Westside Los Angeles Real Esate

Malibu Real Estate - How to set a list price for your home part 1

Westside Properties — Sun, 15 Nov 2009 23:56:19 -0600

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

How to Set a List Price for Your Home

Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR^® will help you set your list price based on:

pricing considerations

comparable sales

market conditions

offering incentives

estimated net proceeds

Pricing Considerations - Find a Balance Between Too High and Too Low

When setting a list price for your home, you should be aware of a buyer's frame of mind. Consider the following pricing factors:

If you set the price too high, your house won't be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR^® to "Bring me any offer. Frankly, I'd take less." But compared to other houses for sale, your home simply looks too expensive to be considered.

If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say "asking" price, which implies you don't expect to get it.

Price Against Comparable Sales in Your Neighborhood

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.

Your best guide is a record of what the buying public has been willing to pay in the past few months for property in your neighborhood. Your REALTOR^® can furnish data on sales figures for those comparable sales and analyze them to help you come up with a suggested listing price. The decision about how much to ask, though, is always yours.

Competitive Market Analysis (CMA): The list of comparable sales a REALTOR^® brings to you, along with data about other houses in your neighborhood that are presently on the market, is used for a "Comparative Market Analysis" (CMA). To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices.

A CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. Also, an appraisal is done for a fee while the CMA is provided by your REALTOR^® and may include properties currently listed for sale and those currently pending sale. For the average home sale, a CMA probably gives enough information to help you set a proper price.

Formal Written Appraisal: A formal written appraisal (which may cost a few hundred dollars) can be useful if you have unique property, if there hasn't been much activity in your area recently, if co-owners disagree about price or if there is any other circumstance that makes it difficult to put a value on your home.

TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report, i.e., the kind that's complete with photos of the house and neighborhood. Floor plans and a site map is sufficient in most cases.

Westside Properties is a full-service real estate boutique brokerage based in Pacific Palisades serving the entire Westside of Los Angeles. We proudly represent the finest properties throughout the Westside.
We work as a team and combine our extensive real estate experience, powerful resources and connections to benefit you whether you are looking you buy or sell a home in today's exciting and lucrative real estate market.

Call us now to get started on the road to buying or selling your next home.

310.459.8191 or email info@wsprops.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

VENICE - TOPANGA - CULVER CITY - PLAYA DEL REY - PLAYA VISTA

WEST L.A. - BEL-AIR - BEVERLY HILLS PO - BEVERLY CENTER/MIRACLE MILE

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

VENICE TOPANGA - CULVER CITY - PLAYA DEL REY - PLAYA VISTA

WEST L.A. - BEL-AIR - BEVERLY HILLS PO - BEVERLY CENTER/MIRACLE MILE

Pacific Palisades Real Estate Blog - Sunday 11-15-2009 - How to set a list price for your home part 2

Westside Properties — Sun, 15 Nov 2009 23:50:23 -0600

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Market Conditions - Is it a Buyer's Market or a Seller's Market?

A CMA often includes a Days on the Market (DOM) value for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months.

Your REALTOR^® can tell you whether your area is currently in a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.

If You Price High, Set a Schedule for Lowering the Price

Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, sit down with your REALTOR^® and work out an advance schedule for lowering the price if need be.

If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.

Offering Incentives to Hasten a Sale

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution.

If you haven't had much traffic through your house and you're in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Christmas."

Estimating Net Proceeds

Once you've been given an estimate of market value by your REALTOR^®, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful when you start looking for another home to buy.

To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller's costs, buyer's/seller's costs and closing costs.

Seller's Costs: Subtract the following costs as applicable.

payoff figure on your present loan(s)

broker's commission

prepayment penalty on your mortgage

attorney's fees

unpaid property taxes

Buyer's/Seller's Costs: Additionally, your REALTOR^® can tell you whether local customs or rules dictate whether the buyer or seller pays for the items listed below. Subtract the following costs, as applicable.

title insurance premium

transfer taxes

survey fees

inspections and repairs for termites, etc.

recording fees

Homeowner Association transfer fees and document preparation

home protection plan

natural hazard disclosure report

Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Your REALTOR^® will assist you in estimating what your final closing costs will be.

Westside Properties is a full-service real estate boutique brokerage based in Pacific Palisades serving the entire Westside of Los Angeles. We proudly represent the finest properties throughout the Westside.
We work as a team and combine our extensive real estate experience, powerful resources and connections to benefit you whether you are looking you buy or sell a home in today's exciting and lucrative real estate market.

Call us now to get started on the road to buying or selling your next home.

310.459.8191 or email info@wsprops.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

VENICE - TOPANGA - CULVER CITY - PLAYA DEL REY - PLAYA VISTA

WEST L.A. - BEL-AIR - BEVERLY HILLS PO - BEVERLY CENTER/MIRACLE MILE

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Pacific Palisades Real Estate Blog - Friday 10-30-2009 - Saturday Open Houses

Westside Properties — Sat, 31 Oct 2009 20:00:39 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

RES-SFR:   746 ALMA REAL DR , PACIFIC PALISADES ,CA 90272 MLS#: 09-337933

AREA:  (15) Pacific Palisades STATUS:   A LP:  $4,695,000

STYLE:  Traditional MAP:   631/B6 APN: 4411-009-023

GST HSE:  None ZONING:  R1 VIEW:  No BR:  6   BA:  7.00

FOR LSE:  No LSE OPT:  No POOL:  Yes APX SF:  5,817/AS

P.U.D:  No H.O.D:  $0.00 STORIES:  2 APX LSZ:  10,105/AS

PKG TOT:  2 PKG CVD:  2 YR BLT:  2005 APX LDM:

OH DATE:  10/31/2009 (1:00PM-4:00PM) : Review DOM:  298 OLP:  $5,995,000

DIRECTIONS:  Huntington Palisades

REMARKS:  Fabulous newer construction in the Huntington Palisades. 2-story traditional 5,817 square feet on a 10,105 square foot lot. The house consists of 5 bedrooms plus a maid's room, and 6.5 bathrooms plus a powder room. Fabulous master bedroom and bath, large formal dining room, separate media room, study, private backyard w/ pool & spa. Great floor plan & curb appeal. See private remarks for exclusions

SHOWING REMARKS:

SHOWING:  24-hr Notice,Appointment w/List. Office,Call LA 2

LOCKBOX TYPE:      LOCKBOX LOCATION:

OCCUPANT:      OCC. PHONE:      PHONE TO SHOW:

RES-SFR:   16572 CHATTANOOGA PL , PACIFIC PALISADES ,CA 90272 MLS#: 09-400081

AREA:  (15) Pacific Palisades STATUS:   A LP:  $2,250,000

STYLE:  Architectural MAP:   630/H5 APN: 4419-013-024

GST HSE:  N/A ZONING:  LAR1 VIEW:  Yes BR:  3   BA:  2.50

FOR LSE:   LSE OPT:   POOL:  No APX SF:  2,465/OT

P.U.D:   H.O.D:  $0.00 STORIES:  2 APX LSZ:  5,790/OT

PKG TOT:   PKG CVD:   YR BLT:  1950 APX LDM:

OH DATE:  10/31/2009 (1:00PM-4:00PM) : Review DOM:  42 OLP:  $2,395,000

DIRECTIONS:  Sunset to Bienveneda - right - Akron - left - Chattanooga - left

REMARKS:  Extraordinary View Living!Chic/Sleek Contemporary!Ocean/ islands/city/trees+mountains PANORAMIC VIEWS! Imaginative/unique space!A dream4entertaining/relaxation/inspired work!VIEWS FROM EVERY ROOM. Exquisite/exciting/amazing/warm! Maple floors/walnut cabinetry+shelving/Brazilian Ipe rainforest wood decks+fences/Fleetwood entrydoor/Milgard windows/Carrera marble/WalkerZanger tile/WaterWorks fixtures/Viking appl/spa style bths/sound+tech wiring/multi media areas.Ultimate retreat/grassyard.Movein.

SHOWING REMARKS:

SHOWING:  Call LA 1

LOCKBOX TYPE:      LOCKBOX LOCATION:

OCCUPANT:      OCC. PHONE:      PHONE TO SHOW:

RES-SFR:   640 PALMERA AVE , PACIFIC PALISADES ,CA 90272 MLS#: 09-401363

AREA:  (15) Pacific Palisades STATUS:   A LP:  $2,795,000

STYLE:  Mediterranean MAP:   630/J5 APN: 4414-012-030

GST HSE:  None ZONING:  LAR1 VIEW:  Yes BR:  5   BA:  5.50

FOR LSE:  No LSE OPT:  No POOL:  No APX SF:  4,255/DV

P.U.D:  No H.O.D:  $0.00 STORIES:  3 APX LSZ:  8,581/AS

PKG TOT:  3 PKG CVD:  3 YR BLT:  2009 APX LDM:

OH DATE:  10/31/2009 (1:00PM-4:00PM) : Review DOM:  31 OLP:  $2,795,000

DIRECTIONS:  Sunset to Northfield to Palmera

REMARKS:  New superbly designed and finished Tuscan style in tropical setting. Fabulous finishes include Venetian plaster walls, rich hardwood floors, stone surfaces & 4 fireplaces. The romantic master has fireplace,balcony, and steam & rain shower. Wine cellar and tasting room are adjacent to entertainment area w/home theater & bar. Grand entrance, high ceilings, chef's kitchen w Viking appliances & solid wood cabinets. Fully wired, alarm, surround sound throughout. Co-listed.

