We just closed escrow on our Silver Lake Fixer. This view home was a major fixer. As you walked up the steep stairs approaching the home, you could feel the shift in the stairs. The rear portion of the front house also had major sloping. The floor plan was not ideal. Each of the bathrooms was only accessible by walking through a bedroom. There was no a simple way to reconfigure this floor plan. The guest house was really a tear-down. But the location and the street-to-street lot were significant selling points.
We had an offer from a buyer who was hoping to remodel this Silver Lake fixer, then received a higher offer from someone who wanted to tear it down and rebuild. Foundation issues and a poor floor plan no longer mattered.
The wrinkle in this escrow was the buyer’s loan officer at Union Bank. He would not return calls or emails to me, the listing agent, or escrow. He rarely communicated with the buyer’s agent. The only way to get a response from him was to bypass him and go to his manager. Even that barely worked. Until threats of yelp and poor reviews were made, Union Bank had little communication.
