Sacramento Helps Sinking Borrowers Stay in Homes

This week we saw some major developments in Sacramento in regards to the State of California through Governor Brown, will protect mortgage holders from foreclosure and aggressive bank practices such as, home seizures while the homeowner is in the negotiating process to lower the mortgage payments.  

Through a pair of Assembly and Senate bills known as AB 278 and SB 900, the state is preparing for some of the toughest restrictions and regulations in the country regarding banking industry practices while dealing with a homeowner experiencing financial hardship.

Key parts of the bills passed by the state Legislature:

• Prohibit lenders from "dual tracking," or pursuing a foreclosure even though the homeowner is negotiating to modify the mortgage loan.
• Outlaw "robo-signing," or mortgage servicers' improper or faulty processing of foreclosure documents.
• Allow homeowners and state agencies to sue financial institutions for economic and civil damages, under limited circumstances.
• Require banks and loan servicers to provide a single representative for a borrower to work with, to prevent bureaucratic mazes.

If you or someone you know is experiencing financial hardship and unable to fulfill the terms of the deed, call me for a confidential conversation to assess your alternatives in today's real estate market.

AG Harris: "Good-Faith" Pause While Introducing "Homeowner Bill of Rights"

Huffington Post and DS News learn of letter sent by California Attorney General, Kamala Harris, requesting Fannie Mae and Freddie Mac to halt foreclosures in the state while Federal Housing Finance Agency (FHFA) considers whether principal reductions are an appropriate strategy for the GSEs. 

California Attorney General, Kamala Harris

Harris states, "about a half million homes in California have been foreclosed, and another half million are either in foreclosure or on the brink of foreclosure."  In light of the national development in the settlement where principal reductions were discussed, California homeowners with mortgages from Fannie or Freddie are not included within the first round of discussions.  Currently, 60 percent of homeowners in California have mortgages backed by Fannie and Freddie.  Hence, Harris has requested a moratorium while further discussions continue with the Acting Director of FHFA, Edward DeMarco.

With DeMarco's recent analysis noting ultimately, Foreclosures never serve the long-term interest of the taxpayer when compared to Principal Reduction methods with forbearance ensuring better returns for investors while the $18 billion share of the national plan would not cover the needs of California. 

Harris along with Senate President Pro Tem, Darrel Steinberg and Assembly Speaker John A. Prez will announce the "Homeowner Bill of Rights" today.  The deal would benefit an estimated 466,000 homeowners in California.  

With this initiative, Harris is to announce sponsorship of six bills designed to guarantee: 

• Basic standards of fairness in the mortgage process, including an end to dual-track foreclosures
• Transparency in the mortgage process, including a single point of contact for homeowners 
• Community tools to prevent blight after banks foreclose upon homes
• Tenant protections after foreclosures 
• Enhanced law enforcement to defend homeowner rights - paid for by fees imposed on banks 
• A special grand jury to investigate financial and foreclosure crime

Let the Solar Shine!

Designed by architect, Volker Traub in 1961, The Warshawsky Residence is now being offered at a very reasonable price for this 2 bedroom / 2 bath mid-century modern home for sale at 2433 Solar Dr, 90046.  In over 1,452sf of living space, you can enjoy the serene landscape of Runyon Canyon with walls of glass leading to the outdoors and a private ridge top garden.  

2433 Solar Dr, 90046

Recognized by Dr. Thomas Hines for making a significant contribution to the Neutra office, Traub has, in the Neutra tradition, masterfully sited the home to capture dramatic city & valley vistas. 

The living area is spacious, light and bright.  The dark stained hardwood floors have been laid in a herringbone pattern, while the fireplace separates the living area from the dining area. 

The wood paneling in the dining area makes the mid-century modern statement with built-in cabinets and drawers.  You have direct access to the kitchen through the doorway.

The kitchen is in need of appliances.  Other than that, you are good to go!  Other areas of the house need much more love and care. 

 I kinda dig this wallpaper in one of the bedrooms.

Talk about a view!  The question is just how many others are trying to enjoy it?  It is Runyon Canyon, after all...

Being that this is a foreclosed home, there are many things that need attention.  Don't be fooled though, with a little TLC, this place will come back to life in no-time!

