Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

91614 : Real Estate Advice

  • All0
  • Local Info0
  • Home Buying0
  • Home Selling0
  • Market Conditions0

Activity 44
Sun Jun 28, 2009
Leon Samuel answered:
I'm not sure what you mean exactly by a "roll-on roof", but I think that that would of course have a detrimental affect on the value of the property. As long as you know what you're getting though, and factor it in to the purchase price, even if it is a foreclosure, you should be OK.

People get their panties in a bunch when buying property next to freeways, highways, busy streets, etc., but in reality its not something you should worry about too much. Unless it is some unique scenario where the noise is SEVERELY loud, to the point it is actually noticeable at night, it shouldn't really impact the value of property at all, or the ability for resale. Yes it may affect the property, but so does the square footage, number of bathrooms, and the living space. You stated that the home was in a good neighborhood, so as long as you already know exactly what you're buying, you shouldn't have much of a problem, and you shouldn't consider it a "risky purchase". You'll be able to sell the property at its value at the time of resale, as long as you understand what that value is then, and is now, you WILL be able to sell it no matter if it is located next to a freeway, etc. Good luck.
... more
0 votes 3 answers Share Flag
Wed Jun 10, 2009
Gabriel Diaz, GRI answered:
You are allowed to use any financing you choose however the seller can request that in order for you to submit an offer you must be pre-qualified first. They will usually offer you special incentives to use their in-house lender as well. I have seen where they will remove the per diem charge if you request an extension if you use their in-house lender. You should have requested a different close date once the counteroffers kept coming to ensure you had proper time to close the transaction. Are you being represented by an attorney? ... more
0 votes 2 answers Share Flag
Tue Jun 16, 2009
The Wilder Group answered:
You should investigate this claim very thoroughly during your inspection contingency period. Make sure that you are aware of when that contingency expires and quickly conduct all of your investigations during that time so that you can cancel if necessary. You should have a very good inspection (talk to your Realtor for a referral) to make sure that this claim does not mean that there are current issues with the property. You should also find out if there is a current lien on the property by reviewing the preliminary title report (this comes from the title company shortly after you are in escrow) and informing the title company of this so that they can help you investigate. If you have the name of the insurance company involved in that claim, you should call them and ask them if there are outstanding issues.

You also want to review a natural hazard report (should be provided by the seller) to ensure that the home isn't currently in danger for being damaged because it is located in a zone prone to natural hazards. I would also go to the City to see if there are any liens or notices out on the property due to failure of a previous owner to maintain or correctly repair the property. Be sure to check the permit history.

Whether or not you go forward depends on what you find, what it will cost to rectify those issues (if remedying them is necessary) and your own financial situation. Your lender might also take issue with this so that might kill the deal as well. Make sure that your lender gives you a determination before your loan and appraisal contingency dates expire.

Remember, one of the bigger issues with REOs is that you cannot get as much information from the owner because the owner is a bank and has never lived in (and maybe never even seen) the property. This makes conducting a full investigation of the property even more important.

You can back out during the inspection contingency for any reason related to your investigations of the property. Be sure to take note of the deadline. Most of the REO contracts say that the property is being sold as is, it usually indicates that they don't want you to ask for them to do repairs. It actually has no bearing on whether or not they will actually give credits, reduce the price (which are also options if you find out there are issues) or do repairs. However, it has no affect of your right to inspect and cancel due to issues that you learn about during the inspection.
... more
0 votes 5 answers Share Flag
Wed Jun 10, 2009
Vicky Chrisner answered:
Well, your "problem" and your question aren't necessarily related. I know that LA, much like my market, is very competitive for the best deals. You should also know that homes that are priced well see multiple offers and often sell above list price. It sounds a bit unusual that within 1 or 2 days a bank owned property would go under contract; I find that takes a week even if they get multiple offers on the first day it's listed. Below is a post that explains the types of transactions you'll find out there; and you can click on the links for even more detailed information. But, be prepared to move quickly when a house comes on the market that you might like. Make sure you're getting the alerts about new listings that fit your criteria right when they come on the market; and then plan on seeing it right away and being ready to write an offer on the spot if it is the right house. Understand you may end up writing on a few before you get a contract ratified. If there are 5 offers on a property, you only have a 20% chance, and the way to increase your chance is to prepare a strong offer.

To answer your question... I'd say a strong "foreclosure" agent is one that understands the differences between foreclosures and other types of sales and can guide you accordingly. By reading the blog below, you will be able to ask educated questions and know that you're dealing with a pro.

By the way, the reason I have a clue about the LA market is because I have an agent out there that I exchange quite a bit of business with. He's excellent, and the people I've referred him to become his friends. If you'd like a referral, please email me with your name and contact info and just a bit about the type of home you have in mind. If it fits his business model, I will put you in touch.
... more
0 votes 3 answers Share Flag
Wed Nov 10, 2010
Monique & Joe Carrabba answered:
Hey Mary,

I think and hope it will be better in a year. If your not looking to purchase another property with the funds from your inherited property than hold on till the market improves. If you are thinking of purchasing another property I think now is the time to do so as prices are low and interest rates are low which gives you more buying power. If the property is in Studio City than your lucky as that area hasn't been hit as hard and is very desirable.

If you decide to lease or sell, let me know as I'd be happy to assist you.

