Buyer-Return Phone Call on Listing

[Nora Wendel]

Buyer Script 07/03/09) – Nora Wendel
Situation: Returning a voice message inquiry about the school district for our listing on Bayliss Road.
Agent: This is Nora Wendel with Coldwell Banker; I am returning your call about our listing on Bayliss Road in Brentwood. I believe you were asking about the school district, is that correct?
Buyer: Yes; thank you for calling back. What is the elementary school for that property?
A: Based on the LAUSD web site, my understanding is that the public schools servicing this property are Kenter Canyon Elementary, Paul Revere Middle School and Palisades Charter High School.
B: Isn’t Kenter Canyon the one near the big power lines?
A: There are some transformer towers on Kenter Canyon Road; is that an issue for you?
B: Yes!
A: Canyon Charter Elementary may also be a possibility but you would have to check with LAUSD in terms of whether that is an option for you. It sounds like the school district is a key criteria for you in choosing a home; how old are your children?
B: We have three children; a boy 4 and 3 year old twins.
A: WOW! Good for you! Where are you living now?
B: We’re in a rental in BHPO and we’re out growing the space.
A: What exactly are you looking for in a home?
B: We need at least 4 bedrooms, 3 or more bathrooms and we really like the contemporary or mid-century style homes with lots of glass; light and bright etc.
A: Are there particular areas you want or have in mind?
B: Yes; we’d like to stay north of Wilshire anywhere from Beverly Hills Post Office to Pacific Palisades.
A: Have you been looking for a while?
B: We just started; we look at the internet a lot and I saw your listing for Bayliss Road on the MLS. Is there any chance they would accept something around $2M?
A: At this point no; we’ve only been on the market a short time and we have had offers higher than that. They paid $3.2 for the home two years ago and have priced it -20% at $2.7. What price range are you looking in?
B: Something in the $2M range; preferably less.
A: Is $2M the highest you are able or willing to spend?
B: For now, yes; we think the market is going to continue to go down and that in the next year we can pick up a home that is a good deal
A: What do you mean by a good deal?
B: Some kind of sale where the seller is in trouble and really needs to sell
A: Do you mean a bank foreclosure or short-sale?
B: Yes; do you know of any of those?
A: Yes; there are a few of those around on the west side although not as many as you might think reading the LA Times here on the Westside. How much do you know about these types of sales?
B: Not too much; I just hear you can get properties that are a lot less money than regular sales.
A: This can be true; often, however, these transactions can take a very long time to complete and the properties are often not in very good condition. The banks generally will not make any repairs or pay for things like termite or retrofit work, etc. Are you ok with having to fix up a place like this?
B: Well, maybe a little but with three little kids we don’t want to take on something really major.
A: I understand. Let me ask you this; all things being equal, if we can find a house that’s priced well, though maybe not a “steal”, and move in condition vs. a home that’s a “screaming deal” but needs quite a bit of work, which would you go for?
B: Probably the first one; we could do a little work but not up for redoing bathrooms or kitchen for instance.
A: Great. So who’s your realtor?
B: We’re not working with anyone specific at the moment; we’re doing most of our research on the internet.
A: What is your ideal timing?
B: We’re not in any particular rush; we think this next year is our best window.
A: Why that time frame?
B: We don’t really “need” a place until next year when our oldest goes to Kindergarten.
A: And if you find what you’re looking for sooner, what will you do?
B: Well, if the price is right, we’ll buy it!
A: So, if we go out next week to look at a number properties that meet your general criteria and one of them is right on the money, will you buy it?
B: Yes; I think so.
A: How to you plan to finance the purchase of your new home?
B: We have been saving and have about 20-25% to put down. The rest will be with a loan.
A: Have you spoken to a lender?
B: Yes; but not recently. I guess that should be our next step.
A: Yes; would you like the name of a really good mortgage broker or are you pretty confident in your lender.
B: My husband’s business has a private banking arrangement, so we’re good with them.
A: OK; Where does your husband work and what does he do?
B: He’s an attorney with XYZ firm
A: Great; I have other clients who work with that firm. So when can you get in touch with your lender to update your status?
B: Probably this next week.
A: Sounds good. I would be happy to work with you to find your home if that’s of interest to you. And, the way I work is on an exclusivity basis. What that means is if I am going to devote my time, energy and resources to finding you just the right property, then I need to know that you will work exclusively with me. So, if you go into a property represented by another agent, you will tell them that you are working with me. Is that acceptable to you?
B: Yes; that sounds fine.
A: Great! Let’s get started. What’s the best way to reach you? Do you prefer phone or email or texting? What’s your cell number? What’s your email?
A: I will send you an initial search of properties that meet your criteria within 24 hours for you to review; and then, I'll set up a date next week for us to go and look at them—particularly so I can get a sense of what appeals to you and what doesn’t. Will that work for you
B: Sure; and thanks a lot.
A: Great. I look forward to working with you.