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Kieran Jackson, REALTOR, SFR's Blog

By Kieran M. Jackson | Agent in 91316
  • First time buyers, have these documents ready when applying for a loan...

    Posted Under: Home Buying in West Los Angeles, Financing in West Los Angeles, Credit Score in West Los Angeles  |  March 25, 2013 5:10 PM  |  419 views  |  1 comment

    Hello all of you who are first time buyers, and those of you who are not sure what to expect when meeting with a lender for the first time...

    We all know that acquiring a loan for which to purchase a property is one of the most important parts of buying a home. What most of do not know is, how much documentation is required in order to close on time in a purchase transaction.

    Here is a brisk look at some of the inforamtion a home buyer looking for a loan will need to have ready:
    • Income information: pay stubs, federal tax returns, W-2s
    • Credit information: checking account statements, savings account statements, retirement statements
    • Additional property information: your latest mortgage statement, property tax bill, verification of homeowner association (HOA) dues
    • Business information (if applicable): business federal tax returns, profit and loss statement, list of business debts
    • Other: a copy of your driver's license, Social Security card, homeowners insurance information

    Call me today if you would like to learn more or have questions about the home buying process!

    Kieran Jackson
    Keller Williams Hollywood Hills
    (213) 632-8484

  • Condominium Open House on Wilshire Boulevard tomorrow!

    Posted Under: Home Buying in Westwood, Home Selling in Westwood, Rent vs Buy in Westwood  |  February 8, 2013 3:55 PM  |  433 views  |  No comments
    Hello All,

    I will be holding this listing open to the public tomorrow, February 9th, 2013, from 1-4 pm. If you are interested in previewing this beautiful condominium space, please stop by. Here is a link to more information and photographs of the space, on my web site...

    http://kierantherealtor.com/listings/wilshire/index-open.html



    CLICK HERE for more Wilshire Corridor | Westwood | Century City properties for sale!

    All the best,
    Kieran

    Kieran M. Jackson
    DRE #01903647
    Keller Williams Hollywood Hills
    (213) 632-8484
    kieranjackson@kw.com
  • 50% Off Purchase Price on Homes for Police Officers, Fire Fighters, Teachers, and EMS Personnel!!!

    Posted Under: Home Buying in Los Angeles, Financing in Los Angeles, Investment Properties in Los Angeles  |  November 10, 2012 1:30 PM  |  530 views  |  2 comments


    ABOUT GOO
    D NEIGHBOR NEXTDOOR
    HUD's Good Neighbor Nextdoor program offers HALF PRICED HOMES to police officers, fire fighters, teachers, and EMS personnel!

    Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

    How The Program Works

    Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.

    How to Participate in Good Neighbor Nextdoor

    Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

    HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

    The number of properties available is limited and the list of available properties changes weekly.

    To learn more, please see our Good Neighbor Sales Frequently Asked Questions!

    If you're ready to schedule your home buying confidential consultation contact an agent with Keller Williams Hollywood Hills and we will review your needs and your budget to help you find the right Los Angeles home for you!

  • Foreclosure Timeline in California - Important Info for Distressed Homeowners

    Posted Under: Home Selling in Los Angeles, Foreclosure in Los Angeles, Property Q&A in Los Angeles  |  November 7, 2012 9:35 PM  |  589 views  |  No comments
    FORECLOSURE TIMELINE IN CALIFORNIA - IMPORTANT INFO FOR DISTRESSED HOMEOWNERS

    If you are in pre-foreclosure, or if you think its a possibility that you are going to have trouble in the future making your mortgage payments, the following information is of the UTMOST importance to you.

    California's Foreclosure Process and Timelines - Frequently Asked Questions

    How does the foreclosure process work in California?
    The most commonly used process is called the "non-judicial process". The loan servicer or lender:
    • Must contact you and/or whoever else is on the mortgage loan, by phone or in person, to assess your financial situation and explore your options to avoid foreclosure.
    • Cannot start the foreclosure process until at least 30 days after making contact to do that assessment and explore options to avoid foreclosure.
    • Must advise you during that first contact that you have the right to request another meeting about how to avoid foreclosure. that meeting must be scheduled to take place within 14 days.
    • You may designate a HUD-certified housing counseling agency, attorney, or other advisor to talk on your behalf with the servicer or lender about ways to avoid foreclosure. You get a chance toa ccept or reject any loan modification or other foreclosure avoidance plan that your representative and the lender/servicer come up with during that conversation.
    • After taking these steps, if no foreclosure avoidance plan has been worked out, the foreclosing entity must record and serve the homeowner (and anyone else listed on the title) with a Notice of Default.
    • A minimum of three months after serving the Notice of Default, the foreclosing entity must serve the homeowner (and anyone else on title) with a notice of Sale.
    • A minimum of twenty days later, the property can be sold at a foreclosure sale.
    Before the foreclosure process begins, the lender or loan servicer will probably send you two or three letters (over the course of 2-3 months) demanding payment. Those letters are not notices of default.

