I recently listed a Glendale fixer. The owner had moved out a year and a half ago. The home was filled with their furniture and personal property. I helped the sellers coordinate a hauler, packers and a storage unit. In the meantime a condo came on the market and we were able to successfully negotiate an escrow contingent upon the sale of their home which wasn’t yet on the market. We listed their home in the MLS on Friday, had Sunday open house and opened escrow on Tuesday.
We don’t generally work this quickly, but each seller has different needs. Our client didn’t want to lose their San Fernando Valley condo. They had a tight timeline to remove the contingency regarding the sale of their home.
We had sixteen offers on this Glendale fixer ranging from $39,000 under asking price to $81,000 over asking. In this competitive market, it is critical that home buyers work with real estate agents with local knowledge. If your agent doesn’t know the market, they can’t accurately advise you on which price to offer. Six of the offers were cash (investors/flippers).
I arrived at the home early and a buyer was already inside. Another agent showing the home to his clients let her in. She told me she received the listing via email from one Realtor, but they weren’t her agent. Her agent was her friend. Note that her “friend” isn’t telling her about listings and isn’t meeting her at the home. She made an unsuccessful offer with her “friend” who never bothered to see the home.
Several other clients with their Realtors arrived and introduced themselves. Ten of the offers were from home buyers simply looking for a home. I can obtain a lockbox reading online and because I was at the Sunday open house I know which agents viewed the home. Only four Realtors of the ten home buyers took the time to view this Glendale fixer.
In this competitive market, every little thing matters. Your demeanor at the open house and your real estate agent’s professionalism or lack of. When reviewing offers with my client, price is important but closing on time without renegotiation is as well. Your choice of Realtor can make a difference in many ways.
