Placing an offer – The Risks and Rewards when Buying, Selling or Leasing

OPEN HOUSE ALERT – TODAY SATURDAY Feb 13 12:00 PM to 2:00 PM – Looking for backup

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Whether one is considering buying, selling or leasing a property, there is usually much to be gained, and nothing to be lost by placing an offer.  If fact, not placing an offer is one of the most common mistakes in real estate.

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Most buyers know that they need to place an offer if they like a property, but they often fail to place the offer in the most effective manner. Most sellers recognize that they must place an offer first in the form of a listed price. Unfortunately, many sellers do not know that they (or their agent) can benefit by placing an offer even before that in the form of a pocket listing notification. Not all renters are aware that they may place an offer of less than asking price for a rental.

Just this week, a Downtown real estate team received a call from an agent who said “I see you are looking for back-up offers. My client is still interested.”  That is helpful to know, but not nearly as powerful for the buyer as placing an offer early.  Most real estate agents are more likely to buyer-mistakes-la-cp-ad-rsikeep that buyer in mind if the buyer has submitted an offer because real estate agents are legally and ethically required to submit the offer to the seller and to then keep the buyer in mind if the buyer has placed an offer.  Also, agents assume that the buyer may not be financially or mentally ready if the buyer is not placing an offer.  All too often, however, the buyer is simply waiting to see what other buyers are doing because they are afraid or not mentally prepared. Sometimes this is because the buyer is not aware that placing an offer carries virtually no cost and no risk in California. The offer usually comes with three contingencies, plentiful opportunities to cancel without risking the earnest money deposit.  And there are normally no fees for placing an offer and then canceling soon thereafter.  If an interested buyer fails to place an offer promptly, they give up a chance to the other buyers to buy the home outright. Almost half the time, sellers quickly accept an offer they like without giving other potential buyers any notice.

It is counter intuitive to buy a property before seeing it, but investors and other advanced buyers are aware that an early offer give many advantages, usually with no risk.  In today’s real estate market with a low inventory and plentiful buyers, an offer can sometimes in fact be the first step. For instance, if a listing looks good, and the seller cannot show it right away, then the buyer may place an offer with a viewing contingency.  There is usually no risk to doing this. By placing an offer immediately, the buyer immediately gets more attention from the seller, and can then gain more information about the property, along with a lower price.  If the buyer turns  out not to be ready to purchase that property at that time, then buyer can benefit because the seller is more likely to follow up later with that buyer if the other buyers should happen to fall out of escrow.

If you think that placing an offer before seeing it is very advanced, how about placing an offer before the property is for sale. Yes, the unsolicited offer is used by the most advanced investors, agents and buyers to create listings that do not yet exist. By sending letters indicating that a particular buyer wants to buy a home to homeowners in a desired condo building or neighborhood, the buyer can get access to a desirable home in the buyer’s pocket before other buyers have a chance to nab it.

The slow buyer is much more likely to fail in a hot market. When a buyer takes a wait and see attitude, they may also allow more buyers to come along  to drive the price up.  By placing an attractive offer early, the buyer has a chance to take the property off the market before higher offers come in.

For sellers, placing an offer is often most beneficial when it comes before the property is listed on the MLS.  By placing a pocket listing first, the seller can find out what is really happening in the market, advertise the property without disturbing tenants, appeal to the wealthy segment of buyer who are looking for an exclusive deal, and gather sale momentum without leaving the property on the MLS to long.  The pocket listings thus helps the home to avoid being labeled a problem listing on the MLS while making the home appear to sell faster. If done skillfully by an agent with large database of buyers, the pocket listing can help the property sell faster and for more money.

Sometimes renter feel less empowered against the mighty landlord, but renters also have the power to place an offer rather than just accepting the listed rent at face value.  As with buyers, a renter can always ask if there are other offers or applicants before deciding how much to offer.

