How I saved my clients a quarter million dollars
How I saved my clients a Quarter of a Million
By Kevin DaSilva CALDRE#01946257
My Buyers, a lovley married couple, who found me via Zillow. They were originally looking to buy their next home in Cheviot Hills. Like many of my clients, they were also interested in other luxury areas; such as, Malibu, Westwood, Santa Monica, Beverly Hills. Although I had originally included the best parts of Westchester in their original search, it wasn't until they had brunch there that they fell in love with the area.
My clients run an international marketing company. They are amazing business people. They're very smart with their investments and their finances. The goal was to find property and pick it up for under market value. This goal is easier said than done in this LA market...
My clients regularly travel for business and pleasure, so I would preview homes for them that I thought they might like. I like to syncrhonize our efforts to make this possible. This is why we met for two hours shortly after we first met.
I came across a beauty and so it started. This home was owned by a former Google executive. He had spent over $300,000 remodeling the home after buying it new in 1998. We soon realized that the owner had installed $40,000 in appliances, along with customizing just about every element of the home.
-The Plan...which always goes wrong-
1. Make an offer to test the seller
2. Secure the property with a huge price reduction
3. Make additional gains during the inspection period and close the deal
Although the plan is simple in nature, implementing it is more like a dance than a science. One wrong move, and the Seller can easily take another path (insanely common in the Los Angeles and South Bay real estate markets). The ins and outs of making this happen rely heavily on my experience and knowing when to adjust the strategy to achieve the greater goal. The results are evident...
XXXXXXX quick summary of dealXXXXX
In implementing a strong yet thoughtful negotiating strategy, we succeed by securing the home for $250k under asking (a quarter of a million dollars), with an additional $15,000 in repairs and credits. *que the jaw drop* total $265k
We had act smarter this time. By classifying repairs as health and safety hazards, we negotiated an additional $16,000 of repairs and credits from the seller.
The Cherry on top...
+ An identical home around the corner went into escrow three days later for $100k more.
+ Even the bank appraised the home $50,000 above the purchase price. Instant equity baby!!!
Who you hire truly matters. At the end of the day my goal is to make my clients happy and rest assured that they have found the perfect home and/or investment for their future. Happy Clients = Repeat Business + Referrals