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Short Sale Houses in California

How can home owners, sellers and investors make the most of a Notice of Default?

REAL ESTATE NEWS — We’re received word that some home owners are beginning to receive NODs ( Notice of Default ) after getting behind on mortgage payments. This can be a warning sign of a coming foreclosure, in which the owner may lose the home after the lender files the necessary paperwork, which may or may not require going to court, depending on whether the home loan is bound by a mortgage or California Deed of Trust. The good news is that there are options that can lead to a much happier financial position.

Short sales can be a great option for homeowners who are struggling to make their mortgage payments and facing the possibility of foreclosure. However, the rules surrounding short sales have changed in recent years, and it’s important for both buyers and sellers to understand how these changes could affect their transactions.

Short sale negotiation is a process in which a homeowner who owes more on their mortgage than the value of their property attempts to sell their home for less than the amount owed to the lender. In California, it is important to work with a short sale specialist who has experience in dealing with the complexities of the state’s real estate market. To begin the short sale process, the seller should provide a recent mortgage statement for analysis to determine whether they are eligible for a short sale. The bank usually pays for transfer fees etc, and the commission for the broker is often limited to 5% by the bank. The Corey Chambers Team short sale specialist is available to answer any questions the seller may have about the short sale process, which is usually anything but short. A 4-month escrow is common in a short sale, so it is important to inform the buyer upfront to avoid any surprises that may lead to them falling out of the sale.

One of the most significant changes to short sale rules is that banks are now giving their own period of time for the property to be listed, get an offer, and get escrow closed. If the property is not sold within the time allocated by the bank, then the seller may not have another opportunity to do a short sale. This means that buyers agents must be diligent to place serious offers only, and the listing agent should talk to the buyers agent to ensure that the short sale addendum is signed for a 4-month period.

In addition to the bank-imposed time limit, it’s also important for the listing agent to recommend that the seller not accept an offer unless the buyer is a sure thing. This is because for a short sale to work in today’s market, sellers may only have one shot, and only if the short sale is done early enough.

So, what does this mean for buyers and sellers?

A short sale is not short, but lengthy. Knowing this, an informed, patient home seller and buyer can both realize a very happy transaction in which the buyer gets a special deal while the seller ends up with a better financial position, which may even include unexpected money in pocket.

For buyers, it’s important to work with a knowledgeable and experienced real estate agent who understands the short sale process and can help navigate the complexities of the transaction. The buyer should also be prepared to provide proof of funds and a pre-approval letter from a lender, so that the seller can feel confident that the buyer is a serious buyer who can follow through on the transaction.

For sellers, it’s important to understand that the short sale process can be lengthy and complex, and that there are no guarantees of success. However, by working with a qualified listing agent and being diligent about accepting offers only from serious buyers, the seller can increase chances of a successful short sale and avoid foreclosure.

A short sale can be better financially than a foreclosure in many cases, and it is possible for a seller to receive money from a short sale.

A short sale is a real estate transaction in which the homeowner sells their property for less than the outstanding mortgage balance with the agreement of the lender. In a short sale, the lender agrees to accept the proceeds of the sale as full payment of the outstanding mortgage balance, and the seller is released from the mortgage debt.

Compared to a foreclosure, a short sale can have several advantages for the seller. First, a short sale can have a less negative impact on the seller’s credit score than a foreclosure. Second, a short sale allows the seller to avoid the legal and financial costs associated with a foreclosure. Finally, in some cases, the lender may agree to waive the deficiency balance (the difference between the mortgage balance and the sale price) in a short sale, which means the seller does not owe any additional money to the lender.

It is also possible for a seller to receive money from a short sale. In some cases, the lender may offer a cash incentive to the seller for completing the short sale. Additionally, if the sale price of the property is higher than the outstanding mortgage balance, the seller may receive the difference as proceeds from the sale.

However, it is important to note that a short sale can also have disadvantages for the seller. The process can be time-consuming and may require the seller to provide extensive documentation and negotiate with the lender. Additionally, the seller may need to find a buyer who is willing to purchase the property for less than its market value.

Overall, a short sale can be a better option than a foreclosure for some sellers because a distressed home owner can often go from broke to unexpected money in the pocket with a better preserved financial reputation. Be sure to weigh the potential advantages and disadvantages carefully and to consult with an attorney, qualified real estate professional and financial advisor before making a decision.

Short sale seller and buyers can get a free report. Those who have a received a Notice of Default or are interested in investing in a short sale can request more information on how to get the best financial results in today’s short sale and foreclosure environment.

Investors can get a free list of foreclosures, short sales, auctions, probate and distressed properties. Those who are in distress can get help with financial troubles, late mortgage payments, NOD Notice of Default, short sales and foreclosures. Fill out the online form:

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Foreclosures, short sale and distressed properties. Free report for homeowners, investors and sellers.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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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Eastern Columbia Building Renovation and Special Assessment Update

849 S Broadway, Los Angeles, CA 90014

REAL ESTATE NEWS (Los Angeles, CA) — The Eastern Columbia Building is an architectural masterpiece that has served as a landmark in Los Angeles for over nine decades. Built in 1930 as a retail store and later used as office space, the building has been listed as a historical landmark since 1985. In 2006, it was renovated and converted into 147 condominiums for sale by the Kor Group. The commercial units and parking garage were retained by the Kor Group and sold to Coast. The building began participating in the Mills Act Historic Contracts Program. In recent years, the building has undergone extensive renovations and restoration, including repairs and restoration of its brilliant blue terracotta exterior surface tile facade. | FOR SALE | FOR LEASE

The Eastern Columbia Building’s terra cotta tiles are a unique feature that has become synonymous with the building’s iconic design. The tiles were designed not only for decorative purposes but also as a structural element and waterproofing. Each terra cotta unit weighs approximately 200 pounds and is designed not to crack. The terra cotta masonry is an important component of the building’s structural integrity and must be maintained, repaired, and replaced regularly.

