1406-1408 Oak Grove Drive, Eagle Rock
1406-1408 Oak Grove Drive, Eagle Rock
1406-1408 Oak Grove Drive, Eagle Rock, Offered for sale at: $578,000
Two exquisite period houses on a large lot. Surrounded by luxuriant landscaping. Front home is a classic Craftsman with three bedrooms and two bathrooms. Hardwood floors, built-ins. Original wood detailing is beautifully preserved. Ample kitchen has been tastefully updated. Rear home is a charming, secluded 1 bedroom cottage with bonus office space and shaded front deck. Two car garage, plus additional open parking. Serene northerly treetop views. Lovely Eagle Rock lcoation.
NORTHEAST LOS ANGELES REAL ESTATE MARKET STATS 09/07 – 09/13
These zip codes include the Northeast Los Angeles communities of Eagle Rock, Highland Park, Mount Washington, Glassell Park, Sycamore Grove, Garvanza, Montecito Heights, Cypress Park, Lincoln Heights, El Sereno, Monterey Hills, and Hermon.
NORTHEAST LOS ANGELES: OPEN HOUSES FOR SUNDAY SEPTEMBER 13
Listing of Sunday’s Open Houses from I-Tech MLS
Listing of Sunday’s Open Houses from Combined L.A. Westside MLS
Featuring Open Houses in the Los Angeles communities of Eagle Rock, Highland Park, Mount Washington, Glassell Park, Sycamore Grove, Garvanza, Montecito Heights, Cypress Park, Lincoln Heights, El Sereno, Monterey Hills, and Hermon
4833 College View Ave., Eagle Rock
4833 College View Ave., Eagle Rock, Offered for sale at: $574,500
Classic 1924 Craftsman style property in a beautiful hillside setting with panoramic view. Los Angeles City records indicate a legal duplex. The property is presently used as a triplex and there are three assigned addresses in city records (4833, 4835, and 4837 College View Avenue).
The primary residence features 2 bedrooms, 1 bath, sunroom entryway, and a rugged fireplace of Arroyo Stone. Upper rear unit is a studio/guest apartment with a separate entrance, and separate kitchen and bath. Lower bonus unit is a studio with separate entrance, and separate kitchen and bath. The units share a beautifully landscaped yard, a great covered patio area, plus a tranquil and shady upper garden terrace. The wonderful location is near to all of Eagle Rock’s most popular shops, restaurants and galleries.
Understanding how much time to allow for the closing process
Understanding how much time to allow for the final closing process will help reduce some of the stress and frustration that can accompany closing an escrow.
After the appraisal of the property has been made; after all the buyer’s financial documents have been reviewed, the loan processor or loan officer will advise all parties that final approval has been obtained, and that the lender is ready to “draw docs”. The “docs” being the note and deed of trust, and all the accompanying disclosures and addendums that the buyer must sign before the lender delivers the funds.
It can take up to 48 hours from the time the final approval is given until the documents are received by the escrow officer.
The escrow officer will contact the buyer for an appointment to sign the documents. Buyers are well advised to sign loan documents as soon as possible!
After the buyer signs the documents, the escrow officer will “package” them with other documents from the escrow file, such as an estimated closing statement, and return all the documents to the lender. The lender will most likely receive the documents back on the day after the buyer has signed them.
After the lender receives the signed documents back, it can take up to 72 hours for the lender to check the documents in and review them. After the lender reviews the documents to be sure they have been fully and correctly signed, the lender will issue the funds.
The funds are wired by the lender to the escrow company. Recording of the grant deed is scheduled for the next business page after the funds are received.
Remember, in California, an escrow is not “closed” until the day that the grant deed is recorded in the official records at the County Recorder’s office. The moment the grant deed is date-stamped by the county clerk is considered the moment that ownership of the property changes hands.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
First Time Buyer Tax Credit Expires November 30
Time is running out on the $8,000 First Time Buyer Tax Credit. You have to actually own a home by November 30th to qualify. So if you’re going to be buying you need to start looking now. Affordable properties are selling fast, and competing offers will probably increase as more buyers try to grab the tax credit before it expires.
If you are considering buying please do yourselves a favor and call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net. Joe will process your mortgage loan application and prepare your preapproval letter so you buy a home before that tax credit expires!
Understanding the escrow closing process: What day does my escrow close?
In California, an escrow is “closed” on the day that the grant deed is recorded in the official records at the County Recorder’s office. The moment the grant deed is date-stamped by the county clerk is considered the moment that ownership of the property changes hands.
In California, it is important to realize that “closing” does not mean the day the buyer signs loan documents, and it does not mean the day the lender funds the mortgage loan.
Both of those events are essential parts of the process, and both of those events absolutely must occur before the grant deed is released to the county recorder for recording.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Calculate Your Debt Ratio
You will hear the term ‘Debt Ratio” several times when you apply for a mortgage loan. Lenders look at two types of Debt Ratio when qualifying you for a loan: Housing Debt Ratio and Total Debt Ratio
Debt Ratio is a simple formula that caculates what percentage of your monthly gross income goes towards housing payments and other debts.
For example, let’s say:
Your total gross monthly income is $4,000.00
Your new housing payment (including taxes, insurance and HOA fees) will be $1,500.00
Divide 1,500 by 4,000 (4000 / 1500)
You will get an answer of 0.375; Change this answer into a percentage by moving the decimal point two places to the right and it tells you your housing debt ratio is 37.5%
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Los Angeles Foreclosure Case Study/Bank Owned Home for Sale
This bank owned fixer-upper property is a duplex, located in Highland Park, north of York Boulevard, near to the Occidental College campus. Each unit has 2 bedrooms and 2 baths. City records indicate 1,834 square feet, on a lot that is 5,183 square feet. It is currently listed at $254,900.
The property sold in 1992 for $90,000.
It sold in 2001 for $235,000.
It sold again in 2006 for $665,000
A Notice of Default was filed in December 2007.
It was listed for sale in July 2008 as a short sale at $450,000. It did not sell at that time and expired off the market.
Notices of Default were filed in June 2008, and October 2008.
The Trustee Sale took place on October 31, 2008.
The property is now bank owned and listed for sale at $254,900.
This article is not intended as an advertisement of any property listed by another brokerage firm. It is intended only as a report of current real estate market conditions.
However, if you are interested in purchasing a property in today’s market, we have a staff of highly qualified agents ready to assist you.
Bob Taylor Properties, Inc. – 323-257-1080 — bobtaylorprop@gmail.com — 5526 North Figueroa Street, Highland Park, CA 90042
NORTHEAST LOS ANGELES REAL ESTATE MARKET STATS 08/30 – 09/07
These zip codes include the Northeast Los Angeles communities of Eagle Rock, Highland Park, Mount Washington, Glassell Park, Sycamore Grove, Garvanza, Montecito Heights, Cypress Park, Lincoln Heights, El Sereno, Monterey Hills, and Hermon.