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Beverly Hills : Real Estate Advice

  • All233
  • Local Info12
  • Home Buying51
  • Home Selling5
  • Market Conditions10

Activity 193
Tue Oct 29, 2013
michellelongnaker answered:
That would be a great question to ask your real estate agent that sold you your home. They should be able to give you some suggestions.
0 votes 5 answers Share Flag
Sat Oct 12, 2013
Judi Monday, CRS answered:
You must present every offer. However in presenting that offer be sure to outline for the seller all the red flags that you mentioned above.
0 votes 8 answers Share Flag
Sat Sep 14, 2013
Mario Pinedo, Ccim answered:
Beverly Hills is an interesting community when it comes to luxury rental properties. Due to the high price points, many owners are way above their $500,000 or $250,000 capital gains exclusion if they sell. So, there are an abundance of properties that are turned into rentals for a few years so they can take advantage of the 1031 exchange rules to defer capital gains. That being said, since there are many rental properties in BH and surrounding high cost areas, in order to find a tenant, you must be the value proposition in the market. Be the best price for the best property and with the best terms. Advertising and networking help significantly.

I work in Beverly Hills as a mortgage broker. If you want to be introduced to some outstanding leasing agents, feel free to give me a call.

Mario Pinedo, CCIM
CS Financial
www.homeloans.LA
www.condoloanslosangeles.com
www.houseloanslosangeles.com
9595 Wilshire Blvd #801
Beverly Hills, CA 90212
424-249-7434 office
415-269-6249 cell
mpinedo@csfinancial.com
NMLS 1029116
BRE Broker 1118365
... more
0 votes 6 answers Share Flag
Wed Aug 21, 2013
Ann_globenetrealty answered:
There are number of steps involved when looking to a buy a house in the US, these are as follows:

1. The buyer will make an offer to the seller for the property, your offer will usually require you to also provide the following:

• A Check Deposit, also known as an ‘Earnest Money Deposit’
• A Pre-Approval Letter from your lender (The Bank)
• A Proof of Funds Available (Bank Statement)
• Identification Documents

It is normal practice for both the buyer and the seller to have a real estate agent or broker working on their behalf; the offer for purchase will be made by the buyer’s broker to the seller’s broker.

2. If the seller accepts the buyers offer to purchase the property, the buyer’s broker will then deposit the check deposit into an escrow account.

3. Once the money has been deposited into the escrow account, the buyer will then make arrangements to have the property inspected for such things as structural damage, termite infestations, roof damage etc., etc. Once the buyer is satisfied that the property meets their approval they can remove any contingencies to the offer. It is at this stage that the ‘Earnest Money Deposit’ becomes non-refundable.

4. The buyer will now need make a loan application to his bank or mortgage company for the balance of the purchase price. Before approving the loan application, the lender will perform an appraisal and valuation of the property; if they are satisfied with the property then the loan underwriter will approve the loan.

5. The buyer will then sign all the necessary paperwork in front of a notary public witness at the escrow company. This will include such documents as the loan application from the bank as well as documents from the real estate agents and the seller. The loan will then get transferred by the bank, the seller will pay off any monies they currently owe to their own lender and then the seller will transfer the property ownership deeds to the buyer. This grant deed will then be recorded by the County Clerk Recorder service and the buyer becomes the legal owner of the property.

Web Reference : http://www.globenetrealty.com
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1 vote 7 answers Share Flag
Sun Aug 18, 2013
Endre Barath answered:
Lynne, I am a vacant land specialist in the greater Los Angeles area. Feel free to reach out to me directly for a private consultation about marketing, selling or buying strategies.

Endre Barath,Jr.
Prudential California Realty
A Berkshire Hathaway Affiliate
Beverly Hills, CA

homes@endrebarath.com
310.486.1002(m)
... more
0 votes 4 answers Share Flag
Wed Aug 14, 2013
Dorene Slavitz answered:
Dear Fay,
I've been looking for one for the last two years for a cllient...no success!
0 votes 6 answers Share Flag
Wed Aug 14, 2013
Roger Perry answered:
I recently saw something in the SUMMIT in the $3.6 M arena. I will happy to set an appointment to show you a few properties in gated communities.

