I’ve been on four appointments this week with homeowners that have not bought or sold homes in many years. 3 of the 4 clients plan to sell their current home and purchase another with hopes of closing the escrows concurrently. Closing concurrently is a very difficult task if a lender is involved, especially if proceeds from the sale are being used to finance the purchase. A client of mine did this just this week. The sale of their condo closed yesterday and their purchase of a new SFH closed today. Even with highly skilled and competent escrow, title and lending professionals we had a 24hr delay between the 2 transactions. Adding to the complication was the title insurance company requirement that the Buyer make an appearance at the County Recorder’s office in Norwalk today to show identification prior to recordation of the deed.
Whether you are selling, then buying, or simply buying, here is what you can expect on as a real estate Buyer today. Of course a crucial first step is choosing the right real estate agent to represent you; an experienced agent (connected and well known in his or her market) and a sensible strong offer, make the world of difference.
Here are the A-Z steps:
- Search for properties based on your desired criteria.
- Identify the property that you want to purchase.
- Obtain and make available current evidence of your proof of purchase funds and/or a loan pre-approval letter.
- Establish initial offer price and terms in the purchase contract.
- Negotiate counter offers.
- Reach mutual acceptance.
- Open escrow.
- Wire Ernest Money Deposit within 3 days to escrow – usually 3% of the purchase price.
- Review and sign escrow instructions.
- Review and sign Seller Disclosures.
- Selling agent sends fully executed contract to the lender.
- Lender orders Appraisal.
- Schedule various inspections: physical, roof, sewer line, etc.
- Consider obtaining copies of Building and Safety Permits, for buyers review.
- Review inspection reports and, if appropriate, request repairs or credits.
- Review preliminary title and city reports.
- Review mold and earthquake booklet and sign receipt.
- Purchase home owners insurance.
- Remove Contingencies.
- Order home warranty.
- Final walk-through of property.
- Pay the remaining balance of down payment and closing costs.
- Sign loan documents, if any.
- Satisfy final loan approval requirements for funding.
- Recording of Title.
- Receive Keys and refer John Hathorn to all your friends and family!
Here is your real-time real estate market info:
Spring Break has broken the real estate run we had going this year in that there have been no new listings or closings to write about.
We have several “coming attractions” that are exciting but nothing in the MLS yet.
Two listings have gone under contract: 621 23rd Street and 548 15th Street. The year-to-date number of closed sales has not changed from last week and is still at 14.
No New Listings this Week but call me for a few coming attractions!
New Sales this Week
621 23rd Street – 5 bedrooms + 5 baths. $4,595,000. This took a little longer to sell – 58 days on the market, which in this market seems like an eternity. Almost 5,000 square feet on a 60” wide lot. 3 spacious bedrooms upstairs and a spacious master suite with balcony, sitting area. Last sold in July 2001 for $2,600,020.
548 15th Street – 3 bedrooms + 2 baths. $3,150,000. There were multiple offers on this little bungalow. Rumored to be under contract for around $3.3M. Garage converted to studio/office space. Last sold in May 2010 for $2,250,000.
No Closed Deals this Week
Pence Hathorn Silver Active Properties:
Call me for a couple of upcoming attractions, priced from $1.9 million to $6 million – they are not in the MLS.
770 Amalfi Dr. – 6 bedrooms + 6 baths – $6,000,000
1754 Franklin Canyon Dr. – 5 bedrooms + 5.5 baths – $3,795,000
809 Malcolm Ave. – 3 bedrooms + 3.5 baths – $2,900,000
502 San Vicente Blvd. #205 – 2 bedrooms + 2 baths – $1,099,000
11959 Mayfield Ave. #2 – 2 bedrooms + 2.5 baths – $899,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.