The Realtor buys a place -- and freaks out about the process

My husband and I just had an offer accepted on a new place to live.  We love our old place in Burbank that we've owned for two decades, but it's a matter of location.  We're moving to Studio City to be closer to our work and activities.  And it's hitting home about how scary this home buying process can be.  Over the next few weeks, I'll be giving you updates, pictures, and gory details.

Maybe think twice about buying a condo or townhouse?

When we asked our neighbor why he wouldn't let the pest inspector into his townhouse unit, he replied, "Because I came to this country for freedom."  Right on! Isn't there something in the Constitution about the right to bear vermin?

Why was the price on this Burbank home so low?

I sold 2112 N. Brighton in Burbank sold in early October for its list price, $430,000.  That price seems low for a Burbank home these days, yes? What happened here?

One word, three times: location, location, location.  This home is located 1 block from the freeway, one block on two sides from industrial property, and six blocks from the airport.  All of these elements -- known as "incurable defects" -- served to keep the price below average.

Plus, the house itself was not large -- it was a 2+1 with a den.  There was no air conditioning.  It needed a lot of updates. The sellers let the yard go.  The only exciting feature was a new garage at the back of the property.

And we asked potential buyers to forego pest work of about $6000.  (Yes, pest work is negotiable.) Plus, the sellers had just purchased another home, so they weren't inclined to wait for a higher offer. We had it in escrow within five days of listing and a fair price was had by both sellers and buyers.

Check out my new five-star review on Yelp!

Thanks, former client Melinda, for my new five-star review on Yelp.  It was a total pleasure to work with Melinda and her family -- we had a lot of fun! Please check out the new review at Yelp/Judy Graff.

There are 3 gun stores in one mile on Magnolia Blvd. in Burbank

In light of recent current events, I'd like to point out: there are three gun stores on Magnolia Blvd. in Burbank between Buena Vista and Victory.  One is about 60 feet away from a children's daycare center.  In the same stretch of Magnolia, there are only two bars (both serve food), Tony's Darts Away and Tin Horn Flats.

BTW, on the morning after the Trevon Martin verdict, there was a line outside of one gun store at 10 a.m.  It was a Sunday.

I've blogged about this before.  What kind of businesses does Burbank really need? I know that it's tremendously difficult to open a restaurant or place like Luna Vine (wine bar) in Burbank. Was it difficult for the gun stores, too?  Shouldn't it be? And how many gun stores do we need in a one-mile stretch?

Missed my episode of House Hunters Renovation on HGtv? You have another chance, lucky you.

The House Hunters Renovation episode that I'm in with clients Josh and Mac will run again late night (11 pm) on Tuesday, November 5, so please set your DVRs.  Colleague Amber is in it too.  You'll see mostly the back of my head, which is fine with me.  The episode was filmed mostly in Studio City.  I can't wait to dish on the process, but that will be in the future while the episode is running.

1034 N. Evergreen in Burbank has closed and I'm sorry to see it go.

1034 N. Evergreen in Burbank has closed at $650,000.  It was listed at $630,000 and we received eleven offers (see Allegra the potty-trained cat below).  The seller did NOT take the highest offer or the all cash offer because she wanted a real family in the place.

I will really miss this house.  The seller and I are friendly and I've been to many parties and gatherings there over the past ten years.  I watched the seller's daughter grow up, got sunburned in the pool, and had lots of nice meals there.  I'll miss hanging out there with the seller.  Sigh.  We Realtors get sentimental about homes, too.

Novo Cafe in Toluca Lake

Are you doing carbs this week? Tried out Novo Cafe in Toluca Lake with friend and former client Kerri last night and it was terrific.  It looks like an unassuming coffee place and yes, they have coffee, snacks and pastries that are ordered at the counter.  But they also make their own pasta, and offer many pasta dishes at lunch and dinner.  Although I had the beef ragu with papardelle (delicious) there are many entrees for vegans and vegetarians, too.   And, essential for my dining experience, they have wine and beer.  The entrees are ordered at the counter and brought by the enthusiastic wait staff.  Dishes are bare bones -- no salad or bread unless you order those on the side -- but with the low prices nobody should mind not eating even more carbs.  The address is 3900 W. Riverside.

5703 Troost, North Hollywood is sold and I get taught a lesson

5703 Troost in North Hollywood, listed in September for $495,000, sold this week for $512,000.  It had been in escrow for $515,000 but that got 'walked back' during the inspection process.  My sellers were wonderful, savvy clients who moved to get a shorter commute.

