Tag: loft mortgage

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Fair Housing and Equal Opportunity In Sales and Rentals

In the sight of the law all people are protected in housing issues.

What Is the Fair Housing Act? 

The Fair Housing Act is a federal law enacted in 1968 that prohibits discrimination in the purchase, sale, rental, or financing of housing—private or public—based on race, skin color, sex, nationality, or religion. The statute has been amended several times, including in 1988 to add disability and family status.1 State and local laws may expand on these protections in some jurisdictions, but may not detract from or reduce them. #fairhousing

What Makes for Housing Discrimination? 

Here are some examples of what may be considered illegal discrimination under the law:

  • A landlord says that an apartment is available when a prospective tenant calls to inquire over the phone, but upon seeing that the person who inquired is African American, says that the apartment has just been rented. Upon hearing an inquiry from a member of another race, the landlord says it is available again.
  • A real estate agent refuses to show a house for sale in a specific neighborhood because of the race, religion, or ethnicity of the buyer—or conversely, steers a buyer to a different neighborhood when they asked to see a property elsewhere at the same price range.
  • A mortgage lender charges an applicant a higher interest rate for a loan to buy a home in a predominately Latinx neighborhood than in a predominately white neighborhood or steers a borrower to a loan with less favorable terms because of their sex, race, or nationality.
  • A modern multifamily condominium fails to comply with accessibility requirements for buildings erected after 1991, such that a prospective wheelchair-bound buyer can’t access a unit or parking there.
  • A rental agent refuses to rent an apartment to any single woman with children
Finding your right home is hard enough, Your rights are protected.

KEY TAKEAWAYS

  • The Fair Housing Act outlaws discrimination against home renters and buyers by landlords, sellers, and lenders on account of their race, color, religion, sexual orientation, nationality, disability, or family status.
  • The Act is enforced at the federal level by the Dept. of Housing and Urban Development (HUD).
  • State laws can enhance the protections under the Fair Housing Act, but cannot reduce them.
  • Housing discrimination persists nonetheless and can be difficult to prove. Winning a legal case requires proper documentation and patience. #entarlovesyou
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Fair housing rules cover all kinds of housing situations. Everyone is protected under the rules

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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Loft Loans: How Loft Financing is Different, and How to Find L.A. Loft Lenders

Lofts usually require a loft lender.  This post will help you understand why, and will inform you on which buildings need a loft lender, and will guide you toward finding the right loft lender for the right building.

L.A. Loft Loans
L.A. Loft Loans

More than half of the homes for sale in Downtown Los Angeles are industrial or commercial buildings that have been converted to live-work residential buildings under the Los Angeles Adaptive Re-use Ordinance.  These structures were built for business, and they are still listed in the records as industrial and commercial buildings, with a note added that they are currently used for residential purposes recognized by the U.S. Postal Service and by most other organizations.

Not everyone sees, understands or observes the ordinance however.  Some real estate professionals, such as home loan companies and most banks, run into confusion and failure when they attempt to lend money on a loft.   The home loan company usually has no knowledge or experience with lofts.  They likely have never heard of an adaptive re-use ordinance.  A problem often occurs when a home loan company or credit union is asked to finance a loft because they initially approve the borrower without looking at the property.  The lender does not begin to check the property until it is in escrow, and sometimes does not finish checking the building until after the buyer has signed off on the contingencies.  The home lender then calls the buyer with devastating news: “… of course we cannot lend on commercial buildings; we are a residential lender.”  The buyer is then faced with losing the property or paying $100 per day for delays.

Loft Lender Karen Chiu
Downtown L.A. Loft Lenders Come Through

This is one of the most common home-buying disasters in Downtown Los Angeles.  This problem is most likely to happen when the loft seller uses an out-of-area agent and the buyer also uses an agent who is not a Downtown specialist.  They have no idea of this common problem.  They also have no idea about the lawsuits related to 20% of the listings and other issues that Downtown buyers need help with.  Buildings with lawsuits often require a litigation lender.  These are some of the main reasons why buyers in sellers in Downtown should consider using Downtown specialist agents and loft specialist lenders.

Why You Should Consider A Loft Lender

A loft lender has the experience and resources of many lenders, including banks, mortgage companies and portfolio lenders, to offer a variety of products, including loft loans, condo loans and home loans.

For a free list of Downtown loft specialist lenders, visit
http://www.coreychambersla.com/gold_affilform2.asp or CLICK HERE

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DOWNTOWN LOFT & CONDO:  FOR SALE  |  RENTALS    |  SUBSCRIBE   |  VIDEO

Corey Chambers, REALTOR®
(213) 478-0499
corey@laloft.org
http://www.LAloftBlog.com

L.A. Loft Blog, 816 S Broadway, Los Angeles, CA 90014

The #1 Downtown buyer’s agent with 19 successful buyer transactions closed in 2013, Corey Chambers is a Realtor®, and member of the Top 6 award-winning, 5-Star Yelp rated team.  J.D. Power Award 2012 – Keller Williams Realty ranked Highest in Overall Satisfaction for Home Buyers and Sellers Among National Full Service Real Estate Firms.  DRE#01889449