flexible on the style of the home, but they were hoping to find something that had solid bones and original detailing, with room to put their own stamp on it. They also wanted the chance to live on a quiet street and have some solid outdoor space that they could stretch out in.

We looked for a bit, and then eventually we toured a newly listed mid-century during Tuesday broker tour. The home was a gem, a single owner, custom designed house on 1/4 acre lot just outside of Multnomah Village. It had all the original appliances (charming, but not all that functional), but it also had exposed beams, and a great floor-plan. The downstairs had a mother in law style apartment as well, which was an added bonus. The previous owner had recently passed, and she had even mowed the lawn for the entire property into her early 90’s. It was a special property that fit the bill, really solid construction with a pride of ownership blend and tons of custom details.

We pushed hard for it, being the first to offer while maintaining close contact with the listing agent. As offers came in, I made sure Paul and Ashley knew where things stood as best as I could, and offered my advice on what I thought they needed to do to get the property. I always say my job is to provide as much advice and perspective as I can, so my clients can make the absolute best decision that feels right for them. In this case, they worked closely with their lender to understand all the pros and cons of their choices financially, and we updated their offer accordingly. In the end, they beat out 7 other offers and came away incredibly excited to get the house they truly wanted on the terms that felt right for them.

I’m so happy for my clients, and proud to have been of service in doing my part to make this deal come together and bring it to close.

When a low appraisal can be a blessing in disguise

Posted on by Living Room Realty

Sometimes a low appraisal isn’t always the downfall of a deal. When the appraisal comes in low, as the contract is written, it triggers the buyers financing contingency (this can be waived by the buyers in their offer if they choose to). When Michael and Rebecca got the news this happened to them, they were discouraged as they were already at the top of their price point. In their case, the financing contingency was triggered and we had 3 business days to come to agreement on how to proceed, or risk termination of the deal and a refund of their earnest money. We reviewed the appraisal report with the listing agent, and found that there was a justifiable reason the appraiser submitted the report as they did. We worked towards appealing the report to see if we could gain any momentum on a revision of the report, but the comparable properties that we found by that point likely wouldn’t have made any difference. We stated our case to the listing agent and sellers as to why they should drop the price point from the offer down to the appraised value. In this case, the sellers conceded and we wrote an addendum with a price revision. My buyers were very excited, and in this case, the appraisal ended up being a benefit to them.

This is certainly not always the case – it’s a negotiation, and while meeting in the middle is often times the result of a low appraisal, sometimes it works out that the motivations of all parties are a win-win to get the deal done.

I complimented my buyers on their ability to maintain a cool focus and keep their eye on the prize through the whole transaction. I believe that sometimes small concessions throughout the deal to maintain a good working relationship can have bigger impacts as a deal progresses. For Michael and Rebecca, this really paid off, and they’re on their way to closing today on their first home.

Getting your ducks in a row

Posted on by Living Room Realty

My clients Mark and Wai-Mon were in touch in June, and wanted to sell their townhouse they purchased in 2016 that had been a rental since. They are from the UK, and bought when they lived in Portland, and intended to have it be their home. When Brexit happened, they decided to switch gears and move back home to be close to their families, unsure of what would come next. They flipped the unit into a tidy rental and it’s been cruising along ever since.

When their tenants moved out, they inquired with my about how the market was doing in this Covid focused time (very hot). They wanted to sell but it had to pencil out for them financially to have it make sense to let go of the unit. We talked through all the different aspects of costs so they could start to crunch the numbers. I had them order a payoff so title could run an accurate report of what their bottom line net would be. Knowing they are foreign sellers, I also recommended they talk with their CPA regarding Capital gains, Oregon out of state tax, and FIRPTA (Foreign Investment in Real Property Tax Act) to see what their tax obligation would be. I ran a comparative market analysis to give them a realistic range of what to expect for the list price, and called other agents who had pending/sold properties to see how their sales went.

