Posts Tagged ‘redondo beach’

Buying a Fixer is it a good deal? Check out new listings in the Southbay!

Wednesday, December 21st, 2011

How to Assess the Real Cost of a Fixer-Upper House

Redondo Beach,Ca

Anna Maria Kitras, Realtor
www.newlistingsinthesouthbay.com

  • Anna Maria Kitras works and lives in the Los Angeles, South Bay beach cites area. Anna Maria Kitras also covers the surrounding South Bay beach city communities.

    Anna Maria Kitras is also a local Real Estate Expert on the Westside area of Los Angeles,Venice ,Westwood,Century City, Venice, Westchester, Palms, Mar Vista, West Los Angeles, Brentwood, Westwood, Culver City and Santa Monica. Southbayluxuryhomes.com specializes in Manhattan Beach,Hermosa Beach,Redondo Beach, Santa Monica,Long Beach,Belmont Shores,Seal Beach and neighboring south bay cities. Here at southbayluxuryhomes.com, Keller Williams , we are members of the communities in which we specialize. We know and care about the lifestyle in all of the South Bay area cities, and we will bring you the benefit of our expertise in every real estate transaction. Anna Maria Kitras specializes in working with all types of buyers and sellers,especially in educating buyers and sellers in all aspects of their home transaction. Anna Maria Kitras specializes in working with tech savy buyers,find the home of their dreams at a great price.Anna Maria Kitras also is very in diligent and experienced in helping homeowners in distress find solutions.

    For Redondo Beach Real Estate,Long Beach Real Estate,Belmont Shores Real Estate,Culver City Real Estate,Hermosa Beach Real Estate,Torrance Real Estate,Rancho Palos Verde,Harbor City Real Estate, Walteria Real Estate, Hollywood Riviera Real Estate, South Shores Real Estate, San Pedro Real Estate, Westside (West Los Angeles ) Real Estate, Santa Monica Real Estate, or any other South Bay Real Estate, make Anna Maria Kitras with Keller Williams Realty, VIP Properties your first choice Realtor.

    Serving the areas and surrounding communities of : Manhattan Beach,Hermosa Beach,Redondo Beach,Carson,Gardena, Long Beach,Lawndale,Hawthorne, Lomita,Marina Del Rey, Playa Vista,Torrance,Westchester,Culver City,San Pedro,Cerritos,Huntington Beach, Sunset Beach,Brentwood, Westwood, Santa Monica, Century City, West Los Angeles,Westwood, Brentwood, Beverly Hills,Huntington Beach,El Segundo,Palos Verdes, Rolling Hills, Baldwin Hills,Fox Hills, Windsor Hills, Leimert Park and Los Angeles.

    Email me today at annamaria@southbayluxuryhomes.com or call (424) 226-8640

    www.southbayluxuryhomes.com

    http://www.newlistingsinthesouthbay.com

     

    When you buy a fixer-upper house, you can save a ton of money, or get  yourself in a financial fix.
Woman looking at paint prices at hardware storeMake sure you have the time, skills, and desire to embark on home improvement  projects before buying a fixer-upper house. Image: Somos/Veer/Getty  Images

Trying to decide whether to buy a fixer-upper house? Follow these seven  steps, and you’ll know how much you can afford, how much to offer, and whether a  fixer-upper house is right for you.

 

1. Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real  world, attempting a difficult remodeling job that you  don’t know how to do will  take longer than you think and can lead to  less-than-professional results that  won’t increase the value of your  fixer-upper house.

  • Do you really have the skills to do it? Some tasks, like stripping wallpaper  and painting, are relatively easy. Others, like electrical work, can be  dangerous when done by amateurs.
  • Do you really have the time and desire to do it? Can you take time off work  to renovate your fixer-upper house? If not, will you be stressed out by living  in a work zone for months while you complete projects on the weekends?

2. Price the cost of repairs and remodeling before you make an offer

  • Get your contractor into the house to do a walk-through, so he can give you  a written cost estimate on the tasks he’s going to do.
  • If you’re doing the work yourself, price the supplies.
  • Either way, tack on 10% to 20% to cover unforeseen problems that often arise  with a fixer-upper house.

