Westwood Homes Open House March 10th, 2013 by Scott McIntosh

Buyer Tour

PREPARED FOR

Westwood Homes Open House March 10th, 2013 MARCH 10, 2013

LIS

Map of All Listings

MLS #

Status

Address

Price

13647147

Active

10573 LE CONTE AVE, Los Angeles

$3,599,000

13654661

Active

827 MALCOLM AVE, Los Angeles

$2,195,000

13649749

Active

1841 BENECIA AVE, Los Angeles

$1,755,000

13656271

Active

1406 SELBY AVE, Los Angeles

$1,299,000

13656115

Active

2250 SELBY AVE, Los Angeles

$1,295,000

13654701

Active

2054 FAIRBURN AVE, Los Angeles

$1,042,000

ML #13

Property Details 10573 LE CONTE AVE, Los Angeles

$3,599,000

LISTING INFORMATION

Courtesy of Coldwell Banker-Brentwood

MLS#: 13647147

Beds: 6

Sq Ft: 6,429

List Date: Jan 23, 2013

Status: Active

Baths: 5.00

Year Built:

DOM: 46

FEATURES Status details: Active; Zoning: LAR1; CDOM: 207; Number of units: 1; TB map code: 632C2; Appliances: Water Purifier - Owned; Floors: Hardwood,Marble; Cooling: Central A/C,Zoned A/C; Heating: Central Furnace; Kitchen: Granite Counters (N),Island,Remodeled (N); Pool: Private Pool; Roof: Copper; View: Tree Top View; Patio: Patio Open; Lotsize: 13030; REMARKS Located in Little Holmby, this remodeled (2004) Mediterranean Villa of approx. 6,400 sq. ft. includes 6 bedrooms and 5 baths on a 13,000 sq. ft. lot. This 2 story entertainer's home features an upper level with an elegant living room and a great room which leads to a stone patio with tree top views. The spacious kitchen with granite island & counters, stainless steel appliances also includes a sun-filled breakfast room with French doors to the back yard & pool. The 3 upstairs bedrooms include a master suite with French doors to the backyard, a large walk-in closet, and a master bath with spa tub and separate shower. The lower level is being used as a home office suite with 2 offices, 2 baths and a large conf. room with fireplace that opens to a spacious patio with fountain. The office suite could easily be converted into 3 additional bedrooms if desired. The property is surrounded b...

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

10573 LE CONTE AVE, Los Angeles

$3,599,000

LISTING INFORMATION

Courtesy of Coldwell Banker-Brentwood

MLS#: 13647147

Beds: 6

Sq Ft: 6,429

List Date: Jan 23, 2013

Status: Active

Baths: 5.00

Year Built:

DOM: 46

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 10573 LE CONTE AVE, Los Angeles

$3,599,000

ML #13

More Listing Photos 10573 LE CONTE AVE, Los Angeles

$3,599,000

Area Schools 10573 LE CONTE AVE, Los Angeles School

$3,599,000 Type

Phone

Distance

Warner Avenue Elementary School

Public/K-5

(310) 475-5893

0.27 mi

Sinai Akiba Academy

Private/K-8

(310) 475-6401

0.46 mi

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

0.59 mi

St Paul The Apostle School

Private/K-8

(310) 474-1588

0.83 mi

Marymount High School Los Angeles

Private/9-12

(310) 472-1205

0.87 mi

Ralph Waldo Emerson Middle School

Public/6-8

(310) 234-3100

0.94 mi

Global Montessori School Of Westwood

Private, Montessori/ PK,K

1.27 mi

Westwood Elementary School

Charter/K-5

(310) 474-7788

1.37 mi

El Rodeo Elementary School

Public/K-8

(310) 229-3670

1.46 mi

Private/PK, K-12

(310) 274-7281

1.5 mi

Harvard-Westlake School - Middle School See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

