Silver Lake Are Homes and Information

Residents of Silver Lake can now safely stroll around the Silver Lake Reservoir.  After years of planning and construction, the last 2/3 of a mile of the Silver Lake walking path from Armstrong Avenue to the dog park officially opened on December 20.  Joggers, fitness walkers, people with dogs and mommies with strollers have all enjoyed walking around the reservoir.  Now they can do it without worrying about cars on Silver Lake Blvd.  The new crushed granite path completes the 2 mile circuit and makes for a much more pleasant way to get some fresh air and exercise.

 Fans of architecture can take a peek at the Nuetra Colony on their way around the reservoir. This collection of modernist architecture designed by Richard Neutra is located near the intersection of Earl Street and Silver Lake Blvd. 

The VDL Research house at 2300 Silverlake Blvd was Neutra's own home and was built using experimental materials. The original structure built in 1932 was rebuilt after being destroyed by fire in 1963. The property was left to Cal Poly Pomona to be preserved for public study and may be toured most Saturdays from 11-3 with admission going towards maintenance and repairs of the house.

 The reservoir land directly across from the house used to be part of the lake itself.  The odd shape of that southwest section of the reservoir was hard to keep fresh and as it was a source of drinking water at the time, the powers that be decided to fill it in and landscape it creating what is know today as "the meadow".

So what would be even better for residents of Silver Lake than the cool mid-century houses and a brand new walking path? How about opening The Meadow to the public?  You bet- but you'll have to wait until the Spring or Summer for that.  After 60 + years of being off-limits, that should certainly be worth the wait!

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

I have buyers interested in looking at a particular home that is listed as a short sale. In their price range, this is not at all unexpected.  I have explained the process to them and they realize that banks are not into making repairs or losing any more money on a sale than necessary.  At the same time, they are first time buyers with limit funds and they need a clear idea of the costs involved in any potential purchase.

The listing of the house in question has agent remarks indicating that the "bank will not pay for termite or city occupancy requirements" and that the "buyer is to waive these requirements."  Why would a listing agent make such an assumption?   

 I am not new to short sales and REO's and have successfully closed a number of such transactions.  What I don't understand is why so many listing agents make the blanket statement that "the bank won't pay for anything" and the property is being sold "strict as-is". In my experience, this has not necessarily been the case. 

 If you have a short sale listing, don't throw up road blocks and obstacles before you even get an offer. You want to get your client out from under the house and sell it as quickly and easily as possible.  In this neighborhood, termite and city occupancy issues are almost always paid for by the seller.  Of course it's possible that the bank will refuse to pay for them, but at least ASK!   Before telling prospective buyers that the bank won't pay for this or that at least find out what costs are involved.

Have the property inspected for termites and city occupancy issues and find out what work needs to be done and what the associated costs will be. You can go even further and get repair estimates for any issues the seller is aware.  Put EVERYTHING on the HUD-1 that you give the bank.  If presented correctly, there is a good chance that the bank will cover many if not all of these items.  Even if they won't, you've at least given your prospective buyers a clearer picture of the potential costs they may incur and run less risk of the deal falling apart later due to unforeseen issues.

Buyers- talk to me about the best way to structure your offer. Finding out what the listing agent's process is for handling short sales will go a long way to getting one accepted.

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758

http://www.LApropertySolutions.com

These days, with so much information available online, it's really important to show our value beyond unlocking doors.  Being from the old school myself, I could not imagine making such a huge financial investment as buying a home without the help of a professional.  I don't do my own taxes, or my own dental work for that matter!  However, the vast amounts of information available online seem to be leading some consumers to believe that they really don't need us. I just closed an escrow with buyers who initially felt that way, but admitted to me during the process that they were seeing things from a new perspective.  I asked if they would mind putting something in writing that might help me (and other Realtors) understand a bit better where they were coming from.  Here it is:

How Jenny Durling Proved Me Wrong:

I do all my shopping online. When it came time to buy a house, naturally, I felt that online shopping was vastly superior to the outdated methods of old.  Why would I need a person involved in this process, when all the information I need is in my living room?

My strategy proved correct, vast amounts of information came to me with ease, maps, prices, pictures, and stats.... I'm going to have a house locked up by the weekend - w/o some agent getting in my way!

2 months later:

Lost a house, and we were combing over and over again through the same old funky stale listings. We also learned the lesson the hard way on bad deals that the seller's agent telling you they will fight for you as a buyer, not really true... at all. This made me more defiant, that we could go-it alone.  Meanwhile houses were coming on and selling before we knew about them.

After clicking on the same dank/ fixer for the 100th time, we knew it was time to change course.  We just were not seeing the "good" listings, our offers were clumsy, and we were depending on people that did not have our interests at heart to move the process.

My parents had been urging me from the start to find an agent.  They remained close friends with their agent until she passed away, being so happy with the life she helped them achieve - but that was the 70's, this is now.

Very hesitantly we took my parents' advice and called Jenny Durling, who was recommended very highly by a friend who recently bought a home.

I was of the mind to get into things slowly... but not Jenny.  The next weekend she had 6 (new) places set up. Each was mapped out and neatly prepared with a wealth of information on each property.  It did not seem to matter what time of day or night we hit her with questions, she was back too us almost before we hit send!

I was starting to fear I would have to admit I was wrong. The first time we went out, I was sure of it. Going through each house she had a skill for seeing pros and cons in the properties that we, as new home buyers, missed. She also could read the situation on the financial side and give us very reliable, realistic advice we could trust. She knew the market in a way we could not. 

It was during our first offer that I really had to admit I needed a buyer's agent, and Jenny was one of the best!  She came in after hours to put an offer together, and worked the deal with such skill and speed; I knew she was working for us. For that reason, even when the situation changed and my father in law was buying, and we from him, I insisted he work through her.

What I had failed to see is that buying a home is still a very human process. There are politics, and individual human forces driving each sale. Like any trade, you need to have experience to navigate properly.  The tools on the Internet are great, and can help tremendously, but to execute a good deal, you need a buyers agent.  Giving someone a hammer does not mean they can build a house... giving someone redfin does not mean they can buy a house.

Eric T
Proud Recipient of a "SOLD" Sign!!!!!

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758

http://www.LApropertySolutions.com