ASSIGNMENT:

A past client contacted us to see if we could assist his mother in selling her Apartment building located in Wilmington Ca. The property owner lived out of state and the subject property had been owned for over 20 years. There were no plans to exchange just cash-out and relax away from having to deal with Property Management Issues. We were happy to help make this happen.

CHALLENGE:

Understanding that the owner did not want to exchange we were concerned with potential capital gains, but when we had learned that the spouse had passed away, we realized that it would be helpful to obtain a retroactive appraisal to determine the property value at the time of the spouses death. After this was completed, we learned that the client would literally have little to probably no capital gains. It was a good move finding this out first for the client.

SOLUTION:

We placed the property on the market and had multiple parties interested and received multiple offers but ultimately we represented an investor and the property was sold all cash in as is condition and had a quick close.  Happy ending for everyone :)