Category Archives: condo

Just Sold in San Jose for $675,000…

For this condo I sold in San Jose for $675,000, I was the agent for the sellers. I sold this condo to the sellers as their buyer’s agent back in 2007! And, I believe this is the 5th time working with these clients over the years!

Where do I start??? This listing was a doozy!!! Ahhh, so much to say, but I’ll try to keep it to the highlights.

Craziness happened even before the condo was listed. When my clients first reached out about selling this condo, the market was questionable at best for sellers. It was a hard call whether they should even list it for sale or just keep it as a rental until the market was more predictable.

We were going back and forth on if it was even the right time to list it. Another condo came up for sale in the community, the exact model and was getting little to no activity. So, we had a discussion that we surely did not want to compete with another condo just like theirs in this market and if they weren’t getting activity, there’s no logical reason we would do any better. So, we were on the road to not listing at all.

Then one day, the listing agent of that condo said she has a better than normal weekend and had 2 offers at once, and actually was able to get OVER the listed price. Come to find out, 1 offer was over the list price due to the competition, but the other offer was under the list price.

So, they took the over list price offer of course. And, that meant there was an actual buyer interested in this model! So, I went back to these clients to let them know the developments. And, that buyer was interested in the condo, so we thought we had an easy buyer!

Well, turns out, not so easy…The buyer was a VA buyer, and did make an offer, but I personally know that a there are certain things that need to be in order for a VA loan, so I advised my clients that we should not accept the offer until we know the VA will give a loan in this community.

I asked the agent to talk to the lender and make sure the VA would approve this community and that it would be a solid deal.

In the meantime, we decided to list the condo on MLS, knowing we had this buyer who wanted to buy the condo and then to see if there was anyone else out there in case this didn’t pan out.

The open house weekend was extremely slow, basically no real buyers even showed up, so we were very hopeful for the VA buyer. Come to find out, the VA has a requirement that the community is at least 50% owner occupied. And, this community falls short by literally 2 units!

The pending unit was going to be owner occupied, and then this VA buyer was going to be a owner occupant which would bring it up to 50%, but that’s only if the VA would accept this buyer to make it 50% AND we would have to wait for the pending sale to close.

Well, the VA buyer’s agent went MIA, just pretty much stopped communicating, which I thought was a bit rude, but also tells me that they didn’t want to move forward.

So, back to square one. At that point, we were getting just random showings, buyer’s agent calling with questions, and a few saying they thought they would be sending an offer, but then nothing would come of it. And, we did get a low ball offer that we countered, and then they changed their mind and nothing came of that offer.

And, then it went to just basically no showings at all. And, nothing was really happening.

So, once the listing was about to expire, and the sellers didn’t want to lower the price to see if that would spark interest, it seemed to just be a sign to take it off the market and rent it out again.

The listing expired, and within 1-2 days, a buyer’s agent calls me asking about it! He said his buyers had been looking for some time, were very interested, and my thoughts were…Where have you been the last 60 days??? Apparently, they were looking in a lower priced budget, but not finding anything, so were looking a bit higher in price for more options.

I had literally just removed the staging and was about to grab my lockboxes. I let the agent know he was welcome to show it, but the staging was gone, they could check the MLS photos and tour, but physically, it was empty.

He showed it, they loved it, and they made an offer. We negotiated a bit and then came to an agreement.

The transaction itself was a HUGE headache at multiple levels, it seemed nothing went smoothly. The buyer’s agent put in various contingency removal dates, rather than just have all contingencies removed on a date, or maybe 2 dates, but there were like 5 different dates! Who does that??

The buyers wanted updated HOA info since we didn’t have a most recent copy because we were taking it off the market. So, we had the bulk of the HOA docs, but not the last couple months in which we didn’t think we would even sell the place. The HOA was HORRIBLE in getting us the updated docs, so that took FOREVER and many calls, emails, texts, etc.

And, that caused delays in contingency removals not only for HOA, but also the loan.

Once we received all of the HOA docs, the buyers asked for a ridiculous credit because they claimed that the HOA was not financially strong. The HOA gets everything needed done, all is in order, the seller said they are always maintaining the community and it looks great. The sellers are not responsible for the health of the HOA financials, so the answer was a hard “no” for the seller to credit the buyer due to the HOA!

Also, the buyers had a home inspection, which is perfectly fine, but they were SUPER picky about nothing items. I understand if something reasonable comes up, but if it’s just small little maintenance items, not cool! And, they asked for a crazy credit for these little items. The sellers gave a generous credit, just to show they cared and proceed in good faith, but surely not what they asked for, and frankly, they should have never asked.

Also, I was chasing the buyer’s agent to remove their contingencies. None were removed on time, and since there were too many, I was reaching out for every single one, on multiple occasions to get me the contingency removals, or extensions, or whatever applied.

