THE BLOG

21
Jun

The Art of…Negotiating Repairs

This month’s “The Art of…” examines the point in the escrow process post-inspections. Many people believe that the most difficult part of buying a home is the negotiation of the home’s purchase price, when in fact much of the “heavy lifting” happens after inspections.

Here are a couple of tips we like potential buyers to keep in mind when it comes to repairs:

1) Negotiate a credit for the work to be done– The seller is already thinking about their post-sale move and will likely not want to address any noted repairs with the same level conscientiousness that you, as the new owner, would. It is generally a better practice to request a credit at the close of escrow. This way, you can ensure the job is completed by licensed professionals that you choose, and to your specifications

2) Think Big Picture and/or Project future renovations– If you’re already planning to make renovations in the home, it is likely you won’t care if the floors are damaged. However, the repairs may still be up for negotiation. Asking the seller for a credit for a legitimate issue will help offset the cost of repairing them.

3) Keep your plans for renovations to yourself– It is common practice with good listing agents to walk the property with you, your agent and the inspector. It is best practice to keep your future plans for renovations to yourself in order to avoid any issues in further discussions or negotiations.

NOTE: Bear in mind that a Seller does not have to grant you the repairs (or the cost of repairs) after inspections. This is especially true in a Seller’s Market (which we are currently experiencing), where there may be Backup Offers waiting in line.

If you’re a Seller, these tips are equally as important, in order to gain a better perspective of the Buyer’s frame of mind and to strategize accordingly prior to listing your home for sale.

In conclusion, you should never make an offer with the assumption that you can later negotiate the price down after the inspection, as this is not always the case in a competitive market. If an inspection comes back flawless or with minimal repairs, there is little to nothing to negotiate. If you attempt to negotiate, you risk alienating the seller at future negotiating points prior to the close of escrow.

Always keep an open mind during the escrow process and be sure to arm yourself with a savvy and proficient negotiator.  A real estate transaction is never a done deal until the money changes hands and the deed is transferred. Understand the process, otherwise, you may risk losing out on negotiation opportunities. My team and I work hard to ensure our buyers become happy homeowners.

 

20
Jun

Melissa Menard Homes Presents | Just Sold 11438 Moorpark St. #1

We are so excited to announce the sale of 11438 Moorpark St. #1, in Studio City! This amazing townhome sold in just 10 days, with multiple offers (9 total!) and 5% over asking price!

Our sellers could not have been happier! It also means that we had 8 qualified buyers who lost out on the winning bid. If you’d like to know what your home is worth or you’re interested in the listing process, let’s connect!
20
Jun

Top Home Renovations for max ROI

I often have people come to me who are contemplating listing their home. They always ask which repairs or improvements I think they should do. Check out this article & infographic to find out which home improvement projects will net you the most Return On Investment (ROI).
19
Jun

Homeownership is a good financial investment

Here’s 5 reasons why homeownership is a good financial investment:
06
Jun

If Your Home Hasn’t Sold Yet… Definitely Check the Price!

A recent article about pricing a home higher than its value to get it sold quicker has gotten a number of sellers and many agents up in arms. This short article and graphic solidly demonstrates why pricing your home too high will end up costing you in the long run – you’re missing out on your target audience! If you’re interested in learning more about your home’s true value and the strategies I employ to get your home sold quickly for maximum profit, then let’s talk.

https://goo.gl/EZTr7O

06
Jun

5 Reasons to Sell this Summer

Here’s 5 reasons why Summer is your Season to Sell.
04
Jun

Live Like a Local-Brentwood

Brentwood

What to eat?

 Farmshop- Nestled in the Brentwood Country Mart this charming eatery serves market-driven breakfast, lunch & family-style dinners in a modern, barnlike setting. This restaurant  showcases locally sourced produce and vegetables.  farmshopca.com/

Bottlefish- This is a contemporary fish restaurant with a lively bar. There is great indoor/outdoor eating with a view of the kitchen.  www.bottlefish.com/

Roast- Check this high quality farm to table at an affordable price presented by Chef Whitney. This contemporary counter serves deli sandwiches, burgers, salads and roasted veggies.

www.roastdelimarket.com/

Where to stay?

If your goal is to experience the city like a local I suggest taking advantage of one of the amazing options on Air BnB. Here are some of my favorites listed below.

https://www.airbnb.com/s/brentwood–losangeles

Where to go?

Brentwood Country Mart- Opening in 1948, this the red-board structure evokes early American and English country marketplaces with a central courtyard is a popular destination in Brentwood.  Home to 27 shops & eateries, this country mart offers a small and comfortable place to shop. www.brentwoodcountrymart.com/

Skirball Center/Getty Center- Both of these awesome museums offerexhibitions, music, film, readings and talks, classes, and family programs year round. Not to mention the Getty center offers some pretty amazing views of the city and beach. Note* The Skirball is free on Thursdays.

www.skirball.org/ & www.getty.edu/museum/

Brentwood Country Club- This luxurious private golf and tennis club offers a 18 hole, 72 par course, driving range, tennis courts and year-round swimming. The elegant clubhouse offers fine dining 3 days a week, lunch 6 days a week and breakfast on Sundays. http://www.brentwoodcc.net/

Soul Cycle & Orange Theory – Whether you want to take a group cycle class or a 60 minute high intensity workout, there are great options in Brentwood. Either place is guaranteed to make anyone break a sweat. https://www.soul-cycle.com/studios/btwd/16/ & https://los-angeles-brentwood.orangetheoryfitness.com/

02
Jun

Sacrifice to save to buy a home

What would you sacrifice to save for your next home?