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Physically Distressed Property

Case Study 1

Our Seller’s Challenge:
Our seller resided in another city, but owned a home in Tacoma. The seller had been utilizing the home in Tacoma as a rental property. Renters destroyed the residence by accumulating clutter within the home and around the yard. They even renovated the home without permission and left abruptly after starting a fire in an upper-level room. Damage from such an event, plus a negative reputation with the city and neighbors, left the owner in a tough spot with a large mess to clean up.
Fair Share Properties Solution:
We immediately began taking care of any code violations and fines that were issued by the city. Before we’d purchased the home, we conducted a meeting with inspectors and an engineer to set up a plan for getting the property back up to par. We covered all repair costs, which included purchasing permits. Once those issues were tackled, we worked with the city office to reduce any fees that were accrued during the time the home was being rented so that the owner would not have to take such a steep hit.
Our Seller’s Outcome:
When we bought the property, we paid in cash, and the closing occurred before we’d originally anticipated it to. First American Title Company handled everything, in conjunction with another title company located near the current residence of the seller. This approach we took to handling the situation was very convenient for the seller as it eliminated the need for travel.
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