Question: Are there any lawsuits or litigation going on with the Pan American lofts building? #panamerican #lofts #dtla
Pan American Building
Answer: Not to our knowledge. Regarding Pan Am Building at 253 S Broadway, we have not heard of any current or upcoming litigation. If anyone has any information on current or potential upcoming lawsuits, please let us know legal@laloftblog.com otherwise we will assume that there is no current or planned litigation at that magnificent historic condominium building. | Pan American Lofts
One of the most overlooked opportunities in real estate for buyers and sellers are back-up offers.
Because listed properties under contract and pending sale properties lose visibility, they are too often overlooked because buyers can’t see them as easily. Currently, more than 10% of these properties fall out of escrow (sometimes up to 25% fail), and most of those have no back-up offer at all. Wasted opportunities! By placing offers and back-up offers on several properties, home buyers increase their chances of getting a great deal on an amazing loft or condo. In California, buyers are generally safe to place several offers in a short period of time because most offers expire by default within three days, plus the buyer usually has contingencies, which are opportunities to cancel without risk of losing the buyer’s deposit. Buyers usually don’t want to go into escrow with two properties — so, as soon as a buyer receives an accepted offer, they generally want to send cancellation notices for any other offers out that might still be valid. #realestate #backup #offer
It can certainly be a big disappointment when a prospective buyer sees the ideal home go from active to pending. Rather than giving up, the buyer may still place the highest and best offer on the property. A very good back-up offer can actually increasing the chances of the first accepted offer falling out because it gives the seller leverage to place more pressure on the first accepted buyer by negotiating strictly, and by not making requested repairs for the first buyer. A back-up offer makes things happen, while failing to place an offer does not.
In Downtown Los Angeles, many amazing lofts have financing difficulties, especially if the buyer and seller are both using out-of-area agents who are not familiar with the loft lenders that are often necessary for a successful transaction. A back-up buyer with cash or a good loft lender can step right in, without missing a beat (sometimes with expensive inspections taken care of already).
While it’s usually best to place an offer on a pocket listing or active listing first, back-up offers should not be neglected. Often the accepted buyer simply gets cold feet, is unprepared or is otherwise unsuccessful. The serious back-up buyer gets the awesome property!
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