Real Estate Information

Just as there are innumerable Internet articles dealing with the positive aspects of buying a Los Angeles home at auction, there are also many which warn potential buyers of the possible drawbacks and pitfalls such as inability to inspect the property prior to purchase, large—and unexpected— repair expenses, complicated evictions, and retaliation by occupants.  If, after reading such material, you decide that you still want to pursue buying a foreclosed house at auction, here are some steps you should take to protect yourself and your investment.

1. Do your homework!  According to Rob Friedman, chairman of Real Estate Distribution Corp., the potential auction bidder has to “set out to quantify risk, inspect the property well, and then quantify the necessary repairs and run price comparisons…in the neighborhood so you’ll know the values.”
2. Locate possible properties.  There are many on-line sites which are either free or charge a small fee to give you access to lists of foreclosed Los Angeles homes for sale.  You can also contact your city of county government offices or consult the real estate section of your local newspaper.  Experts advise you to find as many as ten properties to check out rather than concentrate on just one.
3. Research the market.  You will need to ascertain how much is owed on the house and if there are any liens on it.  (Public records have this type of information available.)  The priority of a lien is usually determined by its date, so the first mortgage will have priority, and all other liens will be considered junior liens, which, with the exception of tax liens, will most likely be cleared at auction.  Look at neighborhood comps (including auction-bought and short sale Los Angeles homes) for the past three months to come up with a realistic market value for the property.  Check, too, the area’s rate of appreciation and the added value of repairs and improvement. 
4. Prepare for the auction.  The first order of business is to determine your bid amount based on the above information and your financial capability.  Generally speaking state, a reasonable purchase amount is at least 20% below full market value.  Check in advance for requirements regarding method of payment, as some states require cash or certified checks for the full amount while others need only a 10% down payment.  Attend an auction as an observer only to familiarize yourself with practices and procedures.  Call beforehand to verify the date, location, and time.  And, arrange for a veteran contractor to accompany you to access the condition of the house and estimate the cost of necessary repairs.
5. Attend the auction.  Arrive early with a set limit in place.  Don’t let other participants dictate how much you bid—and don’t get caught up in the excitement of a bidding war!  Some veterans advise that you wait until the bids begin to die down before making yours.  If you’re interested in more than one Los Angeles home, Friedman suggests bringing detailed information and photos of each one to avoid confusion.
6. Take ownership.  Collect all documents which verify that you are the winning bidder.  Clarify with the auctioneer and a real estate attorney what further steps you need to take and when your ownership becomes official.  Do not begin to make repairs until you are sure you are the registered owner!  If the property has occupants, find out who is responsible for evicting them.

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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 an attempt to stave off many future foreclosures, the U.S. Department of Housing and Urban Development (HUD) recently announced a new financial bill, the Emergency Home Loan Program (EHLP), to assist homeowners in 32 states and Puerto Rico.  An augmentation of the Hardest Hit Fund (click here--hardest hit) established in 2010, the EHLP program is designed for owners who have experienced a reduction in income due to involuntary unemployment, underemployment, economic conditions, or a serious medical situation.  Go to HUD.gov for a list of participating states.

EHLP provides emergency mortgage payment relief to eligible owners of Los Angeles real estate who have suffered a drop of at least 15% in income.  Such funds are limited to those having a total income of $75,000 or less or 120% of the Area Median Income (AMI) for a four person household.  Applicants for the program must be at least three months delinquent in mortgage payments and have received notification of their lender’s intent to foreclose on their property.

Potential recipients of EHLP assistance must also have a reasonable likelihood of being able to resume making their payments within 2 years and meet other debt obligations when their income rises above 85% of the previous level.  Additionally, recipients must reside in their Los Angeles real estate as their primary residence at the time of application and for the duration of the loan.  HUD predicts that it can aid up to 30,000 distressed homeowners by providing interest-free loans averaging $35,000 (limit is $50,000).

On another front, the Obama Administration recently announced a second plan to assist unemployed owners of Los Angeles real estate.  This policy affects the FHA’s Special Forbearance Program by requiring lenders/servicers of the Making Homes Affordable Program (click here for specifics of  MHA) to extend the current forbearance period of 3 or 4 months to 12 months whenever possible.  The program will also reduce upfront obstacles in order to make the qualifying process easier for applicants.  The intent of this plan is to allow more time for distressed homeowners to find employment.  As HUD Secretary Shaun Donovan explains, “Today, 60% of the unemployed have been out of work for more than 3 months and 45% have been out of work for more than 6.  Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home.”

