I never advise a buyer to remove all of their contingencies. Not a first-time buyer, and not a seasoned investor. On Dustin Drive, my client did it anyway, knowing exactly what they were giving up, and it got them the house.
I'm Breanne Wahl, a Los Angeles real estate agent with ACME | SERHANT. In 2023, I represented the buyer of 479 Dustin Drive, a 1962 mid-century modern home on Mt. Washington in Northeast Los Angeles.
An investment, and a house with potential
My client was a homeowner looking for an investment property to renovate. We wrote on a few homes, and nothing stuck. Then I found Dustin Drive: a post-and-beam mid-century with canyon views that needed real work. Exactly what they were looking for.
A listing with no room to negotiate
It was a probate sale handled by a high-volume listing team. By the book, impersonal, and clear about what they wanted: no contingencies. Multiple offers came in, and the listing side countered them all.
The decision
My client came up in price, paid all cash, and removed every contingency. I advised against it. Without contingencies, if an inspection turns up a problem, you can't walk away and keep your deposit. My client understood that, had the cash to absorb surprises, and was planning to renovate anyway. It won them the house, and it closed for $1,255,000.
An entire escrow through a lockbox
I never met the listing agent in person. Every inspection, contractor walkthrough, and bid happened through a lockbox and an email thread. We inspected anyway. The offer didn't depend on it, but the renovation budget did. It turned out to be an excellent investment.
Should you waive all your contingencies?
My answer is no. If you're weighing it anyway, know what you're risking:
- If anything goes wrong, your deposit is on the line.
- Inspect before you write, if the seller allows it.
- Be certain of your financing and appraisal, or pay cash.
- Set money aside for what you can't see.
- Know the bones: foundation, sewer, roof, permits.
Buying on Mt. Washington?
In a competitive market, the strongest offer isn't always the riskiest one. I'll help you find the line between the two. Let's talk.
Questions about this sale
Who represented the buyer of 479 Dustin Drive on Mt. Washington?
I did. I'm Breanne Wahl of ACME | SERHANT., and I represented the buyer of this 1962 mid-century modern home.
What did 479 Dustin Drive sell for?
479 Dustin Drive sold for $1,255,000 in March 2023, above its $995,000 list price.
Should I waive all contingencies on a house in Los Angeles?
I never advise it, even for experienced investors. Waiving them can make an offer stronger, but it puts your deposit and your protection at risk.