Buyer Tour PREPARED FOR Westwood Homes Open House September 23rd, 2012 SEPTEMBER 23, 2012 Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
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Cloud CMA
Buyer Tour
PREPARED FOR
Westwood Homes Open House September 23rd, 2012
SEPTEMBER 23, 2012
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Courtesy of Coldwell Banker-BH NorthLISTING INFORMATION
MLS#: 12603205 Beds: 6 Sq Ft: 6,429 List Date: May 29, 2012
Status: Active Baths: 5.00 Year Built: 1940 DOM: 117
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 117; TB map code: 632C2; Appliances: Garbage Disposal; Floors:Hardwood,Marble,Stone (N); Cooling: Central A/C; Heating: Central Furnace; View: No View; Patio: Patio Open;Lotsize: 13372;
REMARKS
Mostly one story rebuilt/remodeled in 2004 Mediterranean in desirable Westwood / Little Holmby location. Main house has3bd 3.5 bath with "open living room" perfect for entertaining. Large open "cooks kitchen" with sitting area open to thepool~~~ Huge entertaining terrace in the front of the house with a 2bd 2ba guest house below, which is currently being used asamazing home office/conference room. Marble/Stone & hardwood floors~~~ beautiful surrounding gardens and landscaping. Aspecial home.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Status: Active Baths: 4.00 Year Built: 1940 DOM: 58
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 58; TB map code: 632B1; Appliances:Dishwasher,Dryer,Refrigerator,Washer; Interior: Bar; Floors: Carpet,Hardwood,Laminated; Cooling: Central A/C;Heating: Central Furnace; Kitchen: Pantry; Pool: Private Pool; View: No View; Patio: Covered Porch,Patio Open;Lotsize: 9233;
REMARKS
First time on the market in over 40 years. 4 bedrooms and 4 baths in over 3,100 sq ft with room for expansion. Over 9,000 sq ftlot with pool, outdoor living rm w/fireplace, and plenty of privacy. This is a perfect home for a family or a developer.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Courtesy of Prudential CA - BrentwoodLISTING INFORMATION
MLS#: 12600635 Beds: 4 Sq Ft: 3,153 List Date: May 16, 2012
Status: Active Baths: 3.50 Year Built: 1936 DOM: 130
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 234; Spa: None; Lot description: Room for a Pool (N); TB map code:632C1; Appliances: Dishwasher,Dryer,Freezer,Garbage Disposal,Refrigerator,Washer; Floors: Hardwood; Cooling: AtticFan,None; Heating: Gravity Heating; Kitchen: Pantry; Roof: Composition; View: Tree Top View,Any View; Patio:Patio Open; Lotsize: 9626;
REMARKS
Classic Little Holmby Traditional. Redone to perfection, while retaining the charm of yesteryear.4br,3.5bth, family rm, andden/office, all with gorgeous hardwood floors, original moldings and custom windows. Elegant living room w/ high ceilings andromantic fireplace. Formal dining room wonderful for entertaining. Large eat in, professionally designed, cooks kitchenfeaturing Calacatta marble countertops, custom cabinetry by PJ Milligan,Wolf and Gaggeneau cook tops, sub zero, wine fridgeand pressed tin ceiling. Master has high soffited ceilings, custom fitted walk in closets, spa like master bath with Calacattamarble, and toe kick heaters.2nd bedrm has bath with chrome fitted claw tub/shower, 3rd bedrm leads to a private back patio.Lovely family room and den w/ custom built-ins opening to flagstone patio, leading to a manicured rose garden. Top levelboasts a large flat pad with r...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Courtesy of Gibson InternationalLISTING INFORMATION
MLS#: 12620549 Beds: 3 Sq Ft: 2,776 List Date: Aug 23, 2012
Status: Active Baths: 3/1 Year Built: 1936 DOM: 31
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 31; Spa: None; TB map code: 631H1; Appliances:Dishwasher,Dryer,Freezer,Garbage Disposal,Refrigerator,Washer; Interior: Elevator; Floors: Hardwood; Cooling: CentralA/C; Heating: Central Furnace; Kitchen: Pantry; Pool: No Pool; Roof: Composition; View: Tree Top View,Any View;Lotsize: 9603;
REMARKS
