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estate agent from Fortune suggested that the Belair property
would have a better chance of selling, and would sell for a
higher price, if petitioners renovated and upgraded the Belair
property. The suggested repairs and upgrades included replacing
the carpeting and painting the house. Petitioners, however,
decided to list the Belair property for sale “as is” for $288,000
and forgo renovating the Belair property.
The listing agreement gave Fortune the exclusive right to
sell the Belair property and ran until July 1, 1994.3
Petitioners’ plan was to sell the Belair property as a personal
residence so that they could live elsewhere.
In May 1994, petitioners moved out of the Belair property
and into a house located on the Wasilla property. The listing
with Fortune expired without a sale. Petitioners did not relist
the Belair property when the listing expired because they planned
to renovate and upgrade the Belair property in order to make it
more marketable.
From June through August 1994, petitioners upgraded and
refurbished the Belair house in order to make it easier to sell.
Petitioners replaced carpets throughout the house, added tile
floor to the entryway, installed new kitchen counter tops,
removed wallpaper throughout the house, installed new vinyl
3 Fortune did not handle rental listings.
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Last modified: May 25, 2011