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Categories: Buying a Home June 26th, 2009

Parking times Change in Sherman Oaks

Don’t get caught relying on old habits when taking a parking space on Ventura Boulevard.  I parked last week after 6 pm and waived off the suggestion of my 10 year old daughter to feed the meter as I knew that meters were not active after 6 pm.  We had a great bite to eat and were returning to our car when I notice a Parking Officer happily writing out a ticket on a car up the street from mine.  I looked up at one of the conveniently placed signs that was nice and shiny due to the fact the times have been changed to extend the hours of enforcement until 8 pm at night instead of the old 6 pm.  Of course, returning to my car a $48 ticket was waiting on my windshield.  I rarely get tickets as I just see it as a miserable waste of money.  I would rather walk a mile than have to pay that ticket fee.  So it is really irksome that I got tricked into this ticket.  Oh well, I will just pay it and realize that in these econonic times, the city is searching for every way to make another buck so I need to take nothing for granted and read every sign when parking on Ventura Boulevard in the Sherman Oaks Area.

Categories: Our Listings, Ventura Boulevard Corridor June 23rd, 2009

Modern Luxury Estate

Off Market

 4935 Gloria Avenue, Encino CA

6 Bedrooms, 7 Baths, Office, Pool, Separate Office.

 Walled and gated Estate in the heart of the Encino Flats! Sited on over 1/3 acre, this 6,000 sqft Contemporary Palazzo is filled with light and aire. The wide open floor plan includes formal living and dining rooms, a great room of kitchen, breakfast, butlers and utility. There is a dedicated theatre and 4+4 downstairs, including a stunning master suite and 2+1, a game room and huge deck up. The grounds feature a free form pool, spa, waterfall, motor court & separate 600 sqft office/studio. Wow!

$2,399,000

More Information to Come 

Categories: Buying a Home, Foreclosure Information, MidVale Estates, Short Sale Information June 10th, 2009

Everyone wants the Deal of the Decade in Real Estate! 

They want to buy a foreclosure also known as bank owned properties.  As Howie Mandel would say, but did they make a great deal ????

   Foreclosures are flying off the racks.  There can be as many as 20 offers on each one and they often sell well above the asking price!  But some short sighted buyers are missing out on short sales, which can be much better deals and often way below market value!  You have to be patient with many of these transactions because some can take as long as 6 months to negotiate and close, but they are worth the wait!

  And then there are the great deals that many buyers are missing out on!  The homes that aren’t short sales or foreclosures, but instead just desperate sellers.  These are the sellers that do not want to have their credit adversely affected, but are dangerously close to missing a payment or two.  They market their home for a fast sale, knowing that they need to sell within 30 days or so in order to retain what little equity they may have left, and keep their credit scores higher.  These can be some of the best deals out there!

Categories: Buying a Home, Foreclosure Information, MidVale Estates, Neighborhoods, Short Sale Information June 10th, 2009

Short Sales can be fantastic buys, but you have to be a patient buyer!

   What is a short  sale?  First, an offer is presented to the seller as any normal transaction.  The buyer and seller agree to terms, the amount being less than what the banks are owed and often well below market value.  The offer is presented. hopefully by an experienced agent to the banks.  It is important that the agent knows the required paperwork and procedures that are necessary in order for the banks to respond in a positive and timely matter!   The agent,  for days or weeks, continues to negotiate with the banks,  works to convince them to reduce the amount they are owed and to negotiate all fees to be paid.  Some of the fees that need to be negotiated are often unpaid taxes, title fees, escrow fees, etc.   During this time the buyer works to obtain financing and proceeds with  the normal inspections of the property.   Finally upon acceptance by the banks, the buyer often will have a limited time in order to close the transaction, so they need to be ready!

    This process is not an easy one for agents, therefore many choose not to get involved.

They only encourage their buyers towards “normal” transactions.   I believe in the end results for my clients and I enjoy their referrals.  I also love a good challenge!

Categories: Ventura Boulevard Corridor June 10th, 2009

Beware Sherman Oaks Police Activity

It is rumored that every month LAPD Senior Lead Officer George Aguilar takes a look at his area’s traffic patterns and behaviors and focuses enforcement on one issue. Sometimes he undertakes pedestrian crosswalk stings along Ventura Blvd., catching drivers who ignore those walking across the street, and enforcement on the various no left turn signs on Van Nuys Blvd. Thye word is that this month the target is going after speeders in these general areas, including nearby side streets: Wooodman/Ventura, Van Nuys/Ventura, streets surrounding Van Nuys/Sherman Oaks Park and Valley Vista between Sepulveda and Coldwater Canyon. Spread the word (after all his objective is to slow people down not to write out tickets?)  He won’t say what days each area will be heavily patrolled so the best advice is to keep your cool and slow down wherever you are!

