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Kieran Jackson, REALTOR, SFR's Blog

By Kieran M. Jackson | Agent in 91316
  • Understanding The Short Sale Process

    Posted Under: Market Conditions in West Hollywood, Home Buying in West Hollywood, Foreclosure in West Hollywood  |  October 9, 2012 9:33 AM  |  478 views  |  No comments
    With the countries economy seeming reluctance to bounce back to shape, hundreds of thousands of homewoners are facing foreclosure. And while many of them will find ways to save home, for most of them a Short Sale offers a win-win scenario.

    Here are a few factors to help with understanding the short sale process...
     
    WHY BANKS WILL AGREE TO A SHORT SALE:
    • The mortgage is in arrears or foreclosure. Banks give loans, in order to make money. If the mortgage is not paid, the bank is not making money. The bank must remedy this situation, as quickly as possible.
    • An REO is a liability, not an asset. Banks remedy for the mortgage not being paid, is often foreclosure. The bank takes the property that has been offered as security for the loan. However, it often takes the bank months, or longer, to get an REO on the market, sell it, and get their money out of it.
    • The property is in poor condition. Usually when a homeowner can no longer afford to make their mortgage payments, they can't afford the maintainence of the property either. It's in the best interest of the bank to sell the property to a new owner as quickly as possible, before the quality of the property deteriorates.
    • The homeowner has hardships and cannot afford the payments. As detached from the human condition as banks can often seem to be... They are people too. Banks understand that hardships can, and do, happen. When someone experiences a legitimate hardship, banks often will do their part to reach a solution that is best for all parties involved.
    • New homes in the area are being chosen over existing homes. With property investors coming in to many neighborhoods and "flipping" REO and other homes into rehabbed and seemingly new properties, banks know that selling their inventory will become increasingly difficult.
    • The area or neighborhood has depreciated in value. With the value of houses down across the boards, banks know that many of the outstanding mortgages are now underwater. There is nothing that can be done about this, as a willing and able buyer will only pay market value for a property.
    • The bank’s shareholders are concerned when there are too many defaulting loans on the books. This is understandable, as a bank that makes/services mortgages loans, the health of their books is contingent upon a healthy amount of their loans being paid on time.
    STEPS TO A SUCCESSFUL SHORT SALE:

    1. Find a property owner in distress. Go to my web site for a list of short sale properties on the market in Los Angeles' west side.
    2. Put a deal together with the homeowner. Negotiate the best price for the homeowner and the buyer. The best price will take into account the market value of the property. Rely on your real estate agent's expertise on reaching the market value of the property.
    3. Have the homeowner sign a “Release of Authorization” form. The experienced agent acting in the best interest of the homeowner will have this form signed. The agent will need this document in order to discuss the mortgage with the homeowner's lender. You can see a sample of this document at my Seller's Resource page.
    4. Fill out a sales contract for the amount your client wants to offer the bank and have the homeowner sign it. The buyer's agent will help the buyer prepare their formal offer. Once the formal offer is ready, the buyer's agent will present the offer to the owner, or the owner's agent.
    5. Contact the Loss Mitigation department at the bank and prepare the following:
    • Your cover letter explaining your client’s hardship.
    • The sales contract. Here in California, this will be a standardized C.A.R. form contract.
    • Justifying comps in the area. proper comparables will serve as proof to the bank that they are getting a solid offer for the property
    • Pictures of the subject property, if possible. Photographs of the property can show the bank what condition the property is in.
    • A net sheet or closing statement. This shows all parties involved in the transaction, where every penny in the transaction will go. this is for full disclosure of the funds.
    • A signed hardship letter from the homeowner. This will serve as proof to the bank of the homeowner's hardhip. Find a sample hardship letter here.

    There are more resources for both buyer's and seller's at my web site, KieranTheRealtor.com

    Kieran M. Jackson, Realtor, SFR, Hollywood Hills Real Estate Agent
  • The Beverly Hills Real Estate Weekly [Release #1]

    Posted Under: Market Conditions in Beverly Hills, Home Buying in Beverly Hills, Home Selling in Beverly Hills  |  March 5, 2012 10:58 PM  |  499 views  |  No comments
    The Beverly Hills Real Estate Weekly [Release #1]

    Keeping you up-to-date with the newest hi-end listings the Beverly Hills real estate market has to offer!

    Curious about Beverly Hills real estate market and tghe best homes for sale in the best Beverly Hills homes currently available for sale. It's our goal to keep you aware of the activity in your city's real estate market. This information is not only useful to buyers and sellers interested in Beverly Hills, but also you, the well informed Beverly Hills resident!

    As of March 5th, 2012, there are  15 single family residences were brought to market in Beverly Hills. Of these 15 homes, the asking price varies from $595,000 to $11,500,000 and yes, this is a very dynamic range in value! There approximately 179 homes on the market in Beverly Hills, 28 of which have asking prices over $10,000,000!

