Congratulations to my long time client in getting a condo in South Pasadena so that she can be close to her granddaughter. It is a corner unit with updates unparalleled to other units in the development. Location location location is crucial in real estate and this unit finds itself walking distance to Cal Tech and retail on Lake Avenue so good rental income can be obtained if needed. This unit was on the market for some time. There was an inaccuracy on the MLS that likely held back interest in the unit that I discovered with some diligent inquiry that then made this unit desirable for my client. A discount of over 5% off the list price was artfully and timely negotiated taking into consideration that another unit in the building had come on the market which was ultimately going to drive interest in the subject unit. In making the offer, we prompted an immediate response from the seller due to deteriorating market conditions and articulated that the client made other offers that might be accepted at any time. It worked and the seller accepted our offer over the weekend in the nick of time!
However, my value add did not end there because starting Monday, the sell side went radio silent and we did not receive escrow information. Radio silence is always a red flag in this business. In that time the seller had received another offer $30,000 over our agreed on price and the sell side tried to back out of the deal. The sell side asserted that we did not have a legal and binding contract because only the counter offer was signed and since we allegedly returned the countersigned offer late, there was no a binding contract. At that point, I had to put my lawyer’s hat on and responded back with a series of firm emails that articulated our factual and legal position with an emphasis that my client was ready to take action to defend their position. After a couple of days and some phone conversations, the sell side conceded. Escrow was opened and we closed!
Needless to say, my client was extremely happy. A real estate transaction could go south at some many points, including the particulars of the real estate involved, negotiation of the price, contract elements, and closing issues. Having a real estate agent that pays attention to details, is experienced, understands the market and people, and is also a lawyer goes a long way!
Please do not hesitate to contact me with your real estate needs. I know a lender that is offering 7 year adjustable rate mortgages at ~4.6125% for those in the market.