  The home has a 2-car carport.

Currently listed at $799,990 and the property rests on 5,600sf of land atop a ridge overlooking Hollywood.  Listing courtesy of Robert Walters, Lel Prp, MLS 11-569585.

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

modernhomeslosangeles Market Top 11

If you are looking for something modern in design, there are currently several mid-century modern homes for sale ranging in asking prices and located in different areas in Los Angeles.  From $665,00 to 2,395,000 there is bound to be a mid-century modern home for sale that is right for you!  Let me know if I can be of any assistance in your search for the perfect home. 

11337 Chalon Rd, 90049

The Goddard House built in 1962 by Lunberg, Armet & Davis sees it's first time on market and in an untouched original condition, wallpaper and all!  Listed for $2,395,000, the 4 bedroom / 6 bath Holmby Hills estate provides over 3,600sf over interior living space and rests on a .72 acre of land.  This is truly a special listing and happens to be our "Home Of The Week".  Open House, Sunday November 13, 1-4pm. Listing courtesy of Bret Parsons, JAG.  MLS 11-556033

8875 Appian Way, 90046

This is an impeccable updated 1951 home located in the Hollywood Hills above Sunset Plaza.  Listed for $2,399,000, this beautiful home with walls of glass allows the 4 bedroom / 3 bath home exposure to natural light throughout the floor plan.  This sleek and beautiful contemporary home offers beautiful upgrades and features.  The pool is to die for!  Listing courtesy of James Nasser, WEA.  MLS 11-564679

1200 N Tigertail Rd, 90049

I kinda lose my mind when looking at this amazing 1963 mid-century modern located in Brentwood's  Kenter Canyon area.   Featured in Los Angeles Times and California Interiors, this home has beautiful details and utilizes the the traditional mid-century modern pallet.  The 3 bedroom / 3 bath home was redesigned by the prior owner and current White House designer, Michael Smith.  Beautiful landscape and views for miles, this listing is being offered for $2,299,000.  The only downside of this home is that it has no pool.  Listing courtesy of Joyce Gottlieb, Pru.  MLS 11-565325

2075 N Beverly Dr, 90210

I always love a good REO/Bank-owned mid-century modern listing.  Built in 1960, this home located at the very north end of Beverly Dr offers privacy and nature.  Situated in the perfect setting in the Beverly Hills canyon area, the 4 bedroom / 4.5 bath home provides over 3,700sf of living space.  With it's earthy feeling and natural finishes: stone, wood and glass, this home is a winner.  Listed for $1,950,000, the home also provides an attached office or studio with separate bath.  Courtesy of Fran Chavez, Pru.  MLS 11-560565

8973 Wonderland Park Ave, 90046

The Kimmelman Home located in the fantastic area within Laurel Canyon is offered for the first time to the general public.  Built and designed in 1957 by architect Philip Kimmelman, AIA, the 3 bedroom / 2.5 bath is certainly an architectural gem not to be missed.  Great schools, close to the Racquet Club, take advantage of the one area of Laurel Canyon that gets full exposure of the sun.  High enough to avoid canyon shading, this is a precious rare offering at $1,465,000.  Listing courtesy of Crosby Doe, CDA. MLS 11-565215

4740 Louise Ave, 91316

Located on an incredible site overlooking the John Wayne Estate in Encino, this 1969 2-story home is fun and private, even though there is no pool.  Situated on .57 acres, the serene atmosphere will envelope you into the beautiful surroundings.  The 5 bedroom / 3.5 bath contemporary home offers many upgrades and beautiful light throughout.  Listed for $1,250,000, this listing comes back-to-market this week after a quick Pending status.  Courtesy of Michele Moses, TelProp.  MLS 11-562653

3708 Whitespeak Dr, 91403

I really like this modern 1959 located in Sherman Oaks.  The 2-story with pool features 6 bedrooms / 5 baths within 4,466sf of living space.  This is classic 'Moderne' in style.  Views from the upper story are endless.  This 2-day old listing is being offered for $1,195,000.  Located on a quiet and secluded cul-de-sac, anyone can see the value you this home.  Listing courtesy of Juliette Hohnen, TelProp.  MLS 11-565877

