Los Angeles Living

We are back to the point about buying a Los Angeles home for a bargain.  You generally get what you pay for.

If you are thinking of buying a home at a foreclosure auction then beware of unknown matters that could pop up, as you will  probably not be offered title insurance on the property.  In a regular sale, the Seller will be paying for your title insurance.  You could be inheriting a bunch of problems which will make it difficult for you when it comes to selling the property.

What matters are we talking about here?

1.  Property Taxes

2.  Senior Liens

3.  HOA Liens if the foreclosing lien is not a first mortgage

4.  Federal taxes (IRS has 120 redemption period)

5.  Mechanics’ liens that have priority

6.  Quiet Title Action due to fraud

7.  City Government liens (sewer, trash, abatement, etc.)

8.  Federal judgement liens

9.  Bankruptcies (if no evidence of the Automatic Stay lifted)

10. Easements, Agreements, and CC&Rs.

You may be able to get a binder  from a title company to insure a future transaction ,which may require you to clear all existing matters before an actual sale or refinance.

The foreclosure is not quite the bargain it first seems.

Search Los Angeles Foreclosures for Sale

Showing properties 1 - 25 of 381. See more Los Angeles Foreclosures. 
(all data current as of 1/22/2012)

1. $112,900 : 158 E 109th St, Los Angeles
   
   2 beds, 1 full bath

   Home size: 796 sq ft

   Lot size: 4,126 sq ft

   Year built: 1925

   Parking spots: 2

   Days on market: 3
    
2. $208,000 : 1716 MIRAMAR ST, Los Angeles
   
   3 beds, 1.0 baths

   Home size: 1,115 sq ft

   Lot size: 4,101 sq ft

   Year built: 1953

   Days on market: 3
    
3. $220,000 : 360 W AVENUE 26, Los Angeles
   
   2 beds, 2.0 baths

   Home size: 990 sq ft

   Year built: 2006

   Days on market: 3
    
4. $222,500 : 3420 2nd Avenue, Los Angeles
   
   2 beds, 1 full bath

   Home size: 1,400 sq ft

   Lot size: 5,586 sq ft

   Year built: 1910

   Days on market: 3
    
5. $243,800 : 3917 West Avenue 43, Los Angeles
   
   2 beds, 1 full bath

   Home size: 688 sq ft

   Lot size: 4,356 sq ft

   Year built: 1924

   Days on market: 3
    
6. $289,900 : 1036 S SERRANO AVE, Los Angeles
   
   2 beds, 2.0 baths

   Home size: 1,150 sq ft

   Year built: 2005

   Days on market: 3
    
7. $296,900 : 522 North Hobart Boulevard, Los Angeles
   
   2 beds, 1 full bath

   Home size: 1,464 sq ft

   Lot size: 5,857 sq ft

   Year built: 1914

   Parking spots: 2

   Days on market: 3
    
8. $590,000 : 829 CYNTHIA AVE, Los Angeles
   
   4 beds, 3.0 baths

   Home size: 2,483 sq ft

   Lot size: 10,967 sq ft

   Year built: 1984

   Parking spots: 6

   Days on market: 3
    
9. $113,000 : 1139 Van Pelt Ave, Los Angeles
   
   3 beds, 1 full bath

   Home size: 1,064 sq ft

   Lot size: 5,524 sq ft

   Year built: 1955

   Parking spots: 2

   Days on market: 4
    
10. $142,500 : E 79th Street, Los Angeles
    
    2 beds, 1.0 baths

    Home size: 910 sq ft

    Lot size: 6,664 sq ft

    Year built: 1925

    Days on market: 4
     
11. $158,900 : 1347 West 68th Street, Los Angeles
    
    3 beds, 1 full bath

    Home size: 1,212 sq ft

    Lot size: 4,840 sq ft

    Year built: 1926

    Parking spots: 1

    Days on market: 4
     
12. $165,000 : 715 South Mott Street, Los Angeles
    
    1 bed, 1 full bath

    Home size: 480 sq ft

    Lot size: 5,154 sq ft

