Archive for March, 2009
A New York State Of Mind At The Wilshire!
March 27th, 2009 categories: Buyers
A New York State Of Mind at The Wilshire – Lease Property Available!
A great totally remodeled 2 bedroom, 2 1/2 bath unit that is ready for someone to make their home. This light bright spacious condo has a large living/dining area and a beautiful kitchen with a eating area. A second bedroom suite plus the master has custom closets and a glamorous bath. The 24-hour complete service building gives you the ultimate in Lifestyle. VACANT and AVAILABLE NOW.
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How To Pick The Best Contractor For Your Home
March 26th, 2009 categories: Home Improvements and Design
Obviously people are concerned with spending a lot of money and are scaling down quite a bit, but now could be a great time to remodel part of your home. Contractors are not exactly throwing in the kitchen sink, but many are offering great deals! Do you remember the times when it was almost impossible to get a hold of a popular contractor? Well, today chances are better for getting the best people on your small job.
Choosing a contractor is as important as choosing the correct Realtor to represent you. It has to be someone that you can trust, that you have a good repoire with and someone you feel is on the same page as you and has the same taste for your remodel.
I highly recommend interviewing three to five contractors that are referred to you by friends or family with homes that you admire. Make sure to get a proposal from each one in writing that contains the cost and the time that is expected to complete the job. Also go see several jobs that they have done.
For further tips on screening a contractor, please feel free to email me at: kathy@kathyvilla.com
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Weekly Economic Calendar Update For 3/16-3/20!
March 24th, 2009 categories: Money and Mortgages
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Weekly Economic Calendar For The Week of March 16 – March 20 |
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Information provided by KPL
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8 Things To Look For On A Preliminary Title Report That May Cause A Problem!
March 19th, 2009 categories: Buyers, Sellers
I think it is very important to know everything that could happen to you prior 
to and at the closing of an escrow. Below you will find 8 things to look for that may be Red Flags:
- VESTING - if title doesn’t include a name, look for a real estate contract as an exception in the pre-lim report. If there is none, check legal description to make sure that the property in the pre-lim is the same as that shown in the purchase and sale agreement.
- TAXING AND ASSESSMENTS – look for an exemption designation that would change the tax amount as a result of the sale, then disclose this to the buyer.
- DEAD OF TRUST – Deeds of Trust that are paid off but not reconveyed require a reconveyance from the trustee or a court order to remove it from the record. Upon proof of payment, the title company may insure around the encumbrance.
- IDENTITY MATTERS-Judgements and Liens may be eliminated with an identity affidavit, commonly known as Statement of Information, if they do not affect the party in question. If they do affect the party buy have been paid and not satisfied, a release must be obtained and recorded or filed to eliminate these matters.
- PENDING ACTIONS- A civil action affecting real property will generally have to be dismissed before title to the land can be insured. Please check with your Title office for details.
- JOINT USE MATTERS- Driveways, party walls and access easements may prompt a lender to require a joint maintenance agreement.
- EXTENDED COVERAGE MATTERS- If a physical inspection of the property discloses encroachments, lien rights or other matters, these must be addressed before the lender will close.
- LEGAL DESCRIPTION -The legal description should always be compared to the legal description in the purchase and sale agreement to be sure that all the property being conveyed has been included in the preliminary title report.
This information was provided by Kevin Vanderschan of Equity Title Company. If you would like more information on the above issues, please contact Kevin at: (888) 288-9876.
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Los Angeles Tax Credit Again! Read Below For More Details!
March 18th, 2009 categories: Money and Mortgages
Great News for qualified Buyers! The state of California is offering a tax credit for qualified buyers who between 3/1/2009 and 3/1/2010 purchase a qualified principal residence that has never been occupied, per Steve Kenilvort, Mortgage Expert from First Capital.
Below are explanations of what a qualified buyer is, what an acceptable property type is and what a qualified principal residence/new home is.
A Qualified Buyer: a taxpayer who purchases a qualified principal residence.
A Qualified Principal Residence/New Home: defined as a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the Principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowners exemption.
Acceptable Property Type: Any of the following can qualify if it is a principal residence and is subject to property tax, whether real or personal property: a single family residence, a condo, a unit in a co-op, a houseboat, a manufactured home or a mobile home.
If you are interested in learning more about this tax credit, please contact Steve Kenilvort at skenilvort@firstcapitalmtg.com or his Partner Elly Carleton at: ecarleton@firstcapitalmtg.com.
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Wilshire Corridor Listing! 10580 Wilshire Blvd Townhouse #J
March 16th, 2009 categories: Buyers
Life.Style.Luxury: 10580 Wilshire Blvd, Townhouse #J, Los Angeles, CA 90024
Rare opportunity to own stunning town home in The Wilshire, one of the best buildings on the Wilshire Corridor w/full service, 24-hour amenities. Unique two-story, lobby level unit beautifully appointed with the finest quality throughout. Spacious living room and dining area open onto your own private patio and garden area with private gate to the pool. Bright and sunny kitchen and breakfast area overlooking your own backyard. Three bedrooms upstairs, which includes a lovely master suite.
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Things You Need To Know About Avoiding Foreclosure In Los Angeles/Westside
March 13th, 2009 categories: Real Estate News
How would you like to reduce your monthly mortgage payments and avoid your house foreclosing? Real estate experts say there is a simple letter that may help with this issue.
