The Case Of The Off The Market, On The Market House

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Back on September 11th, I wrote about a fixer property that sold on Callicott in Woodland Hills. Well, it looks as though that fixer that was off the market is now back on the market. And at more than a $10,000 reduction. What happened? It appears as if the deal fell through.

According to my real estate source, the buyers wanted a $12,000 credit to upgrade the plumbing. The folks who put down the offer apparently felt it was a buyer’s market and that they should have been able to get what they wanted. The seller did offer up some cash, but ultimately, it appeared that the buyers were still going to haggle over more repairs on the house. In the end, the deal went kaput. Well, that’s the way it goes every once in a while in real estate.

If you’re in the market for fixers in nearby West Hills, here’s a few around the Callicott home you might want to consider.

7410 Sale Ave./3bd, 2bth/1,153 sq. ft./$370,000

23740 Welby Way/3bd, 2bth/1,570 sq. ft./$450,000

8031 Jason Ave./4bd, 3bth/2,450 sq. ft./$515,000

The one on Sale Ave. is a short sale. Although short sales can be a bargain, more often than not, the wait to hear back on an offer can be pretty long. And that’s if you even get an accepted offer. Anyone who has dealt with a short sale want to share? Good experiences or bad?

  • badkittym

    We actually had a smooth and rather brief short-sale experience, but pulled out last Tuesday upon the crash of the financials. Our offer had been accepted, but with a percentage loss of capital via tanked stock investments, we decided it would be wiser for now to duck and cover and see how everything works itself out. I am especially curious to see how Big Brother intends to coax lenders to loosen up and start writing loans again. They’d better do something, otherwise all those properties that are REO or distressed will simply ferment. Most folks are not sporting a 720+ credit score, plus 20% for a down, plus another 100k in savings. Those that are, in most cases already own homes.

    Interesting times.

  • http://losangeles.redfin.com/blog/author/christina.chan Christina Chan

    Thanks for sharing, badkittym.

    I’ve been watching the volatile stock market as well and it’s excruciating to see the plummet.

    Good luck on your offer next time, when you do decide to buy.