We can only hope!

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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.

The present state of the real estate market may well be a boon for would-be buyers, but it is a certainly a difficult one for sellers. No longer can the latter count on making a great deal of money (or even any money, for that matter), but the large number of Los Angeles homes for sale means that sellers are competing to find a buyer. For those of you who are first-time sellers and have never been through the home-selling process, the following suggestions are designed to help you face reality, make your property appealing to a buyer, and ultimately sell your home.

PRICE IT RIGHT FROM THE START:

Since the greatest number of showings will occur in the first two to three weeks of the listing, it is important that you set the price (based on comparables and advice of your Realtor) competitively at the outset. Lowering the price after the initial listing only wastes time and costs you potential buyers.

BE PREPARED TO LOSE SOME MONEY: 

Understand that this is a market based on supply and demand and that you just may not be able to sell for the appraised value of your Los Angeles home or even what you paid for the property a few years ago. The market value of your home today is what a buyer is willing to pay, so unless you want to hold on to your home until the market improves, be prepared for the possibility that you may be the one bringing money to table.

ACTIVELY PROMOTE YOUR HOME: 

Ask potential Realtors you interview how they plan you market your home--and to whom? If it is a starter-home that will appeal to the younger set, then take advantage of technology such as smart phones, attractive photos on the internet, and sites that contain information that potential buyers can access electronically. And don’t forget the old-fashioned word-of-mouth approach. Spread the word among friends, family, coworkers, etc., and ask them to do the same.

OFFER INCENTIVES: 

Today’s sellers are turning more and more to finding ways to create interest in their property and motivate hesitant buyers. Since builders of new homes offer such incentives, it is becoming commonplace for sellers to do the same. Examples of incentives include:

• Paying points will reduce the buyer’s upfront cost and appeals to the cash-conscious.
• Buying down the interest rate: Offering to pay discount points to lower the buyer’s I interest rate will make your home more affordable, and thus more appealing.
• Paying for some or all closing costs: By doing this you are once again decreasing the amount of upfront cash needed by a buyer. You can determine the mount you will contribute or the items you will cover.
• Providing a home warranty: If you are competing with newer properties, a home warranty will give the buyer some insurance against costly repairs during the first year or two. Such an offering is a relatively inexpensive but is appealing to a concerned consumer.

Note: If you do offer incentives of any kind, make sure that they are included in your real estate listing.

MAKE YOUR HOME MOVE-IN READY: 

Generally speaking, today’s buyers of a Los Angeles home are not looking for a fixer-upper or even for a property that requires any work at all. Their busy schedules motivate them to purchase a house that needs no effort or expense on their part. That isn’t to say that you have you have to make major upgrades, but you do need to make any necessary repairs, complete any projects you may have started, and consider brightening the interior up with fresh pain and new flooring.

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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.

Given the lengthy and heated debate going on about the country’s debt, this may well be a good time to think about your personal debt philosophy and/or situation.   While it’s almost impossible to live debt-free, it is important that we analyze and manage our loans; we all have seen in recent years the economic repercussions of taking on too much debt, both nationally and individually.  Experts say that ideally your total monthly long-term debt payments should not exceed 36% of your gross monthly income, but the real challenge is to judge which debt makes sense and which does not.  Economic advisors suggest that you first recognize that some of your obligations are considered good debts, whereas some might fall into the category of bad debts. 

Good debts are those which can be looked at as investments and those which will contribute to your overall financial health.  The best example of good debt has been for many years the purchase of a Los Angeles home and is still considered as such by many.  Another good debt would include a student loan to finance higher education.   Financing a car is also perceived as good debt provided that you make as large a down payment as you can reasonably afford and that you intend to keep the vehicle as long as you are paying for it. Generally speaking, good debt includes the purchase of items which you could not afford without wiping out your cash reserves or liquidating your investments.

