One aspect of my 35-year career selling real estate here in Burbank has been a focus on representing “Senior” clients. Perhaps because I’m among the senior ranks now myself, but I’ve always enjoyed working with “Senior Sellers” especially! I find their long term homeownership stories fascinating, especially those who are original owners – who recount what Burbank was like back when they bought or built their homes; the cost(s), relative to today; tales of raising their families; Burbank people, places and things that have come and gone; etc. I’m honored to say I’ve represented 7 ORIGINAL Senior Sellers over my career! But the aspect I value most in representing these folks is the TRUST they and their families place in me when it’s time to finally leave their memory-filled homes and move on to a new space and next chapter in their lives. It’s a very emotional and difficult time for many of them, and as a certified Senior Real Estate Specialist, I have received training and have resources available to help make the transition just a bit easier! A recent case study – my sale of the home of Don & Joan Nissen.

I had met Joan previously, but when she called this time, it was to tell me that after 64 years in her beloved home at 217 S. Reese Place, Burbank, a home she and her husband Don built back in 1955, it was now finally time to leave the home and “downsize.” However, during my first meeting with the Nissens it became very apparent that they had no idea where their next home was going to be! Whether to rent or buy; what were smaller one bedrooms rentals going for and what was available; should they stay in Burbank (their preference) or move closer to their grown children; etc. And given the fact that both were in their 90s and had been coping with a years earlier dementia diagnosis for Don, whether an assisted living facility made sense and could they afford the expensive care costs. One reason they called me was the fact that I’ve represented upwards of 50 homes in their “Rancho Adjacent” neighborhood and that their beautiful home would no doubt add to that count! However, given the circumstances, I suggested we slow things down a bit and bring their three children into the discussion and figure out a “next step” FIRST!

My approach was quite different from another Realtor who had heard they were considering selling and paid them an uninvited visit. His approach: Priority one, since Joan had mentioned that she had spoken to me,  was to get a signature on a listing contract ASAP at a price “to be determined;” charge a higher commission rate than the going market rate; didn’t investigate or know whether Don had the ability to sign or ultimately legally convey title per the terms of their Living Trust; had little or no discussion about preparing the home for sale; and whether, given Don’s condition,  it made sense to move first before putting the home on the market. To these and other issues, his attitude was basically, “we’ll figure it out as we go, but hurry and sign here”  Simply put, to treat two ninety year-olds, one incapacitated, who hadn’t bought or ever sold a home in 64 years, in such a terrible and unprofessional manner, was OUTRAGEOUS! Fortunately, the oldest son, Greg Nissen, whom I had already spoken to, and the rest of the family were not on board with the other agent’s approach and happily signed with me! I enlisted the help of a Senior organizing/packing/moving vendor I use, who along with myself and the family, cleared and prepped the house for sale and arranged the moving process to get Joan & Don into their new Burbank apartment home! BTW, the Nissen’s home generated 11 offers and sold for $71,000 over the list price in just over a week, allowing them to be settled in their new home just in time for Thanksgiving!

If you or someone you know are a “Senior Seller” and want to be treated professionally and with the respect that you deserve, PLEASE CALL ME!

In this post, I want to share a “cautionary tale” and just a couple of the issues that should be top of mind when buying a condominium; specifically, the all important Homeowner’s Association (HOAs) that are such an important aspect of owning a condo. Recently I was working with my past and current client, Paul Stanwyck, in selling his Burbank townhome that I sold to him way back in 1991. We prepped the unit for sale, and it turned out beautifully, resulting in a great offer that we recently closed. However, before we got started marketing the property, I had to do some homework to find a suitable lender willing to lend on the unit and complex, and that’s where the plot thickens…

The complex is a very simple, self-managed 8-unit building, with no amenities (i.e. pool, tennis courts, fitness center, etc.) and consequently a very low HOA fee of only $200. A situation like this can be great and very cost effective if all owners are willing to do their fair share in assuming roles in governing the HOA and being proactive in terms of “keeping the books,”  maintenance, insurance, legal, financial and other issues which all go into running a viable HOA. In our case, the challenge was back when the building was built in 1980, an engineer that worked on constructing the building, I guess liked his work so much that he and his wife bought 3 units for themselves and held them all these years as investment rentals. Well, most conventional lenders have a threshold as to how many units can be owned by one entity/party and have a maximum allowable number of rentals vs. owner occupied units in any given building. In our case, three units were one too many! The engineer husband had died several years ago and his elderly wife was still content keeping the three units as rentals. Fortunately, before we went on the market, I had found a lender that could do the loan as long as the Buyer had more that 20% down. Coincidentally, the Buyer, who put 70% down, was using the same lender… so it all worked out. But going forward, this current dynamic of one owner owning three units and the majority of the building being occupied by renters could prove to be problematic for the other owners that may want to eventually sell. The HOA should address this issue and perhaps change the CC&Rs (covenants, conditions and restrictions) to make the collective building more lendable, hence more valuable for everyone! This story is just one example of why if you own or are considering a condominium purchase, you must be involved with the governing HOA – it’s a HUGE part of what gives value and continued appreciation to a condo unit OR diminishes it!