    What happens after my home is sold at foreclosure sale?
    Whoever owns your home cannot just change the locks to your home. The new owner must serve you with a 3-day written notice to quit, and then must take you through the formal eviction process in order to get possession of the property. That process takes about 30-45 days.

    What if someone knocks on my door and tells me to get out?
    • Don't panic. No one has the right to simply tell you to leave. If you feel threatened or unsafe, do not answer your door, or call the police. the new owner must follow the formal legal process and evict you in order to have you leave. To evict you, the newowner must file a complaint in court and serve you with it. You may (and should) file a response in court. the court has a self-help web site at http://www.courts.ca.gov/selfhelp/selfhelp.htm. You can also get help from the Court's Self-Help Center in Los Angeles. Call (888) 882-6878 or (310) 342-0888.
    • Make sure you know who you are talking to. Request proof of who the person works for, and proof of who owns the property now that it has been sold.
    • Go yourself to your County Recorder's Office and check to find out who the new owner is.
    • Alternatively, contact the Trustee listed on the Notice of Sale to ask who purchased the property. (It might turn out that the lender has become the owner because no one else would buy it at the price requested.)
    If I have other questions, who do I call?
    Contact Housing and Economic Rights Advocates (HERA) at (510) 271-8443.

    What if someone offers me cash to move out? Why would someone do that?
    • The new owner of the property cannot legally make you leave the property without evicting you. To evict you, the new owner must take you to court. The new owner (which might be the lender itself) may offer you cash to move out because it is cheaper than taking you to court. You should ask for as much as you need, realistically, to pay for first, last, and a security deposit, as well as moving expenses.
    • If you do agree to move out in exchange for cash, make sure you get paid all or at least half of that cash upfront so that you actually receive what you need. Do not agree to less time to move out than what you realistically need. Also- Get The Agreement In Writing!
    Go to ShortsaleProLA.com or call me directly for a free consultation, and to hear all of the options available to you.
    -------------------------------------------------------------------------------------------------------- Kieran Jackson, SFR
    Keller Williams Realty Hollywood Hills
    (213) 632-8484

  • 10 Reasons to Avoid Foreclosure

    Posted Under: Foreclosure in Los Angeles, Credit Score in Los Angeles, Home Ownership in Los Angeles  |  November 3, 2012 4:11 PM  |  661 views  |  4 comments
    1. Foreclosure Follows You - Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future. This can have an adverse affect on their future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no seven-year time limit on this item.

    2. Credit Score Negative Impact - Credit scores will be lowered by 300-plus points (per loan). Along with bankruptcy, a foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.

    3. Ineligibility for a Government Insured Loan - The homeowner will be ineligible for a a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.

    4. Possibility of Deficiency Judgment - Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at trustee sale.

    5. Negative in Employment Credit Checks - Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire in jeopardy.

    6. Potentially Damaging in Current Employment - Many current employers run credit checks. A foreclosure can put a current position in jeopardy.

    7. Negative on Security Clearances - Security clearances and government positions- including but not limited to military and law enforcement- can be jeopardized by a foreclosure. Revocation of security clearance can result in job reassignment or loss.

    8. Foreclosure is a Higher Tax Liability - The tax liability in a foreclosure may be much higher than in a properly negotiated short sale since canceled debt will be higher in a foreclosure.

    9. You Have Alternatives - As your expert, I will explore every option with you and work toward the best resolution.

    10. Do Everything You Can - While it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence that so many people face today.

    Go to ShortsaleProLA.com or call me directly for a free consultation, and to hear all of the options available to you.

    --------------------------------------------------------------------------------------------------------
    Kieran Jackson, SFR

    Keller Williams Realty Hollywood Hills
    (213) 632-8484

  • Understanding the Foreclosure Process in California

    Posted Under: Home Selling in California, Foreclosure in California, How To... in California  |  October 31, 2012 1:23 PM  |  630 views  |  No comments
    California Foreclosure Process
    Use the following foreclosure process to develop a definite plan of action with well-timed, well-informed steps, so you can stop the foreclosure process and save your home!

    California is famous for its one-action rule, in which a lender must carefullyelect one action to take against the borrower if the borrower defaults. If the lender forecloses the deed of trust out of court, the lender has chosen one actionand may not bring a lawsuit to recover a deficiency, which would be a second action. If the lender chooses to sue the borrower and obtain both a foreclosure order, and if the proceeds of the judicial sale of the real estate are not sufficient to repay the loan balance, then they may seek a deficiency judgement for the balance. Such a suit is permitted as the lender's one action. California lenders rarely elect judicial foreclosures.