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What’s Wrong with Downtown Lofts

All Downtown loft buildings have issues that prospective buyers want to be aware of. Think DTLA lofts are cool?  They are, but they’re all far from perfect.  Many have serious problems. Here’s just a few of the issues that buyers should know about:

Raw lofts Downtown LA

Raw lofts Downtown LA

1100 Wilshire – Chase bank took over the building. Messing up the lobby.
655 Hope – Claustrophobia. Windows don’t open.
Alta Lofts – Notice of claim. HOA getting ready to sue developer for construction defects.
Barker Block – Lawsuit. HOA suing developer for construction defects.
Bartlett Building – No parking space included.
Barn Lofts – Free street parking is going away.
Beacon Lofts – Nobody knows what it is. No staff.
Biscuit Company – No metro nearby. Getting hard for guests to park.
Bunker Hill Tower – High HOA dues. No washer-dryers in most units.
Concerto Lofts – No character. Nothing for sale.
Cornell Building – Most parking spaces are a block away in skid row.
Douglas Building – Most units have no parking. No guest parking.
Eastern Columbia – High HOA does.  Views being blocked.
Eckardt Building – Most parking spaces are a block away in skid row.
El Dorado Lofts – No amenities. Nobody knows what it is.
Elleven Lofts – No fitness center. Shares pool and courtyard with Luma.
Evo – Lawsuit. HOA suing developer for construction defects.
Flower Street Lofts – No views and losing views. HOA dues rising.
Glen Donald Building – Not in Downtown.
Gallery Lofts – Construction next door.  Mostly no views.
Grand Avenue Lofts – No character. No amenities.
Higgins Building – High HOA dues. No parking. No amenities.
Library Court – No character. Most have no views.
Little Tokyo Lofts – Homeless shelters next door.  Mental clinic in building.
Luma – Losing views. Glut. Expensive.

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Market Lofts – No character. Unfriendly security.
Metropolis Los Angeles – Not built yet.  Expensive.  China company.
Molino Lofts – Terrace problems.  Some units not updated.
Mura Condominiums – Not a loft. Oppressive rules.
Ocenwide Plaza – Not built yet. Might never be built.
Ostrich Farm Lofts – Far away.  Out in the tulies.
Pan American Building – Nothing for sale.  Nobody has heard of it.
Promenade Condominiums – The 80s called. They want it back.
Promenade West – Expensive.  High HOA dues.
Puerta Del Sol – Disrepair. Nothing to walk to.  Freeway. Black lung disease?
Ritz Carlton Residences – Expensive HOA. Mandatory valet parking.
Rowan Lofts – High HOA dues. Most have no views.
Santee Village – Most parking spaces are a block away in skid row.
Savoy Condominiums – No character. Some have no views.
SB Grand – No parking. Renters galore. HOA financials largely missing.
Skyline Condominiums – 1980 wants its condos back.
Sky Lofts – No pool. High HOA dues.
SL70 – Not in Downtown.
Teramachi Homes Senior Condos – Gotta be a senior.
Textile Building – Nothing really available.  Can’t lease it out.
Title Guarantee – Canceled.
Tokyo Villa Condominiums – 1979 wants its condo back. Weird koi pond courtyard.
Toy Factory – No metro nearby. Slowly losing its street parking. No guest parking.
Toy Warehouse – Noisy floors and thin ceilings.
Vero – No character. Most have no views.

Get Downtown fixers and raw lofts free info in your email.  Fill out the online form:

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Raw Lofts and Fixers in Downtown L.A.

Raw Lofts and Fixers in Downtown L.A.

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Downtown Los Angeles Unlisted Lofts, Pocket Listings, Off-Market Properties and Private Transactions

alta-loft-alertSPECIAL LOFT ALERT

NEW ON THE MARKET

ALTA LOFT FOR SALE

www.AltaLofts.info

(213) 880-9910

 

It’s the #1 best kept secret in Downtown Los Angeles. While more buyers than ever are feeling empowered with all of the real estate and property information on the internet, most are unaware of just how many properties they are not seeing.  Out of sight, out of mind.

Up to 45% of the best deals in Downtown L.A. are pocket listings, off-market, exclusive deals, unlisted lofts, unadvertised condos and private transactions. Many prospective buyers make the mistake of sifting through hundreds of online listings that may or may not match the buyer’s criteria, and the buyer risks missing out on just the right home.

There are many reasons why so many properties are unlisted, often the listing agent simply notifies their office and other friendly local agents about new listings while the listing is being processed and prepared for the multiple listing service.

