Sisters
Beth and Susan had owned a small two
bedroom/one bathroom house in Urbana. They
had inherited the property years ago from
their great uncle. Since inheriting the
property, the sisters rented the property to
college students for a few years.
Renting the property was a successful
arrangement until one group of students left
the house in a severely damaged state.
Beth and Susan did not want anything to do
with being landlords after that
experience and where anxious to sell.
The property was in need of about $15,000
worth of repair and the sisters wanted to
sell as is. They where hesitant to sell with
a broker as a handyman-special because they
couldn't afford the idle time on the market
with mortgage payments and no rental income.
They turned to Schwaps for their Living
Solution. The property had an
after-repair value of $105,000. Schwaps
offered to buy the house as-is for $65,000.
Beth and Susan had expected more for their
property and made a firm counter-offer of
$80,000. Schwaps and the sister where able
to agree on the $80,000 sales price with
$65,000 due at closing and the remaining
$15,000 paid in two $7,500
installments, the first installment payable
6 months after closing and the last
installment payable 9 months after closing.
* The
story above is just one example of the many
ways Schwaps may serve your Real Estate
Needs |