Episode 35 of The #AskDanielLosAngeles Show

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

1) Can I sue the previous homeowner if the neighborhood where the home is located in turns out to be very noisy?

2) The buyers for my home want to move in before we close escrow. Should we let them?

3) I need to drill a couple of holes to install a security camera outside my condo door. Do I need to have that approved by the HOA?

4) Is doing a final walk through a requirement?

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Don't accept a Rolex as your home purchase deposit

As soon as you accept an offer for someone to buy your home, the buyer has to send over an all-cash good faith deposit.

This deposit is typically 3% of the purchase price of the property and is held by the escrow company in an escrow account just in case the buyer breaches the contract and you want to try to collect for damages.

If the buyer wants to send over anything but cash as their deposit, say no!

I have heard of buyers trying to use necklaces, #Rolex watches, and all types of other items for their deposit.

There are a few problems with this.

1) Will the escrow company hold a physical item as a deposit?

2) What is the true appraised value of the item?

3) Is that item real and authentic?

Because so many problems can arise out of this, only accept cash as your deposit.

If the buyer refuses, find yourself another buyer.

Episode 34 of The #AskDanielLosAngeles Show

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

1) The buyer for my home wants to use their Rolex watch as their good faith deposit. Is that even possible?

2) How long does a listing agreement usually last?

3) How many homes should I view before buying one?

4) My lender told me I will have to pay PMI. What is that?

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