Technical glitches, spelling errors, listing omissions and other unanticipated events cause properties to be unlisted or otherwise not found on the MLS and not found on the internet.  One common example is glitches and imperfections in the MLS-IDX feed to websites, and mistakes that agents and website owners make when attempting to link to local properties. This is why the L.A. Loft Blog has been adding alternative ways of finding homes for sale in addition to the regular FOR SALE links.

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Many pocket listings are the result of sellers not being quite ready to invite the entire world into their home. Many properties for sale have renter tenants who are not always cooperative. Sometimes, the landlord does not want the tenant to know that the home is on the market because the landlord does not want to anger or possible lose the tenant too early.

Often the seller simply wants a more discrete transaction, the seller wants to be able to pick and choose the buyer, or the seller simply does not want the home to have an appearance of undesirable by being on listed on the MLS too long.  A Downtown home that is listed on the MLS for more than 60 days might be tarnished, thought of as a potential problem.

To add to the problem, several MLS Multiple Listing Services, including our own popular local Combined Los Angeles Area Westside MLS, place a 3-day delay on feeds to the online real estate websites such as Trulia, Zillow and other real estate sites. This adds up to about 5 days delay before the average prospective home buyer sees the best deals online. Even without the artificial delay, the internet takes time for property information and its metadata to propagate to all of the websites.

There are countless other reasons why many of the best loft deals in Downtown Los Angeles are not found by many buyers, agents and brokers. TheMLS and other real estate professionals agree that buyers often get a better deal and a faster transaction with a pocket listing. Get free unlisted lofts and pocket listing information. Fill out the online form:

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Downtown Los Angeles Stars in Superbowl TV Commerical with Jeff Goldblum and Lil Wayne

jeff-goldblum-dtla

Downtown Los Angeles ‪#‎loft‬ stars in the Superbowl 50 Jeff Goldblum and Lil Wayne TV commercial shot at Luma Lofts LumaLoft.com and Evo EvoLoftsLA.com in South Park LASouthPark.com in ‪#‎dtla‬.

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Last Chance for Romance – Downtown Los Angeles Panoramic Views

Nothing is more romantic than panoramic views in Downtown Los Angeles. On a clear day, you can even see the ocean. Every Day Open House – call 1 hour before arriving 213-880-9910.

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This 3 bedroom 3 bathroom highrise condo has received offers, so this could be your last chance to get the most romantic upgraded highrise views condo in DTLA for the lowest price per square foot.

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(213) 880-9910

Corey Chambers, Realty Source Inc BRE#01889449

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Buying a Downtown Condo – Open House Strategies for Home Buyers

Home buyers will benefit by seeing every relevant open house so the buyer can gather intelligence about the home, seller and potential competing buyers.

Downtown Loft Seller Gold Plan

No need to knock; walk right in. Bring a camera and tape measure.  Sign in — the buyer may write the buyer’s agent’s name if the buyer does not want to be contacted directly by the seller’s agent. Ask for a feature sheet and floor plan. Open the closets and cabinets, and also take a look if there are any storage units in the basement or parking area.

If the home is unique, then pay particular attention. For example, if it is the only condo in the neighborhood with tennis courts, or if it is a condo corner unit with panoramic views of the skyline and famous landmarks, then the buyer may take a close look at the view and observe if other potential buyers are enamored with the views and unique amenities.

When placing an offer just before the seller has an open house, the buyer can try to get a quick accepted offer before the open house so as not to risk the chance of an open house visitor falling in love with the home and swiping it or bidding up the price.

DOWNTOWN L.A. OPEN HOUSE THIS WEEKEND CLICK HERE
http://laloftblog.com/2016/02/05/open-house-downtown-los-angeles-homes-for-sale-openhouse-dtla/

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Corey Chambers, Realty Source Inc BRE#01889449

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Open House Downtown Los Angeles Homes For Sale #openhouse #dtla

Taking a look at open house condos and lofts for sale in Downtown L.A. is a great way to find out what is really happening in DTLA real estate.  Here’s a list of open house condos to see this weekend.

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Views from the kitchen, views from the dining room, panoramic views from the living room, views from the den, views from the bedrooms. Last chance for the supreme views.

