Why you should make sure you are all in on a property

As soon as escrow opens up on a property, the buyer has to wire over their deposit money.

The deposit is typically 3% of the purchase price of the home.

This 3% is held by the escrow company.

They hold on to the money just in case the buyer breaches the contract and the buyer and seller go to an arbitrator to decide who the money should be awarded to.

If the buyer backs out of the deal because of one of their contingencies (inspection, appraisal, loan), and they are within their contingency period, then the buyer gets their deposit back without any problems.

But if the buyer backs out of the deal, and all the contingencies have already been removed, that's when the seller can come after the buyer's deposit for damages they incurred.

An arbitrator will hear both sides of the story and ultimately decide who gets to keep the deposit money.

Can I fire my real estate agent?

Check the first page of your listing agreement for the contract’s expiration date.

Once that date passes, the contract then becomes expired, your agent no longer works for you, and you are free to hire a new agent.

If you sell your home through a new agent before the listing agreement with your old agent expires, you will have to pay the new agent AND the old agent a full commission. ☹️

Just Listed in West Hills

Just Listed! www.GilmoreStreet.com for more info.

WARNING! Only 1 showing for this property.Call/text the listing agent for details: DANIEL MADARIAGA (818) 445-7953

We’re here at 22500 Gilmore Street in West Hills. The neighborhood is exceptionally peaceful and quiet, yet we are just minutes away from the Westfield Topanga & The Village. That’s where you’ll find everyone hanging out at the upscale shops and restaurants. It’s a really fun neighborhood to be in.

Not only are we surrounded by great charter schools, but the home sits on a giant 17,685 sq. ft. lot… and it’s all flat! There’s a heated swimming pool & spa, basketball court, and tons of land if you ever wanted to add on to the home.

The house is beautiful and completely move-in ready. It’s very clean, very bright, and there are 2,846 square feet of living space… plenty of room for the entire family. Oak hardwood flooring throughout. The chef’s kitchen, with professional-grade stainless steel appliances, and island, is perfect for preparing big meals. The master bedroom is spacious and the master bathroom is awesome! There’s a soaking tub, stand up shower, sinks on opposite ends, and a large walk-in closet.

So if you’re looking for a move-in ready large home, on a giant flat lot, all at a great value, this just might be the home for you.

Coming soon to West Hills

Check out my new listing at:

22500 Gilmore St.
West Hills, CA 91307

Property Features:
• 3 Bedrooms
• 4 Bathrooms
• Living SQ.FT - 2,846
• Lot SQ.FT - 17,685
• Swimming Pool
• Basketball Court

Text me at 818-445-7955 for pricing information.

How can I raise my credit score?

Do this strategy if your lender runs your credit and says your credit score is too low to get a home loan.

HGTV wants you

HGTV reached out to me... they are casting for a show where a buyer of a property is then planning on gifting that property to someone else.

If this sounds like something you are interested in being a part of, contact me and I’ll set you up with the casting director.

Can I cancel while my property is in escrow?

Once you accept the buyers offer, you better prepare to actually sell your property.

Chances are the buyer will perform by removing all of their contingencies and you will have to abide by the contract by selling your property.

Accepting a purchase contract for your property is not a game or a joke... the consequences are very real.

Tonight, I need you to be my spy

At tonight's New Year’s Eve party, while you are with your friends and family, I need you to do a little spying for me.

Someone at the party is going to bring up the topic of real estate.

They are going to say that they are thinking about selling their home in 2020.

I know you will be drinking a lot... but try to remember the person who said that.

Then, text me and say "Daniel, I have a friend looking to sell". I'll take it from there. 😉

My goal for 2020 is to help as many people as possible sell their property.

To do that, I really need your help investigating and letting me know which of your friends and family members are thinking about selling.

Thank you for all your help in 2019 and thank you in advance for all your upcoming help in the new year!

Happy New Year!!!

Don't buy any big items while in escrow

While you are in escrow to buy a home, you are going to be tempted to start buying things for your new property.

Don't do it!

Right before you are scheduled to close escrow, your lender is going to rerun your credit, look at how much debt you have, and look at your overall financial situation.

Buying big-ticket items like a new washer and dryer or stove and putting that purchase on a credit card could stop you from getting a loan.

You want to be careful with that because your lender will take into account your "debt to income ratio".

If your debt amount starts climbing up, that’s a red flag to the lender and they may deny your loan.

All big-ticket items need to be purchased AFTER you close escrow.

Once the deal is done it doesn't matter how much debt you rack up... it will not affect your home loan.

Episode 32 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) When applying for a mortgage, I've heard that applying for other types of credit before the mortgage is finalized can hurt your credit. Is this true?

2) We are already in escrow to sell my home, but I'm now having second thoughts on selling. How can I back out of the deal?

3) I recently went to get pre-approved for a home loan. The lender said he can't get me a loan because my credit score is too low. How can I raise my score?

4) My agent is having a hard time selling my home. I just don't think he is the right person for the job. What is the process to fire him?

We have almost 20,000 followers on Instagram... join us! @DanielLosAngeles

This weeks cheapest home to sell in Sherman Oaks

This 2 bedroom, 2 bath corner lot home was the cheapest home to sell this week in Sherman Oaks.

The home is 1,554 sq ft has hardwood floors, brick fireplace, and galley kitchen.

Do you think this was a good deal?

Burbank's cheapest price per square foot home

The price per square foot on this home is $460.40.

This is currently the cheapest price per square foot home for sale in Burbank.

The Beverly Hillbillies mansion sells for $150 MM

The Bel Air mansion that played the Clampett’s Beverly Hills home in the 1960s television show, The Beverly Hillbillies, just sold for a reported $150 million—a record-setting price not only for Los Angeles but California.

The buyer is Lachlan Murdoch, American Media Mogul, Rupert Murdoch’s son.

The main house measures roughly 25,000 square feet.

The lot size is approximately 10 acres.

There is a 75-foot pool and a 12,000 bottle wine cellar!

What an awesome property!

For sale home inventory has gone down 11.2%

The shortage of homes that are for sale in Los Angeles is accelerating.

Inventories in November dropped 11.2% annually.

This comes at a time when low-interest rates are increasing buyer demand.

The housing shortage is felt most at the entry-level of the market.

Traditionally, housing inventory goes down in the 4th quarter of the year... but 11.2% is a big drop.

Inventory should pick up slightly in the first quarter of 2020.

Beware of the Supplemental Tax Bill

Under current California law, after there is a change in ownership of a home, the property is reassessed.

The supplemental bill is paid by the buyer of the home and covers the difference between the previously assessed value taxes and the newly assessed value when you purchased the home.

Think of it as a catch-up bill.

For example, the home you just purchased was last sold back in 1970 for $50K, you now bought that home for $750K.

The supplemental tax bill covers the difference between the $50K and $750K.

The tax in this example is going to be around $5,000.

You may see the supplemental bill within a few months of buying your home.

You may also receive a supplemental tax bill for changes that add property value, like adding square footage or special features like a swimming pool or fireplace.