Glenn Stevens, a real estate attorney in Beverly Hills says:
borrowers can write what’s known as a ‘qualified written request’ to their bank, informing the bank that the borrowers want to see their loan documents. The law requires banks to acknowledge the request within 20 days, and to provide the loan documents within 60 days.
There are so many forclosures today that the major issue people are seeing is that banks are overwhelmed and the above deadlines are often over-looked. Sometimes, banks don’t respond and if they do, the response is incomplete. Steven’s goes on to say that almost every file he has looked at, he finds missing documents. Its important to have someone look at these documents because every missing document is a violation of federal law, per Stevens.
With all of the problems in the file, banks are much more receptive to modifying the loan terms in a way that both sides can live with. This is where you can see the reduction in your monthly mortgage payments of 25% per Stevens and this reduction allows homeowners to stay in their home and you avoid foreclosure.
If you would like the full article, please visit: A Simple Letter Could Prevent Home Forclosure
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Buying And Selling Real Estate In Los Angeles/ Westside – Two Policies You MUST Learn About!
March 12th, 2009 categories: Buyers, Sellers
I work with a title expert, Kevin Vanerschans from Equity Title. He has composed a great article regarding why two title policies are required when purchasing /selling a home. Per Kevin, Nearly every sale of a residential property involves the purchase of two policies of title insurance, an Owner’s Policy and a Lender’s Policy. Below is the information for Buyers and Sellers:
FOR THE SELLER – The purchase of a home is one of the most expensive and important purchases most of us ever make. Your buyer will want to make sure that the property is indeed yours to sell and that there are no unknown liens, claims, or encumbrances held against the property. Your buyer chose your property for its features and amenities. Enhancing these amenities with an Owners Policy of title insurance issue through Equity Title Company is just as important as the work you put into maintaining and improving your property.
According to real estate custom and practice the seller pays a one-time premium for the new buyer’s Owner’s Policy based on the sales price of the property. Equity Title searches the public records to identify and eliminate title risks. The new buyer’s policy indemnifies the buyer against loss and provides a defense in the event of claims against the title according to the terms of the policy. For a one time charge, the buyer’s policy protects the buyer for as long as the buyer owns the property, and under enhanced Homeowners Policy (HOP), forever.
You will feel confident that your buyer is receiving quality protection. You should also feel secure that your buyer will not return years later to make claims against you based on title risks which you knew nothing about at the time of sale. Far into the future, a title policy issued through Equity Title will be one of the most enduring benefits of this transaction-for you and your buyer.
FOR THE BUYER: For most of us, buying a home requires help with financing the purchase price. Your purchase loan is secured by the new home you are buying. Your lender will want to insure that the security for their loan is protected by title insurance and that you are the owner of record. The Lenders Policy of title insurance insures your lender and any purchasers of the lenders lien, that this lien has priority over other liens not shown in the policy. Many Lenders condition their loans upon the purchase of a lenders Policy.
According to real estate custom and practice you, as the buyer, will be responsible for paying the title insurance premium for the lenders policy on your home loan. Equity Title gives you a big break on the cost for this important coverage.
First, the premium is calculated on the loan amount, not the sales price of the property. Second, because the seller is providing you with an Owner’s Policy, Equity Title can give you a concurrent rate which results in a significant discount on the lenders policy.
In the simplest terms, a title policy issued through Equity Title Company does say to you as the buyer “you own it” and puts the financial strength of one of the State’s largest title insurance groups behind you.
For more information, please feel free to visit: Equity Title.
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Los Angeles Makes Top Ten Best Cities! Find Out Why!
March 11th, 2009 categories: Buyers, Sellers
Good news for Los Angeles residents! LA was slated as one of the 10 Best housing markets in the country. Forbes Magazine analyzed monthly declines as well as a year-over-year decline in home prices. Also, they looked at how many months of equity homeowners have lost. With these factors in mind, they came up with the below list of Best Cities and Worst Cities.
10 Best
- New York
- Washington, D.C.
- Charlotte, N.C.
- Portland, Ore
- San Diego
- Denver
- Boston
- Dallas
- Los Angeles
- Seattle
10 Worst
- Las Vegas
- Phoenix
- Detroit
- Minneapolis
- San Francisco
- Chicago
- Cleveland
- Atlanta
- Tampa
- Miami
This information is relevant because some markets are stabilizing, such as Los Angeles, whereas some markets are not. As we have been saying for a while, right now is a GREAT time to buy and sell. We encourage buyers and seller to consider purchasing and selling their homes, because we can get you great deals.
Contact me at kathy@kathyvilla.com and let’s discuss your future real estate needs!
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9166 Hazen Dr, Beverly Hills, CA 90210 – Our New Lease Listing – MUST SEE!
March 10th, 2009 categories: Buyers
Life.Style.Complete: 9166 Hazen Dr., Beverly Hills, CA 90210
The perfect turnkey lease fully-furnished and fully equipped with state of the art amenities. This beautiful light & bright 2001 home was designed by famed architect Richard Landry. The home has large public rooms, mahogany and marble floors, several French doors leading to lovely garden area, a lush pool with waterfall and jacuzzi, an outdoor living room with fireplace, and BBQ area. The grand staircase leads you to the master bedroom with his/her bathrooms and closets and 4 bedroom suites. 6th Bedroom/bathroom downstairs. Experience European tradition with modern amenities.
Price: $30,000 a month
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