3. Check permit costs

  • Ask local officials if the work you’re going to do requires a permit and how  much that permit costs. Doing work without a permit may save money, but it’ll  cause problems when you resell your home.
  • Decide if you want to get the permits yourself or have the contractor  arrange for them. Getting permits can be time-consuming and frustrating.  Inspectors may force you to do additional work, or change the way you want to do  a project, before they give you the permit.
  • Factor the time and aggravation of permits into your plans.

4. Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural  engineer for $500 to $700 to inspect the home before you put in an offer so you  can be confident you’ve uncovered and conservatively budgeted for the full  extent of the problems.

Get written estimates for repairs before you  commit to buying a home with structural issues.

Don’t purchase a home  that needs major structural work unless:

  • You’re getting it at a steep discount
  • You’re sure you’ve uncovered the extent of the problem
  • You know the problem can be fixed
  • You have a binding written estimate for the repairs

5. Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs  without draining your savings.

If you’re planning to fund the repairs  with a home equity or home improvement loan:

  • Get yourself pre-approved for both loans before you make an offer.
  • Make the deal contingent on getting both the purchase money loan and the  renovation money loan, so you’re not forced to close the sale when you have no  loan to fix the house.
  • Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home  owners who are purchasing or refinancing a home that needs rehabilitation. The  program wraps the purchase/refinance and rehabilitation costs into a single  mortgage. To qualify for the loan, the total value of the property must fall  within the FHA mortgage limit for your area, as with other FHA loans. A  streamlined 203(k) program provides an additional amount for rehabilitation, up  to $35,000, on top of an existing mortgage. It’s a simpler process than  obtaining the standard 203(k).

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were  in good condition and remodeled to current tastes) and subtract the upgrade and  repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic   wallpaper, shag carpet, and high levels of radon in the basement.

Your  comparison house, in the same subdivision, sold last month for $200,000.  That  house had a newer kitchen, no wallpaper, was recently recarpeted,  and has a  radon mitigation system in its basement.

The cost to remodel  the kitchen, remove the wallpaper, carpet the house, and  put in a radon  mitigation system is $40,000. Your bid for the house should be  $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates  with the sellers, to prove your offer is fair.

7. Include inspection contingencies in your offer

Don’t rely on your friends or your contractor to eyeball your  fixer-upper  house. Hire pros to do common inspections like:

  • Home inspection. This is key in a fixer-upper assessment. The home inspector  will uncover hidden issues in need of replacement or repair. You may know you  want to replace those 1970s kitchen cabinets, but  the home inspector has a  meter that will detect the water leak behind  them.
  • Radon, mold, lead-based paint
  • Septic and well
  • Pest

Most home inspection contingencies let you go back to the sellers and ask  them to do the repairs, or give you cash at closing to pay for the repairs. The  seller can also opt to simply back out of the deal, as can you, if the  inspection turns up something you don’t want to deal with.

If that  happens, this isn’t the right fixer-upper house for you. Go back to the top of  this list and start again.

To search for homes and townhomes in the Southbay beach cities areas of Redondo Beach, Torrance, Carson, Harbor City, Lomita, San Pedro, Hermosa Beach.Manhattan Beach, Lawndale and Long Beach please visit  www.newlistingsinthesouthbay.com

annamariakitras@newlistingsinthesouthbay.com

Buying a Home at the End of the Year – BargainingTips for Home Buyers

Tuesday, September 20th, 2011

Redondo Beach , Ca

As we come into the end the year, Home Buying becomes very interesting with probably the best deals of the year to be made in tremendous discounts. The last quarter of the year, especially after Labor Day puts buyers in a great bargaining postion. At the end of the year, home inventory that did not sell over the summer will usually end up being the best bargains. I recently helped  a buyer purchase a home for $50,000 less than the listed price in a very exclusive Westwood area near UCLA.

Reasons for this unique strategic advantage for Home Buyer deals are the  following:

  • Sellers hate to move during the Holidays.
  • Sellers start becoming desperate if they have to sell, especially if their home did not sell during summer prime selling season.
  • Buyers with children usually want to complete their purchase by the end of summer for school reasons.

So if you have seen a home that has been sitting on the market for a while, don’t be afraid to go ahead  and offer a lower than listed asking price. If you like the house, get the negotiation process started. Rates are at all time 100 year Historic Lows.

In today’s market, there are great deals to made and great houses to bought at huge discounts!