On the other hand, bad debt occurs when you borrow to purchase a consumable item without fully comprehending the influence of that purchase on your financial well-being.  Excessive credit card use is an excellent example of bad debt, especially given the high interest rates charged.  One obvious flaw in the credit card system is that it encourages users to purchase things they can’t really afford, a posh vacation or the addition of a pool for their Los Angeles home  e.g., without having to pay for them at the time.  It goes without saying that payday loans and paying pawn shop interest are very poor—and costly—practices which should be avoided entirely.

How to manage your debt?  You can begin by figuring out your credit utilization or your debt-to-credit ratio, which tells you how much you have borrowed of the total amount available to you.  The lower the percentage, the better for your credit rating.  Creating a plan to pay off your bad debts, especially those with high interest rates, is another important step in achieving financial stability.  Many financial counselors urge borrowers to pay off credit cards and car loans before considering taking on student debt or a mortgage for a Los Angeles home.  Another strong caveat is not to pay off one loan with another, such as using a home equity loan to repay bad debt.  The best practice is to use cash to pay off debt.  One way to increase your available cash is to analyze your spending pattern and carefully monitor unnecessary expenses.  Other suggestions for managing debt include taking steps to lower household bills, refinancing a mortgage for a lower interest rate, and requesting a reduced rate of interest from credit card companies.

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.

For many decades the American Dream has included home ownership, an achievement that has symbolized hard work, pride, and success. That desire grew with each successive generation, finally culminating in the bursting of the bubble in 2006. Since then the housing market has spiraled downward, foreclosures and “walkways” are at an all-time high, and the nation’s economy is experiencing a downturn of great proportions.

The end of the American Dream? One might certainly think so, given the state of financial affairs in the U.S. and the prevailing assumption that home ownership is not all it was touted to be. Surely the younger “Generation Y” (ages 18-34) renters will have little desire to purchase Los Angeles real estate and risk their financial security. And so the market will continue to falter, and the Dream will continue to fade…

Not so! say the results of a recent survey. The Dream is alive and well, and Los Angeles real estate will continue to be purchased. Why? More than three out of four current homeowners surveyed by Trulia.com (through Harris Interactive) this past January stated that their home “continues to be the best investment they ever made.” 70% of Americans, both home owners and renters, still view home ownership as part of their American Dream. Interestingly enough, according to this poll, the demographic group most interested in being part of the Dream is the Y generation. In fact, one in four of that age group says that home ownership is more appealing now than it was six months ago.--good news for sellers of Los Angeles real estate and the market in general! Trulia reports that 88% of young renters hope to become homeowners in the future--certainly a statistic which brings hope for the housing market.

A fading dream? Not so! according to  the results of a second recent survey, this one conducted by Public Opinion Strategies and Lake Research Partners on behalf of the National Association of Home Builders (NAHB), and this report is also good news for Los Angeles real estate and the market as a whole. NAHB Chairman Bob Nielsen has issued some very positive statements based on the survey’s findings and verifies the fact that over 70% of those not currently owning a home wish to do so in the future. He also stated that 95% of present owners polled are happy with their decision to own a home. In addition, Lake Research Partners’ spokesperson Calinda Lake noted in the report the intensity of feeling among those questioned, saying “People believe overwhelmingly that owning a home is an anchor to the American Dream.”

Is this dream still possible? Yes, according to many experts. They refer to the rising costs of renting, low interest rates, falling house values, and the great variety and availability of homes as convincing reasons to purchase now. They encourage would-be buyers to…

• conduct a financial analysis of both renting and owning costs
• research home prices, taxes, utilities, insurance and maintenance costs
• talk with a Realtor about expenses, comparables, loans, etc., and
• meet with a loan officer to be certain that they qualify for a mortgage and can afford the payments.

Homeownership as a portion of American Dream is alive and well, and if hopeful statistics are to be believed, the worst of the housing market decline is behind us. Hang in there, owners and potential buyers of Los Angeles real estate!

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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 addition to being proactive in the maintenance of items inside your Los Angeles home, there are many steps you can take to ensure a healthy landscape outside the house and save money at the same time.

1. Water and fertilize plants and trees as needed. During a recent drought we had to water our pine trees regularly to keep them from dying. Many people in our area lost countless pine trees due to lack of watering. Not only did they experience the loss of beautiful trees, but they also incurred very high fees to have them removed. Add to that the cost of replacing trees and plants, and you’ll discover it is much more cost effective to water and fertilize adequately.

