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So thinking about buying a Mt. Washington home in today’s market? This Northeast Los Angeles community is hot and much negotiating is taking place between the buyers and sellers. Multiple offers in this N.E.L.A neighborhood is not uncommon especially if the home is priced right. The exact location on the hill and the character along with views are the main factors sought after. As a local Realtor resident I want to share this recent experience with you.
A few weeks ago I entered an offer that my client felt that with some work it would be a good purchase. The property was REO (bank owned) and the usual sold as-is. I knew the home was priced on the low end yet there was much potential to be had and a flurry of people viewing the home on Arbol Street. My client placed an offer $50k over the list price with no contingencies and 25% down. In my opinion, it was a good offer as per the preliminary investigations that were done. The listing agent advised me he had some other offers and all would be answered.
So what was the outcome for this Mt. Washington home? Another offer was taken all cash and ‘considerably’ over the asking price. The point I want to bring is that there was a total of 80 offers on the home. All this taking place at the end of 2012 entering 2013. It was just another sign on how the market is shifting in the area of Northeast Los Angeles real estate.
Now more than ever a local resident Realtor will be a great asset to you in knowing the neighborhood and hopefully a strong negotiator. The majority of home buyers are finding standard sales as the norm and REO as well as short-sales not the popular areas as in the past that home sellers found themselves