After over two months we finally received “approval” of the short sale.  Of course the price the bank wants is more than we offered. And in addition, the second trust deed holder wants more money than the first trust deed holder agreed to. Will it sort it?  We’ll have to see.

The Spanish Colonial Revival on Cordova fell out of escrow, the buyer simply changed their mind.  Unfortunately, it sometimes happens when the home sells quickly  in multiple offers.  I have a copy of the inspection report, which appears to be as clean as they get.

My Orange Grove listing:   Still waiting on loan approval; sometimes a home buyer will make a second loan application (double ap) when the first lender is slow.  Fortunately this buyer did submit a second application to Wells Fargo.  According to Wells, the loan is in underwriting and we should have approval by the end of the week.

I have a last minute opportunity to take a quick trip to Europe departing on Saturday.  Will I go?  Will George go without me? So much to think about, I have family in town, will I leave them?  I have to get Cordova back in escrow, will I leave Natalie with this task?  No wonder I woke up at 4:00 in the morning!

I still can’t get a free lunch from the title company but shortly after yesterday's post it appears that I can once again receive foreclosure and loan information.  I had a client contact me last weekend about an abandoned home in their neighborhood and wasn’t even able to verify that it had in fact foreclosed. 

Yesterday afternoon, I was notified that the new rules loosened up a bit, and  I could once again receive this information from the title company. 

Title Insurance companies used to provide Realtors with an abundance of information.  When I had a client interested in a home which had been on the market for more than several weeks, I would frequently contact a title company and find out how many loans were on the property and their original balance.  Often, that could provide an indication as to how flexible the seller could be.

Title Representatives are provided a commission on each title insurance order.  Although, a loan officer or escrow officer can take me to lunch, a title rep no longer is able to pay for a business lunch.  Although, a loan officer or escrow officer can take me to a sporting event, a title officer can not. Realtors renew their license every four years.  At the time of renewal we provide evidence of the required courses which we have passed.  Title companies can sponsor these educational courses but may no longer provide refreshments, not even a cup of coffee.



Although, home protection policies are typically paid for the by the seller, the insurance coverage benefits the buyer as it covers the working components of the home. There are about a half dozen established home protection companies in the Los Angeles area.  I know of two, which in the event of an E + O (error's and omissions insurance) claim will pay my $5,000 deductible if they are the policy holder.  How do they get away with that? Isn’t that more of an inducement to sway my business than a free lunch? 

Newly listed in the MLS is this Glendale, R.M. Schindler  4 + 4 residence. The Rodriguez House encompasses nearly 2400 square on 1/3 acre with pool.  Asking price is $2,475,000. The MLS marketing remarks read:

“In 1941, R.M. Schindler was hired to build a home for writer/composer Jose Rodriguez and his growing family on a spectacular double lot in Verdugo Woodlands. He envisioned a home in which the gardens would sweep up, around and through the house, ingeniously accomplished by a floating bedroom wing built to span the sun and shade gardens. The home served as a glittering backdrop for cocktail parties for Rodriguez family and friends Igor Stravinsky, Salvador Dali, and Ansel Adams. This masterpiece, one of the best preserved examples of Schindler's work, has been meticulously preserved & sensitively upgraded with the finest materials. The home's eight ceiling heights, clerestory windows, complex geometries, and two modernist fireplaces make it as eminently livable now as it was in 1941. The Rodriguez House is a Glendale City Landmark, as well as having a Mills Act status, with annual property taxes of approximately $3,500.? In 1941, R.M. Schindler was hired to build a home for writer/composer Jose Rodriguez and his growing family on a spectacular double lot in Verdugo Woodlands. He envisioned a home in which the gardens would sweep up, around and through the house, ingeniously accomplished by a floating bedroom wing built to span the sun and shade gardens. The home served as a glittering backdrop for cocktail parties for Rodriguez family and friends Igor Stravinsky, Salvador Dali, and Ansel Adams. This masterpiece, one of the best preserved examples of Schindler's work, has been meticulously preserved & sensitively upgraded with the finest materials. The home's eight ceiling heights, clerestory windows, complex geometries, and two modernist fireplaces make it as eminently livable now as it was in 1941. The Rodriguez House is a Glendale City Landmark, as well as having a Mills Act status, with annual property taxes of approximately $3,500.”

Glendale’s other architectural gem, Lautner’s Schaffer residence remains on the market (listed since 2/089) at $1,573,000. 

My routine is coffee in the morning, lots of coffee.  I typically wake without an alarm between 5:30 – 7:00 AM. I respond to emails, check the MLS for new listings both for my buyer clients and as competition for my listings.  After I blog, I walk the dogs at Hahamongna Park .