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Open House Downtown Los Angeles

by all brokers
for assistance, call (213) 880-9910
CLICK HERE to view all the properties or scroll down and view individually.
Listing Photo
Property Type

800 W 1ST ST #2308

LOS ANGELES, CA 90012

$1,195,000MLS#: 15-966377
3  Beds
3.00  Baths
1,697/VN  Sq. Ft
OPEN 02/07/2016 (12:00PM-2:00PM)
More Details
Listing Photo
Property Type

1111 S GRAND AVE #1009

LOS ANGELES, CA 90015

$1,295,000MLS#: 15-964447
2  Beds
2.00  Baths
1,620/VN  Sq. Ft
OPEN 02/06/2016 (1:00PM-4:00PM)
More Details
Listing Photo
Property Type

530 S HEWITT ST #443

LOS ANGELES, CA 90013

$995,000MLS#: 16-976411
1  Beds
1.00  Baths
1,510/VN  Sq. Ft
More Details
Listing Photo
Property Type

1130 S FLOWER ST #118

LOS ANGELES, CA 90015

$699,000MLS#: 15-945671
2  Beds
2.00  Baths
1,420/VN  Sq. Ft
OPEN 02/05/2016 (11:00AM-4:00PM)
More Details
Listing Photo
Property Type

1850 INDUSTRIAL ST #110

LOS ANGELES, CA 90021

$824,000MLS#: 15-959309
1  Beds
1.00  Baths
1,110/VN  Sq. Ft
OPEN 02/06/2016 (1:00PM-3:00PM)
More Details
Listing Photo
Property Type

1111 S GRAND AVE #506

LOS ANGELES, CA 90015

$610,000MLS#: 16-969227
1  Beds
1.00  Baths
1,100/VN  Sq. Ft
OPEN 02/06/2016 (2:00PM-4:00PM)
More Details
Listing Photo
Property Type

1155 S GRAND AVE #418

LOS ANGELES, CA 90015

$659,000MLS#: 16-976921
1  Beds
1.00  Baths
1,040/VN  Sq. Ft
OPEN 02/07/2016 (1:00PM-3:00PM)
More Details
Listing Photo
Property Type

1100 S HOPE ST #604

LOS ANGELES, CA 90015

$689,000MLS#: 16-976751
1  Beds
1.00  Baths
1,010/OW  Sq. Ft
OPEN 02/07/2016 (1:00PM-4:00PM)
More Details
Listing Photo
Property Type

360 W AVENUE 26 #345

LOS ANGELES, CA 90031

$383,900MLS#: 16-975877
2  Beds
2.00  Baths
990/VN  Sq. Ft
OPEN 02/06/2016 (1:00PM-4:00PM)
More Details
Listing Photo
Property Type

1100 S HOPE ST #1214

LOS ANGELES, CA 90015

$699,900MLS#: 15-942615
1  Beds
1.00  Baths
930/AS  Sq. Ft
More Details
Listing Photo
Property Type

121 S Hope ST #310

LOS ANGELES, CA 90012

$489,000MLS#: WS16012753MR
1  Beds
1.00  Baths
793  Sq. Ft
OPEN 02/07/2016 (11:00AM-2:00PM)
More Details
Listing Photo
Property Type

600 W 9th ST #1101

LOS ANGELES, CA 90015

$498,000MLS#: CV16020760MR
1  Beds
1.00  Baths
754/TA  Sq. Ft
OPEN 02/06/2016 (1:00PM-4:00PM)
More Details
Listing Photo
Property Type

421 S LA FAYETTE PARK PL #323

LOS ANGELES, CA 90057

$319,000MLS#: 15-967541
1  Beds
1.00  Baths
715/VN  Sq. Ft
OPEN 02/06/2016 (11:00AM-2:00PM)
More Details
Listing Photo
Property Type

421 S LA FAYETTE PARK PL #430

LOS ANGELES, CA 90057

$339,000MLS#: 16-976097
1  Beds
1.00  Baths
715/VN  Sq. Ft
OPEN 02/07/2016 (1:00PM-4:00PM)
More Details

 

 

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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800-w-1st-st-2308-034_webLast Chance.  Offers now being considered for Bunker Hill Tower 800 W 1st St #2308.

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HOA Homeowner’s Association Directory Downtown Los Angeles

For those who need to reach a particular condo, here is a list of Downtown L.A. condominium building managers, HOA management offices, front desk and websites. This directory also includes the websites for sales and leasing information.
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1100 Wilshire Bl 90017 213-997-8880  Sales: 1100Lofts.com
655 Hope St 90017 310-694-0600 655hopestreethoa.com  Sales: 655HopeLofts.com
Alta 200 San Fernando Rd 90031 800-400-2284 altaloftshoa.com  Sales: AltaLoft.com
Barker Block 510 S Hewitt 213-473-0079 barkerblockhoa.com  Sales: BarkerBlockLA.com
Bartlett Building – 215 W 7th St, 90014 213-8891-0127     Sales: BarlettLoft.com
Barn Lofts – 940 E 2nd St, 90012 213-880-9910    Sales: BarnLoftsLA.com
Beacon Lofts – 825 E 4th St, 90013 213-627-2965 x164  Sales: BeaconLoft.com
Biscuit Company – 1850 Industrial St, 90021 800-400-284  Sales: BiscuitLoft.com
Bunker Hill Tower – 800 W 1st St, 90012 213-624-2832  Sales: BunkerHillTowerLA.com
Concerto 901 Flower 90015 213-926-2411 ConcertoLoftsLA.com  Sales: ConcertoLoft.com
Cornell 746 S Los Angeles 800-400-2284 SanteeVillageLA.com Sales:CornellBuilding.com
Douglas 257 S Spring St 90012 213-627-2965 DouglasLofts.net  Sales: DouglasLofts.com
Eastern Columbia 849 S Broadway 213-627-9346 easterncolumbiahoa.com   Sales
Eckardt Building – 738 S Los Angeles St, 90014    EckardtLoft.com
El Dorado 416 S Spring St, 90015 213-627-2965 x164  Sales: ElDoradoLoft.com
Elleven Lofts – 1111 S Grand Ave, 90015     EllevenLoft.com
Evo – 1155 S Grand Ave, 90015     EvoLoftsLA.com
Flower Street Lofts – 1130 S Flower St, 90015     FlowerStreetLoft.com
Glen Donald Building – 2121 James M Wood Bl, 90006     GlenDonaldCondo.com
Gallery Lofts – 120 S Hewitt St & 130 S Hewitt St, 90013    GalleryLoftLA.com
Grand Avenue Lofts – 1100 S Grand Ave & 330 W 11th St,  90015     GrandAvenueLoft.com
Higgins Building – 108 E 2nd St, 90012     HigginsLA.com
Library Court – 630 W 6th St, 90017    LibraryCourtLoft.com
Little Tokyo Lofts – 420 S San Pedro St, 90013     LittleTokyoLoftsLosAngeles.com
Luma – 1100 S Hope St, 90015     LumaLoft.com
Market Lofts – 645 W 9th St, 90015     MarketLoftLA.com
Metropolis Los Angeles – 8th Street and Francisco    LosAngelesMetropolis.com
Molino Lofts – 500 Molino & 530 Molino St,  90013    MolinoLoft.com
Mura Condominiums – 629 Traction Ave, 90013     MuraLosAngeles.com
Ocenwide Plaza – 1100 S Figueroa St, 90015     OceanwideDTLA.com
Ostrich Farm Lofts – 1010 Sycamore Ave, 91030     OstrichFarmLoft.com
Pan American Building – 253 S Broadway, 90012     PanAmericanLoft.com
Promenade Condominiums – 121 S Hope St, 90012    CondoPromenade.com
Promenade West – 880 W. 1st St, 90012     PromenadeW.com
Puerta Del Sol – 360 W Avenue 26, 90031    PuertaDelSolLA.com
Ritz Carlton Residences – 710 W Olympic Blvd, 90015   RitzyLofts.com
Rowan Lofts – 460 S. Spring St, 90013       RowanLoft.com
Santee Village – (See EckardtCornell and Textile)
Savoy Condominiums – 100 S Alameda, 90012    SavoyLosAngeles.com
SB Grand (Shybary Grand or Shy Barry Grand) – 312 W. 5th St, 90013   SBGrand.com
Skyline Condominiums – 600 W 9th St, 90015    SkylineCondoLA.com
Sky Lofts – 801 S. Grand Ave, 90017    SkyLoftsLosAngeles.com
SL70 – 2220 Duane Street, 90039    SL70.info
Teramachi Homes Senior Condos – 267 S. San Pedro St, 90012   TeramachiHome.com
Textile Building – 315 E 8th St, 90014    TextileLoftLA.com
Title Guarantee – 411 5th St #1200, 90013
Tokyo Villa Condominiums – 222 S Central Ave, 90012  LittleTokyoVilla.com
Toy Factory – 1855 Industrial St, 90015    ToyFactoryLoft.net
Toy Warehouse – 215 S Santa Fe Ave, 90012   ToyWarehouseLoft.com
Vero – 1234 Wilshire, Los Angeles CA    VeroLoft.com

