I'm wanting to sell my condo in Weho to buy in Santa Monica. I bought my condo w/ only 3.5% down, and have owned for only 2 years.

Asked by Lauren, West Hollywood, CA Thu Apr 25, 2013

I'd like to put 20% down for the Santa Monica place, which I believe I can get from the sale of the Weho Condo (believe I can sell for $615K, I paid $515K). How quickly can I get the $ from the sale of the condo to put down on the new place?

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22
Austin Chen, Agent, Beverly Hills, CA
Thu Apr 25, 2013
Lauren-

There is some great advice that has been given to you by my colleagues on this post. I would add two more items to think about:

1) Hyperlocal knowledge of the neighborhoods in question allow your agent to most effectively assist you in both endeavors. There are certain nuances in every neighborhood, that if you know about them, can greatly benefit you when selling and/or buying real estate. BTW, if you aren't already working with an agent, I would be honored to assist you...my office is in West Hollywood at Santa Monica and La Cienega Blvds. and I own property and live in Santa Monica.

2) Certainty of closing is critical in every real estate deal in today's market; especially in your position where you are selling your primary residence and looking to purchase a new home as quickly as possible. Your agent needs to put you in the best possible position to close quickly with as few uncertainties as possible for the sale of your WeHo condo AND make your offer as strong as possible so that it is placed on top of the stack of offers for your new home in Santa Monica. I have been doing this for my clients and myself for the past 19+ years.

I would also like to add that Sergey's suggestion regarding a 1031 exchange is, in my opinion, an absolute must. I have personally done this almost a dozen times for all of my properties and would be more than happy to share my experiences and refer/assist you in this smart "tax-saving" strategy.

I wish you the best of luck! This is an exciting time for you and I would love to help you realize your goals. Let's meet at Earth Bar to discuss your opportunities.

Respectfully,
Austin Chen, REALTOR®
Real Estate Investment Specialist
DRE #: 01898306
Office: 323.902.SOLD (7653)
eFax: 323.443.1093
Mobile: 310.948.2629
Email: austin@hrela.com
Website: hrela.com
1 vote
Brian Byhower, Agent, Hermosa Beach, CA
Thu Apr 25, 2013
You could sell the condo and negotiate a lease back from the new owners, but agree to it prior to selling it. You will then have all of your money from the sell and be able to use it for the new purchase and a stay in your condo that you just sold. Just and idea. Hope it helped.
1 vote
Mike Dronge, Agent, West Hollywood, CA
Fri Aug 29, 2014
Hi Lauren since it's now been over a year since you asked the question I'm wondering how it all worked out for you. Were you able to sell your condo and purchase a new home?
0 votes
Ahmed Mirza, Agent, Los Angeles, CA
Wed Aug 27, 2014
Hi Lauren, if you Weho condo is rented out then it falls under investment property which needs a 1031 tax exchange process via a accommodator or you could do a concurrent close with the new purchase, that way you are protected on both ends. OR, if you live in your condo then you will simply sell & close escrow while you're looking for you new place...

Feel free to contact me if it makes sense or have more questions about above process.

Thanks.
Ahmed.
C. 323-365-9200
aaroe.com/ahmedmirza
0 votes
Dorene Slavi…, Agent, Torrance, CA
Fri Nov 15, 2013
Dear Lauren,
We would need more information to figure out if you will be able to sell for what you are hoping to. Property is selling very fast if it is priced well and marketed properly. A normal Escrow takes 45 days so that would be the minimum time once you accept an offer.
0 votes
Maguy Benaim, , Los Angeles, CA
Sun May 26, 2013
If you condo is well priced , it will sale quickly. If you need any help, please contact me. 323-547-2743. Have a great week end..
0 votes
Gail Mercedes…, Agent, Beverly Hills, CA
Sat May 25, 2013
Suggest you call a professional realtor for market analysis of your condo in Weho. Included in market analysis will be days on market for current sales in your area. Will give you a realistic view of what your property is worth. Additionally, with your market analysis of current property owned request active and sold properties in Santa Monica. We have estimated view of net from sale and realty of prices in Santa Monica.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes
Al Goldberg, Agent, Beverly Hills, CA
Fri Apr 26, 2013
Two Dodgers tickets free no obligation if you just interview me for the job.

