Dear Michael: I submitted an offer on a home in a much sought-out-neighborhood of Culver City. We are told by the listing agent that they now have 10 offers on this home. How can we increase our chances of getting the winning bid on this home?
Answer: The Culver City real estate market is “red hot.” The average sale price of a home in 2012 was $660,000 compared to $800,000 in 2013. There are a total of 11 homes for sale in Culver City at the moment. This lack of inventory is creating multiple offer frenzy on any home that is priced at a fair market value. If you have a small down payment and are unable to give a full price offer you stand little chance of getting your offer accepted. If you can step-up with at least 20-percent-down payment and bid full price or above you will stand a much better chance. You can get creative and remove some of your contingencies before you submit your offer. There can be risks associated by doing so, so please consult with your real estate professional. The law of “supply and demand” is in full effect. Buyers outnumber sellers by a sizeable margin and as long as we don’t have a balanced market, multiple offers will continue to dominate our market.
Dear Michael: My father recently died. About eight years ago my parents added my sister’s name to the deed on their home. My father had some small credit card debt, which neither my mother nor sister knew about. Can the credit card company put a lien on the house? Is my mother or sister legally responsible for this bill?
Answer: Sorry about your loss. Since the credit card and the outstanding balance isn’t ‘tied’ to the house (unless it was some sort of debit card tied to an equity loan, which your mother would have more than likely had to sign for) I don’t believe that the credit card company can come after the house. Your mother may have some responsibility for the credit card debt. Check with an attorney. I highly recommend that you also have the attorney review the deed and status of how the title is recorded. The attorney might recommend some options that will make things a lot easier (and possibly financially beneficial) for you at a later date.
Dear Michael: We are in escrow on a home and just did our home inspection. We want to request that the seller credit us for repairs, how can we find out what the total cost of repairs is? We want to ask for a credit before the close of escrow?
Answer: Once you have completed your physical home inspection make sure you review your report attentively. Be fair with the seller when you ask for your credit. This is not a time for negotiating the price of the house. This was already done when you agreed to the purchase price. If you don’t know the exact cost of repairs, ask a contractor or go online and research. When you submit your request for repair you can either ask the seller to repair the items, or ask for a monetary credit which is applied towards your closing costs. The seller has different options in the manner to respond to your request: he/ she can say no to all or yes to all, or agree to credit you the full amount or partial amount, or repair only some of your items requested. Almost all homes will show some type of repair needed after the inspection. It is important for a buyer to be delicate and fair when requesting repairs. Emotions can run high and thus can create friction between parties.
Michael Kayem is a Realtor with Re/max estate properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310- 390-3337 or e-mail them to him at: homes@agentmichael.com