    Year built: 1920

    Parking spots: 1

    Days on market: 4
     
13. $174,900 : 7623 Whitsett Avenue, Los Angeles
    
    3 beds, 1 full bath

    Home size: 1,242 sq ft

    Lot size: 6,881 sq ft

    Year built: 1926

    Parking spots: 2

    Days on market: 4
     
14. $229,000 : 7111 LA TIJERA, Los Angeles
    
    1 bed, 1.0 baths

    Home size: 873 sq ft

    Year built: 1991

    Parking spots: 1

    Days on market: 4
     
15. $276,500 : 1132 N ALEXANDRIA AVE, Los Angeles
    
    2 beds, 2 full baths

    Home size: 1,452 sq ft

    Lot size: 6,400 sq ft

    Year built: 1909

    Parking spots: 3

    Days on market: 4
     
16. $475,000 : 1887 Greenfield Avenue #103, Los Angeles
    
    2 beds, 2 full baths

    Home size: 1,366 sq ft

    Lot size: 33,019 sq ft

    Year built: 1974

    Parking spots: 2

    Days on market: 4
     
17. $609,000 : 10465 EASTBORNE AVE, Los Angeles
    
    2 beds, 3.0 baths

    Home size: 1,898 sq ft

    Year built: 1986

    Parking spots: 2

    Days on market: 4
     
18. $159,900 : 837 W 108TH ST, Los Angeles
    
    3 beds, 2.0 baths

    Home size: 1,291 sq ft

    Lot size: 4,800 sq ft

    Year built: 1926

    Days on market: 5
     
19. $174,295 : 920 HERBERT AVE, Los Angeles
    
    2 beds, 1.0 baths

    Home size: 1,056 sq ft

    Lot size: 4,400 sq ft

    Year built: 1930

    Days on market: 5
     
20. $357,500 : 3390 LA CLEDE AVE, Los Angeles
    
    1 bed, 1.0 baths

    Home size: 842 sq ft

    Lot size: 5,400 sq ft

    Year built: 1921

    Parking spots: 2

    Days on market: 5
     
21. $499,900 : 7613 De Longpre Avenue, Los Angeles
    
    3 beds, 1 full bath

    Home size: 1,292 sq ft

    Lot size: 4,236 sq ft

    Year built: 1921

    Parking spots: 1

    Days on market: 5
     
22. $98,000 : 3817 TRINITY ST, Los Angeles
    
    3 beds, 1 full bath

    Home size: 960 sq ft

    Lot size: 5,800 sq ft

    Year built: 1969

    Parking spots: 2

    Days on market: 6
     
23. $136,000 : 5848 Bowcroft Street #3, Los Angeles
    
    2 beds, 2 full baths

    Home size: 867 sq ft

    Lot size: 2.22 ac

    Year built: 1949

    Parking spots: 1

    Days on market: 6
     
24. $152,900 : 1416 W 52ND ST, Los Angeles
    
    2 beds, 1.0 baths

    Home size: 900 sq ft

    Lot size: 5,418 sq ft

    Year built: 1921

    Days on market: 6
     
25. $179,900 : 414 E 90TH ST, Los Angeles
    
    2 beds, 1.0 baths

    Home size: 1,026 sq ft

    Lot size: 5,320 sq ft

    Year built: 1926

    Days on market: 6
     

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

• Westwood Real Estate - Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
• Brentwood Real Estate - Brentwood single family homes, Brentwood condominiums
• Santa Monica Real Estate - Santa Monica single family homes, Santa Monica condominiums
• Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
• Culver City Real Estate - Culver City homes
• Silver Lake Real Estate - Silver Lake single homes
  
• Echo Park Real Estate - Echo Park homes

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Read more: http://www.homejane.com/beware-of-liens-when-buying-a-los-angeles-home-at-foreclosure-auctio.html#ixzz1kJCKVpcb

Did that catch your eye?  Unfortunately, leaving investors out of the equation, as a Los Angeles home buyer you are probably not going to find that bargain home you are looking for.

Why?

