Many homeowners who are in distress with underwater mortgages are taking the path of the short sale process to get out from under their mortgage.
In the sales process the real estate agent, the negotiator and the owners lender come together to facilitate the sale of the house to a new buyer. All is well and good with the house being sold, the new buyer living in the house and most important of all the seller moving on with their life after this tramatic experience.
But low and behold the seller gets an envelope in the mail with another frightening IRS form 1099, Miscellaneous Income Form. Continue reading
There are many homes that are “underwater” in the local Sherman Oaks, Studio city home market. Underwater meaning that the owner of the house owes more than the house is currently worth for sale with a Real Estate Agent. Essentially, there are 3 different solutions for this situation. Continue reading
Starting April 27, 2012 there will be a fair and carnival in the VNSO park. The proceeds will be used to directly benefit the park and recreation center and to support the many programs that are offered there. There will be carnival type rides, food trucks, live music and many other family fun type events. It takes place near the east parking lot off Hazeltine just south of Magnolia. The hours of the carnival at Van Nuys Sherman Oaks Memorial Park are Friday April 25, 5 pm to 10 pm then Saturday April 26 and Sunday April 27 from 12 noon until 10 pm.
Tickets are going to be per ride or you can purchase day passes for $20 in advance or $25. Be sure to come out and support all the great things that the park does at the pool, the tennis courts, the soccer and baseball fields as well as the fully accessible Shanes Inspiration Playground as well as the gym spaces and East Valley Senior Citizens Center.
The VNSO park is a great place to exercise in just about any way you desire.
Realtor, Blair Thompson, spend many hours at this Sherman Oaks park himself rubbing shoulder with the local residents in his neighborhood. His home is close to the park so he loves being in the midst of his community. He hopes to see you there this weekend.
As a Realtor and homeowner in the Sherman Oaks area it is important for me to keep informed about the most pertinent and current local news and happenings. I find that one of the best sources I have found for the local flavor is the Sherman Oaks Patch . This site seems to be a nice combination of newspaper, blogsite as well as a local resident forum to desiminate information. I am signed up to receive certain email alerts that they issue as well as a daily summary. I often find that they notify me of newsworthy events before the radio or TV news as they take input from community members. I also find that they have other realtor open houses listed on their site. There is some kind of affiliation among the other communites that have similar “Patch” sites for Studio City, as well as Encino.
The #1 question that I, as a realtor am asked, is how is the local Sherman Oaks housing market. The simple answer is “mixed”.
Some indicators show that foreclosures, shortpays, and other distressed homes for sale are pulling down the value of standard home sales. However, there are other factors such as a very low inventory, short marketing times, and historically low interest rates which point to a sellers market. Continue reading
These are some of my favorite video bloggers that have a daily blog covering mortgage and real estate related content. They can be very wacky but they take some pretty dry content and make it interesting. This particular post talks about a pilot program that Bank of America (BOA) started a while ago. It has gone so well that I hear from several different reliable sources that they are going to expand it into a full blown program and particularly here in the Southland. And the rumor is that many other lending institutions will follow suit. Watch the video then read my thoughts below! (you can jump to about 40 seconds in for the meat of the video)
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The only change I have heard to their description is that BOA plans to hold on to the properties rather than selling them in bulk. This would make it so that they get their treasury dollars based on todays deflated value, and then would sell it to the then renters in 3 years for a higher price when the market has stabilized. Continue reading
On April 15, 2012 at about 1:00 pm I got to experience downtown LA from a different perspective than ever before. On 2 wheels, traveling at about 5 miles per hour, without the constant fear of vehicular interruption, and with about 100,000 of my closest friends. CicLAvia
The most striking element of the event was the quietness and peacefulness we in the megalopolis of
Los Angeles and Sherman Oaks in particular ever get to experience. A very close second was the sense of safety riding a bicycle on a public street. Being a lifelong casual biker, I don’t often feel comfortable traveling the streets on 2 wheels, even on designated bike lanes or bike paths. The constant threat of a car infringing on my space creating a dangerous situation is just too much to allow full enjoyment. But this was not the case on Sunday. Continue reading
There are many conflicting indicators in the Sherman Oaks housing market currently.
On balance it would seem that it is a sellers market. But ask any seller if they feel that the value of their home indicates a sellers market and you will get a resounding “NO”! This is largely due to the devastation on home values over the past few years. A fair, “correct” answer to the question needs to give less importance to the current values than the average homeowner would like to see given. Continue reading