On Tuesday we’re taking photos of 173 N Formosa (for lease). The offering is a single family house with 3 beds, 2 baths, living + dining + family + remodeled kitchen + grassy yard right at the corner of Formosa and Beverly. We represented both buyer and seller in January 2014 when this house last sold, and immediately after the remodel post sale, we leased the property to the current tenants who have happily lived there since! This house was a springboard for the tenants and they’re moving up..locally. We’re excited to find the next tenants of this very central, very darling one story home!
On Thursday we’re so excited to stage a little jewel box house, immediately post remodel, that will be for sale for 1,999,000 in a super great location! I’m excited to share more details..and even more excited to show this house. We’re anticipating much fanfare and interest…which is our favorite :)!
We currently have amazing offers, that will likely get accepted, on 3 listings, which will mean lots of inspections/investigations and all the backend work to make these transactions happen this week! It’s a blessing that Aley joined our team, just in the nick of time, and I’m super grateful for all of the members of our hardworking admin SEAL team who collaboratively run our deals with passion, efficiency, and smarts! I’ve been getting more compliments than ever on our admin team, and the compliments are well deserved and earned. We pride ourselves on comprehensive white glove service and trying our hardest and doing our best every day. It’s fun to do it together as a work family!
As for Edward, my buyer in escrow with a counteroffer that gave us 7 days to review seller disclosures, 7 days to complete investigations and review reports, 7 days to secure homeowners insurance, 7 days to remove all contingencies besides loan and appraisal, and for buyer to accept the property “as is” with no credits for repairs. We completed investigations and (as expected) some repairs are necessary! First, underneath the beautiful new electrical outlets and light fixtures, there is cloth wiring in at least part of the house. There’s a host of plumbing repairs, including strapping the Pex pipes under the house + fixing sharp angles in drain lines + putting pressure relief valves on the water heater. Some piers and posts need to be connected/secured in the foundation. The glass in the living room window has condensation between the double panes, which means the glass needs to be replaced. The sum total of all the repairs is around $35,000.
In Northern California it’s customary for sellers to provide inspection reports to buyers and for buyers to write an offer on a property taking into account the necessary repairs, as outlined in the seller’s inspection report. In Southern California, buyers and sellers agree on a price and then, after acceptance, the seller has a few days to complete and deliver seller disclosures to buyers and then buyers hire property inspectors to uncover the property’s condition. Before removing inspection contingencies, buyers and sellers agree on a purchase price post investigation. Sellers often write into counteroffers (before any investigation) that the property is being sold “as is” with no seller credits to the buyer for repairs. If sellers choose to include that “as is” term, it would make more sense to also include with the counteroffer both all the completed seller disclosures and an inspection report detailing condition. How can a buyer agree to accept the house “as is” without further information on what they’re accepting? Absent delivery of seller disclosures and an inspection report, it probably makes more sense for sellers to wait for buyers to read delivered seller disclosures + inspection reports and for buyers to make a request. Once there’s complete knowledge and a request is made of the seller, THEN a seller can respond to the buyer’s request letting the buyer know that the property is being sold “as is”. To me, the “as is” is more appropriate as a response to a request than as a demand before the buyer has any knowledge about the property condition.
I met with Edward today, in advance of sending a buyer’s request for repairs to the seller. Edward is an extraordinary honorable upstanding buyer of the highest caliber of character. Edward would like to share all the inspection reports with the seller and to make a request for repairs of $35,000. Along with the request of the seller, Edward would like to let the seller know that he has every intention of moving forward and purchasing the seller’s beautiful home. Being a meticulous and responsible person, Edward plans to complete every uncovered repair before he moves in. But he will not be threatening the seller with a request; he’ll be making a request and ultimately buying the home “as is” if that’s the seller’s stance. Much like they do in Northern California but here Edward spent $6000 on 12 inspections and he had no idea what he’d uncover when his offer was initially accepted. I told the cooperating agent when we went into escrow that Edward is a gem; it’s a total honor to represent Edward and I’m excited that Edward is buying a beautiful home that’s a good purchase.
After renting out our Oxnard house all summer, this weekend Seth and I finally got our house back and it was the world’s biggest treat to go to the ocean for Shabbat! We also got Esti back, after almost 2 months of sleepaway summer camps! It hit the spot for Esti and I to go for a long leisurely stroll along the foamy sea shore on Shabbat morning. Our toes sunk into the squishy sand, there was a very perfect very salty ocean water smell, the wind was distinctly whistling, so many varieties of birds were flying in the sky and making delicate footprints in the sand, dolphins were visibly frolicking in the striped teal/green/blue glistening water, a sea lion was bobbing its head in the waves, the sun was overhead but the perfect cool breeze was blowing at the same time. I love how the views from the shore are of the Channel Islands to the east, so many mountains to the north, and boats heading out to sea to the south. I love watching the ships in the distance rocking in the choppy waters, and chatting with the fishermen earnestly fishing from shore. I love how there is a perpetual cool breeze in Oxnard that refreshingly blows in through the always open windows and doors of the house in every season. We’re so lucky to live in LA, a short drive to so many magical spots!!!
Wishing all an awesome week and for each of us to savor the very last licks of summer!!