Inherited Echo Park–Silver Lake Rental Sold Above Asking in 8 Days

The seller inherited this single-family house in the Echo Park–Silver Lake area from a friend and rented it out for a period of time. Eventually, he decided that being a landlord was not right for him and chose to sell the property.

As part of the marketing strategy, I personally made the surrounding neighbors aware that the property was available. That neighborhood outreach helped identify an interested buyer. After several days of negotiation, the parties agreed to an original purchase price of $1,050,000. I represented both the seller and the buyer in the transaction.

During the inspection period, concerns arose about dampness in the garage walls. An engineer evaluated the condition and provided a repair estimate of approximately $70,000. The buyer and I believed the work could likely be completed for substantially less, so the parties continued negotiating instead of allowing the concern to derail the sale.

The seller agreed to a $14,500 price reduction, bringing the final sale price to $1,035,500—still $2,500 above the original asking price.