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Information provided courtesy L.A. LoftBlog
Not affiliated with the Home Owners Association.
Corey Chambers, Realty Source Inc  BRE#01889449

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Every Day Open House Downtown Los Angeles Condos For Sale

You’re strolling through Downtown L.A. admiring the historic architecture and booming renaissance when you notice a building that stands out for its glorious features and towering rise. Facing the skyscrapers of the Financial District, it must have some truly amazing views.  If you could only get in to see a condominium unit for sale. Wait no longer.

800-w-1st-st-2308-065_web

800 W 1st Street #2308 Every Day Open House – See it when you want. ( call 30 to 60 minutes before arriving 213-880-9910 ) Details at http://www.BunkerHillCondo.com

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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Corey Chambers, Realty Source Inc BRE#01889449

Posted in condominiums, Condos for sale, Downtown Los Angeles, Lofts Downtown Los Angeles, open house | Tagged , , , , , | Leave a comment

NOW HIRING LICENSED REAL ESTATE AGENTS – Downtown Los Angeles Luxury Lofts

The L.A. Loft Blog is seeking 2 licensed real estate professionals for our Downtown Los Angeles luxury loft division.

LEADS PROVIDED

The L.A. Loft Blog provides new leads that are generated daily from our real estate blogs and unique consumer programs.

For more information, fill out the form or call 1-800-791-4538 ID#9075

South Park Downtown Los AngelesL.A. Loft Blog Publisher Realtor Corey Chambers recognizes that some agents are certainly very qualified and competent at all the technical parts of the business. But he also knows that many agents have to work too hard to generate leads. When it comes to lead generation, Corey actually has the opposite problem. You see, one of the things Corey is really good at is marketing. His problem right now is that he actually has too many good leads to follow up, and he felt that there might be an opportunity for someone competent to take advantage of this.

Many agents get into real estate in the first place because they want a better lifestyle. What they find is that this business can eat away at their free time, and whittle away at their earnings with expenses. In other words, the reality is different from what it was supposed to be.

You’re probably aware that Corey works with a team of agents. The agents who work on Corey’s team all make over $100k NET, and many net over $200k. This is NET money in their pockets – not gross earnings – because what they get they keep. They earn this without having to spend any time on prospecting. They don’t have to do any cold calling. They don’t have to spend any money or time on marketing. Instead, they directly benefit from all the high exposure marketing that Corey does which generates literally dozens of highly qualified leads every single week. Instead of having to hunt prospects down, they get to help people because these leads are simply handed to them. So they get to spend their time on the parts of the business they like, which is working with qualified prospects. They don’t have to spend any of their time on the parts they don’t like such as door knocking and cold calling. And they all net over $100k without having to work the long, long hours that many agents have to.

Would you like to have a conversation with Corey about how you could mutually benefit each other?

If this leads-provided way of working is of interest to you, then fill out the form below or call 1-800-791-4538 ID#9075 or fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $30,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

corey-chambers-kw-af-sqCorey Chambers, Realty Source Inc BRE#01889449

Posted in Hiring, Lofts Downtown Los Angeles, Real Estate Agent Jobs | Tagged , , , , , , , , | Leave a comment