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How to be a Smart Buyer

By: Michelle Tepper

1. Check your credit report and score

You’ve clicked through hundreds of online listings, compared floor plans and square footage, and are eager to jump-start your search. But before you even think of setting foot in an open house or calling a licensed Realtor, make sure you get a copy of your credit report. The cleaner your credit report and the higher your credit score, the more likely you are to be preapproved for a mortgage at a low interest rate.

Review your credit report a few months before you begin your house hunt, and you’ll have time to ensure the facts are correct and dispute mistakes before a mortgage lender checks your credit. You can access a free copy of your credit report at annualcreditreport.com once every 12 months.

2. Get Pre-approved

After you’ve assessed your credit report, it’s time to establish with a qualified lender how much you can afford. “First-time home buyers need to take the time to get an approval from their lender before looking at homes,” advises Ray Boss Jr., a six-year licensed Realtor with RE/MAX Realty Group in Maryland. “This includes getting a credit check and giving their lender a copy of W-2s, pay stubs, and bank and brokerage statements.” Getting preapproved can help you save time by looking for homes that you know you can afford instead of lusting after something out of your price range. And it will put you in a better position over another bidder with no preapproval.

3. Not creating a long-term budget

If the housing crisis proved anything, it’s that mortgages were given to people who clearly did not have the means to pay them back. To avoid making this mistake, home buyers should create a budget before even beginning their home search to determine just how much house they can really afford. A good rule of thumb is to devote no more than a third of your monthly household income to housing costs, which include mortgage principal, interest, taxes, and insurance. “A good number would be 30 percent,” Zandi says. “If you are over 35 percent, you are really pushing the envelope.” There are several work sheets available online to help you figure out how your income, debts, and expenses affect what you can afford each month for the next 15 or 30 years.

4. Forgetting about the hidden costs

You grossly underestimated what you can afford to pay each month. You factored in the purchase price of the home but didn’t consider the cost of taxes, insurance, utilities, and fees. There are several hidden costs that first-time home buyers neglect to prepare for. They can be anything from the closing costs to appraisal fees, escrow fees, homeowner’s insurance fees, property taxes, and even moving costs. Another factor is the cost of repairs and maintenance. “When you’re renting and the furnace goes out, what do you do? You call the landlord,” says Tom Vanderwell, mortgage officer for Fifth Third Bank in Michigan. “When you own a house, what do you do? You have to fix it yourself.” You may find there are numerous “nickel and dime” things to account for that could add up to a significant chunk of money over time.

5. Not using professional help

Sure, it’s possible to go out and buy a home without the aid of a professional real estate agent. But think about how much time and stress a good agent can save you. For starters, Realtors have access to all the homes on the market through the multiple listing service, or MLS, plus all the ones that are under contract and have been sold. A specialist has time to sift through all of these listings, says Boss, and make the appointments to show you the houses, create comparative market analyses to determine proper pricing, and meet with necessary inspectors. Real estate agents also can help buyers traverse a taxing, 70-page legal contract. “I would want someone who is going to look out for my interests first and foremost,” says Boss. “Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly–step by step–and make sure I get the house that’s right for me.”

6. Picking your real estate agent and lender blindly

“One of the mistakes a lot of people make is finding a Realtor they aren’t comfortable with,” says Boss. Begin your search at the National Association of Exclusive Buyer Agents, a nonprofit that represents buyers. Or ask relatives, friends, neighbors, and coworkers for referrals.

First-time home buyers, Boss says, are generally more time-consuming than the average buyer and require more attention. A good real estate agent will be friendly and accommodating, show only homes that fit your parameters, and help you with strategies during the bidding process–but never pressure you into something you’re not comfortable with. “It’s important that the Realtor be experienced with first-time buyers, understand their wants and needs, and be able to connect with them well,” says Boss.

Similarly, the buyers should feel at ease with and have complete confidence in their mortgage lender, and they should fully discuss and understand their financing options with that lender. “Don’t apologize for asking questions,” says Vanderwell, who stresses the importance of knowing what you’re getting into. “There’s a pretty substantial chunk of people who are in really rough straits right now and would not have been had they done their homework.”