SHOWING REMARKS:

SHOWING:  Call Listing Office,Listing Agent Accompanies

LOCKBOX TYPE:      LOCKBOX LOCATION:

OCCUPANT:      OCC. PHONE:      PHONE TO SHOW:

RES-SFR:   15901 ALCIMA AVE , PACIFIC PALISADES ,CA 90272 MLS#: 09-404459

AREA:  (15) Pacific Palisades STATUS:   A LP:  $3,499,900

STYLE:  Southern Colonial MAP:   631/A4 APN: 4420-005-011

GST HSE:  N/A ZONING:  LARE15 VIEW:  Yes BR:  5   BA:  4.00

FOR LSE:   LSE OPT:   POOL:  No APX SF:  3,348/VN

P.U.D:   H.O.D:  $0.00 STORIES:  2 APX LSZ:  20,910/VN

PKG TOT:  6 PKG CVD:  2 YR BLT:  1950 APX LDM:

OH DATE:  10/31/2009 (1:00PM-4:00PM) : Review DOM:  18 OLP:  $3,499,900

DIRECTIONS:  Sunset to El Medio to Alcima

REMARKS:  Vintage 2-story Colonial home located above Sunset Blvd in Pacific Palisades. First time on the market since being built in 1950, and has remained in the same family. Very private corner lot with almost a half an acre of park-like grounds and partial ocean views. Home has large formal entertaining areas, a great den, and a large open family room. Tiered backyard with pool and 2-car garage lots of additional parking. Sold "as-is" with no warranties. Must see for anyone who loves Colonial homes

SHOWING REMARKS:

SHOWING:  Appointment w/List. Office,Call LA 1,Call LA 2,Listing Agent Accompanies

LOCKBOX TYPE:      LOCKBOX LOCATION:

OCCUPANT:      OCC. PHONE:      PHONE TO SHOW:

RES-CC:   16123 W Sunset Blvd 104 #104, PACIFIC PALISADES ,CA 90272 MLS#: S584227SC

AREA:  (15) Pacific Palisades STATUS:   A LP:  $1,125,000

STYLE:  Mediterranean MAP:   630/J5 APN: 4420-002-084

PETS:  N/A ZONING:   VIEW:  Yes BR:  3   BA:  3.00

FOR LSE:  Yes LSE OPT:  Yes POOL:  No APX SF:  1,790

P.U.D:   H.O.D:  $285.00 STORIES:  4 APX LSZ:  0/OW

PKG TOT:   PKG CVD:   YR BLT:  2006 APX LDM:

OH DATE:  10/31/2009 (1:00PM-5:00PM) : review DOM:  88 OLP:  $1,125,000

DIRECTIONS:  From PCH: Exit Temescal Cyn; make left on Sunset; arrive at 16123 Sunset Blvd From 405: Exit Sunset and arrive at 16123 Sunset Blvd

REMARKS:  This amazing Garden Home in the Exclusive Neighborhood of Pacific Palisades. Close proximity to Upscale Shopping, Restaurants, Hiking Trails & World Famous Beaches. Luxurious and Spacious 3 Bed (2 Master Bedrooms & 1 guest) + 3 Bath is Approx. 2000 sq. ft. w/Natural Stone Floors, Granite Counter Tops, Solid Core Doors, 4 Double Pane Glass Sliding Doors with access to Garden Patios, State of the Art Stainless Steel Appliances, Stunning Fireplace, 3 Walk-In Closets & more! Gated community with Sec

SHOWING REMARKS:

SHOWING:  Other,Agent or Owner to be Present,Call First

LOCKBOX TYPE:  No Key Safe    LOCKBOX LOCATION:  No Key Safe

OCCUPANT:  Alon Zakoot    OCC. PHONE:  310-459-4878    PHONE TO SHOW:  310-459-4878

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2009 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed. Prepared by: Dominic D. Naidoo DRE# 01343805

Westside Properties is a full-service real estate boutique brokerage based in Pacific Palisades serving the entire Westside of Los Angeles. We proudly represent the finest properties throughout the Westside.
We work as a team and combine our extensive real estate experience, powerful resources and connections to benefit you whether you are looking you buy or sell a home in today's exciting and lucrative real estate market.

Call us now to get started on the road to buying or selling your next home.

310.459.8191 or email info@wsprops.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

VENICE - TOPANGA - CULVER CITY - PLAYA DEL REY - PLAYA VISTA

WEST L.A. - BEL-AIR - BEVERLY HILLS PO - BEVERLY CENTER/MIRACLE MILE

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Malibu Real Estate - Tuesday 10-16-2009 - New pictures for 6360 Cavalleri Road

Westside Properties — Tue, 27 Oct 2009 22:18:26 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

6360 CAVALLERI ROAD Malibu, CA 90265
Romantic Malibu Ocean View Estate

Price: $4,595,000 Baths:6

Type: Single Family Residential for Sale Floors: Multiple

Square Feet: 5599 Parking/Garage: 3

Year Built: 1992 Bedrooms: 4

MLS #: 09-405763

RECENTLY REMODELED BY FAMED NEW YORK DECORATOR JOANNE DE PALMA. LOCATED IN AN EXCLUSIVE GATED COMMUNITY THIS PARKLIKE ESTATE TRANSPORTS YOU INTO A WORLD OF SECRET SECLUSION. DRAMATIC FLOOR PLAN WITH SOARING CEILING HEIGHTS & ENORMOUS ROOMS. MASTER SUITE WAS CREATED AS A PRIVATE REFUGE WITH A SITTING AREA AND A SUMPTUOUS BATH SUITE, WALK-IN CLOSET, EXPANSIVE TERRACE & INTIMATE VERANDA OVERLOOKING THE LUSH LANDSCAPE BEYOND. THE POOL ENTERTAINING AREA IS ENHANCED BY A VIKING BBQ, REFRIGERATOR, ICE MAKER, & A TRELLISED DINING AREA OFF THE CABANA & CHANGING ROOM. TRULY A MUST SEE!! CALL NOW 310.459.8191
Click Here for more details & pictures

Interior Features:
Central Air, Family Room, Walk-In Closet, Den/Office, Laundry Room, Appliances, Fireplace, Main Floor Bathroom, Dining Room, Hardwood Floors, Pantry,Maid's quarters, Main Floor Bedroom.

Exterior Features:
Spa/Hot Tub, View, Swimming Pool, Deck/Patio, Grill/Barbeque, Landscaping, Balcony.

Community Features:
Security Features

Custom Features:
Appliances : Mostly Viking & Stainless Steel
Views : Ocean & Mountain
Security : Gated

Click Here for more details & pictures

www.WestsideHomeFinder.com

For more information contact:

Dom, Joellen and Josh

The Home Team

Westside Properties

881 Alma Real Drive, Suite t25

Pacific Palisades, CA 90272

310.459.8191

info@wsprops.com

Copyright © 2009 Dom Naidoo & Josh Barré . CA DRE# 01522086. All rights reserved.

Westside Properties is a full-service real estate boutique brokerage based in Pacific Palisades serving the entire Westside of Los Angeles. We proudly represent the finest properties throughout the Westside.
We work as a team and combine our extensive real estate experience, powerful resources and connections to benefit you whether you are looking you buy or sell a home in today's exciting and lucrative real estate market.

Call us now to get started on the road to buying or selling your next home.

310.459.8191 or email info@wsprops.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

Search for homes in your city:

PACIFIC PALISADES - SANTA MONICA - MALIBU - BRENTWOOD

BEVERLY HILLS - WESTWOOD/CENTURY CITY - MARINA DEL REY

VENICE - TOPANGA - CULVER CITY - PLAYA DEL REY - PLAYA VISTA

WEST L.A. - BEL-AIR - BEVERLY HILLS PO - BEVERLY CENTER/MIRACLE MILE

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Pacific Palisades Real Estate Blog - Sunday 09-27-2009 - Ten Tips for Homebuyers

Westside Properties — Mon, 28 Sep 2009 20:42:39 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Ten Tips for Homebuyers

What You Should Know Before Buying a Home

Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.

If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.

You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:

Escrow fees charged by the company handling the transaction

Title policy issuance fees charged by the title insurance company

Mortgage insurance fees

Fire and homeowners insurance

County Recorder fees for recording your deed

Loan origination fees

Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs

Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.

Be aware of the two main types of loan categories.

Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.

Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan

If you are a low or moderate income homebuyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.

Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.

Many organizations offer home loan counseling to prospective homebuyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time homebuyer programs require homebuyers to attend this type of class to be eligible for selected programs.

Homebuyers interested in applying for financing should contact one of CalHFA's approved lenders.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com CA DRE# 01522086

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY

VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA

WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

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We need to Rescind Attorney General Andrew Cuomo's HVCC.

Westside Properties — Mon, 28 Sep 2009 11:32:49 -0500

Via Guy Barre, MBA (RealPro Financial, Inc.):

Many of us, mortgage originators and Realtors are experiencing the negative impact of new appraisal rules. The Home Valuation Code of Conduct, or HVCC, forced on the industry by State Attorney General Andrew M. Cuomo, are slowing down sales and mortgage process.

The change came as a result of the mortgage and housing crisis. Many decision makers blamed the crisis in part on inflated valuations. The new rules are preventing mortgage lenders and brokers from ordering an appraisal directly to avoid influencing or pressuring the appraiser to come up at the desired valuation.

Today most lenders are using independent, third-party appraisal management companies. These companies are middlemen, taking requests from lenders and farming them out at random to individual appraisers.

So now, under current rules, individual loan officers and mortgage brokers, who may benefit from the loan, are no longer allowed to choose, hire, pay, or even communicate with appraisers.

Real estate agents also cannot choose, retain or compensate appraisers, but they can talk to them and provide information or address problems.

I believe we need to demand from policy makers that they modify the new Home Valuation Code of Conduct taking into consideration feedback and recommendations from real estate and mortgage professionals, appraisers, and consumers.

In order to avoid ending up with a very few large national appraisal management firms, lenders should be required to limit the volume of appraisal orders to a single appraisal management firm to 20%.