I met the buyers at the open house and it was immediately evident that they liked the property.  The buyers told me they were going to use an agent from a popular online site that we'll call Greenscale.  I told them this would put their offer in a bad light -- Greenscale chunks its tasks down so much that you never know what agent you'll be dealing with that day, or who said what to whom, or who has the paperwork, etc.  Because of that, they are quite difficult to work with and that's a material fact I would have to tell my sellers as they considered the multiple offers we received.

So the buyers picked a regular Valley agent instead.  Hurray -- but not so fast.  This Realtor is completely untrained on the internet or any electronic communication devices.  I should have known I was in trouble when I received a hand-written offer on forms that were six generations old.  Anyway, we wound up double- and triple-doing and communicating everything over and over again, which is exactly what I wanted to avoid with a Greenscale agent.  And I got taught a lesson about trying to make transactions easier.  But the transaction closed, and I will miss my sellers and their baby.

My House Hunters Renovation episode airs Sunday on HGtv

...That's what the producers tell us -- it could be another Sunday night soon as well. The couple with the house to find and renovate are clients Josh and MacKenzie, and colleague Amber is in it too. I signed paperwork saying I wouldn't spill the beans about the production, but I suppose it wouldn't hurt to say that it was kind of a hassle, and I'm glad Josh and Mac got something out of it.

Happy one year anniversary to Amy and Jorge on their Burbank home!

This is Amy, Jorge and baby Charlotte in front of their Burbank home.  They closed and moved in just at this time last year.  It was a horrible transaction, but these buyers hung in there, closed and are busy doing fix ups and enjoying their new baby.  What a difference a year makes -- congrats, guys!

Using Blockshopper for home research? You might want to think about using another source too.

I just checked out a particular street in Burbank on Blockshopper.com.  The data was incorrect on at least two homes that I know of, because I sold them.  BS had not updated its info on these two houses in over a year and still had the old owner info.  It's an otherwise great site, but I just don't know where they're getting their data.

Would you buy a hoarder's home? Somebody will.

Yesterday's NY Times had a very interesting article about selling a hoarder's home.  Yes, it sold.  It was on Park Avenue in NYC and went for over a million dollars.  Click the link here for the article.

Over the years, I've had two hoarder listings.  In each, the hoarders were really lovely, intelligent people who were not distressed in any other way.

The first was in an apartment building for sale in North Hollywood, and the buyer-investor didn't care as long as the tenant-hoarder paid the rent on time.  The tenant had her stuff piled up very neatly and had made paths through it.  The "walls" on either side of the paths were so high that I could barely see over them.

The other place was owned by two very brilliant people who just couldn't see how much junk they had.  They were willing to work through it, though.  With the help of family, they actually threw stuff away.  They filled eight City of Glendale dumpsters from a 1200 ft. Glendale house.  It didn't hurt that they were moving out of state.

Trulia scam for rentals with two extra-creepy bonus details!

1034 N. Evergreen in Burbank got a lot of activity this week and not all of it was good.  I began to get calls from people looking to rent the property, which was for sale.  They all told me they'd seen rental info on the internet, specifically mega real estate listings site Trulia.  And the property was going for $1,100 a month.  That's so low I'd rent it myself.

The folks who responded on line then got an email back from somebody purporting to be the owner, in Africa, along with a rental application.  Yup, typical phishing scam.

I called Trulia, and they were most helpful in taking down the rental listing.  I also wrote back to the fake owner and told him/her that if they didn't stop, I'd report them to the FBI.  It appears that it's down as I haven't gotten any calls lately.

Extra-creepy detail #1: during this, the owners woke up at 7:30 to a woman poking around their backyard.  Yes, she was a prospective tenant.

Extra-creepy detail #2: The name of the supposed landlord was the name of my seller's ex-husband.  She hasn't spoken with him in many years and he was never on title.  How did the scam artists get his name and use it in an email? Ewwww.

Letters and pet pictures from would-be buyers

So far on the offers I've gotten on 1034 N. Evergreen in Burbank, I've received some compelling pictures from would-be buyers.  The pics are of the would-be buyers, their families, their dogs, their cats, their babies in front of the house for sale, and one toilet-trained cat named Allegra* hovering over the toilet. Keep 'em coming, people and pets!

*The picture above is a stock image -- Allegra has privacy issues and hasn't given permission for her likeness to be used yet.

