L.A. real estate news and insights.
This beautiful, historic 1920's townhouse is selling for $899,998.
The "El Cabrillo" condominium complex is one of six remaining Spanish revival courtyard buildings.
The courtyard has been featured in both television and movies.
This 1 bedroom, 1 bath townhouse is in the heart of Hollywood.
It is within walking distance of the Hollywood Bowl, several theaters, restaurants, clubs, and more.
This completely remodeled home is the cheapest property to hit the market this week in Burbank.
Located on Clybourn Ave. this 3 bed, 2 bath single-family home is listed for $779,000.
P.M.I. stands for Private Mortgage Insurance.
Typically when buying a home, you have to pay P.M.I. if you put less than 20% for your down payment.
PMI protects the lender, not you if you stop making payments on your loan.
Think about that... the insurance is to protect them, but you have to pay for it!
Depending on your loan amount, it can cost you $200, $300, $400, on top of your mortgage payment.
You should avoid this if possible
Put at least 20% down and you will avoid paying P.M.I.
If I have brought you any value through my real estate content, it would mean the world to me if you referred me to your friends who are looking to sell their home this Spring.
They can text me at 818-445-7953.
Thank you!
The better you know the market, the faster you can identify a good deal.
Track properties that interest you, see what they sell for, and go to open houses.
This will give you an overall feel for the market.
Then connect with a seasoned agent that will guide you the rest of the way.
Did you know that when you buy a home, you don't have to put the title of the property in your name?
If you have a living trust set up, you can buy the home under the name of the trust.
For example, if the name of your #trust is "Banana Family Trust", and you buy the home under your trust, the owner’s name on the title will appear as "Banana Family Trust" and not your legal name.
This also works if you buy the home under a #LLC.
Use this hack if you want to keep the purchase of your home a secret.
You still own your home up until the second that the county recorder's office officially records the title transfer of your home to the buyer of your property.
In other words, the ownership of the property has officially transferred from you, the owner of the home, to the new owner, the buyer of your home.
On the day you are scheduled to close escrow, recording can take place any time from 8am-6pm.
Until you get that phone call confirming recording, you are still the owner of that home and are responsible for anything that takes place at that property.
1) The buyer has to do a final walkthrough of your home. This is to make sure the home is in the same condition that it was in when they initially put in a offer.
2) Buyer signs their loan docs. This means they are officially signing up for a mortgage.
3) The lender will fund the loan the next day. Funding the loan means the lender wires over the money the buyer is borrowing to the escrow company.
4) They day after that, the recording takes place. That means title has officially changed hands and you no longer own the home... it's officially sold!
A mortgage broker is different than dealing with a bank.
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If you walk into @Chase bank, you need to match their criteria in order to get a loan. If you don't, they will reject your loan application.
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On the other hand, a mortgage broker will shop you around to several different banks. If you don't match the criteria for one lender, no problem, they take your application to another lender.
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They keep doing that until they find a lender willing to work with you and that has the lowest rates.
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This tactic is mostly used by people with complicated financials.
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However, regular home buyers can use a mortgage broker as well. I did when I bought my home.. and I feel I got the best deal in town.
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If you are happy with @chase bank, then stick with them.
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If not, working with a mortgage broker might be a good option for you.
If you fire your real estate agent and hire another one right away, you may have to pay double commission when your new agent sells your home.
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Why? Because you may still be under contract with your original agent, and you are still on the hook to pay them a commission.
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Here is what you have to do in order to break free from your original agent and avoid paying double commission.
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1) Ask your original agent to put in writing that the contract you two have has been terminated. There is a one page form provided by the California Association of Realtors that can be used.
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2) Wait until the listing contract expires. The listing agreement says when the contract ends. Look for that date and wait until that time passes. Then you are free and clear to hire another agent after that date.
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If you do not do either one of these, you are still under contract with your original agent. That means when your new agent sells your home, you have to pay the new agent her commission, and the original agent his commission.
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READ YOUR LISTING CONTRACT!
On this episode, I answer the following 4 real estate questions:
1) What fees do I have to pay when selling my house?
2) I'm going to fire my real estate agent! If I sell my home through a different Realtor, do I have to pay any type of commission fees to my old agent?
3) Should we get our loan pre-approval letter from a bank or do you suggest going to a loan broker instead?
4) How do loan contingencies work when buying a home?
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For your home's listing on the MLS, did you know your agent can edit how your home looks on Google Street View?
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When you click on the Google Street View button for one of my listings, you will be placed in front of the home, looking at the property from the best angle. You can then maneuver up and down the street just as if you were standing there. It's awesome!
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I can't tell you how many times I click on another agents Google Street View button for their listing and it places me in the alley, behind that home.
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That really irritates me!
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I want to see the front of the house and the street! Most buyers do as well. It has to look perfect or else a potential buyer could decide to pass on viewing your home.
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Make sure your agent sets it up properly on the MLS so that all the other websites like Zillow, Trulia, etc, also show up looking good on their Google Street View.
Property values are going down. I know because in the last few weeks I have sold 3 homes, have one in escrow about to close, and just got a offer rejected on another property.
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I understand the nuances of the Los Angeles real estate market.
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3 months ago you could have sold your home for $20,000 more than what you could get today.
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Read that last line again.
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The value of your home will continue to go down now that we are in a buyers market.
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If you want to get the most money possible for your home, now is the time to sell.
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I can help you sell your home for top dollar.
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Lets talk. 818-445-7953.
Let's say you get an offer on your home. All the terms and contingency periods of the offer look great, but you want more money.
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Use a counter offer!
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When you counter someone, that means you have accepted all of the terms of the buyers offer, except for the items you list in your counter offer.
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So if everything about the offer looks great except for the $900,000 offer amount, your counter offer will simply say "Purchase price to be $1,000,000".
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Now the buyer knows exactly what you do not like about their offer.
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The buyer can then accept, reject, or counter you back.
If you are preparing to sell your home, you should install the smoke detectors now and get it over with.
A retrofit company can do it, an electrician can do it, or you can do it yourself.
This needs to be signed off on BEFORE you close escrow.
