L.A. real estate news and insights.
On this episode, I answer the following four real estate questions:
1) How is a licensed real estate broker different than a salesperson?
2) I need to extend the length of my loan contingency because my lender is having some funding issues. Is this going to be a problem?
3) Should I buy a co-op property?
4) What does best and final offer mean?
We have over 20,000 Instagram followers... join us!
🙌 Offer deadline is Wednesday, 7/31/19, at 2:00pm. 🙌
We are in a part of Glendale that is so hidden, you probably never knew it existed!
A single road leads you to a 136-acre area that was bought by Hyman Minkoff in 1950.
Minkoff built out the lots within the decade, named some of the streets after his four daughters, and the exclusive Oakmont Woods was born.
3640 Emanuel Drive was built during that golden era.
This 3 bedroom, 2 bathroom home is completely remodeled and is move in ready.
There's a big, sunny living room, huge kitchen with stainless steel appliances, spacious bedrooms, and an unbelievable master bathroom.
The property has incredible views of the valley and you get to send your kids to some of the best schools in LA.
There's even an optional HOA that will allow you access to the community pool.
So if you're looking for a 3 bedroom home in an exclusive neighborhood, that has easy access to all that Glendale offers, at a great value, this just might be the home for you.
Visit OakmontWoods.com for more info.
I have heard from a few agents that theft has taken place while they were doing a open house for one of their clients.
That's why I always advise to hide your prescription drugs, cash, expensive jewelry, electronics, etc. when you are selling your home and having a open house.
Anything of value should be removed or locked away because complete strangers will be opening up your closets... and you never know if someone will have a bad intention.
When you put in an offer to buy a home, your purchase contract states several different ways you can back out of the deal and get your deposit back, AKA, contingencies.
One example of a buyer contingency is your inspection contingency.
That means that you can do whatever inspections you want at the property within your inspection contingency period, usually 10 days from the start of escrow.
If inspections go well, you remove your inspection contingency in writing and move on with your purchase.
Keep in mind that moving forward you can no longer back out of the deal using this inspection contingency since it has been removed.
For most home buying contracts, all contingencies are removed within 21 days.
But what happens if all your contingencies are removed and you wake up one morning and decide the property just isn't right for you?
Sorry, changing your mind is NOT a contingency.
You can not back out of the deal simply because you no longer want the property.
At that point, if you really want out of the contract, the seller can come after the deposit you sent over to escrow as damages.
So if you don't want to lose your deposit (typically 3% of the purchase price), know the rules of your contingencies inside and out!
Litigation against the Homeowners Association, low reserves, over 49% renter occupied at the complex....
If a lender sees one of these at your complex, the lender will most likely not grant a loan to the buyer of your condo.
Most buyers will need a loan to purchase your condo.
Here are 3 reasons a buyer will be denied a loan:
1) Litigation - If there is another unit owner that is suing your Homeowners Association (HOA), most lenders will not lend under those circumstances.
There are certain lawsuits that lenders are OK with, but this will be determined on a case-by-case situation.
2) Low Reserves - If the HOA reserves are low, then the buyer will be denied a loan.
Having $5k in the reserves is just not going to cut it. Lenders want to feel safe that if the roof were to collapse, or if a small fire damaged the clubroom, that the HOA has enough in the reserves to cover the damages. Low reserves will lead to a loan denial.
3) The complex needs to be at least 51% owner occupied.
If there are more renters than owners at the complex, lenders tend to frown upon that. Frowning lenders don't like to lend.
If there is no litigation, there are healthy reserves, and the complex is mostly owner occupied, you will be in good shape to sell your condo to a buyer who is utilizing a loan to purchase.
📸 photo credit: Instagram @iggz2k
Offer Deadline: Tuesday 07/16/2019 @ 2:00 PM.
After getting 6 offers, we just sold a condo at 4610 Densmore Ave.
If you missed out on that unit, we have good news!
We are now selling an almost identical property.
Same South of Ventura complex, only 2 doors down from that sold condo.
This 3 bed 2 ½ bath town house style condo is spacious and bright.
There’s a nice kitchen with custom cabinets, big dining area, and I love that there’s no one living above you.
The unit has central AC and heat, in-unit washer and dryer, large closets with custom shelf organizers, skylights, balcony access, and what’s really great is that pets are welcome.
The complex has a huge pool, clubroom, and BBQ area. There are also 2 assigned parking spots in the subterranean garage, along with plenty of guest parking.
