This was a very interesting short sale listing. The price previously approved by the bank with a different agent was $1.1M, but the buyer's cancelled, so when the owner contacted me, I re-listed it at that same price. I got a tremendous amount of interest in this property, and showed it to over 100 buyer's I would say with multiple open houses and a plethora of private showings. At this price it was one of the lowest priced homes in Bel-Air, yet buyer's would consistently leave disappointed. I was very surprised, but many were expecting a large flat grassy yard and designer kitchens and baths. I kept trying to tell people that if it had those things it would be closer to $2M! That said people either were not interested, or kept talking about really low numbers like $700,000 or so. After almost two month's on the market, someone finally contacted me about writing an $850,000 offer, and I told them honestly I don't see any way it gets approved by the bank, but if they were serious we could submit it and see. To my surprise, the bank countered with $910,000, but they wanted it closed by the end of the month. Even at this incredibly low number the buyer balked, which was shocking to me as it was a steal at that price. An all cash investor called me shortly after wanting to offer the same $850K but all cash and could close in just two weeks. I told this person what the bank wanted and he came up to $880,000. After much pushing to both the bank and the buyer, and having to throw in a large amount of my own commission, we came to an agreement at the $880K. This was just the start though. After a less then stellar home inspection, the buyer wanted a large credit, which the bank would not do. Even though the bank's appraisal valued the property at $1,150,000 the buyer was still thinking about walking, as he did not believe it was a deal (at least that is what he was telling me). In the end, I threw in a little more of my commission for some of the needed repairs and was able to close the deal for all parties involved at an unbelievably low $880,000. I am happy for my Seller that after much distress with this property (I was his 3rd agent hired to sell it), he is able to move on with his life. I am also pleased for the buyer, who got himself a tremendous deal; in fact, the one that everybody always wants. In the end, although I had to throw in quite a bit of money, the client's come first, and I am glad I could keep the deal together and close it to the mutual benefits of all parties involved! Done deal.
On to the next one...
1333 Stradella Road, Bel-Air
Sold for $880,000
2,660 Sq. Ft
13,780 Sq. Ft Lot
For more pictures please visit 1333stradellaroad.com
Listing by Eric Smilay for Smilay Properties
Photos taken by Michael Andrew McNamara for Smilay Properties
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