The "818" on Real Estate

Yes, there are plenty of septic tanks throughout the San Fernando Valley . Unfortunately, they are a surprise to some buyers (and sellers). The upside is that you aren't responsible for a city sewer charge, and the downside is that you must occasionally service these tanks. Before purchasing (or selling) a home you may want to check out this city website*: http://navigatela.lacity.org/index.cfm After accepting the disclaimer: 1. Type in the subject property address and wait for it to display a link 2. Click the parcel description to the right of the address link 3. Click "parcel sewer wye report" -If a record is pulled up with a permit number; chances are you are connected to the city sewer. -If no record is found and it states "No Sewer Wye Permit found for this parcel"; chances are you have some sort of septic system. *This is the quickest and most accurate way to determine if a home has a septic system (other than digging it up). Jesse James 818-326-094

It's not the end of the world after a foreclosure, short sale or bankruptcy. There are just certain time periods and specific loans that must be considered when obtaining a mortgage: Rough breakdown for Conventional Loans: -Foreclosure: 7 years -Short Sale: 3 years -Bankruptcy: 4 years Rough breakdown for FHA/VA loans: -Foreclosure: 3 years -Short Sale: 3 years -Bankruptcy: 2 years *I can email you a more detailed scenarios

Unfortunately, individuals undergoing loan modifications and short sales have notice of defaults filed during the process because of non-payment (NOD). Scammers can obtain this information due to it being public record. If the home is unoccupied and approaching a notice of sale (foreclosure auction), you may fall victim to this scam. The scam artists will forge homeowners’ signatures on a Grant Deed as well as fraudulent notaries witnessing signatures. Even though these homes are encumbered with loans, the document is still recorded & filed (inside job at the county). *Just be on notice, and call if you'd like me to run title search for you (Jesse James 818-326-0945)

When purchasing a condo/ townhouse with an FHA loan, an approved complex is required. Your mortgage broker or direct lender can offer this service for free. This search is run through the HUD website and runs from 8am-9pm Eastern time. https://entp.hud.gov/idapp/html/condlook.cfm If you want to be proactive: Step 1: Approval method should be HRAP / DELRAP Step 2: Enter state Step 3: Enter condo name if known Step 4: Enter zip code Step 5: Search type is BOTH You will need to know the name of the HOA /complex. Unfortunately this is not organized by address. The complex should be approved up until the date you close escrow. Call me with any questions! 818-326-0945

I really empathize with people trying to buy a home today. On one hand; affordability is up, interest rates are awesome and hefty tax credits are available. Unfortunately the supply of homes is down and most seem to be either short sales or REO’s. This is not necessarily a bad thing but they do require a little more time and know how. Short Sales are selling everyday but do take an additional few months to close escrow on. An important factor when buying short sales is to determine whether or not the agent is sending multiple offers to the bank. If they are planning on doing this, then don’t even make an offer. You may end up waiting five months for an unsuccessful outcome because the bank approved another offer that you were unaware was even submitted. The REO properties can happen much sooner but usually have many stipulations in their addenda. Remember to read through the banks addenda and follow it to the tee. These homes have been foreclosed on and are in pretty bad shape. Since

I wanted to share some information regarding the FHA loan. The FHA loan is government insured and has been a real driver in the housing market. Please click this link http://www.washingtonpost.com/wp-dyn/content/article/2009/12/02/AR2009120200025.html , or read my summary below: Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancing. In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market’s recovery. The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans. Officials at FHA have yet to determine how much cash will be required. Up-front cash can inclu