Real Estate Information Archive

In December of 2007, Congress signed into law the Mortgage Debt Relief Act to aid distressed homeowners.  Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, that amount is considered income and the borrower is liable to be taxed on it.  However, this law offers relief to the owner of Los Angeles real estate in that debts discharged through calendar year 2012 are not taxable.  Limited to primary residences only, the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.  Debts reduced through mortgage restructuring as well as mortgage debts forgiven in connection with foreclosure qualify for this relief.

On the fence about selling your underwater Los Angeles real estate as a short sale?  Consider this: if your home isn’t sold before January 1, 2013, and you owe $50,000 more than its market value, you could realistically end up paying more than $12,000 in taxes in 2013 if you’re in the 25% tax bracket! Once you decide on going the short sale or foreclosure route—and remember, short sales often take a long time to sell--the first thing you need to do is to request that your lender officially and in writing  waive any deficiency connected with your Los Angeles real estate.  If this waiver is not granted, the lender has 20 years to obtain repayment from you via collection agencies, garnishments, and/or liens.

Because of the impending deadline and the length of time required for short sales and foreclosures, many real estate and financial gurus stress the importance of acting now to set wheels in motions.  They urge distressed owners of Los Angeles real estate to realize that there is no tax exclusion allowed on pending closings/foreclosures.  Only transactions completed by December 31, 2012, are eligible for income tax relief—and there are no indications that the current deadline will be extended!

Tax Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment) is used to report the exclusion of forgiveness of qualified principal residence indebtedness.  After your receive Form 1099-C, Cancellation of Debt, from your lender (required by law and submitted to the IRS), download and complete Form 982 and attach it to your tax return.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Environmentally friendly features have become more important to home buyers according to the 2012 Home Buyer and Seller Profile published by the National Association of Realtors. The importance of various features such as heating and cooling, energy efficient appliances and lighting, landscaping, and an environmentally friendly community differ by region.

• Commuting costs and environmental efficiency have increasingly factored into home buying decisions due to higher energy costs, but also due to overall concern for the environment.
• Factors that are most important to buyers are those directly related to the buyers’ pocketbook.
• Heating and cooling costs were at least “somewhat” important to 87 percent of home buyers.
• Commuting costs were at least “somewhat” important to 73 percent of home buyers.

Now take a look at how the Los Angeles real estate market performed in December.

Beverly Hills Real Estate Sales Statistics - Single Family Homes

Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes

Bel Air Real Estate Sales Statistics - Single Family Homes

Hollywood Hills East Real Estate Sales Statistics - Single Family Homes

Hollywood Hills West Real Estate Sales Statistics - Single Family Homes

West Hollywood Real Estate Sales Statistics - Single Family Homes

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

In spite of the ever-growing awareness of dangers to our environmental health and our concentrated efforts to protect ourselves through the use of “green” practices, the interior of your Los Angeles CA home is still susceptible to unseen perils.  In fact, the Sierra Club of Canada has done studies which show that the inside of homes is often worse than the outside, a result of chemicals sneaking in through cleaning supplies, furniture, plastics, flooring, dry cleaning, water, shoes, and even pet paws!

Cleaning supplies. 
While you may be aware of the toxicity of many such products, there are also culprits we don’t know about or which are not listed on labels.  For example, ammonia-based glass cleaners contain a potentially nerve-damaging substance, and, ironically enough, some air fresheners give off naphthalene, a suspected carcinogen. What can you safely use?  In addition to “green” products available for purchase, you can discover the cleaning power of baking soda and soda ash, the ability of borax to remove mold and roaches, and the deodorizing attributes of vinegar and oils of lemon, lavender, and peppermint.

Furniture and flooring. 
Who knew that a piece of new furniture, carpet, or wood flooring could be hazardous to your health?  Each of these can bring gasses, especially formaldehyde, into your Los Angeles CA home.  Items made of MDF and many flooring adhesives emit this gas and can cause breathing problems and eye irritation. What to do?  Look for furniture and flooring labeled formaldehyde-free.  Your might also consider buying used wood items, since they have already been off-gassed.

Plastics. 
Of particular concern is PVC, frequently found in shower curtains, children’s toys, and food containers.  Unfortunately, studies have linked PVC with birth defects and neurological impairment.  How to avoid PVC?  Do not use any #3plastics and look for products labeled PVC free.

Dry cleaning. 
Most traditional dry cleaners use a substance called perchloroethylene (perc), something ofteassociated with headaches, breathing problems, and liver/kidney damage.  Safe alternatives include finding a perc-free establishment or unwrapping your clothes as soon as you bring them home and letting them air out before hanging them in your closet.

Water. 
Like our air, our water is also contaminated with chemical and toxins, especially lead, mercury, and asbestos.  An easy solution is to purchase a water filter, either one that attaches to your faucet or one that services the whole house.

Shoes and paws. 
When you, or your pets, come in from outside, you bring with you not only dirt but also residue from lawn chemicals, automotive fluids, and pesticides.  Simple solutions include wiping your feet on an outside mat before entering the house, leaving your shoes at the door, and wiping your pet’s paws if they look dirty and after you have treated the lawn.

