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Sherman Oaks, CA Real Estate News

By Emily Rose Newmark
(Keller Williams Realty)
Had to share this article from The Daily News with everyone.  San Fernando Valley Home Sales Leap 25 Percent in May http://business-news.thestreet.com/daily-news/story/san-fernando-valley-home-sales-leap-25-percent-may/1   Home sales in the San Fernando Valley jumped 25 percent in May, the biggest increase in 30 months and a sign that the market may be on the mend, a research center said Thursday. And in another encouraging indicator, the number of properties foreclosed on in May plunged 52.5 percent from a year earlier, said the San Fernando Valley Economic Research Center at California State University, Northridge. "This is really good news. Foreclosures are no longer driving the market," said economist William W. Roberts, the center's director. Last month, sales of new and previously...
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By Emily Rose Newmark
(Keller Williams Realty)
Is Your Credit Score Needing a Boost?   Fear not!  There are ways of improving your score!  It may not happen over night, but it is possible. According to myfico.com, a person with a credit score of 720 can expect a rate of 3.7% on a 30-year, $300k fixed-rate mortgage.....someone with a score of 620-639 can expect a 5.07% rate. Is Your Credit Score Needing a Boost? As we all know, a low score will not get you a low rate, so there are many benefits to actively getting your score higher.  Making small but important changes could raise your score by as much as 100 points within a years time.  The first thing to do is obtain all three of your credit reports.  AnnualCreditReport.com provides a free report once a year.  Carefully go thru each report and look for errors.  Payment history and a...
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By Ralph Gorgoglione, California and Hawaii Real Estate (310) 497-9407
(Metro Life Homes)
Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor Showed a home in a very nice area of Toluca Lake yesterday.  The space works for my client, and the location.  But it needs a lot of updating.  The listing agent told me that there is one offer already on the property, and that they have to respond to it by this evening, so if we're going to write on it we'll need to submit by that evening. Ran comps and talked it over with my client.  The property appears to be overpriced.  And it's been on for about 5 months.  I pulled up title information and based on what the outstanding first lien amount is from what appears to be a re-fi done last year, we don't see how it can be a standard sale from where the comps are at and also where my client would need to come in based on...
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By Tom Bashe
(SCA Real Estate - Call Now)
Lloyd Cullen Real Estate is a local Sherman Oaks Short Sale Realtor. As a Sherman Oaks Short Sale Company that specializes in short sales, you are assured the highest standard of professionalism and can always count on our Sherman Oaks Short Sale Realtor to help answer any questions you have in regards to Sherman Oaks Short Sales. Short Sale My Sherman Oaks Home Lloyd Cullen is a local Sherman Oaks Short Sale Expert with experienced Sherman Oaks Short Sale Agents here to assist you.   Short Sale My Sherman Oaks Home We specialize in Short Sales for Sherman Oaks and Surrounding Areas Are you interested a short sale on your Sherman Oaks Home? Do you know what Sherman Oaks short sale documentation you will need? Do you meet any of the following predicaments: mortgage payments too high, fac...
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By David Robinson, Call Now (877) 828-0710
(Lloyd Cullen Real Estate)
Lloyd Cullen Real Estate is a local Sherman Oaks Short Sale Realtor. As a Sherman Oaks Short Sale Company that specializes in short sales, you are assured the highest standard of professionalism and can always count on our Sherman Oaks Short Sale Realtor to help answer any questions you have in regards to Sherman Oaks Short Sales. Sherman Oaks Short Sale Realtor Lloyd Cullen is a local Sherman Oaks Short Sale Expert with experienced Sherman Oaks Short Sale Agents here to assist you.   Sherman Oaks Short Sale Realtor We specialize in Short Sales for Sherman Oaks and Surrounding Areas Our Sherman Oaks Short Sale Realtors in our area are the talk of the town because they provide great results to the clients. When the clients are happy then we know we have done our job in full effect. At Ll...
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By Emily Rose Newmark
(Keller Williams Realty)
United States of America is ON SALE! I'm sure you've noticed, things seem to be looking up for buyers here in California as well as nationwide.  According to the California Association of Realtors, housing affordability in CA rose to a record high 56% for the first quarter of 2012. This up from 53% in the first quarter of 2011.  Low interest rates and stable home prices can be attributed to this high percentage.  United States of America is ON SALE! That means in Los Angeles Metropolitan area, the minumum annual household income to purchase a median priced home ($266,580) would be $53,780 with monthly payments of $1,344 including taxes and insurance.  Not too shabby considering the economy we're digging ourselves out of. I've noticed in my own business recently that foreign investors ar...
