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Home Buying in 90210 : Real Estate Advice

  • All104
  • Local Info18
  • Home Buying43
  • Home Selling6
  • Market Conditions2

Activity 36
Tue Jun 25, 2013
Daniel Castiel answered:
Im a native French speaker and have extensive experience in Los angeles, Beverly Hills, all the way to Santa Monica.
0 votes 3 answers Share Flag
Sun Jan 27, 2013
Jodie Francisco answered:
Hi Alexandra,

This question should have probably gone under agent to agent rather than questions about home buying. I think everyone including myself thought you were a buyer with a question. There is an area on trulia for agent to agent questions. You can find that here

Good luck...

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0 votes 6 answers Share Flag
Tue Dec 4, 2012
Brent Rice answered:
Joe, I have not seen where a SELLER'S LENDER will allow the SELLER to occupy the property after the closing (as mentioned below), but I suppose it could happen. However, I don't think the SELLER'S LENDER would think too highly of it. Some actually require the property to be "owner occupied" (i.e. no investor-buyers), therefore it cannot be leased.

The timing of the approval and closing typically depends on the SELLER'S LENDER. The SELLER can move out anytime they want, on or before the closing date. The closing date deadline is specified in the approval letter of the SELLER'S LENDER and is usually 30 days or so after the approval letter is issued which is typically within 30 days after the BPO is ordered.

So, based on my recent experience with several banks including HSBC, BofA and WF, the answer to your question about how long between the SELLER'S LENDER BPO and the closing date is typically 45 to 60 days. (During this period after the approval letter is issued by the SELLER'S LENDER, the buyer gets their loan approved which includes a separate appraisal of the property engaged by the BUYER'S LENDER. If the BUYER'S LENDER is unable to close by the closing date deadline specified in the approval letter, then an extension must be requested and approved by the SELLER'S LENDER. This could delay the process.)

Brent Rice, SFR and Top Recommended Broker
The Rice Group, Inc.
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0 votes 7 answers Share Flag
Mon Nov 5, 2012
Nils Rudovics answered:
It doesn’t matter. Everyone is right in that it you should have put a clause in your Counter that the expiration date of the Offer was extended to the date you presented your Counter. Nevertheless, if you failed to do so, a strong argument can be made that the defect was corrected and/or a new revived contract was created when your Counter was accepted.

HOWEVER, the reason none of this matters is that there is no such thing as a binding purchase agreement against the BUYER. Offers are full of contingency periods during which buyers can always cancel. Plus the law gives Buyers additional rights to cancel depending when and even how some disclosures are delivered even if there are NO contingencies in the Offer itself.

Since you countered to an Offer I presume you are the Seller. The question becomes more complicated if you are now asking because the Buyer is trying to enforce terms of the expired Offer against YOU, which you are now trying to argue do not apply. As always, consult an attorney.

Nils Rudovics
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0 votes 7 answers Share Flag
Sat Oct 6, 2012
rssraj answered:
James, I would love to follow your advice but MLS is quite lenient with its enforcement. I've been through numerous situations where an accepted offer is in place and the broker keeps the entry as 'on sale' in MLS. I think MLS rarely imposes fines and when it does, it's about a $100. Other brokers trick the system by removing a house on sale and putting it back on and changing the address just a little so that a new buyer would not know that the house has been on market for a few years ... more
0 votes 5 answers Share Flag
Tue Jul 26, 2011
Mimi Davies answered:
Hi Canada 14

It's been a couple of months since your posting and I wanted to follow up with you and see if you found your dream property and if you still need any info.