Because the real bargains often don’t make it to the general market.  They are bought through word-of-mouth or on the courthouse steps.  And, if by some chance a good one slips through, there will be a buying frenzy with multiple offers, making the home no longer a bargain.

Also, many of the neighborhoods of Los Angeles were not hit as badly as the rest of the country and here you absolutely get what you pay for.

But a foreclosure is going to be a bargain, right?

Probably not.  Generally by the time a Los Angeles foreclosure gets to the market it is pretty much going to be in poor condition, if not completely gutted.  So by the time you fix it up any savings you might have will be wiped out.

So I can buy a short sale for a bargain, right?

Wrong.  A short sale occurs when a seller owes more on the mortgage than the home is worth.  Instead of walking away and being foreclosed on they opt to put it on the market.  The lender is already taking a loss so they are going to ensure that the home is priced according to the market.  No bargains are going to be found here.  Generally, you will find these homes in better condition than one that has been foreclosed on, but the time involved in waiting for a short sale, and the fact that repairs are most likely not going to be done may you may end up with a buyer paying more than if they had bought a traditional home and were able to negotiate with the seller for repairs.

I can offer way less than the list price right?

Pretty much the only way you may  buy a Los Angeles home for way less than the list price is if it is way overpriced in the first place.  Your Los Angeles Realtor® will have done the comps on the home and advised you as to whether the price being asked is at market or not.  If the home is priced correctly, the seller is probably not going to let it go for much less, if they will let it go for less at all.  Not every home seller is desperate.  In fact most aren’t.  And don’t be fooled by homes that have been sitting on the market for awhile.  There is a reason they have not sold.  It could be that they are overpriced or there is something wrong with them.

In today’s Los Angeles real estate market, where new inventory is low in many areas, homes that come on the market well-priced are going into multiples and selling very quickly.

If you find a Los Angeles home that you love, and it is well-priced, you will have found your bargain home.

Search homes for sale in Los Angeles

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

• Westwood Real Estate – Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
• Brentwood Real Estate – Brentwood single family homes, Brentwood condominiums
• Santa Monica Real Estate – Santa Monica single family homes, Santa Monica condominiums
• Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
• Culver City Real Estate – Culver City homes
• Silver Lake Real Estate - Silver Lake single homes 
• Echo Park Real Estate – Echo Park homes

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Read more: http://www.homejane.com/buying-a-los-angeles-home-for-a-bargain.html#ixzz1k48chIhU

How do you go about searching for a Los Angeles home for sale?  

If you are like the majority of Los Angeles homebuyers  you start your search online.  After all you can buy almost everything online these days including, believe it or not, supposed stem cells.  But unless you are a doctor would you attempt to buy stem cells online?

The same thing goes for such an important transaction as your future home.  Finding a Los Angeles home for sale  is not a simple process, let alone buying one.  There are so many sites on which you can do the research, and a lot of information to process, much of which can be misinterpreted.  I get so many calls from people wanting to see homes which are already in escrow or off the market, or turn out to be a scam.

I understand the desire to try and do the home search on your own.  There is no pressure.  No agent pushing you when you don’t want to be pushed.  Many of us walk into a store, and when the salesperson comes over and asks if they can help we generally say “no thank you, I’m just looking”.  I have learned that phrase in many languages.  But we are there to buy, and our time would be less wasted if we accepted that offer of help.

The same with buying a home in Los Angeles.  You are not “just looking.”  You could use the help and save yourself a lot of heartache and wasted time.

What can a Los Angeles Realtor® do that you can’t do on your own?  Let me count the ways:

