Propportunity! Chic Family Traditional in Westwood Hills
July 2nd, 2008 Categories: For Buyers, Westwood - Century City
If you or someone you know is looking for a really well-priced, gorgeous traditional home in the Westside, let us know ASAP! Here’s some quick stats:
- 4 bedrooms, 4.5 baths
- 3200 sf
- Pool with flat grassy backyard
- Beautiful tree-lined street
- Master on 1st floor, 1 other bedroom down
- 2 bedrooms up with play area
- Gorgeous hardwood floors
- Classy & chic
- Under $2.8M…
- It’s worth it!!!
This is a tough home to find in Westwood… grab it! Let us know if you’re interested and would like some photos!
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European (Foreign) Home Buyers Flood the Los Angeles Real Estate Market !
June 20th, 2008 Categories: Real Estate
There IS a silver lining in our boo-hoo real estate market cloud! Europeans and other foreigners are swooping in and buying up Calfornia (especially Los Angeles) real estate at a beautiful discount!
Galavanting within the highest volume-producing real estate office here in California, we are witnessing the influx of (mostly high-end and luxury) home buyers coming in from London, Switzerland, Italy, Dubai, England, Germany, Ireland, Greece, China, Canada; many making all cash offers on high-end homes.
The strength of the Canadian dollar, the Euro, and other foreign curencies, on top of a slowdown in the U.S real estate market, is making the United States an enticing place for foreigners to buy property. Buying now while the dollar is weak and their currency is strong may still be more advantageous than waiting for the prices to drop in few months time. Of course, we don’t have crystal balls to be able to guarantee all suggestions, but generally speaking it’s hard to argue that right now, prime Los Angeles real estate is being offered at a tremendous discount for Europeans and other country’s residents.
ATTENTION!! REGARDING FINANCING FOR FOREIGN BUYERS
Typically, a foreign buyer will need to provide lenders in the US with the following to become approved for a mortgage:
- At least 50%-65% down payment
- Type of visa one is staying in the country with
- Provide a social security number if available
- What business entity is making the purchase
- Where the funds are coming from to make the purchase a.k.a. proof of funds
If you’re in need of speaking with someone expert at lending to foreign buyers, call us. There are only a few outstanding lenders in town who are experienced with the often complicated and process of funding a foreign buyer, let us refer you to the best.
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Propportunity! Great Buy in Brentwood for Move-In Ready Condo
June 19th, 2008 Categories: Brentwood, For Buyers
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Propportunity! First-Time Home Buyer Townhome that’s a Steal!
June 11th, 2008 Categories: For Buyers
Calling all buyers under $500,000 on the Westside that want a great deal! There is a 2 bedroom, 2.5 bath townhome in Playa Del Rey (really the last affordable beach community on the Westside) available and it’s a FANTASTIC buy!
Brief Info:
Short Sale, needs lots of cosmetic work, over 1200 sf, fireplace in the living room, Master with walk-in closet, big private patio, beautiful small complex, low HOA dues, 1/4 mile from the beach.
This is a diamond in the rough… Where else can you get this space, this price and be by the beach?
Call us ASAP to get more info! (No, don’t sit there and “think” about it- jump on this one if you’re looking for a property like this!)
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Behind the Scenes Look at Your Loan
May 28th, 2008 Categories: For Buyers
It’s a mystery to many people how loans actually take place. You know you need to speak with a lender but what exactly are they in charge of? What is going on after you get acceptance on your offer?
The lender is a crucial part of your buying team- they are overseeing your loan from beginning to end. A good lender equals much less stress for you during your escrow!
Here’s a behind-the-scenes look at a 30 Day Escrow:
1. Prequalification and Preapproval- done before writing an offer!
2. Loan Application (during this time, the lender will order the appraisal, escrow or agent will usually order the preliminary title report)
3. Loan Submitted to Mortgage Company
4. Processor Review (collects escrow, appraisal, prelim, etc.)
5. Submit to Lender
6. Lender Approval (release of the loan contingency)
7. Collection of Conditions
8. Lender Review of Conditions (give a clear to close, sends to doc department)
9. Docs Drawn
10. Docs Sent to Escrow
11. Borrower Signs
12. Docs Sent Back to Lender
13. Lender Reviews
14. Lender Funds
15. Loan Closes (title records)
16. Celebrate!!
If you have any questions about these steps, please let us know.