One of the sellers was out of the country, so he had to sign his final docs at the American Consulate. And, the other seller was mostly in the area but travels frequently. So, with all this extra paperwork floating around due to the contingencies and such, it was a lot for myself and my clients to have to sign more than usual paperwork and keep this contract together.

I worked on this listing even well before it was listed. And, then worked on the transaction pretty much every single day until the closing day. It was just one frustration after another. It’s in my top ‘worst transaction experiences ever’ category. The sellers were troupers going through this whole experience from pre-listing, listing, and then this crazy transaction.

But, in the end, we got it done! Praise God!

Just sold in San Jose for $675,000

Just sold in San Jose for $675,000

47 total views, no views today

Just Sold in San Jose for $1,025,000

For this condo I just sold in San Jose for $1,025,000, I was the agent for the seller, who was referred to me by one of my clients.

Pricing was a bit tough in that there are very few units with this floor plan and none have sold for a few years. It’s a beautiful unit, it has 2 bedrooms and a huge loft. So, I was going back and forth with advertising as a 3 bedroom vs. a 2 bedroom, just wanting to make sure everyone would know there was that huge loft with a big closet, and someone could use that room as a bedroom, office, etc. I wanted to ensure no potential buyer missed that feature.

Since there was not a recent sale, it was hard to know how much ‘value’ buyers would give the loft as opposed to having a true 3rd bedroom. But, pricing a bit low, just ensures we will get the price that the market will cap out.

We had a huge turn out, lots of people through the open house weekend. Buyers loved the place itself. I thought for sure there would be a good number of offers. The only negative feedback pertained to the stairs to get to the unit. This is a “2nd” floor unit, but you actually climb 3 sets of stairs to get to it because the first floor is the garage level, and then there are 2 more sections of stairs that lead to this unit. Some buyers literally came to the door a bit out of breath, and about 90% of buyers through were in their 20’s and 30’s.

Come to find out, the number of stairs ended up being a deal breaker for more buyers than I anticipated, but we still did very well, we got OVER the listed price, the buyer waived ALL contingencies and the transaction itself was very smooth. The buyers used a program called Landed. The program is designed for essential workers, so any essential workers out there, you may want to look into it, buyers that are teachers, police officers, firefighters, nurses, etc.

Just Sold in San Jose for $1.025,000

Just Sold in San Jose for $1,025,000

257 total views, no views today

Just Sold in Fremont for $505,000…

For this condo I just sold in Fremont for $505,000, I was the agent for the sellers, who bought this condo with me as their buyer’s agent about 3.5 years ago! They were ready to make the move from a condo to a SFR.

The condo market during the pandemic has not been as predictable as the SFR market, condos are not as ‘hot’ as they used to be, even though the SFR market is crazy. Also, this condo is technically a 1 bedroom, but has a great room upstairs that can be used as another bedroom/office/den/etc. I really wanted to make sure with the marketing and advertisting that buyers didn’t miss that there was indeed a 2nd room and would consider this condo who may need that 2nd room, but see the 1 bedroom in the main specs and just pass it by.

So, I advertised it as 2 bedrooms, but disclosed right in the listing itself that it was actually 1 bedroom with a 2nd room, and let buyer’s decide if that 2nd room worked for them if they truly needed a 2nd bedroom, or that the 2nd room worked for their needs.

It was a hit and success to advertise as such because it brought out many buyers who would have not even given it a chance if they would have thought it was just 1 bedroom with no other usuable 2nd room to utilize as a bedroom/office/den/etc.

We received multiple offers and sold for OVER the listed price, which is very impressive for a ‘one’ bedroom condo in the pandemic market! The transaction itself was super smooth and seamless. The buyer waived ALL contingencies and had a huge down payment. I feel we received a higher price than if we would have advertised just the 1 bedroom and hoped for the best, that buyers would actually look a little deeper to click on the listing and notice the 2nd room on their own…I was pretty doubtful buyers would do that if they were looking for at least 2 rooms.

Sold in Fremont for $505,000!

Sold in Fremont for $505,000!

354 total views, no views today

Just Sold in San Jose for $450,000…

For this condo I just sold in San Jose for $450,000, I was the agent for the seller. This is my 2nd time working with this client in that she bought this condo with me about 8 years ago and just moved to Texas.

The condo market is not crazy hot like the SFR market, so things aren’t as much as a ‘given’ when it comes to pricing and selling condos these days. We tried to price on the aggressive side in hopes for more than 1 buyer to compete at some level to get good price and terms. But, with the condo market, you just never know.

Luckily, the sale of this condo ended up going quite well. We did have an offer and a buyer we were just about to work with and then this better offer came in at the 11th hour, so both the seller and I were happy to see this offer come in and be able to work with the better offer in the end. So, we did indeed end up with more than 1 offer.

The transaction itself was fairly smooth, with a couple of bumps, but nothing too dramatic. Overall it was ok, not the easiest transaction ever, but nothing too out of control.

This client moved to Texas, and for the amount she sold this condo for, she’s buying a brand new huge SFR for about the same price…actually, I think it may be even lower!