    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++


    If you would like to consult with a real estate professional, that thoroughly understands the foreclosure process here in California, and has specialized training to discuss with you, all of your options, call Kieran Jackson, Keller Williams Hollywood Hills today at (213) 632-8484. You can also visit my web site (even though it's in the process of being redesigned by myu webmaster... http://shortsaleprola.com
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    California uses two method of foreclosure, Non-Judicial Foreclosure, and Judicial Foreclosure.

    Non-Judicial Foreclosure: The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default.

    Judicial Foreclosure: The judicial process of foreclosure, which involves filing a lawsuit to obtain court order to foreclosure, is used when no power of sale is present in the mortgage or deed of trust.
    This is uncommon with most commercially available real estate loans and most likely would be found when there is a private party lending the money to purchase or finance real property. generally, once the court declares a foreclosure, the property will be auctioned off to the highest bidder.

    Notice of Default: Foreclosure proceedings start with a Notice of Default (NOD). The lender (or trustee for the lender) files a Notice of Default with the county, after the property owner (trustor) fails to make his/her loan payment(s). This is done to give constructive notice to the public which is required by law. The owner may be delinquent anywhere from 15 days to 12 months, or more. After the recording of the Notice of Default, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current with the lender. This time period is also referred to as the Reinstatement Period.

    Notice of Trustee Sale: If the borrower does not reinstate their account within the 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS). A notice of trustee sale must be mailed by certified mail, return receipt requested, 20 days before the foreclosure sale to the borrower, to anyonw who requests notice or recorded a request and to the trustors, beneficiaries or parties at interest.

    The Notice of Trustee's Sale is recorded at the County Recorder's office in the County where the property is located at least 14 days before the sale. It contains the date, time, and place where the auction will take place. This notice has to be published in an adjudicated newspaper in the city where the property is located.

    The NOS is posted on the property as a requirement of law. If access to the property is restricted by means of a central guard gate, then the notice must be posted on the guard gate. Also, a copy of the notice must be posted at one public place in the city where the property is to be sold (or judicial district in rural areas) at least 20 days before the sale.

    Sale Procedures: After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount. Bidders are required to bring cashier's checks or money orders to the sale in an amount equal to or higher than the lender's opening bid. The auctioneer will qualify each bidder and the successful bidder will have to tender full payment at the time of the sale.

    Buying property at a Trustee's Sale is not like purchasing property in a conventional manner. You will not have the opportunity to inspect the property after you have purchased it at sale. Any and all due dilligence must be conducted prior to the Trustee's sale. This means potential purchasers will benefit from tracking the properties as the Notice(s) of Default are filed up until the time they are sold at the Trustee's Sale.

    Postponement: Sales may be postponed by announcement at the time and location specified for the intended sale. The borrower may postpone the sale in order to obtain cash, provided the written request for postponement identifies source from which the funds are to be obtained, and the postponement is only for one business day. The borrower may obtain one such postponement.

    Reinstatement: Debtors may reinstate up to five days before non-judicial foreclosure sale.

    Junior: Junior lien holders may no longer redeem, so they may try to protect themselves by (1) advancing funds to bring the senior loan payments current, then foreclosing for the sums advanced; (2) bidding at the foreclosure sale so the price will be sufficient to pay off the senior and the junior liens; or (3) acquire the property by bidding at the foreclosure. If the debtor has a right to redeem and does so, the junior who purchased the home must be reimbursed. Junior liens d not reattach the property if the borrower redeems a senior lien whose foreclosure extinguished the junior. This helps borrowers by encouraging the junior to bid up to the property to fair market value at the foreclosure sale, or else lose out, giving borrowers closer to fair value at sale.

    Deficiency: Lenders may not seek a deficiency judgement if (1) the foreclosure is non-judicial or if (2) foreclosure is on a purchase money obligation. The same rules do not apply to guarantee or late lien holders. The lenders may seize alternative collateral. If the lender forecloses by filing a lawsuit, then the lender can obtain both a foreclosure sale order and a judgement against the borrower for a deficiency after the court-ordered sale, but only for the difference between the judgement and the fair value of the security.

    Redemption: A borrower's right to redemption is terminated when a deficiency judgement is waived or prohibited. When redemption is permitted, after judicial foreclosure, only the borrower can now redeem and junior lien holders or "redemptionors" may not. When the lender is permitted to seek a deficiency, elects to pursue a deficiency and forecloses judicially, the borrower may redeem 12 months after sale, but a full credit bid by the lender cuts it to 3 months.