One final tip to combat toxins:  Buy a filter that traps super-small particles and defends against ozone—and change it OFTEN!

Eileen Walsh

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Just as fashions and car styles change from year to year, so do home features that head the “most wanted” list of potential buyers of Los Angeles real estate. Where wall-to-wall carpeting was once the rage, hardwood floors, now reign supreme, and a formal, center dining room is often viewed as a negative feature rather than a positive one.  And style preference has certainly changed; replacing the McMansions on the “must-have” list are arts and craft bungalows, mid-century homes, and residences with Old-World charm and character.

WHAT’S IN:

• Green features:  Energy-efficient appliances, air-tight windows, heating systems, etc., have become expected features..
• Sustainable materials:  The use of stone, terra cotta, bamboo, and cork are popular choices.
• Storage areas:  A garage, preferably a 2 car, is a must, as are walk-in-closets, pantries, and an abundance of storage space.
• Condition:  No fixer-uppers for this year’s buyers.  They are looking for a move-in-ready, well-maintained piece of Los Angeles real estate.
• Layout:  The open layout with few walls is still the most popular, as it allows for casual dining, family gatherings, and large-scale entertaining.
• Luxury touches and the amenities that convey luxury:  High dollar finishes, granite counters, stainless steel appliances, tile baths, counter bars and stools are all desired.
• Outdoor Living:  Screen porches, outdoor kitchens, two-way fireplaces, and the all-important deck or patio add to a home’s appeal.
• Specialized space:  Reflecting today’s lifestyle, high on the wanted list are media and workout rooms.  Some type of foyer or entrance space is also a necessity for today’s buyers.
• Quality bathrooms:  Definitely more than one!  Pedestal sinks; soaking, jetted, and claw foot tubs; and a separate shower and tub are also very popular in the bathroom right now and are what most buyers are going for.

WHAT’S OUT:

• Retro touches:  Features of 1970’s-80’s homes such as avocado appliances, walnut cabinets, and Formica countertops are being shunned this year.
• Dated layout:  Buyers of Los Angeles real estate are giving a “thumbs down” to restrictive layouts and are eschewing bedrooms off living or dining rooms, center dining rooms, and stairways located directly in front of an entrance door.

And topping the list:  Since this is still decidedly a buyer’s market, the most desired feature this year is a bargain, be it in price or incentives, or both.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Talk about a setback!  You’ve spent recent months preparing your house for sale or looking for the perfect house to buy, negotiating a fair price, and anxiously awaiting the settlement date.  And now the appraisal on that piece of Los Angeles real estate has come in below the asking price.  What to do?  First, whether you are the buyer or the seller, remain calm.  This is not an unusual occurrence in today’s market.  Understanding the possible reasons for the disappointing appraisal and exploring strategies to save the transaction are your next steps.

REASONS F0R A LOW APPRAISAL:

• Overpricing by seller
• Declining market values
• An abundance of foreclosures or short sales in the neighborhood
• Inflated price resulting from multiple offers
• Incorrect evaluation by the appraiser
• Cash back to buyer from the seller
• Error(s) on the part of the appraiser

WHAT A SELLER CAN DO:

• Lower the price of the Los Angeles real estate.  After researching and analyzing the latest comps with your Realtor, realistically reconsider your asking price and decide whether you are willing to begin the selling process all over again.
• Offer to carry a second mortgage for the buyer if the above option is not possible.
• Ask the buyer to make up the difference in cash

WHAT A BUYER CAN DO:.

• Ask the seller to lower the price.
• Ask the lender for a new appraisal after presenting your justification for this request.

OPTIONS AVAILABLE TO BOTH SELLER AND BUYER:

• Check the appraiser’s report for errors (in facts or omission) in information about the Los Angeles real estate.  Verify the accuracy of the square footage, the number of bedrooms and bathrooms.  Have any recent improvements you’ve made to the property been included?  If not, appeal the appraisal.
• Supply to the underwriter a list of recent comparable sales that justify the selling/purchase price and ask for a review of the appraisal.
• Order a new appraisal.  Although you will have to pay for it, it could be money well spent if it results in a higher appraisal. Your lender will give you a list of appraisers if the loan is an FHA one.  If it’s conventional, it is subject to the rules of the Home Valuation Code of Conduct (HVCC).
• As a last resort, cancel the transaction.  Most purchase contracts contain a loan contingency which deals with low appraisals.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

When the improvement project on your Los Angeles is finished, do not make the final payment or sign a release until you have:

Used the online checklist available from the FTC to make sure the job is complete and done to your satisfaction.

• Obtained proof that subcontractors and suppliers have been paid by the contractor.  (If not, they can place a lien on your Los Angeles home.)
• Received written warranties for materials and work.
• Made sure the job site has been satisfactorily cleaned and cleared of materials.
• Inspected the completed work to verify that it meets contract standards and specifications.

If you have a problem with any of these aspects, consider taking the steps listed below to remedy the situation.  In all negotiations, act amicably and fairly and keep a positive attitude.  Even though you may be quite upset, it is best to keep your emotions in check and follow a path of calm restraint in your dealings, Again, keep a record of all conversations and follow up these communications with a certified, return receipt-requested letter.

