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Heidi on her House! Speechless Sunday #2!
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations. ...
read moreEarthquake Myth #2 “…The Earth Opened….there was a ten inch wide gap…”
Earthquake Myth #2 “…The Earth Opened….there was a ten inch wide gap…” As I promised earlier, I will try to debunk some of the earthquake myths. So without further delay let us address Myth #2….the earth opened up…” When you read a fiction book describing an earthquake or watch a movie simulating an earthquake and they show a fault opening and the earth swallows up cities, towns, and bad people. That is pure fiction. Faults like that only exist in novels and the movies. If the earth could open, there would be not Friction and without Friction, there would be no earthquake. The earth actually moves in a way if you could visualize two sheets of paper one sliding over the other. The earth’s crust is called the Pacific and North American plates. These large sections of the earth’s crust move past each other as I described one sliding over the other. The Pacific plate is moving northwest scraping past the North American plate at about 2 inches per year. As the plates push into each other, they compress the earth’s crust and producing faults and earthquakes. It so happens that of this two inch movement, almost all of it occurs by the San Andreas Fault. This is one of the fastest moving faults, therefore one of the most dangerous Faults in Southern California. So if you looked at all the earthquakes over time, near the San Andreas Fault is where the majority of Earthquakes are produced. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue...
read moreAdvantage: Advertising a listing as NOT an REO, NOT a short sale
Pacita, is giving great information. Most of us Realtors get excited when we see marketing that states : NOT an REO not a SHORT SALE. It gives buyers HOPE With all the challenges we face in showing properties and writing offer on REOs (real estate or bank-owned) and short sales, it is becoming increasingly refreshing to see an ad that says a listing is NOT and REO or NOT a short sale. WHY? Because it’s been so frustrating waiting for short sale approval. It’s been distressing to see bank-owned properties so trashed. It’s been stressful to compete against all cash buyers who appear to win a lot of these bids on REOs. So when we see a reasonably priced property in a decent neighborhood, and read that it’s not an REO and not a short sale, we jump on it. Even if it’s slightly higher than the short sales and REO properties in the surrounding areas, buyers and their agents look forward to the chance of writing offers where there may be some room for negotiations. New listing is NOT and REO, NOT a short sale. My sellers were debating going through a short sale (their lender is Chase which is reputed to be just as bad as Bank of America). But not knowing their timelines when they may relocate to attend to a parent, they elected to sell as a regular sale. Hallelujah! But this home is surrounded by similar and larger homes that are short sales in the same price range. Those were their competition. So we priced the home very aggressively. Activated the listing Monday, Dec. 21. Held broker’s tour Dec. 22. Then had requests for several viewings, even as late as 5 pm on Christmas eve. Numerous inquiries about whether or not we have offers yet. What drew them to this property? The agents said it’s because “It’s NOT an REO and NOT a short sale.” People with deadlines (such as first time and repeat buyers looking to take advantage of the tax credit) are ready to buy and don’t want to wait. So if you have a new listing that’s not a distressed sale, put it in your remarks and in your advertising materials. That’s a new kind of Truth in Advertising. Perhaps we’ve discovered a NEW reality, or even a NEW way to advertise! P.S. ANOTHER ADVANTAGE If you post this on craigslist and other online advertising, for people who are specifically looking ONLY for REOs and short sales, this listing will ALSO show up because of the key words REO and short sales. And when they see what they can get that is a regular sale, well, gee, why not check it out, too?...
read moreForeclosure Basics – Freddie Mac and the Home Steps Program
This is sent via Lyn Syms. She did a great job in presenting a concise manner how the HOME STEP program works. Home Steps Smart Sell Program Looking to purchase a foreclosure or REO property? Here is a short explanation of how Freddie Mac foreclosures are handled.Home Steps is the real estate unit of Freddie Mac and handles all their foreclosed homes. Home Steps markets a nationwide selection of Freddie Mac owned properties. Home Steps works strictly thru Realtors® and are available in the local MLS system of your area. Items required on every offer: Sales contract Pre-approval Letter from Lender Proof of funds for cash sales Earnest Money Check (possible certified) Home Steps will not agree to the following: Offer contingent on sale of buyers current home Buyers to occupy or store items at the home prior to closing Buyer allowed to access home to perform repairs prior to closing Buyers to receive credit at closing for repairs not completed Repairs after buyer signs closing documents Buyers must understand: All homes have been through the foreclosure process Are sold as-is Have insurable title with no outstanding liens Possible promotions on Home Steps Homes: Up to 3.5% buyer closing costs coupon Home Protection two-year home warranty program Think buying a foreclosure is for you? Want to know more information and what homes are available in the area? Please contact me so we can get started right away! Sample Contract and Riders ...
