2007 N. 6th Street, Burbank, has closed. Hooray!

The probate fixer at 2007 N. 6th in Burbank has closed for $450k.  This property is rough and I wish the new buyers all the best for this.  Yes, they plan to re-do it and sell it. 

We received a total of 11 offers and all of them were cash.  And, surprise surprise, we got into a late bidding war (usually bidding wars happen at the beginning of the listing).  Three buyers duked it out (and wanted to duke me out) over about $1000 dollars at a time. 

The house had been vacant for many years and had holes in the ceiling, holes in the floor, etc.  Yes, it was jungle-y around the outside which is why the picture above isn't better. We worked around break-ins, trash-outs, board-ups, etc.  The probate attorney was a real asset (don't be afraid of probate, buyers!) and some of the sellers were, too.  I'm sure the new house will be a welcome addition to the neighborhood.

2007 N. 6th in Burbank is sold, we think.*

The serious fixer property that I listed in the Burbank hills sold in a last-minute bidding war on Wednesday.  I never thought it would happen.  It has been listed since November.  Although we had many all-cash offers from qualified buyers, we didn't get close to the price the sellers would accept until last week. 

Then, the activity got heated and there was a lot of drama. Potential buyers began to bid against each other in small increments.  Seventy emails were sent and received about the offers on Wednesday a.m. alone.  Old offers rose from the dead.  Some players withdrew their offers and left the playing field only to reinstate their offers later in the day.  Friendships and professional relationships were skewed (well, mine with some of the other agents).  Buyers were unhappy.  Sellers were unhappy.  There was weeping, wailing and gnashing of teeth (okay, I'm exaggerating).  But at the end of the day, it sold for a price acceptable to the sellers and buyer, and we all either drowned our sorrows or celebrated, or both.

*This is a probate and all heirs (there are several) need to okay this.  They probably will, but you never know.  Stay tuned.

Major price reduction on 2007 N. 6th, Burbank

Big news: 2007 N. 6th Street in Burbank has just had a price reduction to $450,000.  That's down from $485,000, folks.  We received several all-cash offers -- this is a serious fixer and won't qualify for a loan -- but they were all lower than what the sellers want to take.  Some details about the house: it's a 3 bed, 2 bath, 1712 sf, on an 8989 sf. lot.  It's in a great neighborhood and has a lot of upside potential.  But it is a serious fixer and not a DIY project. Do you know anybody that would like to live here and is a contractor?

Did everybody have a good holiday week? And what's on the horizon...

There's no "house of the week" this week because I didn't see any real estate for sale last week.  We had family stuff, and I was too busy with the existing escrows and listings. Here are the issues -- and my worries -- for the upcoming week.
- Will Norwich close without any further shenanigans or claw-backs from the buyers?
- Will Troost close before the buyer has her baby?
- Will the seller of 2012 W. Verdugo vacate by the bank's "must close" date of Dec. 23?
- Will I get some decent offers for the 2007 N. 6th Street property?
- Will the buyers' cash come in for the house on Skyline?
- What will the other sellers on the other house on 6th decide?
- And what of the possible Glendale short sale?
Stay tuned for all answers...

Why my listing at 2007 N. 6th in Burbank must be purchased for cash

2007 N. 6th Street in Burbank needs to be purchased for all cash because it is a FIXER. Yes, there are some FHA programs and banks that will loan on fixers, but not one that's below minimum standards like this one.  This house has been vacant for many years and needs way beyond the typical DIY coat of paint and new windows.  So, do you know anybody with $485k in cash that wants a project?

New Burbank listing coming tomorrow! Probate fixer!

I will be listing 2007 N. 6th Street in Burbank tomorrow for $485,000. This probate fixer offers stellar upside opportunities and expansion possibilities.  And it's right across from Jefferson Elementary, one of the best elementary schools in Burbank.  It's 3 bedrooms, 2 baths, 1712 sf on a 8989 sf lot and has a bonus room, attached garage, fireplace, big backyard, etc.  But people, this is a serious fixer and NOT a DIY project, so contact your contractors.  It won't qualify for a loan, so offers will need to be all cash.  And it doesn't need probate court confirmation, but there are special probate procedures involved.  If you're interested, please contact me at my email address and I'll send you an information sheet.