L.A. real estate news and insights.
This is the most expensive home for sale this week in Valley Glen.
Asking price: $1,199,777
•4 bedrooms
•3 bathrooms
•2,397 sq. ft. of living space
•6,499 sq. ft. lot
•The home has a new roof, windows, and water heater
•Stainless steel appliances in kitchen
•Private backyard w/ covered patio
Text me if you want a tour at 818-445-7953.
This is the cheapest home to sell this week per sq. ft. in North Hollywood.
Price per sq. ft. - $302.00
•6 bedrooms
•4.5 bathrooms
•3,245 sq. ft. of living space
•6,970 sq. ft. lot
•Brand new kitchen
•Large laundry room
•New concrete driveway
The selling price was $980,000.
While the housing market has come roaring back in the pandemic, iBuying activity hasn't.
Volumes and market share of iBuying activity is likely to finish 2020 at 50% less than that of 2019, according to real estate tech strategist Mike DelPrete, who studies iBuying activity in real estate.
Meanwhile, traditional home sales for existing homes and new homes have been running above last year’s levels.
iBuyers make instant cash offers to sellers who wish to bypass the traditional MLS marketing route, often for assurance of a quicker sale.
However, homeowners tend to pay higher fees for the convenience.
iBuying will be available to buyers for a while, but will buyers and sellers even care?
Source: Mikedp.com
With home sales continuing to recover in July and sales of higher-priced properties bouncing back faster than the rest of the market, the statewide median price hit a new high after setting a record just in June.
California's median home price reached $666,320 in July, jumping 6.4 percent from June's $626,170 and 9.6 percent from $607,990 in July 2019.
The monthly price increase was higher than the historical average price change from June to July and, in fact, was the highest ever recorded for a June-to-July change.
Source: World Property Journal
Coming soon to North Hollywood - 10420 Tiara Street, North Hollywood, CA 91601
Property Features:
•3 Bedrooms
•1 Bathroom
•Living Sq. Ft. - 1,047
•Lot Sq. Ft. - 6,001
The asking price is $649,999.
Text me if you want to take a tour before it hits the market and we get multiple offers. 818-445-7953
I just saw on the news that a home buyer was scammed out of her entire deposit amount.
She received fake wiring instructions and had thought the instructions came directly from the escrow company.
She wired her deposit money over to the account on the fake instructions.
The thieves took the money and were never heard from again.
The buyer is now out the money she wired over and no longer has enough money to purchase a home.
She has to wait and save up more cash.
This is a terrible story and I am warning you now to always confirm that the wiring instructions are real.
This is very easy to do!
Once you get the wiring instructions emailed to you, call the escrow company and confirm over the phone that the account number that you are wiring to is in fact their real account.
Once confirmed, then you are safe to send the money.
When you buy a home, you have to put down a deposit.
Typically that deposit amount is 3% of the purchase price of the home.
Keep in mind that this 3% amount is not set in stone, but it is customary.
You can put any amount you want, however the seller will not think you are a serious buyer and probably won't accept your offer unless you put at least 3% for your deposit amount.
You have to send your deposit over to the escrow company to hold within 3 days of getting your offer accepted.
Buyers using cash to purchase a home typically close escrow in 7-14 days.
Buyers using a conventional loan to purchase a property (at least 5% down payment) typically close in 30 days.
Buyers using FHA loan to purchase a home (3.5% down payment) typically close escrow in 45 days.
On this episode, I answer the following four real estate questions:
1) Now that my offer is officially accepted, how long does it take to close escrow on the home?
2) How do I send my deposit money over to the escrow company?
3) Is there certain day I should close escrow on?
4) What is a special recording and how is it different than a regular recording?
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Some agents will help you find a rental unit, but 95% will not.
5 STEPS TO A BETTER CREDIT SCORE
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Step 1) 🤓Order your credit report
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Step 2) 🤔Look for any mistakes a creditor has made. For example, does your credit report show that you still have a old outstanding bill with Nordstrom for $142? Do you remember paying off this bill and you have a receipt to prove it? Good!
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Step 3) 😫Call your creditor tell them you paid that bill and that you can send them proof.
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Step 4) 🤔Wait 6 months and order another report. Does this new report reflect all the corrections you made with your creditors? Good! You should also see your improved credit score. I have seen some peoples score go up 100 point just off of this tactic.
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Step 5) 🤗Enjoy your higher credit score and send @DanielLosAngeles a delicious #keto friendly dessert.
That doesn't seem fair, does it?!
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After all, you did the hard work of finding the buyer yourself... why should your agent get paid the full commission?
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Unfortunately that is how standard listing agreements are written up. But your not gonna fall for that, right?
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I personally don't think it's fair either. That's why I have a Flexible Commission Listing.
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You find the buyer and want to pay a lower commission? No problem! I will write up the contract and take it through escrow for only 1%.
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Now that sounds fair right?!
A lien usually comes from either unpaid taxes, a judgment made in court, or from unpaid bills.
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There are a number of liens creditors may place on your home.
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The most common are mechanic's liens, judgment liens, and tax liens.
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Mechanics lien: When general contractors, carpenters, plumbers, painters, or other type of repair companies work on your home, they may file a mechanics lien on the property as insurance to make sure they are paid.
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Judgment lien: If you have lost a court case and there was a judgment against you, the winning party of the lawsuit can file a judgment lien against your home until the payment is collected. This type of lien is also sometimes imposed by an attorney if you do not pay your bill for legal services.
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Tax lien: If you do not pay your federal, state, or county taxes, the government may file a tax lien on your home.
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A preliminary title report will show you all the liens that are against your property.
Can you guarantee your home inspection will go well?
No, but you can prepare for it by having an inspection done before you put your home on the market.
If your homes appraisal comes in low, you have 4 choices...
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1) Have the buyer come up with the difference in cash.
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2) Drop your purchase price to match the appraised value.
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3) meet the buyer somewhere in the middle... you drop your price, they come up with a little cash.
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4) cancel escrow and find a new buyer.
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The good news with option 4 is that a brand new appraiser will appraise your property. Hopefully they will appraise your home for the agreed upon purchase price. 🙏🏻🙏🏻🙏🏻