So if you’re looking for a 3 bedroom condo that’s in an upscale and safe neighborhood… and with 6 offers on our last listing is obviously in demand… this just might be the home for you.
Offer deadlines are not set in stone, they are not law, they are not enforced by the real estate police.
They can be changed or voided by the seller at any moment.
Put in a good offer as soon as possible... entice the seller to accept your offer now... get that deadline canceled!
Your friend told you they were thinking of selling their home.
What do I have to do for you to refer me to that friend?
Let me know at 818-445-7953.
Some homeowners will put in an offer deadline when they are selling their home.
For example, a listing can say "all best and final offers are due Wednesday at 2pm". What you can do is put in a great offer a couple days before the deadline. Have the offer say the sellers have a 24-hour period to respond to your offer.
Now the sellers will be put in an interesting situation.
Do they take your great offer now, or stick with their deadline and have your offer expire, losing it forever?
You would be surprised how many sellers will accept the offer that came in early, go into escrow, and cancel their original plans that they had for the deadline.
All the buyers that were waiting to submit their offer at the last second will be really upset at the sellers... but you will get the house.
You will be the offer that got the deadline canceled!
And if they don't accept it the first time, just submit your offer again without the 24-hour shot clock.
I've seen it 1000 times... a new listing hits the market, posts online, and there are NO property pictures.
Instead the public remarks will say "pictures coming soon".
WHAT?! COMING SOON?! You have to be kidding me.
Obviously that agent doesn't understand that the very first day is when the listing will get the most attention online.
And the people who see it the first day are probably the most motivated buyer for their type of property.
It is such a missed opportunity to not show the listing at full strength the second it hits the market.
The professional pictures need to be up, the video has to look great, the agent has to be ready to show the property, the seller has to be ready to leave the house just in case there is a showing...
I could go on and on.
Bottom line, if you want to sell your home for top dollar, 100% of your marketing has to be up and running the second you hit the market.
Your property's online listing on #Zillow, #Trulia, etc. will get the most views the very first day that it hits the market.
It is extremely important to have all of your marketing up and running on day 1.
You don't want to miss out on any potential buyers because your home's pictures are not posted yet, right?
The pictures, marketing video, personalized website, etc. all have to be up and ready for the buyer to look at immediately.
If they are not ready, you run the risk of the buyer moving on from your listing and never returning to see your "coming soon" pictures.
Ask your agent to show you all their marketing BEFORE you hit the market and remind them to have it all ready on day 1.
As a home seller, you set the rules.
If you want to make the sale of your home contingent upon you finding your next property... go for it!
But you have to understand that you will not get top dollar for your home.
The reason is because you will turn off the majority of buyers out there.
Most buyers want to find a house, put in a offer, close escrow in 30 days, and move in.
With your seller contingency of having to find a home, most buyers will say forget about it... sounds complicated... or... it's going to take too long.
And guess who is whispering that advice in their ear... their real estate agent!
Agents know that a deal like that could easily fall apart.
Why sell your home when they can sell the home down the street that doesn't have any seller contingencies.
The agent can sell that other home quickly and move on to their next sale.
So really consider if having a contingency of finding your home of choice is something you want to do... especially when there is a much smarter way of handling this type of situation.
Direct message me if you want me to tell you a much better strategy.
The most common seller contingency: Sale of this property is contingent upon seller finding home of choice.
This means the seller will accept a buyer’s offer, but if the seller can't find a home to buy, and close on that property, then they won't sell their home to the buyer.
Buyers, in general, view this as a big waste of time.
What if it takes months for the seller to find their home of choice?
What if in the end the seller’s inspection on the property they found doesn’t go well?
What if the seller's loan doesn't get approved?
Months could go by and it could all be a huge waste of time because the seller never ends up finding a new home, or they end up canceling escrow once they do find a home they like.
There are too many things that could go wrong.
Buyers would rather put an offer in on a home, get it accepted, start the traditional escrow process, and close escrow in 30 days.
If you want top dollar for your home, don't put in any contingencies.
On this episode, I answer the following four real estate questions:
1) Can a home seller have any contingencies to selling their home?
2) When will my property see the most action?
3) There is a offer deadline on a house I really like. Should I put in a offer right at the last minute?
4) What is a reason why a buyer would not be able to get a loan for my condo?
We have over 20,000 Instagram followers... join us!
