Going Above and Beyond One Seller’s Story of Going From Near Bankruptcy to a Burden-Free Situation

Challenge

Jeri Smith was a 68-year- old realtor who owned her home and had $120,000 left to pay on her mortgage when she fell on hard financial times. She needed to sell her house, pay off her mortgage and move into an apartment to avoid falling behind. Her house was livable, but as a realtor she knew it needed major repairs done to sell it – ones she could not afford. Jeri had seriously considered filing for bankruptcy and letting the bank foreclose on her home because she was too embarrassed to let anyone see the inside.

Luckily, she knew John and Corinne Tesh, HomeVestors ® franchisees, from her neighborhood. John and Corrine had mentioned their company bought homes no matter what condition they were in. Jeri decided to give them a call.

Solution

John and Corinne Tesh, independently owned and operated HomeVestors franchise owners of Citygate Homes LLC in Greensboro, North Carolina, received that call and came to Jeri’s house the next day.

After touring the house, John and Corinne felt it needed a lot of renovations but that it was in a great neighborhood. The Teshes knew the house would sell quickly after they rehabbed the property, so they made an offer to purchase the home in cash.

“We estimated the home needed at least $30,000 of maintenance and updates,” said John Tesh. “Like many rehab projects, there were more problems than we originally thought when we got going. We ended up installing a new HVAC system, adding a new roof, making electrical updates, installing new plumbing and our yard guy picked up 52, 50-gallon bags of leaves. In the end we spent closer to $42,000 updating the home.”

Jeri was thrilled HomeVestors bought her house and that she was free to move into an apartment without upkeep. What she did not expect was for HomeVestors to hire movers for Jeri and pay months of storage to “house” the items that did not fit in her new place.

“HomeVestors made the whole experience a lot easier for me,” said Jeri Smith. “John and Corinne went above and beyond for me. They filled out a lot of the paperwork needed. They were very compassionate in my situation. I was very surprised – and appreciative – that they paid for my move and my storage. My experience was far better than what I expected.”

Results

After the renovation was complete, HomeVestors listed the home and received a full-price offer on the first day it was for sale. Jeri was able to move without the burden she was expecting.