Our Fair Oaks Community home closed escrow, and this is how it went:
I met the seller’s daughter in July at the Fallenleaf home. She contacted me after her mother had saved several of my real estate Q&As published in CV Weekly. Her mother, who is currently in rehab with a broken shoulder, was with her when we met at the rehab home on July 20th. We arranged a professional floor plan by July 23rd, had the home cleaned on August 6th, and photographed the exterior and community amenities on July 31st. Since the house is a fixer, the daughter preferred not to include interior photos.
Since the home lacked finished flooring in some rooms and one bathroom was gutted, it would only qualify for rehab financing, which would have carried an interest rate nearly two percentage points higher. The seller preferred to sell “as is”.
On August 7th, we listed the home at $1,585,000 and received two offers, both substantially less than the asking price. On August 12th, we dropped the price to $1,500,000. We sold this Glendale home to the third buyer for $1,520,000. We closed on September 3rd.
Coincidentally, the first home my husband and I purchased together was just around the corner on Hollyburne Court.
I didn’t know about rehab financing. I’m always learning something here