Los Angeles Real Estate Blog

Buying or Selling a Short Sale in Los Angeles – Who Decides Which Offer to Accept?

Who decides which offer to accept? The Homeowner. One  major misconception about short sales that has been repeated so often that people have come to believe it is that all offers are presented to the bank – and the bank's asset manager makes the decision on which offer to accept. Short Sale MythsGenerally speaking, this simply isn't the case. In a Los Angeles short sale, the property still "belongs' to the seller and it is the seller (with the help of  his or her agent, who makes that decision.  The offer is then submitted to the bank along with a short sale package and a request for short sale approval. It is the Los Angeles homeowner who chooses the listing agent and sets the listing price, based on advice from his or her listing agent. As long as that Los Angeles agent is experienced in short sales and has prepared an...

Silverlake Home Price Statistics Can Be Misleading

Before you get excited over the latest national, regional, or local home prices as reported in the news media, know if they are comparing apples to apples.  The news reports use either the average or the median (middle) home price for a given time period. And the numbers can be misleading.

In some markets, the investors moved in immediately after the crash, buying every low priced home they could find to turn them into rental properties. Before long, buyers who wanted a home priced at the lower end of their market were out of luck.

At the same time, high-end buyers were starting to become active once again.  And guess what that did to the average and the median in months to come? Naturally, it looked as if prices had risen.

Of course, in most markets prices are rising now. We are seeing multiple offers on most Silverlake area homes. The low interest rates coupled with the lack of inventory has...

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