Harb’s Real Estate Wrap Up
Most Realtors are finding that we are working longer and harder to make less money. But this is true for a lot of professionals. Let’s take a look at what’s happening at Phyllis Harb & Co.
What’s moved:
In escrow in one week, and with three open houses, Pat Sajak’s former Glendale home and we have two back up offers as well.
In one week and with three open houses the condo on Verdugo Blvd. is closing tomorrow with an all cash buyer.
What’s not:
Celebrity Gated Retreat – reduced and also available for lease option. This is an amazing home for someone who values privacy and there is the added bonus of two detached home offices.
Penthouse Condo
What’s new:
I just listed a California Bungalow in Sparr Heights, one of the Foothills’s most sought after neighborhoods. Open houses all week.
What’s coming:
4 + 2 Glendale duplex (fixer upper)
3 + 3 w/detached home office, views, pool, large lot in Tujunga’s popular 7 Hills Community
What’s going ever so slowly:
The San Fernando Valley condo with the title cloud, continues to be the probate nightmare; the court date has been postponed yet again. I have been working on this one for two years. This buyer has been in escrow for six months.
Lisa’s La Crescenta short sale is another nightmare:
May 6, offer accepted by the seller
July 14, Broker Price Opinion (BPO which is a Realtor’s version of an appraisal) was ordered
July 26, BPO received and forwarded to investors
August 11, Seller’s estimated net sheet approved (lists all of the selling costs) and submitted for investor approval
August 27, 2nd lien holder not satisfied with what they will net
October 4, Requested updated proof of buyer’s funds to close – submitted same day
October 19, Bank of America assigned a new negotiator, and because everything in the file is so old, seller’s package needed to be updated and resubmitted, which was done and now we are waiting once again on BofA to make their next move.
What’s moved:
In escrow in one week, and with three open houses, Pat Sajak’s former Glendale home and we have two back up offers as well.
In one week and with three open houses the condo on Verdugo Blvd. is closing tomorrow with an all cash buyer.
What’s not:
Celebrity Gated Retreat – reduced and also available for lease option. This is an amazing home for someone who values privacy and there is the added bonus of two detached home offices.
Penthouse Condo
What’s new:
I just listed a California Bungalow in Sparr Heights, one of the Foothills’s most sought after neighborhoods. Open houses all week.
What’s coming:
4 + 2 Glendale duplex (fixer upper)
3 + 3 w/detached home office, views, pool, large lot in Tujunga’s popular 7 Hills Community
What’s going ever so slowly:
The San Fernando Valley condo with the title cloud, continues to be the probate nightmare; the court date has been postponed yet again. I have been working on this one for two years. This buyer has been in escrow for six months.
Lisa’s La Crescenta short sale is another nightmare:
May 6, offer accepted by the seller
July 14, Broker Price Opinion (BPO which is a Realtor’s version of an appraisal) was ordered
July 26, BPO received and forwarded to investors
August 11, Seller’s estimated net sheet approved (lists all of the selling costs) and submitted for investor approval
August 27, 2nd lien holder not satisfied with what they will net
October 4, Requested updated proof of buyer’s funds to close – submitted same day
October 19, Bank of America assigned a new negotiator, and because everything in the file is so old, seller’s package needed to be updated and resubmitted, which was done and now we are waiting once again on BofA to make their next move.
Posted by Phyllis Harb at 10/27/2011 2:34 AM 
Categories: In a Realtor's Week, Short Sale
Tags: los angeles real estate sales real estate activity
Categories: In a Realtor's Week, Short Sale
Tags: los angeles real estate sales real estate activity
You make the money old fashion way... You earn it!
Aram Arakelyan
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