Consumers need to have the opportunity to use the same appraisal report with different lenders. The current system makes it near impossible for the consumers to reuse the same report in the event the first lender who ordered the appraisal declined the loan or offered terms unacceptable to the borrower. Right now the consumer has to pay for a new report, or waste a lot of time waiting for the lender to "release" the appraisal report to another lender.

There are many other changes that are required to better protect and serve consumers. Right now I am suggesting you do what I did which is to sign an online Petition to Rescind HVCC has it stands today. Yes, we need change but we need the kind of change that will really benefit consumers instead of policy changes imposed by overreacting politicians.

Please click on the link below if you want real change.

www.hvccpetition.com

Guy Barre

Senior Mortgage Advisor

guybarre@gmail.com

Office: 310-454-6061

Cell: 310-849-3656

Fax; 310-459-07683

In California www.jumboloans.com

Nationwide www.realprohomeloans.com

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Pacific Palisades Real Estate Blog - Friday 09-25-2009 - Palisades Hotsheet

Westside Properties — Sat, 26 Sep 2009 17:43:42 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Happy Friday everyone! Here is today's hotsheet for Pacific Palisades. Please contact my office with any questions or showing requests. 310.459.8191 or showings@wsprops.com

Active

TYPE STATUS ADDRESS LIST PRICE BED BATH SF LOT YEAR LIST DATE CH TYPE

1. HOUSE A 554 ALMAR AVE $3,950,000 6 5.50 5,900 7,080 2008 12/15/08 Extended

2. HOUSE A 554 ALMAR AVE $3,950,000 6 5.50 5,900 7,080 2008 12/15/08 Price Change

3. HOUSE A 1141 DONAIRE WAY $2,895,000 5 5.50 4,250 9,592 04/21/09 Price Change

4. HOUSE A 609 LAS LOMAS AVE $3,499,000 7 7.50 6,870 9,191 2008 05/01/09 Back On Market

5. HOUSE A 1020 LAS PULGAS RD $1,279,000 4 3.00 1,577 9,127 1953 08/04/09 Price Change

6. HOUSE A 815 HARTZELL ST $1,749,000 4 3.50 2,715 5,200 1996 09/17/09 Active

7. HOUSE A 734 JACON WAY $1,599,000 4 3.00 3,190 10,210 1956 09/17/09 Active

8. HOUSE A 400 LOMBARD AVE $2,395,000 5 3.50 3,791 5,160 1991 09/17/09 Active

9. HOUSE A 16754 EDGAR ST $1,150,000 2 2.00 1,236 5,052 1950 09/21/09 Price Change

10. HOUSE A 1280 CAPRI DR $3,199,000 4 3.50 0 16,700 1955 09/24/09 New Listing

11. CONDO A 1784 PALISADES DR $870,000 2 3.00 1,955 1978 09/17/09 Active

12. CONDO A 1750 Palisades Drive $685,000 2 3.00 1,568 363,117 1978 09/24/09 New Listing

13. LEASE A 609 LAS LOMAS AVE $15,900 7 7.50 6,870 9,191 2008 05/08/09 Back On Market

14. LEASE A 1472 PALISADES DR $3,200 2 2.50 2,126 3,693 1983 07/19/09 Price Change

15. LEASE A 726 ENCHANTED WAY $4,900 4 2.00 1,999 8,769 1957 08/14/09 Price Change

Looking For Backup

16. HOUSE B 717 El Medio Ave $1,800,000 4 4.00 2,966 7,927 1942 08/25/09 Looking for Backup

Sold

PTYPE STATUS ADDRESS LIST PRICE BED BATH S.F. LOT YEAR SALE PRICE CH TYPE

17. HOUSE S 1117 NAPOLI DR $2,895,000 4 4.50 3,945 13,119 1962 $2.7M Sold

18. LEASE S 746 PALISADES DR $5,500 3 3.00 2,547 10,280 1995 $5,350 Sold

Expired

19. HOUSE X 16879 CALLE DE SARAH $2,679,000 5 5.50 4,621 26,379 1995 Expired

20. LAND X 300 VIA NICHOLAS $4,395,000 0.00 0 57,745 Expired

21. LEASE X 18063 SANDY CAPE DR $7,500 4 3.00 2,916 22,900 1965 Expired

Withdrawn

22. HOUSE W 1006 HARTZELL ST $1,899,000 4 2.50 2,304 5,200 1925 Withdrawn

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of the property provided by the seller or obtained from Public Records or other sources. Buyer is advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals. Copyright © 2009 by Combined L.A./Westside MLS, Inc. Information deemed reliable but not guaranteed.

Thank you for choosing
To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

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Westside Properties

(310) 459-8191 office

(310) 494-0169 fax
First Time Home Buyers

info@wsprops.com

www.WestsideHomeFinder.com

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com CA DRE# 01522086

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Pacific Palisades Real Estate Blog - Friday 09-25-2009 - New Home Sales Rise!

Westside Properties — Sat, 26 Sep 2009 17:41:16 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

I found this article from the Los Angeles Times very interesting and wanted to share with you...

WASHINGTON -- New U.S. home sales posted a tepid 0.7 percent increase last month, missing Wall Street expectations and providing more evidence that the housing market recovery remains tentative.

The Commerce Department said Friday sales inched up to a seasonally adjusted annual rate of 429,000 from a downwardly revised 426,000 in July. Economists surveyed by Thomson Reuters had expected a pace of 440,000.

While it was the fifth straight increase and the strongest report in 11 months, sales were 4.3 percent lower than the same month last year. Sales have risen 30 percent from the bottom in January, but are off about 70 percent from the peak of four years ago.

The report was the second straight disappointing sign for the U.S. housing market, which is struggling to emerge from the most severe bust in generations. On Thursday, the National Association of Realtors said sales of previously occupied homes, which make up the bulk of the market, dipped 2.7 percent last month.

To view the full article please follow this link: New Home Sales Rise!
To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com CA DRE# 01522086

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What trenches are these guys from?

Westside Properties — Sat, 26 Sep 2009 17:27:55 -0500

Via Guy Barre, MBA (RealPro Financial, Inc.):

While surfing the Internet I came across an article posted on www.themortgageinsider.net on 4/02/2008

The slogan form the authors of the site is:

The Truth from the Trenches by Industry Insiders, Rob K. Blake & Terri Ewing

You will see reading their article that one has to wonder what trenches these two guys are from. Definitely not from the mortgage origination trenches...

Here is a reprint of the article followed then by the comment I sent just today..

Mortgage Lock Fraud Abounds

Mortgage originators tell you your mortgage lock is in force when it is NOT. Lying about your mortgage lock status is a common practice to increase loan revenue or cover loan officer mistakes.

Loan officers are always trying to make the most yield spread revenue on every mortgage. Telling you the mortgage lock is placed but then not actually locking the rate with the wholesale mortgage company allows them to "play the market" with your money.

Why do originators tell mortgage lock lies?

They tell lies simply to cover mistakes made at the time they quoted the rate. If they forgot to adjust the rate for low credit scores, higher loan-to-values, or to waive escrows, these mistakes become evident at the time of lock.

Loan officers also tell lock lies because of a false belief they can "call the market" and pick the day that makes them the most yield spread premium, they will risk your mortgage lock and lie to you about it.

What if they are wrong?

When they are wrong and the market moves against them, you get the higher rate and costs...paying for their mistake.

The most important thing you need to remember is the loan officer will NEVER pay when a stunt goes wrong. I wonder on what data or studies you are basing your opening statement on? What knowledge of the mortgage origination industry you have to state that "Mortgage originators tell you your mortgage lock is in force when it is NOT. Lying about your mortgage lock status is a common practice to increase loan revenue or cover loan officer mistakes."

THIS IS MY COMMENT SENT TODAY TO MORTGAGE INSIDER

I have been a mortgage loan originator since 1989 and I can tell you that the mortgage origination industry's practices are no better or worth than in any other industry.

You do not need to sensationalize your article in order to get your readers' attention. Your direct implication that lying to the consumers is 'common practice' is irresponsible and offensive.

For your information, what is common practice for most mortgage originators is to provide a copy of the rate lock confirmation to the consumer. The written confirmation will typically state the date, terms, and yes, even the yield spread premium.

You could have done a better job informing and educating your readers by suggesting to them they demand a copy of the lender's rate lock confirmation instead of relying on a verbal confirmation from the mortgage originator.

Guy Barre

Senior Mortgage Advisor

guybarre@gmail.com

Office: 310-454-6061

Cell: 310-849-3656

Fax; 310-459-07683

In California www.jumboloans.com

Nationwide www.realprohomeloans.com

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Your loan approval is not always a sure thing.

Westside Properties — Fri, 25 Sep 2009 13:34:03 -0500

Via Guy Barre, MBA (RealPro Financial, Inc.):

Lenders usually issue a Loan Commitment labeled "approved with conditions." It means that the loan approval is subject to a list of conditions that must be satisfied or cleared in order to complete the transaction. It also means that ALL conditions must be satisfied or cleared before the loan will fund.

In order to get a "final" approval all conditions required by the loan underwriter will need to be addressed to the satisfaction of the lender. Until then you do not have a real approval.

Too often loan professionals will notify their clients that they have loan approval when in fact they only have a CONDITIONAL APPROVAL.

The approval is worth nothing if the borrower cannot satisfy the conditions required by the lender. The loan agent is left with an upset client who was first told the loan was approved to discover that the lender's conditions could not be met.

So the lesson to learn is that it is important to explain to the borrower at the time of the loan submission that a loan commitment is not exactly a loan approval until it is final.

Incidentally, the lender's commitment to fund the loan shall be null and void if the lender discovers material changes in the financial condition (yes lenders run last minute credit check) employment (last minute verbal employment verification), cash equity, occupancy (don't even try to lie about that...FBI anyone?), or any material situations prior to or at closing. Even a final loan approval is not a 100% sure thing until the loan is closed.