7. Thinking you’ll get everything on your “wish list”

Another mistake people make is being too close-minded while searching for their home, says Boss. He suggests sitting down with your real estate broker before searching for a home and creating a need/want list. Some of the items you might want to include as “must haves” or deal breakers are the towns you’d want to live in, square footage, or accessibility to transportation. The second part of the list would be things you don’t necessarily need but wish to have, such as a garage, new kitchen appliances, or an extra room for an office. “As you search for your home, you may realize there are certain parameters you really want or don’t want,” says Boss. “Understand that a certain amount of flexibility is essential.” Your aim is to be able to afford everything you need–as well as some items you want–all while staying within a long-term budget.

8. Not keeping your feelings in check before hiring a home inspector

You’ve already chosen the perfect paint color to match your living room set. But hold on: Before you start picking out accent pillows for your sofa, you need to bring in a home inspector to check the safety of your potential new home. Inspectors will evaluate the structure, construction, and mechanical systems of the home and will give you the approximate price of repairs that may be needed. They will examine everything from the electrical system, water heater, and HVAC system to the foundation and floors.

Buyers should find and hire their own inspector–independent of the real estate broker–to ensure there isn’t a conflict of interest. When you make your offer, make sure the seller is aware that your offer is contingent on the house passing inspection. You can also add a clause to the contract stating that the seller will pay up to a certain amount for any repairs required as a result of the inspection.

[See the 5 Best--and 5 Worst--Home Improvement Projects for Your Money.]

9. Not researching your neighborhood

You may be living in your dream home, but your neighborhood’s a nightmare. Or you may have children or are planning to have children in the near future, but you didn’t consider the quality of the school districts or parks in the vicinity. You should ask yourself a number of questions during your home search, such as “Are there good schools nearby?” and “Do I feel safe coming home at night?”

Boss suggests that if schools are an important factor, you should go check them out personally. Speak with the principals or the parents waiting on the steps outside to pick up their kids. To learn more about the community, open up the local newspaper, Boss says. You can find out about community events or even how good the local high school football team is. Today’s buyers can gather all sorts of neighborhood information from real estate blogs and websites like Zillow and Trulia. (U.S. News has a partnership with Trulia.) “It is the responsibility of the buyer to check crime reports, school options, churches, and shopping,” says Boss. “Remember, you can change your house, but you can’t change the neighborhood.”

10. Not considering the resale value of your home

You’ve just started the home-buying process. The prospect of selling a home hasn’t even crossed your mind. Besides, you’re thinking you might live in whatever home you buy forever. Yet life is full of surprises, whether it is a job transfer or having another child or taking care of an incapacitated relative.

When the time comes to put your house on the market, will your home be easy or difficult to sell? While you’re on the hunt, it’s a good idea to account for preferences of the typical home buyer. Just because you love to landscape or enjoy a bright-pink backsplash doesn’t mean a prospective buyer will. “How we make our plans initially has a big impact on our ability to adjust those plans and to deal with whatever comes our way,” says Vanderwell.

Taken from an article in Yahoo! Real Estate

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Amestoy Estates, buying a home, Encino Homes, Encino Real Estate, first time home buyer

Ringo Starr Walk of Fame Star Event

MONDAY FEBRUARY 8, 2010

By: Tina Stern

Hundreds of guests and press gathered at 7pm on Monday, February 8th as streets closed to see Ringo Starr receive his star on the Hollywood Walk Of Fame. It coincided with the 50th anniversary of the Walk of Fame.

Gathered beneath the towering Capital Records building on Vine, this Walk of Fame Ceremony was the first ever to be held at night.  Ringo commented, “It’s cool to get one at night. I don’t know about you, but where I live, the stars come out at night.”

With speeches from Joe Walsh of the Eagles, Mayor Villaraigosa, Don Was and Ben Harper, the ceremony was spectacular. The star was unveiled adjacent to George Harrison’s and John Lennon’s stars, in front of the Capitol Records building. Paul McCartney’s star will soon be added.

