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Why is the house in Bel Air still on the market unsold?

Posted by Peter Karami on October 19, 2014 at 11:55 PM

A client had asked to show her a townhouse in Bel Air area, a high end neighborhood in Los Angeles, which I did. She and her husband and I loved the location, the house and etc. Then, they asked me to write an offer and submit the offer to the seller, which I did. The offer submitted was from three people, the wife, her husband and their business partner.

 

After I submitted their offer, proof of down payment (fund) and their Loan Pre-approval to the Realtor representing the seller, the respond was that seller has rejected my clients offer. That was shocking because our offer was very reasonable and close to asking price and my clients were well qualified. It was even more shocking to me because I had my buyers to go through a loan pre-approval process to be sure they are approved for the mortgage.

 

After communicating with my clients (buyers), I was asked  to raise their offer to full asking price. They were simply in-love with the house and felt hopeless. I contacted the listing Realtor and notified her that my clients decided to offer full asking price. But she replied the “seller is not interested in the highest offer, just one that he feels most comfortable with. I wish I had another reason…” thus, the seller accepted another offer. I spoke with my clients and told them that I feel very uneasy to explain why their offer had been rejected. I could not find any legitimate reason why the seller did not accept their offer. I was suspecting that my clients and I were probably subject to religion or racial discriminations. I emailed seller’s Realtor and explained how we feel about the situation and we need a written respond from the seller. So then, the Realtor sent a rejection of our offer signed by the seller. This respond did not hepl undestand the situation, since it was not counter offered. Just regected, that is all.  Therefore, I asked my clients if they wish to take a legal action and seek a legal consultation which they refused since it was not in their nature to do so.They also decided to move on and work with another Realtor. It was saddening for me because not only I did not earn money I also lost well qualified clients. This situation was sad for everyone.

 

After a month or so, I was curious to see what is the status of the property on the MLS and realized that the Townhouse fall out of escrow and came back to market. Quickly, I contacted my clients and notified them the home is back on the market. They said that they went to escrow buying a condo in Beverly Hills with another Realtor; they wanted to know if they still have the option to cancel that escrow and buy the Townhouse in Bel Air. Therefore, I sent a text to seller’s Realtor and explained my clients are currently in escrow with another property however, they are still in-love with that townhouse and if the seller will accept their offer, they prefer to buy the home. I never received respond from the Realtor. Now, about two months after that day, I see the townhouse active for sale on the market one more again and  I am not sure I should be sad or happy. I am sure however,  Seller's Realtor did not have any bad intention but it is obviouse that she was inexperience agent and missed managed the whole process. Had show taken my clients’ offer, I am positive that it would have been transferred today!

 

Finally, I suggest considering a reputable Realtor to sell your house. Otherwise, there are chances that you’re ideal property remains on the market unsold for no good reason.

Categories: Real Estate General, Real Estate Informational Posts, Real Estate Sells Related Posts

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