read moreMy First Speechless Sunday Picture, Douggy watching Happy Feet
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations. ...
read moreHas anyone experienced this? Is it something I said in my comments?
This is the strangest thing. I was reading post and commenting on some that I thought were interesting. All of a sudden this appeared: Where did I leave my keys…? We couldn’t find your keys or the page you were looking for – sorry! Search ActiveRain: Next thing I know is, I was kicked out.How strange, let me know if this ever happened and why?I guess this is a hint I should go to bed and stop reading posts. Inspite of it I would be interested what caused it. Good night...
read moreHow do we come up with an Offer that will be a Win-Win for both Buyer & Seller?
How do we come up with an Offer that will be a Win-Win for both Buyer & Seller? As you all know I am a Land Specialist. What does that mean? I know the inventory i.e.: I am familiar with almost every Lot that is on the market in the greater Los Angeles Area. Either I have tried to get the listing or had some sort of contact with the listing agent and or the sellers, or over the years have sold the land. So now let’s get to the specifics, I have a listing, where the buyer approached me and wanted to see if this or any other lots would make financial cense for them. After numerous questions of budget, likes, dislikes we narrowed down the inventory to three specific lots. Then, I introduced them to a couple of architects who confirmed the same information in more of a technical manner then I could. Let’s fast forward; they were ready to write an offer. It was clear that this particular lot was perfect in most regards, to their likes, the location, the difficulty of building as well as their limited budget. The property was well priced; in this market we priced it below market to generate an offer. This is where it gets interesting. The buyer wants it for 75% of the value. It is an inexpensive lot. Thirty thousand dollars separate the buyer and the seller from having a win-win scenario. Who will loose everyone, there will be no sale. The buyer will not be able to buy another property in the Santa Monica Mountain range that will accomplish 90 per cent of their wants and needs. Ironically in the big picture $30k is pocket change, since the future value of the home will be at least $1.3m to $1.6m. Total cost to build with land around $600k, what an upside. I have tried to reason with the buyers, now they are underground. I actually feel bad for them. Had I overprice the lot we could negotiate and they would be happy….. Any suggestions? Thoughts? Where am I going...
read moreWells Fargo doesn’t want to play nice with ……. Wells Fargo
This post is via Ken Crotts a Certified Short Sale Specialist. IF you were not in the Real Estate bussiness or market you would think this is an episode from Laurel & Hardy “who is on first?” I am in a shortsale transaction with an Attorney, who has been pre-paid by the seller. So let’s see how many months has it been since May? It is not fair to anyone, buyers,sellers, agents nor tax payers. We are currently in the process of completing a short sale with one of the lending industries giants, Wells Fargo. This is a tale of the beauricratic morass that gives rise to the to the question, “Too big to fail or too big to succeed?”. Take a nice one story house in a well known neighborhood that is up side down on the mortgage. The seller can no longer afford to make the payments on the property through a series of events and you are left with a short sale. This one seems to be the perfect candidate for working out a short sale transaction as the first and second mortgage are both with Wells Fargo Bank, reputedly one of the better lenders to deal with. I take the listing and over a reasonable period of time we are able to secure and offer ont he property that represents fair market value. So far so good. The offer is signed and presented to Wells Fargo along with a complete short sale application and the file eventually moves through the gate keepers and onto a negotiator for both the first and second mortgages. So far so good. The loan is Freddie Mac backed to their rules state the Wells Fargo 1st can only allow the Wells Fargo 2nd to get $3,000. This is Fredie Mac’s rule. The Wells Fargo 1st offers to approve the deal if Wells Fargo 2nd will sign off. The negotiator for Wells Fargo 1st mortgage admits he is in communication Wells Fargo 2nd mortgage so we are thinking it will work out. Wrong! Wells Fargo 2nd mortgage wants more money. OK… If we come up with more money Wells Fargo 1st will insist on taking a note for 200% of what we come up with for the Wells Fargo 2nd. If we don’t come up with the extra money Wells Fargo 2nd will not sign off. The seller is broke, Wells Fargo 2nd is demanding more cash… where’s it coming from? Welcome to short sales!!! Is it any wonder that Freddie Mac is losing billions? When Wells Fargo won’t accept a deal proposed by Wells Fargo and then Wells Fargo insists more money in cash from unspecified sources? How much is Wells Fargo paying these people to chase their tales anyway? When Wells Fargo can’t work out a deal with Wells Fargo who are we to think we can? The losers in this kindergarden match? Freddie Mac (your tax dollars and mine), the seller, the buyer, Wells Fargo, the reputaion of the banking industry and pretty much everyone else. Nice going Wells Fargo! Ken Crotts Broker, Certified Short Sale Specialist www.KenCrotts.com Ken@KenCrotts.com 425-432-8600...
