Sherman Oaks, CA Day after rain Clear skies, smiles and sunshine 70 degrees In the case of considering a short sale, many Sherman Oaks homeowners consider the likelihood of a deficiency judgment.  Why won't that bank come after them for the money they've lost? In the recent past, it was highly unlikely, in fact there was a law passed under our last president that prevented that very thing from happening.  That ship has sailed... the grace is expired.  Banks can and do reserve the right to go after a borrower for a judgement for their monies lost... Thinking about buying a home? Search Sherman Oaks Homes So now what?  There is right concern that banks will ask for a promissory note or the like when completing a short sale.  This happens, and it is one of the best practices I've found th... 04/11/2012

      Next to filing for bankruptcy protection, nothing wrecks your chances of qualifying for a home loan like a foreclosure. And if you got out from under an oppressive mortgage through a short sale -- when the bank agrees to accept less than what the homeowner owes -- lenders can look upon you just as unfavorably. It's a reality that the former owners of the more than 4 million homes lost to foreclosure in the six years since the housing bubble burst will have to confront if they want to own again. But the passage of time makes all the difference. That's because mortgage-lending guidelines that most banks follow prohibit them from making loans to people with foreclosure or a short sale in their credit history, often for years. Never mind the hit that one's credit score takes. Still, ... 04/02/2012

  4535 Atoll Ave.Sherman Oaks, 91423 5 Bedroom, 4 1/2 Bathoom $1,489,000 Another gorgeous new construction, this time in Sherman Oaks.  This cape cod style 3,881 square foot home was built in 2012 and looks like it stepped out of the pages of Architectural Digest.  Abundant luxury features include coffered ceilings, clerestory windows, carrera marble counter tops, walk-in closets, upstairs laundry, swimming pool, pedestal bathtub, built in shelving and on and on.  Look at the gorgeous photos and see what I mean. The formal living room connects to the formal dining room.  The room features hickory wood floors (which run throughout the home), high ceilings, and paneled walls. Read more and see LOTS of other photos. Listing courtesy of Daniel Drantch at Rodeo Realty. 04/01/2012

Sherman Oaks Short Sale Myths Morning Spring Nice One of my close friends is trying to get a loan modification.  His property was purchased at the height of the bubble and consequently is worth less that is owed.  The note on the property is adjustable, and my friend would like to get the loan into a fixed product only... that's it... no debt forgiveness at all.  He also pays every bill on time and has never been late on the mortgage... and the lender won't help him. He has never asked for a short sale. There is a common perception that unless a borrower is late on their mortgage the bank won't deal with them.  In the case of a loan modification that may be true... not so with a short sale. Looking for Mortgage Relief?  See the Nine Alternatives to Foreclosure in Sherman Oaks. Negotiati... 03/28/2012

Sherman Oaks Home Buyer Looking for a Short Sale DealSherman Oaks, California Early mid late evening... not dusk Rain has cleared out the valley and the sky is bright.... the air crisp. Some interesting Sherman Oaks Short Sale Buyers have posed the opinion that they can "steal" a deal on a short sale. Never one to back away from a challenge, the question was posed as to what "steal" means to them in this context. Often agents will hear this type of language... I've received emails from investors wanting to buy a home at 60 cents on the dollar.   My first thought was.... me too!  Any person, agent or otherwise who ran across a knowledgeable seller who knew they were selling their home at 60 percent of market value... and was okay with it... they just wanted to sell it now.... would jump ... 03/27/2012

Sherman Oaks, CA Somewhere near Mulholland Drive. Afternoon Yep, a lazy one on a Sunday My last short sale buyer was the epitome of patience. From original offer to close took more than six months. Sometimes the deal does what it does and especially representing the buyer, the best a skilled agent can do is listen and coach them to make the best decision for themselves. In this case it ended well.  Not one home came on the market in the five months it took to get through to the bank and move things forward with an acceptance... Not for lack of looking.  My clients wanted something very specific.  We found it, and got it. And the question kept being asked, "What can we do to help things go faster?".  My clients got to the edge a couple of times, feeling that ten broken promises on time f... 03/25/2012

