Month: November 2014

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SL70 Condominium Townhomes Silver Lake 2210 Clifford St, Los Angeles, CA 90026

SL70 FOR SALE    |   UNLISTED   |   NEW LISTINGS

SL70-ExteriorThink eclectic, electric and exciting. This is SL70, a new townhouse community in Silver Lake that’s separated from the crowd yet a crowd all its own. In the thick of a life that’s passionate, authentic and free of convention, SL70 sounds the anthem to forge your own course. And it’s these 70 town homes that lead the movement. It’s a home that lives by its own means and lives to be heard.  #sl70 #townhomes #silverlake

In one of the LA’s hippest neighborhoods, SL70 offers:

  • Indoor living space from Sq. Ft. 1,307
  • Outdoor Living Space Sq. Ft. 143
  • Combined Living Space Sq. Ft. 1,450
  • 2 Bedrooms / 2.5 Baths
  • 2-Car Garage
  • Private Rooftop Terrace with Views

Premium kitchen appliances

  • Bertazzoni™ stainless steel 30” gas slide-in range
  • Broan® stainless steel 30” range hood
  • Bosch® built-in microwave
  • Bosch® deluxe dishwasher with bar handle
  • Contemporary European cabinetry with brushed nickel pulls
  • Quartz countertops with 6” backsplash
  • Recessed lighting at select locations
  • Deep stainless steel sink with chrome designer faucet
IMPRESSIVE INTERIORS
  • Stylish white rocker switches
  • Contemporary European cabinetry with brushed nickel pulls
  • Contemporary staircases with horizontal painted posts and newel
  • High-profile 5-1/2″ baseboards
  • Contemporary flush interior doors
  • Contemporary recessed can lighting in select locations
  • Main living floor with 10′ ceilings and oversized windows
HARDWOOD FLOORING IN MANY ROOMS

Flooring:

  • Hardwood: kitchen, dining and first-floor foyer and powder bath
  • Carpet: bedrooms, living room, hall, closets and stairs
  • Tile: master and secondary bathrooms
LUXURIOUS MASTER SUITE
  • Contemporary European cabinetry with brushed nickel pulls
  • 9” x 12” ceramic tile shower surrounds in choice of two colors
  • Beautiful matte cultured marble countertops, 4” backsplash
  • Distinctive integral rectangular sink with faucet

Residents of the neighborhood embrace the Silver Lake hipster label, especially because they feel that there’s so much more.  It’s all about the diversity, innovative people and rich community atmosphere. And the food? Nothing is quite better than the local Italian Aroma restaurant. Not to mention favorite drinks such as Maker’s Mark on the rocks. When locals are not busy hanging out with Mo or tasting local eats, they are taking part in mindful meditation training and practice as the founder of Mind is a Verb.  Best of all, buyers can end up saving more than $500 a month because there are no HOA dues!

SL70 FOR SALE    |   UNLISTED   |   NEW LISTINGS

Request SL70 condominiums new listings in your email and get a certificate for $2,000 off closing costs. Fill out the online form:

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.

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Downtown Loft and Condo Short Sales – Distress Sales Below Market

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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.