Crazy busy

We had 120 at the Evergreen open house yesterday...almost as many at the Troost open last week...Troost is now in escrow and Evergreen will be before the end of the week.  In the meantime, there's been a lot of drama with the Naomi and Brighton closings.  But no drama with the Parish closing.  I will have more posts when I come up for air.

Yes...1034 N. Evergreen, Burbank is open tomorrow, Sunday, 2-5!

I have run out of adjectives for this (except this adjective) incredible house.  So you'll just have to come see for yourselves.  We'll be there from 2 to 5, tomorrow, the 22nd.  Three beds, 2 baths, bonus room, and huge pool. All for $630,000.

1034 N. Evergreen, Burbank is on the market

This is 1034 N. Evergreen, Burbank CA 91505 and it's a GLAMOROUS 3+2 with a huge pool and separate office. It's truly one of the loveliest homes I've listed recently and features lots of gorgeous decorator details. See more pictures at JudyGraff.com under "Featured Properties." It is listed for $630,000 and will be available to show Monday, 9/16.

Like sweets? Around Burbank much? Then you'll love this Sunday reading

Laist.com has the San Fernando Valley on its radar, unlike some other online blogs we could mention.  Today, the article is Sweets Tour of Burbank and here's the link. The photo above is from the pastry case at Portos.

This kitty leads an oh-so-glamorous life ...in Burbank

You can tell from his Hollywood bed that this kitty leads a pampered life in a beautiful crib. Now you, too, can lead this kind of glamorous existence! This guy's digs will be on the market next week.  The home has 3 beds, 2 baths, a bonus office, a huge pool, and lots of the luxe decorator details that any cat or human could wish for.  It comes with a petpedigree, too -- it was the childhood home of a famous movie star. The house will list for $630,000 -- call me for more details or stay tuned.

Is your loan broker or Realtor a sole practitioner? Yikes.

There are many, many wonderful mortgage lenders and Realtors out there who have only your best interests at heart.  There are some that are not so good, as well.  I'm sure that comes as no surprise.  I've been having lots of bad luck with sole practioner Realtors and loan brokers lately.  Why? Because they don't answer to anybody, not even you, their client.  They're in business for themselves for two reasons: they don't want to work with other people in the business (hey, we're all a little misanthropic sometimes, but...) and they want every. last. dime. for themselves.  Make sure that if you're interested in working with these folks, you check them out very, very carefully.  The neck you save may be your own.

Past = Future at 5703 Troost, North Hollywood

From this...

To this...

...at 5703 Troost Ave., North Hollywood

This delightful 3+2 home has been updated and enhanced for the 21^st century.  It began life as a bungalow for WWII workers in the 1940’s.  Over the years, generations of people raised families there and made improvements that suited their particular needs.  And North Hollywood changed and changed again.

Now the home has been refreshed for the new century and future life styles.  Enjoy the gorgeous new kitchen built for today’s and tomorrow’s chefs. Program the A/C, security system and sprinklers from your smart phone.  The innovative new double-pane windows are super energy efficient, as is the tankless water heater. Charge your electric car from the universal, dedicated charger (the electric rate is discounted).  Don’t want to drive at all? The Redline and Orange line are close by, as are all the new attractions that NoHo has to offer.

Need a little old school charm with your future?  This home still has lots of its original character. The hardwood floors gleam, the 1960’s vintage screened patio is perfect for parties, and the huge yard has just been re-landscaped and sodded. And how about the old school price of $499,000?

This house embraces all good things from the past and becomes the future. Future of Los Angeles homes and life style? Future for you?

Please contact me for more details.  The first open house will be Sunday, Sept. 15, from 2:00 to 5:00 pm.

Yes, I sold this Sherman Oaks home twice in one year. Here's how it happened.

4484 Stansbury, Sherman Oaks just closed for the second time this year.  I was the listing agent both times.  Here's how it happened.  It was a short sale in 2013.  By the time it got a great offer and the (long, long) short sale process was done, it closed at the beginning of May.  The price was $538k and it went out at all cash to an investor (yes, I thought it was low, but that was all the lien holding bank wanted).

The investor rehabbed the house (which was pretty cute to begin with and in good shape) and hired me to list it again.  Hey, I know Sherman Oaks real estate, right?  We put it on the market in July for $799,000.  This is what homes go for in these parts.  And it quickly got an offer like everything else, and sold for $809,000 yesterday.  That's how I came to sell the same home twice in one year.

What does Debbie Reynolds have to do with Burbank real estate?

