Column: A Laurel Canyon property for $39,000? Beware of unsolicited home offers

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Some real estate investors specialize in combing public records for homes in desirable areas and making lowball offers for 'off-market' purchases.

Karolynne and Randolph Gee have lived in the same house in Laurel Canyon since 1963. They say the Mamas and Papas once resided nearby. So did Linda Ronstadt.

She said she and her husband wanted to know why and how they were approached with this offer. Is this common? Should they report it to anyone?Before we delve into the particulars of this case, which includes an incredibly small amount of money for a property valued at more than $1 million, let’s examine the business of unsolicited property offers.

The trick is that this only works for the purchaser if he or she can buy very low, make a few cosmetic fixes and then sell at a higher price. Kevin Keyser, a real estate agent who specializes in the Hollywood Hills, laughed when I asked what he thought of Ulhaq’s proposed sale price for a Laurel Canyon property.It took a few days of trying but I finally managed to connect with Ulhaq. He told me that his low-low-low offer for the Gees’ home was an honest mistake.Even so, his $39,000 offer is still, shall we say, ambitious.

 

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