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By Emily Rose Newmark
(Keller Williams Realty)
How often have you heard this phrase from a listing agent?  "We have multiple offers on this property" Have your buyers offered, counter-offered, countered again? One might think this is a sign of the market getting better.  In some ways it is, but for the most part, supply is low and demand is high. The lower inventory numbers can be accredited to many sellers not accepting the current value of their homes, looking forward to a bump in list price in the future.  Investors are also running over buyers making cash offers that sellers are quick to accept.  While Fannie and Freddie are holding onto hundreds of thousands of foreclosed homes they own.  These bidding wars may be increasing prices but homes are still listed and selling at far lower prices than a few years ago.  For instance, a...
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By Seana Yates
(Thrive Homes and Estates)
13137 Margate Avenue Sherman Oaks, CA 91401 2 Bedroom, 2 Bathroom $599,000 This fantastic Sherman Oaks home just came on the market today.  The 1,546 square foot home was built in 1953 and has been updated for modern use, but still retains it’s mid-century style.  Noteable upgrades include copper pluming, dual flush toilets, and central air conditioning. The existing peg and groove flooring has been restored and the home features two wood-burning fireplaces.  Check out these amazing beamed ceilings! More photos and info after the jump... Listing courtesy of Jay Evan Schoenfeldt – Brick and Mortar Real Estate
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By Emily Rose Newmark
(Keller Williams Realty)
Had to share this great article from CNN Money.....   While analysts debate when the housing market will hit bottom, for a surprising number of cities the turnaround has already begun.  In December, prices rose in 109 of the 384 metro areas tracked by data firm CoreLogic.  Making sense of the storyThere are certain signs to help determine if a particular neighborhood is on the verge of a rebound.  For instance is local employment on the upswing?  That’s a critical factor for a region to get itself on the path to recovery.  Improving jobs picture has led to shrinking housing stock across the country, as investors and bargain hunters have started buying up foreclosures that have been preventing a recovery.For years, buyers were scared of overpaying for a home, but less so now.  Many buyer...
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By Emily Rose Newmark
(Keller Williams Realty)
I read this article from CAR.org today and want to share it with you.  Is this the recovery we've been waiting so patiently for?  I have 2 buyers in escrow right now that had to beat out steep multiple offers on every descent property they wanted.   In addition, I have received multiple offers on all 7 listings that I currently have within days.     You can read the article below and I have posted the link for you to view the charts included for your information.   From CAR.org - April 16th, 2012 http://www.car.org/newsstand/news/march2012sales  March home sales and price report     California median home price posts first year-to-year increase in 16 months;low inventory demonstrates limited need for bulk REO sales, C.A.R. says LOS ANGELES (April 16) – California home sales declined in ...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks, CA Day after rain Clear skies, smiles and sunshine 70 degrees In the case of considering a short sale, many Sherman Oaks homeowners consider the likelihood of a deficiency judgment.  Why won't that bank come after them for the money they've lost? In the recent past, it was highly unlikely, in fact there was a law passed under our last president that prevented that very thing from happening.  That ship has sailed... the grace is expired.  Banks can and do reserve the right to go after a borrower for a judgement for their monies lost... Thinking about buying a home? Search Sherman Oaks Homes So now what?  There is right concern that banks will ask for a promissory note or the like when completing a short sale.  This happens, and it is one of the best practices I've found th...
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By Emily Rose Newmark
(Keller Williams Realty)
      Next to filing for bankruptcy protection, nothing wrecks your chances of qualifying for a home loan like a foreclosure. And if you got out from under an oppressive mortgage through a short sale -- when the bank agrees to accept less than what the homeowner owes -- lenders can look upon you just as unfavorably. It's a reality that the former owners of the more than 4 million homes lost to foreclosure in the six years since the housing bubble burst will have to confront if they want to own again. But the passage of time makes all the difference. That's because mortgage-lending guidelines that most banks follow prohibit them from making loans to people with foreclosure or a short sale in their credit history, often for years. Never mind the hit that one's credit score takes. Still, ...
