California E&S Insurance

Listing Agent Just Called to Tell Me that Our Offer is Embarrassingly Low I am representing my father-in-law in the purchase of a property in Los Angeles (And specifically in the San Fernando Valley area) They had their first open house this Sunday, so we went, and they have the property listed as a 3 bedroom home; however, they made it clear right when we walked in the door that the third bedroom was converted so that half of it would be a part of what is now the primary walk-in closet, and the other half a dedicated laundry room. They said that it would be easy to turn it back into a third bedroom, and it would be as easy as knocking down the drywall.. lol. There weren’t that many people while we were there, and those that were, happened to be parents with kids, probably wondering why the hell it’s advertised as a 3 bedroom home. (According to the tax assessor, it is 3 bedrooms) The home, while being very nicely renovated on the inside (move-in ready, the only thing that is needed is a washer and dryer), lacks a great exterior, not as charming as other houses on the street. After viewing the house, we decided that we would put in a lowball offer of $250,000 less than asking (all cash, quick close), as to us, this seems like a fair price for what the property actually is and not what it is advertised as. I waited about 2 hours after the fed announced the rate hike and sent the offer over. The price that they have this property listed at would be the highest sold property on that street and general vicinity, and most recent comps are objectively “better” than this one and sold for less. About an hour ago, the listing agent called me and said, “there is no way in hell they’re going to accept that offer and that they would rather pull the listing off the market before ever considering something that low.” Funny because they said that the reason the sellers are selling is because they got another job in another state! I told them, “okay and good luck.” I wholeheartedly believe that we are the only offer as of right now. They have another open house this Sunday, so we will see if they end up getting this house sold at their listing price. And if they do, I must say that the buyer has to be absolutely insane. I am slightly surprised that they didn’t tell me we would need to offer higher; they just sounded very insulted by our offer. Let’s see if they get back to us after a couple of weeks while more inventory increases in the area. We might even find a home that we like even better. Keep in mind; this home has not been listed in over 20 years and got passed down to the current sellers via trust.. bought for below 300k originally. Home is listed in the range of 1.4-1.7 to give you an idea of where it’s priced at. Not posting link publicly as we are still considering this property, will update with price drops, and will post link when it sells (They/them used to keep gender of listing agent anon) TLDR: Overpriced listing falsely advertised as a 3 bedroom, while actually 2, listing agent called and said that sellers would rather pull the listing from the market than sell it for the price we offered. We put in an offer for what we thought was fair for a 2 bedroom house, not a 3 bedroom house that they have it listed as. When it sells or changes to a rental I’ll post the listing. For now I will put updates if it price drops/anything changes 9/25: 2nd open house just ended, another realtor from the brokerage hosted it, 3 groups of people came by. Will update if price drop happens this week, or another open house planned. 10/14: listing still active, has yet to price drop 10/31: off the market now, they weren’t kidding that they would pull it off the market, my guess is they will put it up as a rental in the next couple days/weeks

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