No Trust In The Process Of Leaving Your Home To Your Heirs

And by "no trust" I'm referring to the fact that we may no longer need a "Trust" to leave our properties to our heirs. Glendale's assemblyman Mike Gatto is trying to untangle the messy red tape that can happen when someone passes away and doesn't have a Trust, or have one set up correctly.  See, here in California, you need what is called a Trust (aka Living Trust) to leave your home to someone after you pass away.  It's not as simple as just leaving it in a Will.  A Trust is a separate legal document that allows your property to be dispersed to the person(s) you name on the Trust.  And along with making this legal document you also have to make sure the title to your property reflect your property as having a Trust.  And if you don't do it right and pass away, your loved ones can pay through the nose to get your property passed into their possession.  It's a real tricky and expensive thing.  But read more here about what Mike Gatto's plans are for this and follow along because it could have an impact on anyone who owns property here in California http://www.scpr.org/programs/offramp/2015/03/24/42090/avoid-the-horrors-of-probate-under-new-bill-from-a/

For more information on Trusts, Wills and everything else legal, call a real estate lawyer or estate planner.  I have a couple great ones I can refer you to if you like.
                                                                            

        

Questions To Ask When Buying A Condo

If you are looking to buy a condo, there are questions that may be very important for you to know.  I've put a star next to some of these questions that you may not be able to get the answer to until you are in escrow but the other ones, the listing agent should know or be able to find out

1. What are the monthly HOA dues?
2. What do those dues cover? Things like trash, hot water, cable, security....?
3. What amenities are in the building? A pool?  Workout room? Common BBQ area?
4. If there are no washer/dryer hookups in the condo, can I add them?
5. How many parking spaces do I get?  And are they side by side or tandem?
6. Is there guest parking?
7. In Los Angeles, condo buildings can not restrict you from having a pet. But they can limit the type of pet, number of pets and size so ask about this.
8. Who runs the HOA? An off-sight company or someone in the building?
*9. How much money are in the reserves?
10. Is there any litigation going on or pending with the HOA?
11. Are there any assessments now or pending?
*12. Are any units delinquent on their dues? 
13. Is there earthquake insurance on the building?
*14. If the unit does not currently have hardwood floors, can I put them in later?

Make sure to take this list with you when you see condos and if you aren't sure why you should be asking these questions, leave me a comment and I will explain further. And if you are looking to buy or sell your home, please consider calling me. I am always here to help.  
                                                                                     

Hours of An Open House

If you are one of those people who just like to drive out on Sunday and see what houses are having an open house, it may be helpful to know the times they are typically open. So here you go....

Here in LA, during the winter hours when the sun goes down earlier, we hold open houses from 1-4PM

During the Summer when the sun sets later we hold them from 2-5PM

These times change on the days we have the daylight savings time change.  So hop out this coming Sunday and see what's for sale..
                                                                          

Are You Stuck In The "Just Thinking" About Buying A Home Phase?

Are you Thinking about buying but really just stuck in the "thinking" or "talking" about it phase? Have you been there for a bit but not really sure you can buy or that you can afford what you would be hoping for?  There is no better way to know if and what you can buy till you sit down and talk with me. That is what I'm here for...it's part of my job. I'm more than happy to go over what your home may be worth, to things such as how much you would walk away with after the sale of your home minus fees, and I'll get you talking with a loan officer so that they can tell you what you would qualify for. We can figure out how you would sell then buy a new place and the options you have to do that with when you need the money from your sale to buy another.  If you're not needing to sell to buy a new home, we can talk about what you will need ready to make offers and what expenses are associated with buying.  And I do this all for free...I mean, heck, this is one way I get business so please don't hesitate to go over these things with me. Don't just get stuck in the daydreaming mode...let's chat today!
                                                                           

                                                                           

6 Things You Need To Do When Looking To Buy A Home

If you are about to start looking to buy a home, you will need to do these things to start your process:

1. Most important! Talk to a loan officer and see what your budget will be. Most people like to look up online a mortgage calculator and try to figure out where their price range is but what you can pay each month, can be very different from what you may qualify to buy.  And you really don't want to start looking at houses, fall in love with something and not be able to put an offer in (since you will need a letter from your lender to be submitted with your offer)
2. Get an idea of what areas you will be interested in. Some people can afford to live exactly where they want, while others' budgets limit them.  So be open to a few extra suggestions on areas as well.
3.  Make a list of the things you MUST have in a home and the things you HOPE you can get and just keep the list handy to look at when seeing homes.
4.  Find a good realtor.  Ahemmm. That would be me! I've lived in and sold homes from Mid City LA, West Hollywood, Hollywood, Los Feliz, Thousand Oaks, San Gabriel Valley, Santa Clarita and all of the San Fernando Valley (which is where my office is located) So shoot me a call and if you live further out than where I am, I know a network of great realtors that I can point you to as well.
5.  Look at the homes I send you as well as sites like Realtor.com and Zillow for homes as well (although stay clear of looking at the "Zestimates" that Zillow shows on their site.  Doing that is like going down a rabbit hole of no-good.
6. And lastly, go to some open houses and book appointments with me to see houses in person.  A lot of people change what they may think is important or not important once they start seeing homes in person. 

I can't wait to help you find your next home or sell the one you have now so don't wait and call me so we can get started!
                                                                                 

The LA Marathon is coming...RUN!!

You have 2 options when it comes to the LA Marathon.  Run in it, or away from it.  So if you aren't in it, I have attached a link to the map below of all the streets you will need to avoid to stay away from it.  Good luck on Sunday.  And may LA street closures be ever in your favor.
                                                                 LA Marathon Street closures

                                                                              

Zestimate Shmestimate

Zestimates are a very popular source for both buyers and sellers alike these days.  I can't tell you how many people quote to me the "Zestimate" of a property they are interested in buying, or their own property that they are selling when trying to determine the price.  And now matter how many ways from Friday I try to explain that these Zestimates are as accurate as my NCAA tournament bracket I put together (by the way, I don't watch football...or basketball;) it seems people still fall back on these for price gauging.  But what is the real scoop about Zestimates and are they really applicable to the real world of real estate here in LA? Well LA Times did an article on this topic and in this article they pointed out that "...in New York County — Manhattan — the median valuation error rate is 19.9%. In Brooklyn, it's 12.9%. In Somerset County, Md., the rate is an astounding 42%. In some rural counties in California, error rates range as high as 26%. In San Francisco it's 11.6%. With a median home value of $1,000,800 in San Francisco, according to Zillow estimates as of December, a median error rate at this level translates into a price disparity of $116,093."  Read the complete article here http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html
There are just too many factors that can influence the price of a home. If two similar sized homes are on the same street both built around the same time would you assume they are worth the same?  Now lets say home "A" has a lovely golf course outside it's back yard. This home also has a new roof, is completely remodeled with things like wood floors, stone counter tops, top-of-the-line appliances and all new windows, and also has a professional landscape.  Home "B" on the same street, just a little ways down from home "A", is across from a middle school, hasn't ever been remodeled and is complete with older carpeting, older appliances and needs a new roof.  Would you pay the same for both homes? So while Zestimates may be in the ballpark of where prices are, even Zillow clarifies Zestimates by saying "It is not an appraisal. Use it as a starting point to determine a home's value" Not to say that Zillow is not a good site to use...quite the opposite.  It has a ton of helpful information that consumers can use about the real estate market and communities.  It's just not a great place to get the value of a home from.
                                                                       

Top 4 Remodeling Tips To Showcase Your Home

1. When it Comes to Remodeling, The Most Value Will be in the Kitchen

I see it time and time again when I show and sell houses.  The biggest wow factor of remodeling is with the kitchen.  It not only shows very well in the photos (which gets buyers in the door) but it is the most used room of a house so people like to see updated kitchens more than any other room.  And many of my clients when buying homes, have also mentioned that having an updated kitchen it great because it can be the largest expense and hassle, in terms of remodeling, and they would rather have it already done for them when they buy a house. 
 

