Tag: la

LA – That’s short for Los Angeles, spanish for The Angels. That should probably now be changed to The Dodgers, which would be Los Esquiveros in spanish.

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Mills Act Homes For Sale Downtown Los Angeles – Save $5,000 per year? What are the benefits?

Mills Act Property Tax Benefits – Historic Homes Can Pay Dividends  #millsact #dtla

Eckardt Building Santee Village Downtown Los Angeles
Mills Act Historic Building Tax Benefits

For historic lofts in Downtown Los Angeles, the Mills Act law was created to help and encourage owners of beautiful old buildings to keep them around and keep them well-maintained and looking nice while retaining their authentic charm and original appeal. Most Mills Act historic building property owners report that they save a whopping 66% off of county property taxes.  With average downtown annual property taxes running around $7,500, the Mills Act certainly is a big help if it saves a reported average of around $5,000 per year.  |  MILLS ACT LOFT WITH PRIVATE BALCONY  |  Mills Act Guidelines

Get a free list of Mills Act lofts for sale. Fill out the online form:

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Historic Mills Act Loft Buildings Downtown Los Angeles
Historic Mills Act Loft Buildings Downtown Los Angeles

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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LA Loft Lenders for Mortgage Home Loans – Chase Approved Downtown Condo Buildings

Loft Lending Problems: It is the #1 most common disaster with Downtown loft sales and purchases.  #loft #loans #chase

Looking for the Right Loft Lender
Looking for the Right Loft Lender

Most buyers and sellers have no idea how extensive the problems is, the delays and failed home sales that it causes. Unfortunately, they don’t know how to solve the problem because they don’t know who the loft specialist lenders are.

Most lofts are industrial and historic building conversions under the Los Angeles Adaptive Re-use Ordinance. Lofts are rare and unique in California real estate. Because most mortgage lenders don’t really know what a loft is, they often incorrectly tell the buyer and seller up front that it will be no problem, then later, when the property is in escrow, the lender or underwriter finally reveals the truth. They finally discover that the loft has issues and therefore the lender cannot lend on it or there will be costly delays or additional loan fees. Fortunately, this problem can be prevented when buyers and sellers know ahead of time which is the best lender for each particular building. Just like all lenders vary, all buildings vary greatly on building type, zoning, ordinance, FHA/VA status, Mills Act status, lawsuits, litigation, commercial percentage, sold ratio, renter ratio, HOA reserves and maintenance status. In almost all cases, it pays to use a loft specialist lender for a Downtown loft transaction because the lender has already approved the building, preventing needless delays and unanticipated costs.

More than 20% of Downtown homes for sale listings involve a building that is currently or recently in a lawsuit or litigation. Sometimes a litigation lender must be used.

Chase Bank has released a list of Chase approved Downtown buildings. While it is helpful when a large bank like Chase is making an effort to help buyers and sellers in Downtown Los Angeles, there are other smaller lenders that have been more focused and more successful because they are already more established in Downtown lofts, have approved more buildings and have compete more loans recently in some of the most challenged Downtown loft buildings.  |  COMMENT

Get a free list of the top Downtown loft lenders that can lend on nearly every building in DTLA. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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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.  |  COMMENT