Author Topic: New Pocket Listing - Mandeville Plan 4 condo in West Irvine (53 Sapphire)  (Read 348 times)

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Offline USCTrojanCPA

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Earlier this afternoon, I got word from escrow that my Mandeville condo pocket listing closed today. I represented both the buyer and seller on the transaction. The closing price for the condo was $688,000 (the buyer applied my commission rebate to lower the purchase price).

The seller who came from TI and reached out to me as they were looking for a larger home but wanted to sell their condo before they purchased the larger home. As fate would have it, I had a buyer (also from TI) who I've been working with since April trying to find a 3 bedroom home under $750,000 in the Irvine/Tustin Ranch area. We've been outbid on 9 homes so it was very frustrating for the both of us. When I knew that I secured the Sapphire listing, I called my buyer to let them know and see if they were interested in seeing it. They jumped at the opportunity as they actually rented a condo on Sapphire in the past and loved the area and the floor plan. Well, needless to say the buyer loved the home and was able to come to terms with the seller. It's a great feeling knowing that I can pair up clients for a win-win transaction, especially for my buyer who kept getting outbid on their offers. Big congrats to the both of them.

Here is the Redfin link of the listing:

https://www.redfin.com/CA/Irvine/53-Sapphire-92602/unit-60/home/5885107
« Last Edit: October 01, 2020, 09:04:47 PM by USCTrojanCPA »
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

Offline winterblues

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Congrats! Our first home in Irvine was in Mandeville, it’s a very nice, quiet, underrated neighborhood. Plus low HOA and low Mello. I’m sure your buyer will be happy.

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Offline zubs

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Lowering the property value is smart.
I always see people selling homes where sellers include the furniture or an orange bike.

Why are you paying property taxes on furniture??

It's good your buyers read TI and used your rebate to lower the price....because why would they want to pay property taxes on your rebate?


This has been brought up from time to time over the past 10 years on TI, but if a seller is offering to throw in the furniture when you buy their house, have that as a separate transaction.

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Offline USCTrojanCPA

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Lowering the property value is smart.
I always see people selling homes where sellers include the furniture or an orange bike.

Why are you paying property taxes on furniture??

It's good your buyers read TI and used your rebate to lower the price....because why would they want to pay property taxes on your rebate?


This has been brought up from time to time over the past 10 years on TI, but if a seller is offering to throw in the furniture when you buy their house, have that as a separate transaction.

I always give the option for my buyers on my listings to take my rebate either as a credit towards closing and/or a reduce the sales price. The benefit of taking the rebate as a credit towards closing costs is that it typically reduces the total money that the buyer has to come in to close on the home versus reducing the sales price. I always tell my buyers that furniture should be handled outside of escrow with a side agreement.

Interesting story for you, when I purchased my Tustin Ranch home I asked the listing agent to reduce the sales price by the 2.50% buyer agent commission because I didn't want to take the commission as income and get taxed on it (the lender would not allow me to credit the commission against closing costs since I was the buyer and the agent). The listing agent basically told me to go pound sand because he said the seller wasn't comfortable doing that....BS, you didn't even talk to him dude. haha
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

 

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