In a tough buyer’s real estate market, brokers need to be creative and resourceful to close most transactions. Aspen broker, Steven Shane of SDS Real Estate, Inc., in Aspen, pulled out all the stops recently in structuring a 6-sided transaction that closed simultaneously.
One of his buyers, (Party A) contacted Shane to sell their property and purchase a larger property but when Shane couldn’t find the right property listed, he rustled up an unlisted property with a seller (Party B) who wanted to downsize. In structuring a 2-way trade plus cash, Shane was able to accomplish both goals.
During the course of the transaction, however, Party B then decided he wanted a different home and would just resell the smaller exchange property he was acquiring in the trade. Miraculously, Shane relisted Party B’s new property prior to its closing and was able to produce another cash buyer we’ll call Party C, who purchased the property, enabling Party B to purchase his ultimate downsized home. Both listing and selling sides of the properties of Party A, Party B, and then Party C closed simultaneously!
The transactions totaled $11.862M.
