June 29th 2008 by Jim W Hildreth RE/Max of Sonora, Ca 95370
I was introduced to a seller from San Francisco via a long term Sonora attorney who was handling a law suit among family members.
The seller had two properties in Tuolumne County, one for the estate and family suit and the other a property that included two old vintage homes built in the late 1800's.
The property just over .25 of an acre and vintage structures were bought by the San Francisco resident has he had a dream of restoring and having a country home.
He purchased the property for $50,000 cash from the family estate.
The property had two wells, one that was hand dug and the other was missing a pump.
There was a pre-existing septic system that was the original system or as some would say no system at all.
As time passed the San Francisco resident dreams of a country home faded and he decided to place the property up For Sale.
We listed the property and two homes on September 25th 2007 for $99,900.
We have shown the property to dozens and dozens and the majority of prospective buyers wanted to take the historic buildings down with a dozer.
The buildings were on the Historical Landmarks inventory for Tuolumne County.
Dozens and dozens of the 20 mile round trip were spent showing the property, fielding hundreds of calls about 2 homes for $99,900. Most prospective buyers, investors just laughed and told us what a joke and "Good Luck".
Months and months passed and one day we received a call that a couple were interested in a restoration project, we soon entered escrow and we were going to close in 30 day's at a price close to the listing price.
We soon discovered that it was impossible to place a septic system on that parcel. We spent another six months meeting with county officials, adjoining land owners. In the end it was impossible. The broker took a commission advance and was to have paid back $3,200.
Most buyers would not buy a property, with full knowledge that its impossible to place a septic system and there is no public water or sewer.
The buyers have a dream to restore those buildings and tomorrow on June 30th 2008, we will close this sale for $30,000.
The seller took a loss, the Broker will receive a $1,600 fee and now owes $4,200 to the commission advance company time & interest and the buyers will buy two old vintage homes.
My tank is 3/4 empty, I have some explaining to do with the commission advance company and the smile on my face, is the buyers are happy and I have a new San Francisco seller who is now a friend.
The same attorney who referred this account to me has referred a probate estate to me and I meet the representative tomorrow.
Affter 279 days tomorrow will be a new day in our job to market real estate representing Sellers & Buyers.
ps. The other property estate property is still For Sale. We have Septic Problems.
