Home Buying in 90254>Question Details

Maraya Stric…, Home Buyer in Las Vegas, NV

we are looking to buy a second home in Hermosa beach , made an offer but was rejected , we are back and fort

Asked by Maraya Strickland, Las Vegas, NV Sat Jun 14, 2008

on it the diference is 25k to there asking price and the sellers wont come down , we already offer more than we wanted to pay , so at this point we need your advise what to do next M.S from Las Vegas

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13
Hermosa has pockets of great activity in certain price points and perhaps the listing agent is giving the homeowner good advice to wait for a great sunny weekend open house (which the 4th weekend was exactly that). Although, as an earlier answer stated (and a good one), some sellers are hell bent on a price point and many concessions can be offered that change their perception while offering you savings. I also highly recommend a personal letter sent with your offer simply explaining your good will - sellers love to see their home go to the right buyers and could make the difference. As well an offer without a loan contingency is huge, do yourself a favor and include a pre approval letter in your next counter.

More inventory will hit after this past weekend... sales seem to peek during the summer months in the beach - so its a personal choice for you, increase the offer or find another deal. I have a listing I'm cooperating on in Hermosa Beach and the owner sounds very similar to your situation... they know the value of living there and if they can afford to stay then there isn't much reason for them to move (unless a buyer hit's that magical number in their head). In fact, this owner is planning to pull the listing for a few months if nothing comes in by end of month.

Best of luck... exciting times!!
Web Reference: http://BeachCityTony.com
1 vote Thank Flag Link Mon Jul 6, 2009
Maraya- Some Sellers are hell-bent on getting their asking price.

What if you try to meet them half way...and it doesn't REALLY cost you anything???
Increase your offer by $12,500 with the stipulation that the Seller pays all allowable closing costs,
plus the Seller funds a 2-1 Temporary Buydown via discount points at closing.
Your interest rate:
Year 1: 3.5%
Year 2: 4.5%
Year 3-30: 5.5% Fixed rate

Calculate your rate & payment:
1 vote Thank Flag Link Mon Jun 22, 2009
My recommendation is to carefully review the existing paperwork to see if there is room for compromise -if not, review the comparables and decide from there. Good luck!
0 votes Thank Flag Link Mon May 28, 2012
Did it ever work out? It's always interesting to find out how these things worked out. Did you buy the home or as we often see....was this a costly error on the sellers part?
0 votes Thank Flag Link Thu Mar 24, 2011
Just came across your question. Maybe you bought already? If not - i have several ways to get around the $25,000 difference in price - that will get you in at the price you want.
Please e-mail me in confidence at the e-mail address on my website for Manhattan Beach Real Estate (And Hermosa & Redondo Beach)...
ManhattanBeachRE.com
Thank you!
Web Reference: http://ManhattanBeachRE.com
0 votes Thank Flag Link Fri Sep 11, 2009
You may want to have your Realtor check the comps for the property. The Sellers may have tried to set the price low to attract more offers and hoping to sell at a higher price. The Beach Cities have picked up since June. If the home is priced right, then it will sell. If you need any further information, then don't hesitate to ask. Good luck with your search.

Best regards,
Mike Bjork
Mortgage Planner
Guild Mortgage
Direct: (310) 694-3544
E-mail: mike@mikebjork.com
0 votes Thank Flag Link Mon Jul 20, 2009
Well, if your sellers refuse to lower their price, the decision is yours as to increasing your offer, or walking away from this home
I have had things go..both ways.
If you really love the house, and can't stand the idea of losing it, 25K doesn't amount to that much more on your loan, and it won't effect your monthly payments substantially.
If I felt very strongly about a property..I would not let that amount stand in the way.
0 votes Thank Flag Link Sat Jun 20, 2009
I have a listing I have on Monterey in HB, that won't be avail until June 18th, due to repairs,and sprucing up. It is a great little beach house, 2 bedroom 2 bath Plus... She's right... Hermosa is picking up, and more and more will be coming on the market. These areas are not as distressed as other parts of LA, but, the values are down some... This property in high market would probably have sold close to -1,000-1,200K at the top of the market... now, we are listing it for 895K... Watch for it in a couple of weeks.
0 votes Thank Flag Link Tue Jun 2, 2009
Hermosa has picked up and properties are selling. My suggestion would be to keep looking. The market there isn't as flexible as some others.
0 votes Thank Flag Link Sat May 30, 2009
Hi Maraya. I bet, the Listing agent will come back to you in a couple of weeks to see if you are still interested? Sellers sometimes come back to the original buyer after they become REASONABLE... but, then you are in control... I love being in that position! :0) , 1. the offer may have had some other issues, 2. The agent may not have sent comps over, and history of declining market. 3. The seller is just bull headed, and needs to lose a couple of offers before he'll realize that You were probably the best offer.

So, If it's meant to be, you will get that home.. If not, it just means there is something better around the corner...

good luck.

Lauren Cotner
Keller Williams realty
lauren@isell310.com
0 votes Thank Flag Link Sat Mar 28, 2009
Hi There,
What price range are you looking in?
I just listed a new home in Hermosa Beach.
0 votes Thank Flag Link Tue Mar 24, 2009
Apart from the difference of 25K, you should also think about the list price of the property in question. For instance, your are asking 75% of a 100,000 home; whereas you are asking 83% of a 300,000 home. Also, ask your RE agent to give you a CMA report of the area to derive an approximate SQ FT price in the area. This way you will be able to support your offer. There are other things that you can include to make the offer more attractive.
0 votes Thank Flag Link Sun Jun 15, 2008
Hi there Maraya, I would ask you agent to pull some reports such as the last sales active inventory, days on market. If you look at the active homes in the same price range and show the solds. and present them to seller. Its is all about strong data, and backing up yoiur data with a convincing argument. If you are planning a mortgage for the Hermosa Property maybe ask about a Buydown.

Hope this helps
Michael Barron
First Team Real Estate
(714) 552-6817
0 votes Thank Flag Link Sun Jun 15, 2008
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