Archive for the ‘Home Buying and Home Selling in Winnetka’ Category

Valley Homeowners Can Now Get Rid of “Upside-Down” Homes and Wipe Out All Outstanding Mortgage Debts After Short Sale!

August 25, 2011

On July 15, 2011, Governor Jerry Brown signed a new law, SB 458, which wipes out outstanding loan balances on all mortgage loans when a California homeowner “short sells” their home.  This new law is a huge victory for homeowners who find themselves with mortgage debts that are bigger than the value of their home – typically referred to as being “upside-down”.  These “upside-down” homeowners’ previous attempts to short-sell their homes and unburden themselves from enormous weight of their mortgage debt was thwarted when lenders chose to pursue the homeowners for outstanding loan balances after the short sale transaction was completed.

 

A prior 2010 California law, SB 931, had attempted to address the situation, by prohibiting first mortgage lenders from pursuing homeowners who short sell their homes.  Unfortunately that law did not apply to junior lien holders, i.e. 2nd, 3rd, or 4th mortgages.  Thus, prior to July 15, 2011, a San Fernando Valley homeowner who sold their home in a short sale successfully got rid of the loan balance for the first mortgage only.  However, if that homeowner had a junior mortgage, such as a 2nd or 3rd mortgage, the junior lenders could still pursue the homeowner to collect the balance of the junior mortgages.  With the new California law, SB 458, effective on July 15, 2011, balances of all mortgages whether 1st, 2nd, 3rd or 4th are all wiped out and the mortgage lenders cannot collect against the homeowner after the short sale transaction is completed!

 

A short sale is a transaction which allows homeowners whose mortgage debt is more than their home is worth and they can no longer afford their homes, to sell their home at current market value.  By short selling the home, the homeowner disposes of the home and debt in a dignified manner and avoids the embarrassment and indignity of foreclosure.

 

Many San Fernando homeowners have utilized short sales to get rid of “upside down homes” and weighty mortgage debts especially during the last 3 years of declining property values.  As of August 2011, 69 of the 292 homes for sale in Woodland Hills are shorts sales; while only 20 homes are foreclosures – thus 24% of all active home sales in Woodland Hills are short sales.  14 of the 149 homes for sale in Calabasas are short sales; while only 6 homes are foreclosures – thus 9% of all active home sales in Calabasas are short sales.  41 of the 167 homes for sale in Tarzana are short sales; while only 10 homes are foreclosures – thus 25% of all active home sales in Tarzana are short sales.  43 of the 243 homes for sale in Encino are short sales; while only 14 homes are foreclosures – thus 18% of all active home sales in Encino are short sales.  47 of the 281 homes for sale in Sherman Oaks are short sales; while only 24 homes are foreclosures – thus 17% of all active home sales in Sherman Oaks are short sales.  And finally, 11 of the 179 homes for sale in Studio City are short sales; while only 7 homes are foreclosures – thus 6% of all active home sales in Studio City are short sales. 

 

With the new California law (SB 458) firmly in place as of July 15, San Fernando Valley homeowners may now utilize short sales transactions to get rid of their “upside-down” homes, weighty mortgages, while minimizing the negative impact on their credit profile, and shortening the recovery time to buy a new home in the future.  Typically a short sale home-seller can buy a new home within 2 years in contrast to the 7 year impact from a foreclosure.  The icing on the cake is the fact that your mortgage lenders cannot come after you for any portion of the debt after a short sale in California.  This is indeed good news!

 

Fast-Track Short-Sales are Available to Home-Sellers in Distress – APPLY HERE! CLICK HERE

OTHER USEFUL LINKS:                              

What’s My Home Worth Today  CLICK HERE
Search MLS – All Homes CLICK HERE
Get $1000 at Close of Escrow with Bogun Realty & Luxury Homes towards Your Closing Costs CLICK HERE
Best Home Deals in Woodland Hills CLICK HERE
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas, Bell Canyon CLICK HERE
Foreclosures + Bank-Owned Homes in Woodland Hills CLICK HERE
Short Sale Homes in Woodland Hills CLICK HERE
Fixer-Upper + Bargain Homes in Woodland Hills CLICK HERE
Best Home Deals in Encino CLICK HERE
Foreclosures + Bank-Owned Homes in Encino CLICK HERE
Short Sale Homes in Encino CLICK HERE
Fixer-Upper + Bargain Homes in Encino CLICK HERE
Bargain Luxury Homes in Encino CLICK HERE
Best Home Deals in Calabasas CLICK HERE
Foreclosures + Bank-Owned Homes in Calabasas CLICK HERE
Short Sale Homes in Calabasas CLICK HERE
Fixer-Upper + Bargain Homes in Calabasas CLICK HERE
Best Home Deals in Studio City CLICK HERE
Foreclosures + Bank-Owned Homes in Studio City CLICK HERE
Short Sale Homes in Studio City CLICK HERE
Fixer-Upper + Bargain Homes in Studio City CLICK HERE
Bargain Luxury Homes in Studio City CLICK HERE
Seller Financed, Owner-Will-Carry, Lease-Option Homes CLICK HERE
Fast-Track Short-Sales are Available to Home-Sellers in Distress – APPLY HERE! CLICK HERE
FOR SELLERS CLICK HERE
FOR BUYERS CLICK HERE
Free Reports CLICK HERE
Open Houses CLICK HERE
Community Info CLICK HERE
Schools CLICK HERE
Free Credit Report CLICK HERE
Testimonials – The Good Kind of Gossip CLICK HERE
Bandele’s Blog CLICK HERE
Free Home Buyer Seminar with Brunch CLICK HERE
Your Home Newsletters CLICK HERE
Don’t Pay Another Cent in Rent to Your Landlord Before You Read This FREE Report CLICK HERE
27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar CLICK HERE
11 High Cost Inspection Traps You Should Know About Weeks Before Listing Your Home For Sale CLICK HERE
Avoid These Costly Home-seller Mistakes When You Sell Your Home CLICK HERE