1. You may, or may not know, unless you are paying all cash, that you are required to be pre-approved by a lender before making an offer on any property.  No offer will be accepted without that pre-approval.  If you don’t have anyone in mind, your Realtor® will have some referrals for you.  Whatever you do, don’t get a do-it-yourself approval either, it will not be worth the paper on which it is written.  Here we go, back to why you need to deal with flesh and blood people
2. How well do you know the neighborhoods in which you are searching?  If you have specific requirements, why go through all the trouble of doing the research on each home, when your Los Angeles Realtor®  will have the answers, and if they don’t they can do the work for you.
3. Do you know the history of the home you are investigating?  Did if fall out of escrow recently, and if so, why?  Are you going to try and call the listing agent on each one of the homes?  Which leads me to…..
4. Have you tried setting up appointments with listing agents?  Do you know how difficult it can sometimes be, especially when you are trying to coordinate several showings at once.  Guess who can take that load off your back!
5. Oh, and no, you do not want to use the listing agent to purchase the home in which you are interested.  Reasons for not doing so are included in an earlier post,  “Understanding the Benefits of Using a Buyer’s Agent.“
6. When you do find that perfect home, what next?  You now need a strong negotiator to cement the deal for you.  There can be a lot of back and forth between you and the Seller before you come to a meeting of the minds.  Your Realtor® is going to have your back.
7. Wouldn’t you love to sit back and have someone else take over the reins.  All you have to do is sign the paperwork and come up with the money!  And believe me, there is a ton of paperwork, much of which can be overwhelming.
8. Do you know good licensed home inspectors?  Your Realtor® sure does.  They have worked with them over the years and know the best ones.  You need to find out everything there is about the house before committing to buying it.  And your Realtor® will help you negotiate any repairs which need doing as a result, with your best interests in mind.
9. During the course of escrow there are contingencies to be met by both sides.  Your Realtor® will keep you honest and ensure that the other side meets their obligations also.
10. And lastly, all these services are provided to you for free.  If you connect with a good Realtor® and trust them, you have nothing to lose and everything to gain.  You may find you have more to lose by not using the services of a Los Angeles Realtor® than you do by taking the leap and hiring one.

One thing I can promise you is that you will get no pressure from me, just the assistance you need in order to find the home you are going to love.

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

• Westwood Real Estate - Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
• Brentwood Real Estate - Brentwood single family homes, Brentwood condominiums
• Santa Monica Real Estate - Santa Monica single family homes, Santa Monica condominiums
• Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
• Culver City Real Estate - Culver City homes
• Silver Lake Real Estate - Silver Lake single homes
  
• Echo Park Real Estate - Echo Park homes

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Read more: http://www.homejane.com/need-help-buying-a-los-angeles-property-10-reasons-why-you-should-talk-to-a-realtor.html#ixzz1jGhUDTD8

I am working with a first-time Los Angeles home buyer who is in the process of purchasing a brand new construction home.  The home is a stand-alone condominium, one of four on the lot.

It would seem tempting to waive the inspection on a brand new home, because after all what could be wrong!  There are building codes to be met and one would 
think even a visual inspection by the builder would catch the odd mistake.

The California real estate purchase contract requires that a home buyer conduct an inspection or waive the right to do so.  As I mention above, the temptation would be to waive it on a new home, especially since the inspection can run anywhere from $250 to $650 or more.

My first-time Los Angeles home buyer did the right thing and brought on a home inspector.  And his money was far from wasted, since some surprising things were discovered, among them:

• There were many missing or faulty GFC outlets required by code.
• Hot and cold water lines were switched.  This is potentially a scaling hazard.
• HVAC was not working downstairs.
• Fireplace dampers were not installed creating a fire hazard.
• A center island in the kitchen had not been finished with an electrical outlet even though the piping had been installed.  Required by code.
• No carbon monoxide detectors were installed.  Required by code.
• Water heater pipes were not bonded, a fire hazard.
• Grout sealer had not been applied in bathrooms and kitchen

There were other minor items, but at the very least those above need to be addressed.

Without an inspection this Los Angeles home buyer would have been stuck with a significant amount of repairs upon move in.

There is never a reason not to have an inspection when buying a home.

