purchase – LA Loft Blog

Dear Corey,

Ah, the urban jungle of nonwarrantable condos! Joel has dropped into our virtual mailroom, eyes gleaming with the spark of potential loft ownership. It’s no secret that diving into the world of lofts, particularly those elusive unwarrantable ones in the heart of downtown, can feel more like navigating a labyrinth designed by M.C. Escher than a straightforward path to home ownership. Some loft and condo buildings have various issues that some mortgage companies and banks are not comfortable or familiar with. For purchase or refinance, there’s fortunately a lender for every loft.

Your email shines like a beacon of hope for our dear friend Joel. Who else but Corey Chambers, the loft king himself, could compile such a compelling list of specialized lenders? It’s like having a VIP pass to the hottest, most exclusive financial advisors in town.

First on the list, we have the “unwarrantable condo specialists.” With a title like that, one can only imagine a hero donning a cape, swooping in to save the day when a tricky condo deal threatens to unravel. With his expertise, those unruly lofts that defy typical lending criteria are no match.

Next up, another loft lender, who must surely keep a magic calculator that conjures favorable rates and terms from thin air. And let’s not forget another super experienced mortgage, navigating the financial waters with the ease of a seasoned captain. With contacts like these, Joel’s journey might just be smoother than expected.

And there’s a heartwarming twist in your newsletter, Corey! The noble quest of raising $25,000 for the extraordinary kids at Children’s Hospital Los Angeles through your home sales donations adds a layer of heroism to your real estate ventures. It’s not just about properties; it’s about purpose.

So, dear readers, if you or someone you know is venturing into the world of nonwarrantable condos, or any real estate adventure for that matter, remember that referrals don’t just lead to successful sales—they help the kids, too. Let’s help Corey help the kids by spreading the word, because every referral brings us closer to that admirable $25,000 goal.

Wishing Joel all the best in his loft conquest, and to you, Corey, keep being the guiding light in the real estate galaxy!

Warm regards,

L.A. Loft Blog

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Copyright © This free information provided courtesy Entar.com with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 888-240-2500 or visit WeSellCal.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Escrow length when selling a home: It can sometimes take a while

Q: What’s the longest escrow period on a house?

A: When buying or selling a home, most transactions are protected by using an escrow service to verify that all parties follow the property purchase agreement contract, to ensure that required documents are completed, to make sure that required procedures are accomplished and to send payments as required by the purchase agreement. This process usually takes time, especially when a home mortgage lender is providing financing so that the buyer can make payments over time for the property. The length of escrow can vary greatly depending on the wishes of the buyer and seller, the type of financing, and the requirements of the contract.

What is the longest that escrow can be? The most common escrow period is 30 days, but 35-45 days is common too. Sometimes escrow can close in just 21 days, but we’ve heard of two cases of escrow taking a full 18 months. One case involved yours truly, the headquarters of the LA Loft Blog, a 2-story condo unit at Alta lofts. Although the seller warned us that it would be a long escrow when we bought the Alta loft, we thought it might not be prudent to keep waiting once the escrow period passed 60 days, then 90 days, then 6 months, then a year. The condo was a special deal, a new development of converted historic industrial lofts, plus some special financing arrangements. The price was so low that the seller did not want to complete the transaction right away because it would lower the comps for the other units. Fortunately, our Downtown real estate team leader informed us that it was usually worth waiting for the escrow to close — and he was right. The loft was big, nice and cheap. Patience paid off. We don’t know the details of the other 18-month escrow, but they likely also found it to be well worth the wait. If anyone has heard of a longer escrow, please tell us about it 🙂

What’s the shortest escrow? For a cash purchase, escrow can theoretically be done in about three days in California, but we suggest allowing at least 7-14 days to allow for delays and government bureaucracy etc.

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