Bandele Oguntomilade is the broker and owner of Bogun Realty and Luxury Homes in Woodland Hills, California.  You may visit us at http://www.BogunRealtyAndLuxuryHomes.com or call 818-825-6996.

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San Fernando Valley Homeowners – It’s Time to Lower Your Property Taxes!

July 5, 2011

“Render unto Caesar what’s Caesar’s,” but no more.  It’s that time of the year for San Fernando Valley homeowners to take steps to lower their property tax bills.  The narrow window to file a “2011 Decline-in-Value Review Application” is June 1, 2011 through November 30, 2011 – i.e. right now! The window to file an Appeal with the Los Angeles County Assessment Appeals Board is July 2, 2011 through November 30, 2011.  After November 30, 2011, it will be too late to lower your property tax assessment for the 2011 year.

      

 

It is not news that property values have generally declined in San Fernando Valley, like the rest of California, in the last few years.  It is also not news that California law allows for a temporary reduction in assessed property value when a property suffers a decline-in-value. Los Angeles County Tax Assessor typically claims to review and reassess property values of single family homes in the county, thereby, automatically lowering single family homeowner’s property tax liability without the homeowner having to take any action. 

 

Unfortunately, too many homeowners have discovered that the “automatic reassessment” done by the Los Angeles Tax Assessor really does not adequately lower the homeowner’s property value to its true present value.  As such, homeowners who do not take proactive steps to appeal the Country’s “automatic assessment” find themselves paying significantly more taxes than they should be paying.

 

If you own a multi-residential property, commercial or industrial property, the county assessor does not automatically reassess your property value despite declining property values.  Owners of multi-residential property, commercial or industrial property must take proactive steps to file the necessary 2011 Decline-in-Value Review Application and/or Appeal immediately, but no later than November 30, 2011.  It is also strongly recommended that owners of single family homes should review their 2011 property tax assessment and take necessary steps to get their property values lowered to its true current value.

 

The process of lowering your property value and tax assessment is relatively easy. Obtain a “2011 Decline-in-Value Review Application” and/or an “Application for Changed Assessment 2011/12” from www.LACounty.gov or CLICK HERE.  Obtain two comparable sales for your property that sold between January 1, 2011 and March 1, 2011.  To find out What’s Your Home is Worth Today, CLICK HERE.  Complete the Application(s), attach the two comparables, and mail to Los Angeles County Assessor at the address provided in the forms.

 

On the average, in Los Angeles County, your property tax liability is determined by multiplying your current property value by 0.0125.  Thus, if you purchased your property for $500,000 in 2007, your property tax for 2007 would have been $500,000 multiplied by 0.0125 which is $6,250.  However, based on current trend of declining property values, if your current property value has declined to $350,000 as of 2011, your current property tax liability should be $4,375 which would entitle you to a property tax reduction close to a $2000. 

 

Yes, we must render to Caesar/L.A. County Assessor what belongs to them, but there is no reason to pay more than you owe!  Take prompt steps now to reduce your property tax liability.

 

To find out What’s Your Home is Worth Today, CLICK HERE.

OTHER USEFUL LINKS:                              

