usctrojancpa
Well-known member
Earlier today I got word from escrow that my Garland Park condo pocket listing closed. I represented both the buyer and seller on the transaction. The closing price for the condo was $705,000 (the buyer applied my commission rebate to lower the purchase price) and the buyer provided the seller a free rent and paid for the owner's title policy and county transfer tax to keep the sales price lower.
The seller is one of my existing clients who I helped to buy the condo 2 years ago for $630k. They reached out to me as they were looking to upgrade to a larger 3-bedroom home because they had a baby recently and were working from home so they needed more space. However, they were very Covid sensitive so they were not comfortable listing the condo for sale and allowing people to go through the home. I actually helped them by purchasing their single-family home for all cash and then selling it back to them for the same price. They will be purchasing the home back from me next week.
My buyer (non-FCB cash buyer of all things) was a lead from HomeLight who was relocating back to Irvine from the Dallas area, go figure. He flew in from Dallas for 2 days and I showed him 8 properties and once I knew what he was looking for I asked the seller if I could show them their Woodbury. Well, he fell in love with it once he stepped into the door due to the great condition, tasteful upgrades, and it was across from the park. So after a round of counters, they came to terms and we opened escrow last month. Because the buyer was an all-cash buyer he could have closed any time but we closed today because it was 2 years + 1 day after the sellers purchased the condo so that resulted in the gains because fully tax-exempt.
The benefit to my buyer is that he didn't have to deal with bidding wars and the seller benefited from a lower commission and not having to pay for staging the condo after moving out and the carrying costs until it sold along with getting a free rent back and picking the exact closing date. Big congrats to both of them.
Here is the Redfin link of the listing:
https://www.redfin.com/CA/Irvine/188-Guinevere-92620/home/12253576
The seller is one of my existing clients who I helped to buy the condo 2 years ago for $630k. They reached out to me as they were looking to upgrade to a larger 3-bedroom home because they had a baby recently and were working from home so they needed more space. However, they were very Covid sensitive so they were not comfortable listing the condo for sale and allowing people to go through the home. I actually helped them by purchasing their single-family home for all cash and then selling it back to them for the same price. They will be purchasing the home back from me next week.
My buyer (non-FCB cash buyer of all things) was a lead from HomeLight who was relocating back to Irvine from the Dallas area, go figure. He flew in from Dallas for 2 days and I showed him 8 properties and once I knew what he was looking for I asked the seller if I could show them their Woodbury. Well, he fell in love with it once he stepped into the door due to the great condition, tasteful upgrades, and it was across from the park. So after a round of counters, they came to terms and we opened escrow last month. Because the buyer was an all-cash buyer he could have closed any time but we closed today because it was 2 years + 1 day after the sellers purchased the condo so that resulted in the gains because fully tax-exempt.
The benefit to my buyer is that he didn't have to deal with bidding wars and the seller benefited from a lower commission and not having to pay for staging the condo after moving out and the carrying costs until it sold along with getting a free rent back and picking the exact closing date. Big congrats to both of them.
Here is the Redfin link of the listing:
https://www.redfin.com/CA/Irvine/188-Guinevere-92620/home/12253576