For those of us born, um,  a little while ago, Debbie Reynolds is one of the iconic stars of the 1950s and 1960s. What does she have to do with Burbank homes for sale? Well, I will be putting her childhood home in Burbank on the market in a week or so.  You'll be happy to hear that it has been significantly updated since Debbie lived there.

5703 Troost Ave. North Hollywood 91601 is coming to market soon!

A simply terrific 3+2 will be listing next Monday at 5703 Troost Ave. in North Hollywood.  This home has been updated for the 2000's with all sorts of things, including a brand-new kitchen.  Stay tuned for details and pictures, of course -- list price will be $499,000.

Nobody walks in L.A.? - NoHoArtsDistrict.com

Nobody walks in L.A.? - NoHoArtsDistrict.com Just as I've been telling you, North Hollywood is turning into quite the walking community, especially around Lankershim/Magnolia.  I'd love to see the restaurants and the other attractions there spreading out a little further each way on Magnolia.  One bad thing: it's really hard to park to start your walk if you're coming from someplace else.

Another show on HGtv? Yes, and your home can be the star

Will those nice folks at HGtv never run out of ideas? Here's the flyer I just received.  They will do up to $25,000 in renovations before you list your home. If you're interested, please let me know.

ATTENTION HOME OWNERS!!!

Are you putting your house on the market? Do you need a home appraisal but are worried it won’t be valued high enough? Do you need help taking those extra steps to ensure you get the most out of your home investment when it comes time to sell?

Well, a new show wants to help!

From the creators of ABC’s "Extreme Makeover: Home Edition" comes a new show that will pair you with a nationally recognized home improvement consultant who will help you make the necessary improvements to ensure that your family gets the best appraisal possible!!! 

This is an opportunity of a lifetime! Please send photos of your home, your family as well a little bit about yourself and your situation tochandra.pinto@rrstaff.com. Don’t forget to include your name, age and contact info. Send ASAP to be considered!!! 

For Burbank parents re Jefferson Elementary

Here's from friend and former client Barbara Wise: "Jefferson Elementary has a new principal with great ideas. She worked with our computer specialist to put a long-awaited Amazon.com link on the school website - if you use the link, a portion of your purchase is donated to the school Booster Association. I love the school and am excited to see how things will evolve with new leadership. Great selling point for this area."

If you already shop at Amazon.com, a portion of your purchases will automatically go to Jefferson Elementary Booster Association if you simply paste this link into your browser and access www.amazon.com through this link:

http://www.amazon.com/?tag=jeffersonburbank-20

Thanks, Barbara! Barbara has twins in second grade at Jefferson and had an older son there as well.

Fairy tales can come true, it can happen to you...

My clients just learned that their offer on a particular house has been accepted.  They have been looking for FOUR YEARS.  They've made countless offers.  They offered on this particular house at the beginning of the month, and through attrition of other offers, theirs' was finally accepted.  Congratulations -- dreams can come true.

Children aren't the only people who need to go back to school

Lately, I've been getting really elementary questions from other Realtors.  Not just from one Realtor, but from several.  Not just about a house's condition or a plan during an escrow, but really simple questions that, uh, anybody with a r.e. license should know.  What's going on? Aren't you heads of brokerages teaching your people about r.e. practice? We all need refreshers from time to time, but...makes me wonder if I'm really dealing with licensees or if the state of California has dumbed down the test made the license exam even simpler than ever.

Open today, 8/18, from 2-5: 5227 Denny #101, North Hollywood and 2112 N. Brighton, Burbank

Seeking an adorable 2+1+den in Burbank for $430,000? Please visit me today at 2112 N. Brighton. If you'd rather have a really cool 3 bedroom condo in trendy Noho, please visit colleague Scott at 5227 N. Denny #101 in North Hollywood.

2112 N. Brighton will be open Sunday, August 18, from 2 to 5

Here's a pic of 2112 N. Brighton in Burbank. More pics can be found later today on my website at JudyGraff.com. Brighton is an adorable 2 bed, 1 bath home with a den, a generously-sized kitchen and 2 separate garages. It is listed for $430000 and is open on Sunday, 8/18, from 2 to 5. Come visit me and Steve!

Don't give up your home search yet. 2 beds+1 bath+sunny den in Burbank for $430000 lists Friday.

