When I represent the seller, my job as their listing agent, is to follow up on all aspects of the transaction. In the meantime; I love a paper trail – I am trying to get the status of the buyer's loan - my client, the seller would like to start packing, etc.
________________________________________
From: phyllisharb [mailtophyllis@realtorharb.com]
Sent: Friday, May 16, 2008 3:08 PM
To: Kristen Hartwick - (escrow officer)
Cc: buyer’s Realtor
Subject: xxxxx - buyer's loan

I did happen to “catch” MC, Loan Processor/Underwriter. She is both processor and underwriter.  She thinks she has everything; she needs time to put the file together – she said maybe next week..  She was panting on the phone, she sounds extremely overworked. I had the feeling that had I not called her, she wouldn’t have known that everything was in the file.  I reminded her of our closing date.

Maybe next Monday afternoon, you can hunt her down & prod her again & ask about the termite tent, etc. thanks

Phyllis Harb
Dickson Podley Realtors
(818) 790-7325
www.RealtorHarb.com   
__________________________________________________________________________________________
 From: Kristen Hartwick [mailto:khartwick@glenoaksescrow.com]
Sent: Friday, May 16, 2008 3:23 PM
To: phyllisharb
Cc: buyer’s Realtor
Subject: RExxxxxxx - buyer's loan

Hi Phyllis,
I’ll keep calling her – she told the buyer yesterday that she was unable to return his calls as her phone was broken?!?!
The buyer went to see her yesterday in person and went over the file with her and confirmed he had provided her with all the conditions required.
I will follow up and will get info. about the termite.
Thanks,
Kristen
________________________________________________________________________________________
From: phyllisharb [mailto:phyllis@realtorharb.com]
Sent: Friday, May 16, 2008 3:33 PM
To: Kristen Hartwick
Cc: buyer’s Realtor
Subject: RE: Henrietta - buyer's loan

I have an extra phone… should we bring her a phone?

Phyllis Harb
(818) 790-7325
 _________________________________________________________________________________________
The more back logged the lenders become the more Escrow & the Realtors need to coordinate to keep the transaction progressing.   As both buyer and seller would like to coordianate a move (moving vans etc, need to be scheduled) identifying an accurate closing date is a must.

        

In an effort to spur the housing market, the increased conforming loan limits in high priced areas such as Los Angeles are finally becoming affordable.

Late last week, many lenders slashed their rates by about one-half of a percentage point on jumbo-conforming loans - mortgages between $417,000 and $729,750 that can be guaranteed by Fannie Mae and Freddie Mac.  Read the remainder here:

        

Montrose Shopping Park: For years this quaint neighborhood quieted down when the sun set, but new Montrose restaurants are attracting a night time crowd.

The Burbank-Glendale-Pasadena Airport Authority, is requesting a ban on arrivals and departures from 10 p.m. to 7 a.m 

La Canada peacocks should they stay or should they go?

South Pasadena 710 Tunnel Issues

Crescenta Valley Sheriff’s Station will be hosting their annual open house  In addition to tours, the station’s back parking lot will host the Los Angeles County Sheriff’s Department Air Six helicopter, a recruitment station with information on the department, and the Pasadena Humane Society. The Los Angeles County Fire Department will be there with one of its engines.

        

I know home buyers want to see photos and more photos. But when I represent the seller, I am sorry but I just can't place horrible photos in the MLS.  What are we looking at here?  A Martian’s clothes line and telephone poles? 

        

I don't know if you remember my previous post regarding this Glendale Flip going bad. How could this Glendale home sell for $1,145,000 in July of 2007 and in May of 2008, sell for $650,000?  Has our real estate market  really dropped over 40% in one year?

 

MLS Stats:

Sold 12/04 $605,000
2 & 2 1,064 sq ft

Sold 7/07 $1,145,000
3 & 4 est. 2,100 sq ft

Then listed in the MLS as subject to lender’s approval of short pay for $680,000.
MLS Remarks and I quote (typos and all); “North of Glenoaks, needs some construction job to be done to get the final C/O from the city of Glendale. No utilities available, temporary electric pol on the property.”

When sold for the $1,145,000 (July 2007) did the lender and the appraisal not know the home didn't have a certificate of occupancy? They also didn't know that there was only temporary electricity to the home?

While prices were certainly higher one year ago, the $1,145,000 price seems high considering this home was in relatively close proximity to a school. To complete this story this “short pay off” was reported sold today for $650,000. 

One thing we all know is that prices in Glendale have not dropped over 40% in a year. So it's curious to see a home where it occurred.... I just sort of wonder/why/how....

        

Oh oh - is that me??



I have to chuckle because the Realtor was trying... he just didn't notice himself in the mirror.  Bathroom shots can be tricky for this very reason.

        

How long does it take after you miss a mortgage payment before you lose your home?

Although, the lender can record a Notice of Default (N.O.D.) after just one missed payment, in Los Angeles County, most lenders are waiting three months.  If your loan is not brought current in another three months, the lender will next record a Notice of Sale. This notice will include the time, place, and date your home will be sold, typically within 21 more days.

To Sum Up:

(generally) 3 months of missed payments = Notice of Default
3 additional months = Notice of Sale
21 days = Sale (foreclosure) date

        

Good news for all of us, Realtors must now submit at least one photo of a residential listing in the Multiple Listing Service (MLS) or face a fine!

This just in from SFV's Cris Net (MLS):

"Each residential listing in the MLS shall have at least one photo, to be submitted within five business days of the listing submission.  Failure to comply will result in an assessment per the MLS Rules Assessment Fee Schedule."

In addition to Realtors, and home buyers, I think this will also make my real estate photographer Michael Hillman happy!

        

Selling or buying a home is stressful and when escrow doesn't progress as it should it can be a nightmare.  This question from my weekly Real Estate Q & A pops up frequently: 



We sold our home a month ago and escrow was supposed to be 30 days long.  We just learned that the buyer is not ready to close escrow and still has not secured financing.   We are packed and only waiting on the buyer.  What do we do next?

JC North Hollywood

Dear JC,

In order to close escrow on time, certain events need to occur.  The two primary events are the loan approval and the buyer’s approval of a physical inspection.

When representing the seller, I like to see the following “good faith efforts” take place:

1) Buyer’s deposit is transferred to escrow (and the check clears)
2) Buyer makes loan application with a lender, appraiser contacts the listing agent for access to property to conduct appraisal
3) Buyer pays for and hires a physical inspector and buyer removes inspection contingency in writing

The above steps show the buyer’s seriousness in proceeding with the purchase.  Please talk with your real estate agent and see which of these steps have occurred. 

If all of the above has occurred, perhaps your buyer is simply having difficulty obtaining loan approval.  Most lenders have dramatically changed their underwriting criteria; some lenders are having money troubles and don’t have the funds available to close escrow.  Your Realtor might try contacting the buyer’s agent and lender to determine if the hold up is simply a delay or if there is a problem obtaining the buyer’s requested financing, and if so, what can be done.  Once, the lender has been contacted, you should be able to make a decision as to whether you need to remain patient, or (worse) consider canceling escrow and putting your home back on the market.

        

As mentioned in my previous posts pertaining to the Americana's prices for rentals and sales, I think the prices may be a bit optimistic. Reporter Linda Coburn called me and quoted me in her article.

Parking, Housing Pivotal for Project
Americana’s Two Challenges
READ IT HERE: SAN FERNANDO VALLEY BUSINESS JOURNAL STAFF