We were lucky to have a 2- month escrow. Huh?

By
Real Estate Agent with Alain Pinel BRE 01367196

 

In a hot seller's market like the Bay area, what seller would agree to a two-month escrow unless they're doing a short sale?

 

I met my clients before Christmas 2017. They are relocating from Southern California to Northern California. 

Their wish list:

  • Minimum of 2800 sq ft
  • 3-car garage
  • Newer home in a PUD (planned unit development)
  • 4 bedrooms, 3 baths
  • $1M range
  • They want to be in contract as soon as possible
  • The wife wanted a home that is near her place of work, preferably within 15 minutes drive in Alameda. The husband is content to take public transportation to San Francisco. 
  • BUT close escrow should be no sooner than February 28 because their bonuses are coming in separate disbursements (in other words two months escrow period!)

 

Poorly marketed property for sale

I found a 3453 sq ft Alameda home in the fairly new community of Bayport that seemed to meet the buyers' requirements. It had been on the market for over a month. Why?

The pictures were terrible and there were no descriptions in either public remarks or confidential remarks. The house was dirty, untidy and cluttered. Making appointments to view it was problematic.

Upon researching the property profile, it turns out that the property had gone through several stages of preforeclosure through the years, and the most recent one was for a trustee sale in January 2018.

 

Will the bank postpone the trustee sale? 

I called the listing agent and asked if there's a chance the bank would postpone the trustee sale if an offer came in that to cover what was owed?  When he said yes, we immediately put in an offer, but specified additional deposits through a 2-month escrow period. Nail biting and white knuckles time! Fortunately, the sellers accepted the offer bank agreed to the price, and we closed escrow yesterday!

 

Instant equity!

My buyers already have instant equity. Just a week ago, a similar home (same model, same plan with fewer upgrades) was listed at over $100K higher than what my buyers are paying for their house. The difference? Rhat listing was presented well --- professional home staging and photography. So we expect that house to sell very quickly in this still red-hot sellers market in Alameda CA 

 

Moral of the story:

For the buyer and their agent, never give up. Keep looking. The right property may be just around the corner. 

For the seller and their agent: prepare the property to better market it. In this case, the bad pictures and poor marketing may have turned off prospective buyers. 

close

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Topic:
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California Alameda County Alameda
Groups:
Realtors®
Almost Anything Goes
CALIFORNIA REAL ESTATE
Alameda California
Diary of a Realtor
Tags:
preforeclosure
alameda ca real estate
long escrow
bayport alameda
trustee sale of property
writing offer on preforeclosure property
buying property in hot sellers market
bayport alameda home sale

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Rainmaker
3,548,538
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Even in a short sale situation 60 days is a very long time

Mar 03, 2018 08:19 PM #1
Rainmaker
518,671
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

You did a fabulous job for your client, Pacita Dimacali . They got what they wanted under the circumstances that fit their needs and got the bonus of a below market purchase. The lender was satisfied. The sellers got away without a foreclosure on their record. Talk about Win-Win!

Mar 18, 2018 08:46 PM #2
Rainmaker
2,669,562
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Pacita perseverance and patience is my middle name when it comes to making things happen for my clients, GOOD for you Congratulations, Endre

Apr 06, 2018 10:39 PM #3
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Rainmaker
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Pacita Dimacali

Alameda/Contra Costa Counties CA
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