2410 Chandler closed late last week. As cute as the house is, it took awhile to sell -- it is on a small, 2700 sf. lot and has no garage or off-street parking. The house is a Venice Beach home trapped in a Burbank home's body, and that makes it "nonconforming." "Nonconforming" is never a good thing in real estate. Further, most lenders want buyers to have off-street parking if that is usual for the neighborhood. So that made this cutie ineligible for many types of funding.
But Barry Dane of Crosby Doe Associates pulled this off along with his buyer client and lender Gloria Schulman of Centek. When Barry first told me that his client only had 5% to put down, I scoffed and told him nobody would lend on this. But Barry is tenacious, as is Gloria, and they found a loan program for the buyer. (Barry even drove the streets and alleys of Burbank to see how common the no-garage thing really is.) We closed last week at $380,000 and I wish the buyer best of luck in her new home.
2410 Chandler in Burbank is closed
Rating: 4.5
Diposkan Oleh: jembe
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