This transaction is an excellent example of why it is important to have a diligent professional on your side when purchasing a new home. After several months of searching for a new home, our clients identified this property as their potential dream home. Situated at the top of a hill in Shadow Hills, the property boasts panoramic views of Los Angeles from the back yard and living spaces. The main home is a 3 bed, 2 bath single family home with 1,620 square feet of living space. A permitted ADU provides a separate living quarters, kitchen, and bathroom over an additional 384 square feet of living space. The interior of the home is in need of some updating, but our clients looked forward to the opportunity to customize the home to their specific tastes. Because the property was priced to sell, there was significant competition to secure the home, but with persistence and preparation our clients were able to beat out multiple other offers. During escrow, the appraiser for our buyer’s lender demanded that improvements be made to the home, which was untenable for both the seller and our clients, and inspections revealed some significant defects in the roof and other critical aspects of the home. Through some additional negotiations, we were able to negotiate a $20k price reduction and also buy additional time during the escrow period, which allowed our clients to switch lenders and obtain a new appraisal. We then discovered a potential issue with a brush clearance requirement from the Los Angeles Fire Department, which we also resolved with the seller prior to close of escrow so that our clients would not be liable for the outstanding fees. Although these issues extended the escrow period and delayed closing, we ultimately closed the deal while protecting our buyer’s deposit for the home, and ensuring all issues were resolved prior to close of escrow. Now, our clients will be able to customize the home into their dream home. We look forward to pool parties in the back yard while enjoying the view.
Menu