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  4535 Atoll Ave.Sherman Oaks, 91423 5 Bedroom, 4 1/2 Bathoom $1,489,000 Another gorgeous new construction, this time in Sherman Oaks.  This cape cod style 3,881 square foot home was built in 2012 and looks like it stepped out of the pages of Architectural Digest.  Abundant luxury features include coffered ceilings, clerestory windows, carrera marble counter tops, walk-in closets, upstairs laundry, swimming pool, pedestal bathtub, built in shelving and on and on.  Look at the gorgeous photos and see what I mean. The formal living room connects to the formal dining room.  The room features hickory wood floors (which run throughout the home), high ceilings, and paneled walls. Read more and see LOTS of other photos. Listing courtesy of Daniel Drantch at Rodeo Realty.
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Sherman Oaks Short Sale Myths Morning Spring Nice One of my close friends is trying to get a loan modification.  His property was purchased at the height of the bubble and consequently is worth less that is owed.  The note on the property is adjustable, and my friend would like to get the loan into a fixed product only... that's it... no debt forgiveness at all.  He also pays every bill on time and has never been late on the mortgage... and the lender won't help him. He has never asked for a short sale. There is a common perception that unless a borrower is late on their mortgage the bank won't deal with them.  In the case of a loan modification that may be true... not so with a short sale. Looking for Mortgage Relief?  See the Nine Alternatives to Foreclosure in Sherman Oaks. Negotiati...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks Home Buyer Looking for a Short Sale DealSherman Oaks, California Early mid late evening... not dusk Rain has cleared out the valley and the sky is bright.... the air crisp. Some interesting Sherman Oaks Short Sale Buyers have posed the opinion that they can "steal" a deal on a short sale. Never one to back away from a challenge, the question was posed as to what "steal" means to them in this context. Often agents will hear this type of language... I've received emails from investors wanting to buy a home at 60 cents on the dollar.   My first thought was.... me too!  Any person, agent or otherwise who ran across a knowledgeable seller who knew they were selling their home at 60 percent of market value... and was okay with it... they just wanted to sell it now.... would jump ...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks, CA Somewhere near Mulholland Drive. Afternoon Yep, a lazy one on a Sunday My last short sale buyer was the epitome of patience. From original offer to close took more than six months. Sometimes the deal does what it does and especially representing the buyer, the best a skilled agent can do is listen and coach them to make the best decision for themselves. In this case it ended well.  Not one home came on the market in the five months it took to get through to the bank and move things forward with an acceptance... Not for lack of looking.  My clients wanted something very specific.  We found it, and got it. And the question kept being asked, "What can we do to help things go faster?".  My clients got to the edge a couple of times, feeling that ten broken promises on time f...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks Sunday Sun Trying to Break Through More Reasons Short Sales in Sherman Oaks get done. Another little understood fact is that the servicer to the investor, that is, the bank you have been calling about your loan, the bank that you may be assuming is the owner of the loan, may only have a fiduciary duty to the lien holder. All banks that help service a loan for an investor have to look out for the best interests of that investor, be it a group of investors or another larger bank or financial institution... and that means that they have to save them or make them the most possible money in all deals.... in this case, your Sherman Oaks Short Sale. As an agent, my job is to negotiate in the best interest for my client.  I hold a fiduciary duty to them, and must get them the most ...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks Sunday Rainy Sherman Oaks Homes For SaleWhen Should the Bank Approve a Short Sale in Sherman Oaks?  Seems like a logical and not too tough question to ask and answer, right? Though many sellers approach the process forgetting that banks are in the business of making money... not losing it. Banks approve Sherman Oaks short sales when it is in their best financial interest to do so. Would it surprise you to know... around eighty percent of all loans are NOT owned by the bank that is handling it? That means that an unskilled short selling agent may not understand that they aren't originally negotiating with the party who has the financial interest.  That agent may not understand why the bank would be rejecting a reasonable short sale offer.... Sadly, not knowing how to get the...
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By Vince McEveety
(Gilleran Griffin Realty)
Sherman Oaks, CA Evening on a Friday Looking out at the Valley   I had dinner with a friend the other night.  He works in another industry.  We had a wide ranging conversation about what the actual value of an agent is. He admitted that in selling, it might be the way to go... viz. to use a licensed professional.  He could see the value there.  The perception was that somehow that would be the way he would do it because he didn't exactly know what the steps were and whether or not he could get more money than a good agent. Which brings me to speak about the kinds of buyers that are out there. Many home sellers... think they can get more money for their home than a licensed professional could... maybe not only because they know about expired listings that do not sell, but because they we...
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