Resources

Customer Stories, Home Buying

Customer Stories: Offer Assist Lake Tahoe, California

$15,660.png

Meet the Slingluff Family

slingluff_western.jpeg

Allison, her husband, and three children live in the Bay Area and love traveling to Lake Tahoe for a quick getaway. With snow skiing in the winter and water skiing in the summer, the Lake is a family favorite destination all year. After examining the annual costs of traveling and renting hotel rooms or homes on Airbnb, the Slingluffs decided to investigate purchasing a home of their own. In order to make a home purchase, it was important that the home could serve as a rental property they could earn additional income all while still having a vacation home of their own. 

 

The Slingluffs are no stranger to Lake Tahoe and the surrounding area. Traveling for vacations throughout the year is a family tradition. When looking for a home, they were fortunate to know the market well. Depending on their own insights about the area, they also leveraged online reports to dig a bit deeper to ensure the home they purchased was in a good location and was a low-risk investment. The core pieces of information they needed to feel comfortable buying were budget, proximity to lake and skiing, and that the home can be used as a rental.

 

Allison had purchased 5 homes over the years and is very familiar with the buying process. However, Allison had spent over $120,000 in Realtor fees from her past 5 homes purchases and was looking for ways to reduce these fees to improve her investment performance and to make home ownership more realistic in such a competitive market. 

 

"We have been down this road many times and knew what to expect. We knew the area well and had been shopping the market for a while. We didn't think it was necessary to pay an agent as much when we didn't need their services for evaluation."

 

                                                                                      - Allison Slingluff 

 

When looking to purchase a home Allison and her husband felt comfortable going through the process on their own, however, wanted to have someone available to provide guidance when needed and who could write up the legal documents necessary.

 

Challenges

  1. Competition in the seller’s market makes it difficult to find a home and submit a reasonable offer quickly. 
  2. Costs in the Bay and surrounding areas are at record highs.
  3. Performed majority of the research and was being forced to use a Realtor to get anything done  

Solution

Faira Offer Assist provides buyers the ability to have a licensed real estate broker write up the legal contracts and submit offers to home sellers and their agents. Faira Offer Assist provides this service for a 0.5% platform fee that is only charged if the offer is accepted and the inspection is waived or approved.  Once the deal is finalized, the buyers receive a check for the full buyer’s agent commission, typically 3% of the home sale price. For more info on Offer Assist, look here

 

offerassist.png 

Result

Allison found a home she wanted in Lake Tahoe. She reached out to Faira through the Offer Assist program and worked with Mitch Rappaport, Managing Broker, to write up an offer on the home. The sellers countered her offer and after a couple rounds of negotiations and counter offers, the seller accepted an offer of $522,000. Allison received a check for the full 3% buyer’s agent commission for a total of $15,660. She paid the 0.5% platform fee of $2,610, netting her $13,050 that would normally be paid to the buyer’s agent.

 

"Our family loves going to Lake Tahoe so we were able to use the extra money to make a few cosmetic upgrades to the house as well as buy season passes to Alpine/Squaw Valley Ski Resort"

                                                                                      - Allison Slingluff 

 

Allison and her family were pleased with the overall process and felt like the support provided by Mitch was extremely helpful. With the money they received back after the home deal was finalized they used to purchase season ski passes to Apline/Squaw Valley Ski Resort as well as to put toward some cosmetic upgrades to the house itself. Allison is planning on buying more rental properties in the future and will be using Faira Offer Assist to improve her savings. 

Brenden Martin

Written by Brenden Martin

Brenden Martin is a Marketing Strategist at Faira.com after working as a Realtor in Texas and launching multiple tech startups.

ebook-ads-01.png