Ms Seller You Should Not Accept an Emerald Hills Non Contingent Offer

By
Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194

Selling an Emerald Hills hillside home

Emerald Hills is a beautiful neighborhood of homes in the hills above Redwood City. There are both older and newer homes that stud the Emerald Hills hillside. Many have beautiful views, many are relatively newly built, and the area is blessed with great weather and great schools.

The real estate market in Emerald Hills is often not as robust as in some of the flatter neighborhoods, but due to the many newer homes it is still popular. On average the sales to list price ratio in Emerald Hills is less than 5% for the last 6 months which is considerably lower than in communities like San Carlos, Palo Alto and Menlo Park.

Selling an Emerald Hills home

This being true for the last 6 months, but the market is even tighter now than it was last year. As a result, there are more demands for homes for sale in Emerald Hills than ever before.

I recently had a buyer make an offer in a multiple situation for a hillside home in Emerald Hills. There were 3 offers. The seller had done property, roof, and termite inspections. She disclosed there was a drainage problem with water from homes from behind her, up hill, dumping excessive water into the yard. There was no soil or drainage inspection.

My client made an excellent offer with the only contingency being 7 days for a drainage inspection. I thought we had a great chance to get it.  The first evening we were told the seller was deciding between my client's offer and one other. The seller wanted some time to think it over. 12 hours later we were told that the seller decided to take another offer which was lower, but had no contingencies. So the seller left money on the table because we wanted more information of a known defect on a Hillside Emerald Hills the house.

This of course is the seller and successful buyer's right, but they are both putting themselves in potentially very expensive jeopardy. We had no way of knowing if the drainage was keeping the water away from the house. We had no way of knowing if the extensive retaining walls were doing what they were supposed to do. They might be. But without knowing for sure the cost to the new buyer could be hundreds of thousands of dollars. Do you think the seller will be off the hook just because she said there was water in the back yard from neighbor's property? I don't.

So a word to the wise. If you are selling a hillside home in Emerald Hills get the land inspected not just the house. That way if someone gives you a non contingent offer,  you can accept it with more more confidence that you have disclosed all you can.

If you have any questions about selling a hillside home in Emerald Hills please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Ca BRE 01191194

650-619-9285

Posted by

Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     From a Buyer's point of view, I don't care how many multiple offers or how hot the market is... I want that drainage report.   A "mistake" could be a serious financial expense.

Feb 13, 2014 11:26 AM