March 11, 2019, 3:39 pm
By Neal J. Leitereg
In today’s market, more than 80% of sellers make concessions to close the deal, according to Zillow. The most common concessions include appliances, repairs and price reductions, but can occasionally involve a unique item or circumstance.
Perhaps the most famous concession was attached to the 2016 sale of the Playboy Mansion. The 29-room Holmby Hills home changed hands with the stipulation that Hugh Hefner be allowed to live out his days there. He died at the home in September 2017, at age 91.
Dress for success
Boyd Smith, dpp real estate: The most interesting concession I’ve ever experienced was in a deal in South Pasadena. My client, a dressmaker, was the buyer. The seller’s wife was a blonde, and so my client made an offer for the house and in it included an offer to design a dress for the seller’s favorite blonde. It was very playful.
The seller came back and countered with an offer that included “a couture dress for each of my three blondes.” Eventually, both parties agreed. But we all wanted to know who were the three blondes. Eventually, we found it was for his partner — a longtime girlfriend — and his two daughters. It’s funny, real estate is a little bit like dating. How do I wow the other party? How do you create an experience?
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