Sold in San Jose for $450,000!

Sold in San Jose for $450,000!

695 total views, no views today

Just Sold in Saratoga for $900,000…

For this condo I just sold in Saratoga for $900,000, I was the agent for the seller. I have now sold this very same condo 3 times! The condo market is definitely not as hot as the SFR market, so it’s a little more questionable for how things will go with a condo in this COVID world we live in. Fortunately, there was a buyer that really loves this community, and was actually waiting for another condo to pop up, so we likely got lucky in that sense. Once we listed the condo, the buyer made an offer right away, and based on the overall activity and such, we felt it was best to take the bird in hand and not mess around.

This buyer was super solid, large down payment, made an offer over the list price, and waived ALL the contingencies (loan, appraisal, and inspections).

The transaction itself was super smooth…until it wasn’t…towards the very end of the transaction, the seller got a letter from the HOA that they noticed the sellers had hard flooring and are an upstairs unit, which does not comply with the HOA rules and regs. Well, firstly, in the community there are a number of upstairs condos with hard flooring, AND for this particular unit, the ONLY hard flooring is in the entry and hall, and is a VERY small part of the overall flooring.

Secondly, this owner did NOT even install the flooring, they bought the condo this way. Not only that, but even the previous owner did NOT install the flooring and bought it the same way. The flooring was put in over 8 years ago and 3 owners ago. Apparently, the HOA was looking at online pictures of the inside of units while they were on the market and that’s how this all came about. They never even had a complaint from the downstairs owner.

So, there was a lot of back and forth about this flooring issue, which probably takes up maybe 4% of the overall flooring and never a complaint from any other owner or neighbor, just the HOA actively seeking out violations on the internet. Wow!

The owners were able to get an emergency board meeting, since we were seriously close to closing the transaction. This notice came very close to the closing of the sale, so the timing was really crazy. And, the HOA decided to let the flooring stay as it is, as long as the neighbor below has no complaints. We talked to the neighbor below and she had no issue with the flooring and even advocated for the sellers that it was no problem for her.

So, in the end, after all of the back and forth, and this notice coming out of nowhere just maybe a week before the transaction closing, the end result was to do nothing and just let it be.

Most people don’t even read all of the rules and regs of the HOA docs, especially to the level of what type of flooring is permitted. And in this case, this condo had been passed on from owner to owner now 4 times (to include the most recent buyer), without any of them even aware there was an issue until this came up. There are currently a number of upstairs units with hard flooring in most of the space, so it’s a rule that not too many seem to be aware of. But, now I know…and NOTED!

Sold in Saratoga for $900,000

Sold in Saratoga for $900,000

780 total views, no views today

Just Sold in Fremont for $575,000…

For this condo I sold in Fremont for $575,000, I was the agent for the seller, who told me that his mom actually found me on the internet. Yay for mom! This is a great condo and meticulously maintained by the seller. There were 2 items that made things a bit more challenging to spark a lot of interest, 1 is that the owner occupancy is SUPER low in the community, there are actually more tenants living in the community than there are owners. So, not only there is a bit of a stigma to some buyers for that scenario, but also banks aren’t thrilled with it either. So, there just are not as many buyers or loan options when there are more tenants than owners.

The other item that some of the buyers had a hard time with and couldn’t get past is that there were absolutely no doors on any closet, so not the bedroom closets, not the hall closets, nada. The place looked great and very clean, and it actually made the place look bigger and gave more space, but the lack of closets was an issue for some, and although they can be added back, of course, some buyers just don’t have vision or want to do it, I guess. Not only all the doors were missing, but so were the tracks both on top and bottom. So, it would be a bit of a project, not huge, but a bit of a project to add in the tracks top and bottom and then also the doors again. It looked great without them, but yet, most buyers want closet doors so that their stuff is not showing.

For the transaction itself, let’s just say it would have been nice to have other options. The main negative anytime there is only 1 offer on a home, is that even if you aren’t thrilled with that buyer or agent, you are kind of stuck with what you get for the most part, if that 1 offer is basically acceptable overall in price and terms. And, between the buyers and their agent, it just did not go well, at any level, and by the end, I just wanted this to go away. The buyers were ridiculously picky, did not remove contingencies on time, and then would not send the necessary paperwork to extend contingencies and escrow and such. I could write pages just about the details of the transaction and all that did not go right, but it would be such a long story and frankly, I don’t want to re-live it.

It was horrible, I was constandly chasing the buyer’s agent to simply stay in contract and not let dates just pass by with nothing in writing! But we got through it. I felt confident the transaction would close. I knew the buyers were just scared and misguided, but things would work out in the end. Although, during the process, trying to explain to a client…don’t worry, it will happen…when you don’t have any hard evidence to prove it, except your gut feeling and experience, is not really ideal.

Just Sold in Fremont for $575,000

Just Sold in Fremont for $575,000

937 total views, no views today