June 28, 2012 01:00 AM by Melissa Stavarski
Last week on Bravo‘s Million Dollar Listing LA, Josh Altman secured a listing from two house flippers, Madison Hildebrand spent time with his family in Utah, and Josh Flagg found a home for a new fashion designer. Which of the three agents will close a deal this week?
It was a very slow day (episode) for the Million Dollar Listing LA trio.
Last week, Josh Altman listed a house for Tim and Tom, house flippers, for $1,150,000. This list price is already their bottom line, leaving very little room for negotiation. Josh is sitting on two offers. One offer is full price, but the buyer’s finances aren’t in order. The other offer is slightly less, but it’s a cash offer. Josh presents both offers to Tim and Tom, and he suggests they take the cash offer of $1,010,000. They say no way.
Aaron, who represents the buyer with the cash offer, meets up with Josh at his office. Josh lays it all out for him. First, there is another offer on the table. Also, if you’re serious about this house, your client needs to bring more money to the table. Aaron comes back with an offer of $1,110,000. Josh calls Tim and Tom. They’re not happy with Josh. Josh promised them list price for their house.
They seem like they’d rather take their chances on the full price offer with shady financials. Josh tells them if they go into escrow with that offer and it falls through, they could lose more than $40,000. In the end, Tim and Tom take the cash offer.
Josh meets with a successful Hollywood producer, Gary, to discuss his house. Gary’s house is practically right on top of the infamous Hollywood sign. His house is “stale” on MLS. Josh tells Gary he needs to do something drastic to drum up interest on an old listing. Josh suggests Gary lower the current list price of 4 million to 3 million. Gary does not want to list the house for 3 million. Josh doesn’t want to take on the listing for more than 3 million. Josh definitely does not like to hear “no.” He walks out of the listing meeting.
Later that day, Heather Bilyeu comes home with gourmet puppy cupcakes. She finds Josh sitting on the couch, looking spent. Josh tells Heather about the bad meeting. In hindsight, Josh knows his ego got in the way. Heather tells him he messed up, and she encourages Josh to call Gary, to make it right.
Colton talks to Josh Flagg about urgent decorating matters. Josh could not care less. He rushes out the door because he has a listing meeting. Turns out, the listing is right across the hall from Josh’s own condo. Glenn put a lot of time and money into making his condo the impressive home that it is. But, Glenn decides he needs to have a dedicated guest room. His one bedroom condo isn’t ideal anymore.
The building they live in doesn’t allow open houses because of the celebrities also living in the building. Josh put a lot of time into showing Glenn’s condo. Josh’s grandmother wants to see the condo, to snoop. She tries out the chairs and bed and surveys the contents of the fridge.
A neighbor comes to look at the condo. She’s looking for an apartment with a terrace. She writes an offer of 1.8 million. The listing is 2 million. Josh tells Glenn it’s a solid starting point, he’s positive he can get full price.
The more Glenn and Josh talk about this offer, the more Glenn starts to second guess his decision. Glenn breaks the news to Josh – he refuses the offer and decides he doesn’t want to sell after all. Bumner for Josh.
Last week, Madison Hildebrand went to Utah to visit his family. While he was in Utah, he interviewed local real estate agents, looking for someone to list his family’s vacation home. Madison chooses an agent. The agent and Madison negotiate a 25% finders fee for Madison.
The house is listed for 2.4 million. There’s an offer in the works, but the buyer wants to present the offer in person. Madison needs to return to Utah to hear the offer. Madison’s father’s bottom line is $2,250,000. The offer is 2.1. Nobody wants to lose the possible sale, so Madison quickly decides to throw in the furniture for $150,000. The buyer accepts the deal.
In other Madison news, Madison found a new assistant. He says, “She’s smart, she knows the business, and she’s not Heather.”
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Photo credit: Bravo