Silver Lake Are Homes and Information

CONGRATULATIONS,  this is not an acceptance!  What?!

Some REO agents have really automated their processes. I recently wrote an offer for some clients on a duplex in the hills of Echo Park.  It's a great property: updated kitchens, separate parking, separate yards, view from both units and both units being delivered vacant. This is especially terrific since Los Angeles has some pretty heavy-duty rent control laws and being able to set market rents and find your own tenants is a huge plus.

OK, my clients like the property and we put an offer together. Per the MLS, offers were to be "present directly to the seller" by logging onto a website and following the instructions.  Talk about automating processes!  I had to register at the site as a licensed California real estate agent.  Then I had to enter my clients' names and contact info along with just a few terms of the offer:  Price, escrow period, cash or loan and earnest deposit amount.  That was it!  They didn't want me to send the actual offer to anyone.

So I submitted as requested and received an auto-response that the offer was 'received'.   A day later I got an email that there were multiple offers on the property and that best and final offers were due by 3pm the following day. I conferred with my clients and submitted a new, higher offer for the property within the prescribed time frames. It had to be submitted through the site like the original offer. I couldn't simply modify the offer I'd already submitted. 

Voila!  At the appointed time, I received a rejection email for the first offer.  A few minutes later, I received an email with the subject line: "CA - Altisource Homes Listing 00070848080TRNL1 Offer Accepted".  YAY!   The first line of the email stated "Congratulations! We would like to begin the documentation process regarding your offer..."  Yay again!

Not so fast... The email continued on with how I would be receiving a bank addendum within 24 hours and there was a list of items that must be returned with said addendum within 24 hours after that. The final line of the email?  "PLEASE NOTE THAT THIS E-MAIL DOES NOT CONSTITUTE ACCEPTANCE OF YOUR OFFER". 

OK, so what to tell the buyers. Congratulations, your offer was accepted, but then, not really? Yes, I realize that the bank will need the actual offer and I need to get a signed acceptance for it to be "official" but here we are on Dec 23. Are they really going to send me something in 24 hours and expect my clients to read, sign and return it on Christmas?  I called the number provided in the listing. It sounded like a huge call center.  Press 1 for this, press 2 for that... I finally spoke to a real person.  I was stunned to hear that there would actually be people working Christmas Eve, Christmas day and right through the holiday weekend. 

Honestly, I will be shocked if we get the stated addendum within 24 hours, but my clients and I will be ready to fill out forms and return documents on Christmas Day if that's really how this plays out.  I guess we'll just have to think of this as a Christmas present of sorts!

Happy Holidays everyone!

For more information on buying bank owned properties and information on buying or selling property in Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com

Copyright © 2010 By Jenny Durling *CONGRATULATIONS,  this is not an acceptance!  What?!*

This Mid Century Los Feliz flip is definitely NOT a flop!

Back in April of this year, the house at 4213 Cromwell Ave was a little fixer that was listed at only $699,000.  Thirteen days later it was in escrow for $775,000.  No doubt there were multiple offers from people trying to get their hands on this little diamond in the rough.  I've seen my share of flipped houses and some come out more re-muddled than remodeled.  That is certainly not the case with this Los Feliz gem. SimoDesign did a great job bringing the house back to life.

This Los Feliz mid-century came on the market with its svelte new look in October with a list price of 1,175,000. The current price tag of $1,139,000 should certainly make this property more interesting and I will be surprised it stays on the market for long.

The original 1957 front doors open to a lovely, clean living room with a very cool fireplace and mid-century architectural details. No expense was spared on the kitchen, with its Carrera marble kitchen counters and commercial grade appliances.

The split level layout is complete with 3 bedrooms and 3 bathrooms laid out in with a mix of old and new that works terrifically in this Los Feliz home.  The use of slate and marble married with the original oak floors gives it the modern facelift it deserves and though the yard is small, it's certainly enticing with the unique patio. There's additional outdoor living space in the front of the house over the garage.