Lenders out there, please feel free to give your two cents about these steps as well!
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Termite Inspections, Reports and Work - Who is Responsible?
May 21st, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, For Buyers, For Sellers, Hollywood Hills, Home Improvement, Home Resources, Inspection Resources, Malibu, Marina Del Rey - Venice, Pacific Palisades, Real Estate, Real Estate News, Santa Monica, Sherman Oaks - Studio City, West Hollywood, Westwood - Century City
So you’re about to buy or sell a house and the subject of termite inspections come up in discussion - usually when the offer is being written and/or presented.
Here is what YOU need to know:
CUSTOMARILY, the Seller is responsible for the inspection, providing the buyer with a termite report, and ultimately a termite clearance at the close escrow. The Seller usually pays for Section I work, and the Buyer can pay for any Section II work needed.
What is “Section I” and “Section II” work?
Section I is any EXISTING termite infestation, damage or wood destroying organisms such as dryrot fungus and the like. This may include local treatment, whole house tenting, and replacement of damaged timber.
Section II is anything found to possibly invite termite infestation or cause wood damage in the future, such as debris in the attic, earth to wood contact, etc.
There are circumstances when the Seller is NOT responsible for all the “termite work”, some examples are:
- When it’s an ALL CASH purchase. The termite clearance is necessary to close escrow because it’s often a condition for funding by the lenders.
- When the property is a TEAR-DOWN. If the intent by the buyer is to bulldoze the property to the ground, no one really cares if there are termites or rotted wood all over the place.
- When the SELLER specifies in the contract they will not do any work, or caps the dollar amount they are willing to pay for work needed. The Buyer then can agree to pick up the difference.
95% of the homes that are sold here in SoCal require some termite clearance action. Homeowners are well advised to maintain a termite treatment regime once a year to keep those buggers away.
Call us anytime for a referral to a reputable company to add to your home vendors list!
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So, What is the MLS Anyway?
May 15th, 2008 Categories: For Buyers, For Sellers, Real Estate
Once you start looking for a home or getting involved in real estate in any shape or form, you’re going to hear the MLS mentioned over and over. What in the world is this? How does it work?
Basically, the MLS stands for Multiple Listing Service and is a database service that all brokers use for their listed properties. Area brokers belong to their local MLS system and pay an annual fee to be a member. This way they can keep track of homes that are actively on the market, those that are looking for back up offers, in escrow (pending) or have closed. They can also go into the listing history of properties and compare comparable sales in the area for clients making offers or getting ready to list their property.
How are the search features different from regular search engines like yahoo.com or Google? Or brokers’ sites like coldwellbanker.com? Or real estate specific search engines like Realtor.com?
All the real estate search engines will basically get you the same info- it’s just the lag time behind the market that makes the difference here. I’m not sure about the other brokerages but I know that when you look at Coldwell Banker’s site, you’re not just going to see Coldwell Banker represented homes. You’re going to see every home that fits your search criteria. Realtor.com is the same way. It’s a great place to see all of the homes. The issue is that it’s a few days behind the market.
So, to get real market-time information, brokers go to the MLS. You may not think that a few days would matter but it most certainly does for HOT homes. Those can easily be snatched up by the time it hits Realtor.com.
Since the MLS is a closed service, you need to be an agent to place your property on the system. As an agent, I can, however, set up clients on a private MLS website so they can have access to everything that is on the market that fits what they’re looking for. This way they will see everything available in real market-time and be updated as soon as a property comes on the market, comes back on the market or gets a price reduction. I can also set up clients who are selling their property on their own site so they can also keep track of the competition.
So, my suggestion is that if you’re looking to buy, get started on an MLS website ASAP- even if you’re thinking about buying down the road. And if you’re looking to sell, have your agent set you up on a website as well so you can become familiar with current competition.