In the end, we worked hard to get all of our ducks in a row upfront, set realistic expectations, and move forward from there. My goal is always to provide expertise and help find answers to questions so my clients have the most information to make the best decision for them. We are set to close this Friday, and things have gone fairly predictably for the transaction. My sellers are excited to be moving forward with cashing out on the townhome, and the new buyer is looking forward to her sweet new spot near Peninsula Park in North Portland.

The evolution of a buyers frame of mind

Posted on by Living Room Realty

My client’s Hieu and Christina just finished up their first home purchase. We met several months ago, and ironed out details of their search while they finalized some of the last items to get their financing in order. Their wishlist included 3 bedrooms, 2 bathrooms, move in ready with a large yard. They wanted to be in the south Tabor area but were flexible on location, 550K max.

We started looking and saw some interesting options, both in older renovated homes and newer construction, but none of the homes really felt like what they were hoping to find. The location really started to adjust as it became clear that the home itself was of paramount importance. They looked south to Milwaukie, east to NE 122nd, and across the river in SW Portland.

They ended up coming across a really unique opportunity in SE Portland in the Lents neighborhood. A really small developer had bought a lot, partitioned it, and custom built two homes on it. The larger lot portion had a really nice layout with 4 bedroom, 2.5 bathrooms and open concept living area. The yard was not what they had initially wanted, but the house was so nice they adjusted their expectations. It wasn’t Mt. Tabor, but two blocks away was a large park with an off leash area.

The home inspection came back crystal clean, and the deal went off without a hitch all in all . They’re moving in Friday, and I’m so excited for them to officially be home owners!

 

First time buying in a pandemic

Posted on by Living Room Realty

I started working with Bryan and Maeve back in February when we were all living in our pre-Covid worlds. We toured together, wrote competitive offers and ended up in back-up position a couple of times. When everything escalated in March, they moved from backup to first position on a house in NE Portland. It seemed perfect, that they might be able to get into their new home right before the lock down really changed how we search for homes. Alas, my very thorough home inspector discovered that the house was built on a brick foundation under the concrete. They thankfully pulled out of that deal and decided to take a pause.

As the very long month of March turned to April, and we got more information on how to more safely tour homes, we started up the search again. They were offered backup position on another great house in NE Portland, before finally finding their perfect house just a few blocks away. It had been renovated (with permits!), but the original charm of the house was very much still intact. We moved very quickly presenting a strong offer, and organized all the necessary contractors to complete a thorough inspection. We were able to negotiate a lot of the more serious needs (see my previous post: a sewer scope is the best $125 inspection). The transaction went really smoothly, and we were able to close quickly. As we don’t have five or hug right now, we did a dance of joy in the living room on the key hand off.

My buyers are so excited to be moving into their first home. It was three years of hard work and saving that made it possible for them, and now they can stretch out in their big back yard and cute, cozy house.

A house years in the making

Posted on by Living Room Realty

I helped Rhett and Jen move to Portland a couple of years ago, when they arrived in the middle of winter with a two month old son and needed a rental home. We were able to find them a sweet little two bedroom house in SE Portland, and they settled into it and started raising their family and finding their place in Portland. I’ve been in touch with them since, and through several starts and stops, they were finally ready to look start looking in earnest to purchase their first house.

We met and set up the parameters for their search. We talked about their must-haves and wishlists for what their dream home would look like. We went on a couple tours, and Jen added a house that was floating above their top end price point because it was just a couple blocks away from where we finished. The house had it all. A big yard, garage, family room for the kids, and extra space for their offices– in a great neighborhood to boot. We kept an eye on it, and after a couple of weeks they were planning on submitting an offer below asking. Simultaneously the sellers dropped the price right as we submitted their offer. It was a fortuitous moment, and with a strong explanation of their love of the house, the sellers accepted it right away.

My buyers were thrilled, and as anticipated the house was in excellent condition for the age of the home. We had a great team working on their behalf, from the lender to their escrow agent, and solid communication with the listing agent. We were able to get the most important items addressed from their inspections, and it was a true win-win for everyone.

It’s been a long road from that initial time of helping Rhett and Jen find their rental, but I’m so honored and thrilled to have helped guide them to closing on their first new home today!