    Foreclosure Process Timeline, Process Description, and Civil Codes:
    • Day 1 - Notice of Default recorded with County Recorder { 2924 }
    • Within 10 Business Days - Trustee mails Notice of Default to borrower(s) with the recording date { 2924(b)(1) and 2924(e) }
    • Within 1 Month - Mail Notice of Default as per TSG instructions { 2924b(c)(1)(2) and 2924(e) }
    • After 3 Months - Set sales date, time and location unless a bankruptcy has been filed, or other event occurs that holds the timeline { 2924 and 2924f(b) }
    • 25 Days Prior to Sales Date - Send Notice of Sale to IRS (if applicable) IRS Regulations
    • 20 Days prior to Sales Date - Public Notice of Sales { 2924f(b) }; Post Notice of Sales { 2924f(b) }; Mail Notice of Sale { 2924b(c)(3) }; Begin publishing Notice of Sale in an adjudicated newspaper. (Must run 3 consecutive weeks) { 2924b(e) }
    • Within 10 Days from first publication of Notice of Sale - Send beneficiary request for directions to the property { 2924(b) }
    • 14 Days Prior to Sales Date - Record the Notice of Sale with recorder's office { 2924f(b) }
    • 7 Days Prior to Sales Date - trustee cannot sell for 7 days after expiration of court order { 2924g(d) }
    • 5 Business Days Prior to Sales Date - the borrower's right to reinstate expires { 2924c(e) }
    • Sale Date - The property is sold to high bidder or reverts back to lender.

    Note: The information above was gathered from various sources. It is deemed reliable but not guaranteed. Before acting on any legal matter, you should consult with your personal legal advisor.
  • Landlord Tips!

    Posted Under: Rental Basics in West Hollywood, Rentals in West Hollywood, Investment Properties in West Hollywood  |  October 15, 2012 6:37 PM  |  546 views  |  1 comment
    Becoming a landlord can often be a lucrative, yet exhausting challenge. If you are thinking about rentting out your property, or you're already a landlord... Here are some tips you can use to better manage and maintain your property!

    1. Screen your tenants thoroughly.
    Don't rent to ANYONE before checking out their information thoroughly (credit history, references, and background). Unsufficient screening and loose tenant selection too often results in problems -- tenants that don't pay, destroys your property, or lets their seedy friends move in. Your real estate agent will have a standardized application for your prospective tenants. Or, you can use a generic written rental application to properly screen your tenants if you do not have an agent. Contact me for more information, and a FAQ, on how to screen and select suitable tenants.

    2. Get your lease in writing.
    Be sure to use a written lease or month-to-month rental agreement to document the important facts of your relationship with your tenants -- including when and how you handle tenant complaints and repair problems, notice you must give to enter a tenant's apartment, and the like.
    All real estate contracts a year long or more, are required to be in writing!

    3. Handle the security deposit properly.
    Use a fair system of setting, collecting, holding, and returning security deposits. Inspect and document the condition of the rental unit before the tenant moves in, to avoid disputes over security deposits when the tenant moves out. Your real estate agent has a document that is used specifically for this purpose.

    4. Make repairs and maintain your property well.
    Stay on top of maintenance and repair needs and make repairs when necessary, not just when requested. If your property is not kept in good repair, you'll alienate good tenants, and tenants may gain the right to withhold rent, repair the problem and deduct the cost from the rent, sue for injuries caused by defective conditions, and/or move out without needing to give notice.

    5. Provide safe and secure premises.
    Do NOT let your tenants and property be easy marks for a criminal. Assess your property's security and safety, and take reasonable steps to protect it. Some easy steps you can take include installing proper lights and trimming the landscaping. those are both rather inexpensive as well.

    6. Provide notice before you enter the propery.
    Learn about your tenants' rights to privacy! Notify your tenants whenever you plan to enter their rental unit, and provide as much notice as possible, at least 24 hours or the minimum amount required by state law. For state-by-state information, see Chart: Notice Requirements to Enter Rental Property, State by State.

    7. Disclose ALL known environmental hazards.
    If there's a hazard such as lead or mold on the property, tell your tenants. Landlords are increasingly being held liable for tenant health problems resulting from exposure to environmental toxins in the rental premises. Contact me for more information on the Disclosure of Lead Based Paint Hazards.

    8. Oversee your property managers.
    Choose and supervise your property manager carefully as well. If a manager commits a crime or is incompetent, you may be held financially responsible. Protect your assets by thoroughly running a background check and clearly spell out the manager's duties to help prevent problems down the road.

    9. Obtain property insurance.
    Purchase enough liability and other property insurance. A well designed insurance program can protect you from lawsuits by tenants for injuries or discrimination and from losses to your rental property caused by everything from fire and storms to burglary and vandalism. For more information, see Tenant Injuries: Landlord Liability and Insurance FAQ.

    10. Resolve disputes with your tenants.
    Try to resolve disputes with your tenants without lawyers and lawsuits. If you have a conflict with a tenant over rent, repairs, your access to the rental unit, noise, or some other issue that doesn't immediately warrant an eviction, meet with the tenant to see if the problem can be resolved informally. If that doesn't work, consider mediation by a neutral third party, often available at little or no cost from a publicly funded program.
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