Guy Barre

Senior Mortgage Advisor

guybarre@gmail.com

Office: 310-454-6061

Cell: 310-849-3656

Fax; 310-459-07683

In California www.jumboloans.com

Nationwide www.realprohomeloans.com

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Pacific Palisades Real Estate Blog - Wednesday 09-23-2009 - Today's Featured home

Westside Properties — Thu, 24 Sep 2009 20:16:53 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Beautiful 2+2.5 like new town home at The Pointe. Living room with high ceilings, fireplace, opens to large private enclosed patio. Kitchen w/granite counters, custom cabs, built-ins & breakfast area. Large dining room. Listing courtesy of MLS C.L.A.W. Coldwell Banker Lydia Simon. Master suite w/balcony, spa tub, separate shower. Complex features pool, spa, tennis court, & gym.

Neighborhood: Malibu

Type: Condo/Townhouse for Sale

Floors: Two or More Stories

Parking/Garage: 2

Bedrooms: 2

Baths: 2

Half Baths: 1

Square Feet: 1,562

Year Built: 1994

School District: Malibu

HOA Dues: $475.00

Parking: Direct entrance

Security: Gated

Air conditioning: Central with central heat!

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com CA DRE# 01522086

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Stay clear of Non Warrantable Condominiums.

Westside Properties — Thu, 24 Sep 2009 11:37:02 -0500

Via Guy Barre, MBA (RealPro Financial, Inc.):

Because FNMA or Freddie Mac will not purchase mortgages secured by non-warrantable condominiums, it is near impossible, in this current market climate, to find a conventional lender willing to lend on non-warrantable condos. The only available options are from hard money lenders. That means high interest rate, very large down payment, and increased loan origination cost to the point that many borrowers will simply not go through the transaction.

My advice to real estate professionals is to steer your buyers away from making an offer on a non-warrantable condominiums until the GSEs and lenders relax their guidelines on such condos.

Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:

CLASS I

1. Developers control of the homeowners association has been turned over to the condo owners

2. Project is not subject to additional phasing or add-ons which have not yet been completed

3. All common elements and amenities must be fully installed, completed and in operation

4. 70% of all units in the entire development must have been sold and or legally obligated to close

5. 70% of all units in the entire development must have been sold to owner occupants

CLASS II

1. Recent or current condominium conversions (from apartments)

2. Homeowners association has been controlled by the unit owners (other than the developer) for less than two years

3. Project is not subject to phasing or add-ons which have not yet been completed

4. All common elements and amenities are fully installed, completed and in operation

5. 70% of the units in the entire development must have been sold and/or legally obligated to close

6. 70% of the units in the entire development must have been sold to owner occupants

7. No more than 15% of the current unit owners are more than one month delinquent in payment of homeowner's dues or assessments

CLASS III

1. Homeowners Association has been controlled by unit owners (other than developer) for at least one year

2. Project is not subject to phasing or add-ons

3. All common amenities are fully installed, completed, and in operation

4. 90% of the units have been sold (owner-occupancy of at least 60%)

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The New Cartel

Westside Properties — Wed, 23 Sep 2009 13:58:11 -0500

Via Realpro Financial:

In the current financial climate the big are getting bigger and the weak are getting weaker. It is more evident in the mortgage lending industry where Bank of America and Wells Fargo are left to dominate. The two are now close to 50% of all loan productions. Distant third and fourth are Chase and Citigroup. Nonbank mortgage lenders appear to be a dying breed. Without a continued and uninterrupted access to warehouse credit they are in danger of extinction.

A cartel of sort is emerging with all the negative consequences for consumers. Unless something is done to open up the credit market to nonbank lenders we will have created these "monsters" too big to fail....

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Pacific Palisades Real Estate Blog - Tuesday 09-22-2009 - Banks Bailing out U.S. Government?

Westside Properties — Tue, 22 Sep 2009 19:00:49 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Happy Tuesday everyone. Now this is an interesting twist! I found this article on MSNBC very interesting as we now "need" the banks to bail out the goverment. You be the judge. Here's the article.....

WASHINGTON - Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.

Senior regulators say they are seriously considering a plan to have the nation's healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors. That would enable the fund, which is rapidly running out of money because of a wave of bank failures, to continue to rescue the sickest banks.

The plan, strongly supported by bankers and their lobbyists, would be a major reversal of fortune.

A hallmark of the financial crisis has been the decision by successive administrations over the last year to lend hundreds of billions of taxpayer dollars to large and small banks.

This story, "F.D.I.C. May Borrow Funds From Banks," originally appeared in The New York Times.

'Least worst options'
"It's a nice irony," said Karen Shaw Petrou, managing partner of Federal Financial Analytics, a consulting company. "Like so much of this crisis, this is an issue that involves the least worst options."

Bankers and their lobbyists like the idea because it is more attractive than the alternatives: yet another across-the-board emergency assessment on them, or tapping an existing $100 billion credit line to the Treasury.

The Federal Deposit Insurance Corporation, which oversees the fund, is said to be reluctant to use its authority to borrow from the Treasury.

Under the law, the F.D.I.C. would not need permission from the Treasury to tap into a credit line of up to $100 billion. But such a step is said to be unpalatable to Sheila C. Bair, the agency chairwoman whose relations with the Treasury secretary, Timothy F. Geithner, have been strained.

"Sheila Bair would take bamboo shoots under her nails before going to Tim Geithner and the Treasury for help," said Camden R. Fine, president of the Independent Community Bankers. "She'd do just about anything before going there."

Bankers worry that a special assessment of $5 billion to $10 billion over the next six months would crimp their profits and could push a handful of banks into deeper financial trouble or even receivership. And any new borrowing from the Treasury would be construed as a taxpayer bailout that could open the industry to a political reaction, resulting in a wave of restrictions like fresh limits on executive pay.

Please click this link for the full story: Banks to Bail the goverment out

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

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This story, "F.D.I.C. May Borrow Funds From Banks," originally appeared in The New York Times.

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Pacific Palisades Real Estate Blog - Thursday 08-06-2009 - The Transaction from End to End part 4

Westside Properties — Thu, 06 Aug 2009 20:54:49 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Closing

The closing is the day you've been waiting for: when ownership of the home officially transfers from the seller to you! Prior to the closing, the escrow agent will present you with scores of legal documents to review and sign, and you'll be expected to pay your downpayment and closing costs. In addition, a number of other legal procedures must be completed before the sale can close, including approving the mortgage application, clearing the title, appraising the property and recording the deed.

The Real Estate Settlement Procedures Act (RESPA) provides specific protection to buyers before, during and after closing. If a settlement service has referred you to a REALTOR® with whom the service has a business connection, an Affiliated Business Arrangement Disclosure is required prior to closing. You're entitled to receive a preliminary copy of a HUD-1 Settlement Statement, which lists estimates of all settlement fees to be paid by buyer and seller, if you request it 24 hours before closing; the final HUD-1 Statement is a requisite part of closing. In addition, an Initial Escrow Settlement Statement is required at closing or within 45 days of closing. This details the estimated taxes, insurance premiums and other charges that must be paid from the escrow account during the first year of the loan.

Within three days after your loan application is received, your lender must deliver or mail you a "good faith estimate" of the total amount due at closing, as well as a copy of the HUD publication Settlement Costs: A HUD Guide. Closing costs typically are comprised of attorneys' or escrow fees, property taxes, interest, loan origination fees, recording fees, survey fees, first premium of mortgage insurance, title insurance, loan discount points, first payment to escrow account, paid receipt for homeowner's insurance policy and any documentation preparation fees. Fannie Mae estimates that most buyers' closing costs amount to 3 to 6 percent of the sales price.

As with the other components of the buying transaction, your REALTOR® can answer your questions and provide additional information to ensure a smooth closing.

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY

VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA

WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

www.WestsideHomeFinder.com

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Pacific Palisades Real Estate Blog - Thursday 08-06-2009 - The Transaction from End to End part 4

Westside Properties — Thu, 06 Aug 2009 20:54:44 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Closing

The closing is the day you've been waiting for: when ownership of the home officially transfers from the seller to you! Prior to the closing, the escrow agent will present you with scores of legal documents to review and sign, and you'll be expected to pay your downpayment and closing costs. In addition, a number of other legal procedures must be completed before the sale can close, including approving the mortgage application, clearing the title, appraising the property and recording the deed.

The Real Estate Settlement Procedures Act (RESPA) provides specific protection to buyers before, during and after closing. If a settlement service has referred you to a REALTOR® with whom the service has a business connection, an Affiliated Business Arrangement Disclosure is required prior to closing. You're entitled to receive a preliminary copy of a HUD-1 Settlement Statement, which lists estimates of all settlement fees to be paid by buyer and seller, if you request it 24 hours before closing; the final HUD-1 Statement is a requisite part of closing. In addition, an Initial Escrow Settlement Statement is required at closing or within 45 days of closing. This details the estimated taxes, insurance premiums and other charges that must be paid from the escrow account during the first year of the loan.

Within three days after your loan application is received, your lender must deliver or mail you a "good faith estimate" of the total amount due at closing, as well as a copy of the HUD publication Settlement Costs: A HUD Guide. Closing costs typically are comprised of attorneys' or escrow fees, property taxes, interest, loan origination fees, recording fees, survey fees, first premium of mortgage insurance, title insurance, loan discount points, first payment to escrow account, paid receipt for homeowner's insurance policy and any documentation preparation fees. Fannie Mae estimates that most buyers' closing costs amount to 3 to 6 percent of the sales price.

As with the other components of the buying transaction, your REALTOR® can answer your questions and provide additional information to ensure a smooth closing.

