los angeles real estate agents: A little birdie told me the Mortgage Debt Relief Act is being extended - 12/21/12 08:15 AM
A little birdie told me the Mortgage Debt Relief Act is being extended.
One of the higher-ups at the National Association of Realtors informed a friend of a friend of mine  that it is going to be extended.
It will either be part of the budget bill, or extended separately.
Just wanted to share the inside scoop.


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(6 comments)

los angeles real estate agents: What do you mean you have an accepted offer? The MLS shows Active!! - 12/17/12 05:51 PM
What do you mean you have an accepted offer?  The MLS shows Active!!
How many times have you had a buyer tell you they are interested in offering on a property that shows Active on the MLS, but then when you contact the listing agent, they tell you they've had an accepted offer for a while now?
Not only is it extremely annoying, but it causes a credibility issue for all of us.
First of all, you have to explain to your buyer who can see the property listed as Active and For Sale, that it's really NOT Active and For … (8 comments)

los angeles real estate agents: Another $uccessful closed deal via ActiveRain referral! - 12/16/12 08:47 AM
 

Another $uccessful closed deal via ActiveRain referral!
This is the 2nd short sale referred to me from the same ActiveRain referral agent.
This was a a short sale with Chase Bank.  It took a few twists and turns, but I've become known in my area as a "dog with a bone" when it comes to transactions.  I NEVER give up and make it HAPPEN no matter what!
Overall, this is my 8th closed transaction via ActiveRain referral.
I currently have one more in the pipe.
I'd be happy to take care of your Los Angeles area referrals and turn … (6 comments)

los angeles real estate agents: Ralph's Helpful Tips: 16 Things NOT TO DO while in the process of Obtaining Home Financing - 12/13/12 08:55 AM
Ralph's Helpful Tips: 16 Things NOT TO DO while in the process of Obtaining Home Financing.
An excellent Mortgage Loan Officer that I work with, Marie Richarz with Prospect Mortgage, provided me with this important list for my buyers.
Buyers can unknowingly sabotage their home financing goals by making some obvious and not-so-obvious moves with their finances.  Check out the list below to see if you know the top 16 things not to do when you are in the process of buying or refinancing.
DO NOT:
1. Leave an existing job for any reason
2. Open new bank accounts
3. Close … (4 comments)

los angeles real estate agents: Requiring the buyer to use a lender of seller's choice: A RESPA violation or not? - 12/01/12 11:59 AM
Requiring the buyer to use a lender of seller's choice:  A RESPA violation or not?
I recently wrote an offer on a property for some clients of mine, and received a counter offer.
One of the items in the counter offer stated that the buyers must use one of two of the seller's preferred lenders, or the contract would be subject to cancellation.
Now I've had plenty of occasions where the seller has asked that the buyer obtain a pre-qual or double-app with a preferred lender, but this is the first time they've flat out required that they get the loan … (14 comments)

los angeles real estate agents: Ralph's Helpful Tips: Include a Letter of Good Standing from your Board in your listing presentations - 11/14/12 05:42 PM
Ralph's Helpful Tips:  Include a Letter of Good Standing from your Board in your listing presentations
Most of the time, you will be providing information about your company, your past sales, comps for the potential listing, market statistics, advertising samples, and other items in your listing presentation.
What I've found is that many agents neglect to include a Letter of Good Standing from your local board.  It's very easy to obtain and in most cases, it is free from your board.
Yes, you can talk about your creative element when it comes to listing, advertising, and your ability to use creative … (5 comments)

los angeles real estate agents: Unemployment rate drops to 7.8% in October - 10/05/12 10:00 PM
Unemployment rate drops to 7.8% in October

 
It seems that our current administrations plans for economic recovery are hard at work.  From an economic standpoint, it takes an extremely methodical and well-planned approach to combat such severe economic depression. 
I'm glad to see the progress that is being made.
 