“I want to thank Capitol Records” Starr said to cheers, glancing up at the tower. “It’s nice to look at a building that you helped pay for.” As always, he passed on his message of peace and love to the crowd.

After the ceremony, Ringo’s guests were invited to a buffet dinner catered by the Hard Rock Cafe in Capitol’s Studio A. I had a fabulous time with my husband Keith Allison (formerly of Paul Revere and the Raiders).  It was a fun filled, happy and loving event and Ringo seemed genuinely moved.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: 50th Walk of Fame, Capitol Records, Ringo Starr, Walk of Fame Star

Cookie Munch Grand Opening – Free Ice Cream Sandwiches for the first 2 hours!!!

By: Michelle Tepper

There is a new sweet shop in town and it’s called Cookie Munch. You get to choose your own cookie and ice cream to create your own custom ice cream cookie sandwich. 20% of the sales on February 6th, the Grand Opening Day, will be donated to Encino Elementary.

Located at 18641 Ventura Blvd. in Tarzana, Cookie Munch offers homemade cookies, Dreyers ice cream, rootbeer floats, hot dogs, and more!

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: cookies, dessert, Encino, Tarzana

Tree People Planting in Amestoy Estates, Encino – Come join us!

Tree People Planting

Tree People

By: Michelle Tepper

Saturday, February 6th
Join us planting 29 trees Jacaranda and Crepe Myrtle and other trees donated by the Tree People & City of LA on Otsego, Genesta, &
Magnolia Ave- Saturday, February 6th starting 9 am.
We are replacing trees that have fallen & need your help replanting and beautifying our neighborhood!
Come out and meet your neighbors. We’ll provide gloves, tools and drinks. All we need is YOU!
Date & Time: Saturday, February 6th -9 am
Meet Location: Julia & Bob Stein home 5101 Genesta Avenue
Encino, Ca 91316

RSVP Both: Tree People: www.treepeople.org/plant-trees-O
Steins: 818.905.1638

Thank you lunch sponsored by Organically Grown at Stein’s home after planting.
Hope you can make it!

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Amestoy Estates, Amestoy Homes, Encino, Encino Homes, Tree People

Hiking in Fryman Canyon

By: Tina Stern

If you’re looking for a light hike in Fryman Canyon, here’s a suitable option.  A brief 3 miles loop in the Hollywood Hills will allow some fire roads and trail paths with plenty of vista points and benches.  You have access to Tree Peoples’ Coldwater Canyon Pavilion.  Although it is an urban trail, it’s not crowded.

The Basics:
- Distance: Just under 3 miles round trip.
- Elevation Gain: 463 feet
- Time: An easy 90 minutes.
- Trail Condition: Excellent. Well-maintained fire road for the majority of the trail, with clear signs and landmarks. The use-trails that parallel the fire road are not marked or maintained, but are heavily traveled and easy to spot.

Directions: From the Valley, head south on Laurel Canyon Blvd. from Studio City. 0.8 miles south of Ventura Blvd., turn right onto Fryman Road. The parking area is immediately visible. From the south, at Laurel Canyon (Crescent Heights) and Sunset in West Hollywood, head north on Laurel Canyon for 3.5 miles. Take a left onto Fryman Road and park in the lot. There is a $1 fee for parking.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Coldwater Canyon Pavilion, Hiking in Fryman Canyon, Tina Stern

Goodbye Amestoy Oak Tree, We Will Miss You!

By: Michelle Tepper

During last weeks torrential downpour, booming thunder, hail and shocking lightening, we lost a longtime friend in our community. The Amestoy Estates oak tree on Aldea Avenue – literally ON Aldea has been a famous landmark for over 400 years some residents claim. The residents on Aldea have always referred to the beautiful strong oak as a reference point as to which part of Aldea they live on…”Oh, I live by the tree” or “I live north of the tree”. Now they will unfortunately be referring to a giant hole.

