Four don'ts for home buyers

It’s a tough world out there, real-estate wise.  I know that you home buyers are beaten and bruised and just may not care about the other party’s emotions.  And I know there are a lot of nutty sellers (and buyers). However, it’s always a good idea to keep your transaction going as smoothly as possible – good will goes a very long way in Southern California real estate.  Here are some don’ts for buyers:

- Don’t make disparaging remarks about the house or neighborhood when the sellers are present.  All sellers, even flippers, want to start home sale transactions on a positive note.  Being a hater gets you nowhere.

-         -  Don’t make a purchase offer that is way lower than it should be for the comps or condition.  No matter how adorable the home sellers think you are, they don’t love you so much that they are willing to lose money. Yes, there are unrealistic sellers who have priced their home too high. And of course you don’t want to overpay for your property. But don’t get crazy low on the price if you want a response. Your Realtor can guide you to making an offer and counter offer with a realistic chance of being negotiated.

-          - Don’t miss contractual dates.  Performing the purchase contract’s tasks (yes, there are things you need to do after the agreement) by the agreed-on dates should not be a problem for a serious buyer.  Missing those dates makes you look flaky and can even get you kicked out of escrow.  If you truly need an extension of time (for an appraisal, for example), your Realtor can request one in writing.

-          - Don’t ask for silly stuff after your home inspection.  If the seller knows that you plan to do a $50k home remodel, don’t ask for $500 for “miscellaneous." That just looks greedy.  Also, please know that just because a property element or system is at the end of its useful life, that doesn’t necessarily mean it’s going to immediately fail the minute you take possession.  Unless something is really broken, or is a safety hazard, keep in mind that you’ve agreed to take the property “as is” per the contract.  Also, your home warranty policy will help with repairs for your first year.

In great transactions, the seller gets almost everything they want, and the buyer gets almost everything they want.  Almost is the key word.  Smooth sailing, buyers and sellers.    

1106 N. Cordova, Burbank closed today and here's how it went

1106 N. Cordova Street in Burbank closed escrow today.  We had two offers very quickly after putting it on the market at the end of May, and it sold over list price at $464,000. The transaction went very smoothly -- I wish all transactions could go this well!

Here's how we got offers over listing so quickly: 1) The sellers had the home expertly upgraded.  No, it wasn't a flip in the classic sense as the owners had lived there 17 years until they bought a bigger house last summer.  They spent some money, and it showed. 2) It was beautifully staged. (That's the living room, above.) I thought this was essential as the house was small and I knew furniture would make it look bigger.  I'll post a before-and-after video soon. 3) I marketed the hell out of this.

The inspection went pretty well as far as inspections go, although the water heater conked out and the sellers had to replace it. The buyer, her agent and his team were really on top of things and responded to everything in a reasonable, timely manner.  And we had a back-up offer.

However, there's pain in every escrow.  The only pain here was with the appraisal.  As I said in a previous post, the first appraisal came in low.  Even though the buyer was putting down a hefty sum, Wells Fargo balked.  The buyer changed lenders (Great Western), we had a second appraisal that came in to value, and the lender got the loan done in two weeks (!!!).  And everybody is happy!