This was a very interesting short sale listing. The price previously approved by the bank with a different agent was $1.1M, but the buyer's cancelled, so when the owner contacted me, I re-listed it at that same price. I got a tremendous amount of interest in this property, and showed it to over 100 buyer's I would say with multiple open houses and a plethora of private showings. At this price it was one of the lowest priced homes in Bel-Air, yet buyer's would consistently leave disappointed. I was very surprised, but many were expecting a large flat grassy yard and designer kitchens and baths. I kept trying to tell people that if it had those things it would be closer to $2M! That said people either were not interested, or kept talking about really low numbers like $700,000 or so. After almost two month's on the market, someone finally contacted me about writing an $850,000 offer, and I told them honestly I don't see any way it gets approved by the bank, but if they were serious we could submit it and see. To my surprise, the bank countered with $910,000, but they wanted it closed by the end of the month. Even at this incredibly low number the buyer balked, which was shocking to me as it was a steal at that price. An all cash investor called me shortly after wanting to offer the same $850K but all cash and could close in just two weeks. I told this person what the bank wanted and he came up to $880,000. After much pushing to both the bank and the buyer, and having to throw in a large amount of my own commission, we came to an agreement at the $880K. This was just the start though. After a less then stellar home inspection, the buyer wanted a large credit, which the bank would not do. Even though the bank's appraisal valued the property at $1,150,000 the buyer was still thinking about walking, as he did not believe it was a deal (at least that is what he was telling me). In the end, I threw in a little more of my commission for some of the needed repairs and was able to close the deal for all parties involved at an unbelievably low $880,000. I am happy for my Seller that after much distress with this property (I was his 3rd agent hired to sell it), he is able to move on with his life. I am also pleased for the buyer, who got himself a tremendous deal; in fact, the one that everybody always wants. In the end, although I had to throw in quite a bit of money, the client's come first, and I am glad I could keep the deal together and close it to the mutual benefits of all parties involved! Done deal.
On to the next one...
1333 Stradella Road, Bel-Air
Sold for $880,000
3 Bed
2.5 Bath
2,660 Sq. Ft
13,780 Sq. Ft Lot
For more pictures please visit 1333stradellaroad.com
Listing by Eric Smilay for Smilay Properties
Photos taken by Michael Andrew McNamara for Smilay Properties
If you would like to find a home in and around the Bel-Air area, please feel free to contact us anytime @ 310.600.9172 or email smilayproperties@gmail.com.
I have said it before, but worth saying again, selling a short sale listing is like doing 5 deals. Yes, it takes that much extra work. That said, I am happy to have closed the sale today on this nice family home and helped my seller's move on from it. The buyer's got themselves a great deal, and even though it took awhile and there were bumps in the road, they should be thrilled. While there are some negatives to purchasing a short sale, such as not receiving any credits to fix anything found during inspections, and the fact that it takes several month's; in the end the positives won out on this one. The buyer's appraisal came in at $670,000 giving them $35K of equity from day one. Not bad for a couple month's worth of work and having to correct a few minor things. Congrats to them, and from my side of the deal, congrats to my client's for being able to move on from the property. 
Listing & Photos by Eric Smilay for Smilay Properties
