L.A. real estate news and insights.
Here is the most expensive home sold this week in Sherman Oaks.
Asking price: $3,995,000
Selling price: $3,705,000
This home has 4 bed/4 bath, 3,661 sq. ft. of living space, and is on an 11,323 sq. ft. lot.
The home features a dual-sided stone fireplace in the living areas, top-of-the-line appliances in the kitchen, and a fully equipped media room with a wet bar.
The backyard has an infinity pool and spa, multiple patios, a fireplace, an outdoor kitchen, and canyon views.
This is the cheapest home for sale this week in Lake Balboa. First time on the market in 50 years!
Asking price: $749,999
This home has 3 bed/1 bath, 1,168 sq. ft. of living space, and is on a 7,200 sq. ft. lot.
The home features dual pane windows, copper re-pipe, and a detached garage.
Text me for more info at 818-445-7953.
Not everyone is able to take advantage of all-time-low mortgage rates.
Available housing credit has reached its lowest level since February 2014, Bloomberg News reports.
In January 2019, 44% of Ginnie Mae’s purchase loans were granted to borrowers who had FICO scores below 700 and debt-to-income ratios of more than 40%.
However, a year later, Ginnie Mae granted just 38% of borrowers loans with FICO scores below 700.
And in August, that dropped to 36%, according to data from the Urban Institute.
Ginnie Mae guarantees loans that are popular with first-time home buyers and lower-income borrowers.
Overall, an index of housing credit produced by the Mortgage Bankers Association shows that the availability of loans has dropped eight out of nine months so far this year.
MBA’s index has fallen 35% year over year.
With home sales continuing to recover in July and sales of higher-priced properties bouncing back faster than the rest of the market, the statewide median price hit a new high after setting a record just in June.
California's median home price reached $666,320 in July, jumping 6.4 percent from June's $626,170 and 9.6 percent from $607,990 in July 2019.
The monthly price increase was higher than the historical average price change from June to July and, in fact, was the highest ever recorded for a June-to-July change.
Source: World Property Journal
Home sellers do not have many options when it comes to canceling an escrow.
For example, you can't cancel an existing escrow if you find another buyer willing to pay more money for your home or if you simply change your mind about selling.
Once you are under contract with a buyer, you are basically stuck.
However, you can get out of escrow if the buyer refuses to perform.
So if the buyer refuses to remove their inspection contingency, give them the notice to perform.
If they still don't remove that contingency, then you have the right to cancel the deal.
When buying a home, your offer will have a few contingencies written in the purchase agreement.
Here is 1 example of a contingency:
The purchase of the home is contingent upon the home passing your inspections.
If the home doesn't pass your inspections within your inspection contingency period, you can back out of the deal and get your 3% deposit back.
However, once you have removed all of your contingencies, you can't back out of the deal just because you wake up one day and decide you no longer want to buy the home.
If you do that, the buyers could come after your 3% deposit as damages.
Always remember, changing your mind about the purchase of a property is not a contingency.
Asking price: $2,899,000 Selling price: $2,750,000.
This newly constructed home is incredible!
It's a modern/farmhouse style home that is very much in demand in the Valley.
It's brand new construction, so I'm not surprised that it was the most expensive home to sell this week in Sherman Oaks.
This is my 8th real estate transaction over at 4610 Densmore Ave.
The buyers insisted on using their lender to purchase the condo... big mistake!
The lender failed to come through with the loan.
Luckily, I always have a back up plan.
You still own your home up until the second that the county recorder's office officially records the title transfer of your home to the buyer of your property.
In other words, the ownership of the property has officially transferred from you, the owner of the home, to the new owner, the buyer of your home.
On the day you are scheduled to close escrow, recording can take place any time from 8am-6pm.
Until you get that phone call confirming recording, you are still the owner of that home and are responsible for anything that takes place at that property.
1) The buyer has to do a final walkthrough of your home. This is to make sure the home is in the same condition that it was in when they initially put in a offer.
2) Buyer signs their loan docs. This means they are officially signing up for a mortgage.
3) The lender will fund the loan the next day. Funding the loan means the lender wires over the money the buyer is borrowing to the escrow company.
4) They day after that, the recording takes place. That means title has officially changed hands and you no longer own the home... it's officially sold!
As featured on "House Hunters Renovation"...
3 years ago my clients along with HGTV came in and completely remodeled the home.
There were a few repairs that needed to be done, but overall the buyers of this property now have a wonderful place to call home.
See the episode on my website - HouseHuntersRenovation.com
Text me what you are looking for and I'll let you know what off-market properties I have that match your search criteria.
818-445-7953
Asking price: $1,555,000.
Imagine what you could add on to this 17,000 square foot lot...
6 offers for my 6th listing at this Encino complex!
The sellers wanted to move the property as quickly as possible, so they took my advice and had the unit painted and staged.
It came out looking like a model unit!
A mortgage broker is different than dealing with a bank.
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If you walk into @Chase bank, you need to match their criteria in order to get a loan. If you don't, they will reject your loan application.
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On the other hand, a mortgage broker will shop you around to several different banks. If you don't match the criteria for one lender, no problem, they take your application to another lender.
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They keep doing that until they find a lender willing to work with you and that has the lowest rates.
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This tactic is mostly used by people with complicated financials.
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However, regular home buyers can use a mortgage broker as well. I did when I bought my home.. and I feel I got the best deal in town.
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If you are happy with @chase bank, then stick with them.
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If not, working with a mortgage broker might be a good option for you.