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ML #13

Property Details 827 MALCOLM AVE, Los Angeles

$2,195,000

LISTING INFORMATION

Courtesy of Rodeo Realty - Beverly Hills

MLS#: 13654661

Beds: 5

Sq Ft: 3,530

List Date: Feb 27, 2013

Status: Active

Baths: 4.00

Year Built: 1926

DOM: 11

FEATURES Status details: Active; Zoning: LAR1; CDOM: 11; Number of units: 1; TB map code: 632B2; Appliances: Dishwasher,Garbage Disposal,Refrigerator; Floors: Hardwood,Tile (N),Wood; Cooling: Ceiling Fan(s),Air Conditioning,Central A/C; Heating: Central Furnace; View: No View; Lotsize: 7702; REMARKS Great opportunity in Little Holmby on this spacious family home w/ 5 BR & 4 BA. Lots of original charm and character abound this Home w/Hwd floors, enormous family Room w/fireplace which leads to a grand living Room. Second floor there are 5 sun-filled Bedrooms & 3 Bathrooms with great flow & ample closet space.Completely flat lot w/2-car detached Garage,separate guest or maid's quarter w/full bath,storage & gated driveway for parking additional cars. Spacious updated kitchen w/newer appliances & good size Breakfast nook overlooking the yard. Generous master suite w/spa in the master bath.Additional den/office or maid's Rm downstairs. Situated in a beautiful residential neighborhood in highly desired Little Holmby & Warner School District. Located in cose proximity to Westwood Village,UCLA Campus,Century City,Beverly Hills,Brentwood & Santa Monica w/easy access to Freeways 405 & 10, fine...

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

827 MALCOLM AVE, Los Angeles

$2,195,000

LISTING INFORMATION

Courtesy of Rodeo Realty - Beverly Hills

MLS#: 13654661

Beds: 5

Sq Ft: 3,530

List Date: Feb 27, 2013

Status: Active

Baths: 4.00

Year Built: 1926

DOM: 11

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 827 MALCOLM AVE, Los Angeles

$2,195,000

ML #13

More Listing Photos 827 MALCOLM AVE, Los Angeles

$2,195,000

Area Schools 827 MALCOLM AVE, Los Angeles School

$2,195,000 Type

Phone

Distance

Warner Avenue Elementary School

Public/K-5

(310) 475-5893

0.49 mi

Sinai Akiba Academy

Private/K-8

(310) 475-6401

0.69 mi

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

0.69 mi

St Paul The Apostle School

Private/K-8

(310) 474-1588

0.75 mi

Marymount High School Los Angeles

Private/9-12

(310) 472-1205

0.78 mi

Ralph Waldo Emerson Middle School

Public/6-8

(310) 234-3100

0.88 mi

Global Montessori School Of Westwood

Private, Montessori/ PK,K

1.18 mi

Westwood Elementary School

Charter/K-5

(310) 474-7788

1.37 mi

Nora Sterry Elementary School

Public/K-5

(310) 473-2172

1.61 mi

New Horizon School Westside

Private/PK,K-5

(310) 231-6092

1.61 mi

See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

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ML #13

Property Details 1841 BENECIA AVE, Los Angeles

$1,755,000

LISTING INFORMATION

Courtesy of Coldwell Banker-Brentwood

MLS#: 13649749

Beds: 5

Sq Ft: 4,503

List Date: Feb 5, 2013

Status: Active

Baths: 4.50

Year Built: 1990

DOM: 33

FEATURES Status details: Active; Zoning: LAR2; CDOM: 263; Number of units: 1; TB map code: 632D3; Appliances: Dishwasher,Garbage Disposal,Gas Dryer Hookup,Refrigerator; Interior: Intercom; Floors: Hardwood,Marble; Cooling: Central A/C; Heating: Central Furnace; Roof: Clay Tile; View: Tree Top View; Lotsize: 5339; REMARKS Magnificent newer construction (1991) boasting 5 bedrooms & 4.5 baths with 2 stories and 4500 sq. ft. of living space. This Century City Adjacent home offers an open living room which flows seamlessly into the gourmet kitchen with s/s appliances, granite island & counters & Thomasville cabinets. The step down breakfast room leads to family room with fireplace and French doors. The downstairs en suite bedroom can also be used as an office, guest room or exercise room. The 4 upstairs bedrooms include a spacious master with f/p, large walk-in closet & dual sink bath with spa tub & shower. Additionally there is secured underground parking for at least 5 cars for the enthusiast.