Impeccable Westwood Hills House remodeled with the utmost style & class. An elevator rises from the garage into thisbeautiful home adorned with dark hardwood floors, crown moldings, recessed lighting & custom built-ins. The gourmetkitchen featuring marble counter tops, skylights & top of the appliances, flows into the dining room. There is a living roomwith an exquisite fireplace & large windows offering tree top views. Last, but not least, the master suite has a gorgeousbathroom & large walk-in closet. This is a true gem on a large lot!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Courtesy of Exit Real Estate GroupLISTING INFORMATION
MLS#: 12607855 Beds: 5 Sq Ft: 3,415 List Date: Jun 19, 2012
Status: Active Baths: 5.00 Year Built: 1938 DOM: 86
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 86; TB map code: 632B1; Appliances: Refrigerator; Interior: Pre-wired for high speed Data,Recessed Lighting,Other; Floors: Hardwood,Stone (N); Cooling: Central A/C; Heating: CentralFurnace; Exterior: Brick,Stucco; Kitchen: Pantry; Roof: Composition; View: Landmark View,Any View; Lotsize:7064;
REMARKS
"HUGE PRICE REDUCTION" "AMAZING VALUE" Gorgeous, completely remodeled 5bedroom/ 5bath house in LittleHolmby. Near UCLA. The Kitchen has been redone with all new Thermador appliances (Refrigerator, stove top, dishwasher,hood vent, wine rack and double oven). Home is wired for audio and video surveillance security system and Internet. TwoTankless Water Heaters. Each bedroom has its own private bathroom. Master bathroom has a steam shower. 1st floor has aprivate study/den/bedroom with fireplace. Hardwood floors, Central AC & Heating, new sprinkler system, new windows, tile,plumbing, and electrical throughout. Brand new circular driveway.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Status: Active Baths: 5.00 Year Built: 1991 DOM: 160
FEATURES
Status details: Active; Zoning: LAR2; CDOM: 160; Spa: None; TB map code: 632D3; Appliances:Dishwasher,Dryer,Garbage Disposal; Interior: Intercom; Floors: Granite,Hardwood,Marble; Cooling: Central A/C;Heating: Central Furnace; Kitchen: Counter Top; Pool: No Pool; Roof: Composition; View: No View; Lotsize: 5270;
REMARKS
Gorgeous, Newer 2 story house with 5 BR + Den in Century City area, Heart of Westwood. This Beautiful house is Tastefullyrebuilt with 5 large bedrooms, 4 suites upstairs and one downstairs. Master bedroom has large relaxing sitting area with view.House has Hardwood and Marble floors with granite counter tops, Custom gourmet kitchen, Stainless Steel appliances, fireplaceand sky lights. Very large underground garage. Easy to Show. Motrivated Seller. Bring any offer!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Part of Janns' Westwood Hills Development of the 50's. Enjoy this beautiful original owner 4 bedroom, 3.5 bath, 3,892 sq. ft.traditional home. The fabulous floor plan offers lots of opportunity for updating and remodeling. The living room, library/officeformal dining, kitchen, breakfast room, large family room and maids are downstairs. The dining and family room open to aspacious garden with a vintage playhouse and room for a pool. Upstairs is a large master suite plus two bedrooms with a sharedbath. Being sold 'AS IS'. Close to everything and easy access.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
MLS#: 12607389 Beds: 3 Sq Ft: 2,517 List Date: Jun 16, 2012
Status: Active Baths: 3/1 Year Built: 1938 DOM: 99
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 99; TB map code: 631H1; Floors: Hardwood; Cooling: Central A/C;Heating: Central Furnace; View: Landmark View,Tree Top View,Any View; Patio: Enclosed; Lotsize: 8016;
REMARKS
This MOVE-IN ready 3B/3.5B home features the best in California indoor/outdoor living. With a large private driveway thatbrings you up to house level, the home provides great privacys. Great flow for entertaining. All three bedrooms have their ownprivate bathroom, plus there is a powder room for the guests. All of the bathrooms have been updated without loosing thehome's original character. The kitchen is top-of-the-line featuring professional Viking appliances and a Sub-Zero refrigerator /freezer. Private courtyard with access from den and living room provides additional outdoor living space plus there is a flat,grassy backyard in the back. Warner Ave school district.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