Categories: Buying a Home, Foreclosure Information, Short Sale Information, The Escrow Process June 10th, 2009

Check this List before searching for your home

So you have navigated finding your dream house, now it comes time to enter the negotiations.  This time period is certainly fraught with anxiety and stress even in the best situation.  Laws vary from state to state and traditions vary from region to region on how negotiations are to be carried out so this info is based on California Law and Southern California practice, particularly Sherman Oaks and the San Fernando Valley. 

1) banks, distressed properties, short pays, and any other non-conventional sales follow their own rules  

 -you may never understand their reasoning and it may make absolutely no sense.  The unpredictable nature of these sales wreaks havoc on the orderly process an experienced agent prefers to use.  Even though it seems as if the buyer should have an advantage over the entities that want to sell these assets, the truth is the “seller” is completely unemotional, completely detached from the sale and is just as interested in protecting themselves as getting the property sold. 

2)  Sellers don’t always base their decisions on market influences or sound reasoning 

-they often put more value on their needs than what the realities of the market are.  If this is the approach they are taking you as the buyer may never convince them that their house is worth less than the much superior house down the street.  This leaves you 2 choices, walk away from the property, or compromise with them for some combination of market value and their needs.  If you like the house enough, it may be worth it.  And that really is the definition of market value after all

3) Escrow period and occupancy are sometimes the most difficult terms to reconcile

-most of the other factors in a contract are fundamentally financial based.  This deals with the roof over the sellers head and they have objectives you may not know about.  It is difficult to compromise when the 2 sides have conflicting needs.  Often one party simply needs to swallow their pride and give in.

4) Time Frames are important

 -good agents, both buyers and sellers agents, understand the importance of keeping a deal moving. Each offer and counter offer (as well as contingencies) has an “expiration date and time”.  Not responding in a timely way or responding too quickly can send a message to the seller.  Your experienced agent needs to carefully strategize your response and you need to follow that advice. 

5) A deal is not done until it is signed by everyone

– in California oral agreements are worthless in real estate transactions.  Your agent may go thru complicated acrobatic moves to get a “fully executed purchase contract”.  Cooperate with them and realize it only takes the blink of an eye for a seller to change their mind or for another offer to get submitted.  It is a shame when all parties have worked hard to come to an agreement just to have the whole ball game changed by delaying or just plain lack of attention to this detail.

Understanding some of these pitfalls can help make the process much easier on all parties involved.  Select your agent carefully and follow their advice.  Be prompt and conscientious in doing what they suggest.

Categories: Buying a Home, Foreclosure Information, Short Sale Information, The Escrow Process June 10th, 2009

Despite the joyful outcome buying a home can be a very arduous task with many bends and obstacles in the road.

Some are predictable, some are not.  It is always better to anticipate and address the potential problems before a contract is signed and escrow is opened.  These are just some of the things which should be considered when getting ready to buy a home.

1) I thought my credit was excellent

 when you are considering buying a house, it is a good idea to sign up with a service to see you current credit report to fix any blemishes and maintain a monitoring service up to the time a loan is funded to prevent any surprises

2) I thought my spouse and I agreed on our priorities

 I have seen several marriages dissolve before my eyes when different priorities emerged.  This article is not about marriage counseling, but a clear understanding of a couples goals are imperative, when under the gun to make a purchase is not a good time to reconcile these types of differences

3) This agent does not care about me 

 Like any other industry there are good agents and bad.  A good personal referral to an agent who has been in the business for many years is imperative to insure dedication and honesty. The advice your agent will give you is imperative and often hard to verify.  If there is a “community” of clients you are more likely to receive top notch care as the agent has a vested interest in keeping you happy so their reputation remains intact.

4) “My” bank does not value my business –

Lenders are a dime a dozen and the bank around the corner does not necessarily have the best deal for you, much less offer the best if they have it.  Mortgage Brokers, Mortgage Bankers, Direct Lenders, and Credit Unions all have different bags of tools to use.  Make sure you hook up with the best source for your specific needs, this will take some research and hard questions

5)  I can’t afford to buy the home I want

I guess this is not a surprise!  Finding a home should not be considered making compromises but trying to get the best package. The correct combination of Size, rooms, location, amenities, condition, neighborhood, view, etc will balance your desires to get you the best house for you.  After all many desireable features can be mutually exclusive, for example, in Sherman Oaks, it can be difficult to find a house that is easy to access, that is quiet and yet has a spectacular view.  One of these features will need to be less than ideal to find the house for you!.

Examining these factors is very important in preparing to buy a home if it is your first one or the last one in a long line of home purchases.  This understanding can be instrumental in a successful close and move in.  This article is just one of a series written by an agent in the field who helps people buy and sell and move for a living. Check out all the other articles for practical sense advice on the process of home ownership.