2. The Second Best Room to Remodel is the Bathroom

A newly remodeled bathroom can do a world of good when selling your home.  While a 30 year old shower may work as well as a 2 year old one and the faucets of an older sink run water the same as a new one may, people like a clean newer bathroom.  If a bathroom in a home is not only older, but hasn't been well maintained, then people just imagine the germs and dirt in the bathroom and it's a real big turn off. 

3. Give the Front of a House a Face Lift

Sometimes remodeling is really just a face lift.  Try painting or replacing the front door.  Spruce up the shutters with a new coat of paint.  Add some plants to the front porch. Just a few minor changes can really highlight some great curb appeal and curb appeal is very important.

4. Remodel your Back Yard

Yes, I did just say 'remodel' your back yard.  I have seen so many buyers walk through a home with a very unimpressed poker face as they look room to room but then step into a fabulous back yard and then write an offer on a home.  For some people, the size of the back yard is key, but for a lot of people it's all in how the space is being used and the look and feel of it.  Try a Zin back yard with a nice deck, some succulents that need very little water and a nice fountain.  Or build a pergola that adds shade to a bright back yard and decorate that area with an outdoor rug and patio furniture. Or even just adding some great bushes or an herb garden can really tug on the heart strings of someone who loves the outdoors.  

                                                                           

What Just Happened With FHA Loans & What Is The News On Conventional Loans?

Have you thought about buying? Maybe you even started looking a few years back but put it off for one reason or another? Well, welcome to the time of "No more excuses".  Interests rates are hovering around 3.75% and even less, so if you qualified for a loan years ago when interest rates were in the mid to high 4%, it is likely you can afford more than you thought you ever could now.  And some other terrific news is that with FHA loans, which you can have a minimum of 3.5% down, they have recently lowered the annual mortgage insurance.  So not only is it possible to be able to get an interest rate with FHA for lower than a conventional loan rate, the mortgage insurance is less now. So, what are you waiting for?  Don't look back a year from now and say to yourself "I wish I would have..." Call me and lets talk and you need to do yourself the favor of talking to a loan person and seeing what you can purchase today.

Here is a great article from the Washington Post that gives a great description of how FHA is working today after the recent change.

http://www.washingtonpost.com/realestate/many-gain-from-new-fha-insurance-rules-but-conventional-loans-are-better-for-some/2015/01/15/ca58179e-9a7e-11e4-bcfb-059ec7a93ddc_story.html
             
                                                                         

Escrow Opened in Tujunga Village

Location, location, location! This great little condo is going to make my soon-to-be Grandmother (although doesn't look anywhere near old enough to be one) a new resident of Studio City.  I'm sure she's excited to be closer to her daughter and I'm excited she's going to be close to the great coffee spot, Aroma Cafe.
                                                                                 

Disclosures, Disclosures, and More Disclosures

I have a great tip for those of you buying a home when it comes to disclosures you receive...read the line just before where you are signing so that you understand why you are signing it.  Most (not all) disclosures you sign will say something like "The undersigned hereby acknowledges a receipt of this disclosure" This means that you are not approving of what may be written on that paper, but just that you have been given it.  The "approval" of all the disclosures you receive comes in the form of the removal of your contingencies.  So next time you sign a form, read the line or two before your signature to understand why you are signing what you are signing.
                                                                     

My Own Home Buying Experience: Part 4

So I am at the end of my transaction in buying my own home and here is what I will take with me from my experience to help guide my own clients during their process:

1. Keep an open mind when looking for a home. Make a list of a few "Must Haves" and be flexible with the rest. You may miss out on a great home if you don't open your options.

2. The amount of paper work is mind boggling. As a buyer, when your lender is calling and needing something out of the blue at the last minute or escrow is asking the same thing, it can be very stressful and I can see how a buyer may just lump the lender, escrow officer and realtor into one and get frustrated at everyone. I have always tried to prepare my buyers of what is to come and potential outcomes but no one can predict all the odd scenarios that can arise when buying a home so I will continue to work hard at communicating with my clients about being as proactive as we can possibly be.

3. I've said it and written about it but it is so important that when buying a home, that you over-inflate the amount of cash out-of-pocket that it will take. Between all the inspections, appraisal, lender fees, escrow fees, moving fees and other things here and there, you will need much more than just your down payment to make it through the home buying process. So when looking over your numbers, give yourself lots of cushion room for anything you may not be thinking about when buying.