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY

VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA

WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

www.WestsideHomeFinder.com

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Pacific Palisades Real Estate Blog - Tuesday 08-04-2009 - The Transaction from End to End part 3

Westside Properties — Thu, 06 Aug 2009 20:53:55 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Home Inspections vs. Appraisals

Home inspections vary greatly. Some check the home's structure, construction and mechanical systems, and appliances, which may be transferred with the property. Although different inspectors look for and test different things and may not discover everything that is wrong with a property, obtaining inspections is the best way to become informed of necessary repairs or problems with the home. Be advised that inspectors do not assess the value of your home.

According to HUD, an inspector typically checks the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, ceilings, walls, floors, and roof.

In addition to being inspected, the home will undergo an appraisal by a trained professional. An appraisal is an opinion of the property's value used primarily to protect the lender's interest. In contrast to home inspections, appraisals are based on past sales data, the location of the home, the size of the lot and the condition of the home. For mortgages insured through the FHA, appraisers must disclose potential problems relating to the physical condition of the home; there are no similar stipulations for non-FHA mortgages.

Your REALTOR® may recommend a qualified inspector or appraiser. Also, the California Real Estate Inspection Association and the Appraisal Subcommittee of the Federal Financial Institutions Examination Council offer member directories on their Web sites.

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

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Pacific Palisades Real Estate Blog - Sunday 08-02-2009 - The Transaction from End to End part 1

Westside Properties — Thu, 06 Aug 2009 20:44:40 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Now that you've found the perfect home, it's time to get the deal rolling. You'll need to sign a residential purchase agreement, make an offer, possibly put down a deposit, conduct inspections and close the sale. If this all sounds overwhelming to you, don't worry; your REALTOR® will guide you through each step.

Making an offer/Residential Purchase Agreements and Buyer Representation Agreements

If you're ready to purchase the home, you must get all the details in writing. The offer begins with a written proposal spelling out your price and any stipulations regarding the purchase. If the seller has agreed to pay part of the closing costs, for example, that needs to be specified in the accepted offer. In addition, sometimes offers to purchase are contingent upon factors like the buyers' ability to obtain financing or the sellers finding housing within a certain time frame.

The residential purchase agreement contains the comprehensive terms of the deal, including sales price, deposit, closing date, disclosure requirements, inspections, and fees agreed upon by both parties. Other provisions also are included, such as the buyer's final inspection and the method by which all real estate taxes and other bills will be pro-rated between buyer and seller.

The CALIFORNIA ASSOCIATION OF REALTORS® offers its own official agreement, the C.A.R. Residential Purchase Agreement and Joint Escrow Instructions (RPA-11). This multi-functional document serves as an offer to purchase real property, a completed contract when its signed by the buyer and seller and communication of acceptance is received, a receipt for good faith earnest money deposit, and more.

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

Summaries of the Residential Purchase Agreement are available in Spanish, Chinese, Korean, Tagalog and Vietnamese. To purchase these summaries, please click here and select "Multi-Language" in the menu on the left side of the page. Then click on item #BC610A.

In response to requests from C.A.R. members practicing in the greater San Francisco Bay Area, C.A.R. developed a second version of its RPA-11 in late 2000. The Area Edition Residential Purchase Agreement (and Joint Escrow Instructions) (AEPA-11) addresses the contractual approach to the real estate transaction adopted in this area of the Golden State. The publications Understanding and Completing The C.A.R. Residential Purchase Agreement and Joint Escrow Instructions and the Area Edition Supplement to Understanding and Completing The C.A.R. Residential Purchase Agreement and Joint Escrow Instructions explain both forms in detail.

Another standard form produced by C.A.R. and typically used by California REALTORS®, BR-11 (Buyer Broker Representation Agreement) is an agreement between a potential buyer of real property and a real estate broker. The agreement defines the scope of the tasks and duties to be performed by the buyer and broker leading up to the completion of a real estate sale. The form also provides a written consent to a dual agency if one develops, and informs the buyer that the broker or agents for the broker may be working with other buyers looking for similar properties. The agreement does not, however, obligate a buyer to pay the broker for services rendered. Even if an agreement is signed, a broker must still look to a seller or a listing broker for compensation. This form is non-exclusive and may be revoked at any time by either the buyer or broker. In addition, the agreement places a limit on the time within which a legal action can be brought against the broker. More information about C.A.R.'s buyer-broker representation agreements is available by clicking here.

There are ways for buyers to look more appealing to a seller, thereby possibly gaining a negotiating edge. All-cash buyers and those already pre-approved for a mortgage have an advantage. In addition, sellers who are ready to move prefer buyers who don't have a present house to sell first.

An offer to purchase is often followed by a counteroffer by the seller, which can be countered again by the buyer. This is common practice as both sides attempt to negotiate an agreement that meets their individual needs.

Completing the residential purchase agreement is a complicated part of the transaction process that buyers shouldn't enter into without the assistance of a REALTOR®. REALTORS® have access to the standard forms needed and receive updates from their local, state and national associations on state and federal laws regulating agreements. REALTORS® can either answer any questions you might have or refer you to the appropriate authority.

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Pending Home Sales Rise...AGAIN!

Westside Properties — Tue, 04 Aug 2009 21:05:44 -0500

1-Click Westside Home Search Below!

PACIFIC PALISADES

SANTA MONICA

MALIBU

BRENTWOOD

BEVERLY HILLS

WESTWOOD/CENTURY CITY

MARINA DEL REY

VENICE

TOPANGA

CULVER CITY

PLAYA DEL REY

PLAYA VISTA

WEST L.A.

BEL-AIR

BEVERLY HILLS PO

BEVERLY CENTER/MIRACLE MILE

BEVERLYWOOD

Pending Home Sales Rise....AGAIN!

Pending Home Sales rose to its highest level since June 2007. This was the fifth consecutive monthly increase and lifted pending home sales to 6.7% above its June 2008 level. Pending home sales measure contracts signed while existing home sales measures sales closed.

There were increases across the Country with a strong gain in the South, a moderate increase in the West, and modest advances in both the Northeast and Midwest.

In conclusion: Pending home sales increased in June for the fifth consecutive month, which suggests that a bottom has been reached in existing home sales and a modest recovery is underway.

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Pacific Palisades Real Estate Blog - Monday 08-03-2009 - The Transaction from End to End part 2

Westside Properties — Tue, 04 Aug 2009 18:23:33 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

Buyers' Up Front Fees

In conjunction with the residential purchase agreement, buyers are usually expected to put down a deposit at the beginning of the transaction. If the buyer completes the sale, this money will be credited toward the buyer's downpayment. If the buyer doesn't complete the sale for legal or contractual reasons, the money is typically returned. However, if the buyer doesn't complete the sale for other reasons, the seller may be entitled to keep the deposit. The U.S. Department of Housing and Urban Development (HUD) advises that deposits should be "substantial enough to demonstrate good faith," usually 1 to 5 percent of the purchase price. Often, buyers may put up to 20 percent down.

Because buyers frequently pay for most inspections, it may be a good idea to investigate the costs of the inspections you plan to obtain before an offer is made.

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www.WestsideHomeFinder.com

For more information contact:

Dom Naidoo & Josh Barré
Real Estate Consultants
Office: (310)459-8191
info@wsprops.com
www.westsidehomefinder.com

Copyright © 2009 Dom Naidoo & Josh Barré . All rights reserved.

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Pacific Palisades Real Estate Blog - Monday 07-06-2009 - Palisades Community being asked to Step Up!

Westside Properties — Mon, 20 Jul 2009 20:35:39 -0500

Via Dom Naidoo - Pacific Palisades Real Estate (Westside Properties):

With construction of Palisades Charter High School's Maggie Gilbert Aquatic Center well under way, community members want to know what hours the pool will be available for public use.

Jeanne Goldsmith, a consultant PaliHi hired to fundraise for the pool, told the Palisadian-Post on Monday that the school definitely plans to offer free public swimming on Sundays once the pool opens next March.

'Our aim is to have [the pool available] all day,' Goldsmith said, but PaliHi may rent out the entire pool for part of the day to aquatic user groups such as swim and water-polo teams.

'We have to make this pool self-sustaining,' Goldsmith said, stressing that the school will not use taxpayer money from its general fund to construct or operate the pool.

Private donors have contributed $3 million of the necessary $4.3 million to build the 12-lane competitive pool and adjacent two-lane teaching pool, Goldsmith said. Ninety-year-old English teacher Rose Gilbert has donated $2 million of that money toward the center, located at the corner of Temescal Canyon Road and Bowdoin Street and named after her late daughter.

Once the pool is built, Goldsmith said the annual operating cost is projected to be roughly $375,000. School leaders, however, expect to bring in about $500,000 annually by renting the pool to aquatic user groups during non-school hours. The surplus will be set aside for maintenance and repairs.

Aquatic user groups can secure time from 5 to 7 a.m. and 4 p.m. to 9 p.m. Monday through Friday as well as all day on Saturdays and part of the day on Sundays during the school year, Goldsmith said. The pool will be available all day during the summer and on holidays.

School leaders envision setting aside dedicated lanes for the public to swim at the same time aquatic user groups are in the pool, Goldsmith said. The pool could also be made available to the public during non-school hours when aquatic user groups have not secured time.

PaliHi is currently negotiating with aquatic user groups and finalizing rates, Goldsmith said. The groups will be required to secure their own insurance and lifeguards, while the school will provide lifeguards for public swim.

The schedule will be released before the pool opens next spring and will be posted quarterly at the pool site and on PaliHi's Web site (palihigh.enschool.org), Goldsmith said.

Westside Aquatics, a Los Angeles swim team for all ages, has contributed financially to the construction of the pool and has already secured a certain number of lanes from 4 to 6 p.m. Monday through Friday.

Other than Sundays, the public will have to pay a nominal fee. PaliHi is selling five-year passes for immediate families of any size for $1,500. The school will soon offer five-year individual passes and annual family/individual passes.