Give me a call and lets set up a time: (310) 600-1553 or email: RPerry@RogerPerry.com

Roger Perry
Realtor - Broker
Rodeo Realty - Beverly Hills
(310) 600 -1553
... more
0 votes 7 answers Share Flag
Wed Aug 14, 2013
Richard "RJ" Kas answered:
Did you find your home yet? If not, are you open to "pocket listings" in addition to new listings on the market. Give me a call to discuss... I live in the neighborhood, and my office is on Canon and Santa Monica, so I especially tend to focus on the activity here. Happy to assist...
Sincerely,
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
RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
... more
0 votes 10 answers Share Flag
Wed Aug 14, 2013
Connie De Groot answered:
I hope you consider that some sellers price their homes well above the actual market price waiting for someone like you that will be happy to get a home at a large discount. The actual market price will determine if you are getting a good deal and not the fancy discount. As strange as it may seem, there are still buyers over-paying. It's a shame. If you don't have information as to the homes that sold and the actual experience seeing the home (inside and out) you could be mislead. Good luck. ... more
0 votes 12 answers Share Flag
Wed Aug 14, 2013
Richard "RJ" Kas answered:
Hello Jeanette,
Yes, there is one home on the market right now on Rodeo... 204 S. Rodeo Dr... a 4 bedroom, 5 bath home listed for $3,095,000. What is your budget... if you want a home in the flats, I know of many, including some that are pocket listings (not in the mls) I would be happy to assist you as I live in Beverly Hills and my office is in Beverly Hills, just down the street on Canon. If what you want is Beverly Hills, I am the one you need to work with. I hope to hear from you.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
... more
0 votes 6 answers Share Flag
Thu Aug 8, 2013
Andrew Belcher answered:
Good evening,

Please let me know how much you want to pay for 2 months and then we can find something. Are you looking for a fully furnished home?

Thanks,

Andrew Belcher
468 N. Camden Dr.
Beverly Hills, CA. 90210
310-734-5920 x. 701
805-587-6577 cell
... more
0 votes 3 answers Share Flag
Sat Aug 3, 2013
John Souerbry answered:
Look at it like this... in any market in the country
- there are many residential transactions each month and each pays relatively less
- there are fewer commercial transactions each month, but each pays much more
I broker residential, land and small commercial because each is a marketing channel for the other. It took a lot of years to develop the expertise necessary to compete with each of these property types and most of that experience happened by accident. It's good to focus on one type when you start out. So it's back to the question of would you rather do a lot of smaller priced deals or relatively fewer deals that pay much more. There are other questions to ask yourself, but you may want to start with that one.
... more
0 votes 9 answers Share Flag
Fri Aug 2, 2013
Nur Akman Cips TRC CNE SFR answered:
Hi, I keep getting phone calls, some people are looking at internet and their understanding is if a property is default for about $50,000 in Beverly Hills, and estimated price is $1,400,000, no the sale price is not free and clear $50,000. Also No, $200,000 doesn't buy $600,000 condo either. They show public records for information, it doesn't mean they are for sale either, it's up to the owner or bank based on the status of the property.
If you are looking for something like that, as Endre says, banks have their own designated real estate professional to identify the price, it may be little lower than market value, sometimes even higher, hard to believe, but won't be crazy low. Especially now, when the inventory super low, and 40 offers for 1 property is normal (82 offer the highest I heard) , there are people they offer all cash, even $100,000 more than asking price and still lose it, someone else get the property, these are normal sales. So, now, bank owned, they are not willing to sell all their inventory, some sells, some keep for later. Foreclosures are not popular nowadays, because no deal, prices are too high. Some short sale candidates are not in short sale situation any more. Some want to sell, but nothing to buy, so waiting.
So, if your low price is based on default amount of the public records, there is no such a thing, just as information. but I recommend to work with a good agent who knows distress properties, and talk about the details what you mean, and you will get more accurate information. I'm working in Beverly Hills, I have SFR certification (short sale foreclosure resource),I'm paid member to distress property websites, networks. If you want to talk more, my info
Nur Akman
Coldwell Banker
166 North Canon Drive
Beverly Hills, CA 90210
310 428 6573
Nur@NurAkman.com
... more
0 votes 5 answers Share Flag
Fri Aug 2, 2013
Nur Akman Cips TRC CNE SFR answered:
Hi Carlos, first congrats!!!!
Then, your RE dream has a business plan? Do you want to be specialized in investment properties? Is it commercial? multi unit family? single family, tear down, build new one and sell?
There are many fields in real estate business, some agent do anything, some are specialist about certain field and location. For example in Manhattan, being specialist for condo rental of skyscrapers is one option, some specialist for hotels, in Beverly Hills luxury real estate may be an option.

