Banshee Press

2715 Larimer St. Denver, CO 80205

Buyer: Foreign Form

Challenges

This property gave us a different set of problems than we typically see. It wasn’t unsellable – it was too sellable.

This property is located in such a high demand area, we couldn’t use our usual promotion techniques in the open market.

Due to the high level of interest so early on (just by word of mouth!), we had to scramble to interview each Buyer in order to determine who fit the criteria of best Buyer profile.
In an unexpected twist, the thermostat went out on a bone-chillingly cold night causing one of the pipes to freeze and burst, flooding the building.

Actions

Having too much interest in a property seems like a great problem to have, but it actually comes with its own unique set of difficulties.

With the heightened attention received on this property, we scrambled to find any and every Buyer we could and called them one person at a time to let them know we had the property listed. We received an offer before the ink was dry on our listing agreement with the Seller.

From there, we narrowed down our list of Buyers to six excellent groups. Any one of them would have been an amazing user for the property.

When the property flooded, we immediately rushed over to assess the damage. We shut down the water supply to the building, replaced the thermostat, drained all plumbing fixtures, and opened the damaged walls so additional harm wouldn’t occur.

Results

As we started receiving offers, we were able to get professional photos and marketing materials out to the market in a way that outperformed the pace of the demand on the property. This caused a greater level of demand from new Buyers, as well as with the ones we were negotiating with.

The competition was so fierce from our resulting efforts to create demand that we ended up having two rounds of highest and best offers before determining who the right Buyer was.

When it came time to renegotiate terms surrounding inspection issues, the Buyer presented a laundry list of easily verifiable issues the building had. The most obvious was the recent flood from the pipe bursting. Based on the immediate high level of interest, we determined that there was no reason to budge on anything other than the bathroom repairs. The Buyer agreed to our new terms and we closed without a hitch.

Mike Carnes of Urban Collective is a pleasure to work with. His market knowledge is extensive and his understanding of financials solid. In additional to his ability to fundamentally understand commercial real estate, Mike’s most compelling attributes is the fact that he is a nice guy, and develops a rapport with you, understanding the full breadth of where you’re coming from. As is the case in many real estate transactions, family matters. Mike’s counsel and advice working through the complexity of a deal is invaluable. In addition, Mike was able to get our family top market price, while negotiating a deal that left everyone happy and satisfied with the transaction. I’d recommend Urban Collective to anyone looking for a pleasurable real estate experience.

Emmit Hoyl

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