MLS#: 12609881 Beds: 3 Sq Ft: List Date: Jun 29, 2012
Status: Active Baths: 3/1 Year Built: 1930 DOM: 86
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 86; Lot description: Walk Street; TB map code: 632C2; Appliances:Dishwasher,Freezer,Garbage Disposal,Refrigerator; Floors: Hardwood,Tile (N); Cooling: Central A/C; Heating: CentralFurnace; Roof: Tile; View: Any View; Patio: Covered Porch,Patio Open; Lotsize: 7211;
REMARKS
Presented by the Stewart-Gulrajani design team, this beautifully restored Spanish Colonial home is located in the heart ofWestwood. Recently updated with attention to the original detail and character of the home. Features include large invitingfoyer with arched doorways, tile flooring, carved doors, and wrought iron fixtures. Custom glass inlays. Gorgeous wooddetailing is featured in the living room as well as on the exposed beams in the den. The den has a closet and can also be used as a4th bedroom. Formal dining room, fantastic updated kitchen, breakfast room. Home boasts three bedrooms, including a largemaster suite with walk-in closet and french doors leading to peaceful private backyard. Kitchen features Carrera marble countertops, tiled backsplash, custom cabinets and high end stainless appliances. Private backyard with two car detached garage.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Status: Active Baths: 3.00 Year Built: 1941 DOM: 2
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 2; TB map code: 631J1; Appliances: Dishwasher,Dryer,GarbageDisposal,Refrigerator,Washer; Floors: Hardwood; Cooling: Central A/C; Heating: Central Furnace; Roof: Composition;View: Tree Top View,Any View; Patio: Patio Open; Lotsize: 7665;
REMARKS
An appealing Westwood Hills Traditional steeped in original character. This home is pleasant as it is but is also ripe for areinterpretation, new millennium style! Flanking the central entry foyer is the formal living room w/ a central fireplace. Thevery pretty kitchen has a breakfast room and an adjacent laundry room accessing the outdoors. The kitchen opens to a largeformal dining room that opens through French doors to a wonderfully expansive patio; this outdoor area feels like another roomin the house, perfect for entertaining & lounging. A very cozy den w/ a corner fireplace also opens to the patio area and thebackyard beyond. There's a spacious master bedroom suite w/ two walk-in closets and a very sunny master bath w/ dual vanitiesand a separate spa tub/shower. The lush backyard is uncommonly large, mostly flat and grassy with room for a pool or large spa.Special workshop r...
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Status: Active Baths: 2.00 Year Built: 1928 DOM: 3
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 3; Mello Roos: No; Spa: None; Lot description: Room for a Pool(N),Back Yard,Fenced Yard,Front Yard,Street Paved; TB map code: 632C3; Appliances: Dishwasher,GarbageDisposal,Refrigerator; Interior: Basement - Partial,Built-Ins; Floors: Carpet,Hardwood,Tile (N); Cooling: None;Heating: Central Furnace; Exterior: Stucco; Kitchen: Greenhouse Window; Roof: Tile; View: No View; Patio: CoveredPorch,Deck(s); Lotsize: 7405;
REMARKS
First time on market in 40 years! Truly charming two story Spanish located in highlysought after Westwood neighborhood. 4bedrooms and 1 3/4 bath, or 3 bedroom and aden. Many original features in tact. Living room has an abundance of light,featureshardwood floors vaulted ceilings, wood beams, fireplace and French doors that open to acovered hacienda porch. Formalliving room and breakfast room. Kitchen has newcabinets and counter tops. Master bedroom has a walk in closet and Frenchdoors openingto its own covered balcony. Upgraded electrical and plumbing. Recessed lights and more.Deck in the pool sizedback yard. Curb appeal galore! Walk to Century City. shops,restaurants, and theatres.
