An average Mountain View, California cottage has sold for less than its original asking price of $1.6 million – but there’s a major catch.
The Silicon Valley property went for $1.1 million after being listed just weeks ago on Multiple Listing Service – which provided no interior images of the home and included a bizarre request from the seller.
According to NBC, who spoke with the property realtor, the elderly resident will continue living in the home for seven more years ‘rent back at no charge,’ the report said.
Realtor Joban Brown said that while the price is not unusual for the hot spot location, the seller’s request is ‘not a typical situation.’
A ‘distressed’ cottage in the San Francisco Bay area was sold for $1.1 million. However, the seller will continue living in the home for seven years ‘rent back at no charge’
Mountain View, a desirable city in the Bay Area that overlooks the Santa Cruz Mountains, surrounds several notable companies
Erika Enos, another realtor, told NBC the deal was unlike anything she’s ever heard of before.
‘In almost 40 years as a realtor, I have never seen terms of sale that included seven years free rent back, not even seven months free rent back,’ Enos said.
In the listing for 976 square-foot cottage, also included was a requirement for the buyer – who will need to expense ‘extensive repairs’ for the home before closing on escrow.
The property was listed just weeks ago on Multiple Listing Service – which provided no interior images of the home and included a bizarre request from the seller
Enos cringed on the idea, while adding: ‘What if the property does not close or the seller is unhappy with the results or work men don’t get paid and put a lien the property?
‘The asking price reflects market value, which is essentially lot value, for this area … I empathize with the seller, but the terms and conditions for this sale I feel are unrealistic and may have negative legal ramifications.’
Mountain View, a desirable city in the Bay Area overlooking the Santa Cruz Mountains, surrounds several notable tech companies like Microsoft, Google and Samsung.
‘This is a location that’s hard to beat, tucked away in a quiet corner at the end of a small street,’ listing agent Daniel Berman told the San Francisco Gate in a statement earlier this year.
‘You’ve got all the conveniences of urban living, nestled in a secluded country-like enclave.’