Litigation against the Homeowners Association, low reserves, over 49% renter occupied at the complex....
If a lender sees one of these at your complex, the lender will most likely not grant a loan to the buyer of your condo.
There are 3 reasons why you will be unable to sell your condo
Most buyers will need a loan to purchase your condo.
Here are 3 reasons a buyer will be denied a loan:
1) Litigation - If there is another unit owner that is suing your Homeowners Association (HOA), most lenders will not lend under those circumstances.
There are certain lawsuits that lenders are OK with, but this will be determined on a case-by-case situation.
2) Low Reserves - If the HOA reserves are low, then the buyer will be denied a loan.
Having $5k in the reserves is just not going to cut it. Lenders want to feel safe that if the roof were to collapse, or if a small fire damaged the clubroom, that the HOA has enough in the reserves to cover the damages. Low reserves will lead to a loan denial.
3) The complex needs to be at least 51% owner occupied.
If there are more renters than owners at the complex, lenders tend to frown upon that. Frowning lenders don't like to lend.
If there is no litigation, there are healthy reserves, and the complex is mostly owner occupied, you will be in good shape to sell your condo to a buyer who is utilizing a loan to purchase.
📸 photo credit: Instagram @iggz2k
3 bedroom, South of Ventura condo, only $499,999
Offer Deadline: Tuesday 07/16/2019 @ 2:00 PM.
After getting 6 offers, we just sold a condo at 4610 Densmore Ave.
If you missed out on that unit, we have good news!
We are now selling an almost identical property.
Same South of Ventura complex, only 2 doors down from that sold condo.
This 3 bed 2 ½ bath town house style condo is spacious and bright.
There’s a nice kitchen with custom cabinets, big dining area, and I love that there’s no one living above you.
The unit has central AC and heat, in-unit washer and dryer, large closets with custom shelf organizers, skylights, balcony access, and what’s really great is that pets are welcome.
The complex has a huge pool, clubroom, and BBQ area. There are also 2 assigned parking spots in the subterranean garage, along with plenty of guest parking.
So if you’re looking for a 3 bedroom condo that’s in an upscale and safe neighborhood… and with 6 offers on our last listing is obviously in demand… this just might be the home for you.
Submit your offer before the home seller's deadline
Offer deadlines are not set in stone, they are not law, they are not enforced by the real estate police.
They can be changed or voided by the seller at any moment.
Put in a good offer as soon as possible... entice the seller to accept your offer now... get that deadline canceled!
Do you know anyone who's had thoughts of selling their home?
Your friend told you they were thinking of selling their home.
What do I have to do for you to refer me to that friend?
Let me know at 818-445-7953.
Be the offer that cancels the home seller's deadline.
Some homeowners will put in an offer deadline when they are selling their home.
For example, a listing can say "all best and final offers are due Wednesday at 2pm". What you can do is put in a great offer a couple days before the deadline. Have the offer say the sellers have a 24-hour period to respond to your offer.
Now the sellers will be put in an interesting situation.
Do they take your great offer now, or stick with their deadline and have your offer expire, losing it forever?
You would be surprised how many sellers will accept the offer that came in early, go into escrow, and cancel their original plans that they had for the deadline.
All the buyers that were waiting to submit their offer at the last second will be really upset at the sellers... but you will get the house.
You will be the offer that got the deadline canceled!
And if they don't accept it the first time, just submit your offer again without the 24-hour shot clock.
When will my home listing get the most action?
I've seen it 1000 times... a new listing hits the market, posts online, and there are NO property pictures.
Instead the public remarks will say "pictures coming soon".
WHAT?! COMING SOON?! You have to be kidding me.
Obviously that agent doesn't understand that the very first day is when the listing will get the most attention online.
And the people who see it the first day are probably the most motivated buyer for their type of property.
It is such a missed opportunity to not show the listing at full strength the second it hits the market.
The professional pictures need to be up, the video has to look great, the agent has to be ready to show the property, the seller has to be ready to leave the house just in case there is a showing...
I could go on and on.
Bottom line, if you want to sell your home for top dollar, 100% of your marketing has to be up and running the second you hit the market.
Have 100% of your home's marketing up and running on day 1.