Just when you thought you'd never find a home, along comes 2112 N. Brighton in Burbank. With 2 beds, 1 bath and a big, sunny den. Big yard. Two garages: a single car plus 2-car garage off the alley. Hardwood floors, generously-sized kitchen, dining area, coved ceilings, included appliances, great neighborhood. Just waiting for your creative touches. And affordable, too. See? Wishes can come true. 2112 N. Brighton will be available to see on Friday and open this Sunday, 8/18, from 2 to 5. I'll have pictures on Friday. Sellers are motivated and will respond to all reasonable offers -- I know, it seems too good to be true, doesn't it?

Monday reading from Sunday's NY Times. Trust me, it's interesting!

I know that reading about Fannie Mae and Freddie Mac is kinda boring, but this may help explain it all for you.  Gretchen Morgenson is a business columnist for the NY Times.  In my opinion, she's one of the best business writers ever, and her columns always explain a lot in plain English.  Her column from yesterday's NYT is The Housing Market is Still Missing a Backbone (title should link).

In a section about winding down Fannie Mae and Freddie Mac, Morgenson writes "...to prove how hard this will be, both companies later in the week announced enormous profits for the second quarter of this year, most of which go to the government in the form of dividends. Together, the companies reported $15 billion in profits; with Treasury on the receiving end of this lush income stream, it will be tempting to keep the mortgage finance giants in business." She continues "...For starters, banks have grown accustomed to earning fees for making mortgages that they sell to Fannie and Freddie [Emphasis mine.] Generating fee income while placing the long-term credit or interest rate risk on the government’s balance sheet is a win-win for the banks."

Morgenson goes on to discuss why it's so hard to lure private investors into the mortgage market.  She's not talking about a flipper that has, say, 30 houses.  She means the institutions that buy millions and millions of dollars worth of bundles of thousands and thousands of mortgages.  Anyway, this is a great read from a very talented columnist.

News of the week: 5227 Denny #101 is still available! And more...

Do you know anybody looking to buy in Noho? Or anybody that simply wants a gorgeous three-bedroom condo? Consider 5227 Denny #101, pictured above.  Yes, it's 3 beds, 2 baths, fireplace, big newer kitchen, bamboo floors, 2 extra storage spaces, 2 patios, and much more in one of L.A.'s coolest neighborhoods.  It is listed for $420,000 and the HOA fees are $261/month.  I can usually arrange a showing with just a bit of advance notice.

In other news, prices are still going up and inventory is still down.  It looks like small (under 1,000 sf) homes across the east San Fernando Valley are hitting the $500,000+ mark now.

And Realtors are continuing to list properties low and then entertain multiple offers and bidding wars.  One client set has been waiting a week now to hear about their offer, which they increased from the original price.

Stansbury is in escrow.

In more upbeat news, I will likely have a small house listed in Burbank soon, along with a 3+2 in Noho that's currently being fixed up.  These may be on the market later this month; just not sure yet.  There may be one coming in Valley Glen, too.

I met a friend and former client at the lounge at Amarano last night and it was swinging! With a chic, younger (than me) set, of course.  Amarano is a boutique hotel right on the border of Burbank and Toluca Lake.  It's a really classy place and we had lots of fun.  My only criticism is that they could improve their house Cabernet.

Bragging. This full page ad is running in the L.A. Times' SFV real estate section today.

This ad from my company congratulates me for being in the top 1% of my office for the first half of 2013.  Thanks, clients, for making this possible!

You didn't know how much stuff you had until you had to move it.

This is a pic of client Mario's stuff during his recent move.

Need an aviary? You might want one after you see this

It's always fun showing property in the hills of northeast Los Angeles as you never quite know what wildlife you'll find (animal AND human). Today I met these red-billed hornbills, who have their own professionally- built backyard aviary.

Why contractors should NOT attend open houses when they've done the work on that house's flip

...Because they will be snagging all the open house guests to show them all the cool new plastic face plates they've put over the electric outlets. Contractor/investors, forget what you've seen on HGtv's Flip or Flop.  Let the potential buyers discover the house's ambience, not the $1.75 parts, on their own.

4484 Stansbury in Sherman Oaks is open Sunday, 2 to 5. Comes complete with its own beer garden.

Please come visit me and check out 4484 Stansbury in Sherman Oaks tomorrow, 7/28, from 2 to 5.  This splendid redo has 3 beds and 2 baths in the main house.  Plus, there's an additional unit above the garage with a full kitchen and 3/4 bathroom, open beam ceiling, and hardwood floors.  If that weren't enough, there's a pool house with 3/4 bathroom, too. It's very close to Westfield Fashion Square, Jinky's, Guitar Center, Boneyard Bistro and more of Sherman Oaks' hotspots. We call this area below the "beer garden."