I will make you an offer that you cant refuse, and save you some money on commission since you are buying and selling. . .. We just opened an office in BH, I just sold a condo on Doheny, and sold a property two blocks from the beach in Santa Monica.

I have lived in WEHO & Santa Monica and know the areas extremely well.

You will want to interview us, because I do trades and will mail a letter to the properties that you want to buy that are not on the market in the area you want seeing if they would like to trade for your condo in WEHO and if not when I sell your condo would they like to just sell their Santa Monica place to you as a buyer.

I will find you properties not on the market, and keep you out of the 10-20 offer bidding wars on properties on the multiple listing service.

I can work magic in real estate !!

Lets talk.


Albert Goldberg Broker
30+ Years Experience SInce I Was 21
800-765-3609 Cell Phone
ALYourBroker@yahoo.com
0 votes
Al Goldberg, Agent, Beverly Hills, CA
Fri Apr 26, 2013
Two Dodgers tickets free no obligation if you just interview me for the job.

I will make you an offer that you cant refuse, and save you some money on commission since you are buying and selling. . .. We just opened an office in BH, I just sold a condo on Doheny, and sold a property two blocks from the beach in Santa Monica.

I have lived in WEHO & Santa Monica and know the areas extremely well.

You will want to interview us, because I do trades and will mail a letter to the properties that you want to buy that are not on the market in the area you want seeing if they would like to trade for your condo in WEHO and if not when I sell your condo would they like to just sell their Santa Monica place to you as a buyer.

I will find you properties not on the market, and keep you out of the 10-20 offer bidding wars on properties on the multiple listing service.

I can work magic in real estate !!

Lets talk.


Albert Goldberg Broker
30+ Years Experience SInce I Was 21
800-765-3609 Cell Phone
ALYourBroker@yahoo.com
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Apr 25, 2013
Dear Lauren,
Property is selling fairly quickly right now, partially due to the fact that there is so little inventory on the market to choose from. It's hard to say, how quickly you can get it done. A normal escrow is 45 days once the offer has been accepted and all the details ironed out. If you were to attract an all cash buyer, that could be shortened considerably, but that's a big "if". IF you want a quick sale, that is something your Realtor can put in the MLS listing so that you can hopefully get a buyer who also wants the same thing.
Most Realtors would be able to run a CMA for you to tell you approximately what your property would be worth in today's market, that would probably be the best way to get started. Just make a few phone calls to the Realtors posted here on Trulia to get that CMA.
0 votes
Michelle Men…, Agent, Los Angeles, CA
Thu Apr 25, 2013
Lauren,

Unfortunately, you will have to sell your condo first, or at least be in escrow, in order to make a competitive offer at this time. Things have turned around into a sellers' market, which is good for you on the sell side, but works against you on the buy side.

It's very good that you can now put down 20%. Yet, cash buyers are out in droves.

The biggest issue for you right now is time. Your condo needs to go on the market ASAP.

I am very close by and offer an honest personal touch with my clients - like family. I would be honored to assist.

