Our South Pasadena condo closed escrow. Built in 1953, this condo had not been updated. However, it had hardwood floors and is in an award-winning school district. Besides a professional cleaning and hauling of items left behind, there wasn’t much else to do in preparing for real estate photos. We listed in the multiple listing service on August 21st for $499,000. There were five offers, and this South Pasadena condo closed escrow for $545,000.
Every real estate sale has a story. This one had several.
After the owners’ sister passed away, the trustees allowed her partner to remain in the South Pasadena condo for the rest of his life. However, after he passed away, his son refused to leave. As a result, the sellers hired an eviction attorney. Despite the COVID eviction restrictions, the attorney successfully removed the unauthorized occupant.
Next came another challenge. We opened escrow on August 27. Both sellers lived in England, which complicated the transaction. In addition, one seller did not have acceptable identification for a notary. Unlike Los Angeles, many London residents do not drive. He had no driver’s license, and his passport had expired. Therefore, his physician had to sign an affidavit confirming his identity. Because of COVID delays, scheduling the appointment took longer than expected.
Meanwhile, the buyer’s lender locked the interest rate. A rate lock guarantees the buyer’s interest rate for a specific period, even if market rates increase. However, lenders typically consult the buyer’s real estate agent before locking the rate. Doing so helps ensure the lock period will cover the expected escrow timeline.
Although we started the sellers’ paperwork early, the identification issue delayed the return of the notarized documents. Consequently, escrow took longer than anticipated. Had the lender consulted us before locking the interest rate, we would have recommended waiting. As a result, the buyer had to extend the rate lock, which added an unnecessary $1,000 to the cost of the transaction.
Every transaction is different. Experienced real estate professionals anticipate potential challenges, solve problems, and help guide buyers and sellers to a successful closing.
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Wow and I thought our out of state escrow was difficult. For an out of country escrow seems things went fairly quickly if not always smoothly