Los Angeles Homes For Sale Los Angeles Condos For Sale Los Angeles Townhomes For Sale … (13 comments)

los angeles real estate agents: Let's admit to the elephant in the room: Listing agents are manipulating the process to double-pop their listings - 09/30/12 07:33 AM
Let's admit to the elephant in the room:  Listing agents are manipulating the process to double-pop their listings
I've been writing tons of offers for my buyers.  Some of them ridiculously over asking with terms that are just short of pledging their next unborn child into the deal!
But Zip!  Zilch!  Nada!   No acceptance.
I decided to follow up on a few of these listings as they have closed and pulled up the MLS info after closing, and lo and behold - the same broker was representing the buyer on the deal.
Many times the offer I submitted was lightning quick.  … (74 comments)

los angeles real estate agents: Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor - Afraid of a Lizard? Seriously?!! - 09/14/12 05:58 PM
Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor - Afraid of a Lizard?  Seriously?!!
I have a short sale listing in Chatsworth, California.  Sent the full package in last week.  The bank's appraiser called me today to do the BPO Appraisal.
I could not make it due to a time conflict, but my seller agreed to meet her at the property at 1:30 because after telling her there was a small friendly dog in the courtyard, the appraiser wanted someone to be there.
Then the appraiser and called me back an hour later and said she can't make it … (34 comments)

los angeles real estate agents: OMG! I am seeing some of the most crazy-a@@ buyer activity out there!! - 09/11/12 07:39 AM
OMG!  I am seeing some of the most crazy-a@@ buyer activity out there!!
It's a jungle out there for buyers!
With inventory levels being so low, and buyer motivation levels so high, I am seeing some pretty crazy things out there.
I think it's even worse than the craze of 2004-2005.
I just listed a home yesterday morning and within 2 hours of it hitting the MLS I had two all cash offers in my in basket and an email promising a 3rd cash offer, which came in a few hours later.
And representing buyers, it's really rough.
I have several … (10 comments)

los angeles real estate agents: Homestead Exemptions: Is it possible to end up with equity from your short sale or foreclosure?? - 09/09/12 08:50 AM
Homestead Exemptions:  Is it possible to end up with $75,000+ from your short sale or foreclosure?
During the last 2 courses I'm completing towards my broker's license, some of the material I'm going through is quite interesting. 
I'm going through a section regarding Homesteads, how they work, and the legalities surrounding them.
Here is some initial info:
A homestead declaration does not restrict or limit any right to convey or encumber the declared homestead. [CCP §704.940]. If a property owner records a declaration of homestead against their primary residence, it in effect drains the property of its equity up to the … (6 comments)

los angeles real estate agents: Want To Sell Your Home? The first step is letting go emotionally..... - 08/28/12 07:19 AM
Want To Sell Your Home?  The first step is letting go emotionally.....
There are many decisions and plans that have to be made prior to putting your home up for sale.  Many of these decisions are based upon the logistics of your life:  Why do you want to move?  Where do you want to move?  What is the mathematical equation that is present for you?
In my experience as an agent assisting homeowners in making some of these decisions, I've found that there is one critical aspect that must be completed as a foundation to making your goals happen:

In … (41 comments)

los angeles real estate agents: Ralph's Helpful Tips: Closing Dates - A Foolproof Way of Avoiding Drama - 08/10/12 07:51 AM
Ralph's Helpful Tips: Closing Dates - A Foolproof Way of Avoiding Drama
Many times during the course of a purchase transaction, issues may arise that may need additional time to address, resulting in a need to extend the closing date of the transaction.
In addition, the actual closing date per contract that results after the last date of the last signature on the contract may end up being a day on a weekend or holiday.
In both of these scenarios, the usual solution is an addendum to the contract extending the closing date to a more appropriate date.
Well, sometimes the … (25 comments)

los angeles real estate agents: Ralph's Helpful Tips: Holding Deals Together - How to Get Creative - 07/23/12 08:14 AM
Ralph's Helpful Tips:  Holding Deals Together - How to Get Creative
Purchasing a home these days is not as simple of a task as most people think.  Even just negotiating the purchase contract has so many more elements now than it used to.  I hear all the time from some of the agents who have been in the business for 20+ years how they used to sign deals on the hood of their car!
But going past the point of a mutually accepted offer, there's the huge task of getting through the escrow all the way towards closing.  And I know … (24 comments)

