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Investment Property – 3 Units in East Los Angeles

215 South Lorena Street in Los Angeles

Don’t miss this one!

Three Units 2 Units are 2 bedrooms, 1 bath, the 3rd . Unit is a studio move in condition. Newer Paint, Cabinets, Light Fixtures, Carpet. There is a Laundry Room.

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$275,000 Recently Updated!
215 S Lorena Street
Los Angeles, CA 90063
1742 SF (approx)
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7 Tips for a Profitable Home Closing

By: G. M. Filisko

Be sure you’re walking away with all the money you’re entitled to from the sale of your home.

When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1. Take services out of your name
Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund of prepaid premium.

2. Spread the word on your change of address
Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3. Manage the movers
Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4. Do the settlement math
Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

5. Review charges on your settlement statement
Are all mortgages being paid off, and are the payoff amounts correct If your real estate agent promised you extras-such as a discounted commission or a home warranty policy-make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

6. Search for missing credits
Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you’ve prepaid taxes for the year, you’re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank

7. Don’t leave money in escrow
End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

Other web resources
(http://www.realtor.com/home-finance/sellers-basics/closing.aspx) Closing costs explained (http://www.homeclosing101.org/costs.cfm)

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS
Copyright 2010. All rights reserved.

KEEPIN UP

So, you are in your home-sweet-home. Ownership has many rewards, so it is important to maintain that ownership!

Here are some tips and advice on how to keep your head above water:

  • Review the budget you set up for yourself. Are you staying within those limits
  • Check with a tax advisor to make sure you re getting the maximum write-off on your loan interest. This can mean hundreds of dollars a month
  • Watch how much you spend when you first move into your new home! This is a dangerous time to run up big credit card bills buying all of that furniture you want
  • Be sure to put a little extra away every month to cover unexpected expenses like a new hot water heater or dishwasher
  • If interest rates fall more than a half point in the months after you buy, consider refinancing your mortgage. This could save you a great deal of money over the life of the loan
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