This is my first closed escrow for 2010 and hopefully there are many more to follow this year. Unfortunately at this price point, I hope I'm not single handedly driving down property values in North Redondo - including my own! (sorry neighbors).
This house was listed with 2 other agents before I placed it on the market. We never had problems getting offers: I had ten in total during the time it was listed. Most of the delays in closing were related to legal issues related to the filing of the condo plan, CC&Rs, and HOA docs. In fact, we lost one buyer due to the delays and the builder ultimately had to accept less than if all the paperwork was ready to go when we opend the first escrow.
This sale illuminates a few issues for agents and sellers.
For sellers, don't chase the market down. The selling agent for this home mentioned to me that his client offered substantially higher almost a yeat ago when the property was listed with another agent. Whether the other agent didn't manage the seller's expectations properly or the seller was reluctant to face the market conditions, he netted less ultimately.
Second, agents (including me) need to do your due diligence when taking a listing. When I signed the RLA, I was told that the CC&Rs and HOA docs were all done and filed. As I had previously done business with this seller and because the property was previously listed, I accepted that at face value. In any case, I learned a lot more about the role engineers play in condo plans, the approval process for these townhouse projects and a host of other issues.
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Posted by: オテモヤン | January 26, 2010 at 12:54 AM