Search New Homes for Sale in Los Angeles

Showing properties 1 - 25 of 52. See more Los Angeles New Construction. 
(all data current as of 12/22/2011)

1. $1,425,000 : 125 Pacific ST, Santa Monica
   
   3 beds, 2.5 baths

   Year built: 2011

   Parking spots: 2

   Days on market: 13
    
2. $2,299,000 : 2917 Durand DR, Los Angeles
   
   3 beds, 2 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 9,120 sq ft

   Year built: 2011

   Parking spots: 2

   Days on market: 14
    
3. $8,900,000 : 6425 WEIDLAKE DR, Los Angeles
   
   10 beds, 18.0 baths

   Home size: 16,000 sq ft

   Lot size: 14,310 sq ft

   Year built: 2011

   Parking spots: 6

   Days on market: 15
    
4. $1,300,000 : 1919 Corinth Avenue, West Los Angeles
   
   4 beds, 4 full, 1 part baths

   Home size: 3,500 sq ft

   Year built: 2011

   Parking spots: 2

   Days on market: 22
    
5. $1,350,000 : 1921 Corinth Avenue, West Los Angeles
   
   4 beds, 4 full, 1 part baths

   Home size: 3,300 sq ft

   Year built: 2011

   Parking spots: 2

   Days on market: 22
    
6. $9,495,000 : 321 S BRISTOL AVE, Los Angeles
   
   7 beds, 12.0 baths

   Lot size: 27,137 sq ft

   Year built: 2011

   Days on market: 22
    
7. $1,079,000 : 225 S HAMILTON DR, Beverly Hills
   
   2 beds, 2.5 baths

   Home size: 2,435 sq ft

   Year built: 2011

   Parking spots: 3

   Days on market: 23
    
8. $640,000 : 4080 GLENCOE AVE, Marina Del Rey
   
   1 bed, 2 full baths

   Home size: 1,445 sq ft

   Year built: 2011

   Parking spots: 4

   Days on market: 30
    
9. $2,895,000 : 152 S ALMONT DR, Beverly Hills
   
   5 beds, 5 full, 1 part baths

   Home size: 3,900 sq ft

   Lot size: 5,900 sq ft

   Year built: 2011

   Parking spots: 3

   Days on market: 36
    
10. $995,000 : 125 Pacific ST, Santa Monica
    
    2 beds, 2.5 baths

    Year built: 2011

    Days on market: 41
     
11. $1,295,000 : 853 21ST ST, Santa Monica
    
    2 beds, 2.5 baths

    Home size: 1,458 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 47
     
12. $1,295,000 : 853 21ST ST, Santa Monica
    
    2 beds, 2.5 baths

    Home size: 1,492 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 47
     
13. $1,299,000 : 853 21ST ST, Santa Monica
    
    1 bed, 1.5 baths

    Home size: 1,745 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 47
     
14. $1,489,990 : 13048 North Icon Circle, Playa Vista
    
    3 beds, 2 full baths

    Home size: 3,848 sq ft

    Year built: 2011

    Parking spots: 3

    Days on market: 57
     
15. $3,295,000 : 1018 YALE ST, Santa Monica
    
    5 beds, 7.0 baths

    Lot size: 7,900 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 57
     
16. $1,745,000 : 44 HORIZON AVE, Venice
    
    3 beds, 3.0 baths

    Home size: 2,218 sq ft

    Lot size: 2,265 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 58
     
17. $1,470,000 : 125 Pacific ST, Santa Monica
    
    3 beds, 2.5 baths

    Year built: 2011

    Parking spots: 2

    Days on market: 62
     
18. $1,550,000 : 125 Pacific ST, Santa Monica
    
    3 beds, 2.5 baths

    Year built: 2011

    Parking spots: 2

    Days on market: 62
     
19. $499,990 : 12920 West Runway Road #121, Playa Vista
    
    2 beds, 2 full baths

    Home size: 965 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 66
     
20. $519,990 : 12920 West Runway Road #242, Playa Vista
    
    2 beds, 2 full baths

    Home size: 1,128 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 66
     
21. $588,990 : 12920 West Runway Road #261, Playa Vista
    
    3 beds, 2 full baths

    Home size: 1,314 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 66
     
22. $649,990 : 12920 West Runway Road #210, Playa Vista
    
    3 beds, 2 full baths

    Home size: 1,486 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 66
     
23. $664,245 : 12920 West Runway Road #231, Playa Vista
    
    3 beds, 2 full baths

    Home size: 1,504 sq ft

    Year built: 2011

    Parking spots: 2

    Days on market: 66
     
24. $9,995,000 : 617 N CAMDEN DR, Beverly Hills
    
    7 beds, 7.5 baths

    Home size: 11,161 sq ft

    Lot size: 13,510 sq ft

    Year built: 2011

    Parking spots: 3

    Days on market: 69
     
25. $11,960,000 : 1691 Mandeville Canyon RD, Los Angeles
    
    6 beds, 5 full, 3 part baths

    Home size: 8,000 sq ft

    Lot size: 30,000 sq ft

    Year built: 2011

    Days on market: 87
     

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