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

1841 BENECIA AVE, Los Angeles

$1,755,000

LISTING INFORMATION

Courtesy of Coldwell Banker-Brentwood

MLS#: 13649749

Beds: 5

Sq Ft: 4,503

List Date: Feb 5, 2013

Status: Active

Baths: 4.50

Year Built: 1990

DOM: 33

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 1841 BENECIA AVE, Los Angeles

$1,755,000

ML #13

More Listing Photos 1841 BENECIA AVE, Los Angeles

$1,755,000

Area Schools 1841 BENECIA AVE, Los Angeles School

$1,755,000 Type

Phone

Distance

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

0.62 mi

Sinai Akiba Academy

Private/K-8

(310) 475-6401

0.77 mi

Le Lycee Francais de Los Angeles-Century City Elementary School

Private/K-1

(310) 553-7444

0.8 mi

Alt./9-12

(310) 551-5100

0.83 mi

Private/PK,K-8

(310) 474-1811

0.83 mi

Westwood Elementary School

Charter/K-5

(310) 474-7788

0.85 mi

Beverly Hills High School

Public/9-12

(310) 229-3685

0.89 mi

El Rodeo Elementary School

Public/K-8

(310) 229-3670

0.91 mi

Ralph Waldo Emerson Middle School

Public/6-8

(310) 234-3100

0.95 mi

Private/K-8

(310) 474-1588

0.99 mi

Moreno High (Continuation) High School St Timothy School

St Paul The Apostle School See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

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ML #13

Property Details 1406 SELBY AVE, Los Angeles

$1,299,000

LISTING INFORMATION

Courtesy of Gibson International

MLS#: 13656271

Beds: 4

Sq Ft: 2,564

List Date: Mar 7, 2013

Status: Active

Baths: 3.00

Year Built: 1937

DOM: 3

FEATURES Status details: Active; Zoning: LAR1; CDOM: 3; Number of units: 1; TB map code: 632B3; Appliances: Dishwasher,Garbage Disposal; Floors: Carpet,Linoleum,Mixed (N),Parquet Wood,Wood; Cooling: Central A/C; Heating: Central Furnace; View: No View; Patio: Covered Porch; Lotsize: 6926; REMARKS Do not miss out on this impeccably maintained Westwood traditional lovingly cared for with all of its original character of hardwood floors, crown molding and wainscoting. This unspoiled home boasts a wonderful floor plan for entertaining including: spacious formal living room with stately fireplace; warm wood paneled den with bar and second fireplace; separate formal dining room; cozy kitchen with eat-in breakfast area; single upstairs bedroom and bath with access to separate private entry; and private verdant yard with partially covered patio, brick kitchen cave, koi pond and grassy play yard. Additionally, the major systems have been updated from the original including full copper plumbing, upgraded electrical and central heat/air. All this and conveniently located near local shops, restaurants, theaters, schools and houses of worship, and in the coveted Fairburn school district. Mo...

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

1406 SELBY AVE, Los Angeles

$1,299,000

LISTING INFORMATION

Courtesy of Gibson International

MLS#: 13656271

Beds: 4

Sq Ft: 2,564

List Date: Mar 7, 2013

Status: Active

Baths: 3.00

Year Built: 1937

DOM: 3

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 1406 SELBY AVE, Los Angeles

$1,299,000

ML #13

More Listing Photos 1406 SELBY AVE, Los Angeles

$1,299,000

Area Schools 1406 SELBY AVE, Los Angeles School St Paul The Apostle School

$1,299,000 Type

Phone

Distance

Private/K-8

(310) 474-1588

0.18 mi

Ralph Waldo Emerson Middle School

Public/6-8

(310) 234-3100

0.29 mi

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

0.41 mi

Global Montessori School Of Westwood

Private, Montessori/ PK,K

0.61 mi

Sinai Akiba Academy

Private/K-8

(310) 475-6401

0.77 mi

Westwood Elementary School

Charter/K-5

(310) 474-7788

0.79 mi

Public/K-5

(310) 475-5893

0.91 mi

New Horizon School Westside

Private/PK,K-5

(310) 231-6092

1.17 mi

Nora Sterry Elementary School

Public/K-5

(310) 473-2172

1.2 mi

Private/9-12

(310) 472-1205

1.36 mi

Warner Avenue Elementary School

Marymount High School Los Angeles See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

