UTILIZE MY SERVICES TO PURCHASE A NEW HOME BETWEEN NOW AND OCTOBER 31, 2011 AND RECEIVE $500 AT THE CLOSE OF ESCROW!
Wednesday, June 15, 2011
SIZZLING SUMMER SPECIAL!! Buy Now and get $500 at Closing!!
UTILIZE MY SERVICES TO PURCHASE A NEW HOME BETWEEN NOW AND OCTOBER 31, 2011 AND RECEIVE $500 AT THE CLOSE OF ESCROW!
Tuesday, February 15, 2011
Beware of Foreclosure Scams! Some Red Flags to Look For...
If you are at risk for foreclosure or currently in foreclosure, you have enough to worry about without falling victim to one of the many foreclosure scams out there. These so called "foreclosure rescue companies" promise to help save your home, but in reality are out to rip you off and make a profit.
Make sure you know who you are dealing with and be careful! Following are some of the red flags to look out for...
1. Asking for money up front before providing any service.
2. Telling you not to contact your lender, lawyer, family, friends, etc..
3. Asking for mortgage payments to be made directly to their company or bank accounts set up by them, rather than to your lender.
4. Promises to stop the foreclosure process, no matter what the circumstances.
5. Advises you to transfer your property deed or title to his or her company.
6. Encourages you to lease your house and buy it back over time.
7. Asks for you to give a power of attorney.
8. Offers to fill out paperwork for you.
9. Asks for signatures on a document with lines left blank.
10. Asks for signatures on a grant deed or deed of trust.
11. Refuses or fails to put an oral promise in writing.
If you are dealing with a company or a representative who asks you to do any of these things, run!!
If you have been approached by a scam artist or have been the victim of a foreclosure-related scam, you can report the incident to the following organizations and enforcement agencies:
California Attorney General: http://ag.ca.gov
California Department of Real Estate: www.dre.ca.gov
Federal Trade Commission (FTC): www.ftc.gov
Department of Housing and Urban Development (HUD): www.hud.gov
Better Business Bureau: www.bbb.org
Make sure you know who you are dealing with and be careful! Following are some of the red flags to look out for...
1. Asking for money up front before providing any service.
2. Telling you not to contact your lender, lawyer, family, friends, etc..
3. Asking for mortgage payments to be made directly to their company or bank accounts set up by them, rather than to your lender.
4. Promises to stop the foreclosure process, no matter what the circumstances.
5. Advises you to transfer your property deed or title to his or her company.
6. Encourages you to lease your house and buy it back over time.
7. Asks for you to give a power of attorney.
8. Offers to fill out paperwork for you.
9. Asks for signatures on a document with lines left blank.
10. Asks for signatures on a grant deed or deed of trust.
11. Refuses or fails to put an oral promise in writing.
If you are dealing with a company or a representative who asks you to do any of these things, run!!
If you have been approached by a scam artist or have been the victim of a foreclosure-related scam, you can report the incident to the following organizations and enforcement agencies:
California Attorney General: http://ag.ca.gov
California Department of Real Estate: www.dre.ca.gov
Federal Trade Commission (FTC): www.ftc.gov
Department of Housing and Urban Development (HUD): www.hud.gov
Better Business Bureau: www.bbb.org
Saturday, November 6, 2010
The Eagle Rock Mansion, "Chateau Emanuel" at 1554 Hill Drive For Sale
Longtime residents of Eagle Rock are quite familiar with what is affectionately referred to as "The Mansion", an imposing english tudor estate located at 1554 Hill Drive in Eagle Rock. This property has just recently been listed for sale for the first time since 1965 - the total lot size is 122,404 square feet, and the main home is 4 bedrooms and 6 bathrooms, and nearly 6,000 square feet. There is also 3 additional guest houses adding an additional 3,000 square feet. An absolutely incredible property, and it has just been listed for sale. Asking price? $5,999,995.00.
Please contact me if you are interested & I would be happy to provide my services to assist you in owning this fabulous home! Listing courtesy of James Beckham with Dilbeck Realtors.
Saturday, September 25, 2010
OPEN HOUSE SUNDAY (Sept. 26th) FROM 2-5 PM - 9738 Pali Avenue, Tujunga, CA 91042
I will be hosting an open house on Sunday afternoon, September 26th, 2010, at 9738 Pali Avenue, Tujunga, CA, from 2:00 to 5:00 PM. This property is a real estate owned (REO) property (otherwise knows as a foreclosure) and has only been on the market about a week - Sunday will be the first open house.