For more accurate estimations, which will vary from property to property really, you might want to ask an agent to assist you :)

In brief, here are the main expenses for a buyer:
- Property tax
- Insurance
- Earthquake
- Utilities (Power, Water, Gas)
- Maintenance (Landscaping? Gardening? Pool? Cleaning aid personnel...)
- Financing related expenses

Have a great day and welcome to LA!
... more
0 votes 10 answers Share Flag
Wed Jul 6, 2011
Toni Lee Anderson answered:
Depending on your fianacing, or purchase price in cash, I always err on the high side and estimate 3.5% for closing costs and fees. Most times it will be less, but it is far better to plan ahead than be short in the end. Most escrows will "pad" the costs and collect extra $ for unanticipated fees. The unused portion of this "pad" will come back to you after closing. Please consult with a good Realtor and escrow company. They will be invaluable in negotiating these costs for you. Feel Free to contact me if you need assistance or advice. Good Luck! ... more
0 votes 20 answers Share Flag
Mon Jun 6, 2011
Richard "RJ" Kas answered:
The property was forclosed on 7/8/10 and has not been relisted with an REO agent yet. When it does, I expect to see it listed in the $3.5M-$4M range. I do not know how much you have to spend, but there are plenty of great deals to choose from right now. Interested? Always happy to assist....
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ - - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
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0 votes 12 answers Share Flag
Sun Sep 19, 2010
Agentpedram answered:
Hello Alameh.
The best way to do it is to work with someone who specialized in forclousing and specificly in the area you are looking for which is Beverly hills.. its like going to the doctor. you would like to go to the specialist than a regular doctor if you wana to get a good result.
I would be more than happy to assist you and show you my skills.
Feel free to call me at (310) 3673179. My name is Pedram Shamekh
... more
0 votes 11 answers Share Flag
Sun Sep 19, 2010
Richard "RJ" Kas answered:
Not knowing the address to answer you as a certainty, more than likely, this is a lease and it was just listed wrong.
1 vote 11 answers Share Flag
Sun Sep 19, 2010
Scott Miller answered:
Hi Endre. Bear for short term for sure. Things will be rocky for a while. At minimum until elections. I hear prospective buyers telling me daily why they are nauseas from the markets and have little faith in real estate.

BULLI, BULL and BULLISH for long term!! I believe real estate in the right location at the right price is the best investment in the world:

Scott Miller, Realty Associates, Boca Raton, FL
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0 votes 3 answers Share Flag
Mon Apr 5, 2010
David Solomon answered:
Every auction is different. The best thing to do is to pull a complete property report and speak to a title rep who will give you all the information regarding leins and so on. Usually, your Real Estate Agent handles this so you and will accompany you to the auction to make sure you get a good deal. We've done this several times in the past. Feel free to contact the Solomon Team at (310) 979-3798 (Luxury Real Estate Boutique) ... more
0 votes 7 answers Share Flag
Mon Jan 18, 2010
Christophe Choo answered:
It's all about what you intend. For sure the buyer would likely then be the richest person on the planet considering our values.
0 votes 11 answers Share Flag
Sat Dec 26, 2009
Sandi Margolis answered:
Hello Dan,

You will need to contact an experienced Real Estate Agent or a real estate attorney in NYC.
This person will be able to guide you through the real estate process and transaction including
helping to secure additional financing. If you need referrals, I have many seasoned agents that
I have done business with who could help you.

If you need my assistance, please do not hesitate to contact me.

Best regards,

Sandi Margolis
Keller Williams Realty,
Beverly Hills, Ca. 90210
011-1- 310 213-6788
... more
0 votes 4 answers Share Flag
Fri Sep 18, 2009
Jonathan Bagg answered:
I've had this same situation going with buyers I'm working with in Florida. I assisted the buyers in making an offer to the trustee in bankruptcy while the bankruptcy estate was still open, as I believe your case to be. In each instance, the trustee elected to complete the bankruptcy and allow th foreclosure to resume.

After the discharge in bankruptcy, the lienholder will then resume the foreclosure proceedings. The owner of the real estate is still the owner and all requests for sale prior to the actual foreclosure must be made by the owner to the lienholder. If the owner will not assist in forwarding offers to lienholders, buyers will need to wait until the foreclosure auction as their next opportunity to acquire the property is my understanding.

If a sale date is approved by the Court having jurisdiction and there are no successful bidders at auction, the property will be acquired by the lienholder and sold at a later date.

Good luck,
... more
0 votes 1 answer Share Flag
Thu Jan 22, 2009
Sylvia Barry, MAS,CIPS,SRES answered:
Why not you? Nice Google find.
1 vote 2 answers Share Flag
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