Sherman Oaks Sunday Sun Trying to Break Through More Reasons Short Sales in Sherman Oaks get done. Another little understood fact is that the servicer to the investor, that is, the bank you have been calling about your loan, the bank that you may be assuming is the owner of the loan, may only have a fiduciary duty to the lien holder. All banks that help service a loan for an investor have to look out for the best interests of that investor, be it a group of investors or another larger bank or financial institution... and that means that they have to save them or make them the most possible money in all deals.... in this case, your Sherman Oaks Short Sale. As an agent, my job is to negotiate in the best interest for my client.  I hold a fiduciary duty to them, and must get them the most ... 03/25/2012

Sherman Oaks Sunday Rainy Sherman Oaks Homes For SaleWhen Should the Bank Approve a Short Sale in Sherman Oaks?  Seems like a logical and not too tough question to ask and answer, right? Though many sellers approach the process forgetting that banks are in the business of making money... not losing it. Banks approve Sherman Oaks short sales when it is in their best financial interest to do so. Would it surprise you to know... around eighty percent of all loans are NOT owned by the bank that is handling it? That means that an unskilled short selling agent may not understand that they aren't originally negotiating with the party who has the financial interest.  That agent may not understand why the bank would be rejecting a reasonable short sale offer.... Sadly, not knowing how to get the... 03/25/2012

Sherman Oaks, CA Evening on a Friday Looking out at the Valley   I had dinner with a friend the other night.  He works in another industry.  We had a wide ranging conversation about what the actual value of an agent is. He admitted that in selling, it might be the way to go... viz. to use a licensed professional.  He could see the value there.  The perception was that somehow that would be the way he would do it because he didn't exactly know what the steps were and whether or not he could get more money than a good agent. Which brings me to speak about the kinds of buyers that are out there. Many home sellers... think they can get more money for their home than a licensed professional could... maybe not only because they know about expired listings that do not sell, but because they we... 03/23/2012

I grew up in 91423 or thereabouts... actually we were up the hill a little... in the rareified air of 90077.  Nice to have a father who was a film director.  But we never thought about it as kids.  We just liked the speed we could generate riding our bikes down Woodcliff.  Those were the days of no helmets and no stop signs... If my parents only knew!  And when we got to our schools in Sherman Oaks we just thought about the whole place around it as.... Sherman Oaks.  The Galleria was fab, it was a place to wonder at having never seen anything quite like it when it was built.  And it went through some changes, floundering for a few years until now it has become one of the best spots in town to hang, go to the movies, eat, shop, people watch. And as I've reshaped my real estate situation ... 03/21/2012

Here's a tid bit on the $26 Billion Foreclsure lawsuit settlement... One woman got paid millions for her illegal foreclosure on a condo!! Wow. Check out my friends Frank & Brian with the scoop...   Woman Gets Millions For Bad Foreclosure March 15th, 2012 | by Frank and Brian       03/14/2012

We've been hearing so much about the Big Bank's "Shadow Inventory" but the big wave of foreclosures many predictied  at the end of last year is beggining to look more like a drought as foreclosure sales dropped significantly in February. Further eliminating any possibility of a foreclosure wave for months to come, was a substancial drop in new foreclosure filings in California.  Unlike years past, February's drop in sales was not due to the short month. Thanks to the Leap Year, California had only one less business day than usual in February.  "Government intervention into the foreclosure crisis has clearly succeeded in slowing foreclosures. Unfortunately, it has also largely failed to deal witht the real problem - negative equity.  While principal balance reductions and short sales are... 03/14/2012

Just announced by acting FHA Commissioner Carol Galante: Effective with FHA case numbers assigned on or after April 1, 2012, the Upfront Mortgage Insurance Premium (UFMIP) will increase from 1.00% to 1.75%.  Annual MIP, paid monthly, will also increase by 0.10 percent for loans under $625,500.  Loan amounts greater than $625,500 will increase by 0.25 percent, effective June 1, 2012. This change will consequently lower purchase prices. When a buyer's monthly cost goes up their max purchase price will go down. Search for a house and enter into contract so you can get your FHA case number before April 1st. If you wait it will cost you more to buy the same house!   Zorik Dadoyan Keller Williams Realty 03/01/2012

Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure 0THIS NEWS IS MUSIC TO A REALTOR'S EARS!!! To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval. “There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate... 02/22/2012

14148 Burbank Blvd. #8 Sherman Oaks, CA 91401 2 Bedrooms, 1 & 1/2 Bathrooms$275,000 This split level town home is about to hit the market!  I’ll be holding an Open House this Sunday, February 26th from 1pm to 4pm so come and see it in person.  It has bamboo floors, granite countertops, stainless steel appliances, high ceilings, recessed lighting and 2 patios. The master bedroom is large and has an en-suite bath, crown moulding, a ceiling fan, and an attached patio.  This unit is 1,040 square feet. More photos and info, read on... Listing courtesy of Pamela Topa Upchurch - Dilbeck Real Living 02/22/2012

13938 Hesby St.Sherman Oaks, CA 914233 Bedroom, 2 Bathroom$650,000 Each room in this 1,239 square foot Sherman Oaks home has details that, put together as a whole, create one, great house.  The living room’s buttery walls are accented by the white custom plantation shutters and artisan crown and base mouldings.  The rich hardwood floors carry through into the kitchen that features gleaming white tile counters, recessed lighting and a contemporary light fixture over the dining table.   The home has been updated while retaining it’s classic charm.  The bedrooms also have hardwood floors, custom plantation shutters, and crown moulding. More photos and info after the jump.  Read more... Listing courtesy of Craig Knizek, The Agency. 02/16/2012

What does it cost just to call yourself a Realtor® ?   Let's run the numbers....... Have you ever thought about how much money it costs just to call yourself a Realtor® ?  We as agents know that it is expensive, but let's get right down to it and crunch the numbers. For the sake of example, I will be using my own scenario as a licensed agent in the state of California, and we'll be basing this on an annual amount. $155.00    - National Association of Realtor Dues$184.00    - California Association of Realtor Dues$150.00    - Local Association of Realtor Dues$500.00    - MLS Access Fees$1,200.00 - E&O Insurance$85.00     - Business Cards$385.00   - SupraKey Dues$475.00   - SupraBoxes$600.00    - Increased amount of auto insurance required by broker$900.00    - Website$600.00    - Open Ho... 02/16/2012

Ralph's Helpful Tips:  Make sure you load your buyers up with business cards for open houses One thing you can NEVER have too many of is business cards.  You really should be going through them like water.  Why?  Because each card that is floating around out there is just one more marketing piece that is reminding everyone around that YOU are the go-to person in real estate. When working with buyers in the property viewing and discovery stage, don't skimp out on business cards and make sure you load your buyers up with at least 15-25 business cards.  And if they run out, give them 15-25 more!! Not only for the obvious reasons of possible referrals, but you and I both know that there are some unscrupulous agents out there who will try and "assimilate" your clients at open houses. Give yo... 01/24/2012

4712 Columbus Ave Sherman Oaks, CA 914032 Bedroom, 1 Bathroom $490,000 Built in 1941, this tidy, mid-century (ish) bungalow is an affordable starter home with character.  It’s in the great location of Sherman Oaks near the Galleria, Ventura Blvd. and easy freeway access.  The wood floors are in fabulous condition and the home has been updated with dual pane windows. The rich, wood-lined den has beamed ceilings, a large brick fireplace, and built in book cases.  It has a glass door which exits to the large, brick patio and back yard.  Read more and see more photos.... Listing courtesy of Elizabeth Marquart – RE/MAX Execs West L.A. 01/23/2012

  CASH IS KING! Especially in this market!  Did you know that 38% of the deals on the market in the Greater Los Angeles area are CASH ONLY deals? This is not to mention the thousands of Foreclosure homes that will be sold on the courthouse steps in 2012.  CASH IS KING! Especially in this market!  Buyers fortunate enough to possess the capital it takes to purchase properties ALL CASH are scooping up the deals by the dozens! These properites are then rehabbed and flipped at market value which is still a good deal for the entry level Buyer using 3.5-20% down to purchase the move in condition homes.  Its really a WIN/WIN for everyone involved and its going to help our recovery in California tremendously as well!  CASH IS KING! Especially in this market!  In early 2011 I put together a Full ... 01/12/2012