Data provided by

ML #13

Property Details 2250 SELBY AVE, Los Angeles

$1,295,000

LISTING INFORMATION

Courtesy of Partners Trust Brentwood

MLS#: 13656115

Beds: 2

Sq Ft: 1,410

List Date: Mar 6, 2013

Status: Active

Baths: 2.00

Year Built: 1927

DOM: 4

FEATURES Status details: Active; Zoning: LAR1; CDOM: 4; Number of units: 1; Spa: Other,Other; TB map code: 632C5; Appliances: Dishwasher,Freezer,Garbage Disposal,Refrigerator; Floors: Hardwood; Cooling: Central A/C; Heating: Central Furnace; Pool: No Pool; Roof: Composition; View: Park Or Green Belt View; Patio: Patio Open; Lotsize: 6075; REMARKS Fabulous Remodeled home in prime Westwood! This home has been redone with no expense spared. Boasting hardwood floors throughout, a gourmet cooks kitchen with stainless steel appliances and breakfast room off kitchen, new bathrooms, new paint inside and out, fireplace in living room and new plumbing and electrical. There is also a converted garage with bonus room and fabulous deck overlooking the large backyard which is perfect for entertaining. Located only 2 blocks from Westwood Charter School and near shops and restaurants. Hurry this will not last!

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

2250 SELBY AVE, Los Angeles

$1,295,000

LISTING INFORMATION

Courtesy of Partners Trust Brentwood

MLS#: 13656115

Beds: 2

Sq Ft: 1,410

List Date: Mar 6, 2013

Status: Active

Baths: 2.00

Year Built: 1927

DOM: 4

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 2250 SELBY AVE, Los Angeles

$1,295,000

ML #13

More Listing Photos 2250 SELBY AVE, Los Angeles

$1,295,000

Area Schools 2250 SELBY AVE, Los Angeles School Westwood Elementary School St Timothy School Overland Avenue Elementary School Global Montessori School Of Westwood Le Lycee Francais de Los Angeles-Century City Elementary School

$1,295,000 Type

Phone

Distance

Charter/K-5

(310) 474-7788

0.31 mi

Private/PK,K-8

(310) 474-1811

0.6 mi

Public/K-6

(310) 838-7308

0.61 mi

Private, Montessori/ PK,K

0.72 mi

Private/K-1

(310) 553-7444

0.83 mi

Public/6-8

(310) 234-3100

0.84 mi

Notre Dame Academy Girls High School

Private/9-12

(310) 839-5289

0.89 mi

St Paul The Apostle School

Private/K-8

(310) 474-1588

0.97 mi

Notre Dame Academy Elementary School

Private/K-8

(310) 287-3895

0.98 mi

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

1.08 mi

Ralph Waldo Emerson Middle School

See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

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ML #13

Property Details 2054 FAIRBURN AVE, Los Angeles

$1,042,000

LISTING INFORMATION

Courtesy of Beverly Glen Realty

MLS#: 13654701

Beds: 2

Sq Ft: 1,408

List Date: Feb 28, 2013

Status: Active

Baths: 2.00

Year Built: 1938

DOM: 10

FEATURES Status details: Active; Zoning: LAR1; CDOM: 10; Number of units: 1; TB map code: 632D4; Appliances: Dishwasher,Freezer,Garbage Disposal,Gas Dryer Hookup,Refrigerator; Floors: Carpet,Hardwood,Other; Cooling: None; Heating: Central Furnace,Forced Air; View: No View; Patio: Patio Open; Lotsize: 5445; REMARKS Perched above the street sits this beautiful mid-century modern home that features a classical progression of original details and modern upgrades. Featuring 2 bedrooms and 1.75 bathrooms, the home was extensively remodeled and painstakingly maintained by the current owner. Some of the custom highlights include new kitchen flooring, hardwood floors, Sub-Zero fridge/freezer, Viking 6 Burner Range, Thermador Hood, Italian Countertops and Bisazza backsplash tile. Master bedroom has extra space for sitting area/home office along with ample closets and storage. Second bedroom is generously sized and with access to the rear yard. Living room has wood burning fireplace. Custom cabinetry including limestone tops in dining area. Attached 2 Car Garage, separate laundry area, quaint front porch and relaxing, backyard make this home perfect for entertaining friends and family. Copper plumbin...

