Monday, October 31, 2011

Trick or Treat!!

Happy Halloween to All:

Los Angeles and the City of West Hollywood is famous for it's halloween parade. A full night of festivities, live concerts, food, drinks and a lot of fun...

The largest Halloween street party in the world happens in West Hollywood, located in the Los Angeles County Region. Each year, more than 500,000 people take to the streets of Santa Monica Boulevard to enjoy the craziest, most eccentric costume creations ever. The big draws of the evening are the Halloween Costume Contest and crowning of an Honorary "Queen of the Carnaval." Visitors can also expect fantastic live entertainment, food vendors, pumpkin-carving contests and children’s activities throughout the week previous. Admission is free and the event starts at 6 PM and runs until 11 PM.

Monday, October 24, 2011

HARP Refinance Program Expanded

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down.  The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.  Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013.  New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:
  • Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac.  To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www2.realtoractioncenter.com/site/R?i=DMMZUtkne7wjXGC790nxGw.
  • Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
  • Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).
  • Current loan-to-value (LTV) ratio must be more than 80%.
  • Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.

Monday, October 17, 2011

Best Interests of the Buyer

Who represents the homebuyer in the transaction? The most common scenario is for homebuyers to purchase a home with the help of the seller's listing agent. In this case, known as "dual agent representation," the real estate agent assists both the sellers and the buyers. However, it is also possible for the buyers to ask another realtor to represent their interests exclusively, acting as the "buyer's agent," a service which is available at no additional cost to the homebuyer.

Any licensed real estate agent can act as your buyer's agent, helping you to locate and look at properties in your price range. However, if that real estate agent works for the same brokerage that is listing a particular property, dual agency or designated agent rules will then apply. The buyer's agent will advise the buyer if issues arise such as termite damage or significant material defects appearing on the home inspection report. If the home appraisal comes in at less than the asking price, the agent will represent the buyer's interest, working with the seller and the lender to negotiate a satisfactory resolution.

Do These Real Estate Tips Really Apply to YOU?

We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.

It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.

Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...

Monday, October 10, 2011

A Strategy for a Successful Sale

There are three suggestions you can implement, that will make your sale take place quicker and put more money in your pocket at closing.
Typically, most sellers price their property based on an agent's recommendation or on their emotional investment in their home. 
The 1st suggestion is to get a certified appraisal before you list your property. The reason for this is that if the property is priced correctly from the beginning, your property will sell without the need for price reductions. Shorter marketing time means you will possibly save several monthly payments. Many Real Estate agents inflate their estimate of the value to "buy" your listing. Then they start "beating you up" on the price week after week until you reduce the price correctly. I recommend that you start at the right price and save your money.
The 2nd suggestion is to hire a home inspector before you list the property so you can address any concerns a potential buyer might have before they become an issue in escrow. If the repairs are done up front the property will show better, sell for more money, and sell in a shorter amount of time. It also gives you the opportunity to sell the property in "as is" condition. Waiting to do repairs the last week before closing, usually costs you more because you don't have the luxury of time to get competitive bidding.
The 3rd suggestion is to do your termite inspection at the time you list the property for all the reasons mentioned above.
If you follow these suggestions you will have a solid transaction at the time you sign the sales contract. No contingencies and no surprise repairs at the last minute. In addition, I will reimburse you for your out of pocket expense if you follow my suggestions. That means it costs you nothing when the property sells through me.
If this interests you and you have any questions or need clarification, please do not hesitate to contact me.
THANK YOU FOR THE OPPORTUNITY AND YOUR TRUST

Friday, October 7, 2011

About Appraisals!!

A Market Analysis

Setting the right price is an important first step in the process of selling a home. Is it necessary to spend $200 to $400 for a professional appraisal of your property before placing your home on the market?

A professional appraiser's opinion of a property's market value is based on the recent sales of similar homes in the neighborhood, and on the square footage and condition of the property. Different appraisers might come up with different figures. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property.

An alternative to a professional appraisal is to ask a professional real estate agent for a written market analysis of your property. This analysis will include information about recent home sales in your neighborhood, as well as how those homes compare to yours. Real estate agents may provide this service with no charge or obligation. If you are still unsure of the value of your home, you may wish to pay for an appraisal.

Do These Real Estate Tips Really Apply to YOU?

We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...

Have a great weekend

Jeny Milosevic
Realtor/Broker Associate
JHM Business Services
Lic. 01759329