Shame on you!
I recently posted that my La Crescenta fixer sold with 9 offers in less than a week. Well the bomb dropped today, the buyer decided that he required a $20,000 price reduction in order to proceed.
I asked the buyer’s Realtor if they had done an inspection – “no inspection”. I am curious as to what changed from the time they saw the home until the time they decided that $20,000 would make it better. My point… the home has not dropped $20,000 due to condition or any other reason in less than a week... It is the same home and it is still a fixer.
I haven’t even broken the news to my client, but I did contact offer #2, and told him to get a deposit check and a signed addendum (subject to cancellation of existing escrow) and once he does, I will drop the bomb on the home seller… Bad news… good news. Then the home seller can decide if he would like to sell the home for less money (because of the $20,000 concession) to buyer #1 or sell the house for more money to buyer #2.
What do you think he will decide?
Categories: All about Money, La Crescenta, A Buyer's Perspective
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9/17/2008 5:28 PM
Los Angeles Real Estate Blog wrote:
What a difference a day makes… Yesterday, my savvy client decided to go with buyer #2 and sell his house for more than buyer #1 was now willing to pay. We are now in escrow (again) subject to buyer #1 signing escrow’s cancellation instructions. So either way, I think pray that my client is once again “sitting pretty”. Please, let's think positive on this one! ... -
12/27/2008 9:29 AM
Los Angeles Real Estate Blog wrote:
Real estate goes through cycles, and the market needs to pause and catch its breath every so often to maintain a healthy balance. With the pendulum swing from a seller’s market to a more balanced one, there are greater opportunities for buyers in most neighborhoods. According to the California Association of Realtor’s Housing Market Report: Four out of five homes (80 percent) sold were discounted in 2008, an increase from 76 percent in 2007. The discount between sales price and list price increased from 4.3 percent in 2007 to a record setting 7.5 percent in 2008, more ... -
12/28/2008 10:23 AM
Los Angeles Real Estate Blog wrote:
Real estate goes through cycles, and the market needs to pause and catch its breath every so often to maintain a healthy balance. With the pendulum swing from a seller’s market to a more balanced one, there are greater opportunities for buyers in most neighborhoods. According to the California Association of Realtor’s Housing Market Report: Four out of five homes (80 percent) sold were discounted in 2008, an increase from 76 percent in 2007. The discount between sales price and list price increased from 4.3 percent in 2007 to a record setting 7.5 percent in 2008, more than double ...
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