Monday was a bit breezy. For once in my life I was early so I sat in my car at Crown Beach. Then I looked up and saw the most amazing cloud, pretty much by itself. I watched it and took some shots. Don’t you think it looks like a dog? And it was close to the big and little dog park!
This may seem obvious to most…but it happened recently to me and my sellers (we closed their transaction this week). ONCE YOU HAVE AN ACCEPTED OFFER…DON’T GO OUT AND BUY FURNITURE WITH A NEW CREDIT CARD! Actually don’t go out an buy anything when you are in escrow because unless you are an all cash buyer, your financing may get screwed up. I was assured that the agent and the lender had told the Buyers not to use their credit cards.
My clients received 5 offers on their Bay Farm Island townhome…I sold it to them longer than the MLS keeps track. All of the offers were over the list price. They chose the highest offer (which makes sense) but I warned them that these purchasers had the weakest financing terms. But even if it didn’t appraise, they would still make more money with this offer, than the others. But there is always a risk. BUT we put the next best offer in a back-up position.
Then there was a delay due to the inspections. Then the townhome did not appraise at the contract price (565K) but it did go higher than the last comp, which was 550K, and appraised for 555K. So the appraisal was adjusted to 555K.
Then the Buyers asked for a credit against their NRCC (non-recurring closing costs) of $2400. The Sellers agreed to that…they were still way ahead on this transaction. Then there was a delay because the father put the balance of the deposit into the adult kids’ escrow account and there was no paper trail for that deposit.
Then the lender kept telling both of the agents “we will fund it today” which turned out to be tomorrow and then the next week. Then the property insurance got messed up at the last minute because the insurance folks sold the Buyers a policy that messed up their income-to-debt ratios.
Really? The escrow officers (at Placer Title in Alameda and they are wonderful) assured me that most lenders cannot fund the loans in the time they tell the clients.
Two of my last three transactions have taken me back to 20 years ago…because that is how it worked back in the day. Looks like we are heading back to the past instead of the future. PAY ATTENTION BUYERS. SELLERS, AGENTS!
Alameda Real Estate this week
Broker Tour Tues! 6 this week!
Active listings this week 30
Pending listings this week 54
That’s a wrap! Get your stuff together forMarch7! And come SHRED!