The FAA (Federal Aviation Administration) ruled this week against the Burbank-Glendale-Pasadena (Bob Hope Airport) Authority's application for a mandatory curfew from 10pm-6:59am. The news released this week, for those of you, like me, who have been following this issue for many years is disheartening, but not surprising.
To give you some background, Burbank, Los Angeles and Glendale residents have been advocating for this curfew since the 1970's. There is currently a voluntary curfew in place, but residents would like to make it mandatory as they see a risk of increased air traffic in the future.
On the good news front, this was the first application ever to make it through the entire FAA review process. The problem is that if the FAA rules for this curfew, then other smaller airports such as Van Nuys and Ontario Airports would be able to ask for the same treatment. The reason for the denial is that the FAA said the curfew would hinder business in the air and on the ground.
The next step appears to be litigation, which is supported by our local city officials and Congressman Brad Sherman. The request for a mandatory curfew would exclude medical, emergency and a number of cargo flights.
There are approximately 180,000 residents in Burbank, Glendale and Los Angeles who live under the flight paths and the area homeowners are committed to getting this curfew in order to maintain their quality of life.
Beautiful Chatsworth Lake Manor home featuring formal entry, remodeled kitchen with granite countertops, large master suite with two walk in closets, private yard. Regular sale, don't miss this gorgeous home!
I just found this post about home inspections and found lots of valuable information for sellers. If you are thinking about selling your home you usually declutter, spruce up the front and back yards, but you don't think about the things that a home inspector will be looking for.
Buyers will ask for repair money on many of these items.
These great tips that will save you money when you are in escrow.
Since home sales seem to be picking up around the nation, following are some helpful hints if you're a Seller, and some helpful hints for your Seller if you're the agent.
This list is San Diego specific, so modify as necessary for your area. Don't do something that you're not comfortable doing; hire a professional do to it.
OUTSIDE
_____Check that doorbells work.
_____Check for missing roof shingles.
_____Check for loose/damaged/clogged gutters/downspouts.
_____Check attic ventilation and condition of vent screens.
_____Check to see if there is standing water, especially near the foundation, after irrigation or rainfall.
_____Check for cracks in foundation walls.
_____Check structure (including attic and foundation crawl space) for pests (termites, wasps, spiders, nests, etc.).
_____Check for damage to walls and ceilings that need to be patched and painted.
_____Check for moisture stains on ceilings and walls; around doors and windows; near sinks, toilets, bathtubs, and showers; and near the dishwasher.
_____Check for loose, missing, or damaged guardrails and handrails in stairways.
_____Check for loose, broken or missing baseboards and door and window moldings.
_____Check for cracked tiles or deteriorated grouting in kitchen and bathrooms.
_____Check that kitchen appliances work.
_____Check that an anti-tip device is installed on the range.
MISCELLANEOUS
_____Let dogs and cats vacation for a few hours with a family member, friend, or at a pet spa. Check that other pets (birds, snakes, rodents, etc.) are caged.
_____Certain items should be inspected annually due to their inherently dangerous nature. These include gas-using appliances, pool/spa equipment, roof, and the fireplace and chimney. If they have not been inspected within the last 12 months, having it done now can make escrow go more smoothly.
_____Check that filters are in place and clean (kitchen range hood, heating/cooling, bathroom fans, etc.)
_____Check for soot, cobwebs, and wildlife in the fireplace and lower areas of the chimney.
_____The Chimney Safety Institute of America (CSIA) recommends that the fireplace and chimney undergo a Level II inspection any time real estate ownership is transferred, and I recommend having that done prior to the Buyer's inspection.
_____Check that the fireplace damper opens/closes easily.
_____Check for manufacturer installation guides, operating instructions, or user guides that you can provide to the buyer, especially for kitchen appliances; heating and cooling system; water heater; security, irrigation, fire suppression, central cleaning, and water modification systems; water well; and septic system.
_____Many property inspectors exclude inspection and testing of some specialized systems, such as security and irrigation systems. Once you get the Buyer's inspection report, note what the Inspector did and did not do or could and could not do. Offer to meet with the Buyer to demonstrate how those systems are operated and maintained, and provide the contact information for any companies that regularly service the systems.
_____Check for receipts and warranty papers for any work done on the property, particularly for inspections and work done to prepare the property for sale.
If you are a first time home buyer, you will want to know who is expected, typically, to pay for what expenses in the home buying transaction process.
This list is intended as a guide and keep in mind that everything is negotiable and you can ask the seller to pay for certain fees or closing costs.
Typical buyer expenses:
• Title insurance premium for the Lender’s policy
• Half of the escrow fee
• Document preparation fee, if applicable
• Recording charges for all documents in buyer’s name
• Buyer notary fees
• Tax proration from the date of acquisition
• All new loan charges, with the exception of any lender requires seller to pay
• Interest on new loan from date of funding to 30 days prior to first payment date
• Assumption or change of records fees for taking over an existing loan
• Beneficiary statement fee, if assuming existing loan
• Inspection fees, which include property, roof, plumbing etc.
• Fire insurance premium for first year
Your realtor should help guide you through the offer and counter offer process so you are informed and can safely negotiate the appropriate costs/fees.
The Housing Market Index report came out yesterday and showed a 2 point increase over April's report.
This follows on the heels of a 5 point jump in April's report.
Yesterday this news was viewed as a very positive sign for the future direction of the housing market. Fast forward to today, the Housing Starts report came out and showed that starts fell dramatically going to lows not seen since 1959. Housing Starts fell 12.8% in April, 8.5% in March.
