I thought fast sales and multiple offers were a thing of the past. Nope. My client wanted to write an offer on this property at 3131 Frederic in Burbank only two days after it listed (he knows what he wants; I've been working with him on various houses over the years). Imagine my surprise to find out that we were in multiple offers -- aren't those a thing of the past? How come my buyer gets stuck in that situation? There's a happy ending though: the sellers accepted the offer and we're now in escrow, nine days after the property listed (coulda been three days, but sorting out and countering the multiple offers took time). No, this wasn't a foreclosure or short sale. It was just a very well-priced home in a great neighborhood in very good condition. And my buyer's offer was under the list price, too. More details when this closes.
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.
Friday, March 14, 2008
Quick Sale, Multiple Offers in Burbank
I thought fast sales and multiple offers were a thing of the past. Nope. My client wanted to write an offer on this property at 3131 Frederic in Burbank only two days after it listed (he knows what he wants; I've been working with him on various houses over the years). Imagine my surprise to find out that we were in multiple offers -- aren't those a thing of the past? How come my buyer gets stuck in that situation? There's a happy ending though: the sellers accepted the offer and we're now in escrow, nine days after the property listed (coulda been three days, but sorting out and countering the multiple offers took time). No, this wasn't a foreclosure or short sale. It was just a very well-priced home in a great neighborhood in very good condition. And my buyer's offer was under the list price, too. More details when this closes.
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Multiple offers under list is a sign of the market going down isn't it?
ReplyDeleteI can post a house for sale in Rossymone area for $1.2 million but say I will look at all offers. Any guess on how many offers I get? Any guess on how many offers I accept?
When sellers get their price right within 5% they will get action. Watch the banks they show how to do it right. Cut until you get action and then work with the action you get.