Your property's online listing on #Zillow, #Trulia, etc. will get the most views the very first day that it hits the market.
It is extremely important to have all of your marketing up and running on day 1.
You don't want to miss out on any potential buyers because your home's pictures are not posted yet, right?
The pictures, marketing video, personalized website, etc. all have to be up and ready for the buyer to look at immediately.
If they are not ready, you run the risk of the buyer moving on from your listing and never returning to see your "coming soon" pictures.
Ask your agent to show you all their marketing BEFORE you hit the market and remind them to have it all ready on day 1.
What is the most common seller contingency?
As a home seller, you set the rules.
If you want to make the sale of your home contingent upon you finding your next property... go for it!
But you have to understand that you will not get top dollar for your home.
The reason is because you will turn off the majority of buyers out there.
Most buyers want to find a house, put in a offer, close escrow in 30 days, and move in.
With your seller contingency of having to find a home, most buyers will say forget about it... sounds complicated... or... it's going to take too long.
And guess who is whispering that advice in their ear... their real estate agent!
Agents know that a deal like that could easily fall apart.
Why sell your home when they can sell the home down the street that doesn't have any seller contingencies.
The agent can sell that other home quickly and move on to their next sale.
So really consider if having a contingency of finding your home of choice is something you want to do... especially when there is a much smarter way of handling this type of situation.
Direct message me if you want me to tell you a much better strategy.
Don't have any contingencies if you are selling your home.
The most common seller contingency: Sale of this property is contingent upon seller finding home of choice.
This means the seller will accept a buyer’s offer, but if the seller can't find a home to buy, and close on that property, then they won't sell their home to the buyer.
Buyers, in general, view this as a big waste of time.
What if it takes months for the seller to find their home of choice?
What if in the end the seller’s inspection on the property they found doesn’t go well?
What if the seller's loan doesn't get approved?
Months could go by and it could all be a huge waste of time because the seller never ends up finding a new home, or they end up canceling escrow once they do find a home they like.
There are too many things that could go wrong.
Buyers would rather put an offer in on a home, get it accepted, start the traditional escrow process, and close escrow in 30 days.
If you want top dollar for your home, don't put in any contingencies.
Episode 26 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) Can a home seller have any contingencies to selling their home?
2) When will my property see the most action?
3) There is a offer deadline on a house I really like. Should I put in a offer right at the last minute?
4) What is a reason why a buyer would not be able to get a loan for my condo?
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This week's best new listing in Burbank
Welcome to the Burbank hills!
This beautiful home just hit the market and is move-in ready.
This property is definitely my favorite new listing of the week.
Off-market home in Studio City
This South of Ventura Blvd home is located in "The Donas".
Keep in mind the property is not officially on the market, but I can get you in.
Let me know if you are interested.
4610 Densmore Ave #9: Encino Condo, $499,99, Only 1 Showing, 6/15/19
See full video at DensmoreCondo.com.
We’re at 4610 Densmore Avenue in Encino just south of Ventura Blvd. I love this area!
It's one of those neighborhoods in Encino that really hasn’t changed over the years.
It’s upscale, it's safe, there’s great schools, and with all the new shops and restaurants on Ventura Blvd, it’s always a lot of fun.
This is one of my favorite 3 bedroom 2 ½ bath town house style condos on the market.
It's spacious, clean, and really bright.
There’s a beautiful kitchen with custom cabinets, large dining area, and I love that there’s no one living above you.
The unit has central AC and heat, skylights, the closets have great built-in drawers and cabinets, there’s balcony access, in-unit washer and dryer, and what’s really great is that pets are welcomed.
The complex is laid out very nicely. The pool, clubroom, and BBQ area are all next to each other. So it’s a great place for outdoor entertaining.
There are also 2 assigned parking spaces with secured access and a lot of overnight guest parking.
So if you're looking for a condo that’s in an upscale, safe, and fun neighborhood, at a really great value, this just might be the home for you.
Most expensive home to sell this week in LA
Asking Price: $25,000,000
Selling Price: $22,200,000
This property was last sold in 2012 for $3,550,000... it was vacant land at the time.
It's amazing to see what the investor did with the space.