If you've been looking for a home in the Franklin School District, this north of the blvd Los Feliz beauty might just be the ticket. For more information on this particular property and buying or selling property in Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com

Copyright © 2010 By Jenny Durling * This Mid Century Los Feliz flip is definitely NOT a flop!*

Attention Home Buyers- Don’t give up the home search during the holidays!

So you’ve been looking for a home. Now that Thanksgiving is behind us this is NOT the time to stop looking and wait until after the holidays. Real estate follows a seasonal pattern, with spring and summer being the most popular times to buy a house. It follows that Fall and Winter are less popular, with the time from Thanksgiving to New Years being the least popular at all. Sure there are holiday parties to attend and gift shopping to do, but don’t pack in the home search until after the New Year. This is actually one of the best times to buy.

Less Competition in the Real Estate Market

Since so many other people are putting the house hunt on the shelf until next year, you’ll be in a much better postion to buy a property with less competition. The more people who are spending their time at holiday affairs, the less are actually in the trenches making offers on real estate. That means more opportunity for you to avoid multiple offer situations and get your offer accepted in a hurry.

Sellers may be more motivated

Just as you might be tempted to stop looking for a home during the holidays, sellers would prefer not to have to deal with keeping their homes clean and ready to show at a moment’s notice. A lot of sellers may take their homes off the market during this time. Sellers who continue to market their home may do so because they are extremely motivated to sell. This can mean a better deal for you. Perhaps you can get a lower offer accepted, or gain more concessions from the seller. Interest Rates are Low Current interest rates are near historic low levels. Take advantage of them while they are still around. On top of that, if you close by the end of the year you can write take applicable tax write offs for this year.

Close your transaction faster

With less people in the market, Realtors and Mortgage professionals will have more time to devote to you. Not many people will be refinancing during the holidays either with so many folks going on vacation or otherwise occupying themselves with holiday happenings. This leaves lenders and underwrites in a much better position to handle things in a timely manner. Less work equals faster results.

The best reason to buy a home over the holidays

The best reason to buy a home over the holidays? You’ll stop paying your landlord’s mortgage and start building your own equity that much sooner. You don’t have to wait until spring to be living in your own home and you can start enjoying it that much sooner. Now isn’t that a nice Christmas present to give yourself?

For more information on buying or selling property in Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com

Copyright © 2010 By Jenny Durling * Attention Home Buyers- Don’t give up the home search during the holidays!*

Los Feliz Village Holiday Festival

Los Feliz Village Holiday Festival takes place this evening, December 4, from 5-10pm. If you aren’t in the Christmas spirit yet, this may just do the trick. The annual holiday festival includes music, elves, carolers and lots of cheer. It’s free to attend, and open air buses and trolleys will transport revelers around Los Feliz Village maind streets of Vermont, Hillhurst and Hollywood Blvd.

Los Feliz Village Holiday Festival Tree Lighting

This year’s festivities will once again kick off with singing and the tree lighting at 5pm in front of the Los Feliz Library. at 1874 Hillhurst Ave. This 5th annual holiday festival is once again being sponsored the Los Feliz Village Merchants and Restaurants in conjunction with the Los Feliz Village Business Improvement District. There will be a variety of activities and businesses will be open late so can enjoy a great meal and get some holiday shopping done while you’re at it.

What’s happening in Los Feliz Village

Stroll along the main streets in Los Feliz Village and participate in a variety of activities for the whole family. On Hillhurst there will be an Antque Car Show at Ise Automotive, Puppeteers at Dragonfly DuLou, Hot cider and 20% off at Pany Raid, and along the block you’l find mariachis, face painting and more.

On Hollywood Blvd, grab a tamale sample at Yuca’s, and a glass of rum punch at Sweeney Todd’s. Numerous shops and restaurants will be providing treats and give-aways. There will be hot chocolate stations ar various points on Vermont and you’ll be treated to strolling musicians in the street and a wonderful model train display at Skylight Books. So grab your coat and get your hat and head out for a fun night of holiday cheer in Los Feliz! For more information on what's happening in the area, visit my Silver Lake facebook page. For information on buying or selling property in Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com