4. And last but not least, work with a great agent that is open to answering all your questions and someone that you feel comfortable talking with about any and all concerns. If you don't fully trust your agent, you aren't going to get the most from them and you really need to be as open with them as possible. So find someone you feel very comfortable with and are able to ask questions, get answers and trust that they are doing the best they can to help you in the process. I try to start every relationship with my clients by letting them know that I am aware how confusing the process may be and that no question is "dumb" or unimportant and I am happy to go over everything with them till they completely understand what is going on.
                                                                      

I Help Buy and Sell Homes, Not Just Houses

I just heard someone that is having an emotional time selling their home, and I'm reminded of selling my first home.  We spent countless hours making a wine cellar area at the bottom of the staircase near the garage. We lived there when we got married and the house was filled with wedding dresses and photos.  We adopted our dog and that was her first home as well.  My husband and I brought our daughter home from the hospital there. We spent days painting and decorating her nursery which we thought was the most beautiful room ever.  And we sold the home to a young bachelor who would probably only appreciate the wine cellar. And the nursery will be painted over for a guest room or office, most likely.  And that closet downstairs will only hold coats for him and not the memory of our dog hiding in there the first day we brought her home.  But we were a growing family and needed to sell.  We moved into a rental since we wanted the next house we bought to be a long term home and we didn't know what our needs were at the time. I think moving into a rental made the sale a bit harder since I knew I wouldn't be able to personalize this new house the way I wanted.  But I reminded myself that the nursery we painted would someday be painted anyway with our daughter growing up and that my kids now have a nice yard they play around in now and we have great times here as well...cause this is where we live now and we are together.  And while we were out looking for a new home recently, my husband had a hard time looking at other people's houses and having it feel like home when it was obviously decorated with other people's things and family photos.  And I just had to remind him that paint and photos are just what hang on the walls and that a house is a home after you move in and start to make memories.  And as a realtor, I really try to let my clients know that I understand the ties that bind them to their home...cause it's never just a house.  And while my job is to get inspections done, and fill out mounts of paper work and help them understand the process, it's also my job to make it more than just transaction and also make it a move forward in their lives. So if you are out looking to buy a home, or thinking of selling yours, I am always here. 
                                                                           

                                                                          

Opened Escrow!

I know that some people shy away from buying or selling a home during the holidays but I think this is a great time to make a move.  Less competition around this time can make for a better search or sale on both sides.  I just opened escrow on this beautiful home that was only on the market for 2 days.  If you or anyone you know is wanting to make a move this holiday season, please consider me in your real estate needs.  I am always here for you.
                                                                          

Buying An Updated Home VS One That Could Use Some Remodeling

I'm in the middle of buying a home myself and it's always on my clients checklist as to whether to buy a home that is already updated, or do the work someday themselves.  And here's what I think, sometimes you can look at a home that has recently been remodeled and it seems appealing to just move in and do no work.  But sometimes these homes are, what I like to call "Lipstick on a pig".  Trust me when I say that granite counter tops and new floors does not improve a home that was not previously taken care of and well maintained.  So new counter tops and floors are going to mean nothing to an owner if they have to put holes into walls to fix bad wiring or rip up the shower since the plumbing is old and there is moisture in the wood underneath.  The thing is, any home can have an array of issues.  A home has many different parts that need to be taken care of and maintained throughout the years and even sometimes when they are, they can still go bad and you may not know till it's too late.  But I've seen many remodeled homes that look as if they've just tried to distract a buyer from really looking at the home and its condition...and it works. These can wind up being a real big money pit.  But if you have a home that is older and hasn't been remodeled, I personally feel that you may get a better idea of how the home itself was taken care of by looking at how the floors, counter tops and how other parts were maintained.  There is nothing that makes me more confident about a home purchase than looking at the condition of the carpet, and windows and bathtubs when they have been around for many years and seeing that they are still in great condition.  So, that is my thought for the week....and if you are looking to buy or sell a home, please consider me with your real estate needs.  I am always here for you.