We just closed on this Northwest Glendale Ranch home.
I would love to tell you it always works perfectly, but sometimes it doesn’t. Once a home goes live in the multiple listing service (MLS), I can get a gauge of interest. Am I getting calls, texts, or email inquiries? Then there is the broker’s open house, how many clients and potential home buyers come. More important is how long they stay. Agents often move through the homes on caravan quickly as they hurry to see as many as possible. But buyers are a different story. When they don’t linger, I know there is a problem.
This particular home is in a great neighborhood. However, the previous owner had made some additions many years ago, and there were issues with the foundation. There are several features I love to see in a home. One is a home with lots of natural light. The second feature is how well a home opens to the backyard. This Northwest Glendale Ranch home had a lot of natural light. But backyard access was uninviting.
We had four offers. All were investors. One investor had an addendum stating that they had the right to market the property while still in escrow, and then they could assign the escrow to a new buyer. This means that even though we had numerous open houses, broker caravans, and extensive online marketing, they wanted to have the opportunity to tie us up in escrow hoping they could find a buyer who would pay more. Essentially, they wanted to flip the home while in escrow without doing any work. If they couldn’t find a buyer who would pay more than them, they would cancel and have their earnest money returned to them.
We did close escrow with an investor, but they did not have the option to assign the escrow to a new party. Seeing the remodel and how they rework the floorplan will be interesting.
You might enjoy: Glendale Real Estate Update December 2023
