All Forum Posts by: Courtney M.

SO ok with it that they told me to get the utilities are ON for my inspections - which I've done. 

It's not like they didn't agreed to these terms.....

But they agreed to it......I did not sign the inspection waiver, and they were ok with that. 

We have SPECIFICALLY gone back and forth with the bank and the listing agent about the earnest money. The sale is AS IS, in that I know they WONT be making any repairs, and I don't expect that. But I DO want the chance to back out if I find out the foundation is crumbling. And they've agreed to that. We've countered with FM several times, and they've agreed to all of this, and then friday night at 5pm the listing agent sent over the addendum and said - "oh by the way - sign this too"

Hey guys! I am in the process of getting an REO under contract through Fannie Mae, and LAST MINUTE they sent me this bogus Real Estate Purchase Addendum that TOTALLY negates the terms in our agreed upon offer.....

My agent is telling me its "standard" - but I am refusing to sign unless it can be modified in a way that doesn't contradict VERY IMPORTANT TERMS in our agreement. Basically they now want me to forfeit my earnest money after inspection if I don't like the condition of the house. But that ISN'T what we agreed upon. And verbally they are like "oh ya, well this is just a form, of course you'll get your earnest money back if you don't like the inspection" but thats NOT what the addendum says, and I care little for "taking someones word".... 

My agent is telling me that they just "won't" change the addendum and I have to sign if I want the house. My attorney says don't sign unless they make his suggested modifications. I'm being told that this is just the way REO's are.....is that true? They all agree to one set of terms and then sneak in a new addendum last minute? At 5pm on a FRIDAY none the less when they want it returned Monday AM.....And of course they increased the earnest money to 10% instead of 3%....

"The purchaser waives the right to avoid the sale based on the condition of the property" are the exact words that are giving me pause in signing that addendum. Despite the fact that the offer gives clear instructions on 10 day due diligence yada yada. And of course the addendum supersedes the contract/offer.

Any one know whats up? 

Hey guys! i ma in the process of negotiating a deal on an REO and I am very uncomfortable with one of the articles in an addendum that they added last minute. I would like to have a lawyer take a look at the deal and the addendum to make sure I am ok to sign, but my attorney is in Oklahoma - and I really need someone who knows California Property Law on this one.

Does anyone have a recommendation for someone in Los Angeles who can help me out TODAY and won't break the bank? Thanks! -Courtney

A lot of condos do not fall under rent control. I would call HCIDLA to confirm. 

@Manolo D.- I think the point is that money is being invested in an area where there are great deals right now. And not to mention - the RAMS will be playing at USC for the next 3 seasons. Even if these things aren't exactly correlated with immediate property value increase - like say a new state of the art elementary school would be - they are still important factors to consider. Especially when it comes to identifying up and coming markets, before it's too late and you get priced out of them.

This is great info. I put an offer in on a South LA investment property TODAY actually - So glad to know I'm not alone! lol South Central for the win!

Hey all! I am looking at some properties in, lets say, up-and-coming parts of Los Angeles. When estimating my renovation budget, I have a tendency to go towards picking things that are MY taste, but not necessarily the best ROI and definitely not the standard for the neighborhood.

When flipping - do you gravitate towards carpet/laminate over hardwood? Obviously more cost effective....

What about appliances - do you see an ROI on a refrigerator or washer and dryer? Or do you generally leave those things out and just put in a stove and dishwasher?

I'm justing wondering what people like to splurge on and where that they see a good ROI. Nice tub? Or cool kitchen backsplash? You know what I mean?

I'd say I'm pretty well versed on house-hacking in LA (I live in my triplex). Let me know if you have any questions. But yes, overall familiarize yourself with rent control rules in LA. They can be the difference between living mortgage free or not.