Thursday, May 07, 2015
Transactions that close and ones that don't close -- yes, it happens
1. A home in Eagle Rock. This was a great flip on a hill. It was really nice inside and inspected really well. Then we had a geologic engineer come to take a look at the hill and foundation. There was a foundation settlement difference of over 4". The city of L.A. only allows 1.5". My buyer clients gave it some thought and decided to cancel. They were broken-hearted, but that kind of stuff really costs a LOT to fix.
2. A home in Burbank. My buyer client backed out just before closing. Yes, that can occur in certain cases even after all contingencies are removed. In this case, the client received some disclosures at the last minute, which opens up the buyer's right to review/disapprove/cancel. She was never committed to the house anyway so this gave her a (bogus-but-legal) reason to cancel. No, we are not working with her any longer. This was a big time suck for everybody involved.
Now, onto the good news: 8554 Burnet #141, North Hills, pictured above, closed at $370k this week. The transaction was textbook-smooth and my sellers were wonderful. So were the buyers and their agent, Jennifer Santulan. This is a stand-alone home in a planned unit development. These kinds of properties are excellent options for many people -- you get a (small) yard, a nicely-sized home, an attached garage, community amenities, and a security complex. There are many complexes like this in the Valley, and I wish there were even more. Seems that these planned unit developments would solve the density question in L.A. nicely, no?