Monday, November 11, 2013
Why was the price on this Burbank home so low?
One word, three times: location, location, location. This home is located 1 block from the freeway, one block on two sides from industrial property, and six blocks from the airport. All of these elements -- known as "incurable defects" -- served to keep the price below average.
Plus, the house itself was not large -- it was a 2+1 with a den. There was no air conditioning. It needed a lot of updates. The sellers let the yard go. The only exciting feature was a new garage at the back of the property.
And we asked potential buyers to forego pest work of about $6000. (Yes, pest work is negotiable.) Plus, the sellers had just purchased another home, so they weren't inclined to wait for a higher offer. We had it in escrow within five days of listing and a fair price was had by both sellers and buyers.