Excited to report this San Gabriel Remodel is Sold!
I have worked with more past clients this year than any other. I just closed escrow on this San Gabriel home. It sold to a client’s daughter.
Getting an offer accepted in today’s competitive real estate market is never easy. Fortunately, we were in a strong position. My client was a cash buyer and waived both her loan and appraisal contingencies. This was only the second home we had written an offer on.
The beautifully remodeled San Gabriel home attracted tremendous interest. In total, the seller received 28 offers. Although the list price was $1,278,000, we submitted an initial offer of $1,488,000.
Next, the seller narrowed the field to six buyers and issued counteroffers. We reviewed the seller disclosures and inspection report carefully. The home needed a new electrical panel. It also had a mix of copper and galvanized plumbing, and the roof was nearing the end of its useful life.
After evaluating the property, we made a strategic decision. We waived our inspection contingency, removed all contingencies, and increased our offer to $1,523,000—$245,000 over the asking price. Even so, two competing buyers submitted higher non-contingent offers.
I shared the disappointing news with my client. Then, all we could do was hope one of the competing transactions would fall through before the earnest money deposit reached escrow.
Unfortunately, it did. But Santa came early this year! A week after we lost the bidding war, I received a call from the listing agent. Apparently, the buyer was unaware the home was in close proximity to a church with a preschool and canceled escrow.
This buyer was in escrow for $1,585,000 and the listing agent wanted us to match that offer. I told him that because of the electrical panel, roof, plumbing, and proximity to the daycare, I did not believe the home was worth that price. The seller’s agent told me that there was another non-contingent offer higher than ours at $1,555,000 but that he was reaching out to me first.
Whenever the real estate market gets hot, so many people get their licenses. There are a lot of part-time Realtors, too. It’s very difficult to work with an agent on the other end of a transaction that can never take calls during business hours because they are at their “real job”. I have been a Realtor since 1989, and do my best to maintain a good reputation and get along with others. The first buyer canceled and the seller’s agent wanted to eliminate stress for his client and because of my reputation, he came back to us. We increased our offer to $1,556,000 and opened escrow.
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