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Curb appeal, character and charm! 3 bedroom, 1 1/2 bath Spanish Style home with hardwood floors. Barrel ceiling in livingroom with big picture window and fireplace. Formal dining room. Loads of potential. Nice yard with detached 2 car garage.Westwood Charter School District. AGENTS - please see private remarks before calling the listing office. 100% available!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Courtesy of Teles Properties, Inc.LISTING INFORMATION
MLS#: 12620415 Beds: 3 Sq Ft: 1,485 List Date: Aug 22, 2012
Status: Active Baths: 2.00 Year Built: 1948 DOM: 32
FEATURES
Status details: Active; Zoning: LAR1; CDOM: 32; TB map code: 632D4; Appliances: Dishwasher,Refrigerator;Floors: Carpet,Tile (N); Cooling: None; Heating: Central Furnace; Pool: No Pool; View: City Lights View,Any View;Patio: Patio Open; Lotsize: 5784;
REMARKS
Updated Traditional 3 bed/2 bath with ideal indoor/outdoor flow in the heart of Westwood! Living rm w/ fireplace & slidingglass door to back patio & yard. Sunfilled kitchen w/ newer gas range, refrigerator, ceramic tile flooring & access to patio. 3rdbedroom is located on separate side of the house w/ attached bathrm & sliding dr to backyd. 2nd bedroom w/ backyard access.Updated bathrooms, freshly painted, newly installed tile & carpet, central heating, dual pane windows throughout, & laundryrm w/ sideyd acesss. Attached single car garage. Spacious landscaped backyard with palm trees. Westwood Charter School.Move-in ready!
Source: CARETS_CLAWInformation is deemed reliable but not guaranteed.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
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There are eight major steps you will take when you buy a home:
Get prequalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child support as well asthe type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down paymentsmean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you canafford in monthly payments.
Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle -condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much moreexterior and yard maintenance.
Hire a real estate professional - Your real estate professional should be expert in the area where you want to live and familiar withthe type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice onhomes in your range.
Select your home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits theactivities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford.
Make an offer - Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller fora price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional foradvice.
Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector will point outthe age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner.
Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank willrefuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing.
Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a titlecompany, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays theseller, minus any liens against the home such as the seller’s mortgage. Once all the disbursements have been made, you get the keysto your new home, according to your agreement.
Congratulations! You’re ready to move into your new home.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes as investments. Butthe flip side, is that your investment is still a home, one you’re likely to occupy for several years or more.
According to the annual Profile of Home Buyers and Sellers, compiled by the National Association of REALTORS®, the primaryreason buyers cite for purchasing a home is simply the desire to own, followed closely by the desire for more space, and a change inthe family situation.
For most people, buying a home is more about giving household members more comfortable living arrangements and putting themcloser to jobs, favorite activities, other family and friends.
What are your goals for buying a home? You might want a better home and neighborhood. You might want a different kind ofliving experience, such as moving from an apartment to a single-family home with a private garage and yard. Your family may begrowing, so you have to think about school districts and proximity to parks and other recreation.
If you’re not certain, you might think about what would change about your situation if you became a homeowner.
You’ll definitely be more established. If you’re like most homebuyers, you expect to stay in your new home about 10 years.
You’ll also build equity for yourself, instead of for someone else. Every payment you make, plus the rules of inflation will eventuallyallow you to recoup most if not all of your investment, or make a profit when you sell.
Affordability may also be an important factor for you. The combination of low interest rates and low prices allows you to buy morehome for the money. Rents are rising, making ownership more affordable than renting in many areas, especially when you factor intax incentives such as mortgage interest deductions and property taxes allowable as deductions against your income.