2. Have large trees trimmed as needed. A big storm can take down a tree, or heavy branches, causing damage to fences, cars, and homes. Speaking of fences, keep your fence in good repair when you spot an area that needs to be fixed. It costs a lot less to fix a small portion than to replace the entire fence.

3. Clean the gutters of your Los Angeles home at least once a year.--and always after a severe storm. Backed-up gutters can lead to water accumulation and seepage into the foundation of the house.

And…while not exactly part of your Los Angeles home, your car is often the source of unexpected--and costly--repairs. By following these suggestions, you should be able to keep the vehicle running smoothly--or at least anticipate problems before they arise.

1. Have your automobile serviced on a regular basis. Although many car manuals suggest an oil change every 7,000 miles, car experts suggest changing your oil every 3,000 miles. Once you become aware of all the tiny pieces of debris, metal parts wearing, etc. that find their way into the oil that keeps your car lubricated, it makes sense to spend a little bit of money to have the oil changed and the oil filter replaced more frequently.

2. Check your oil and water levels to ensure they are at an adequate level on a regular basis. Check all belts and hoses for fraying when you have the oil changed. Replacing worn belts and hoses is not expensive, but if something gives out while you are on a trip, you can find yourself needing to replace your vehicle.

3. Wash and wax your car regularly to preserve the paint job and keep it looking like new.

4. Also remember to check the condition of your air filter and wiper blades each month and to regularly monitor the levels of your break fluid and windshield wiper fluid.

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.

A buyer purchasing a typical American home at the prevailing average mortgage rate today would have a mortgage payment of  $698 a month. This figure is not much different from what a home buyer would have faced 30 years ago. In 1981, home prices were much lower but mortgage rates were reaching 18 percent. Today, home prices have come down by about 33 percent on average from the bubble years, but prices still remain comfortably higher than those of the 1980s. However, thanks to record low mortgage rates, the monthly payment obligations have been greatly reduced. This should be good news and bring new buyers into the market. However, very tight underwriting standards, unfortunately, are keeping some good, hard-working Americans from taking advantage of the super affordable conditions.

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

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.

No, this isn’t just another timely spooky story, although it just may have to do with ghosts!  Be you a believer or a scoffer, the fact is that there are pieces of Los Angeles real estate on the market which are purported to be haunted and thus far more difficult to sell than an ordinary home.  Known as “stigmatized” properties, these houses have the reputation of being haunted or are the site of a previous violent crime--and the perception of ghosts and gore is not easy to erase.

So what to do?  First, check with your Realtor to see if you’re required to disclose information about the stigma attached to your Los Angeles real estate because you could be spooked by a lawsuit if you don’t.  Regardless of what the state dictates, being upfront about your home’s paranormal guests or ghoulish histories is always the best moral policy.  

Okay, that’s the first step.  Then what?  Be sure to pay attention the appearance of your property—inside and out.  To minimize the presence (imagined or real) of ghosts, your home needs to look spirit-free and inviting on the outside. Clean up a dark, forbidding atmosphere; clear away any dead trees, especially those with hanging branches; replace rusty iron gates with a white picket fence, get rid of unwanted residents like stray cats and spiders. On the inside, think warm, bright, and clutter-free. Getting rid of darkness and gloom that could promote the idea of spirits may require removing outdated, musty furniture, antique rugs, old pictures of ancestors, and other items that contribute to an “eerie atmosphere” so that you can alleviate any pre-conceived notions in potential buyers.

If you simply cannot dispel persistent beliefs about the “dark side” of your Los Angeles real estate, you may have to resort to (gasp!) bringing in a ghost buster.  David Frankin Farkas, owner of HouseHealing.com, makes a full-time living by ridding properties of specters and/or negative energy.  Farkas claims that formerly-haunted houses frequently sell in a matter of days after he has completed his task.  Click here to find groups who will investigate paranormal activity in your home.

Pricing your Los Angeles real estate to sell is another strategy you must consider.  By lowering your price by 20-25%, you may make your property attractive to potential buyers, especially investors.

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.