los angeles real estate agents: Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor - 06/14/12 08:12 AM
Ralph Sells The City: The Adventures of a Non-ExtraTerrestrial Realtor
Showed a home in a very nice area of Toluca Lake yesterday.  The space works for my client, and the location.  But it needs a lot of updating.  The listing agent told me that there is one offer already on the property, and that they have to respond to it by this evening, so if we're going to write on it we'll need to submit by that evening.
Ran comps and talked it over with my client.  The property appears to be overpriced.  And it's been on for about 5 months.  … (18 comments)

los angeles real estate agents: Ralph's random thoughts about life........ - 06/10/12 08:54 AM
Ralph's random thoughts about life.........
It's kind of funny.
I think about our mortality as humans all the time. I think about the scenario if/when another close family member or friend of mine should pass before I do. And I find comfort knowing it is all in the master plan.
One thing we know for sure: We all pass. We all have our time. And since what we don't know is when and who will move on before whom, then it truly makes you appreciate EVERY day you have with those loved ones while they are still here, or … (13 comments)

los angeles real estate agents: Homesteads - What they are, and how they work - 06/04/12 09:56 AM
Homesteads - What they are, and how they work
California is one of the many states that have Homestead laws to protect the equity in an owner's primary residence.
There are two homestead statutes in California:
1. Articles 4 and 5 of Chapter 4, Division 2, Title 92. Part 2 of the California Code of Civil Procedure
A Homestead property is the primary residence occupied by a family that is exempt from the claims of, or eviction by, unsecured creditors.
A homestead exemption is a lien that protects a certain amount of equity in someone's home by limiting the amount of … (14 comments)

los angeles real estate agents: How to coach your buyers through the short sale process - 05/26/12 08:37 AM
How to coach your buyers through the short sale process
The process of obtaining an accepted offer and successfully closing on a short sale transaction on the buying side can be one of the most tedious and stressful things we do currently as real estate agents.
But it doesn't really have to be if you use a recipe for success for you and your buyers.
One of the most important issues in the beginning is knowing how to craft an offer that is conducive to a successful short sale closing.
Here is a task list that will help:
1. Obviously, you … (18 comments)

los angeles real estate agents: Chase Takes $2 Billion Dollar Loss On Bad Investment - Have they not learned ANYTHING?!!! - 05/19/12 08:07 AM
Chase Takes $2 Billion Dollar Loss On Bad Investment - Have they not learned ANYTHING?!!!
This just BURNS me up!
After only a matter of just a few years since our mortgage crises they are engaging in this kind of activity?
REALLY?!!
Do we have a vaccination for greed at our pharmacies?  If so, I think every single one of those executives responsible for this need to be rounded up like cattle and given a shot in the a$$ with the ANTI-GREED medication!!
HONESTLY!!
Enough is enough!!  We spent HOW MUCH of our hard-earned taxpayers money to bail them out?  For … (12 comments)

los angeles real estate agents: How To Win in a Multiple Offer Situation when you are limited on price - 05/13/12 08:28 AM
How To Win in a Multiple Offer Situation when you are limited on price
Well, it seems that we're back in the type of market where multiple offers are becoming common.
There's a mixed bag of buyers out there - conventional buyers, FHA buyers, VA buyers, and all-cash buyers and investors.
In a multiple offer situation, the offer price is probably one of the biggest factors when the seller is deciding which offers to entertain or accept.
But what do you do when you've reached your affordable max and can't really come up any more in price?
Here's just a few … (107 comments)

 
Ralph Gorgoglione, California Real Estate (800) 591-6121 (John Aaroe Group) Ambassador large

Ralph Gorgoglione

California Real Estate (800) 591-6121

Los Angeles, CA

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John Aaroe Group

Address: Los Angeles, CA

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