So far, construction is moving along smoothly. 'We are on time, and we are feeling very positive about it,' Goldsmith said.

Goldsmith is in the process of writing grants for additional funding to construct a concrete wall on Temescal Canyon Road that would serve as a sound barrier and conceal the pool from street view. The area will also be landscaped to look attractive. She is also trying to secure an additional $125,000 in order for the pool to be solar-heated.

In addition to Gilbert's $2 million, the majority of the money raised so far has come from PaliHi parents, teachers and alumni, Goldsmith said.

'We would love for the Palisades community to step up and help us,' she said.

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Pacific Palisades Real Estate Blog - Thursday 07-09-2009 - In Celebration of Michael Jackson

Westside Properties — Thu, 09 Jul 2009 22:05:15 -0500

Via Dominic Naidoo - Pacific Palisades Real Estate (Westside Properties):

In celebration of the life and work of Michael Jackson, The GRAMMY Museum is sharing a collection of Jackson's most iconic wardrobe pieces (including the suit he wore on the cover of Thriller).

Starting Friday, June 26, 2009, these will be exhibited on the Museum's third floor alongside video of some of Jackson's most exciting GRAMMY performances. I hope this exhibit will serve as a fitting tribute to one of the most significant entertainers in music history. The Museum will open to the public on Friday at 11:30am.

For thousands of years, royalty has called attention to itself with extravagant clothing and other finery. Jewels, fine fabrics, and elaborate accessories can complete the transformation of a person into a brightly-shining star that holds its audience spellbound.

As the "King of Pop," Michael Jackson has fully embraced this royal tradition. And like his album HIStory, this exhibit gathers together some of his greatest hits - pieces that are uniquely and unmistakably his.

"The GRAMMY Museum is excited for this rare chance to share this material with our visitors," said Chief Curator Ken Luftig Viste. "Michael Jackson is undeniably one of the most significant entertainers in pop music history, and the pieces' starpower - and design - is striking. Few, if any, have ever before been made available to the public in this way."

Including seven elaborately embellished jackets, two gloves, and more, highlights include jackets worn on the Victory tour, at Jackson's 1984 American Music Awards appearance, and at the dedication of his star on the Hollywood Walk of Fame. All are elaborately bejeweled, beaded, and detailed - with one piece weighing nearly fifteen pounds.

"As a 21st Century museum, we will update our exhibit content frequently," said Executive Director Robert Santelli. "Though we've only been open a short time, Michael Jackson: HIStyle allows us to demonstrate our steadfast commitment to putting that goal into practice. Plus, it's an amazing collection."

Working with talented designers, Jackson's crystals, sequins, beads, embroidery, and insignia have combined to catch the eyes of millions, transmitting his dance moves from the stage to the back row, and his starpower across the world.

Group tours of The Museum can be arranged. Please contact their Group Sales Department at 213.765.6800 (ext. 3).

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY

VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA

WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

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Pacific Palisades Real Estate Blog - Wednesday 07-08-2009 - Real Estate Terms

Westside Properties — Wed, 08 Jul 2009 22:20:35 -0500

Via Dominic Naidoo - Pacific Palisades Real Estate (Westside Properties):

7/23 and 5/25 Mortgages: Mortgages with a one-time rate adjustment after seven years and five years, respectively.

3/1, 5/1, 7/1 and 10/1 ARMs: Adjustable-rate mortgages in which the rate is fixed for three-year, five-year, seven-year and 10-year periods, respectively, but may adjust annually after that.

A
Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgager (borrower), or by using the right vested in the due-on-sale clause.
Adjustable-Rate Mortgage (ARM): A loan on which the monthly payments will increase or decrease over time, based on changes in the ARM?s interest rate index. ARM payments typically are adjusted every six months or once a year. Common indices to which ARMs are tied include the 11th District Cost of Funds, one-year T-note and six-month T-bill.
Adjusted Basis: The cost of a property plus the value of any capital expenditure for improvements to the property minus any depreciation taken.
Adjustment Date: The date that the interest rate changes on an adjustable-rate mortgage.
Adjustment Interval: The interval between changes on an adjustable-rate mortgage in the interest rate and/or monthly payment; typically one, three or five years depending on the index.
Adjustment Period: The period elapsing between adjustment dates for an adjustable-rate mortgage.
Affordability Analysis: An analysis of a buyer?s ability to afford the purchase of a home. Reviews income, liabilities and available funds. Considers the type of mortgage you plan to use, the area where you want to purchase a home and the probable closing costs.
Amortization: The gradual repayment of a mortgage through monthly (e.g. installment) payments. In the early years of a mortgage, most of the monthly payment goes toward interest. Later in the mortgage, more of the payment goes toward reducing the loan?s principal balance.
Amortization Term: The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.
Annual Percentage Rate (APR): The annual cost of a mortgage, including interest, loan fees and other costs, stated as a percentage of the loan amount.
Appraisal/Appraised Value: An opinion of the market value of a home expressed by a real estate appraiser.
Arbitration: The term used to describe a form of dispute resolution that occurs outside of the court system, usually by private agreement between parties. Basically, arbitration is a dispute resolution system where the parties submit arguments and evidence to a neutral person, known as the arbitrator, who then renders a decision, called an award, based upon the evidence and arguments presented.
Assessment: A local tax levied against a property for a specific community purpose, such as a sewer or streetlights.
Assignment: The transfer of a contractual interest or obligation from one person to another such as, but not limited to, a transfer of a mortgage obligation. Assignment is a legal term used to transfer interest from one contract to another.
Assumable Mortgage: An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due-on-sale clause, a new buyer may not assume the mortgage.
Assumption: The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money by acquiring an existing mortgage debt, instead of obtaining a new mortgage where closing costs and market-rate interest charges will apply.
Assumption Fee: The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

B
Balloon Mortgage: A loan that is amortized for a longer period than the term of the loan. Usually this refers to a 30-year amortization and a five-year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due.
Balloon Payment: The final lump sum paid at the maturity date of a balloon mortgage.
Biweekly Payment Mortgage: A plan to make mortgage payments every two weeks (instead of the standard monthly payment schedule). The 26 (or 27) biweekly payments are each equal to one-half of the monthly payment required if the loan were a standard 30-year fixed-rate mortgage. The result for the borrower is a substantial saving in interest.
Blanket Mortgage: A mortgage covering at least two pieces of real estate as security for the same mortgage.
Borrower (Mortgager): One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.
Bridge Loan: A second trust for which the borrower?s present home is collateral, allowing the proceeds to be used to close on a new house before the present home is sold. Also known as a "swing loan."
Broker: An individual who assists with arranging funding or negotiating contracts for a client but who does not loan the money himself or herself. Brokers usually charge a fee or receive a commission for their services.
Buy-down: When the lender and/or the homebuilder subsidize a mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.

To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com

PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD

BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY

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WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE

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C
Caps: Provisions of an adjustable-rate mortgage limiting how much the interest rate can change at each adjustment period (e.g., every six months, once a year) or over the life of the loan (rate cap). A payment cap limits how much the payment due on the loan can increase or decrease.
Cash Flow: The amount of cash derived over a certain period of time from an income-producing property. The cash flow should be large enough to pay the expenses of the income-producing property (mortgage payment, maintenance, utilities, etc.).
Certificate of Eligibility: The document given to qualified veterans entitling them to VA-guaranteed loans for homes, businesses and mobile homes. Certificates of eligibility may be obtained by sending form DD-214 (Separation Paper) to the local Veterans Affairs office with VA form 1880 (request for Certificate of Eligibility).
Certificate of Reasonable Value (CRV): An appraisal issued by Veterans Affairs showing the property?s current market value.
Certificate of Veteran Status: The document given to veterans or reservists who have served 90 days of continuous active duty (including training time). It may be obtained by sending DD 214 to the local Veterans Affairs office with form 26-8261a (request for certificate of veteran status; this document enables veterans to obtain lower downpayments on certain FHA-insured loans).
Change Frequency: The frequency (in months) of payment and/or interest rate changes on an adjustable-rate mortgage.
Closing: The meeting at which a home sale is finalized. The buyer signs the mortgage, pays closing costs and receives title to the home. The seller pays closing costs and receives the net proceeds from the home sale.
Closing Costs: Expenses in addition to the price of the home incurred by buyers and sellers when a home is sold. Common closing costs include escrow fees, title insurance fees, document recording fees and real estate commissions.
COFI: An adjustable-rate mortgage with a rate that adjusts based on a cost-of-funds index, often the 11th District Cost of Funds.
Construction Loan: A short-term interim loan to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as he or she progresses.
Consumer Reporting Agency (or Bureau): An organization that handles the preparation of reports used by lenders to determine a potential borrower?s credit history. The agency gets data for these reports from a credit repository and other sources.
Contingency: A condition that must be fulfilled before a contract is binding.
Contract Sale or Deed: A contract between purchaser and seller of real estate to convey title after certain conditions have been met. It is a form of installment sale.
Conventional Mortgage: A loan not guaranteed, insured or made by the federal or state government.
Conversion Clause: A provision in an adjustable-rate mortgage allowing the loan to be converted to a fixed-rate mortgage at some point during the term. Usually conversion is allowed at the end of the first adjustment period. The conversion feature may cost extra.
Counteroffer: An offer in response to an original offer.
Credit Report: A report documenting the credit history and current status of a borrower?s credit standing.
Credit Risk Score: A credit risk score is a statistical summary of the information contained in a consumer?s credit report. The most well-known type of credit risk score is the Fair, Isaac or FICO score. This form of credit scoring is a mathematical summary calculation that assigns numerical values to various pieces of information in the credit report. The overall credit risk score is highly relative in the credit underwriting process for a mortgage loan.

