When does escrow close?
Title companies now rotate the order in which they record. One day, Orange Coast Title will be first in line and buyers with that title company will be closing their escrows first. The next day, Orange Coast Title will be second and so on, until they reach number sixteen and begin the rotation again.
Knowing which order you are recording provides the parties in the escrow some indication as to what time the closing will take place. Possession of the home to the buyer is negotiated in the Residential Purchase Contract. In most real estate transactions a buyer is not given keys until after the transfer of title (recording). Depending on what was negotiated, it may be the same day, several days after or even longer. I once negotiated a four month rent back for a home seller.
Related Post: What is a seller rent back?
What Statement does your housekey make?
Who are the key players in an escrow?
1) Buyer
2) Seller
3) Buyer’s Agent (aka Selling Agent)
4) Seller’s Agent (aka Listing Agent)
5) Escrow
6) Lender
Then you have the auxiliary players, such as the title officer and the appraiser, and sometimes the real estate agents have “transaction coordinators” because they are “too busy to manage paper”. In today’s real estate environment the biggest challenge is often obtaining the loan and having the appraisal come in at value.
When a Realtor is representing the buyer; they customarily make recommendations regarding buyer’s selection of a lender. The buyer’s choice of lender is critical to the escrow process. Lending guidelines continue to become more stringent and now is not the time for a home buyer to apply with anyone other than a seasoned professional.
An experienced and diligent escrow officer will also improve the process. Typically, all parties are motivated to close escrow, but unfortunately personalities sometimes get in the way.
Now to get to the interesting mix of the transaction: In most sales, there are two Realtors, the buyer's and the seller's. Recently most of my escrows have been challenging and I have been drawing on every resource and experience I have had. BUT what makes the difference is the agent on the other side of the equation. I know my client’s needs and goals. When the other real estate agent is also working towards their client’s goals, we will have a successful closing.
Don’t hire an argumentative real estate agent; don’t hire one too busy or too important to return phone calls. Check Yahoo reviews or Better business bureau and ask for references.
Check my Yahoo Reviews here
Related Post: The Anatomy of a Perfect Escrow
Does Anyone Really Care Which Escrow Company They Use
What do Batman and a Real Estate Agent have in common?
Daily my clients and I fight with the buyer’s lender who has a split personality, one day the Riddler and the next the Joker! Unemployment is still high, so I am extremely confused how these slackers working on some of these loans have jobs.
After nothing but drama, chaos and confusion, the Sparr Heights bungalow is finally closing today! I represented the seller and had zero input on the selection of the
If you are thinking of purchasing or refinancing make certain that you work with an experienced lender. Find a lending professional here:
Related Posts: How important is the lender you select?
The mortgage lending conspiracy
Real Estate drama lender style
Take this loan and shove it
Valentine's Day Events in and around Los Angeles
If Valentine's is a special event for you, it's best to make plans early. The day is fast approaching, how are you going to spend it? I think George & I will have a quiet evening at home. But for those of you looking for a bigger celebration, here's a list of some local Valentines Day events, dinners, and celebrations:
*Burbank
Valentine’s Day Sweetheart Dance at Castaways, February 14 from 7:00 PM – 12:00 AM
A fabulous evening featuring: tray passed champagne upon arrival and with dinner, rose for the lady, buffet dinner with action station and elaborate dessert display, $100.00 per person
*La Canada
That’s Amore Dinner at Descanso Gardens, February 14, 6:00 PM & 7:30 PM
Wow your honey with a three-course seated dinner prepared with love by Patina. Toast your romance with a complimentary glass of wine while a pianist adds tuneful ambiance. $70.00, members only.
*Los Angeles
Mulholland Scenic Parkway, this is always a romantic and scenic drive on a clear day.
My Funny Valentine, Laugh Factory, 8001 W. Sunset Blvd, February 14, 8:00 PM & 10:00 PM
Valentine Card Craft, American Girl Store, 189 The Grove Drive, February 12 from 2:00 PM – 4:00 PM & February 14, 4:00 PM – 6:00 PM, Free and open to the public, for girls ages 8 and up, (877) 247-5223
Santa Monica Pier, (310) 458-8900, 200 Santa Monica Pier
Sex and the City Zoo III at LA Zoo, February 12, 5:00 PM – 7:00 PM, Tickets: $25 per person – members, $35 per person – non-members
Sweetheart Sunset Cruise, Hornblower Cruises & Events, February 14, Board at 2:30 PM, cruise 3:00 PM - 5:00 PM, $40.00 per person, (310) 301-6000, 13755 Fiji Way, Marina Del Rey
Brokeback Mountain, Devil's Night Drive In, Gates open at 6:00 PM and show starts at 7:30PM, February 12, 240 W 4th Street
Sunset Ranch Hollywood Trail Rides, must make reservation, a choice of a one or two hour trail. Or, you can also take the dinner ride trail and have dinner at Viva Fresh, day rides for one hour $25, two hours $40, sunset ride $60, dinner ride $105 for first person & $75 each additional person, (323) 469-5450, 3400 Beachwood Drive, Hollywood
The Naked at the Getty Scavenger Hunt, for Adults Only, February 11th at 2:30 PM & 6:00 PM $24.50 Go on a humorous, mind-tingling search for nudity at the amazing Getty Center.
The Getty, exhibitions and/or dinner at the café, 1200 Getty Center Dr., free entry to museum, (310) 440-7300
*Long Beach
Gondola Getaways, February 10 – February 14, 11:00 AM – 11:00 PM, $100 per couple, (562) 433-9595, 5437 E. Ocean Blvd
Valentines Day Dinner Cruise, Harbor Breeze Cruises and Yacht Charters, February 14, 7:00 PM – 9:30 PM, $169.00 per couple, 100 Aquarium Way, Doc #2
*Pasadena
Love Bug Rock Creatures at Kidspace, February 12 at 2:00 PM
Annual Valentine’s Day Craft Event, February 11, 10:30 AM
*Venice
5th Annual Venice Valentine's Hunt, February 11 & February 12 at 11:00, 12:00, 1:30, 2:30 $25, February 14th at 3:00 PM $25.00
Sunday Open Houses
Over the years I have noticed several open house stalkers. This isn't necessarily a problem except that they often demand a lot of attention. Because they asked so many questions, a couple of times I thought they would be making an offer on my lisiting.
When you attend an open house, keep in mind that the hosting agent is busy. Their number one priority is to ensure that the home and contents are secure. Their number two goal should be to sell the home. And number three to meet new clients.
Before heading out on your open house search, brush up on some open house etiquette
And for those house hunting, or those who love to look, here's the list of Sunday's Open Houses:
La Canada Open Houses
La Crescenta/Montrose Open Houses
Glendale Open Houses
Burbank Open Houses
Pasadena Open Houses
Eagle Rock Open Houses
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LA Weekend, Los Angeles Events and things to do the weekend 1/27 - 1/29
Weather permitting I am taking my new puppy back for additional training on Saturday. But for those of you looking for something fun and interesting do in LA this weekend, here's the list:
Winter Acorn Bear at Descanso Gardens- La Canada
January 27 at 10:30 AM
Where is Acorn Bear? He is asleep for the winter, but his forest friends are keeping busy. Children ages 2-4 years are invited for Winter Acorn Bear. Bundle up, and enjoy story time, crafts, and a savory treat in a winter twist on this Descanso tradition. T-shirt included. $35 members, $45 nonmembers; $15 member siblings, $25 siblings.
Dine LA
January 29
Lunches $16, $22 or $28; Dinner $26, $34 or $44
Pinot Noir Wine Tasting, Series 2 - Pasadena
January 28 at 3:30 PM
The Celebration of Pinot Noir and all things that go with it. Enjoy an afternoon while tasting a sumptuous number of wines. This is for the benefit of Hathaway-Sycamores Child and Family Services. $20.00
Cooking Essentials: Winter Fish Dishes-Pasadena
January 29 at 11:00 AM - 1:00 PM
Cook up this healthy, succulent ingredient in the dishes of Fall and Winter. $40.00
Visual Perceptions: From 3D into 2D at Norton Simon Musem - Pasadena
Analyze the shape and form of selected sculptures in the Asian collection, determining the positive and negative spaces. Using various materials and techniques, participants explore the transformation of a 3D object into a unique 2D drawing. All levels of experience are welcome. Each class is $20.00 ($16.00 for members), and space is limited to 18 participants. All materials and admission to the galleries on the day of class are included. Online registration is required.
Degas's Women: Modern Life at Norton Simon Museum - Pasadena
January 29, 1:00 PM - 2:00 PM
Join a Museum educator for a one-hour tour exploring the work of Edgar Degas. This tour is held at 6:00 and 7:00 p.m. Please note that space is limited to 25 participants. Sign up at the Information desk no later than 15 minutes prior to the tour.
Winter Fruit Tree Pruning- San Marino
January 28, 9:30 AM – 12:00 PM
Pruning is essential for good fruit production and for ensuring that a tree is healthy, attractive, and an appropriate size. Join Lora Hall of Full Circle Gardening on the Huntington Ranch site for an intensive morning workshop covering all the basics, including how to correctively prune a neglected or damaged tree. Members: $40. Non-Members: $45.00.
Children’s Workshop: Chinese Brush Painting - San Marino
January 28 10:00 AM – 12:30 PM
Children can learn the ancient and expressive art of Chinese brush painting in this workshop led by artist Peifang Liang, using the landscape and flowers of the Chinese garden and the exhibition of ancient Chinese bronzes as their creative muse. Ages 7–12. Fee includes one accompanying adult. Members: $20. Non-Members: $25.00
Mole Making & Beer Tasting Class - Silver Lake
January 29, 12:00 PM
Mole making and beer tasting class! And as you cook your mole, try samples our four home brewed beers and expand your knowledge of beer. For those who are not familiar with mole, it is a delicious Mexican sauce made of rich ingredients and spices like pastilla chilies, almonds, raisins, coriander, and CHOCOLATE! There are many varieties of mole, but they all have the same basic ingredient: chilies, which are ground into a fine paste with other spices. After it cooks up in a gentle simmer, the finished product is a rich, dark sauce that is traditionally eaten with chicken and rice. Learn how to make this great Mexican specialty at Tarascos during one of our hands-on mole-making courses. Impress your friends by making this scrumptious Mexican classic and have a beer too! You can also take home up to 6oz of your homemade sauce to your friends and family! $96.00
Los Angeles Home Values
It is critical for real estate agents, home sellers and potential home buyers to keep up with pricing trends and market fluctuations. I have compiled this graph to reflect the changes in the average price per square foot of homes sold in Burbank, Eagle Rock, Glendale, La Canada, La Crescenta and Pasadena. 
When does escrow close?
Years ago the Los Angeles County Recorder sometimes offered “special recordings”. This is when the buyer’s loan funded (lender wrote the check) and recorded (transferred title) the same day. Sometime after (Prop 13) budget cuts this practice discontinued. Today, a buyer’s loan funds and the following business day it records.
Currently, title companies rotate the order in which they record. One day Orange Coast Title will be first in line and buyers with that title company will be closing their escrows first. The next day, Orange Coast Title will be second and so on, until they reach number sixteen and start the process again. Knowing which order you are recording offers the parties in the escrow to have some indication as to when the closing will take place. 
In most real estate transactions a buyer is not given keys until AFTER the transfer of title (recording). But as with most aspects of real estate, possession is negotiated in the Residential Purchase Agreement.
La Canada home sales under $1,000,000
First thing each morning, I and most other Realtors check the multiple listing service. We check for new listings, price reductions, solds, etc.
Earlier this week I noticed a La Canada 3+2 on Angeles Crest Highway sold for $679,000. Granted it's a busy street, but the home offers over 1600 square feet and is sited on a nearly 9,000 sq ft lot. Kitchen and baths were from the 80’s, but a real value for someone wanting to live in the La Canada school district.
I thought it might be interesting to track the La Canada home sales under $1,000,000 for the last six years: 
Interesting to note that La Canada home buyers in this price range are purchasing larger square footage today than in 2006. Also interesting is that the average selling price remains in the $800k range.
What is a Flag Lot?
Flag lots are found in most Los Angeles neighborhoods and are fairly common in certain communities such as La Canada. Many La Canada homeowners had large parcels of land which were subdivided to make smaller lots which were then sold.
Benefits that might be found in a flag lot are that they sometimes offer more privacy and less traffic. A negative aspect of a flag lot is that guest parking is often difficult.
If you are purchasing a home on a flag lot it is important to learn if there is a recorded road maintenance agreement. This agreement will spell out who is responsible for maintaining the private driveway/road. Distribution of maintenance costs in these agreements vary; in some, each homeowner equally splits the cost of repairs. While in others the first home may be responsible for the road leading to their home, the 2nd home the area from the first to the 2nd and so on.
If there is no written agreement, whenever the drive needs repair, you will need to negotiate the costs with your neighbors. If you have further questions pertaining to flag lots or real estate, remember I am only a phone call or email away.
About the Author
Cited as a “Super Agent” by Los Angeles Magazine, Phyllis Harb has been a dynamic and creative real estate force in both mortgage lending and real estate for over two decades. She is certified as a Senior’s Real Estate Specialist, Short Sale Specialist and is ranked among the top 5% of Realtors nationwide.
(818) 790-7325
Phyllis@RealtorHarb.comwww.RealtorHarb.com
DRE License # 00848750
For More Real Estate Information Visit My Website
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