Recently, the entire street was repaved and some residents wonder if the shaving of the roots and the hot tar have something to contribute to the tree’s demise last night. The roots were a nightmare to drive over and if you just so happened to be driving over 10 miles per hour and forgot that the roots were creating an organic speed bump, well it would only take your car flying into the air and the underbody being dented for you to remember to slow down in our neighborhood. I wonder what is next for Aldea? A new tree? A plaque in remembrance of our old shade tree, home to many? Hopefully not just another blob of hot tar.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Aldea Avenue, Amestoy Estates, Amestoy Real Estate, Amestoy Tree, California Oak, Encino Real Estate, Michelle Tepper, Oak Tree

Extension of first-time homebuyer credit

THREE TIMES GOOD NEWS!

By: Erika Kaufmann

As you are aware, the first-time homebuyer credit was extended until July 1, 2010 (binding contracts must be entered into on or before April 30, 2010). The credit remains at $8000. This is the FIRST GOOD NEWS! The SECOND is that the phaseout starts at $125,000 (up from $75,000), and $225,000 for Married filing jointly (up from $125,000). Maximum purchase price is $800,000.

The THIRD GOOD NEWS is that individuals who have owned and used the same residence as a principal residence for five consecutive years out of the last eight years can purchase a new principal residence are treated as first-time homebuyers!
The maximum FTHC for these individuals is $6,500 ($3,250 for married taxpayers filing seperately). These homebuyers have to live in the new residence for 3 years. They can keep the previous residence — does not matter what they do with it — rent it out or sell it!

Let’s spread this good news and perhaps help the market rebound a little.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Erika Kaufmann, frist time homebuyers

Urban Home in Sherman Oaks

The Sherman Oaks Galleria hosts Urban Home

By: Erika Kaufmann

Yesterday, while Christmas shopping, I stepped into Urban Home in the Sherman Oaks Galleria and had the surprise of my life! What a beautiful store with an array of carefully selected items from around the world! In this troubling economy it is nice to find reasonably priced items to furnish or decorate your home. And, last but not least, it is a great place to find your Christmas gifts. Who would not like new kitchen gadgets or a new unusual set of candles for the living room? Even the most difficult person to buy for (the one who has everything) there is something new.

What about the Pullman Chair and Ottoman? Or the Sanctuary Café Chaise? Or a piece of art? Or some accessories? There is something for everybody! Go and check it out. And, I just found out that they will be opening a store in Valencia, close to Stephenson Ranch, early next year.

www.shopurbanhome.com

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy. Erika Kaufmann Real estate Ewing and Sothebys. Sherman Oaks Homes for sale.

Tags: Erika Kaufmann, ewing and sotheby's, Real Estate, Sherman Oaks for sale, Urban Home in Sherman Oaks

Budget Christmas Lights in Sherman Oaks

S-t-r-e-t-c-h-i-n-g  your Christmas Budget!

By: Deena Nissley

This family still keeps their spirit! Look at this Sherman Oaks house on the right!

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy. Deena Nissley Real Estate Ewing and Sotheby’s.

Tags: Deena Nissley, ewing and sotheby's, Real Estate, Sherman Oaks

Encino Crime

Did you know that there is an official Encino Neighborhood Watch?

By: Michelle Tepper

Well there is.  Learn more about it at www.EncinoWatch.com or attend the next meeting.

Here is an update on our Local Crime Activity.

Garage doors are being left open, and has become an invitation for thefts. A most recent occurrence took place on the 4800 block of Louise on 11/30 between 6:45 and 7:00 p.m.  Unlocked vehicles have resulted in thefts from cars on the 16800 block of Encino Hills Drive, on Westfall, and Margate at Newcastle. Items left in the cars were wallets, gift cards, cash, and a large flat screen TV.

Cars are being broken into on the 17400 block of Ventura. Patrons, while visiting a local health club, are leaving items in their cars that is resulting in numerous break-ins.

Three local teenagers (surrounding area) were arrested after breaking into five cars in the Newcastle/Zelzah area. Also arrested for breaking into cars were two gang members from the Westside.

Please do not leave anything in your car in plain sight and remember to lock your vehicles. In addition, close your garage door as soon as you enter or leave. There seems to be those out there just waiting for an opportunity and it only takes a moment.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: encino crime, encinowatch.com