When you buy, make your goals long-term. Choose the home you think will serve your household’s needs the best for the longestperiod of time, as it’s been proven that the longer you own a home, the more equity you’ll build. Today’s market conditions andaffordability, make it more likely that you will reach your homebuying goals, no matter what they are.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Buying a home is a long-term commitment. The home you buy should be affordable, yet offer the size, features and amenities youand your family want.
Affordability
Your monthly payments should be comfortable for you to handle, in relationship to your total obligations, about 28% of grossmonthly income. Your house payment and your debts should not exceed 36% of your income, including revolving credit, studentloans, and child support.
You should also be in the correct loan for your needs. A fixed rate is more expensive, but offers more protection than an adjustablerate mortgage that can reset to a higher amount, making your monthly payments higher.
Also, consider the monthly operating costs of the home including utilities, HOA fees, landscaping, commuting, and other costs.
Location
Location is about convenience, and you’ll pay a premium to be closer to work centers, parks, shopping and transportation. You canbuy a smaller home, or you can buy a home in need of updates to get closer to where you need to be.
Think about your commutes to frequent destinations, including jobs, schools, family and friends. To get “more house,” you mayhave to move further away from core city centers.
Features
Make a list of must-have features so you can narrow your home search. A front porch, a two-car garage, hardwood floors, and eat-inkitchen can all add to the enjoyment of your home.
Just as important is how your home is designed. The number of bedrooms and baths should suit your household members, and thelayout should suit your lifestyle.
If you like to entertain, you should have plenty of dining space and storage for dishes and cookware. If you frequently work at home,you’ll need a home office or at least a quiet designated workspace.
Just make sure the home you choose allows room for your family to grow.
Talk to your lender and see what you can qualify to buy, then talk with your real estate professional about the home you have inmind. With professional guidance, you should be able to find and buy the home of your dreams, where you’ll be happy for a longtime to come.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Before you submit an offer, have your agent pull up the most recent sold comparables (CMA) within a reasonable radius of thehome, so you can compare the home fairly in terms of location, size, features, and amenities.
Next, ask your agent about market conditions, so you can choose a strategy.
• In a buyer’s market, discounts are common because there are fewer buyers, more properties for sale, and home prices are soft orfalling.
• In a seller’s market, homes sell quickly for full price or higher because there are plenty of buyers and few homes for sale.
Whether you are in a buyer’s market or a seller’s market, your goal is to buy the home at a fair price. If you were the seller, what isthe lowest possible price you’d accept?
Low-balling the seller is risky. If the seller feels insulted by your offer, you’ve lost the opportunity to negotiate. On the other hand,some sellers are simply unrealistic about their home’s value. Maybe your offer will be their wake-up call.
If the seller’s home is offered at a reasonable price, pay asking price or close to it. A home priced to sell will sell quickly. Is there away to sweeten your offer with a quick closing or an all-cash sale?
To show the seller you’re serious, include a copy of your lender’s pre-approval letter, along with a cover letter summarizing yourstrengths as a buyer in terms of creditworthiness, flexibility in closing, and why you love this home. Include a copy of yourcomparables to show why you feel your offer is a fair price for the property.
If your offer is conditional, such as your need to sell another home before closing on the seller’s, you’ll have to find a way to sweetenthe deal, such as a full-price offer. Few sellers would accept a discount and a contingency at the same time.
Your real estate professional will help you draft the offer with a price, estimated closing date and terms, including earnest money (aguarantee that you’ll perform as a buyer in good faith,) final approval by your lender and your right to have an inspection.
Once your offer is negotiated and accepted, your earnest money will be sent to the escrow agent's office. Now the inspections occur,and this is where the contract negotiations can break down.
During the inspection process, the inspector will tell you about the condition of appliances, heat and cooling systems, roofs,electrical and plumbing systems, etc, and if your future home is up to current city codes.
You should only renegotiate a repair when it wasn’t obvious before, or when a system is unsafe or not functioning.
Once the seller has agreed, your offer is now a binding contract, and you’ll proceed to closing.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | [email protected] |www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942