I used to spend 20 or more minutes with the Los Angeles Times.   Now, I mostly only look at it on the weekend.  I think since all of the layoffs, the paper has gone downhill. 

After the walk, there is more coffee, more emails and it is typically late enough to start with phone calls. You wouldn’t want me phoning you @ 7:30 in the morning would you?

Now for my real estate update:

The Good
My Pasadena Orange Grove condo:
It has been in escrow for over a month.  The very well qualified buyer has made a second loan application, as his first lender is slower than molasses.  Inspection contingency issues were resolved.

My Glendale Listing on Cordova:
Charis, the interior decorator/home stager went all out on this one.  She worked with the owner on a variety of details, knobs, colors, tiles, light fixtures, furniture placement, flower and plant selection and more a lot more. It sold within the first week with multiple offers and over asking price.

My La Crescenta listing on El Caminito:
Showings and Interest have picked up after a $100,000 price reduction.

My Burbank buyer:
Inspection issues long since resolved, we are closing next week

The Bad
My Pasadena condo buyer – the short sale:
Yes, we were offer #2, but we have been waiting since May for the second trust deed’s approval (to accept a $3,000 payoff on a $120,000). This is a fool’s game

The Ugly
Nothing ugly, although the short sale may be moving in this direction.

The economy continues to change.  Many businesses simply can’t survive, others don’t know how to survive and at others, the employees don’t know how to treat their clients. 

On Wednesday, George and I celebrated our twentieth wedding anniversary.  We had two daughters within the first two years of our marriage and life at our home was hectic.  We forgot our first few anniversaries and our forgetfulness became a joke.  But twenty years, that’s a biggie. 

We decided to celebrate at Celestino’s in Pasadena;  I phoned, the hostess said to come right over, no reservation necessary.   We thought we would enjoy a celebratory drink at their small bar before being seated, (it wasn’t yet 6:00 PM).  Their bar accommodates five and three men were plunked in the middle, no offer to move down a seat, so we asked to be seated.  George informed the hostess of our anniversary and requested a corner table.  There seemed to be lots of empty tables to choose from, the front patio was empty and only two filled tables in the main dining room.   Apparently every table except the one next to a lovely family with children was reserved. I thought the economy was floundering, I had no idea that Wednesday’s 6 PM dinner rush at Celestino’s was so busy. George refused the table, told the hostess that she should remember us, we dine there at least a ½ dozen times a year and that they won’t be seeing us again.  Glendale’s Far Niente restaurant also offers excellent Italian food, and they are always polite with "regulars".

Now where to go?  We decided on Pasadena’s Chop House.  When told of our anniversary, they couldn’t be nicer, a lovely table, complimentary desert, orchids for me to take home and of course a fabulous dinner. 

The way we live in a home and the way it is showcased to sell are different. I have learned that when I provide complimentary home staging service to my clients, their homes sell faster.   Homes which sell faster typically sell for more money.

Realtor.org has an online magazine for Realtors; my favorite features are frequently the ones pertaining to home staging.  Often, homeowners simply need to “tone it down”. 

  

Company: Park Ave Home Staging & Redesign, Pennsylvania

Problem: "Upon entering the master bedroom, the bed stops you. There are a lot of bold patterns, which are very distracting to potential buyers."

Solution: "The wallpaper border was removed. I moved the bed, turned the quilt to reveal the solid side, and rearranged some of the art and accessories. The room now feels calming and spacious. Buyers can see themselves relaxing in this room."

Cost: $300. "A family member volunteered to remove the wallpaper border and touch up the paint. Furniture and accessories were re-arranged and re-purposed so nothing new was purchased. The only expense was for my time and expertise."

More home staging makeovers

Ten Home Staging Questions Answered

Working with potential Los Angeles home buyers in this real estate climate is challenging.  Most listings are not realistically priced; others are short sales, which can translate to months of waiting for the thumbs up or down from the lender.  A handful of homes are aggressively priced and are selling quickly in multiple offer situations.

The foreclosure moratorium has changed the dynamics of our Los Angeles real estate market.  Many homeowners are living payment free in their homes just waiting for the axe to fall.  There are home buyers ready, willing and able to buy these homes…. If they come on the market. Should the government interfere and offer yet another bail out?  Is it time for underwater homeowners to be provided a lifeline? Some housing experts believe there is no alternative but outright forgiveness of a substantial chunk of mortgage debt for many who are at risk of foreclosure.

 

Tom Petruno, Market Beat

New Research On Walking Away

What do you think?