You can check out more pictures on line and at my site: JudyGraff.com.  The house is listed for $799,000. For those of you who'd rather hang in the house, here's the living room:

Burbank's Benmar retaining walls

If you've been around Burbank for awhile, you know about the BenMar development from the 1950's.  This tract was converted into the 91504 ranch houses that we know and love.  But why are all the BenMar retaining walls failing? Are 60 years the maximum time that cinderblock can hold back dirt? Just asking...

4484 Stansbury in Sherman Oaks is listing on 7/25.

If this address sounds familiar, it is because I've already blogged about it.  I listed and sold it this year to the folks who have now beautifully refurbished it. I'm thrilled to be listing it again. There are three units on the property.  The front house is a delightful 3 bed, 2 bath with a redone kitchen, hardwoods, remodeled bathroom, tons of closets and french doors to the side patio/"beer garden."  The pool and backyard lead to a unit over the garage with a full kitchen and 3/4 bath plus open beam ceiling and private entrance.  Plus, there's an adorable pool house/office with a 3/4 bath, too. This is in the heart of Sherman Oaks and is very close to Westfield Fashion Square -- the neighborhood is called Library Square. Listing price: $799,000. The house will be open from 2 to 5 on Sunday, July 28.  You'll find more photos on my website at www.JudyGraff.com after tomorrow.

Open Sunday, 7/21, from 2 to 5: 5227 Denny #101, North Hollywood

If you're looking for a gorgeous condo, you owe it to yourself to see this one.  Three beds, 2 baths, single story with no steps, huge kitchen, new since 2009, bamboo floors, big closets, fireplace two patios, faces the street, and wheelchair-accessible (see post below).  It also has two extra, dedicated storage rooms and the building has a bike room.  It's very close to the Noho Arts District and public transportation, too.  Listed for $420,000; the building's HOA fees are a low $261.  Steve and I will be there from 2 to 5 today.

Need handicapped-accessible or age-in-place housing?

If you, or somebody you know, is looking to own wheelchair-accessible or age-in-place housing, consider 5227 Denny #101 in North Hollywood.  This 3-bed, 2-bath ground floor condo has no steps, a ramp to the building, and extra-wide doorways.  It may be ADA-compliant, too.  Plus, it's gorgeous.  The building was built in 2009 and the unit has a huge, "done" kitchen, living room with fireplace and sunny exposure, two patios, laundry in unit, lots of closets plus two extra storage spaces in the garage.  The decorating is gorgeous with chandelier-type lights and decorator-drapes plus bamboo floors.  It's listed for $420,000 and the HOA fees are a low $261.  The building is a few blocks from the Red Line, Orange Line, and all the attractions this developing community has to offer.  See more pics at JudyGraff.com or contact me for more info.

Credit Unions for Mortgages? Yes

As you may have heard, some credit unions are getting into the mortgage lending game.  This is good for borrowers as credit unions are not-for-profit.  Have I tried out one of these credit unions as a lender on a property? No, and I am a little nervous that it may take longer to get the loan to go through than it usually does.  But back to the highlights:
- Credit union interest rates are a little bit cheaper than conventional lender interest rates.
- CUs are big on adjustable rate mortgages, although they have fixed-rate loans available, too.  ARMs haven't been popular in recent years, and most people prefer fixed-rate mortgages.  But in a time of rising values, I think there is no reason to fear ARMs -- once a property has equity, a borrower can refinance into a fixed-rate loan.
- Current CU lending guidelines say a buyer needs 10% down for an ARM, or 20% down for a fixed-rate loan.  The borrower's credit score needs to be pretty high, too.
- CUs will make loans on properties that other lenders won't touch.  For example, they will make loans on condos where the condo building's owner occupancy is low.
Note for 7/18/13: a Twitter contact says 5% down, 5/5 ARMs are coming soon to credit unions.

Speaking of condos with low owner occupancy, please check out my listing at 5227 Denny #101 in North Hollywood. It will be open this Sunday from 2 to 5.

Sold in Burbank's sweetest, and most carbohydrate-y, spot

My clients Andy and Lynnette just closed on this 3+2 on Niagara in the heart of Burbank’s Magnolia Park.  If you follow me at Judy Graff, Broker Realtor on Facebook, you’ll see the picture of them and their two adorable kids in front of the house.

