Builders in Los Angeles County are on track to complete 9,400 new homes before the end of the year.
The 9,400 units of housing on the way in the second half of 2019 is higher than the number of units constructed in all of 2018... or 2017.
Best deal in Burbank
If you are a single buyer and earn between $58,450 - $61,400 the city of Burbank is ready to give you a great deal on a loan.
They will give you a second loan in the amount of $148,600 and you don't have to pay ANY INTEREST on that loan.
What?!
The income restrictions are tight, but if you qualify, that's a great deal.
That's why this is the best deal right now in Burbank.
I want to be your friend's real estate agent. What do I have to do to make that happen?
Text me at 818-445-7953.
Thank you!
What does "best and final offer" mean?
When selling your home, a buyer may present a "best and final" purchase offer.
Normally I would say that you should take this very serious and really take it as the buyer's "best and final" offer.
But there is no law that states that the "best and final" offer is set in stone.
If you don't like the buyer's "best and final" offer you should still present them with a counter offer.
You never know, maybe the buyer will sleep on it and change their mind in the morning.
It's worth a shot!
What's the worst that can happen? The buyer says no... that's it.
If that happens, you move on to the next buyer.
Sometimes best and final offers still have wiggle room.
During the negotiation stage for a home between buyer and seller, it eventually boils down to the buyer submitting a counter offer to the seller and saying that this counter offer is their "best and final" offer.
What they are telling the seller is that they either take their deal based on the terms of that last counter offer, or leave it.
Often, the seller leaves it.
But guess what?!
The buyer, a week, later gets back in and starts up the negotiations again, this time going higher in price than where their "best and final" offer was at.
Sometimes there is still some wiggle room when the buyer wants to be firm and say that they are no longer going up in price.
Caution, it doesn't always work out this way.
As a seller, are you willing to take that risk?
If the buyer really meant "best and final" you could be out of a deal.
Should I buy a co-op property?
Why risk it?
A co-op and a condo look and feel exactly the same.
Get yourself a condo and sleep easy at night knowing that your neighbors' lack of financial savviness will not stop you from continuing to own, enjoy, and live at your unit.
Buying a co-op could be a huge financial mistake.
When you buy a co-op, you don't own your specific unit; you are buying shares in the entire building.
You are then essentially leasing out your own unit.
That means that if your next door neighbor fails to pay their mortgage, the entire building could get foreclosed on, and you could get evicted.
To me, having to rely on someone else paying their mortgage so that I can stay in my unit sounds horrible.
If I fail to pay my mortgage and get evicted, fine, that's on me.
But it doesn't sit well with me having to rely on strangers to pay their bills.
Solution: Buy a regular condo instead and you will not have this problem.
Will requesting an extension on my loan contingency cause any problems?
If the lender tells you it will be safe to remove the loan contingency after 18 days, but then it ends up really being 25 days, that can screw up your entire deal.
The seller might not grant the extension and escrow could be canceled!
This is why it is so important to work with a lender you know and trust.
If the lender gives you a certain amount of days for a contingency, then they should stick to those days!
The home seller may not grant your contingency extension
Let's say your purchase offer has been accepted on a home.
The contract states you have 18 days to remove your loan contingency.
Day 18 comes, and your lender says he needs 5 more days to get some paperwork back from your employer verifying employment.
Guess what?!
The seller does not have to grant that extension.
They could say "nope, sorry, either remove your loan contingency or we will cancel escrow.”
What do you do now?!
You could remove the loan contingency and hope the lender comes through (very risky), or you can cancel escrow and lose out on the house.
This is why it is very important to get your purchase terms right in your initial offer and keep the lender to their word.
If the lender says 18 days, then you better be prepared to remove your loan contingency in 18 days!
Real Estate Broker vs. Real Estate Salesperson
When you list your home for sale, the real estate agent requires you to sign a listing agreement.
This contract is not actually between you and that agent, it's between you and their boss, the Broker of their company.
That means that if your agent were to leave their real estate company, your contract with the broker still stands and they will simply assign another one of their agents to sell your home.
You may not be happy about the sudden change, but that's the contract. The broker is the one in charge.
Having my broker license allows me to have the freedom to keep my own listings!
New Broker!
