IET Real Estate Los Angeles Blog


Too many Games

Too much Fraud (by property owners, agents & investors)

Easy Solutions

  In order to maximize the amount of money banks are receiving for their assets, their fiduciary duty to their shareholders and moral duty to the American taxpayers who have to bail them out when they get into financial trouble and are "too big to fail", banks need to introduce a higher element of transparency in the short sale transaction process.     Like many REO lenders have already started to do, all short sale offers should be submitted via a lender-direct website that goes directly to the loss mitigation department of the existing lien holders.    
  • No more putting your house up for short sale to extend the amount of time you can live for free. 
  • No
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Here is the checklist that the Section 8 inspector will use to determine if your property is in adequate condition for the Section 8 program.  The checklist is pretty much self explanatory.  If you have any questions about getting your property enrolled in the Section 8 program feel free to call me 323 412-9060.

 

 

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They should really be doing this in the geographic areas with the most foreclosures.  Los Angeles County has very few HUD foreclosures (mainly because no one used FHA prior to reform in 2007).  Borrowers are just going to use different loan products now so HUD won't end up getting anymore revenue...seems like a stupid move strategically by HUD.  I highly doubt this will drastically increase their revenues unless the goal of this is to get people to stop using FHA loans (which it might be for political reasons).  If this is the governments plan, homeowners prepare to get seriously screwed by private mortgage lending industry in coming…
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Rent Advantages

  • May be cheaper than a mortgage payment
  • Fewer (if any) maintenance costs
  • No down payment required (less deposit)
  • No real estate taxes (renters insurance optional)
  • Less stress (who cares, it’s not yours!)
  • Freedom to move or downsize when necessary
  • No risk of home price depreciation
  • Some utility bills may be included
  • “Free” amenities such as pool, gym, security
  • Money can be used for other, more profitable investments
  • Can’t be foreclosed on


Rent Disadvantages

  • Rental payment may exceed monthly cost of mortgage
  • No ownership or wealth creation
  • Payments never stop when renting
  • Rent will rise over time
  • Must deal with a landlord or management company
  • No tax benefits
  • Rules, regulations, and limitations
  • More
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6 Reasons for Home Inventory Decline Applicable to Los Angeles Real Estate Market

  A recent blog post from the Wall Street Journal discusses six trends that explain the ever-decreasing number of homes for sale. Homebuyers experiencing frustration with the current Los Angeles real estate market should be aware that the following conditions are affecting housing inventory nationwide:

  • Fear of a negative impact to their credit discourages most underwater homeowners from short selling.
  • Some homeowners who would consider an upgrade to a more expensive home lack sufficient equity in their current residences to be able to afford it.
  • Homeowners who do have equity believe market values will continue to rise and are opting to wait so that they receive the
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Are you trying to buy a property in the city of Los Angeles under $350,000?  

Having problems getting your offer accepted?  
Are you blaming your lazy Real Estate Agent for not working hard enough?  

While this may be true in some cases there are some important macro trends influencing inventory levels of Residential Housing in California that are having major impacts on the Los Angeles Residential Real Estate market and people trying to buy homes in Los Angeles.  Before getting pissed at your agent or frusturated with the process take a look at this well written article on doctorhousingbubble.com explaining some of the reasons the Los Angeles Real Estate market is experiencing such low inventory levels.

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As of January , 2013, property managers and landlords in California are required to disclose in writing to any prospective tenants if a notice of default has been recorded against the property (Landlord in Default Form LID).  The law applies to rentals of single-family homes and apartment buildings of no more than four units.

The disclosure also includes a notice that if a new owner takes ownership of a property following foreclosure, the owner will not be able to evict the tenants for a least 90 days written eviction notices in many cases.

Supporters of the new bill say that such a disclosure is critical for tenants in making an informed decision about where to live.  Opponents, however argued that such disclosures could worsen the financial conditions…
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Great blog post on DoctorHousingBubble.com recently discussing the true cost of commuting long distances to work:

 There is a lot more than just price of gas at hand:

 

  • Maintenance
  • Insurance
  • Car Payments
  • Parking
  • Express Lane/Toll Road charges
  • Opportunity cost of Time Involved (post brings up that people commuting far distances i.e.- travelling from outlying areas like lancaster, palmdale, san bernardino, riverside are essentially using an extra 8 hour day/week driving that they don't get paid for
  • This is time that could be spent with family, friends, exercising, doing your hobby or actually working for pay
  I focus on selling city of Los Angeles Real Estate in the area from Hyde Park to Mount Washington, specifically these 11 zip…
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(article via California Association of Realtors Newsline) 

 

Mortgage Forgiveness Debt Relief extended


Late Tuesday night (1/1/2013), Congress reached a settlement in the “fiscal cliff” negotiations.  As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year.  The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction), or foreclosure. 

C.A.R. would like to thank the 26,296 California REALTORS® who sent messages to their members of Congress and made 1,862 calls in response to C.A.R.’s Call-for-Action.

Also under the agreement, so called “Pease Limitations” that reduce the value of

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ATTN: Low Interest (2%) Loans available to Los Angeles County homeowners to make simple home energy efficient improvements are going to be discontinued December 31st 2012!!

  follow these links for more details  http://ow.ly/fGUbr http://ow.ly/d/VCZ     If you have ever considered doing any upgrading of your home you should take advantage of these loans that go up to $50k   Your property has to be enrolled in specific energy upgrade programs.  If you need more information on how to get your property enrolled contact me via e-mail (do not call office).  
 
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