• Westwood Real Estate – Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
• Brentwood Real Estate – Brentwood single family homes, Brentwood condominiums
• Santa Monica Real Estate – Santa Monica single family homes, Santa Monica condominiums
• Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
• Culver City Real Estate – Culver City homes
• Silver Lake Real Estate - Silver Lake single homes

   

• Echo Park Real Estate – Echo Park homes

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Read more: http://www.homejane.com/just-because-you-are-buying-a-new-los-angeles-home-doesnt-mean-you-dont-need-an-inspection.html#ixzz1hIF870Z0

I was just approached by a potential buyer,  enquiring about a Los Angeles home for sale.

My first question to her was whether she had spoken to a lender.  Her answer was no.  I told her that she needed to do that before starting the process of buying a Los Angeles home.  Her answer:  "I just don't want to talk to a lender and not find a home. So I figure I could just work backwards."

We do not work backwards when buying a Los Angeles house. We look and work forward.  The very idea of working backwards is a negative one.  The only thing that will happen is you will trip and fall.

No good Realtor® worth his or her salt is going to work with you if you are not pre-approved/qualified by a lender and you do want to be represented by a good Realtor® who is going to look after your best interests.

Why do you need to be pre-approved/qualified before buying a Los Angeles house? 

In the best of times you need to find out how much home you qualify for.  And especially in today's lending environment.  Unless you are an all cash buyer you are going to have to jump through several hoops before a lender is going to give you that all-important mortgage.  What you consider credit-worthiness and what the bank considers credit-worthiness are two totally different things.

I am sure you will find a Realtor® who will work with you, but why would you waste  your time looking at homes which you cannot afford?  Wouldn't you rather spend your time making your search a realistic one.  If you start looking at homes above your price range and fall in love with one, unless you come up with the difference in cash you are not going to get it.  And then you will be disappointed when you start looking in a lower price range.

What if there is a home on which you want to make an offer at the same time as others want to make an offer.  They are pre-approved and you are not.  Who do you think is going to get the home?  Not to mention that  even if you are the only one making the offer it will not be accepted without a pre-approval letter from your lender.

If you are serious about buying a Los Angeles home you are going to have to talk to a lender one way or another, so why not do it in the right order.  First.  That is the only way the process will work.

Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you're new to L.A. Town. You'll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs! When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available. If you are an absentee owner, you'll need someone to handle all the details that you can't handle remotely. That's where I come in - I'm there when you can't be. I also specialize in lease property in Los Angeles. Westside Los Angeles Real Estate, including, but not limited to:

• Westwood Real Estate - Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
• Brentwood Real Estate - Brentwood single family homes, Brentwood condominiums
• Santa Monica Real Estate - Santa Monica single family homes, Santa Monica condominiums
• Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
• Culver City Real Estate - Culver City homes
• Silver Lake Real Estate - Silver Lake single homes
• Echo Park Real Estate - Echo Park homes

For more information on how I can best serve your Los Angeles real estate needs, don't hesitate to fill out the contact form or give me a call at 310-473-6919.

After a four offers on his family home my Seller finally sold his Palms home.  I realized $570,000 a little less than his target, but still a good price in today's market.

The buyers were first-time buyers who nervously navigated the process, but are now two happy campers expecting their first child.

My now, buyer was transferring his money into a 1030 Exchange purchase and looked to buy nearer where he lived, in Santa Clarita.