D
Default: Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.
Deferred Interest: When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.
Delinquency: Failure to make payments on time. This can lead to foreclosure.
Department of Veterans Affairs (VA): An independent agency of the federal government that guarantees long-term, low- or no-downpayment mortgages to eligible veterans.
Debt-To-Income (DTI) Ratio:The ratio of monthly debt payments to monthly gross income. Lenders use a housing DTI ratio (house payment divided by monthly income) and a total DTI ratio (total debt payments including the house payment divided by monthly income) to determine whether a borrower?s income qualifies him or her for a mortgage.
Deed: A legal document conveying ownership of property.
Downpayment: The portion of the home?s purchase price the buyer pays in cash.
Due-on-Sale-Clause: A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.

E
Earnest Money: The deposit given by a buyer to a seller to show that the buyer is serious about purchasing the home. Earnest money usually is refundable to homebuyers in the event a contingency of the sales contract cannot be met.
Entitlement: The Veterans Affairs home loan benefit (i.e., entitlement for a VA-guaranteed home loan). This is also known as eligibility.
Equal Credit Opportunity Act (ECOA): A federal law requiring lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Equity: The difference between a home?s value and the mortgage amount owed on the home.
Escrow: The holding of documents and money by a neutral third party prior to closing.
Escrow Disbursements: The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance and other property expenses as they become due.
Escrow Payment: The part of a mortgager?s monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments and other items as they become due.
Exclusive Right to Sell Listing: A contract giving an agent the exclusive right to market a property under a certain time frame.
Exclusive Agency Listing: A contract giving the broker the right to market an owner?s property for a certain period of time, but also allowing the owner to sell the property during that period without paying a commission.

F
Farmers Home Administration (FmHA): Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere.
Federal Housing Administration (FHA): A division of the Department of Housing and Urban Development whose main activity is insuring residential mortgage loans made by private lenders. FHA also sets standards for underwriting mortgages.
Federal National Mortgage Association (Fannie Mae): A privately owned corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by Federal Housing Administration or guaranteed by Veterans Affairs. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable. Fannie Mae and Freddie Mac are the key secondary mortgage-market agencies.
FHA Loan: A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderately priced homes almost anywhere in the country.
FHA Mortgage Insurance: Requires a fee (up to 2.25 percent of the loan amount) paid at closing to insure the loan with FHA. In addition, FHA mortgage insurance requires an annual fee of up to 0.5 percent of the current loan amount, paid in monthly installments. The lower the downpayment, the more years the fee must be paid.
Firm Commitment: A promise by Federal Housing Administration to insure a mortgage loan for a specified property and borrower. A promise from a lender to make a mortgage loan.
First Mortgage: The primary lien against a property.
Fixed Installment: The monthly payment due on a mortgage loan, including payment of both principal and interest.
Fixed-Rate Mortgage (FRM): A loan on which the interest rate and monthly payment do not change.
For Sale By Owner (FSBO): The owner sells his or her home without a REALTOR® to avoid paying a sales commission.
Foreclosure: A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property.
Federal Home Loan Mortgage Corporation (Freddie Mac): A quasi-governmental, privately owned agency that purchases conventional mortgage from insured depository institutions and HUD-approved mortgage bankers. Fannie Mae and Freddie Mac are the key secondary mortgage-market agencies
Fully Amortized ARM: An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.

G
Graduated-Payment Mortgage (GPM): A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.
Growing-Equity Mortgage (GEM): A fixed-rate mortgage that provides scheduled payment increases over an established period of time. The increased amount of the monthly payment is applied directly toward reducing the remaining balance of the mortgage.
Guaranty: A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.
Guarantee Mortgage: A mortgage that is guaranteed by a third party.

H
Hazard Insurance: A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.
Homeowner?s Warranty: A policy that covers certain repairs (e.g. plumbing or heating) of a newly purchased home for a certain period of time.
Housing Expenses-to-Income Ratio: The ratio, expressed as a percentage, which results when a borrower?s housing expenses are divided by his or her gross monthly income.
HUD-1 statement: A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points and initial escrow amounts. A separate number within a standardized numbering system represents each item on the statement. The totals at the bottom of the HUD-1 statement define the seller?s net proceeds and the buyer?s net payment at closing.

I
Impound Account: An account established by a lender to collect a borrower?s property tax and insurance payments. Impound accounts are normally required on mortgages with down payments of 10 percent or less.
Index: A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one-, three- and five-year U.S. Treasury security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average costs-of-funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.
Indexed rate: The sum of the published index plus the margin. For example if the index were 9 percent and the margin 2.75 percent, the indexed rate would be 11.75 percent. Often, lenders charge less than the indexed rate the first year of an adjustable-rate mortgage.
Initial Interest Rate: This refers to the original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). It?s also known as "start rate" or "teaser."
Installment: The regular periodic payment that a borrower agrees to make to a lender.
Insured Mortgage: A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI).
Interest: The fee charged for borrowing money.
Interest Accrual Rate: The percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments.
Interest Rate Buydown Plan: An arrangement that allows the property seller to deposit money to an account. That money is then released each month to reduce the mortgagor?s monthly payments during the early years of a mortgage.
Interest Rate Ceiling: For an adjustable-rate mortgage, the maximum interest rate as specified in the mortgage note.
Interest Rate Floor: For an adjustable-rate mortgage, the minimum interest rate as specified in the mortgage note.
Interim Financing: A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion.
Investor: A money source for a lender.

L
Lease-Purchase Mortgage Loan: An alternative financing option that allows low- and moderate-income homebuyers to lease a home with an option to buy. Each month?s rent payment consists of principal, interest, taxes and insurance (PITI) payments on the first mortgage plus an extra amount that accumulates in a savings account for a downpayment.
Liabilities: A person?s financial obligations. Liabilities include long-term and short-term debt.
Lien: A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
Lifetime Payment Cap: For an adjustable-rate mortgage, a limit on the amount that payments can increase or decrease over the life of the mortgage.
Lifetime Rate Cap: For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease over the life of the loan.
Listing: A property placed on the market by a listing agent.
Loan: A sum of borrowed money (principal) that is generally repaid with interest.
Loan-to-Value (LTV) Ratio: The ratio of the amount of money owed on a home to the home?s value. The LTV ratio for a $100,000 home financed with a $90,000 mortgage would be 90 percent, for example.
Lock: Lender?s guarantee that the mortgage rate quoted will be good for a specific number of days from day of application.

M
Margin: The amount a lender adds to the index on an adjustable-rate mortgage to establish the adjusted interest rate.
Market Value: The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
Maturity: The date on which the principal balance of a loan becomes due and payable.
Mediation: A process used to resolve disputes. In mediation, the parties to the dispute are assisted by a neutral third person called a mediator. The mediator is not empowered to impose a settlement or decision on the parties; rather, the mediator facilitates discussions and negotiation between the parties with the goal of assisting the parties in reaching a mutually acceptable settlement of their dispute.
MIP (Mortgage Insurance Premium): Insurance from FHA to the lender against incurring a loss on account of the borrower?s default.
Monthly Fixed Installment: That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction and doesn?t cover all of the interest. The loan balance therefore increases instead of decreasing.
Mortgage: A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Banker: A company that originates mortgages for sale into the secondary mortgage market (e.g., Fannie Mae and Freddie Mac).
Mortgage Broker: An individual or company that arranges mortgage financing between a borrower and a lender.
Mortgagee: The lender.
Mortgage Insurance: Money paid to insure the mortgage when the down payment is less than 20 percent.
Mortgage Life Insurance: A type of term life insurance specifying that in the event that the borrower dies while the policy is in force, the debt is automatically paid by insurance proceeds.
Mortgage Interest Deduction: The ability of mortgage borrowers to deduct the interest paid on a home loan for purposes of federal and state income taxes.
Mortgager: The borrower or homeowner.
Multiple Listings Service (MLS): The service combines the listings for all available homes in an area, except for For-Sale-By-Owner properties, in one directory or database.

N
Negative Amortization: Occurs when monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.
Net Effective Income: The borrower?s gross income minus federal income tax.
Net Listing: A listing agreement in which the broker?s commission consists of the amount above a net price set by the owner. If the net price is not met, a commission is not earned.
Non-assumption Clause: A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender.
Note: A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

O
One-year Adjustable: Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin chosen by the lender.
Open Listing: A property marketed by more than one agent at a time.
Origination Fee: A fee charged by a lender for making a mortgage.
Owner Financing: A property purchase transaction in which the party selling the property provides all or part of the financing.

P
Payment Change Date: The date when a new monthly payment amount takes effect on an adjustable-rate mortgage or a graduated-payment mortgage. Generally, the payment change date occurs in the month immediately after the adjustment date.
Periodic Payment Cap: A limit on the amount that payments can increase or decrease during any one adjustment period.
Periodic Rate Cap: A limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.
Permanent Loan: A long-term mortgage, usually 10 years or more. Also called an "end loan."
PITI: Principal, interest, taxes and insurance -- the primary components of a monthly mortgage payment.
Pledged-account Mortgage (PAM): Money is placed in a pledged savings account and this fund plus earned interest is gradually used to reduce mortgage payments.
Points: One point equals 1 percent of the mortgage amount. Points are charged by lenders to increase the lender?s return on the mortgage. Typically, lenders may charge anywhere from zero to two points. Loan points are tax-deductible.
Power of Attorney: A legal document authorizing one person to act on behalf of another.
Pre-approval: The process of determining how much money you will be eligible to borrow before you apply for a loan.
Prepaid Expenses: Necessary to create an escrow account or to adjust the seller?s existing escrow account. Can include taxes, hazard insurance, private mortgage insurance and special assessments.
Prepayment: A privilege in a mortgage permitting the borrower to make payments in advance of their due date.
Prepayment Penalty: Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in many states.
Primary Mortgage Market: Lenders, such as savings-and-loan associations, commercial banks and mortgage companies, who make mortgage loans directly to borrowers. These lenders sometimes sell their mortgages to the secondary mortgage markets.
Principal: The loan amount borrowed or still owed.
Private Mortgage Insurance (PMI): Insurance issued by private insurers that protects lenders against a loss if a borrower defaults on a mortgage with a low downpayment (e.g., less than 20 percent).