    There were 5 escrows that closed this past week. The sold price range of these 5 homes started at $1,195,000 and rose to $9,400,000.

    Two properties in the Beverly Hills real estate market went to escrow this past week, and the prices of these two properties are $875,000 and $7,950,000.

    Click here to view The Current Beverly Hills Real Estate Market's Listings in REAL TIME.


    Click here to browse The Los Angeles Real Estate Market as a whole.

    Contact a Keller Williams Realty agent today. Why? Because Keller Williams Realty Hollywood Hills  is the cutting edge  real estate brokerage of today. Keller Williams Realty Sunset Strip IS Beverly Hills' leading real estate resource.  At Keller Williams Sunset Strip, we embrace the Keller Williams Realty Belief System...

    • Win-Win: or no deal
    • Integrity: do the right thing
    • Customers: always come first
    • Commitment: in all things
    • Communication: seek first to understand
    • Creativity: ideas before results
    • Teamwork: together everyone achieves more
    • Trust: starts with honesty
    • Success: results through people
    Contact a Keller Williams Realty today!
  • West Hollywood hills condo I will be holding open house Sunday Feb 26, 2012

    Posted Under: Market Conditions in West Hollywood, Home Buying in West Hollywood, Property Q&A in West Hollywood  |  February 24, 2012 1:19 PM  |  506 views  |  No comments
    I will be holding this really nice West Hollywood hills condo open this Sunday.

    This is a nice, 2 bed 2 bath condo with GREAT VIEWS from just about every window! The asking price is ONLY $499,000 and at this price, this type of property will NOT be on the market long. Take a look at the pics, below.

















    View more information on this property at my website at KieranTheRealtor.com/featured-houses/1230-horn-ave-528/

    View more condominiums in the West Hollywood area that are also actively on the market by clicking: West Hollywood condominiums actively on the market and available now

    Click here to search the MLS for more Los Angeles Listings

    Learn about HUD Incentives, like how HUD will help you purchase this house for as low as 1% down

    Kieran Jackson, Realtor, SFR DRE #01903647
    Keller Williams Realty Hollywood Hills
    9000 Sunset Boulevard 11th Floor
    West Hollywood, CA 90069
    213.632.8484
  • Foreclosures and Short Sales in WeHo, Beverly Hills, Santa Monica, Malibu, and Pacific Palisades!

    Posted Under: Market Conditions in Malibu, Home Buying in Malibu, Foreclosure in Malibu  |  February 20, 2012 4:34 PM  |  491 views  |  No comments
    Foreclosures are taking place all over the nation. From lower price ranged areas, all the way to the multi-million dollar mansion estates!



    Below, is a direct link to a list of luxurious foreclosure and short sale properties in West Hollywood, Beverly Hills, Santa Monica, Pacific Palisades, and even Malibu!

    CLICK THIS LINK for instant access to over 20 active short-sales and foreclosures in these areas!

    All the best,
    Kieran Jackson, Realtor SFR DRE #01903647
    Keller Williams Realty Hollywood Hills
  • Investing in Distressed Single Family Homes is About to Explode BIG TIME!

    Posted Under: Market Conditions in Los Angeles, Home Buying in Los Angeles, Foreclosure in Los Angeles  |  February 1, 2012 3:46 PM  |  425 views  |  2 comments
    I was reading National Association of Realtors new today, when I came across an article titled...

    Investors Jump in to Turn Foreclosures into Rentals

    From the sound of this news... Investing into foreclosures to turn them into rentals is about to explode! Why do I say this? Because for this to be news, must mean that the reporting body is expecting a huge increase in this activity.

    As a REALTOR, who once practised in Cleveland, Ohio, one of the hardest hit economies in the nation, I can tell you... Investors buying properties to turn them into rentals is nothing new.

    If you are in a position to purchase distressed properties, and turn it/them into income properties for yourself, NOW IS THE TIME. Once the government puts their spin on this business, prices will probably start rising. Now is the time to buy!

    If you would like to obtain a list of distressed properties in your local market, shoot me an email or give me a call directly!

    Here is the article I read from NAR

    ----------
    Daily Real Estate News | Wednesday, February 01, 2012

    The government and private equity firms are gearing up to start marketing foreclosed homes as rentals in an effort to help lessen the downward impact foreclosures have on the price of nearby homes. 

    The Federal Housing Finance Agency plans to offer some of its 180,000 foreclosed homes through Fannie Mae and Freddie Mac to private operators who will turn them into rental properties, Bloomberg News reports. 

    The Federal Housing Administration also plans to participate in a rental program. In a November memo, it has suggested that its program work with public-private partnerships to share the risk and profits, as well as explore offering rent-to-own opportunities to tenants of the homes.

    Private equity firms are stepping up to acquire some single-family homes to manage as rentals. GTIS Partners has already earmarked $1 billion by 2016 to acquire single-family homes to manage as rentals. GI Partners also says it will invest $1 billion on rental housing. 