The challenges in Santa Clarita were:

• To find a property that was not a short sale, around 90% of which are.
• To find a property that was not encumbered with a Mello Roos tax, which many of them are.
• To find a property that would be easy to rent and bring in a satisfactory amount.

We found the above property.  It is a foreclosure, in good condition in a wonderful resort-type community.  Our offer was $10,000 below asking and competing with two other buyers, both with loans.  We were all cash, and as we know, cash is king.  We also offered a 15 day escrow to sweeten the pot.

The complex is only 5 years old but, the chimney has a problem which we needed addressing.  The kindly bank, gave us $4,200 credit to cover the lowest bid we got to repair the chimney and the deal was done.

Sometimes this business can just go so smoothly.

The short sale is approved!

Just when you have almost forgotten that you have made that offer on a short sale and your buyers have lost faith you get the call. 

I was minding my own business, literally, as I was about to extend the short sale addendum and had sent it off to the listing agent for signature, when I must have rattled his cage.  He called me immediately to tell me that it was approved.  In fact, he told me before he told the sellers.

So now you have the great pleasure of telling your first-time buyers that their offer has been accepted.  And you can hear the shock in their voices.  And shock it is.  It is now real.  Before it was like play-acting the role of buyer.

There is a weird feeling when you hear those words "the short sale is approved."  You are not really prepared to move ahead and now have to start scrambling to put everything together. 

Fortunately you did have an inkling that things were moving and you had recently informed your buyer that they had better get in touch with their lender to get things back on track.

You have to explain again to your buyers how the process is going to work and what they must expect: 

Just because the offer is accepted there is still a lot of negotiating to be done.  You know they have allowed some dollars for things like retrofitting, title insurance, transfer taxes, etc. but you know they are not going to pay for the termite inspection and any work involved. 

Also, who knows what problems may be found during inspection which will most probably not be paid for by the lender. 

This is the real buying process.  The rest was just practice. 

But, how sweet the sound........

If you are buying a home in Los Angeles, or anywhere in California, or have already gone under contract after May 1, 2010, you are entitled to a $10,000 tax credit. 

The credit is available from a $100 million allocation which is projected to run out fairly quickly. 

If you are buying a home in Los Angeles or the rest of California, time is running out! 

If you have tried to file via fax you may have found you could not get through because the line is constantly busy.  The fax line is open 24 hours so you may want to wait until after hours when there will be less traffic. 

If you do manage to get through, make sure all the pages went through and be sure to keep a copy of the fax confirmation.

More information on the California first time home buyers tax credit.

Buying a home in Los Angeles search here.

If you are confused about the Federal Tax Credit and how it applies to you, this is an excellent overview.

Also, there is the possibilty of a California State Tax Credit bill being passed which will offer a credit of $3,333 per year for three years to subsidize homebuyers.

I read an article in today's Los Angeles Times, by Lew Sichelman in which he talks about the need to make sure, as a homeowner, you have adequate insurance coverage.

Mortgage lenders require a basic homeowner policy to cover the property and are likely to foreclose on the borrower if they refuse to carry the insurance.

Some recommended additional insurance coverage is:

Flood.  Even if you don't live in a flood area, just a few inches of water in a heavy rain season can lead to damage.  Apparently the No. 1 natural disaster in the country is flooding.  The National Flood Insurance Program offers insurance up to $250,000, and it is not that expensive. 

Umbrella.  If you are ever sued, for whatever reason, your homeowner policy may not cover a unsuccessful outcome. To avoid losing your home there are umbrella policies that can provide you with a $1-5 million in protection over and above the limit of your other coverage.

Valuable. These can be covered with a rider on your homeowner policy.  But there are limits to that.  So if the value of your possessions exceeds the coverage ceiling you might consider adding a valuable-items or personal-articles floater.

Home Office. If you work out of your home, your homeowner policy may not cover your business property.  What if someone injures themselves in your home.  Tell your agent the details of your business to see what needs additional insurance.

Vacant Property.  If you are leaving your home empty, make sure that your insurance company knows and that your coverage does not lapse. 

Rental Property.  If you are renting your property a homeowner's policy will not cover the it.  You need landlord's coverage.