Now this is a deal I like. Not just a win/win deal but a win/win/win deal. 1141 Airport Way in Hailey. A small, hard to find warehouse unit in the center of Hailey. A perfect unit for an owner/user to have for their local small business needs.
This property was heading toward bank foreclosure with a local bank that I handle foreclosures for. I was aware of the deal and was tracking its progress.
I was shooting the breeze with a good friend of mine, Paul Yelda of Rocky Mountain Appliance Service in Hailey. (Call him for all your appliance service/repair/installation needs, they are the best. Plus, he’s a great guy to whitewater raft with.) He said he and his business partner and Dad, Joe, were looking for a warehouse unit for their appliance company to better warehouse and service their inventory of appliances.
Bingo. Have I got the deal for you. We immediately drafted a Letter of Intent (LOI) to the bank that indicated they had interest in purchasing the property subject to the bank receiving the property back from foreclosure proceedings.
The day the property reverted to the bank we were on site to inspect the warehouse. Our letter of intent turned into a formal Purchase and Sale Agreement and was accepted by the bank.
Inside the scope of one week, we put the property under contract, completed the title and escrow process and closed on the deal yesterday. 1 week, not bad.
Here’s the win/win/win part.
Paul and Joe gets probably the best deal ever seen on a perfect Hailey warehouse for their business needs. Bank disposes of an asset that they don’t want to own and saw great value in selling the property before they incurred other carrying costs and marketing expense. I help a brother out, look like a hero to the bank, and make a quick commission.
Win. Win. Win. Nice.
Want to win, too? Give me a call.