The pain was felt most in the Northeast, Midwest and South as the West showed the best news with a 42.5% increase in starts.
To put these numbers into context you need to realize that this(Housing Starts) statistic is a lagging indicator, meaning that it takes a while for any rebound to actually show up in these numbers. Having said that, inventories in many parts of the country are very high. Again, real estate is local, very local.
Here in the Burbank/Toluca Lake/Glendale real estate areas inventory is high in some of the higher price points, but if you look at the 400-550k market, inventory is not bloated at all. Properties that are priced well are selling quickly as there are many buyers at this price range.
This market is unlike any we've seen before and can be very confusing for both buyers and sellers. There is no doubt that pricing is key to selling properties quickly. The take away should be that these numbers can be interesting, but really don't tell you much about your real estate area.
If you really want to know what's going on in a particular neighborhood and at specific price points you need to drill down and study the inventory, recently sold homes, pending homes to gain insight on the true picture. Ask your realtor if there are multiple offer situations, if so at what price points. All of these statistics help give you a much better picture, which is important for sellers looking to price their home for a quick sale and for buyers wanting to present offers that get accepted.
As you can see, not all areas are created equal when it comes to homes for sale and actual homes sold.
While some of our local areas are mirroring the national statistics there are a few areas that are had healthy sales and price increases as compared to March 2008.
One of my favorite websites is GoGreenTube.com. It's a fantastic resource filled with green videos on that talk about sustainable ideas, tips, how to advice, resources, products and much more!
It gets warm here in Burbank and the San Fernando Valley, especially during the summer. So I'm always looking for ideas on how to make my home more energy efficient.
My latest find is this video which covers ideas on home energy retrofits:
The Burbank real estate landscape has changed and there are many terms out there today that buyers and sellers did not have to worry about a few years back.
If you have been thinking about purchasing a short sale property or a foreclosure property, here are some terms you should know:
ASSIGNMENT OF DEED OF TRUST: A document that transfers the lender’s (beneficiary’s) interest in a deed of trust.
BANKRUPTCY: A legal process that allows a debtor to discharge certain debts without paying the total amount due.
BENEFICIARY: The lender or person to who the obligation is owed.
BIDDING INSTRUCTIONS: An authorization form signed by the beneficiary authorizing the trustee to make the initial opening bid at a trustee’s sale and subsequent bids.
DECLARATION OF DEFAULT: A document signed by the beneficiary instructing the trustee to prepare the Notice of Default should the borrower not bring the loan current, to sell he property, encumbered by the loan, in order to satisfy the unpaid debt. This document is not recorded.
DEED OF TRUST: A written document describing the real property being given as security for an obligation.
EXTENSION AGREEMENT: An agreement that extends the due date of a note.
FORECLOSURE: Enforcing a lender’s rights upon the default of an obligation that is secured by a deed of trust. A deed of trust must contain a power of sale clause to enable he trustee to initiate a non-juridical foreclosure.
FULL RECONVEYANCE: A document prepared by the trustee or substituted trustee, when the obligation secured by the deed of trust is paid in full. When recorded, the econveyance takes the deed of trust off record.
NOTICE OF DEFAULT: A written document that is recorded, published, and posted giving notice of public record that a borrower has failed to perform his or her obligation under the erms of the promissory note. This document is recorded.
NOTICE OF TRUSTEE’S SALE: A document that is recorded, published, posted and mailed and sets forth the date, time and location of the trustee’s sale. POSTPONEMENT: A verbal announcement made at the time and location of a trustee’s sale, extending the sale to a future date.
PUBLICATION PHASE: The period of time beginning after the third month starting on the date that the Notice of Default records. This period ends with the trustee’s sale being conducted. The trustee sees that the document is recorded, published and mailed in accordance with the requirements of the civil code.
RESCISSION OF NOTICE OF DEFAULT: After the default has been brought current or by the request of the beneficiary, this document when signed by the lender and recorded by the trustee, will remove the Notice of Default from record.
REINSTATEMENT PERIOD: The time period between the time that the Notice of Default records and ends 5 business days before the trustee’s sale. The lender must allow reinstatement during this period of time. A lender may elect to allow reinstatement after the 5-day period ends, but before the trustee’s sale.
SOLDIERS’ AND SAILORS’ RELIEF ACT OF 1940: An act passed by Congress for the financial protection of those individuals serving in the military service.
SUBSTITUTION OF TRUSTEE: A document signed by the lender and recorded by the trustee whereby the beneficiary appoints a successor trustee to the trustee of record.
TRUSTEE: The party who holds title to real property in trust for the benefit of another. The trustee’s most common functions are to process a full (when a loan is paid off) or partial (when a portion of the property is being release) reconveyance and to process a non-judicial foreclosure and process a trustee’s sale.
TRUSTOR: The borrower/owner at the time the deed of trust is created.
TRUSTEE’S DEED UPON SALE: A document signed and recorded by the trustee that transfers ownership of the real property to the purchaser at a trustee’s sale.
TRUSTEE’S SALE: A public auction sale of a property described in a Notice of Trustee’s Sale, which property was Information gathered from public sources and deemed reliable but not guaranteed.
Housing and economic information and statistics for Burbank, North Hollywood, Hollywood Hills, Studio City , Valley Village, Toluca Lake and surrounding areas of the San Fernando Valley.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Since home sales seem to be picking up around the nation, following are some helpful hints if you're a Seller, and some helpful hints for your Seller if you're the agent.
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