    “We’re starting to see this as a billion-dollar opportunity to buy rental housing,” Thomas Shapiro, the founder of the GTIS Partners fund, told Bloomberg News. 

    A few months ago, the White House solicited ideas from the public on how to work a foreclosure rental program to get a better grip on the government’s foreclosure inventory. The White house says it hopes that by turning some of the foreclosures that have dogged many markets into rentals, it will be able to ward off any further drops to overall home prices. 

    Source: “Foreclosures Draw Private Equity as U.S. Sells Homes,” Bloomberg (Jan. 31, 2012)
    ----------

  • Open house this Sunday, Jan 29, 2012 in the Kentwood area

    Posted Under: Market Conditions in Los Angeles, Home Buying in Los Angeles, Home Selling in Los Angeles  |  January 28, 2012 1:28 AM  |  353 views  |  1 comment
    Open House this Sunday, January 29, 2012

    7947 MCCONNELL AVE
    Los Angeles, CA
    90045

    MLS Number: 11-566109
    $819,500

    3 Bedrooms
    2.00 Bathrooms
    1,883 Square feet
    8,770 Sq ft lot

             

    Brand new renovation boasting the following upgrades and improvements!

    • Master bedroom added on for an addition 8 feet
    • New walk-in closet in the master suite
    • New energy efficient tankless water heater
    • New hvac
    • New copper plumbing
    • New electrtical
    • New windows
    • New roof
    • New sod
    • New sprinkler system
    • Travertine tile in kitchen and baths
    • New countertops in kitchen and bath
    • Master bath has double sinks
    • New comodes and tubs
    • Superb craftsmanship
    Property photos can be seen at http://kierantherealtor.com/featured-houses/7947-mcconnell-ave/
    --------------------------------------------------------------------------------
     
    The Subject Property is an absolutely stunning remodel in the Kentwood area. An adorable family home with three bedrooms, and two fully updated bathrooms. The master suite has a patio to enjoy the evening ocean breezes. Large green backyard to allow family to enjoy themselves outdoors. The kitchen is absolutely gorgeous, updated with stainless steel appliances. There is a fantastic sunken family to enhance your relaxation time. The home is in walking distance to Loyola Marymount and Loyola Village.

    The rear of this property's lot borders Loyola's basefield field! Loyola has revealed a 20 year controlled expansion plan. What this means is the university will be growing, and adding several more professors. This will result in more need for rentals close to their campus. This home is situated well within walking distance of the campus (the lot touches Loyola's grounds!). Come by my open house January 15th, 2012 from 1-4pm for a public viewing of this fabulous property. Or you can contact me to setup a private showing at your convenience!

    Equipment includes a dishwasher, garbage disposal, hood fan, microwave, range and oven.
    --------------------------------------------------------------------------------
     
    There are several properties on the market in this immediate area. The closest listed comparable to this property, is a 3 bedroom, 2 bathroom home listed at $550,000. This property is 1,664 square feet. This is 209 square feet smaller then the subject property.

    There is a 4 bedroom 2 bath bank owned property on the same street. This property even has a view from the bluff. It's listed at $659,000 and it needs a ton of work to be remotely as nice as the subject property. This bank owned home is almost the same size in living area as the subject property, while the lot is almost 3,000 square feet smaller.

    There is a really nice 5 bedroom 4 bath two story home on the market in the area that is just under $900,000. This home also has a pool, if you are interested in that.

    There are several other properties actively being marketed in the area with price ranges from approx $750,000 to $1,500,000.
    --------------------------------------------------------------------------------
     
    Come on out and take a look at arguably THE BEST home currently on the market in the Kentwood area. I will be there Sunday, January 29, 2012 from 1 pm to 4 pm.

    Contact me for a private showing
    Kieran Jackson, Realtor, SFR
    Keller Williams Realty Hollywood Hills
    DRE #01903647
    kieranjackson@kw.com
    213.632.8484

  • Buying shortsale and foreclosed homes and how it BOOSTs your ROI...

    Posted Under: Market Conditions in Los Angeles County, Home Buying in Los Angeles County, Foreclosure in Los Angeles County  |  December 26, 2011 5:26 PM  |  423 views  |  No comments
    Many investors, who's plan it is to reap a high ROI, are looking toward buying distressed properties as rental investments. Many distressed properties on the market are in excellent condition. True turn-key properties. These properties are slightly discounted in price, in comparison with normal real estate transactions.

    This adds instant equity in the property being purchased!

    With a turn-key rental, the investor will realize an almost instant cash flow that DWARVES traditional investment markets such as stocks and cash money market accounts. An average single family home in Los Angeles, being rented out, can easily make an annual 7.5% ROI.

    If you are interested in more information, give me a call or email me.

    Kieran Jackson, Realtor, SFR
    DRE #01903647
    Keller Williams Realty Hollywood Hills
    213.632.8484
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