Lynnette and Andy have been looking for over a year now. Like all of my other buyer clients lately, they made other offers on other properties, only to lose out in multiple offers.  How’d they get this one? The sellers wanted a young family in the house, and Lynnette wrote them a beautiful letter. We still can't believe their luck. Yes, the house needs work, but like many of my buyers, Andy and Lynnette plan to fix it up themselves over time.

The location of the house is amazing.  L&A are mere steps away from Bella VistaRestaurant, which has perhaps the best pizza in Burbank.  If that weren’t enough, Monte Carlo Deli across the street offers gelato, Italian food, and an Italian grocery. Yummy Cupcakes is also just a few steps around the corner. And just down the street: from Urban Eats, Porto’s, Romancing the Bean.  Best of luck with everything, and bon appetit, Andy, Lynnette, Louis and Juliana.

Just sold a Silverlake duplex. Termites did not convey with the property.

Client Mario just closed on an adorable, redone (i.e. flipped) two-on-a-lot property in Silverlake.  This was pretty thrilling as Mario had been looking to purchase property for a very long time and had lost out on several offers prior to this.

There was trouble about the termite report.  The main house was built in 1915 and the second house was built in 1920.  This is an OLD property.  Evidently, it had never had any termite work done, so the report came back at about $7000. Seller was not happy.  But it was no surprise to us – that’s almost 100 years of happy termite families raising their termite young, and so on.  Termites eat wood, and over 100 years, they can eat a lot of it. (And by the way, we’ve all seen much more extensive and expensive termite work.)

But at any rate, we came to an agreement with the sellers, deaded the termites, and Mario now has two charming houses to fill in one of the coolest Los Angeles communities.

Coming soon: 5227 Denny #101, North Hollywood

This beautiful 3-bedroom (yes, 3) condo is coming back to market at the end of this week.  If you didn't see it when it was on the market in the spring, you owe it to yourself to see it now.  It's about 1300 square feet and was built in 2009.  It has a huge kitchen with stainless steel appliances including a wine refrigerator, two elegant full baths, in-unit laundry, front-facing balcony, 2 extra storage units in the garage, and a low hoa of $261!  It's in the up-and-coming North Hollywood Arts District and the city is busily working on widening and landscaping Magnolia Boulevard in the area. Perhaps best of all, it is listed for only $420,000.  The first open house will be July 21; call me for a showing before then.

Tonga Hut in North Hollywood

Remember my blog from a year or two ago re Tonga Hut in North Hollywood? Of course you do.  Los Angeles Times has a great article on it today, but there's no link.  In the meantime, here's an article from 2008.  For you lovers of all things tiki and cocktails, there's also the Tiki Bar on Lankershim in North Hollywood, too.

Home buyers, home sellers and pocket listings

If you're a home buyer in Los Angeles and the San Fernando Valley, you may be asking all of your contacts, and your Realtor, for "pocket" listings -- those homes that sell before they ever go on the market.  Since the home buying public doesn't know about these listings, there isn't the frantic purchasing competition that drives up the prices.

If you're a seller, you may also be looking to list your home as a "pocket" as it's a much more convenient sales process. You don't have tons of people traipsing through your house, you don't have to be gone for the open houses, etc.  Your Realtor just networks with other agents and brings you a buyer that way.  It's especially nice and convenient for sellers during our current hot real estate market.

Those are the high points of pocket listings.  Here's the downside for buyers.

I just represented buyers who purchased a pocket listing in west Burbank. George and Yvonne, like most buyers, had been looking for quite awhile and had made a lot of good offers on other properties.  They were thrilled to find a four bedroom, 1900+ sf. home in their price range without having to compete with 25 other buyer groups.  What a relief!

Then, we had the physical inspection.  Lots and lots was wrong with the house, including major structural stuff.  The seller would not consider crediting any money for the work that would need to be done, including health and safety items. The buyers even lost $1000 of termite work. We implored the seller and even asked to meet with her. No dice. The seller's position was that if the buyers didn't want to take the house absolutely as is, the seller would just put it on the mls and probably make even more money. 

The buyers went forward with the sale because, as we all know, inventory is limited, that's a large house in a good neighborhood, etc.  So here's the take-away for you buyers considering purchasing pocket listings:  While it might be easier to buy a "pocketed" home, your negotiating power (such as it is) is seriously diminished because the seller has nothing to lose by cancelling your sale and starting over with the process.

George and Yvonne are very creative and I'm sure they'll have great success in turning this home back into the gem it once was.

Plaintiffs in DOMA are from Burbank, CA!

Here's some more good news: the plaintiffs in the Supreme Court DOMA case are from Burbank! And if that isn't enough, I'm going out of town for a few days.

