Barker Block Downtown Los Angeles: 13 Extra Costs to Be Aware of Before Buying a Loft

Get Instant Access to the FREE Report

Barker Block is a complex of new construction and existing resale lofts in the Arts District of Downtown Los Angeles. It brings modern design and amenities to an original furniture warehouse in the heart of the city’s most authentic neighborhood. Mixing life, art, energy and home, Barker Block offers one of the most beautiful and intriguing living experiences around.

Whether you’re looking to buy your first home, or trading up to a larger one, there are many costs – on top of the purchase price – that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you’re not informed and prepared.

Barker Block’s location in the Arts District is one of those genuine places with a real neighborhood fabric, originality and creative energy that gives it a familiar big-city feel with a uniquely Angelino vibe.

Some costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. While not all of these costs will apply in every situation, it’s better to know about them ahead of time so you can budget properly.

Barker Block For Sale in Arts District With Bonus Storage.

Recent new construction lofts have suffered from issues including previous and new lawsuits against the developer, new litigation, financing problems, lost parking, other parking issues, HOA-management conflicts, difficulty with the sales office, overpricing, overpaying, upside-down buyers, health and safety issues. Bring an agent into the first visit of a new loft development. It costs the buyer nothing to get the right assistance necessary for a successful purchase. All buyers should see the alternatives, including pocket listings and other unlisted properties.

Remember, buying a Loft to make your home or as an investment property is a major milestone, and whether it’s your first, second or tenth, there are many small but important details, not to mention stress and excitement, to deal with during the process. The last thing you need is unbudgeted financial obligations in the hours before you take possession of your new home.

All buildings in Downtown Los Angeles have issues that buyers should know about before seeing the property. Barker Block and its developer have had issues with parking, lawsuits, health and safety, HOA and broker conflicts of interest, overpricing and other questions. All prospective buyers and renters of Barker Block lofts should get free help from a Downtown specialist Realtor(R).

To help homebuyers understand what these extra costs are, and in what situations they may apply, a free industry report has been prepared called “13 Extra Costs to Be Aware of Before Buying a Home“.

Order this report NOW to make sure you’re budgeting properly for your next move. Request the free report now at http://www.lacondoinfo.com/seminar_13costs.asp or CLICK HERE

Also, be aware of legal issues and avoid costly litigation to make your loft purchase run smooth. Fill out the online form.

<a href="https://laloft.wufoo.com/forms/zt43s8c1k2joz5/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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.

Alta Lofts recently entered into the settlement phase of litigation as the builder developer agreed to reimburse the HOA for construction defects.

Litigation is but one of many issues that can affect a buyer’s ability to get a home loan. Most lofts have issues that buyers want to know about before going to see the property for sale. They often need a loft lender for successful mortgage financing. Sometimes they require an unwarrantable condo lender or litigation specialist lender. #lawsuits #unwarrantable #lenders

One of the biggest disasters in Downtown Los Angeles real estate that can be prevented has to do with home purchase mortgage financing. More than half of the homes for sale in downtown LA are industrial or commercial loft conversions using the city of Los Angeles Adaptive Reuse Ordinance. These conversions are still listed in the records as commercial buildings. When buyers use a residential lender, especially a discount home loan company, the lender generally has little knowledge or experience with lofts. The friendly mortgage broker says “Yeah sure I’ll hook you up no problem”. But, he does this without checking on the building type first. The major problem happens weeks later when the home is in escrow and the underwriter finally checks and sees that the building is listed as an industrial or commercial type, and it has unusual issues such as no floor, and the lender has not given them an HOA questionnaire previously. The buildings are often mixed-use with some units allocated specifically for commercial purposes. The disaster happens when the lender eventually says, at the end of the escrow period, that they will not finance the building, or there will be a lengthy delay or significant extra expenses such as higher mortgage interest rate, higher fees or per diem fees to reimburse the seller for waiting on the delayed escrow. The property often falls out of escrow at this point, and the buyer and seller must both start over. This problem happens all the time unfortunately, especially when both the buyer and seller use out of area agents and out of area lenders who are not familiar with the special needs of loft real estate transactions. By using a loft specialist lender from the onset, this problem could have been prevented.

Other buildings have many renters or other more serious issues that nearly all lenders will find unacceptable. These are buildings that home loan companies, banks and even loft lenders will not loan on. They are called unwarrantable condominiums. Fortunately, there are some lenders that specialize in non-warrantable condos. These are direct lenders for condos with the most difficult of problems, often HOA litigation and lawsuits involving the home owners association. A litigation lender or unwarrantable condo lender can do 30-year fixed loans up to $2,000,000 for purchase or refinance with cash out. They can lend on: projects where one entity owns more than 10% of entire project, such as SB Grand lofts; mixed use complexes with up to 80% commercial/retail; high HOA delinquency rate and/or budget issues; new developments with no minimum pre-sold; complexes with high percentage of renters; condo-tels condominium hotels on a case-by-case basis. Originators of non-warrantable condominium loans have excellent, reliable results, and will usually need to charge a bit more interest and fees to cover the added risk that they incur in dealing with these buildings.

Get a free list of loft and condo buildings with litigation or lawsuits. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/zzdsl1f1k78x3i/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Category: Lawsuits

Save When Purchasing Barker Block Lofts In The LA Arts District

Barker Block Downtown Los Angeles: 13 Extra Costs to Be Aware of Before Buying a Loft

Get Instant Access to the FREE Report

Downtown Los Angeles Unwarrantable Condos and Loft Loans and Lenders

Barker Block Downtown Los Angeles: 13 Extra Costs to Be Aware of Before Buying a Loft

Get Instant Access to the FREE Report

Share this:

Share this: