Mortgage Q&A: âWhat is a streamline refinance?â While qualifying for a mortgage refinance is generally a lot harder than it has been in the past (now that lenders actually care how your home loan performs), there are less cumbersome options available. In fact, many lenders offer âstreamlinedâ alternatives to existing homeowners to lower costs and [&hellip
The post What Is a Streamline Refinance? first appeared on The Truth About Mortgage.
I am asked all the time whether I think it was worth it to go to college as a real estate investor and real estate broker. I got my degree in business with an emphasis in finance. I think the degree helped me and I am glad I went to college but I don’t think … Read more
Mortgage Q&A: âWhy are refinance rates higher?â If youâve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip
The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.
Thereâs this mansion in Beverly Hills that a large part of the worldâs population has already seen, even though they might not realize it.
Itâs a historic house thatâs been used in endless Hollywood movies, TV series, and music videos. After you finish reading this article, you might just realize that youâve seen this house before, too. Well, now you will also know its history, and when you see it again on your TV screen (and more than likely, you will), youâll recognize it.
The place weâre referring to is known as Greystone Mansion or Doheny Mansion, and itâs located at 905 Loma Vista Drive in Beverly Hills. The Tudor Revival mansion was originally completed in 1928, after three yearsâ worth of construction and a total cost of over $4 million — an insane amount at the time.Â
The inception of Doheny Mansion
The 55-room, 46,000-square-foot mansion lies on a 16-acre site within Trousdale Estates. It was designed by architect Gordon Kaufmann and built by the P.J. Walker Company. The land was actually a wedding gift from oil tycoon Edward Doheny to his son, Edward âNedâ Doheny, and his new wife, Lucy Smith.
Edward Doheny was an American oil tycoon who drilled the first oil well in Los Angeles in 1892. His story was depicted in the Academy Award-winning movie There Will Be Blood, starring Daniel Day-Lewis. Interestingly enough, the movie was actually filmed at Doheny Mansion.
Ned Dohenyâs house became known as Greystone because it was built mainly of stone, and has a grey, stone-cold appearance. The house took roughly three years to build, and included stables, kennels, tennis courts, a gatehouse, a swimming pool and pavilion, a lake with babbling brooks and waterfalls, and even a fire station.
A bittersweet move-in for the Dohenys
Unfortunately, Ned Doheny didnât get to enjoy his new home for too long. Just four months after moving into Greystone Mansion, Doheny was found dead in the house, alongside his secretary and friend, Hugh Plunkett. The case was ruled a murder-suicide, however, some claim that thereâs more to that story.
Doheny was killed by his own gun, and he was not buried with the rest of his family, but in a different cemetery, just a few yards away from where Plunkett was laid to rest. This has led some to believe that Doheny might have committed suicide, however, this is just a theory that certainly adds a bit of mystery to Greystone Mansion.
Following Ned Dohenyâs death, his wife Lucy remarried and lived in the house with her children until 1955. Greystone Mansion was later sold to Paul Trousdale, the developer of Trousdale Estates, who then sold it to Henry Crown of Chicago. The businessman never actually lived in the house, but leased it out to film studios — and thatâs how Greystoneâs prolific movie career started.Â
Over the decades, Greystone Mansion has been featured in numerous Hollywood movies and TV series, including classics like The Big Lebowski, Eraserhead, The Witches of Eastwick, Death Becomes Her, Batman & