Downtown Loft and Condo Short Sales – Distress Sales Below Market

Downtown Loft and Condo Short Sales
Distress Sales Below Market

While short sales are currently few and far between in Downtown, they still pop up once in a while when a homeowner has a financial problem on a home that was overpriced when previously purchased.

A short sale can happen any time that a seller needs to sell a home for less than what the seller owes on the property. The lenders must sign off on the sale, which can delay or prevent a successful transaction.

Short sales are not short.  They typically take twice as long as the average sale, or longer.  A few years ago, it was not uncommon for a short sales to take more than 6 months to close.

HOME BUYERS:  Get Downtown Short Sales, Foreclosures and Distressed Lofts in your email as soon as they come onto the market or earlier. Fill out my online form.

HOME SELLERS: Before deciding to do a short sale, consider the following:

  • What is it about your current financial situation that has you considering selling short?
  • Do you know the ramifications of a short sale on your credit report?
  • Do you understand that there is a possibility that the short sale will not relieve your debt obligations?
  • Have you met with a housing counselor, a financial advisor, or an attorney?
  • Have you considered alternatives to a short sale?

Short sales are not for everyone.

Not everyone will qualify for a short sale.  To qualify for a short sale, the following are some of the requirements:

  1. The home must have decreased in market value.
  2. The loan is in default, or will be soon.
  3. The seller must be able to demonstrate a bona fide hardship, such as one of the following:
  • Unemployment
  • Reduced income
  • Business failure
  • Damage to the property
  • Death of a spouse or a wage earner
  • Severe illness/medical emergency
  • Large tax bill
  • Divorce/separation
  • Relocation
  • Military service
  • Mortgage payment adjustment to an unaffordable amount
  • Large debt, no assets, bankruptcy
  • Incarceration

4. The seller has no assets.

Short sellers should then contact a short sale specialist Realtor(R), who may ask some the

Tips and Rules for Short Sales:

  • An O&E (preliminary title report) should be obtained early in the short sale process to determine ownership and encumbrances.
  • In a short sale, the seller must accept and the lender must approve the offer.
  • With a short sale, the listing agent will prepare the CMA with the lender in mind.
  • Try to secure your seller’s cooperation in the short sale process early on.
  • Short sale packets should be thorough and in the form the lender wants.
  • The seller’s hardship letter should concisely demonstrate the seller’s financial plight, and how the seller came to be in the current situation.
  • Short sales must be at arm’s length; there can be no undisclosed relationships between any parties to the transaction.
  • When dealing with the lender’s short sale lender it is important to be polite, professional and prompt.
  • After approval is met on a short sale, the parties should do their utmost to meet all terms, including the closing date; failure to do so could cause the lender to retract its approval.
  • Lenders will frequently start foreclosure proceedings even while the short sale request is being evaluated.
  • Even when the lender approves the short sale, it doesn’t mean the seller won’t have to make up the deficiency in the debt repaid.
  • When a lender forgives a short sale seller’s debt, the lender will file a 1099-C, which is a Cancellation of Debt. This could mean the debt will become taxable; sellers should be advised to check with their accountant.
  • There are two main categories of short sales: approved, and third party required, each with different timelines.
  • When evaluating an offer on a short sale, the lender will look most strongly at the buyer’s ability to close.
  • Two types of mortgage fraud are property fraud and fraud for profit.
  • Flopping is a means of artificially lowering the perceived value of a property to purchase it and make a quick profit; it is a form of mortgage fraud.
  • Any transactional funds should appear on the HUD-1; if they do not, it could be mortgage fraud.

Sellers: The first step is to get a free online home evaluation. Fill out my online form.

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, Keller Williams Realty, BRE#01889449 We are not necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 or visit DowntownLosAngelesLoft.org Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
Posted in Buy Loft, Distressed Lofts, Home value, Lofts Downtown Los Angeles, Lofts For Sale, Sell Loft | Tagged | Leave a comment

Downtown Los Angeles Luxury High-rise Loft Rentals and Apartments For Lease

Downtown Los Angeles Luxury High-rise Loft Rentals
and Apartments For Lease with Views

CONDOS WITH VIEWS  [Alphabetical]  [Neighborhoods]  [Map]

1100 Wilshire - 1100 Wilshire Blvd, 90017
655 Hope  - 655 Hope St, 90017
Bartlett Building - 215 W 7th St, 90014
Biscuit Company - 1850 Industrial St, 90021
Bunker Hill Tower - 800 W 1st St, 90012
Eastern Columbia - 849 S Broadway, 90014
El Dorado Lofts - 416 S Spring St, 90015
Elleven Lofts - 1111 S Grand Ave, 90015
Evo - 1155 S Grand Ave, 90015
Higgins Building - 108 E 2nd St, 90012
Luma - 1100 S Hope St, 90015
Metropolis Los Angeles - 8th Street and Francisco
Pan American Building - 253 S Broadway, 90012
Ritz Carlton Residences - 710 W Olympic Bl, 90015

Santee Village - (See EckardtCornell and Textile)
Skyline Condominiums - 600 W 9th St, 90015
Sky Lofts - 801 S. Grand Ave, 90017
Textile Building - 315 E 8th St, 90014

RENTAL LOFTS AND APARTMENTS  (213) 478-0499  LAloftTour.com

717 Olympic - 717 W Olympic Blvd, 90015
8th and Hope - 801 S. Hope St, 90017
American Cement Bldg - 2404 Wilshire Bl, 90057
Apex - 900 S Figueroa St, 90015
Brockman Lofts - 530 W 7th St, 90014
Chapman Flats - 756 S. Broadway, 90014
Emerson - 225 S Grand Ave, 90012
Gas Company Lofts - 810 S Flower St, 90017
Great Republic Lofts - 756 S Spring St, 90014
Jeffries Lofts - 117 Winston St, 90013
L.A. Loft Tour - (213) 478-0499  LAloftTour.com
MegaToys Lofts - 905 E 2nd St, 90012
Mercantile Lofts - 620 S Main St, 90013
Met Lofts - 1050 S Flower St, 90015
Metro 417 - 417 South Hill Street, 90013
Metropolitan - 315 West 5th Street, 90013
Milano Lofts - 609 S Grand Ave, 90017
Museum Tower - 225 S Olive St, 90012
Pacific Electric Lofts - 610 S Main St, 90014
Pegasus - 612 S Flower St, 90017
Promenade Tower - 123 S Figueroa St, 90012
Roosevelt Lofts - 727 W. 7th St, 90017
Santee Court - 716 S Los Angeles St, 90014
South Park Lofts - 818 South Grand Ave, 90017
Title Guarantee - 411 5th St #1200, 90013
Watermarke Tower - 705 W 9th St, 90015

LEASE APPLICATION INSTRUCTIONS

Get new listings in your email for all Downtown buildings automatically. Fill out the online form:


To see any of the above buildings, contact:

Corey Chambers, REALTOR®
(213) 478-0499
corey@laloft.org

http://www.LAloftBlog.com

L.A. Loft Blog, 200 N. San Fernando Rd., #119, Los Angeles, CA 90031
The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team. J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms. DRE#01889449

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, Keller Williams Realty, BRE#01889449 We are not necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 or visit DowntownLosAngelesLoft.org Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation of if buyer or seller is already under contract with another broker.
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Fab 5 Top Props – This Week’s Hot Properties For Sale in Downtown Los Angeles

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $10,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

 

Fab 5 Top Props
This Week’s Hot Properties For Sale in Downtown Los Angeles

655-hope-bldg-vFor the week of 11/17/2014

  1. 801 S Grand Ave
  2. 655 Hope St
  3. Metropolis Los Angeles
  4. El Dorado Lofts
  5. Textile Lofts

Get a free report on these hot properties by completing our online form.   You will receive property details, addresses, HOA info, prices and photos.

Fill out my online form.

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, Keller Williams Realty, BRE#01889449 We are not necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 or visit DowntownLosAngelesLoft.org Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
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How Many Amazing Downtown LA Lofts Are you Missing?

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $10,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

How Many Amazing Downtown LA Lofts Will You Miss?
Pocket Listings Provide Plenty of Places to Purchase

DOWNTOWN, L.A. - VIP buyers get the best deals on the the most amazing lofts

DOWNTOWN, L.A. - VIP buyers get the best deals on the the most amazing lofts

How would you like an amazing Downtown Los Angeles loft that more than gains $100,000 in equity in 2 years?  How would you feel about losing out on an amazing L.A. loft that could have been a life-changing home and investment?  Many Downtown buyers have enjoyed experiences closer to the first story, the happy story.  At the same time,  it has been sad to see some others experience the second story, the less happy story.  What makes the difference between the happy loft story and the not-so-happy story?   Knowledge and access to more properties, more information about the properties, and more knowledge about the Downtown loft market are keys to getting the best deal on the best Downtown loft.

DOWNTOWN Los Angeles - Beat other buyers to the best deals on the the most amazing lofts in L.A.

DOWNTOWN Los Angeles - Beat other buyers to the best deals on the the most amazing lofts in L.A.

As more and more buyers try to buy lofts in Downtown, and as inventory gets small er and smaller, we are hearing more and more sad stories of buyers who do cannot find the right loft at the right price.  Many others have placed offers on a nice loft, only to be outbid or outmaneuvered by another buyer; they lose their dream loft.  Still other buyers have searched for a long time, and when they finally placed their offer on the same day of the listing date, the agent completed the paperwork and got it back to them that night.   The offer got to the seller the very next morning, but the seller had already accepted another offer.  They had seen that happen once before.  The best lofts sometimes seem to be sold before they are listed.  Are many of the best lofts and condos selling instantly when they are listed or even selling before they are listed?  Yes. This is not your imagination.  It is true.  Many of the best lofts really are sold before they are listed, or shortly thereafter.  This is called a “pocket listing.” It is actually a type of unlisted property that is not on the internet and most real estate agents do not have access to them.  Some buyers get priority information and privileged access to the pocket listings before they are listed.  These lucky and smart buyers are called VIP buyers.

One happy buyer – we will call him Jeff Mason to protect his privacy —  just sent me an email thanking me for helping him to get a loft that more than doubled in value in two years, along with a comp listings showing a similar loft that just sold for more than twice what he paid for his loft.  How did Jeff do it?  Jeff was a VIP buyer.

The best deals on the most desirable Downtown lofts are unlisted

The best deals on the most desirable Downtown lofts are unlisted

Another buyer — we will call him Robert Gallagher —  was able to place an offer on a resale Barker Block for thousands less than other Barker Block lofts.  With only  10% down, he was able to go into escrow with the most desirable loft unit in Downtown with resort-level amenities, low HOA dues, in the coolest neighborhood in the world.  He was able to see the property before it was listed on the MLS. How was Robert able to outmaneuver cash buyers?  Robert had already lost one unit before.  He is a quick learner, and he found out how to become a VIP buyer for free.  That’s right!!   Believe it or not, it cost him nothing to gain access to these pocket listings, as well ask listings of all agents, including foreclosures, REO, bank owned properties, short sales, distressed properties and raw lofts.  Robert got access to the largest number of pocket listings and other unlisted properties.  At no cost, Robert joined the VIP buyer program to gain access to the pocket listings.  Robert was notified by email and text about a pocket listing in the prized Barker Block building.  Robert hear about the property before it was listed to the public, and this time he was the one who was able to see the unit before it was listed, and place an offer before the other buyers were able to.  Rob learned how to go from being the guy who watched other buyers steal his dream loft, and even though he only has 10% down, he is now the VIP buyer who was able to buy a dream loft before other buyers ever knew it existed.  This time, it was the other buyers who missed out, not Robert.

VIP Buyers Get the Deals

VIP Buyers Get the Deals

The biggest secret in Downtown is pocket listings and other unlisted properties.  Knowing about unlisted properties is the first step.  There are many other advantages that buyers absolutely need in order to get maximum advantage.  Buyers need access to the largest number of foreclosures, bank owned, company owned, REO, short sales, fixers, raw lofts and other distressed properties from all agents.  To get the lowest price, the buyer should get free help from a Downtown specialist agent who has the best access to today’s information.  Downtown buyers need to access boldest, most powerful strategies that are required to help the average buyer beat out wealthy international cash buyers who are trying to buy the same unit.  Many buyers feel that it is simply not worth it to use an agent who does not have access to the very largest number of pocket listings and unlisted properties in Downtown. To get every advantage, Buyer’s can use the VIP buyer’s program to get access to the largest number of pocket listings in Downtown.

To get the the best investment and best deal on an amazing loft, become a VIP buyer, and gain free access to the largest number of distressed properties and unlisted properties.  You can immediately take advantage of the free Downtown real estate information at http://www.LAcondoInfo.com.

If you are ready for the best deal today, you can call the buyer’s team with the largest number of Downtown unlisted properties and distressed properties. Call Corey Chambers at (213) 478-0499 and become the VIP buyer who is able to beat out other buyers to the best deals.

Get free access to up to twice as many amazing lofts in Downtown Los Angeles. Fill out my online form:

DOWNTOWN LOFT LISTINGS:  FOR SALE  |  RENTALS  |  SUBSCRIBE  |  VIDEO

Corey Chambers, REALTOR®
(213) 478-0499
corey@laloft.org
http://www.LAloftBlog.com


The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team.  J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms.  DRE#01889449
Posted in Lofts Downtown Los Angeles | Leave a comment

New Lofts Coming to Downtown – Which Loft Rental Building is Most Likely to Go Condo Next?

LOFT & CONDO LISTINGS DOWNTOWN L.A.  [MAP]

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SEARCH LOFTS FOR SALE UNDER $400,000  |  $800,000,  |   $10,000,000
Browse by Building  |  Neighborhood  |  Size  |  Bedrooms  |  Pets  |  Parking

New Lofts Coming to Downtown Soon

Which Loft Rental Building is Most Likely to Go Condo Next?  Take the GOING CONDO Quiz.

Which loft rental building is most likely to GO CONDO next?

