How I Saved a Loft Renter $18,000 | The Lofted Dreams of Downtown Los Angeles

Unveiled: The Shocking Downtown L.A. Loft Deal That Saved Thousands and Warmed Hearts – You Won’t Believe How!

REAL ESTATE NEWS (Los Angeles, CA) — In the heart of the pulsating city of Los Angeles, a tale of ambition, negotiation, and sheer determination unfolded. Downtown L.A. was transforming. Old buildings with histories dating back to the 1920s were getting a new lease on life. One such building was the Singer DTLA, a Beaux-Arts masterpiece that once echoed the sound of sewing machines and now was redesigned as luxurious live/work lofts.

Corey Chambers, a seasoned real estate agent with a reputation for his impeccable negotiation skills, was gearing up for yet another deal. He was representing Taylor, an entrepreneur with a keen eye for prime real estate.

The Singer building was unlike any other. Each floor was an exclusive loft with no adjacent neighbors, ensuring utmost privacy. From luxurious primary suites to flexible spaces ideal for work or recreation, the Singer was a dream space. But what caught Taylor’s eye was the 7th floor – an expansive 6000 square feet of pure luxury. Its large patios, wraparound kitchen, and distinct outdoor spaces for dining and relaxation made it the crown jewel of the building. And it was on the market for a whopping $15,500 per month.

The negotiations began. Corey, with his experience, knew that the initial offer wouldn’t seal the deal. The owner was adamant at $17,500 for the top floor. They were even negotiating with another potential renter. But Corey and Taylor were relentless.

As the days turned into nights, the emails, calls, and messages between Corey and Taylor intensified. Every detail was scrutinized. From bank statements to LLC documentation and insurance quotes – everything was being meticulously arranged. Time was of the essence.

Corey Chambers, Broker inspects a large raw loft in Downtown Los Angeles
Corey Chambers, Broker previews a large loft in Downtown Los Angeles

Then came Thanksgiving, and the leasing office was closed. The penthouse was still in contention, but the 7th floor had a counteroffer. The owner was willing to lease it out for $15,000, the exact amount Taylor had in mind.

Finally, on November 23, 2022, the dream was realized. The lease for the 7th floor of the Singer building was signed at $15,000 per month – a significant $18,000 savings from the original asking price, for a 3-year term. Taylor had achieved what seemed impossible, all thanks to Corey’s exceptional negotiating skills.

But this wasn’t just a story of a successful business deal. It was also a tale of generosity. To celebrate this triumphant lease negotiation, Corey made a donation of $350 to the Children’s Hospital Los Angeles in Taylor’s name. Their joint contribution was part of a more significant fundraising goal of $25,000 for the kids at CHLA.

Taylor’s new home in the Singer building wasn’t just a personal achievement; it was a testament to perseverance, the power of negotiation, and the spirit of giving back to the community. And as the sun set on the sprawling city of Los Angeles, the Singer DTLA stood tall, encapsulating a story of dreams, dedication, and a deep sense of community.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Low Appraisals: 8 Actions to Save Your Home Sale

The bidding war that pushed the sale price of your home up can work against you too.

Unless your buyers have a wad of cash or Bitcoin millions buying a home with a mortgage is the way to finance their transaction. That requires an appraisal to determine the value of the property. The appraisal is the instrument that sets the value of the property for the lender. The lender wants to know that the property’s value is higher than the value of the loan.

In a scenario where the house value is lower than the sale price, a sale can fall through. What can you do? #entarlovesyou

Imagine a bidding war in a tight market. Demand can drive up prices above the appraised value. If you are the seller, multiple offers are good news. It means getting more than your original asking price. The buyer is betting on winning the property by offering more mullah.

Until your agent calls to tell you the appraisal came in below the agreed-upon sales price. This situation sinks many hopeful sales situations.

The good news is that a low appraisal doesn’t have to be a deal killer. Your agent can make all the difference when it comes to bouncing back from a low appraisal by working out the options. Getting everyone on board to save the sale. #appraisals

Happy 4th of July from the LALoftBlog Team!

Get ready to Negotiate? Here are six options you can use to save the sale.

1. Reduce the price of the house to the appraised value

As the seller, you can always sell the house at the appraised value without negotiating with anyone. This is the fastest way to resolve the issue of a low appraisal, but it could mean leaving money on the table. Remember, a ready buyer is worth something to you. Who knows when the next approved buyer will come along?

2. Have the buyer make up the difference

In some cases, the buyer will have enough cash on hand to cover the difference between the appraisal and the selling price at closing. If the buyer feels confident that the value is there for her — despite the appraisal — she can simply add cash to the down payment, and the lender should be satisfied.  

3. Meet in the middle

If both parties still want to save this sale, it could make sense to split the difference, with the seller dropping the price a bit and the buyer adding cash to the down payment.

This solution depends entirely on the relative willingness and financial positions of the two parties. Remind yourself this is a dance, not a cage fight.

4. Challenge the appraisal

This option is a bit of a long shot. Only the appraiser’s client, the lender, can demand a review of the appraisal. As the seller, you can support the buyer in this effort by sharing the competitive market analysis that you received from your agent. If the lender does not have a compelling reason to doubt the appraisal, then that tends to be the end of the line. 

5. Put the house back on the market

Let the deal fall through and put the house back on the market. There are more offers out there. If the buyer will not put more money down, and you are disinclined to reducing the price, move on. There are more fish in the sea.

This can be disappointing to everyone involved. But if you are in this situation because multiple offers brought the offer price above the asking price, then it might not be a bad way to go. You could receive a cash offer when your agent relists the home. In that scenario, the appraisal won’t be an issue. Plus, even without the cash offer, another lender’s appraiser could have a more favorable point of view.

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On the downside, remember when scrapping your deal, you are putting yourself that much farther from a closed sale.

This is where your agent is beneficial. Your agent understands what the market is doing and can clarify your options so you can make the best decision for that moment. But, of course, you might also have other options, as rules vary from lender to lender and from state to state.

6. Stay calm

Stay calm and rock on. The most challenging tactic is also the most simple — above all, stay calm, look at the facts, and let your agent do the negotiating. You can not know your buyer’s mind, so keep a cool head and remember everything works out in the end.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.