- Regards,
Michelle
0 votes
Timothy Xu, Agent, Los Angeles, CA
Thu Apr 25, 2013
Hi Lauren:
My Broker Office is in We-Ho, feel free email me at: TimothyXu@KW.com, so we can connect & give you my advice. Best,
Timothy
0 votes
Hi Timothy. Nice to see you in this forum.
Flag Thu Apr 25, 2013
Jason Reitz, Agent, West Hollywood, CA
Thu Apr 25, 2013
I do this all the time with clients, and basically in this market, we have to sell, move into a short term rental, and then buy to make it feasible. Contingent offers go to the back of the line in this market and many sellers won't even entertain them. We do it all the time for clients. We are a team of 7 agents and have a WeHo specialist who is also a designer, so we always make our listings look superb so we can maximize value for our clients! Jason Reitz - Rock Realty Group - 323-656-1800 - Jason@RockRealtyGroup.com - http://www.RockRealtyGroup.com DRE-01371866
0 votes
Lena Samigou…, Agent, Los Angeles, CA
Thu Apr 25, 2013
Hi Lauren, I've sold properties and purchased for my clients with exact the same situation as yours. I'd be happy to help you and make the process as easy ad possible for you. Please contact me directly at (310)625-9005 or email me at lenasrealtor@yahoo.com.
Lena Samigoullina
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Thu Apr 25, 2013
You can use money that you realize from this sale for down-payment on the new property right away, however it may be beneficial to consult your CPA as in some situations it is good to use 1031 exchange to avoid capital gain taxation.

Also you may want to ask to lease back from your buyer - so you will have time to find and settle in your new property while while staying at your present residence.

____________________
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Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.


Sergey Fednov
President - Realtor®
- Trust Sale Realty -
Residential & Commercial Real Estate
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0 votes
Nice call on the 1031 exchange.
Flag Thu Apr 25, 2013
Anthony Mene…, Agent, Covina, CA
Thu Apr 25, 2013
Hi Lauren,
Real simple! We sell your Condo contingent on you finding another home and both sales closing concurrent! Call me if you would like more information. Anthony @ 626-712-7391 Good luck!
0 votes
William Moore, , Los Angeles, CA
Thu Apr 25, 2013
Tina is correct, once you sell your condo you can use that money as a down payment for your new home. You can also stipulate in your contract that the sale of your condo is contingent on you finding a new home and hopefully find a place right after you go into contract or you can give yourself a little more time and either live with someone of rent.
I would be more than happy to assist you with any questions you might have. I can be reached me at 310.650.8381 or emailed at moore3901@gmail.com.
0 votes
Mona Cohen, Agent, Los angeles, CA
Thu Apr 25, 2013
Hi Lauren,

One option you have to use the proceed of the sale to purchase the one you are interested in is on the purchase contract and making your sale contingent. I would love to discuss this further with you. Please email me your number and the best time to call you. You can reach me at
310-466-6675 or mona@monacohen.com
0 votes
Jamie Tian, Agent, Los Angeles, CA
Thu Apr 25, 2013
Hi Lauren,

You can get the money from the sale of you WeHo condo as soon as you close escrow, which is typically around 30 days after you accept an offer.

The inventory is extremely low in WeHo right now so your condo should sell very quickly if it is priced correctly. We have been seeing multiple offers within a few days on many properties in the area.

My office is located in West Hollywood on Sunset Blvd. I would be happy to answer any further questions you might have about buying/selling or provide a professional estimate of your property value at no cost or obligation!

Feel free to contact me anytime at (310) 717-1321 or JamieTian@RodeoRE.com.

Best,

Jamie Tian
Rodeo Realty Fine Estates
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
0 votes
Maguy Benaim, , Los Angeles, CA
Thu Apr 25, 2013
Lauren, Feel free to call me . Maguy 323-547-2743. My client needs a condo in Weho. Can you tell me how many SF. Thank you..
0 votes
Michael Nava, Agent, Beverly Hills, CA
Thu Apr 25, 2013
Lauren,

Feel free to give me a call to discuss. I work and live in WeHo.

Thanks in advance,

Michael Nava
Rodeo Realty
323-371-0405
0 votes
Tina Lam, Agent, San Jose, CA
Thu Apr 25, 2013
As soon as you close the sale of your current place, you can use the funds towards the downpayment of a new place. If you time both deals perfectly, it could be the same day.
Web Reference:  http://www.archershomes.com
0 votes
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