reo properties: NOTHING IS NEGOTIABLE ANYMORE
- 06/18/11 07:29 AM
I really liked this post of Bill's because even though he is in Arizona, the scenario he describes is so indicative of the market here in Los Angeles & Ventura county. For buyers looking to purchase an REO, this type of nonsense was pretty typical of REO listing agents and their bank sellers. However, for some time now, I've been seeing these same requirements listed on the MLS for many short sale listings as well as many traditional sales listings. That's just plain foolish because it deters so many buyers from even looking at the home or making an offer on the … (10 comments)
reo properties: Buyer's Market vs Sellers Market: Which One Are We In Here In Los Angeles & Ventura Counties? - Part 2
- 01/13/11 04:28 AM
In Part 1, I offered a rather broad description of what a buyers real estate market was and what a sellers real estate market was and how important it was for buyers and sellers to know what kind of specific market they were in before buying or selling a property here in Los Angeles & Ventura counties. In Part 2, I'd like to focus some of the specific criteria that determine a buyers market or a sellers market. Because of the size of Los Angeles and Ventura counties (especially Los Angeles county), we actually have quite a few markets going on … (5 comments)
reo properties: THINK TWICE BEFORE PASSING ON THAT “FIXER”: That “Dump” Can Actually Be a “Diamond in the Rough” With a Little Vision
- 10/11/10 09:23 AM
This past weekend, I went to a house-warming party for some former clients that closed escrow a few months ago. I hadn't seen their home since the week they closed escrow and it was so nice to see the changes they have made since then. It got me to thinking about how they almost didn't buy this home because it was kind of a fixer. Amazing what a little time and sweat equity as well as a few professional upgrades can do for a home. Here in Los Angeles & Ventura counties, our real estate market is absolutely saturated with run-down, … (15 comments)
reo properties: INSPECTION REPORTS THAT CAN BE DEAL BREAKERS: Some Deal Breakers Can Actually Prevent You From Buying a Money Pit (30DC25)
- 09/20/10 12:43 PM
As a mortgage gal, I have seen and heard about so many escrows that fall-out or get cancelled in the past two years, than I have in the previous years. Up until a couple of years ago, escrow fall-out for me was rare but these days, sometimes, the most routine matters can make or break an escrow. Here in Los Angeles & Ventura counties, all of the down payment assistance programs that I work with require that the properties that their applicants are purchasing must meet minimum property code standards. Furthermore, lenders also require that properties purchased with an FHA loan … (9 comments)
Recently, the Los Angeles city council passed the Foreclosure Registry Program in an effort to protect residential neighborhoods from blight because of banks run-down, dilapidated, dumpy REO's. Any lender or trustee who has a property in foreclosure must register that property with the Los Angeles Housing Department (LAHD) within 30 days of issuing the Notice of Default (NOD). If the lienholder, lender, property manager or listing agent is "Out of … (15 comments)
reo properties: ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: NSP Receives More Than 27M in Additional Funds (30DC18)
- 09/13/10 05:18 AM
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business. This morning's video was especially interesting because there was a segment on the Neighborhood Stabilization Program (NSP) receiving their new allotment of funds. For those who don't know what NSP is, the NSP was developed to stabilize communities that have suffered from foreclosures and … (4 comments)
reo properties: Thinking of Buying an REO? To You it's a Home, to the Bank it's Scrap Metal
- 08/05/10 10:40 AM
Don't let the fact that Leslie's tongue is stuck in her cheek dimish the message. It's a message that's just as relevant here in Los Angeles & Ventura counties as it is in Chicago. When it comes to buying an REO property - IT'S A SELLERS MARKET! BUYERS ARE NOT IN CONTROL! REO bank sellers and their asset managers couldn't care less about you (the buyer), your low-ball offer, your extensive repair request or your need to get a deal. As far as they are concerned, you are getting a deal - PERIOD! TAKE IT OR LEAVE IT!
Who is sitting in … (6 comments)
reo properties: Kiss The Frog - He May Be A Prince After All!
- 06/22/10 08:40 AM
I really liked this post by fellow AR member Candice Donofrio. So much so, that I just had to reblog it. So often, I get emails and/or calls from prospects demanding to get the same loan terms that someone they know got in some other part of the state or country. It's moments like this that I'd like to whack these people upside the head with a reality 2x4 but then my better judgement takes over and I refrain. In my sweetest and most professional demeanor, I begin to inform and educate these people on the realities of our market here in Los Angeles and Ventura counties. You see, here in Los Angeles … (6 comments)
reo properties: ATTENTION LOS ANGELES & VENTURA COUNTY HOME BUYERS: What "As-Is" Does and Does Not Mean
- 10/18/09 08:22 AM
The other day, I came across this post from Julia Odom titled AS IS - What's it mean?. Reading Julia's post got me thinking of the "as-is" market here in Los Angeles & Ventura counties. While Julia writes a great post of what "as-is" does and doesn't mean, based on my personal experiences in my market, "as-is" seems to have taken on a whole new meaning. Apparently (at least around here), "as-is" means that if there are any building code violations, don't count on the seller and/or bank to be taking care of them. Also with BofA and/or Countrywide short sales, … (12 comments)
reo properties: THE PRACTICE OF DEMANDING PROSPECTIVE BUYERS GET PRE-APPROVED WITH DESIGNATED LOAN REPS JUST GOT A WHOLE LOT SLEAZIER!
- 09/28/09 04:44 AM
Yesterday, I came across a post by Joetta Fort titled, Whaddaya Mean, Home Buyers Have to Qualify with YOUR Lender? It was a great post on the topic of REO listing agents and REO bank sellers demanding that prospective buyers pre-approve with a designated loan rep. While this post is not going to address this particular practice, don't even get me started on that behavior, but rather I want to address a whole new issue that is arising that is associated with this despicable practice. Here in Los Angeles and Ventura counties, this particular practice is absolutely rampant. While most of the time it is … (14 comments)
reo properties: ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: LAHD Expands NSP Eligible Areas!
- 08/18/09 06:28 PM
Los Angeles Housing Department (LAHD) is pleased to announce that Los Angeles county's Neighborhood Stabilization Program (NSP) eligible areas have been expanded significantly! LAHD has expanded the NSP eligible areas to at least three times larger than its current size! Additionally, LAHD has made the following program changes: LAHD has increased the maximum rehabilitation/repair allowable from $50,000 to $75,000. Part of the purchase assistance loan, up to 5% of the purchase price (previously the maximum was 4%), may be used to cover closing costs.
First Time Buyers: Need some help in purchasing your first home here in LA county? … (0 comments)
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