April 21, 2021 Breaking News, Latest News, and Videos

Real Estate: Timing Can Be Everything:

Often people are not aware of what to expect in the process of selling their home. They may not know about preparations that could be made before marketing begins that will enhance the value of their home and the timing of the sale. How well the home is prepared before professional photography is done can impact the length of time it might take to get the home into escrow. It would be helpful for sellers to know about the various timing aspects of the process so plans can be worked out ahead of time and accommodate several scenarios in their plans.

For example, there are typically times during the year that are often not in the best interest of sellers to put their home on the market for sale. Listing the home during the winter holiday period and during the summer season might result in a longer sale process and possibly a lower sale price.

If a home is properly prepared and marketed effectively both online and in print publications, a typical listing may take 20-45 days to open escrow. However, depending on circumstances and the market climate, it can take 60-90 days or longer to open escrows, and then 45-90 days to close. Obviously, it can be challenging to make plans without taking into account the alternatives and various solutions.

Once an offer is received, buyers usually expect a response within 1-3 days. Contracts typically include a period of 10-17 days for the buyer to perform any property investigations, and most contracts include 17-30 days contingencies for the buyer to obtain an appraisal and loan approval. A seller is well-advised to carefully consider the quality of the pre-approval loan information and time requested for removal of such contingencies. The uncertainty of this period can result in delays that will impact the seller’s plans to pack, move and even to make commitments for where they will be moving.

There are some ways to pre-negotiate flexibility of timing in the sale contract that can affect the seller’s plans for moving. This can enable the seller to wait until all contingencies are removed before committing to moving plans that are not reversible. One possibility is to include that the seller can lease the home back for a few weeks to accommodate their moving out. If the buyer would like more time to remove loan contingencies, and the seller would like more time to move, an escrow modification could be agreed upon that would accommodate this. There may be other creative solutions that affect the timing of the sale process that help both seller and buyer.

Michael Edlen has counseled thousands of local homeowners on the process of selling a home. For more information or answers to questions, check his website, MichaelEdlen.com, or call him at 310.230.7373.

in News
Related Posts

World’s Only Solar-Powered Ferris Wheel Goes ‘Green’ For Earth Day at Santa Monica Pier

April 20, 2021

April 20, 2021

Earth Day light show Thursday night By Chad Winthrop A Earth Day-themed light show is coming to the Santa Monica...

Samohi Vikings Frosh-Soph Defeat Culver City Centaurs in Final Seconds

April 20, 2021

April 20, 2021

2020 was a tough year for Santa Monica High School football as Covid-19 restrictions forced all high school sports to...

SaMo Pride Announces Return of Art Walk

April 20, 2021

April 20, 2021

Annual event returns June 1-30 throughout downtown area By Timothy Michael In honor of Pride Month, SaMo Pride has announced...

Edify TV: Biking Increasing in Los Angeles

April 19, 2021

April 19, 2021

Once considered among the worst places for cyclists, data shows that biking has increased substantially in Los Angeles. Learn more...

Santa Monica Police Bolster Patrols as Jury Deliberation Begins in Derek Chauvin Trial

April 19, 2021

April 19, 2021

Santa Monica police say “no specific intelligence of any unrest”  By Sam Catanzaro  Santa Monica police are increasing deployment of...

Robot Powered Food Delivery Program Expanding: Santa Monica Beat – April, 19, 2021

April 19, 2021

April 19, 2021

Local news and culture in under 5 minutes. * Robot Powered Food Delivery Program Expanding * Two Men Arrested For...

County Holds Hearing on Effort to Split Santa Monica-Malibu Unified School District

April 19, 2021

April 19, 2021

Los Angeles County Office of Education makes no decision, will return in June  By Sam Catanzaro A long-awaited public hearing...

Edify TV: Venice Handball Courts Encampment Cleared

April 18, 2021

April 18, 2021

Sanitation crews Thursday cleared a homeless encampment at the Venice Beach handball courts. Learn more in this video made possible...

Edify TV: $2 Billion Beverly Hills Development Proposed Near Westside

April 16, 2021

April 16, 2021

A developer wants to build a $2 billion condo and retail development flanking the Beverly Hilton hotel. Learn more in...

State Funds Two Additional Sustainable Housing Proposals in Santa Monica

April 16, 2021

April 16, 2021

Proposals are designed to help with affordability and sustainability  By Toi Creel California is paving the way for environmentally-friendly housing...

Santa Monica City Council Rejects Proposed Ban of Certain Items at Protests

April 15, 2021

April 15, 2021

Lawmakers vote down item 4-3 at meeting this week  By Sam Catanzaro  Santa Monica lawmakers rejected a motion this week...

Edify TV: LAFD Announces Likely Cause of Ballona Wetlands Fire

April 15, 2021

April 15, 2021

The LAFD has revealed the cause of a March fire that destroyed five acres of the Ballona Wetlands. Learn more...

Shake Shack Set to Open in Santa Monica

April 15, 2021

April 15, 2021

NYC-based burger chain to open at Wilshire and 5th this weekend By Kerry Slater East Coast burger joint Shake Shack...

Restaurant Spotlight: Piccolo Bringing Fine Italian Dining to Santa Monica and Venice

April 15, 2021

April 15, 2021

Latest restaurant from Chef Antonio Mure with two locations on Westside  By Timothy Michael An esteemed chef with deep ties...