3172 Dona Susana Dr, 91604

With beautiful gardens surrounding this mid-century modern built in 1964, this Studio City hills home boasts a "Sophisticated Transformation" in it's 2,815sf of living space.  The oasis created by the lush landscape is really the selling point here.  Privacy and seclusion await.  This home located in the exclusive "Dona Streets" offers 3 bedrooms / 2.5 baths and listed for $1,049,000.  Open House on November 13, 1-4pm.  Listing courtesy of Carol Stewart, Sthby's.  MLS 11-564899

3050 N Beachwood Dr, 90068

Big fan of this post and beam located in Beachwood Canyon and the Hollywood Hills.  This mid-century modern home has walls of glass and other resources popular during this era including wood, clerestory windows, red clay pavers, fireplace and skylights.  The updated kitchen and baths are simply done and not "overdone".  With a wonderful open floor plan, this 3 bedroom / 2 bath post and beam is currently listed at $949,000.  This is one fun little tree-house.  Courtesy of Brian Courville, JAG.  MLS 11-555857

365 Sequoia Dr, 91105

I love the entry of this home located in the beautiful area of Pasadena.  The dramatic entry of this 1953 contemporary home has a great floor plan with a bonus room for office/studio.  Listed for $889,000, this 2 bedroom / 2.25 bath home provides beautiful original details and amazing views.  Let the sunshine into this home.  Listing courtesy of Michael Darling, D/P&P.  MLS 22158476

4948 Inadale Ave, 90043

I really love this listing... from the outside.  This 1964 split-level located in the Park Hills Heights area boasts 3 bedrooms / 2.5 baths in over 2,900sf of living space.  This mid-century modern delight is needing of a complete overhaul with the interior.  Listed for $665,000, be prepared for some work on the interiors.  Bring your contractor.  Listing courtesy of Solange Edwards, CB.  MLS 11-552553

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

Encino Mid-Century Modern REO on Market - Price Reduced

Tucked-away and gated 1962 Mid-Century Modern just reduced $41K located in the desirable Royal Oaks Estates.  15941 Skytop Rd, Encino, 91436 consists of 3 spacious bedrooms and 4 baths.  The courtyard design of this architectural beauty surrounds the black-bottomed pool for optimum entertaining possibilities.  Current market price for this Bank-owned ( REO ) is $2,209.000.  This stunner has seen better days like many other bank-owned properties we see on market. 

Walled and gated, you drive up the 100+ drive to your single-story modern with open floor plan and walls of glass to capture the surrounding light.  Pull up to my bumper, baby!  Tons of parking for guests

Inside, you are met with over 3,348sf of living space including a formal living area and Family Room.

The open floor plan allows for family gatherings in this comfortable and tranquil environment tucked in the hills.  There are several fireplaces in the home including the Family Room and Master Suite

Top of the line kitchen attributes make life in the kitchen a breeze, especially with the sliders sending in the cool hillside breezes.

 The Formal Dining area can accommodate up to 14 people.

Throughout the house, you will find top of the line resources of stone, natural wood and metallic finishes help keep this chic modern on the ground and earthy.

 The Master Suite boasts an enormous walk-in closet for any shopaholic in the house.

And after all that shopping to fill the walk-in, climb into the over-sized sunken tub overlooking the hillside while providing tranquility and privacy.

 Or how about a massage to work out all those kinks?

Having the house surround the pool keeps the airflow inside cool.  Privacy surrounds you here in this hillside escape.

With over 1.15 acres on a interior Key Lot provides many seating areas and walk paths to explore nature of the hillside while taking in the panoramic views.

 This home last sold in 2006 for $3,350,000 and now owned by Bank of America.

If this home inspires you and you would like to take a look, please feel free to give me a call, 213-305-8537 to set up a showing.

In the meantime, have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

Ed Fickett HCM Hollywood Riviera Mid-Century Modern For Sale

This 2 bedroom, 2 bath condo within the Hollywood Riviera happens to be Bank-owned.

Yep.  Another Mid-Century Modern hits the skids and falls on market at $399,990.   

