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Stewart Penn - Your Los Angeles Real Estate Connection

By Stewart Penn | Broker in West Hollywood, CA
  • Short Sales & Leases

    Posted Under: Agent2Agent in Los Angeles  |  May 5, 2010 10:21 PM  |  302 views  |  1 comment

    I recently stumbled across an MLS listing in the Los Angeles area that was listed For Lease at $17,500 per month. 

    It was simultaneously listed For Sale at $2,525,000.

    However, the MLS Listing indicated this was a Short Sale.

    The lease listing indicated a security deposit of $25,000 for a one-year lease.

    This got me thinking ....

    How could the Listing Agent (for both the sale and lease listings) think this was legal?

    If the owner was looking to the bank for financial relief because the loan was greater than the current value of the property, how could that owner accept a security deposit from the prospective tenant without turning it over to the bank?

    And if the owner was going to collect rent, shouldn't that rent be payable to the bank to minimize the bank's loss on a possible short sale?

  • The Power of Pictures

    Posted Under: Agent2Agent in Los Angeles  |  May 5, 2010 9:49 PM  |  255 views  |  1 comment

    The old cliche that "A picture speaks a thousand words" is so true in Real Estate.

    I recently had an enquiry from an overseas Buyer who is relocating to Los Angeles. He'll be flying into town later this month to prepare for his move, and an important part of his plans include buying a condo.

    Accordingly I prepared a report of all active MLS Listings that matched his specific requirements.

    It amazed me how many of the listings had so many good things to say about a particular property, but the Listing Agent only included one or two pics.

    When I reviewed the report I realized that those listings without sufficient pictures to give a better idea of what the property looked like did not excite or create interest as much as those listings with photos.

    I know this sounds so obvious, but apparently it's not.

    As Realtors we should never forget the power of pictures.

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