Q
Qualifying Ratios: Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.

R
Rate Lock: A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.
Real Estate Settlement Procedures Act (RESPA): A consumer protection law that requires lenders to give borrowers advance notice of closing costs. RESPA is a federal law that, among other things, allows consumers to review information on known or estimated settlement cost after application and prior to or at settlement. The law requires lenders to furnish the information after application only.
REALTOR®: A real estate broker or agent who, as a member of a local association of REALTORS®, a state association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS® (link to www.onerealtorplace.com), adheres to high standards of professionalism and a strict code of ethics.
Recission: The cancellation of a contract by putting all parties back to the position before they entered the contract. In some mortgage financing situations involving equity in the home as security, the law gives the homeowner three days to cancel a contract.
Recording Fees: Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
Refinance: Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
Renegotiable Rate Mortgage: A loan in which the interest rate is adjusted periodically.
Reverse Annuity Mortgage (RAM): A form of mortgage in which the lender makes periodic payments to the borrower using the borrower?s equity in the home as collateral for and repayment of the loan.
Revolving Liability: A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services.

S
Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."
Second Mortgage: A mortgage made subsequent to another mortgage and subordinate to the first one.
Secondary Mortgage Market: The place where primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. It provides liquidity for the lenders.
Security: The property that will be pledged as collateral for a loan.
Seller Carry-back: An agreement in which the seller provides financing, often in combination with an assumable mortgage.
Seller Financing: A financing agreement in which a seller provides part (or all) of the financing needed by a buyer to purchase the seller?s home.
Servicer: An organization that collects principal and interest payments from borrowers and manages borrowers? escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
Servicing: All the steps and operations a lender performs to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like.
Shared-Appreciation Mortgage (SAM): A mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to a mortgage where the borrower shares the monthly principal and interest payments with another party in exchange for part of the appreciation.
Simple Interest: Interest that is computed only on the principle balance.
Standard Payment Calculation: The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.
Step-Rate Mortgage: A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.
Survey: A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings.
Sweat Equity: Equity created by a purchaser performing work on a property being purchased.

T
Third-Party Origination: When a lender uses another party to completely or partially originate, process, underwrite, close, fund or package the mortgages it plans to deliver to the secondary mortgage market.
Title: A legal concept relating to ownership of property.
Title Insurance: Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Title Search: An examination of public records to determine the legal ownership of property. Usually the records are recorded with the County Recorders office. The search is usually performed by a title company using computerized records.
Total Expense Ratio: Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.
Truth In Lending Act: A federal law requiring disclosure of the annual percentage rate to homebuyers shortly after they apply for the loan. Also known as Regulation Z.
Two-Step Mortgage: A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years.

U
Underwriting: The process of evaluating a loan application to determine if it meets the lender?s standards.
Usury: Interest charged in excess of the legal rate established by law.

V
VA Loan: A long-term, low- or no-downpayment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
VA Mortgage Funding Fee: A premium of up to 1.5 percent (depending on the size of the downpayment) paid on a VA-backed loan. On a $75,000 fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed.
Verification of Deposit (VOD): A document signed by the borrower?s financial institution verifying the status and balance of that person?s financial accounts.

W
Warehouse Fee: Many mortgage firms must borrow funds on a short-term basis in order to originate loans that are to be sold later in the secondary mortgage market or to investors. When the prime rate of interest is higher on short-term loans than on mortgage loans, the mortgage firm has an economic loss that is offset by charging a warehouse fee.
Wraparound Mortgage: Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.

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FREE First Time Home Buyers Seminar

Westside Properties — Thu, 07 May 2009 21:53:53 -0500

FREE First Time Home Buyers Seminar

Sponsored by: BHGLAAR Equal Opportunity/Cultural Diversity Committee and the Edendale Public Library
Date: Saturday, May 16, 2009 10:00am - 11:30am
Location: Edendale Public Library, 2011 W. Sunset Blvd, LA, CA 90026
If you attend you will be able to learn the fundamentals of home ownership in easy-to-understand terms from experts in the real estate industry.

This seminar is FREE and open to the public. Seating is limited please RSVP by Tuesday, May 12th. REGISTER ONLINE or call 310.967.8800.

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Credit Markets Stabilize-Positive Signs for Recovery in Housing Market

Westside Properties — Thu, 07 May 2009 12:52:44 -0500

On Tuesday, Federal Reserve Chairman Ben Bernanke said the economy appeared to be stabilizing, but warned that a real recovery is still months away.

"We continue to expect economic activity to bottom out, then to turn up later this year," Bernanke told the congressional Joint Economic Committee, according to a prepared statement.

Bernanke cited improved sales of existing homes as evidence that things are improving. He said sales have been "fairly stable" since late last year, in part because moderating prices have made homes more affordable.

Credit markets have stabilized in recent weeks allowing more homeowners to refinance their mortgage and stay in their home. This is a postive sign for future stabilization in the housing market.

If you or anyone you know needs assistance with buying a home, selling a home, refinancing, leasing, property management, loan modification or just general real estate questions, please give Josh or Dom a call at 310-459-8191, or drop us an email at info@wsprops.com.

About Westside Properties -

Westside Properties is a full-service real estate boutique offering buyer and seller representation, leasing, financing, property management, home repair and improvement, and loan modification. The agents support one another like a team and each have extensive real estate experience, powerful resources and the connections that you need whether you are looking to buy or sell a home in today's exciting and challenging real estate market.

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Active
	TYPE	STATUS	ADDRESS	LIST PRICE	BED	BATH	SF	LOT	YEAR	LIST DATE	CH TYPE
1.	HOUSE	A	554 ALMAR AVE	$3,950,000	6	5.50	5,900	7,080	2008	12/15/08	Extended
2.	HOUSE	A	554 ALMAR AVE	$3,950,000	6	5.50	5,900	7,080	2008	12/15/08	Price Change
3.	HOUSE	A	1141 DONAIRE WAY	$2,895,000	5	5.50	4,250	9,592		04/21/09	Price Change
4.	HOUSE	A	609 LAS LOMAS AVE	$3,499,000	7	7.50	6,870	9,191	2008	05/01/09	Back On Market
5.	HOUSE	A	1020 LAS PULGAS RD	$1,279,000	4	3.00	1,577	9,127	1953	08/04/09	Price Change
6.	HOUSE	A	815 HARTZELL ST	$1,749,000	4	3.50	2,715	5,200	1996	09/17/09	Active
7.	HOUSE	A	734 JACON WAY	$1,599,000	4	3.00	3,190	10,210	1956	09/17/09	Active
8.	HOUSE	A	400 LOMBARD AVE	$2,395,000	5	3.50	3,791	5,160	1991	09/17/09	Active
9.	HOUSE	A	16754 EDGAR ST	$1,150,000	2	2.00	1,236	5,052	1950	09/21/09	Price Change
10.	HOUSE	A	1280 CAPRI DR	$3,199,000	4	3.50	0	16,700	1955	09/24/09	New Listing
11.	CONDO	A	1784 PALISADES DR	$870,000	2	3.00	1,955		1978	09/17/09	Active
12.	CONDO	A	1750 Palisades Drive	$685,000	2	3.00	1,568	363,117	1978	09/24/09	New Listing
13.	LEASE	A	609 LAS LOMAS AVE	$15,900	7	7.50	6,870	9,191	2008	05/08/09	Back On Market
14.	LEASE	A	1472 PALISADES DR	$3,200	2	2.50	2,126	3,693	1983	07/19/09	Price Change
15.	LEASE	A	726 ENCHANTED WAY	$4,900	4	2.00	1,999	8,769	1957	08/14/09	Price Change
Looking For Backup
16.	HOUSE	B	717 El Medio Ave	$1,800,000	4	4.00	2,966	7,927	1942	08/25/09	Looking for Backup

Sold
	PTYPE	STATUS	ADDRESS	LIST PRICE	BED	BATH	S.F.	LOT	YEAR	SALE PRICE	CH TYPE
17.	HOUSE	S	1117 NAPOLI DR	$2,895,000	4	4.50	3,945	13,119	1962	$2.7M	Sold
18.	LEASE	S	746 PALISADES DR	$5,500	3	3.00	2,547	10,280	1995	$5,350	Sold
Expired
19.	HOUSE	X	16879 CALLE DE SARAH	$2,679,000	5	5.50	4,621	26,379	1995		Expired
20.	LAND	X	300 VIA NICHOLAS	$4,395,000		0.00	0	57,745			Expired
21.	LEASE	X	18063 SANDY CAPE DR	$7,500	4	3.00	2,916	22,900	1965		Expired
Withdrawn
22.	HOUSE	W	1006 HARTZELL ST	$1,899,000	4	2.50	2,304	5,200	1925		Withdrawn

Thank you for choosing	To preview the finest real estate and the best deals on the Westside of Los Angeles including Pacific Palisades, Santa Monica, Malibu, Brentwood, Bel Air, Beverly Hills, West L.A., Marina Del Rey & Mar Vista please visit our website: http://www.westsidehomefinder.com/ When you are ready to view the properties or just have a question, please contact us: 310.459.8191 or info@wsprops.com	PACIFIC PALISADES SANTA MONICA MALIBU BRENTWOOD BEVERLY HILLS WESTWOOD/CENTURY CITY MARINA DEL REY VENICE TOPANGA CULVER CITY PLAYA DEL REY PLAYA VISTA WEST L.A. BEL-AIR BEVERLY HILLS PO BEVERLY CENTER/MIRACLE MILE
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