Built in 1954 by Mid-Century Modern architect, Edward Fickett, FAIA, the Hollywood Riviera has the potential for savings on property taxes to any buyer due to it's recent Historic Cultural Monument ( HCM ) status.Unit 19 boasts a light and bright interior.  38 units comprise this complex located at 1400 N Hayworth Ave, West Hollywood, CA  90046.

 Check out those angles in the interior above and below.

This place needs some Mid-Century Modern ass-kicking.  Take advantage of a deal.  HOAs listed at $360/mo.

This bank-owned ( REO ) should not last much longer.  If you would like a showing, please feel free to contact me.

In the meantime, have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee

Making Good on Your Real Estate Purchase Offer - Have Faith!

Most frequently, we meet first-time buyers who are unaware of the various factors in making an offer on a beautiful piece of Mid Century Modern architecture.  How would one know if not informed by their agent or Google?  One of the most important elements of an offer is the Earnest Money Deposit ( EMD ) or otherwise known as, THE GOOD FAITH DEPOSIT!

All right.  You've signed the offer and the seller has agreed to move into escrow with you.  Now, it's time to adhere to one element of an OFFER: the Earnest Money Deposit ( EMD ) / Good Faith Deposit. 

Simply stated, the Good Faith Deposit is something a Buyer should be concerned with when delivered an executed contract from a seller. Throughout the transaction, the buyer should want to put their best foot forward by demonstrating their cooperation by abiding by the deadlines stated in the accepted Residential Purchase Agreement ( RPA ). The first sign of earnest action on behalf of the buyer will come from them in the form of the Earnest Money Deposit ( EMD ), otherwise known as the Good Faith Deposit.

Depending on how you stipulate the time frame for the deposit within the contract, (RE101 - The Residential Purchase Agreement is a legal contract.), it will determine when and how it will take place.  All parties must abide by the expiration periods demonstrated in the contract. Here in California, CAR's standard time frame is a 3-day period, but your contract should be reviewed to clarify your time frames for expiration periods.  A purchaser will have to make a copy of a personal check / bank check / money order to be included with the submitted offer.

The standard dollar amount for the Earnest Money Deposit ( EMD ) / Good Faith Deposit is typically 3% of the purchase price. Take for example a home purchase of $500,000.  The Earnest Money Deposit ( EMD ) would amount to $15,000.  A home sold for $1,000,000 would require the buyer to make an EMD of $30,000.  We are finding the process of the buyer wiring the deposit into their escrow account most timely and efficient.  Make sure to instruct your agent to tick the box for wired funding.  If you do elect this alternative, you do not need to provide a copy of a check.  Remember...  Would you want a lazy buyer purchasing your home???  

With today's real estate market in an economic twist, here at modernhomeslosangeles, we are finding a fierce and competitive race to get offers accepted on the Mid-Century Modern Value Listings.  When there is an intriguing listing, such as the gorgeous Mid Century Modern REO listing for 3783 Whitespeak Dr. you have to demonstrate your competitiveness with good faith and earnest actions.  Even with a Bank-Owned ( REO ) listing, you want to provide every measure to secure that your offer will stand!  You could be competing with 20 other offers.  Why wouldn't you want to stand out and be a player?

When everyone abides by the deadlines drawn within the contract, all parties end up happy. Remember, real estate is a two-way street. Place your shoes on the seller's feet. Wouldn't you want a buyer to purchase your home with a timely Earnest Money Deposit ( EMD ) sent into escrow immediately to demonstrate their earnest intentions?

Once there is a green light, either your agent or yourself should speak with y our assigned escrow officer and arrange for your deposit to be delivered or wired with their specific requests in order to stay within your contractual guidelines. 

Good faith is something all parties should act upon in real estate transactions with all points of the contract. If you really want to impress, be timely.

Here at moderhomeslosangeles, we strive to communicate well with clients and share a wealth of information, whether buying or selling real estate.  This allows fluid communication between all involved parties and a smooth transaction. 

Show FAITH.  And in return, have a modern day!

Steve Ward
Realtor®, SFR®
Mid-Century Modern Architecture Specialist
modernhomeslosangeles
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
213.305.8537 direct
steve.ward.la@gmail.com
MODCOM - LA Conservancy Modern Committee