CRES Client Success Story

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We are the go-to team for many local attorneys when they are representing a family who has inherited property and needs to figure out what to do with the contents and the home.  As their trusted partner, they know that we are providing the best options for their clients and are customizing our services to best meet their needs. 

In this situation, the attorney was the trustee for the estate. The granddaughter was the sole beneficiary of the estate and the trust was written in such a way that the attorney was responsible for managing the liquidation of the estate. We were brought in to give them the information they needed to make the best decisions for the estate, and to manage the process from beginning to end.  

Condition of the Home:  The home was full of contents that had no value and the granddaughter had been living in the property for a while and not maintaining it. She had recently moved out, but the home needed to be cleared out and there were quite a few updates that needed to be done to sell the home for top dollar for the neighborhood. In this instance, we provided them with 3 options. Each option includes a full marketing plan with high-definition professional photography.

• Option 1: Sell the home as-is:  In this case, we would list the property for sale in as-is condition, including the contents of the home, which would most likely be for an investor. The estimated sales price in this condition was $400,000.
• Option 2: Clean up the property:  This involves cleaning out the home of all the furnishings and debris, checking all the major systems to ensure they are in working condition, and giving the home a professional cleaning. It doesn't address the old carpet and wallpaper that is original to the home. The estimated cost was $10,000 and the estimated sales price is $440,000.
• Option 3: Full update.  Clear out the home and update with new flooring and paint throughout, new kitchen appliances, painting the kitchen cabinets, adding curb appeal, and opening the pool to ensure all is operating properly. The estimated cost was $35,000 and the estimated sales price was $520,000.

What they decided:

Being that the estate had enough liquidity to fund the renovations, the trustee approved option 3 to maximize the value of the estate. The renovation was completed in 6 weeks and listed for sale. We went under contract with a full price offer the first weekend.

Scope of Services Performed:

• Whole home clean-out and disposal
• New flooring throughout (carpet in bedrooms and Luxury Vinyl Plank in living areas)
• Removal of all wallpaper
• Repainting the entire interior of the home
• Painted the existing cabinets
• New stainless steel appliances
• New pool liner
• New tankless water heater
• Crawlspace repairs
• Light staging of the home
• Professional photos for marketing the home for sale
• 10 point marketing plan to ensure 100% market exposure
• Secured qualified buyer in first weekend
• Managed the closing process and closed on time
• Managed the home's maintenance on behalf of the trustee until closing
• Regular home pop-ins to ensure home was secure

Return on investment:

By choosing to renovate the home and spend $35,000, the estate was able to recognize nearly $90,000 in additional value. That investment provided a 300% return. 

Challenges along the way:

Most estates have surprises that pop up from time to time.  This estate was no different.

• Pool liner was leaking: Part of the scope was opening the pool so that it would be functioning and aesthetically pleasing to potential buyers. When the pool company attempted to clean the pool, the old liner tore requiring a new liner. We were able to secure a new liner within 2 weeks and keep the project on track.
• Water heater froze:  During a cold snap the exterior mounted tankless water heater froze and one of the pipes cracked. During one of our routine property check ins we noticed pooling water in the back yard and we were able to shut off the water supply and avoid costly repairs that would have certainly delayed the home sale. We were able to get the water heater replaced within a week.

Each estate presents its own set of challenges.  We pride ourselves in being problem solvers and we don't stop until we have a solution. You can rest assured that you are in good hands when trusting us with your estate.