For more information in buying your new home or  investment property in West Los Angeles(Culver City,Santa Monica,Westwood,Century City), South Bay (Redondo Beach, Gardena, Hermosa Beach, Torrance,Lawndale,San Pedro, Hawthorne, Manhattan Beach,Rolling Hills, Carson, Lomita, Harbor City, County Strip- Torrance) and Long Beach (Los Altos, Belmont Shores, Downtown Long Beach, Belmont Heights, Naples) contact annamaria@southbayluxuryhomes.com.

Anna Maria Kitras also specializes in distressed property sales, she is certified by the National Association of Realtors as a Short Sales and Foreclosure Resource (SFR) and a Certified HAFA (Home Affordable Foreclosure Alternatives) Specialist. For homeowners or home buyers seeking more information or assistance with a short sale, please email info@losangelesforeclosuresolutions.com.

Anna Maria Kitras works and lives in the Los Angeles, South Bay beach cites
area. Anna Maria Kitras also covers the surrounding  Los Angeles, South Bay
beach city communities.  Anna Maria Kitras is also a local Real Estate Expert on
the Westside area of Los Angeles,Venice ,Westwood,Century City, Venice,
Westchester, Palms, Mar Vista, West Los Angeles, Brentwood, Westwood, Culver City and Santa Monica.  Southbayluxuryhomes.com specializes in Manhattan Beach,Hermosa Beach,Redondo Beach, Santa Monica,Long Beach,Belmont Shores,Seal Beach and neighboring south bay cities. Here at southbayluxuryhomes.com, Weichert Realtors, we are members of the communities in which we specialize. We know and care about the lifestyle in all of the South Bay area cities, and we will bring you the benefit of our expertise in every real estate transaction.
Anna Maria Kitras specializes in working with all types of buyers and
sellers,especially in educating buyers and sellers in all aspects of their home
transaction. Anna Maria Kitras specializes in working with tech savy buyers,find
the home of their dreams at a great price.Anna Maria Kitras also is very in
diligent and experienced in helping homeowners in distress find solutions.

For Redondo Beach Real Estate,Long Beach Real Estate,Belmont Shores Real
Estate,Culver City Real Estate,Hermosa Beach Real Estate,Torrance Real
Estate,Rancho Palos Verde,Harbor City Real Estate, Walteria Real Estate,  South Shores Real Estate, San Pedro Real Estate, Westside (West Los Angeles ) Real Estate, Santa Monica Real Estate, or any other South Bay Real Estate, make Anna Maria Kitras with Weichert Realtors your first choice Realtor.

Serving the areas and surrounding communities of : Manhattan Beach,Hermosa Beach,Redondo Beach,Carson,Gardena, Long Beach,Lawndale,Hawthorne, Lomita,Marina Del Rey, Playa Vista,Torrance,Westchester,Culver City,San Pedro,Cerritos,Huntington Beach, Sunset Beach,Brentwood, Westwood, Santa Monica, Century City, West Los Angeles,Westwood, Brentwood, Beverly Hills,Huntington Beach,El Segundo,Palos Verdes, Rolling Hills, Baldwin Hills, Windsor Hills, Leimert Park and Los Angeles.

Email me today at annamaria@southbayluxuryhomes.com
or call (424) 226-8640

www.southbayluxuryhomes.com

For Foreclosure Avoidance Options and Short Sale Assistance, go to http://www.losangelesforeclosuresolutions.com
or email info@losangelesforeclosuresolutions.com

 

 

 

Anna Maria Kitras Earns NAR Short Sales and Foreclosure Certification

Friday, July 29th, 2011

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

Redondo Beach,Ca, 7/27/2011 — Anna Maria Kitras with Weichert Realtors, Hoshaw & Associates has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals,short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR PresidentCharles McMillan, a broker with Coldwell Banker Residential Brokerage inDallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualifysellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® staycurrent on national and state-specific information as the market for these distressed properties evolves.

If you are facing foreclosure in Los Angeles and would like to know your options,please email me directly at annamaria@southbayluxuryhomes.com. Today , there are foreclosure avoidance options available. Also, for more information on a Short Sale feel free to call me today at (424)-226-8640 .

For more information for foreclosure avoidance options and possible solutions go to http://www.losangelesforeclosuresolutions.com.