read moreHave you heard Southern California is Earthquake Country? Dispelling Myth #1 Earthquake happens in the morning!
Have you heard Southern California is Earthquake Country? Dispelling Myth #1 Earthquake happens in the morning! As an East Coast transplant, I have to share with you some misconceptions which concern some people who have never lived in Southern California. Local Angelinos do not understand, nor can they relate to the fears of people, who have never lived here before. I will write a series of posts to dispel myths and give a dose of reality to people considering Relocating to Southern California.(we have lived here now for over 14+years and will plan on living here for many more) What they should do and what not, i.e.: learn from out mistakes. As we were contemplating on relocating from Boston, MA to Los Angeles, CA., I was somewhat concerned the Southern California has the nickname of “Earthquake Country”. As soon as we arrived, the first evening around 11:30pm we experienced our first earthquake. As soon as Diane went to work on her first day, her coworkers asked the question: Did you feel that? (As we found out the next day it was a minor 3.2) So much for the myth of earthquakes always happen in the morning. This myth was immediately dispelled for us. I did a bit of research and found out that earthquakes occur at all times of the day. (Just to mention one, the 1992 Joshua Tree earthquake was around 9:50pm and it was a big one) My research via Google and LA Times has educated me to the fact, that there are thousands of earthquakes every year in Southern California and they occur at all times of the day and most of them are harmless and go without being noticed. Stay tuned for the next myth which will be dispelled in my next post. In the meantime this is no reason not to want to move here. Just ask yourself what is the temperature in your neck of the woods today December 17, 2009? We are expecting 72 degrees and sunshine. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue...
read moreWells Fargo is following CITI Bank and is in the process of leaving TARP.
Wells Fargo is following CITI Bank and is in the process of leaving TARP. Wells Fargo in the process of selling $10.4 Billion worth of Shares to repay the $25 Billion of TARP money. This is interesting information and I did not see anything in the Media Outlets about it. This should be front page news or the headline during the evening news. If I would not have been a member of one of the Linked In Real Estate Groups I would not have even known about this. Stephen D. Frick, President of Titan Asset Group, Inc. wrote a post about this. He states that the purpose of Wells Fargo to rush to pay-off the TARP is two fold. Primarily Wells Fargo and CITI do not want the stigma of being the last big banks, i.e.: the ones who are “too big to fail” being connected with the TARP money for the coming year. Secondarily, the FASB accounting changes (166 &167) will be coming on line and many of the “currently” Off Balance Sheet Assets held by large banks will have to be put back on the books. The amount is staggering. There are more then $5 Trillion worth of Off Balance Sheet Assets. What is even more fascinating, that the most conservative estimates for losses from the “toxic” OBS assets are in the $500 billion range, hence this explains why banks have been holding back the money to lend. They wanted to keep the funds for Reserves. So when you hear politicians and the President scolding “fat-cat-bankers”, they should start educating themselves about the issues and then they could possibly come up with solutions to the issues, rather then just throwing sound bites that resonate with the rest of the public. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations. ...
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