Category: Buy Loft

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Metropolis Now Accepting Deposits – Reserve Your Luxury Condo, Gain Without Risk

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

RealtySource Inc presents

Metropolis Los Angeles Now Selling Out
Get a $3,000 Broker Incentive Certificate Toward Your Luxury Condo, and Watch It Grow

Get a broker certificate for $3,000 off closing costs by placing a deposit early.* Fill out the online form.

los-angeles-metropolis-fromhigh

Get on the new condos interest list at https://laloft.wufoo.com/forms/metropolis-los-angeles-new-condos-interest-list/

Nearly 30 years in the making, the super luxury Metropolis condos will rival the Ritz Carlton Residences, but with lower HOA dues and without the interference of the hotel.  Most Downtown residences prefer to park their own cars, prefer to gain access to hotel amenities at their leisure, and do not want hotel guests to gain access to the condominium amenities.  Metropolis brings it.

Atop several floors of parking, and towering high above other residential properties, Metropolis offers a supreme view. From the comfort of your home, from any angle, in any room, take in the most expansive and breathtaking views of the Downtown skyline and beyond.

A GATEWAY TO DOWNTOWN

The new “Gateway” to downtown L.A., Metropolis is strategically located between three of Los Angeles’ key neighborhoods. The 6.33-acre urban community sits at Francisco Street between 8th and 9th Streets, with ample parking and easy access to the city’s major highways and public transportation.

Get on the new condos interest list at https://laloft.wufoo.com/forms/metropolis-los-angeles-new-condos-interest-list/

As the junction between the business and entertainment districts, several local developers have drafted a tentative plan to straighten and re-arrange the streets to make a more walkable corridor.

ALL THE COMPONENTS OF A LIFE LIVED TO THE FULLEST

In the awe-inspiring tower residential complex of Metropolis, every day wants and needs are catered to by the wide variety of choices for productivity, fun and living, all just a short walk away. From ecologically sound places and restaurants to a special selection of stores and fine dining, Metropolis assembles together all the elements of a life of superb abundances in one full city block.

The most chic and well-appointed new residences in Downtown has already received dozens of reservations.

To order a brochure, request an early viewing of the new condos, or get Metropolis new listings in your email from RealtySoure Inc free with no obligation to buy.  Fill out the online form:

Copyright © 2014 This free information provided courtesy Corey Chambers, Realtor, RealtySource Inc, BRE#01889449 *We are not associated with the home owner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LosAngelesMetropolis.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. Subject to terms and conditions set by the seller and developer. Not affiliated with the developer or seller. Certificate for $3,000 off closing costs is offered to Corey Chambers VIP buyer program members only. VIP buyer program costs nothing to the buyer, and there is no obligation to buy.

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Downtown Loft and Condo Short Sales – Distress Sales Below Market

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

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.