South Bay Homes and Real Estate

Monday: interesting developments for our South Bay home buyers and sellers.

First, we went into escrow today on 27869 Longhill drive, Rolling Hills Estates! I am so excited that we were able to get this house for a great young family that I met recently through our online marketing efforts. Because this is a bank owned property (RE0 – stands for Real Estate Owned) the buying process is a little more complex than normal.

For starters, the bank requires all inspections to be done PRIOR to accepting an offer. They demand no contingencies. This is a huge hassle because inspections cost home buyers money and no one wants to spend money on a home unless you know for certain that it’s yours! So we did what everyone probably did and tried hard to find something better! We toured dozens of homes around the Peninsula.

We made very aggressive offers on several properties including 4748 Lone Valley Dr, Rolling Hills Estates and 5701 Elkmont, Rolling Hills Estates and 18 Saddle Road, Rancho Palos Verdes. We even negotiated 27753 Hawthorne bl, Rancho Palos Verdes down to the amazingly low price of $760,000. We actually went into escrow on 27811 Hawthorne Bl, Rancho Palos Verdes, CA at a purchase price of $820,000.

But throughout everything I could tell my buyers were still nagged by the thought of what could have been on Longhill. So when I was able to negotiate $40,000 off the list price of $1,060,000 it seemed like a sign that we needed to take another look at this property. I cancelled our escrow on Hawthorne Bl and made certain the buyers got their $27,000 deposit money returned to them.

Next we turned our attention to Longhill! Over the weekend we hired Home Inspector Bruce Burrell to give the home a complete going over. (Check out the inspection report here once we close escrow, if it’s OK with the buyer). A Professional home inspection of a property that size costs about $400 – which is a sizeable investment when you aren’t guaranteed the house! It didn’t help our stress levels when other home shoppers came touring the home during our inspections! Can you imagine? Here are these excited hopeful buyers who are shelling out $400 bucks on an inspection and curious home shoppers are gawking over our shoulder! But the buyers really stepped up to the plate in this case. They understood that we had to play by the bank’s rules, if we wanted this home.

This is going to be an exciting home purchase and home makeover. I’ll post before and after photos when possible. Stay tuned! Sign up to regular email updates and property alerts. Looking to buy or sell a home in the South Bay? Please call me right away at 310-809-0203 or ryanrockwood@kw.com

Warm regards,

Ryan “Rocky” Rockwood