Some sales are more difficult than others. Lowell in La Crescenta is sold! I love this home and even considered selling my home and purchasing this stunning mid-century.
As soon as we came on the market, luxury real estate in La Crescenta had cooled. Why? The reduction in tax deductions of mortgage interest and property taxes. Previously, a homeowner could write off interest on a million-dollar mortgage; it was reduced to $750,000. Property tax write-offs were capped at $10,000.
We quickly received an offer, but it was low. A few weeks later, I received another offer, but it was low as well. Then we received a cash offer, a few thousand over the asking price. This buyer requested some of the furniture in the guest house. We opened escrow but the buyer’s deposit never made it to escrow. This buyer supposedly received a gift of several million dollars but it was stuck with the IMF (International Monetary Fund). The story kept changing and we cancelled escrow.
We have a simple system at Harb and Co.: When a buyer or Realtor calls regarding one of our listings that is in escrow, we write their name and number on a message pad and highlight the street name. I received five inquiries while we were waiting on the buyer’s deposit. When it didn’t arrive, I contacted the five real estate agents, and one wrote an offer. I would love to tell you that this escrow was smooth sailing…..
The biggest hurdle was that the termite company mistakenly noted that two shower pans were broken. The seller was certain they weren’t. The buyer wanted them fixed. After going round and round, we got the termite company to return to the home. Verdict: The termite company was wrong. The cost quoted for the shower pan repair was $3600. That’s a big mistake, but we got it resolved. The lender was slow on the approval, but finally got the job done. Just like Realtors, some lenders are better than others.
