David Melford

I'm a:	Real Estate Professional
Location:	Pasadena
Web sites:	Sotheby's International Realty
	my web site

6 Answers
1 First Answer
3 Useful Answers

Report this profile

About Me

Native of Southern California, Pasadena area
member of the National Association of Realtors
Agent at Sotheby's International Realtors
Licensed in California since 1991
CRS-Cerified Residential Specialist
e-PRO, Internet Professional
Certified New Home Specialist
Past Board of Pasadena Heritage
Past Commissioner for Cultural Heritage of South Pasadena
Musician; drummer for 30 years
Married & Father; 3 kids ages 6, 8, 14

My Q&A View all >>

David Melford's Questions (0)

David Melford's Answers (6)

What's wrong with short sales?

Asked Sat May 24 2008, 11:10 by Abresson - Los Angeles - Home Buying - 22 answers

David Melford answered:

There are no guarantees, banks change their minds and their first order of business after the offer is presented is to lower the broker compensation significantly. I'll help my clients with them, but I won't prospect for them. - Sun May 25 2008, 02:58

Do I have to use the realtor who showed us the house I want to buy even if I never signed a contract with her?

Asked Sun Aug 5 2007, 08:19 by Sue - 08053 - Home Buying - 35 answers

David Melford answered:

I have heard this scenario many times. I lost a buyer once this way and I have been given deals from the other side as well. Just communicate better; agents, buyers, sellers, don't be afraid to be upfront. Tell the Broker of the company your Realtor works for your story. Don't give a freebee away so easily to a phone call or open house, just on a whim decision to switch. If you don't like the company , you let go of (from "procuring cause"), interview another Realtor and ask him/her to show the property, start over. Then, have a letter to the old agent sent stating that you have switched. You have to be comfortable and tie those "loose ends." Remember, if an agent asks if you are currently working with another agent, speak up, give your home buying status. - Wed Aug 15 2007, 13:02

What about those Zestimates?

Asked Sun May 13 2007, 02:53 by Laurie Manny - Long Beach - Financing - 17 answers

David Melford answered:

The online home value models may have a zest to them, but remember, just like any data you get from a reliable source or not, it's subject to errors. There are so many now; Zillow, propertyshark, realestateabc, Homegain, domania, etc. relys on dated public tax info and does a dollar per foot based on sales or size.
Currently, Realtors are using Zillow to upload a current listing and post it's status if sold. Owners are sometimes uploading current size corrections or updating old tax data, that has been changed, to Zillow. I think by now, every knows that Zillow is not very accurate in their estimates, They only way to know where your home's value is at a given time, is to ask your Realtor for an updated market analysis. - Wed Aug 15 2007, 12:23

Question removed

Asked Thu Aug 2 2007, 20:24 by Pat - All locations - Home Buying - 120 answers

David Melford answered:

That depends on the agreement with the agents you trust. Sellers that hire a brokerage, at an agreeable commission, pay an average full service fee to a broker (with or without a cooperating broker) in the Pasadena area about 5 or 6 percent. Anything less, you might get a discount of service. This is a full time full service industry, Realtors/Brokers are not only homefinders, there is a full service of responsibility, liability, trust and experience that goes with it. I have met a lot of sellers, before they hired an agent that had many escrows fall through because they didn't know what they were doing. The compensation works this way, the seller's escrow account get deducted for the broker's compensation and to have escrow disburse funds to the broker, then your agent only at the close of escrow, only after you are satisfied with the entire contract and service being performed as agreed. - Wed Aug 15 2007, 11:39

How is the housing market in Alhambra, CA?

Asked Thu Jul 26 2007, 08:50 by Lee - 91803 - General Area - 3 answers

David Melford answered:

Hello Lee,

That's a loaded question and I wouldn't generalize as it would depend on what kind of property (use; income, condo, house, etc.) and what the the need for value is for. I like statistics from the California Association of Realtors ("CAR") quarterly report and try Altos at http://research.altosresearch.com/research/CA/ALHAMBRA/552
That's a neat snapshot of month to month activity. You know what they say; "supply & demand" and right now, the supply has gone up a lot in the last 3 months, where we have a buyer's market. There is a nine month home supply, number of sales on average have dropped 11.4% from last year, but yet again, the medium price is up 3% in most of California, however CAR is showing ALHAMBRA down 9% from last June, where the average medium is $500,000 as opposed to $550,000 (2006). Price strategically. Have your agent run a CMA. - Thu Jul 26 2007, 09:26

View all David Melford's Questions & Answers >>

RSS