If you are in Redondo Beach chances are that you will run across a hybrid type of property referred to as a Redondo Beach Two-On-A-Lot. A Redondo Beach Two-On-A-Lot is basically two townhome style condominiums which share a single lot. Legally they are condominiums . Architecturally they are townhomes. When they are detached from each other, as they often are, they appear to be single-family homes.
Last week I had two short sales with two different lenders close on consecutive days. I could not help but compare and contrast the two ends of the short sale spectrum.
Short Sale # 1 was with Wachovia Bank.
Short Sale # 2 was with Bank of America.
Just to summarize, Wachovia Short Sale vs. Bank of America Short Sale:
Days to approval: Wachovia Short Sale, 13 vs. Bank of America Short Sale, 271
Deficiency waived: Wachovia Short Sale, Yes vs. Bank of America Short Sale, No
Seller Incentive: Wachovia Short Sale, $2,500 vs. Bank of America Short Sale, $0
The Court, offers up more traditional townhomes, albeit with contemporary style. The 360 at South Bay, The Court consists of 4 different floor-plans, each of which is 3-stories, with a 2 car attached garage that comes in from the rear of the unit, leaving a cleaner looking entry at the front of the home.
Pricing and Floor-plans for 360 at South Bay, The Court:
One of two building designs being sold at the new 360 at South Bay, The Flats offers up a modern urban lifestyle, with 8 different single-floor plans throughout 4-story urban-style buildings. Complete with interior elevator service 360 at South Bay’s, The Flats are reminiscent of housing that city dwellers might find in New York, Chicago, Downtown LA, or even London. There is one bonus that the Flats offers….. private garages!
Pricing and Floor-plans for 360 at South Bay, The Flats:
If you routinely drive on El Segundo Blvd. just west of the 405 Freeway, as I often do getting in and out of Del Aire, you have been driving past the dead construction zone branded 360 on El Segundo Blvd. at the corner of Aviation.
Earlier this year 360 on El Segundo Blvd. re-opened their sales office and re-started construction.
Homes in Wiseburn School District would be located in one of the following seven neighborhoods and communities:
Del Aire
East Del Aire
Northwest Hawthorne (a teeny-tiny section)
Wiseburn
Hollyglen
Fusion
Marine Village & Oceanaire Village
What can a buyer expect when waiting for short sale approval?
The waiting can be anywhere from 2 months up to 10 months, depending on a number of factors.
What often makes the waiting process so frustrating is that most of the main factors that determine the wait are out of the buyer’s hands.
Throughout the long wait process you need to keep in mind that the seller’s bank may come back and ask for a higher purchase price or other terms different than what you initially offered.
Depending on your market, a short sale purchase can be a nice way to get a good property at a good price.
If you are under time constraints to make your purchase, you probably don’t want to consider a short sale.
California $10k Homebuyer Tax Credit for First-time Buyers and Buyers of New Construction.
-The tax credit is equal to 5% of the purchase price or $10k, whiche.ver is lower. So on any home purchase of $200k, the buyer would be eligible for $10k in credit. If the purchase price is below $200k, then the credit would be 5% of the price.
For first-time buyers, there is a window of opportunity between May 1st (when the CA credit begins) and June 30th (when the federal credit expires) to take advantage of $18,000 in tax credits. If you can find a house that you like and get into escrow prior to April 30th and close in May or June with an interest rate in the low 5%’s you are going to do great!
-The tax credit is given in equal 1/3 amounts over 3 tax years. (You would get $3,333 credit on your state income taxes for 3 consecutive years)
-The buyer must reside in the home for 2 years or forfeit (payback) the credit.
-Eligibility dates:
•Homes that close between May 1st, 2010 and December 31st, 2010
•Homes that close between January 1st, 2011 and August 1st, 2011, that had an enforceable contract executed by December 31st, 201
Thanks for stopping by the South Bay Real Estate Blog.
I will be writing about topics that I encounter every day such as:
What to Expect When Purchasing Your First Home
What goes into buying an REO (Bank Owned Foreclosure)
Why you need to be patient and very smart when buying a Short Sale
What you can expect if you need to short sell your own house
