Timeline of a Real Estate Flip

It took 9 months!

From the initial viewing of the fixer-upper to the final exit with a new buyer!

When we bought it, we initially made an offer, it wasn't accepted. Someone beat us to the punch. But, having a great relationship with the listing broker made an impact. Thank you Laura Anderson. The first buyers backed out and our back-up offer was accepted. It was to be probate sale and there was a foreclosure involved. The Trustees were incorrect and then went missing. The lawyers had to track down the correct Trustee (in Texas), work with the courts to file an "ex parte", then convince this other Trustee to basically "sell". This process took about 3 1/2 months. All the whole I was managing my Buyer's expectations, removing one Buyer from the purchase, and keeping the deal alive. Time was on our side though and we finally closed the purchase of the fixer in early September 2019.

Right away we got to work on the house. Demo began in mid September and the construction began in earnest through the fall and into the holidays.

While doing my diligence on the property, I discovered it had been designed and built by renown architect, Cecil A. Gale. Leveraging this fact, we researched historical documents and used some of his work in the suburbs near Santa Monica as design inspiration.

Working with the developer, New Ventures, the contractor-Property Builders, and the designer, Interiors By Tisha, the team was able to combine the residence's original architectural integrity with modern functionality and tasteful design finishes.

We were unable to preserve the flooring so we replaced the existing flooring with engineered Belgian Oak. The tile work came from Walker-Zanger, & we replaced a laundry room and added a 2nd bathroom-creating a proper master retreat at the exterior of the property, the original rock facade was removed and replaced with an ivory flat Santa Barbara stucco.

A 400 sf non-permitted structure was demo'd at the rear of the property, and the dilapidated garage was rebuilt.

I was able to sell the property off-market and before completion. Again, a great relationship with another Agent came into play. It was an offer we couldn't refuse-fully non-contingent and a 21 day escrow. The terms were favorable to all and we opened escrow in late January.

Since we were already in escrow, I decided to test the market and put the home up for sale on the MLS. Although the property was only 90% completed, had no staging, no professional photos, and the floors & windows were covered up. After just 4 days on the market, we received multiple back-up offers in and I am happy to say we closed escrow on this deal on Friday, February 21, 2020.

Everyone thinks that all Realtors are the same and it is easy to sell a house. But, as you work through the paperwork, manage expectations, maneuver through the minutiae and the intricacies of sophisticated real estate transactions, while ending with a positive outcome for everyone-you must realize that this business is not for the faint at heart. You have to sell. You have to broker. You have to eat s$@?. You have to deal with budgets, contractors, property owners, neighbors, pay bills, make money, live your life, and truly Love what you do. I LOVE what I do.

Timeline:

5/13 First viewed house & Initial offer| another offer accepted | submitted ours as a backup

5/17 Got word that it was available.

5/24 opened escrow

7/23 Probate Hearing | Trustee Issues

8/1 Successor Trustee found | foreclosure date announced

8/12 Amended contract (non-probate)

8/26 New contracts for trustees

9/4 Closed escrow on Fixer!

9/2019-2/21/2020 - Rehab on fixer

1/22/2020 off-market offer

2/21/2029 Closed

Sold off-market, under contract before completion.