What’s My Home Worth Today  CLICK HERE
Search MLS – All Homes CLICK HERE
Get $1000 at Close of Escrow with Bogun Realty & Luxury Homes towards Your Closing Costs CLICK HERE
Best Home Deals in Woodland Hills CLICK HERE
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas, Bell Canyon CLICK HERE
Foreclosures + Bank-Owned Homes in Woodland Hills CLICK HERE
Short Sale Homes in Woodland Hills CLICK HERE
Fixer-Upper + Bargain Homes in Woodland Hills CLICK HERE
Best Home Deals in Encino CLICK HERE
Foreclosures + Bank-Owned Homes in Encino CLICK HERE
Short Sale Homes in Encino CLICK HERE
Fixer-Upper + Bargain Homes in Encino CLICK HERE
Bargain Luxury Homes in Encino CLICK HERE
Best Home Deals in Calabasas CLICK HERE
Foreclosures + Bank-Owned Homes in Calabasas CLICK HERE
Short Sale Homes in Calabasas CLICK HERE
Fixer-Upper + Bargain Homes in Calabasas CLICK HERE
Best Home Deals in Studio City CLICK HERE
Foreclosures + Bank-Owned Homes in Studio City CLICK HERE
Short Sale Homes in Studio City CLICK HERE
Fixer-Upper + Bargain Homes in Studio City CLICK HERE
Bargain Luxury Homes in Studio City CLICK HERE
Seller Financed, Owner-Will-Carry, Lease-Option Homes CLICK HERE
Fast-Track Short-Sales are Available to Home-Sellers in Distress – APPLY HERE! CLICK HERE
FOR SELLERS CLICK HERE
FOR BUYERS CLICK HERE
Free Reports CLICK HERE
Open Houses CLICK HERE
Community Info CLICK HERE
Schools CLICK HERE
Free Credit Report CLICK HERE
Testimonials – The Good Kind of Gossip CLICK HERE
Bandele’s Blog CLICK HERE
Free Home Buyer Seminar with Brunch CLICK HERE
Your Home Newsletters CLICK HERE
Don’t Pay Another Cent in Rent to Your Landlord Before You Read This FREE Report CLICK HERE
27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar CLICK HERE
11 High Cost Inspection Traps You Should Know About Weeks Before Listing Your Home For Sale CLICK HERE
Avoid These Costly Home-seller Mistakes When You Sell Your Home CLICK HERE

Bandele Oguntomilade is the broker and owner of Bogun Realty and Luxury Homes in Woodland Hills, California.  You may visit us at http://www.BogunRealtyAndLuxuryHomes.com or call 818-825-6996.

Join Us for Open House Events on Saturdays June 25 + July 2 from 1-4PM – Captivating Contemporary Winnetka 2+2 Condo

June 15, 2011

View Virtual Tour at HERE.  Call 818-825-6996

Open House Saturdays 1-4PM on June 25 and July 2.  2 bedrooms, 2 bathrooms captivating contemporary style condominium in the best part of Winnetka. 2 master bedroom suites, 2 walk-in large closets, bright, airy, and open floor plan, modern, clean kitchen, bathrooms and bedrooms. Large living room with breath-taking view of beautiful landscapes and glistening pool.  Finishes include travertine floors and Berber carpet. Condominium Community includes recreation room, Olympic size pool and spa, exercise room and too many amenities to mention.  Ready to move in and priced for quick sale.  Short sale.  Call 818-825-6996.

OTHER USEFUL LINKS:                              

Search MLS – All Homes CLICK HERE
Get $1000 at Close of Escrow with Bogun Realty & Luxury Homes towards Your Closing Costs CLICK HERE
Best Home Deals in Woodland Hills CLICK HERE
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas, Bell Canyon CLICK HERE
Foreclosures + Bank-Owned Homes in Woodland Hills CLICK HERE
Short Sale Homes in Woodland Hills CLICK HERE
Fixer-Upper + Bargain Homes in Woodland Hills CLICK HERE
Best Home Deals in Encino CLICK HERE
Foreclosures + Bank-Owned Homes in Encino CLICK HERE
Short Sale Homes in Encino CLICK HERE
Fixer-Upper + Bargain Homes in Encino CLICK HERE
Bargain Luxury Homes in Encino CLICK HERE
Best Home Deals in Calabasas CLICK HERE
Foreclosures + Bank-Owned Homes in Calabasas CLICK HERE
Short Sale Homes in Calabasas CLICK HERE
Fixer-Upper + Bargain Homes in Calabasas CLICK HERE
Best Home Deals in Studio City CLICK HERE
Foreclosures + Bank-Owned Homes in Studio City CLICK HERE
Short Sale Homes in Studio City CLICK HERE
Fixer-Upper + Bargain Homes in Studio City CLICK HERE
Bargain Luxury Homes in Studio City CLICK HERE
Seller Financed, Owner-Will-Carry, Lease-Option Homes CLICK HERE
Fast-Track Short-Sales are Available to Home-Sellers in Distress – APPLY HERE! CLICK HERE
FOR SELLERS CLICK HERE
FOR BUYERS CLICK HERE
Home Evaluation CLICK HERE
Free Reports CLICK HERE
Open Houses CLICK HERE
Community Info CLICK HERE
Schools CLICK HERE
Free Credit Report CLICK HERE
Testimonials – The Good Kind of Gossip CLICK HERE
Bandele’s Blog CLICK HERE
Free Home Buyer Seminar with Brunch CLICK HERE
Your Home Newsletters CLICK HERE
Don’t Pay Another Cent in Rent to Your Landlord Before You Read This FREE Report CLICK HERE
27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar CLICK HERE
11 High Cost Inspection Traps You Should Know About Weeks Before Listing Your Home For Sale CLICK HERE
Avoid These Costly Homeseller Mistakes When You Sell Your Home CLICK HERE

Bandele Oguntomilade is the broker and owner of Bogun Realty and Luxury Homes in Woodland Hills, California.  You may visit us at http://www.BogunRealtyAndLuxuryHomes.com or call 818-825-6996.