Real Life Escrow Experiences in San Diego

Team SchuCo: Represented the Seller

Dear Cash Buyer/Investor:
I really appreciate your all cash, full price offer to close in 7 days. This offer is extremely desirable to the seller and we look forward to opening escrow with you.

3 DAYS LATER

Admittedly from previous experiences we saw it coming. Something along the lines of..."If it sounds to good to be true...it probably is?!?"


A full cash asking offer to close in 7 days, removing contingencies in 3 days and not one visit to the property (red flag).
The third day arrives and you won't deposit funds into escrow, instead a voicemail from your agent that was 90% sure you were going to open escrow. It appears that after winning the bidding war and asked to deposit your money to escrow that you no longer want the property. Not enough profit for you? I'm guessing you didn't see quite the same return after taking a second look, it happens.

Good thing we have a fully executed back-up offer! 

Sincerely,
Your Solution Source in the Game of Real Estate

Top 3 Things We Learned From this Investor Real Estate Transaction

(1) Investors look for properties with lots of potential...AKA PROFIT!! (Diamonds in the Rough). 

Buyer's usually like turn key properties, the fancy stainless steel appliances and shiny hardwood floors are a turn on. I get it...the stained carpets and outdated kitchen may seem a little overwhelming. 

However...with the DIY up and coming Millennial home buyer market, these are the homes in La Jolla that will have you sitting on equity the minute you open your door. 
Are you looking for an outdated property in La Jolla that needs a little TLC and personal touch? We can help, we often have pocket listings that meet this requirement. Find your FIXER UPPER with Team SchuCo. CLICK HERE TO CONTACT US

(2) Request for Repairs 

Don't be surprised if the buyer's agent slaps you with a request for repairs the day they are supposed to release contingencies...Buyer's will hold out on removing contingencies as long as the seller's agent will allow... I have learned that a simple CAR form called Notice to Buyer to Perform, works really well in protecting the rights of seller's. 

Notice to Buyer to Perform
And if done right you send it two days BEFORE the buyer is supposed to release contingencies.
The buyer then must remove the contingency requested and proceed with the transaction or the seller may chose to cancel the contract. Sometimes a back-up offer will help alleviate the pain of cancelling an escrow that has already been in process...sometimes 21 days (Loan/Appraisal Contingency). 

(3) If you have popcorn ceilings then be prepared for the Buyer to do an asbestos inspection.

And more than likely find it...followed by a scary letter to your seller about how they have been living in a dangerous environment that asbestos has been known to cause...blah blah blah...
***Google it...Asbestos Health Effects: General Information

Popcorn ceilings was a treatment used in homes built in the late 1950's into the 1980's in residential construction. Originally a common practice/standard for bedroom and hallway ceilings. Unfortunately, earlier formulations often contained white asbestos fibers, that are now considered health and hazardous concerns. 

A great sample letter for any escrow undergoing an Asbestos Inspection:

Every transaction is a new adventure. Stay tuned for more Team SchuCo Diaries. 
If you are looking for an expert in La Jolla Real Estate we offer complimentary consultations. 




As your full service REALTOR® specializing in the beautiful city of San Diego, California, it is my personal goal to provide you with exceptional service. Here is where you will find articles on my personal experiences and Real Estate resources. My local expertise backed by one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the Real Estate market a definitive mark of stability, strength, quality and innovation.
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