Which loft rental building is most likely to GO CONDO next? Take the Quiz.

More than half of Downtown loft buyers prefer to purchase a new development of a genuine historic loft.  These newly renovated lofts are often considered to be the most modern, chic and impressive homes of today.  Out are the small, dark compartmented rooms with wall-t0-wall carpet – yuk!!  In are huge windows, bright natural light with views, open floorpans with just the right bed area separation, polished floors and stainless steel appliances.  The L.A. Loft Blog has recently heard from several sources about one impressive loft building in particular that may be going on sale very soon.  Be among the first to find out.  Take the Loft Blog “Going Condo” Quiz to test your Downtown loft knowledge.  You will immediately get the correct answer, and you will be notified by email of upcoming loft condos for sale.

Test your Downtown loft knowledge.  Which Downtown loft rental building is most likely to go condo next? Take the Quiz and find out now! Fill out my online form:

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, Keller Williams Realty, BRE#01889449 We are not necessarily associated with the home owner’s association, seller or developer. For more information, contact (213) 478-0499 or visit DowntownLosAngelesLoft.org Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
Posted in Apartment Rentals, Going Condo, Loft Conversion, New Construction | Tagged , , , , , , | Leave a comment

1100 Wilshire Makes A Splash in TV commercial

1100 Wilshire Makes A Splash in TV commercial

Known for its sharp architecture, soaring lobby and stupendous pool deck, 1100 Wilshire towers far above the other buildings in its Wilshire Downtown neighborhood next to the Financial District of Downtown Los Angeles.  Atop 17 floors of parking, the condo lofts of 1100 Wilshire provide unfettered views, many panoramic.

Downtown has become the capital of TV commercial production.  The producers of this TV commercial decided to take advantage of the height and drama of the unique building.

1100 Wilshire lofts FOR SALE and FOR LEASE are at 1100Lofts.com

1100 WILSHIRE LOFTS FOR SALE      |     1100 WILSHIRE LOFTS FOR LEASE

DOWNTOWN LOFT & CONDO:  FOR SALE  |  RENTALS    |  SUBSCRIBE   |  VIDEO
Your Loft Sold GUARANTEED or I’ll Buy It*
Corey Chambers, REALTOR®
(213) 478-0499
corey@laloft.org
http://www.LAloftBlog.com
L.A. Loft Blog, 816 S Broadway, Los Angeles, CA 90014
*Guaranteed home sale by end of listing term at price agreeable to seller – details at LoftSoldForSure.com. The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team.  J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms.  DRE#01889449
Posted in Building, Downtown Los Angeles Investment, LA Loft Condos, Lofts Downtown Los Angeles | Tagged , | Leave a comment

Downtown LA 2-Bedroom 2-Bathroom 2-Parking Sky Loft Luxury Tower Condo with Panoramic Views

Downtown LA 2-Bedroom 2-Bathroom 2-Parking Sky Loft
Luxury Tower Condo with Panoramic Views
801 S Grand Ave, #1207, Los Angeles, CA 90017

Sly Loft 1207

Sly Loft 1207

Breathtaking panoramic views! 1,440 Sq Ft 2-bedroom, 2-bath luxury Sky Lofts high-rise bright corner unit upgraded loft w/ private bedrooms and lofty openness. Wall-to-wall, floor-to-ceiling windows, tremendous natural light and dramatic sights overlooking Downtown’s Financial District skyscraper skyline and Historic Core buildings. Two master bedrooms each have full bathroom (One master has two sink basins, separate bathtub and shower, and walk-in closet). One bedroom separated by a corner, the other by a stunning designer hand-crafted decorator sliding glass door. Rich, thick, hand-scraped hardwood floors, 10 foot high finished ceilings, upgraded solid core / STC rated doors bring extra security and quiet. Solar shades with black-out window shades. Custom lighting includes 40 recessed ceiling lights, half with dimmers. Building features secure covered two parking spaces, 24-hour security concierge, fitness center gym, meeting room, video screening theater. Now available. Request all Sky Lofts listings for sale and for lease at https://laloft.wufoo.com/forms/sky-lofts-new-listings-request/

Property details and photographs at http://www.SkyLoft1207.com and http://www.photolistings.us/8mgmpq

Contact: Corey Chambers, Realtor  (213) 880-9910  sky@laloft.org

Mortgage Regulations Have Changed . . . Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense. 6 Things You Must Know Before Obtaining a Mortgage Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your payments work much harder for you. … MORE

Get all Sky Lofts Listings For Sale and For Lease. Fill out the online form:

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, Keller Williams Realty, BRE#01889449 We are not associated with the home owner’s association or developer. For more information, contact (213) 478-0499 or visit SkyLoft1207.com   Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
Posted in Lofts Downtown Los Angeles | Tagged , , , | Leave a comment