Last month, our Burbank listing closed escrow. I met with the trustee on July 9th. Each client has different needs and goals. This trustee and his wife were taking a trip to Europe in early September and hoped to avoid paperwork and negotiations while they were away. Initially, the seller wanted to sell the home AS IS. With his permission, I prepared two valuations: AS IS and AS REPAIRED.
I compiled estimates:
Interior Cleaning, including buffing original hardwood floors: $540.00
Interior Painting, including removal and disposal of carpet and misc. repairs: $4,050.00
Initial landscape cleanup, including patching the missing front lawn with new sod: $1,960.00
Total $6,550.00
A prudent rule of thumb when recommending fix-it repairs is that for each $1.00 spent, the seller should gain at least $3.00. Once you’ve determined that, it’s much easier to decide on a course of action. As I send so much work to my house cleaner, painter, and gardener, they agree to be paid through the seller’s closing proceeds. This was a vacant home, so the Harb and Co. Team coordinated and oversaw the cleanup.
There was new sod patched in the front lawn, and it had to be watered three times a week. The gardener agreed to water once a week. The painter watered daily while he was painting and preparing our listing for sale. But once the painter was finished, we watered twice a week.
We listed live in the MLS on August 19th for $749,000.00. We received half a dozen offers on August 27th. Our client returned from vacation, and our Burbank listing closed escrow a few days after their return for $818,000.
The Harb & Co. Team specializes in maximizing our home seller’s proceeds. Give us a call and allow us to do the same for you!
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What is escrow
