Just Listed:

1626 N Los Robles Ave Pasadena Ca 91104                                             Asking Price: $529,000
Just listed! Pasadena Home! Original Spanish style home. Great location in Pasadena.The house features a living room with fireplace, dining area, updated kitchen, laundry area inside, and a bonus room. Lot is spacious and features a nice backyard and detached garage. - See more at: http://jvalenrealestategroup.idxbroker.com/idx/details/listing/a002/14733801/1626-N-LOS-ROBLES-AVE?widgetReferer=true#sthash.Efu7XoWn.dpuf

During the recent housing crisis, scams became quite common. Here are some typical hoaxes, and advice on how to avoid being duped. 

1. The Savior Scam
If you’ve ever been on the brink of foreclosure, you’re already well aware of the flood of letters, emails and phone calls you’ll receive offering to help save you from your situation. When homeowners fall behind on mortgage payments, the lender files a Notice of Default, making the mortgage troubles (and property address) public record. This makes the homeowner easy prey for con artists, who typically set up fake companies offering to help pay the mortgage and get the homeowner out of foreclosure. They can’t help, and will likely try and get the owner to sign the house over to them so they can sell it and reap the profits, or ask for upfront fees before they help. 

2. The Renter Rip-off
In this type of scheme, a fraudulent investor, who is not making mortgage payments, rents out a home on the brink of foreclosure and pockets the money until the lender forecloses. 

3. The Ghost Buyer
In this fraudulent scenario, the true identity of the borrower is concealed through the use of a nominee, who allows the buyer to use his or her identity and credit history in order to secure a loan.

4. The Fake Appraisal
This type of scam typically involves several parties, such as a mortgage broker, investor, and title company. All are paid off to help inflate the value of an appraisal on a house. The home might really be worth $450,000, but the house is sold for $500,000 to an unsuspecting buyer. 

5. The Bait and Switch
There are many variations on this age-old scam, but the mortgage version typically goes something like this: a potential buyer is baited with an enticing loan offer. After putting considerable time and effort into preparing for financing, the buyer is presented with a loan of much less favorable terms, particularly a high interest rate. Often, the buyer accepts these new terms since so much has gone into the loan process, and the lender reaps a profit without doing anything outright illegal. 

6. The Lease Back Scheme
This type of scam also starts with promise of rescue. The owner can no longer afford the mortgage payments and a fake company offers to take over the mortgage. Facing foreclosure, the homeowner agrees to sign the deed over in exchange for the ability to continue living in the home as a renter, while the new homeowner is supposedly paying off the delinquent mortgage. The rent payments are promised to go toward buying the property back, with interest.

However, the scammer who took over the home typically pockets the rent, then disappears when the owner is evicted. In other instances, the scammer simply remortgages the home, cashes out the equity and skips town while it goes into foreclosure anyway.

Tips for Avoiding Mortgage Scams: 

1. Beware of anyone who asks you to pay a fee in exchange for counseling or help with a loan modification.

2. Do not sign over the deed to your property to anyone or any company unless you are working with your mortgage company directly to forgive your debt.

3. Never make a mortgage payment to anyone other than your mortgage company without their approval.

4. Never sign a document that you don’t understand.

5. Never leave any part of your application blank.

6. Never give out personal information over the phone when someone first contacts you.

7. If something sounds too good to be true, it probably IS too good to be true.

What should you do if you are the victim of a Scam?
File a complaint with the Federal Trade Commission (FTC). Visit the FTC’s online Complaint Assistant at ftc.gov/complaint, or call 1-877-FTC-HELP for assistance.
(Article Courtesy of Realtor.com)

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Whole Foods is coming to Downtown!

DTLA landscape has certainly changed over years. Not the DTLA  I remember growing up. I have many fond memories of this place. This is where my grandmother and I spent a lot of time. We would buy fresh produce at the Grand Central Market or catch a movie at the Million Dollar Theater. We would also frequent the fashion and toy district. It was NOT the place to visit after dark in those times!  Now a hipster haven with remnants of old world downtown. The area shows off its residential diversity. It is our citys' central business hub which includes the retail district and so you wont be bored a lively ART community, and of course who can forget about Staples Center and LA Live! You can go down there any given time and see folks walking there doggies, some hip art show, or a some cool sport or concert event.  For someone who was raised in Los Angeles, it is a bit of a mind trip to see it slowly transform. I have to say, it is definitely a welcomed change after so many years of neglect. 

Whole Foods is coming to Dowtown LA

WOW, check out the Millennium Hollywood Project! It will break ground in about a year and take a total of of 30 months to complete! It will include, "more than a million square feet of residential, hotel, retail, restaurant, office, and sports club space in two towers". Pretty Impressive! Also the developer has agreed to some "community" benefits which will include, a skate park in Hollywood, a public observation deck in one of the hotels, and 4.8 million in affordable housing!! I'm Excited!!
Full article at LACurbed.com

Image Courtesy of LACurbed.com

Don't sell yourself short while overpaying

       Buyers!! Listen up, in low inventory market which is common in many areas of the country right about now, you might be compelled  to write up an offer on a home you otherwise would not. The frustration of months of looking, submitting endless offers, and hurtful rejections, finally take their toll!  A low-inventory market limits your choice, period. To you buyers out there, I tell you to stay strong and consider all that the property and neighborhood have to offer before taking to the pen. After all, you will have to live with your choice.

Here are a few tips to help you out!

      First, consider your agent. Does he/she have knowledge and experience in the neighborhood. This is very helpful. An established agent will have historical information, knowledge of current prices, and more importantly relationships built with other agents in that market! This last one is crucial in a tight market! 

Find out as much as you can about the home, neighborhood, and the neighbors!Ask your agent the normal marketing time in the area. How long is it taking for properties to sell in this particular area. Is it a hot market or slow? 

You need to know this in order to identify any red flags. If the normal marketing time is 35 days and this particular property has been sitting on the market for 60 days, I'd definitely would want to know why it is still available.Questions like, have there been any offers? if they reply no, I would ask the listing agents' opinion as to why there are no offers. If they reply yes, did it go to escrow? If so, why is it back on the market?

If it is a hot market and there are multiple offers, make sure you put your best foot forward! You may not get another chance. In order to do that, you need to discuss terms and price with your agent. How an offer is structured by your agent is very important. There are many points to negotiate and many areas where you can woo the seller. 

Last but not least, be patient! You do not want to find down the line that you paid too much, overlooked property problems, or realize the neighborhood/location is not what you thought. 
Follow these tips along with the guidance of your agent and it will ensure you are happy with the choice you make!

 I hope you find this helpful, happy hunting......

Lets Talk Real Estate!

My name is Jackie and I am a Realtor. Being a native of Los Angeles and having worked in RE all of eight years. I can proudly say I have a few stories, tips, and experiences to share with you! Real estate has many ins and outs. Every situation is different! There is never a dull moment, that is for sure... My goal is to help educate you and have a bit of blogging fun along the way...