I know that the weather is supposed to be a tad warm tomorrow (to put it mildly..), but hopefully it will not keep everyone away from a wonderful afternoon of house hunting!
Contact me anytime (323-810-7976) for information on this or any other property you may be interested in purchasing...
Have a great weekend!
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9738 Pali Avenue, Tujunga, CA |
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3+2 in Prime Tujunga, Glendale Adjacent!! Walking distance to Foothill Boulevard!!
Open Sunday, September 26 from 2:00 - 5:00 PM |
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Posted: Sep 25, 2010, 8:27pm PDT |
Wednesday, September 22, 2010
What a First Time Home Buyer Needs to Make An Offer
So you have spent some time looking at houses online, have visited some open houses and maybe have seen a few houses with your agent if you have one - you have a pretty good idea of what you are looking for. But when you find the house that you love, will you be ready to make an offer? What exactly will you need? To make the process a little clearer for first time home buyers, below are some of the main items that you should have
1. Speak to a mortgage agent or lender to get pre-approved for a loan, and obtain a loan pre-approval letter. This is really something you should do before you even START looking for a property. A mortgage broker or lender will be able to tell you exactly the type and amount of loan you would qualify for, based on your credit, income, etc., which will tell you the exact price range you should be looking. They will also be able to provide you with a written confirmation of your loan approval (called a pre-approval letter), which will be required by just about all sellers to be submitted with your offer.
2. Have a good buyers agent representing you. A good agent will be able to not only help you locate all of the available properties within a given area and price range, and tailor the search to fit the exact features you like and dislike in a property, but their true value is proven once you have found the home you would like to buy. A good agent will research all of the comparable sales in the area to help determine the fair market value of the property, and help you acquire the property at the best possible price through negotiations on your behalf with the listing agent and seller. Your agent will also prepare and explain to you all of the intricacies of the paperwork compromising the offer, and well as make sure the myriad of additional forms and disclosures are completed as required by law in each transaction. The agent will also coordinate and guide you through the additional steps in the closing process, such as the inspections, appraisal, possibly negotiating a credit from the seller, etc.. Agents who represent buyers in the purchase of property are customarily paid by the SELLER, so having a good agent on your side is not only essential to a buyer, it is also FREE!
3. Be prepared to provide proof of funds for the cash down payment amount, and a copy of the deposit check with your offer. These days more than ever, it is customary for sellers to require that potential buyers submit a "proof of funds" with their offer, demonstrating that they have enough available liquid cash on hand sufficient to cover the amount of the purchase price that is not being financed. Generally, a copy of the bank statement reflecting a sufficient balance would be acceptable. Most sellers will also want to see a photocopy of the check from the buyer for the opening deposit with the offer, which is customarily equal to 3% of the total purchase price. Only when the offer is accepted by the seller will the deposit be required to be actually submitted to escrow, so you will not have to put forward any money until you have an accepted offer in place.
4. Be ready to schedule your inspection immediately upon acceptance of your offer. The time periods on each transaction are negotiable, but the standard time frame for the inspection contingency is 17 days in a California Association of Realtors Residential Purchase Agreement. The contingency period means that during this time, the buyer has a right to back out of the transaction and cancel escrow for any reason relating to the physical inspection of the property, and have the right to request the opening deposit returned to them and not be at risk of losing that deposit to the seller. It is strongly recommended that all buyers obtain a physical inspection, which generally runs approximately $300-$400, and is paid for out of pocket by the buyer. The inspection report will show you the detailed condition of the property and any potential problems, and could be a basis for asking for a price reduction or credit from the seller for problems diagnosed in the report. In order to stay within the time contingency periods and protect the buyers deposit, the inspection, review of the report, and negotiations with the seller should be done all within the time contingency period. Therefore it is critical to have your inspection scheduled and performed as soon as possible upon having your offer accepted.
Hopefully by this time you will be well on your way to becoming a homeowner!
