4167 Weslin in Sherman Oaks closed last week. What a wild ride! The house is a fixer on a large lot south of the boulevard, and was owned by Dorothy Townsend, the first female L.A. Times city desk reporter. It then passed to a trust with 18 (!) beneficiaries. Here's how it went:
-We listed the house at $640k since it needed work.
-The brokers' open house drew so many people that there was a traffic jam of Realtors all the way down Benedict Canyon. I received over 100 calls about it the first two days it was listed. This is the most activity I've ever had on a listing. Fifteen separate parties asked me to represent them in the transaction and I said no, because concessions would have been expected during the process.
-We received 20 offers within 5 days. The offers ranged from $555k to $725k, with most being slightly above the asking price. Half of the offers were all cash.
- We chose the highest cash offer. They immediately backed out because they didn't like the condition.
- We went with our first backup offer, also all cash. They backed out because they didn't like the condition.
- By now, we had two inspection reports indicating more fixing was necessary than we had originally known. This included foundation damage. Uh-oh.
- Flop sweat.
- The trust attorney had a couple of issues to resolve as well, which caused us to put the property on hold for 10 days.
- We went back to the original offerors and furnished the inspection reports to them. Five of them came back with reduced offers.
- We again went with an all cash offer. The buyer immediately released $1000 to the seller and removed all contingencies.
- Still, more flop sweat. And still plenty of phone calls.
- ...But there were no further incidents thanks to buyers' agent Art Oganesyan and stalwart escrow officer Harlene Dunn. The trustee was a model of patience and graciousness, too. It closed a little over two weeks later for $604k. Whew!
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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