Rising mortgage interest rates and home sellers and buyers - what it means

By now, you've probably heard that mortgage interest rates are rising and may go up as high as ('gasp') 5% by the end of the year.  That's still historically very low, but here's how it will affect you.

If you are selling your home in Burbank, Studio City, Toluca Lake, Sherman Oaks or any other place in our region, rising rates will have a dampening effect on activity.  Some buyers will be knocked out of the market and that should "stabilize" prices a little bit.  Higher interest rates usually exert a downward pressure on prices.  That doesn't mean that you won't get multiple offers for your home if it's priced right; it just means that there may be less offers than we've been experiencing. The offers may not be quite as high, either, especially if home inventory increases. However, your home will sell if it's priced right and marketed correctly.  (See the marketing page on my website at JudyGraff.com.)

If you're a home buyer in the San Fernando Valley, all of the above will be good news for you except the interest rate part.  Yes, it will cost you more to buy a home.  But you won't have as much competition (some of my Valley home buyers wrote eight to ten offers before getting one accepted) and prices won't be rising as much.  And if inventory increases, that will have a downward effect on prices.  So keep looking.  Your house is out there.

If you're a buyer and you're currently in escrow, make sure your lender locks in your interest rate.

Caveat: some of the neighborhoods here in the Southland are immune to the effects of rising rates.  The really, really expensive high-end L.A. markets are still awash in cash, with a lot of that coming from overseas.

How can we miss you when you won't go away? Or the story of the Studio City condo

This is the story of the Studio City condo that my buyer closed on last month.  The names have been changed to protect the guilty.  Yes, this was one of the bad ones.

My buyer had made several offers already when this condo came on the market in early February.  Our offer on it was immediately accepted. Yay!  It was a short sale, but the short sale was approved in record time – also “yay” and “it’s a miracle” -- and we prepared to close 30 days later in mid-April.

A week before closing, the seller’s dad announced that they had no idea the condo was closing and they not only would not be leaving, they also would not sign the necessary paperwork to close it.  We were incredulous. How could that be? Well, turns out that they just hadn’t found a suitable place to move to yet.  At that point, not only had my buyer made moving plans that were difficult to alter, but his loan documents were ready, and the condo itself was about to go to foreclosure if it didn’t close shortly.

Through the coming days/weeks, the seller’s dad refused to give us a closing date or a move-out date.  Contract? Ha! It meant nothing to the sellers.  Nobody could budge them.  The communications were extensive – I have over 400 emails about this in my file and that’s just me (so much for you guys that think we Realtors just open doors and say, “Here’s the kitchen.”)  The sellers stopped communicating with those of us who they believed to be “against” them.  I pretty much assumed that this was a lost cause.

Where was the listing agent? Missing in action. Why didn’t my buyer client cancel the sale? Because the condo was perfect for him and, sadly, by late April he was already priced out of the Studio City housing market.

Although it is typically discouraged, my buyer reached out to the seller dad.  And seller dad began to communicate directly with the buyer.  They actually got somewhere (by this time the seller dad had pretty much alienated everybody else on the team, and my buyer has the magic touch.) Of course, my buyer had to do the accommodating. The foreclosure was postponed again. Whew!  And a month after it was supposed to close, the seller dad gave my buyer a date for both closing and for possession.  My buyer was able to move his plans around to accommodate the new date.

And the closing finally, finally occurred. The sellers moved out.  As much agony as we went through, my buyer client’s efforts made this happen.  We were thrilled to celebrate on his new patio last week, and toast the buyer’s persistence.

Prices of homes for sale increased locally, as if you didn't know

In case you did not see the L.A. Times, home prices increased 24.7% year over year.  And not just for homes in Burbank, Toluca Lake or Studio City either -- this is an average of five counties.  L.A. county home prices increased 30.2% to an average of $410,000 per house.  Here's the link to the article.

621 N. Keystone in Burbank closed today

621 N. Keystone in Burbank closed today for $607,500.  It originally went into escrow at $615,000 but there were some needed repairs that lowered the price.  We held our breath on the appraisal but it came in to value and is now the highest price by square foot in the neighborhood. The sellers are wonderful and the buyers are, too.  It was something extremely rare -- a smooth escrow (very unusual these days).  I hope the buyers and their baby daughter will be very happy in their new house and I wish my wonderful seller clients the best of luck, too!  Thanks to Gary Mazziotti, my partner on this transaction, and the terrific buyers' agents too.