1. Speak to a mortgage agent or lender to get pre-approved for a loan, and obtain a loan pre-approval letter. This is really something you should do before you even START looking for a property. A mortgage broker or lender will be able to tell you exactly the type and amount of loan you would qualify for, based on your credit, income, etc., which will tell you the exact price range you should be looking. They will also be able to provide you with a written confirmation of your loan approval (called a pre-approval letter), which will be required by just about all sellers to be submitted with your offer.
2. Have a good buyers agent representing you. A good agent will be able to not only help you locate all of the available properties within a given area and price range, and tailor the search to fit the exact features you like and dislike in a property, but their true value is proven once you have found the home you would like to buy. A good agent will research all of the comparable sales in the area to help determine the fair market value of the property, and help you acquire the property at the best possible price through negotiations on your behalf with the listing agent and seller. Your agent will also prepare and explain to you all of the intricacies of the paperwork compromising the offer, and well as make sure the myriad of additional forms and disclosures are completed as required by law in each transaction. The agent will also coordinate and guide you through the additional steps in the closing process, such as the inspections, appraisal, possibly negotiating a credit from the seller, etc.. Agents who represent buyers in the purchase of property are customarily paid by the SELLER, so having a good agent on your side is not only essential to a buyer, it is also FREE!
3. Be prepared to provide proof of funds for the cash down payment amount, and a copy of the deposit check with your offer. These days more than ever, it is customary for sellers to require that potential buyers submit a "proof of funds" with their offer, demonstrating that they have enough available liquid cash on hand sufficient to cover the amount of the purchase price that is not being financed. Generally, a copy of the bank statement reflecting a sufficient balance would be acceptable. Most sellers will also want to see a photocopy of the check from the buyer for the opening deposit with the offer, which is customarily equal to 3% of the total purchase price. Only when the offer is accepted by the seller will the deposit be required to be actually submitted to escrow, so you will not have to put forward any money until you have an accepted offer in place.
4. Be ready to schedule your inspection immediately upon acceptance of your offer. The time periods on each transaction are negotiable, but the standard time frame for the inspection contingency is 17 days in a California Association of Realtors Residential Purchase Agreement. The contingency period means that during this time, the buyer has a right to back out of the transaction and cancel escrow for any reason relating to the physical inspection of the property, and have the right to request the opening deposit returned to them and not be at risk of losing that deposit to the seller. It is strongly recommended that all buyers obtain a physical inspection, which generally runs approximately $300-$400, and is paid for out of pocket by the buyer. The inspection report will show you the detailed condition of the property and any potential problems, and could be a basis for asking for a price reduction or credit from the seller for problems diagnosed in the report. In order to stay within the time contingency periods and protect the buyers deposit, the inspection, review of the report, and negotiations with the seller should be done all within the time contingency period. Therefore it is critical to have your inspection scheduled and performed as soon as possible upon having your offer accepted.
Hopefully by this time you will be well on your way to becoming a homeowner!
Saturday, September 11, 2010
CalHFA Announces New 30-Year Fixed Rate FHA-Insured Mortgage for First Time Home Buyers
The California Housing Finance Agency announced a new mortgage option for first time home buyers this past week, which the department hopes "will help open the door to first time home ownership for many California families", according to CalFHA executive director Steven Spears. The new mortgage, done in partnership with the Federal Housing Administration, is a 30-year, fixed interest rate FHA-insured loan, and features below-market interest rates as well as affordable down payments. According to the California Association of Realtors, that could mean a fixed rate of approximately 4%. Borrowers are also able to use the California Homebuyers Downpayment Assistance Program (CHDAP) with this loan option, which can provide up to 3% of the purchase price to qualified borrowers for closing cost or down payment assistance.
In order to qualify for the program, borrowers must meet several eligibility requirements, including meeting CalFHA's income limits, meeting the minimum credit score requirements with maximum debt to income ratios, and completing a HUD approved first time home buyer education program, among others. Income limits vary by county - for a family of four in Los Angeles County, income must be less than $111,020 per year.
You can find more information on the CalFHA loan program HERE.
Sunday, August 29, 2010
Open House Today at 13039 Addison Street, Sherman Oaks 8/29/2010 2-5PM
I will be spending my afternoon today hosting an open house at 13039 Addison Street in Sherman Oaks, a 6 bedroom, 7 bathroom 6,469 square foot home just east of Coldwater Canyon and south of Magnolia. We will be open from 2-5PM & the property is listed at $1,995,000. Lookie-loos welcome!!
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