12 years ago I was working at the #Bravo network. If you were watching an episode of #TopChef, and at the break you saw a promo for an all new episode of #ProjectRunway, I specifically scheduled that promo at that time during that show for you to see.
#NBC provided me with a lot of market research. I studied the demographics of the Top Chef audience and determined that a well-placed promo for Project Runway would bring in more viewers to their next episode. The hard work paid off! Ratings kept getting bigger and bigger! It was a fun time!
But the entire time I was working there, something was a little off. By then my parents had been running their own real estate company for about 35 years. I envied the real estate deals they did, the freedom they had of not having a boss, and the overall lifestyle they enjoyed.
I thought long and hard about how I could escape Bravo and start my own company. How would the skills I learned in the entertainment business translate in the real world? I eventually figured out that what I did at Bravo, researching viewer demographics, could also work when selling real estate.
You can't just throw a property on the market and try to sell it to everyone... large families, bachelors, senior citizens... it doesn't work that way. You have to analyze each home, determine the unique selling proposition, then market the home to the specific type of person you feel will ultimately be the buyer. That takes a lot of research and preparation... the same type of research and preparation I was doing when I was scheduling promos for Bravo.
I decided to take the plunge, join my parents' business, and sell real estate. It's been a long road with many ups and downs, and I love it. I get to live my life the way I want to, just like I planned it.
I have now taken the next step in my real estate journey. I have officially passed the test, and now have my real estate Broker license! Woo Hoo! I now have even more freedom... I can open up a brokerage and employ real estate agents under me.
With so many new listings and escrows right now, it's hard to focus on expanding. I will get there some day... can't wait to tell you about it in another 12 years!
Episode 27 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) How is a licensed real estate broker different than a salesperson?
2) I need to extend the length of my loan contingency because my lender is having some funding issues. Is this going to be a problem?
3) Should I buy a co-op property?
4) What does best and final offer mean?
We have over 20,000 Instagram followers... join us!
3640 Emanuel Drive, Glendale: Only one showing! 7/28/19, 2pm
🙌 Offer deadline is Wednesday, 7/31/19, at 2:00pm. 🙌
We are in a part of Glendale that is so hidden, you probably never knew it existed!
A single road leads you to a 136-acre area that was bought by Hyman Minkoff in 1950.
Minkoff built out the lots within the decade, named some of the streets after his four daughters, and the exclusive Oakmont Woods was born.
3640 Emanuel Drive was built during that golden era.
This 3 bedroom, 2 bathroom home is completely remodeled and is move in ready.
There's a big, sunny living room, huge kitchen with stainless steel appliances, spacious bedrooms, and an unbelievable master bathroom.
The property has incredible views of the valley and you get to send your kids to some of the best schools in LA.
There's even an optional HOA that will allow you access to the community pool.
So if you're looking for a 3 bedroom home in an exclusive neighborhood, that has easy access to all that Glendale offers, at a great value, this just might be the home for you.
Visit OakmontWoods.com for more info.
Hide your drugs, cash, & jewelry for your open house.
I have heard from a few agents that theft has taken place while they were doing a open house for one of their clients.
That's why I always advise to hide your prescription drugs, cash, expensive jewelry, electronics, etc. when you are selling your home and having a open house.
Anything of value should be removed or locked away because complete strangers will be opening up your closets... and you never know if someone will have a bad intention.
Changing your mind is not one of your home buying contingencies.
When you put in an offer to buy a home, your purchase contract states several different ways you can back out of the deal and get your deposit back, AKA, contingencies.
One example of a buyer contingency is your inspection contingency.
That means that you can do whatever inspections you want at the property within your inspection contingency period, usually 10 days from the start of escrow.
If inspections go well, you remove your inspection contingency in writing and move on with your purchase.
Keep in mind that moving forward you can no longer back out of the deal using this inspection contingency since it has been removed.
For most home buying contracts, all contingencies are removed within 21 days.
But what happens if all your contingencies are removed and you wake up one morning and decide the property just isn't right for you?
Sorry, changing your mind is NOT a contingency.
You can not back out of the deal simply because you no longer want the property.
At that point, if you really want out of the contract, the seller can come after the deposit you sent over to escrow as damages.
So if you don't want to lose your deposit (typically 3% of the purchase price), know the rules of your contingencies inside and out!