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What?! You Haven’t Spoken with a Lender Yet?!
April 21st, 2008 Categories: For Buyers, Money & Mortgages
Unless your idea of fun is to waste hours- days- weeks- months of aimlessly looking at home after home without any idea as to the price you can REALLY afford, I really must insist… talk to a lender!
Let’s be honest here… why have you put it off?
Is it all the stories of sleazy lenders out there that preyed on innocent people, getting them involved in loans they had no business being in? Are you worried that they’re going to try to hook you into working with them, with no room for escape? Are you afraid of what they might tell you that’s lurking around on your credit report, ready to burst your dream of home-ownership?
All of these are valid concerns- but just plain wrong! Let me tell you the truth about what will happen when you talk with a lender:
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Taking a Gamble with Low Ball Offers
April 13th, 2008 Categories: For Buyers, Real Estate
Here’s the situation:
You see a house you like. You see there’s value there somehow… either in the location, the space, the condition, the asking price, etc. You think that with all the bad press about the market, maybe there’s room for a “deal.” So, even though your agent has told you what the other side is looking for and what the value of the property is, you decide to offer way below their asking price, to “see what happens.” You have to at least give it a shot, right?
I want you to understand clearly what can happen when you try to get a “deal” and make an offer at far below asking price, what we call “low ball” offers in the real estate industry. There are 3 things that can happen:
1. They can miraculously take your offer.
2. They will give you a counter offer.
3. They will reject your offer outright.
Don’t be surprised if you face the last situation. You see, when you give a low ball offer, you leave the door wide open for someone else. You have not given the other side an offer to get excited about. Why would they be? You did not give them what they want or even close to that. They are more disappointed than anything with your offer (and sometimes, just plain insulted). They now may very well think that you play games, that you are “testing” them. If you were on the other end, would you want to do business with someone like that?
Again, you are NOT entitled to a counter offer. Should they counter you? Yes. I would strongly encourage any client who is selling their property to counter because you just never know. But, that being said, they have every right NOT to counter you.
Your negotiation strategy may be to start really low to allow for lots of room to go up. Their negotiation strategy may be to only work with people who show real effort to buy the property, that means those who come close to their price. Just because you negotiate a certain way, don’t assume everyone else does the same.
You risk a lot when you give a low ball offer. It’s a true gamble. Sometimes you win, sometimes you lose. Be prepared.
Your best bet is if you are serious about a home, make a serious offer.
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Go Native, Go Green: Privy to LA’s Most Creative Gardens in the Native Plant Garden Tour
March 31st, 2008 Categories: Bel Air - Holmby Hills, Beverly Hills - BHPO, Brentwood, Cheviot Hills - Rancho Park, Culver City, Hollywood Hills, Malibu, Marina Del Rey - Venice, Pacific Palisades, Santa Monica, Sherman Oaks - Studio City, Things To Do, West Hollywood, Westwood - Century City
Come see how native plants can brighten your yard and make it gorgeous- while saving you time and water! It’s taking place soon- Saturday, April 12 and Sunday, April 13, 2008, 10:00-4:00p.m. each day.
This is a two-day self-guided journey through 38 Los Angeles home gardens of all shapes, sizes and design styles, each containing at least 50% California native plants. You’re invited also to attend a free presentation, “Designing Native Plant Gardens,” with author/garden designer Alrie Middlebrook on Saturday, Apr. 12, 6:30p.m., at Barnsdall Gallery Theatre, 4800 Hollywood Blvd., Hollywood, CA 90028.
Proceeds benefit the programs of the Theodore Payne Foundation for Wild Flowers & Native Plants., Inc., California’s only non-profit native plant nursery, seed source, bookstore and education center. They’re located at 10459 Tuxford St., Sun Valley, CA 91352. 818-768-1802. Open to the public Tuesday-Saturday, 8:30a.m.-4:30p.m.
Admission: $20/person.
Tickets and info: www.theodorepayne.org
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