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San Gabriel Remodel Sold

Excited to report this San Gabriel Remodel is Sold!

I have worked with more past clients this year than any other. I just closed escrow on this San Gabriel home. It sold to a client’s daughter. San Gabriel Remodel Sold

Although it is very difficult getting an offer accepted in this real estate environment, we were fortunate. She was a cash buyer and was able to waive her loan and appraisal contingencies. This was the second home we wrote an offer on. There were a total of twenty-eight offers on this San Gabriel remodel.  Although the home was listed at $1,278,000, our original offer was at $1,488,000.

We were one of six counters issued and were provided with seller disclosures and an inspection report. The electrical panel needed replacing. The plumbing was mixed copper and galvanized and the roof was near the end of its life expectancy. We waived our inspection contingency removing all contingencies and increased our offer to $1,523,000 – $235,000 over the list price.  There were two non-contingent offers higher than ours.

I related the sad news to my client and prayed that the buyer’s earnest money deposit would not make it to escrow. Unfortunately, it did. But Santa came early this year! A week after we lost the bidding war, I received a call from the listing agent. Apparently, the buyer was unaware the home was in close proximity to a church with a preschool and canceled escrow.

This buyer was in escrow for $1,585,000 and the listing agent wanted us to match that offer. I told him that because of the electrical panel, roof, plumbing, and proximity to the daycare, I did not believe the home was worth that price. The seller’s agent told me that there was another non-contingent offer higher than ours at $1,555,000 but that he was reaching out to me first.

Whenever the real estate market gets hot, so many people get their licenses. There are a lot of part-time Realtors, too. It’s very difficult to work with an agent on the other end of a transaction that can never take calls during business hours because they are at their “real job”. I have been a Realtor since 1989, and do my best to maintain a good reputation and get along with others.  The first buyer canceled and the seller’s agent wanted to eliminate stress for his client and because of my reputation, he came back to us. We increased our offer to $1,556,000 and opened escrow.

Related Posts: Pros and Cons of Waiving an Appraisal Contingency 
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