May 16, 2012 by Lynnell Woodward
It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale? A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness. To be eligible for a short sale you first have to qualify! To qualify for a short sale: Your house must be worth less than you owe on it. You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. Divorce, estate situations, etc… also qualify. Now that you have a basic understanding of what a short sale is, there are some huge misconceptions when it comes to a short sale vs. a foreclosure. We take the most common myths surrounding both short sales and foreclosures and give a brief explanation. LET’S BUST SOME MYTHS!! 1.) If you let your home go to foreclosure you are done with the situation and you can walk away with a clean slate. The reality is that this couldn’t be any farther from the truth in most situations. You could end up with an IRS tax liability and still owing the bank money. Let me explain. Please keep in mind that if your property does go into foreclosure you may be liable for the difference of what is owed on the property versus what is sells for at auction, in the form of a deficiency balance! Please note this is state specific and in most states you will be liable for the shortfall, but in some states the bank may not always be able to pursue the debt. Check your state law as it varies widely from state to state.
Category community, Current Listings, homes for sale, los angeles homes for sale, los angeles realtor, real estate, southern california real estate | Tags: | No Comments
April 19, 2012 by Lynnell Woodward
…….. If so give me a call (818) 482-6690 and I’ll show you this 1930′s Spanish style villa. This spacious 3 bedroom, 2 bath home offers a formal step down living room filled with natural light, hardwood floors and a Spanish style fireplace. The entry, graced with Spanish tiles, opens to the large dining room and on to the galley-style updated kitchen with stainless steel appliances, farm house sink, and sunny breakfast nook. All the bedrooms are very spacious with great closet space. The master bedroom, with custom built-ins and walk in closet, has an updated bath and opens to a small private patio; a little bit of paradise. The large family room with fireplace, peg and groove floors, and a wet bar, opens to the wonderful backyard with a completely redone pool. Huge laundry room off the garage plus a bonus bathroom for pool area. It was recently reduced to $679,00!
Category blogging, community | Tags: | No Comments
March 30, 2012 by Lynnell Woodward
1361 Raymond Avenue, Glendale $679,000
A large arched window graces the front of this 1930′s Spanish style villa located on Raymond Ave in Northwest Glendale. This spacious 3 bedroom, 2 bath home offers a formal step down living room filled with natural light, hardwood floors and a Spanish style fireplace. The entry, graced with Spanish tiles, opens to the large dining room and on to the galley-style updated kitchen with stainless steel appliances, farm house sink, and sunny breakfast nook. All the bedrooms are very spacious with great closet space. The master bedroom, with custom built-ins and walk in closet, has an updated bath and opens to a small private patio; a little bit of paradise. The large family room with fireplace, peg and groove floors, and a wet bar, opens to the wonderful backyard with a completely redone pool. Huge laundry room off the garage plus a bonus bathroom for pool area.
Category blogging, community, Current Listings | Tags: | No Comments
by Lynnell Woodward
What would you do if you won the Mega Millions Jackpot???
Category community | Tags: | No Comments
March 15, 2012 by Lynnell Woodward
May you always have
Walls for the winds,
A roof for the rain,
Tea beside the fire,
Laughter to cheer you,
Those you love near you,
And all your heart might desire!
Category blogging, community | Tags: | No Comments
March 7, 2012 by Lynnell Woodward
Daylight Savings Time begins this Sunday at 2am.
Remember to set your clocks ahead!
Category community | Tags: | No Comments
