LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]
Luxury Loft Boom
Hot Market for Downtown Luxury Lofts in Los Angeles
50 Downtown luxury lofts above the $775,000 mark sold in the 2nd half of 2014. Get the FREE Luxury Recent Sales Report, plus a certificate for $2,000 off closing costs.
While hot markets are seller’s markets, with buyers racing and scrambling to make the deal, licensees representing sellers, and sellers themselves have plenty of reason to sweat as well. Fielding multiple offers, evaluating offers for their merit and ability to close, and overcoming appraisal hurdles are just a few of the challenges of representing sellers in a hot market.
In a hot market, sellers may receive multiple offers, even within the first few hours or days of having their home on the market. In evaluating offers, the following factors should be considered:
- Net sales price (sales price minus any closing costs, including commissions and credits)
- Buyer’s financing (amount of down payment, type of financing (conventional, FHA, VA)
- Contingencies (home inspection, appraisal, financing, HOA review, sale of home)
- Earnest money deposit and type (e.g., promissory note vs. check)
- Will the property appraise for the agreed-upon sales price?
Looking at these factors individually and as a whole will help sellers identify the best offers. Get the Top 50 Luxury Loft List – FREE Luxury Recent Sales Report, along with a certificate for $3,000 off closing costs. Fill out my online form.