• Try first to resolve the problem with the person who was in charge of the project on your Los Angeles home.  Generally, contractors want satisfied customers to ensure a good reputation and positive word-of-mouth comments.
• If this attempt is unsuccessful, think about contacting another profession (the architect, e.g.) who is familiar with the project.
• Still unresolved?  Gather all your documents, logs, photos, and cancelled checks.  Notify the contractor via certified letter that you have done so and give him a reasonable time—and specific date—to rectify the situation.
• If these actions do not bring about the desired result, and you still have unsettled issues, contact the Better Business Bureau.  You can also report the contractor to your state licensing board.  Each of these organizations provides mediation services for situations such as yours.
• As a last resort, you may have to contact an attorney to bring the issue to court.  Remember, however, that most home contractors will want to resolve the conflict before you exercise this option.

Hiring A Contractor To Improve Your Los Angeles Home - Part I
Hiring A Contractor To Improve Your Los Angeles Home - Part 11

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Yes, it’s once again that time of year when we examine our life and vow to make positive changes by losing weight, becoming more active, quitting smoking or drinking, managing debt, etc.  But did you know that numerous recent polls indicate that a full 50% of Los Angeles real estate owners resolve to spend less time working and more time enjoying family and friends and that 87% say that the stress of trying to balance their work and life schedules is adversely affecting their health? 

While we all need a certain amount of stress to spur us on and help us perform at our best, the key to managing stress lies in that one word: balance. Achieving a healthy work/life balance an attainable goal, but in order to do so you must make changes in your life.  Following are a few tips to ensure success:

Leave your work at work:  Use your commuting time to transition from work to home.  Rather than think about problems at work, shift gears and concentrate on your family responsibilities or enjoyable activities which await you at your Los Angeles real estate. You can also use commuting time to unwind by listening to music or a book.  Change your clothes when you arrive home to strengthen the notion of being away from work.  Resist the urge to check any and all electronic devices for work related messages.

Inquire about flextime or telecommuting:  It just may be that your boss will recognize that you can do your work at different times or from different places.

Learn to say “NO” on occasion:  Be it for work or for home, you don’t always have to be the one to “step up to the plate” and volunteer for yet another responsibility.

Make time in your schedule for physical activity and fun:  Every Los Angeles real estate owner knows that keeping fit by exercising and eating healthy foods is a remedy for stress and/or depression, but too many of us don’t make a concentrated effort to write in our calendars—in  ink—specific visits to the gym.  Consider, too, the benefits of taking up a new hobby, such as cooking, scrapbooking, or archery, that you can enjoy individually or with family or friends. 

If you have already tried most of the above recommendations but have still not succeeded in balancing the roles in your life, you might ponder this thought by author Jon Gordon and read his new book:  “Personally, I have never been able to balance the scales of work and life on a day-to-day basis. Rather, I’ve come to realize that the dance between work and life is more about rhythm than balance.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Although the housing market has been unpredictable in recent months, the existence of a seller’s market and the availability of low interest rates are providing incentives for potential buyers.  However, obtaining a mortgage, especially one which is attractive to you, is not as easy as it was a few years ago.  As a result of the extreme increase in the number of foreclosures, banks have raised their lending standards for all borrowers.  This tight credit situation affects would-be buyers of Los Angeles real estate in numerous ways, among them down payments, credit scores, documentation, debt-to-income ratio, and appraisals.

1.  Down payments:  To get the best interest rate you need to put down at least 20% of the purchase price of the Los Angeles real estate.  FHA loans are available for a down payment of 3% to 5%, but these loans will include additional costs for insurance and a slightly higher interest rate.

2.  Credit scores:  You will most likely need a score of 730 for the best rates, whereas the average score for FHA borrowers is about 690.  Financial advisors strongly urge you to obtain a copy of your credit report six months before loan shopping.  Go online for your free credit report from each of the three bureaus and examine it carefully to detect any errors/misinformation.

3.  Documentation:  Be prepared!  Lenders will ask for a great deal of documentation regarding your salary, savings, job stability, debts, and the like.  You will need to provide pay stubs for the past 30 days; W-2 forms for the past two years; bank, retirement, and investment account statements; and a listing of debts and monthly expenses.  If you are self-employed, you will also have to submit two years of tax returns and possibly a profit-loss statement.

4.  Debt-to-income ratio:  This ratio compares the gross amount of money you earn to the amount you owe to creditors (mortgage payment, car loans, credit card payments, etc.).  Monthly housing expenses should not exceed 28% of your gross monthly income, and total debt should be less than 36% of that amount, the lower the number, the better.  To figure your own ratio, use an online calculator.

5.  Appraisals:  Lenders today want a thorough inspection of both the interior and exterior or your Los Angeles real estate, and the less money put down, the more extensive the scrutiny of the home’s market value.  It is wise to include an appraisal contingency in your offer so that your earnest money deposit will be returned to you if the appraisal fails to meet the negotiated price.

How can you find the best rates?  Check out this free site that updates available interest rates daily and discloses the best “par rate” in your area. 

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.