Charming Brentwood Traditional home for lease $3400 - 05/29/09 12:45 PM
Very charming traditional Mellenthin style home. Wood floors, large fireplace in living room, lots of mature trees, attached garage, and a very large back yard.
GREAT Brentwood area within walking distance to retail and restaurants on Wilshire Blvd. Includes range, dishwasher, refrigerator.
Washer and dryer are possible also, depending on lease terms. Pets OK with deposit, but please submit number of pets and breed for review.


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Buyers: Get used to writing at or over asking.....the shift has started - 05/29/09 12:59 AM
I have so many buyers right now that are going through a psychological struggle in their original perception of what the Los Angeles market is like, versus the actual reality.
We have really fired up in the $450k and below market!
Some buyers are having a hard time when the properties they are interested in are going into escrow quickly and/or with multiple offers.
Some are still thinking you can get a property for well below asking.
But it usually sinks in after they lose the 2nd or 3rd property that they need to step up to the plate if they … (0 comments)

Short Sale Approval: Always a guaranteed trustee sale suspension? - 05/28/09 12:41 AM
I recently got a written bank approval on a short sale listing of mine.  Of course, it took forever and a day to get it, but after a week into escrow something unusual happened.
The property was vacant, and when I went to check on it I found a notice of trustee sale posted on the property.
My first thought was that it just crossed in the chronological path.
But I have learned to NEVER ASSUME ANYTHING.  We have a buyer and a seller here who have a huge amount of livelihood at stake here, and I wanted to verify everything … (1 comments)

Interest Rate Update - 05/22/09 - 05/22/09 08:40 PM
Rates were slightly higher at the end of the week, which is fairly typically near a holiday week-end, because of limited bond trading.
Below are some typical rates for the week-end. 
Conventional Loans:
30 Year Fixed Conforming---$417,000 and Below:  4.875% with 1 Point
30 Year Fixed High Balance Conforming---$417,001 to $729,750:   5.125% with 1 Point
30 Year Fixed Jumbo---$729,751 to $1,000,000:  6.375% with 1 Point
5/1 ARM Jumbo---5.125% with 1 Point-amazing for Jumbo product
FHA Loans:
FHA 30 Year Fixed---$417,000 and Below:  5.0% with 1 Point
FHA 30 Year Fixed High Balance---$417,001 to $729,750:   5.25% with 1 Point
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Foreclosures and Short Sales taking an emotional toll...... - 05/22/09 12:28 AM
Seeing so many foreclosures and short sales has definitely taken an emotional toll on me lately.
It's so sad to walk into a recently vacated home and see toys and/or personal belongings laying around.  It means that someone has had to uproot their entire life because they lost their home.  Especially when I see toys or kid's clothes laying around.
Although I realize that someone elses loss will turn itself into a happy home for someone else, I can't help to think that someone has lost their home due likely to someone being taken advantage of by the mortgage industry.
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Using the $8000 Tax Credit as Down Payment..........Update - 05/22/09 12:05 AM
Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit is expected to be out shortly, but a spokesperson from the U.S. Department of Housing and Urban Development, which is writing the guidance, couldn't give a firm release date. HUD policy staff are "still working out the details on it," HUD spokesperson Lamar Wooley told REALTOR® Magazine today. "So we expect it to be published shortly." The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected … (0 comments)

More info on 203k FHA Loans...... - 05/18/09 11:37 PM
So there are actually 203k consultants that you can hire to come to the prospective property and develop not only a list of FHA required repairs, but also home improvements that the buyers have on their wish list.
How it works is, if approved, all of the improvement costs would be added to the loan amount, but it would be the lesser of the two following numbers:
1. The estimated value of the property after improvements
2. The purchase price of the home PLUS the cost of the improvements.
The 203k consultant would come back to the property to inspect the … (0 comments)

FHA 203k Streamline Loans - Details!! - 05/18/09 10:10 AM
I am gathering more and more details on the FHA 203k Streamline Loan, as I have many buyers that are looking to get into homes now that, due to the amount of foreclosures, are in need of repair and would not normally work with a regular FHA loan.
I am also having dialogue with a couple of lenders I work with as far as how it all works.
I went to the FHA website and found the following GREAT overview on the 203k Streamline Loan.
It's a bit lengthy, but WELL worth the read as it may help FHA Buyers looking … (0 comments)

Bank-owned properties: Watch for Passive Contingencies!! - 05/16/09 01:11 PM
If you are representing a buyer on a bank-owned property, make sure you read the bank addendum to the purchase contract THOROUGHLY AND COMPLETELY.
Some of the things you want to focus on are:
1. Closing date2. Per Diem Charges3. Inspection Periods4. Credits to buyer / repairs to property
But most importantly, make sure you read the addendum and look to see if PASSIVE CONTINGENCIES are written into the contract.
Basically, passive contingencies state that once a contingency date has passed, it is AUTOMATICALLY DEEMED AS REMOVED - unless you alter that in writing perhaps in the form of an addendum … (1 comments)

