A few of my favorite things – TBG Update 6/19/2020
One of my most favorite things in the world is going on a listing appointment. It’s such an honor to be invited into people’s homes and to hear their story and see their space and get a glimpse into what’s so cool about them and their family. And then I love thinking what we can do to get them the absolute most money we can from their sale and to strategize an action plan to get there. I love that even though I initially go out myself, we have a team of people who will ultimately work together to get the job done. Every part of the process makes me happy and I’m so grateful to do what I do.
Besides work, I seem to like everything that everyone else in the world likes right now. My daughter’s sour dough bread that she made during Corona is one of the most delicious foods I ever tasted (so it makes sense that America ran out of bread baking ingredients). Biking the Ballona Creek Bike Trail and around the Hollywood Reservoir and along the Marvin Braude Bike Path are amazing in our weather (so it makes sense that it will take bike manufacturers two years to catch up on the bike supply). The beaches are so packed with people. Everyone in the world seems to be looking for a house with a pool – I love swimming too. It’s interesting that at the end of the day, most of us love the same things!
This week we’ve seen loans fall apart at Big Box Banks – both Wells Fargo and Citi. Lenders are slammed and the approval process takes long and the banks are scrutinizing the unconventional loans with a strict eye and rejecting the ones that don’t meet their qualifications. It behooves buyers to ask a lot of questions and to go into the long wait with their eyes open…and a stated income lender in the wings to jump in and move quick if and when the big box bank says no. Buyers are wanting to try the big box banks first because the rates are so much better but there’s a risk. A buyer of ours chose to go with the big box bank (for the attractive rate and terms offered) and when their loan got rejected, our buyers lost the house because the seller chose to sell to an all cash backup instead of waiting for our buyers to get a new loan with a stated income lender. It’s the third one we saw this month (two at Wells Fargo and one at Citi.) Buyers need to know that they have a contingency period in their contract and their first lender will let them know either way all the way at the end of their contingency period. If their loan is denied, the seller has the option to either agree or to not agree for a whole new loan contingency with a new lender. If the seller doesn’t agree, the buyer loses the house. It makes sense for buyers to weigh all the pros and cons as they decide on a lender at the beginning of the transaction.
One of my favorite parts of the service we do for sellers when we sell their houses is double checking the integrity of the repairs that buyers request in their request for repairs. A general inspector called for a new roof on one of our listings this week on a technical detail of the new roof. We called out a roofer and we got on the roof with the roofer (and the owner) and we watched as the roofer cut through all the layers of roof…and said the technical detail was fine. We did the same with a plumbing issue at another house this week. The goal is to get to the truth so that the negotiations are super fair and just and honest. I love honest and fair.
It’s fun that parties are happening again. And clothing stores are open. And restaurants continue to be a treat. The sushi at Sushiko is so good! I feel for gym owners – with weights sold out in America I wonder if people will continue to work out at home instead of going back to the gym.
Sellers who have a house with a cool pool (or any other feature that would make a buyer want their house now – like a cool home office or gym) have a unique opportunity during this Corona period to fill the overwhelming demand given the continued limited supply. It’s fun to help people take advantage of it!
Have an awesome weekend!!!!!!!!