Wiss, Janney Elstner Associates (WJE) was hired in 2018 to test and evaluate the terra cotta tiles. The testing and evaluation process included a visual condition assessment, multi-year moisture analysis and instrumentation, in-situ testing of existing glaze, and the design and specification of repairs and restoration. WJE prequalified contractors for the highly specialized work, which required extraordinary coordination for City approvals and safety measures. Seven bids were requested, and four contractors provided bids and were interviewed. Two finalists were re-interviewed in September 2021, and Mark 1 Restoration was chosen for their expertise and competitive pricing.

WJE’s testing and evaluation found that various generations and colors of repointing mortar were present in the joints between terra cotta units. Repointing mortar is typically visually lighter and whiter in color than what is assumed to be the original mortar, which is green in color. The glaze at the spall is debonded and blistered and can be pulled away by hand. Temperature and moisture monitors were installed at the clock tower to perform a 12+ month monitoring of potential moisture migration, drying, and vapor transmission through the masonry. WJE installed eight wireless sensors that recorded temperature and relative humidity (RH) at the north, south, east, and west clock tower facades to determine whether differences in temperature and RH exist between corresponding interior and exterior sides of the facades and between different facades.

Laboratory analysis involved the characterization of existing patching mortars and terra cotta mortars. Thirteen sample fragments were analyzed using microscopy that included terra cotta repair mortars and masonry mortars. ASTM C856 Standard Practice for Petrographic Examination was used as a guideline for laboratory material characterization, and scanning electron microscopy (SEM) was utilized to detect types of mortar constituents within the patch compounds and mortars.

The construction drawings and specifications involved the pre-approval/selection of the contractor, competitive bidding by four entities, detailed bid review and interviews, detail negotiation, and contractor selection. The terra cotta glaze adhesion testing involved all four elevations of the clock tower tested at six representative locations at both vertical and horizontal surfaces of terra cotta glaze surfaces. A direct tensile load was applied using the instrumentation using uniformly increasing rate until the glaze failure. Glaze adhesion tests were noted to have pull-ff strengths resulting between a minimum of 377 psi and a maximum adhesion strength of up to 460 psi – all within close range of the other.

Now that the contractor has been chosen, the project is moving forward with the actual restoration work. The renovation process will include the inspection and repair of each individual tile, which will require extraordinary coordination for City approvals and safety measures. The renovation work will also involve the removal of the current sealant, repair of any broken tiles, and replacement of the sealant. Once the restoration is complete, the building will be resealed with a new sealant, which will help protect the terracotta facade from the elements.

In addition to the restoration work, the project will also involve the installation of a new lightning protection system. This system will help protect the building from lightning strikes and ensure that the residents and tenants inside are safe from harm. The lightning protection system will also help prevent damage to the terracotta facade in the event of a lightning strike.

While the renovation work is underway, the Eastern Columbia Building will remain open and operational. The residents and tenants of the building will still have access to their units and offices, and the building’s retail spaces will remain open for business. However, there may be some temporary disruptions during the renovation process, such as closures of certain areas of the building or temporary changes to the building’s entrance or exit points.

The renovation of the Eastern Columbia Building is an important project that will help preserve this historic landmark for generations to come. The building has been an iconic part of the Los Angeles skyline for over 90 years, and its beautiful terracotta facade is a testament to the architectural and design skills of its creators. The restoration of this facade is crucial not just for its aesthetic value, but also for the building’s structural integrity and waterproofing.

The Eastern Columbia Building has a rich history, and its renovation is a reminder of the importance of preserving our past for the future. The building’s transformation from a department store to condominiums is a testament to the resilience and adaptability of historic buildings. Through the Mills Act Historic Contracts Program, the building has been able to receive tax benefits for its historic preservation, which has helped ensure its longevity.

The selection of Mark 1 Restoration as the contractor for the project is a testament to the company’s expertise and experience in working with historic buildings. With the restoration work set to begin, we can look forward to seeing the Eastern Columbia Building restored to its former glory, and continuing to be an important part of the Los Angeles skyline.

Realtor® Tim Thompson represents the landlord of Penthouse 1, a top floor two-story unit currently for lease, formerly owned by A-list celebrity Johnny Depp. Tim reminds all that rental tenants can enjoy the Eastern Columbia without worrying about HOA dues or special assessments, because the landlords take care of those costs.

Entailing tremendous labor, technical knowhow and artistic ability, the exact total cost of the immense project is unknown, but expected to be around $4.5 million. To pay for the project, the HOA Home Owners Association had to approved a special assessment that must be paid by each home owner, averaging approximately $30,000 per unit. Prospective home buyers of Eastern Columbia should ask to ensure that the home seller will pay all or part of the assessment so that prospective buyers will not be strapped for an unanticipated expense. More at www.EasternColumbiaLoft.com

Get a free list of live/work lofts in Downtown Los Angeles. Fill out the online form:

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Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Find lofts for sale and for lease at www.EasternColumbiaLoft.com

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.