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Buyer Comments

2054 FAIRBURN AVE, Los Angeles

$1,042,000

LISTING INFORMATION

Courtesy of Beverly Glen Realty

MLS#: 13654701

Beds: 2

Sq Ft: 1,408

List Date: Feb 28, 2013

Status: Active

Baths: 2.00

Year Built: 1938

DOM: 10

How do you rate this property? Comments:

Information is deemed reliable but not guaranteed.

Source: CARETS_CLAW

ML #13

Listing Photos 2054 FAIRBURN AVE, Los Angeles

$1,042,000

ML #13

More Listing Photos 2054 FAIRBURN AVE, Los Angeles

$1,042,000

Area Schools 2054 FAIRBURN AVE, Los Angeles School Westwood Elementary School

$1,042,000 Type

Phone

Distance

Charter/K-5

(310) 474-7788

0.38 mi

Private/PK,K-8

(310) 474-1811

0.6 mi

Public/6-8

(310) 234-3100

0.72 mi

Le Lycee Francais de Los Angeles-Century City Elementary School

Private/K-1

(310) 553-7444

0.73 mi

Fairburn Avenue Elementary School

Public/K-5

(310) 470-1344

0.74 mi

St Timothy School Ralph Waldo Emerson Middle School

Global Montessori School Of Westwood

Private, Montessori/ PK,K

0.78 mi

St Paul The Apostle School

Private/K-8

(310) 474-1588

0.82 mi

Overland Avenue Elementary School

Public/K-6

(310) 838-7308

0.88 mi

Sinai Akiba Academy

Private/K-8

(310) 475-6401

1.09 mi

Notre Dame Academy Girls High School

Private/9-12

(310) 839-5289

1.18 mi

See more information on Los Angeles schools from Education.com. ÂŠEducation.com, Inc. 2010. Use is subject to Terms of Service.

Data provided by

What Are Your Homebuying Goals? With the dramatic rise and fall of housing prices over the last decade, consumers have new respect for homes as investments. But the flip side, is that your investment is still a home, one you’re likely to occupy for several years or more. According to the annual Profile of Home Buyers and Sellers, compiled by the National Association of REALTORS®, the primary reason buyers cite for purchasing a home is simply the desire to own, followed closely by the desire for more space, and a change in the family situation. For most people, buying a home is more about giving household members more comfortable living arrangements and putting them closer to jobs, favorite activities, other family and friends. What are your goals for buying a home? You might want a better home and neighborhood. You might want a different kind of living experience, such as moving from an apartment to a single-family home with a private garage and yard. Your family may be growing, so you have to think about school districts and proximity to parks and other recreation. If you’re not certain, you might think about what would change about your situation if you became a homeowner. You’ll definitely be more established. If you’re like most homebuyers, you expect to stay in your new home about 10 years. You’ll also build equity for yourself, instead of for someone else. Every payment you make, plus the rules of inflation will eventually allow you to recoup most if not all of your investment, or make a profit when you sell. Affordability may also be an important factor for you. The combination of low interest rates and low prices allows you to buy more home for the money. Rents are rising, making ownership more affordable than renting in many areas, especially when you factor in tax incentives such as mortgage interest deductions and property taxes allowable as deductions against your income. When you buy, make your goals long-term. Choose the home you think will serve your household’s needs the best for the longest period of time, as it’s been proven that the longer you own a home, the more equity you’ll build. Today’s market conditions and affordability, make it more likely that you will reach your homebuying goals, no matter what they are.

The Homebuying Process There are eight major steps you will take when you buy a home: Get prequalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments. Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance. Hire a real estate professional - Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range. Select your home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford. Make an offer - Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice. Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner. Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing. Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready to move into your new home.

Making an Offer Before you submit an offer, have your agent pull up the most recent sold comparables (CMA) within a reasonable radius of the home, so you can compare the home fairly in terms of location, size, features, and amenities. Next, ask your agent about market conditions, so you can choose a strategy. • In a buyer’s market, discounts are common because there are fewer buyers, more properties for sale, and home prices are soft or falling. • In a seller’s market, homes sell quickly for full price or higher because there are plenty of buyers and few homes for sale. Whether you are in a buyer’s market or a seller’s market, your goal is to buy the home at a fair price. If you were the seller, what is the lowest possible price you’d accept? Low-balling the seller is risky. If the seller feels insulted by your offer, you’ve lost the opportunity to negotiate. On the other hand, some sellers are simply unrealistic about their home’s value. Maybe your offer will be their wake-up call. If the seller’s home is offered at a reasonable price, pay asking price or close to it. A home priced to sell will sell quickly. Is there a way to sweeten your offer with a quick closing or an all-cash sale? To show the seller you’re serious, include a copy of your lender’s pre-approval letter, along with a cover letter summarizing your strengths as a buyer in terms of creditworthiness, flexibility in closing, and why you love this home. Include a copy of your comparables to show why you feel your offer is a fair price for the property. If your offer is conditional, such as your need to sell another home before closing on the seller’s, you’ll have to find a way to sweeten the deal, such as a full-price offer. Few sellers would accept a discount and a contingency at the same time. Your real estate professional will help you draft the offer with a price, estimated closing date, and terms, including earnest money (a guarantee that you’ll perform as a buyer in good faith), final approval by your lender, and your right to have an inspection. Once your offer is negotiated and accepted, your earnest money will be sent to the escrow agent's office. Now the inspections occur, and this is where the contract negotiations can break down. During the inspection process, the inspector will tell you about the condition of appliances, heat and cooling systems, roofs, electrical and plumbing systems, etc, and if your future home is up to current city codes. You should only renegotiate a repair when it wasn’t obvious before, or when a system is unsafe or not functioning. Once the seller has agreed, your offer is now a binding contract, and you’ll proceed to closing.

Your Down Payment Lately, it’s been in the news that credit is tight, but if you believe that you need 20% down and perfect credit to buy a home, you may have good news coming. Loans are available with as little as zero down through the Veterans Administration, for veterans and active-duty military. FHA has programs as low as 3.5 percent down for qualifying borrowers who buy within maximum loan limits, up to $625,000. Borrowers with less than perfect credit can get loans as well. Higher credit scores help qualify borrowers for better rates. For example, if you have a credit score of 720 or better, you can buy a home through FHA with 10% down. The rule of thumb is simple – less money down requires a higher credit score and vice versa. A down payment is simply your way of showing the lender that you are willing to risk your money to buy the home you want. The larger the down payment, the more likely the lender is to make the loan. The credit score will tell you how much money you have to put down; it’s a factor in your interest rate. If you put 20 percent down, you can get a loan even if you have a low credit score of 580 or 620. If you have a 740 or 760, the lender will go with less money down. It also matters where the down payment money is coming from. Lenders expect first-time buyers to get help from family to buy a home, so there may be limits to the size or percentage of the down payment gift that the lender will allow. Down payment assistance can also come from grants. The FHA no longer allows seller-assisted down payments, but does provide a link to national organizations that may be of help. Also, check your local housing authority to see if there are grants available in your area. Talk to your lender before you make an offer. Get prequalified, and be up front about the source of your down payment money. A good lender will explain the true costs of borrowing to you so you can comfortably afford the home you want as well as the monthly payments.

Contact Me Scott McIntosh Coldwell Banker DRE number 01759826 Mobile

310-500-6107

Web

www.scott-mcintosh.com

E-mail

scott@scott-mcintosh.com

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www.thewestwoodblog.com

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http://www.linkedin.com/in/agentscott

Address

11999 San Vicente Blvd. Suite 100, LA CA 90049

Office

310-979-3942

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