Our buyer clients approached us with the desire to purchase a home in Northeast Los Angeles for under $1.25mm. With inventory low and demand high, we knew that it would be difficult to secure a home in that price range, but were up for the challenge. After familiarizing our clients with the market and various neighborhoods, we identified this property that had been previously fallen out of escrow, and as a result had been on the market for longer than usual. We approached the transaction with caution, visited the property, and obtained and reviewed disclosures before making an offer on the home. We were able to negotiate a below-list purchase price, which is largely unheard of in the current market. Our inspections revealed some needed repairs that enabled us to negotiate an additional closing cost credit for our clients. Most impressively, the property appraised for $100k more than our negotiated purchase price, confirming the fact that our clients were getting an excellent deal. Our due diligence also revealed that the lot was larger than the fenced-off area, meaning our clients were getting a larger lot than they were originally expecting. Now, our clients can enjoy this beautiful home with fantastic views, all while knowing that got a great deal and more land than they expected.
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