Weekly Rate Update - 05/16/09 10:07 AM
Rates improved this week as a result of the weakened stock market-good news for us, but not so good for ours and our clients' investments.  Below are some rates for the week-end. 
Conventional Loans:
30 Year Fixed Conforming---$417,000 and Below:  4.875% with 1 Point
30 Year Fixed High Balance Conforming---$417,001 to $729,750:   5.0% with 1 Point
30 Year Fixed Jumbo---$729,751 to $1,000,000:  6.125% with 1 Point
5/1 ARM Jumbo---5.125% with 1 Point-amazing for Jumbo product
FHA Loans:
FHA 30 Year Fixed---$417,000 and Below:  5.0% with 1 Point
FHA 30 Year Fixed High Balance---$417,001 to $729,750:   5.0% with 1 Point-.375 drop
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Condo ID number to check on FHA status of a building.... - 05/15/09 10:26 PM
With all of the FHA activity going on in the current market, there are more and more agents asking up front if the building for the condo listing their buyers are interested in is FHA approved.  I think that's very smart of the agents so they don't end up wasting their time if it is not.
But during the course of working with my title reps, finding the condo ID number has so far eluded me.
I know on the HUD site you can look up a building by the name of the homeowners association, but I've noticed that sometimes the condo … (2 comments)

Latest on the $8000 tax credit towards down payment? - 05/15/09 10:20 PM
Anyone have the lates on HUD's earlier statement regarding buyers being able to apply the $8000 tax credit towards the down payment of their purchase.
I know there was a statement released earlier today regarding this, but it seems it was retracted.
I have many buyers who would probably get into escrow NOW if this were the case, but I can't seem to find any updates on this yet.
Responses?
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Regarding my post: "Be At All Your Listings' Appraisals" - 05/15/09 03:52 PM
Wow!
Totally shocked to find my posting "Be At All Your Listings' Appraisals" to be a FEATURED posting.
Way cool.
Anyway, just wanted to thank everyone who has responded.  MUCH good came out of this posting on many different levels.  But most importantly, to the benefit of everyone - agents, appraisers, buyers, sellers, brokers, etc.
Dialogue is the key to progressive thinking and forward movement and advancement.
Knowledge will always be King.................
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Interest Rate Update - 05/11/09 - 05/12/09 03:56 PM
Mortgage Rates for the Week of May 11th, 2009

Increased optimism about the pace of an economic recovery helped the stock market and resulted in selling in worldwide bond markets. As a result, mortgage rates ended the week slightly higher. Mortgage rates are being pressured by concerns that an economic rebound will bring increased inflation sooner than recently thought. In addition, large Treasury auctions are adding significant supply to the market, forcing yields higher. Fortunately, foreign investors remain active buyers and Fed purchases continue at a strong pace.
Comments from Fed Chief Bernanke and generally stronger-than-expected economic data fueled upward … (0 comments)

Canadian residents looking to relocate/purchase in Los Angeles? - 05/07/09 11:06 PM
My partner Richard Ruggaber is a Canadian-born U.S. Citizen.
He is one of the most admirable, reputable, hard-working agents I know.  That is mostly why he is my partner!
He is a Top-10 performing agent for many years and has acheived the President's Circle status.
He genuinely looks out for his clients and is respected among his fellow agents as being honest and a straight-shooter.  What can I say?  He is a Canuck!!
He worked in the entertainment business as a casting director in Toronto for many years before moving to New York.  He is an ideal agent for those Canadians who … (0 comments)

GREAT news on short pays!! - 05/07/09 10:09 PM
Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to "streamline" procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process.
Read the Full Story At: http://realtytimes.com/rtpages/20080411_investorreport.htm
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Is your condo listing or condo property your interested in FHA approved? - 05/05/09 01:27 AM
Is your condo listing or condo property your interested in FHA approved?
In general, most newer buildings have FHA approval.
But there's a good way of finding out.
If you know the name of the Homeowners Association, along with the city and zip, you can go to the following website to find out:
https://entp.hud.gov/idapp/html/condlook.cfm
It may save you alot of heartache to find out before you decide to write an offer on that property if FHA is your loan of choice.
Your lender may also be able to find out as well.
It may also be helpful for you as a seller … (0 comments)

VERY HOT OPPORTUNITY - MUST ACT WITHIN THE NEXT 7-10 DAYS!! - 05/02/09 10:38 AM
I just obtained a short sale listing that has received a notice of trustee sale.  This is a GREAT opportunity for someone to obtain a legal steal!!
2 bed, 2 bath, 1335 sq ft, Nice townhome with double attached garage, split-level living room/dining room, large open kitchen, master suite on top floor with large walk-incloset, guest bedroom next to kitchen, good size front patio, well-manicured complex with nice foliage, clean and sparkling pool and spa. End unit with only 1 common wall.
Your offer must be submitted and signed off by the seller ASAP in order to suspend the trustee sale … (2 comments)

Personal Property vs. Real Property - What is the difference and what is included in the sale of a property? - 05/01/09 01:07 AM
Personal property is an item that is not attached to a real property and therefore considered movable. Examples of personal property in the house are furniture, linen, throw rugs, free-standing refrigerator, washer, dryer, etc. Unless specified in the contract, usually personal property is not considered part of the sale of the property. As a rule of thumb, when in doubt, confirm in writing whether an item is or is not included in the sale.
A fixture is an item that is usually attached to the real property and therefore considered permanent part of the real property. Examples of fixtures are chandeliers, … (0 comments)