Also real estate has cycles, in USA, about every 7-8-10 years. Now the prices are really that high, time to give break from investing??? In normal market annually about 500,000 properties are distressed. When it crashed the number was 2.7 million. now dropped to 1.7 million, plus hidden properties. Yes prices are getting higher, in some location maybe it's time to give a break and watch, but in some locations more properties are coming to the market, maybe some banks will release more properties to the market, some properties don't need short sale anymore, so inventory may be will increase in short run, and then may adjust prices, at least maybe no crazy bid wars. FED said they will keep interest rate low until summer 2015. And if we take the date as 2007 jan +8 years = 2015 probably another year for real estate market go down. 2 years later, I believe market will be better than today.

Meanwhile investor means individuals relatively in small scales, investors as companies buying serious big bulk (hundreds of properties at a time or with billions at a time), there are many foreign investment companies, last year foreigners invested 82 billion dollars in US, this year, it seems like this number will be bigger. So, people who were not thinking of selling maybe they will sell when they see the prices are going up.

Also please remember about 77million baby boomers. some of them living in cold north states and waiting to be able to sell their home to move south states, statistics say big numbers. How many of the actually will do, or can do, I don't know, but all these factors will dramatically effect the near future of the real estate market.

So, as summary, first get your license, and 2nd, find a right real estate company to work for. Generally big companies have more education and sources, especially important for new agents. It's better to talk few companies and compare what they offer. It's critical which company you are work in. 3rd step, make a decision which field you want to specialized or be general agent? You can always change your mind, but starting somewhere, talking agents that already successful and learn from their experience, what is the real deal. Make a written min 5 year business plan, you need real life education, marketing, network, client database, .... it's more detailed that you think now. But please keep excitement high, because it's great business, it's not that easy, but not that difficult either. Just think that for babies it's impossible to walk, when they learn once, watch them how they run :-)) where you want to be won't be over night, be realistic, it takes about 1-2 years. but every day, you will have progress. Keep successful people around you. good luck for you. I'm working in Beverly Hills, Coldwell Banker, our branch sold 1.7 billion dolar worth real estate last year, number 1 in the world, if you want more info ,
Nur Akman
310 428 6573
Nur@NurAkman.com
... more
0 votes 18 answers Share Flag
Wed Jul 31, 2013
Annie Ritz answered:
Hi Pattymatt2003,

The trick to purchasing a short sale is to make sure the seller and seller's agent have received approval from the bank and an approved minimum price. As a part of the process, the bank will do it's own approval and set a minimum price it will accept. If this happens after your offer is accepted and is higher than your offer price, you will have to come up in price or step away from the deal.

Short sales can be a bit of headache - they take several months and involve three parties (the bank, the seller and the buyer). That said, in this competitive market, more people are turning to short sales.

Good luck!
Annie
... more
0 votes 11 answers Share Flag
Tue Jun 25, 2013
Beverly Hills Team 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
Fri Jun 14, 2013
Frances Bocksch, P.A. answered:
How well do you know yourself and personality? When you know your strengths, you can utilize them to you best advantage as an agent. Always continue to educate yourself, and be willing to learn. Ask questions from successful agents. Your attitude determines your altitude! The 3 "L's" are very important: Leads, Listings and Leverage. I could go on and on, but most important--Don't give up! Real Estate Agents have ups and downs, but I don't give up-- ... more
0 votes 8 answers Share Flag
Sat May 11, 2013
Andrea Gomez answered:
Dan,

The typical major expenses are closing costs and down payment. The other costs are relatively minor in comparison. But if you have the right agent they can help get a lot of the closing costs covered by the seller..
Shoot me an email email I would be happy to assist you. angela@thelendersnetwork.com
... more
0 votes 9 answers Share Flag
Fri Apr 12, 2013
Rich Homer answered:
Not normal. Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes 8 answers Share Flag
Mon Mar 25, 2013
Jessica Bateman answered:
Lexington law has federal lawsuits pending from the FTC for breaking laws... If you have a 600 score and 100 grand in reserves you will qualify for an FHA jumbo loan. In Beverly Hills you can get a loan up to 729k with just 3.5% down. I refer my client's with scores under a 600 to The Lenders Network to get approved, the do jumbo FHA loans too. Check them out.,

Good luck! And once approved I would love to help you find a home...
... more
0 votes 18 answers Share Flag
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