Archive for July, 2009
Library Square- Who Will Represents Us on the City Council?
A typical day living in wonderful Library Square.
4222 Agnes Studio City, CA
4222 Agnes Avenue, Studio City California
sold - – 08/21/2009
Located in the award winning Carpenter School District , this stunning Cape Cod is sited on an enormous lot w/sweeping lawn & private rear yard w/pool. A brick path leads to a Front Hall entry. Just there, a bright Living Room w/fireplace creates the perfect entertainers space. A flexible Den/Dining room w/fireplace opens to the gourmet center island Kitchen. There is 1 Bed & 1 Bath down, & 2+2 up; including a sumptuous Master Suite w/oversized shower, claw foot tub & Juliet balconies, plus an additional office & separate 2-Car Garage. It is all done w/exquisite period detail and has been used for many film location shoots, creating a unique income opportunity.
Available today for Private Showings.
Priced at: $1,650,000
Sold $920,000
August 27, 2009
Prime Sherman Oaks Pool Home with a View
3 bedrooms - 2 Baths—Bonus Room, Swimmers Pool
2254 Sqft 16,379 sqft Lot
Lovely Mid-Century-Modern Post-and-Beam styling with a traditional flair nestled in the hills of Sherman Oaks with a shimmering view at the end of a quiet cul-de-sac street. High enough in the hills for quiet, solitude but low enough for easy access to the Westside & Sherman Oaks. Peace & serenity highlight this home featuring a Light Brite Wide Open Floorplan w/ walls of windows and doors overlooking the pool, view & mature lush landscaping. Large kitchen boasting copious cabinets, 2 pantries & an indoor BBQ Bar. Large swimmers Pool & Spa is overlooked by Tree surrounded Gazebo and party patio. A magical Zen bonus room dubbed The Treehouse is a great Office, gym, studio or ??. Set amongst tree tops this space stirs the creative nature. The sumptuous Master Suite has huge dual closets, double Vanity & high ceilings. Pamper yourself in the spa tub and huge 3 head temperature controlled shower. This home stirs the emotion and calls the owner home to bask in comfort and calm it creates.
For more info go to: www.15047Marble.com
This is a great video about the Ewing and Associates – Sothebys Company.
What is all the Fuss about Loan Modifications
Economic hard times have hit, and hit hard. That is not a news flash.
-home values have dropped drastically
-homeowners cannot sell for what they owe when hard times hit
-the terms of an adjustable, or reset mortgage are now so high that the owner cannot afford the payments
-economic problems (job loss, stock loss, etc) prevent the seller from making the payments as originally agreed.
-And many other scenarios
The most important factor is that the borrower wants to lower their interest rate, lower the principal balance owed, lock the rate in for an extended period.
The process is similar for all most lenders. A call is made to request a Loan Modification Package, you receive it and give information about your homes value, your financial status, a “hardship” letter and other pertinent information. You return the information to the bank. The bank then determines the value of your house. The bank then uses all this information to analyze your situation. Using this, as well as other factors and criteria such as the banks default rating etc, they then offer you a package of some kind. The package can be counter or adjusted but in most cases the bank will not make significant adjustments to their initial offer.
The bank can make adjustments to the original loan in any way that benefits the bank and the borrower. I have heard of very interesting and unusual arrangements. Everything is on the table, and this is where an expert negotiator who deals with this every day can be very beneficial. They know how to structure a deal that will be acceptable to the bank and beneficial to the borrower. But be careful in hiring such an expert. See my article on Loan Modifications – All the Rage for Distressed Homeowners.
It seems that every time I turn on the radio or television I get bombarded with advertisements touting another company who claims they can help homeowners who are behind on their payments or even those who just have a “bad” deal by current standards. One such commercial even has President Obama speaking about the stimulus bailout plan. To be sure, there are many homeowners who are in trouble on their home loan. And equally sure, is the fact that lenders do not make the process of Loan Modifications Easy! Therefore, there is a ripe market for these so-called Loan Modification Experts”. I can give many reasons why a reputable, knowledgeable, skilled negotiator should be used by many if not most homeowners seeking to modify their loans. But there are so many ways the unwary homeowner can go wrong in selecting the right person to represent them:
1) Only hire an expert who has come recommended by someone you know has personal experience with this person
2) Don’t pay all their fee up front, hold as large a portion back as you can negotiate with increasing payments along the way until completion
3) Don’t buy into the Guaranteed Results promise. These modifications are out of their hands. There are factors in every deal that are impossible to figure out unless you work for the bank. Nobody can guarantee results.
4) Many negotiators work for or alongside an attorney. This is a good ideas as most negotiations don’t require an attorney, many times the lender takes you more seriously if there is an esquire attached to you negotiation team
5) This is a team effort. Your negotiator needs to know 100% of the true situation and they need your cooperation. Also, keep track of the progress. The good outfits are handling many files right now. It is easy for your file to get buried. The more you can do to nicely be the squeaky wheel, the better success you will have.
6) Never, ever sign any paperwork that is not completely filled out or that you do not clearly understand. Ask questions, there are many ways you can be scammed out of your home and have far reaching damage done to your good name. If you don’t receive a good explanation, don’t sign, get a second opinion.
Like every other profession, the buyer needs to beware and watch out for themselves. Desparate times give rise to creative schemes. You do not want to fall into that trap.
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