It Doesn’t Work Like That:
Another Story About Real Estate and Reality
Last week, a Pasadena home came back on the market after being in escrow for about six weeks.
A short sale.
A notice of default filed. Foreclosure in process.
It may be common in some markets to find all of these factors but not so much in Pasadena.
It was listed as an “approved” short sale.
Permit issues. Deferred maintenance too.
And I had clients who wanted to see this home.
I was a bit leery -- photos of the house and showing instructions had a few red flags.
No problem.
Hey, we deal with things like this.
An appointment is scheduled.
No lockbox.
We arrived about the same time a car pulls into the driveway.
Not the resident it turns out but a couple who also want to see the house -- I guess an agent with a client.
We see activity in the house and ring the bell -- not working but a knock on the door and it opens.
A chatty guy, not the owner, but a friend staying in the house, greets us.
I ask if we can look around and he says yes while the other couple stay in the living room for about a minute and then step outside.
They stand in the driveway talking with the occupant and then drive off.
My clients and I are walking around the property.
Chatty guy comes around and asks if there are any questions but tells us it might be too late.
The people who just came by saw the home in the multiple listing service and have an all cash offer.
“It’s sold” he says.
And I saw the “cash” --- I’m assuming he meant he saw some sort of proof of funds as I doubt they had hundreds of thousands of dollars with them.
My clients are aware of short sales and the real estate process. Since he had already informed us he is not the owner -- they are shall we say -- amazed -- by his response that a short sale subject to lender approval is SOLD.
Well, it doesn’t quite work that way....
We shall see how this plays out ----- but I’m here to let you know showing proof of funds and a handshake doesn’t create a contract. Not in Pasadena real estate.
There's a process. And this isn't it. Looking for answers and the reality of Pasadena real estate? Contact me at 818.516.4393 cell.
Let's discuss what's important to you.
It Doesn’t Work Like That
Another Story About Real Estate and Reality
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