Thanks and best,

Monique Carrabba
The Carrabba Group
Keller Williams
monique@thecarrabbagroup.com
323.899.2900
... more
0 votes 10 answers Share Flag
Wed Aug 26, 2015
Mike Leznik - Bank Owned Homes Specialist answered:
Prime Studio City really depends on your needs, many factors will determine what is prime. If you want the most desirable areas than south of the Blvd ( South of ventura Blvd ) is where you want to be. if you want more land and an open space you might want to look in colfax meadows and areas near beeman park and the studio City golf and tennis area. Studio City has wonderful schools like carpenter and dixie canyon and great areas for dining shopping and entertainment. Home prices have been at record lows and opprtunitiesto buy properties have never been better in the area, www.check out studiocitylife.wordpress.com for more resources and information.

Michael Leznik
REALTOR
Keller Williams Realty
818-584-1922
... more
0 votes 5 answers Share Flag
Mon Jan 19, 2009
Dallas Texas answered:
No with any short sale or foreclosure banks are extremely slow and busy. It not the fault of either listing or buyers agent. Patient however if bank has not approved your offer, I would keep looking property may have bidding war.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
... more
0 votes 7 answers Share Flag
Wed Sep 3, 2008
Keith Sorem answered:
Inga
I think your question is how much is the monthly rent? From your post I assume that it's $4,250.00,
Please post again if you have questions.
0 votes 4 answers Share Flag
Thu Jan 6, 2011
Dot Chance answered:
The buyer usually pays for the mortgage broker. However, my opinion is that a mortgage broker usually can offer you more options than a direct lender because they deal with so many different direct lenders and investors.

All my best,
Dot Chance
The Chance Team
Keller Williams Realty Studio City
818 339 7712
... more
0 votes 12 answers Share Flag
Mon Oct 8, 2012
Monique & Joe Carrabba answered:
Hello Jessica,

I don't think it's not good or bad. I don't see any negatives. The river does have some paved areas now for bike paths and also makes a nice divider bettween the bustle of Ventura Blvd and residential parts of Studio City. There are plans do unpave sections of it but I haven't heard anything new about it and I think that's more towards Los Feliz and Burbank. There doesn't seem to be any bias that I know about living near the river.

Best,

Monique Carrabba

Best,

Monique Carrabba
Keller Williams
The Reavis Group
mcarrabba@kw.com
... more
0 votes 5 answers Share Flag
Fri Apr 12, 2013
Yona Bello answered:
Hi Anya,

I have been selling real estate since 1977 and have experienced the market's ups and downs, the short sales and foreclosure sales in the previous cycles. I will more than happy to be of assistance in finding you the right house. Are you in interested in a single family residence or a condo/townhouse? Have you ever purchased a short sale or a foreclosure property before?

I look forward to answering any questions you may have and can be contacted directly through my email: Yona@YonaBello.com. I am affiliated with the Prudential office in Studio City.
... more
0 votes 11 answers Share Flag
Tue Jun 16, 2009
Dot Chance answered:
Thu Jul 24, 2014
Terra Bruns answered:
Quickly yes, but easily, no. The truth is, without using an agent that has access to credit report checking services, you are going to be at a disadvantage. You, as a consumer, cannot request a credit report on anyone but yourself, and therefore will have to take the word of the potential renters of your home. Craigslist is a great way to get exposure for your listing, but the safety lies with knowledge--and isn't that priceless??? ... more
0 votes 9 answers Share Flag
Tue May 12, 2009
Ailynne PeBenito answered:
Check a couple of website... Interview a couple of them
With the preference you like and ask for the fees involve
0 votes 6 answers Share Flag
Sat Feb 23, 2008
Dot Chance answered:
Hi, Connie. I am an agent in Studio City. I will take a look at the MLS and see what is available. I need to know exactly what you are looking for (i.e. bedrooms, bathrooms, garage, etc) as well as budget.

I bought my home 7 years ago by using a lease option and I have experience doing lease options for my clients.

All my best,
Dot
... more
0 votes 3 answers Share Flag
Sun Feb 22, 2009
Jocky answered:
Depends if you have to reinforce down to the bedrock, or make other pre-construction structural enhancements. Generally it is between $ 250 and 300 psf.
0 votes 1 answer Share Flag
Mon Oct 8, 2012
Dot Chance answered:
Hi, Seana. Beeman Park is a wonderful area. Are you looking at a property right on Whitsett?

I live on a street in Valley Village just 2 blocks north of the 101 and I can honestly say that the traffic noise does not bother us at all. Occasionally, if I am awake by 6:30 I can hear a little noise. We are also just a block south of Riverside Drive and we don't hear that traffic.

There are some wonderful windows available now for people who do not like to hear the outside sounds of traffic and airplanes. The windows are designed to block out the noise.

If I can help you in any way, please let me know. My office is in Studio City and we work the Beeman Park area all the time - there are some great deals available now!

All my best,
Dot
... more
0 votes 7 answers Share Flag
Mon Mar 3, 2008
T.E. & Naima Sumner answered:
Are you looking for someone in particular? Check the tab at the top that says "member search".
0 votes 4 answers Share Flag
Sat Apr 12, 2008
Ginger R. answered:
My opinion is that you shoulld post a link. He he. But it would be helpful.
0 votes 8 answers Share Flag
Tue Jun 16, 2009
Infinity Realty Network answered:
That depends on the individual listing, some Reo's are in pretty bad shape and need alot of work due to former owner trashing the place. Some Reo's are normal properties. If you are able to close quickly and can get a great deal and feel comfortable with the home they can be good for a First time home buyer. The flip side of that is being a first time home buyer you can underestimate the repairs needed or seriousness of certain problems if certain houses have them. Make sure you ask your Realtor as many questions as possible in these sales. ... more
0 votes 9 answers Share Flag
1 2 3
Search Advice
Search

Followers

286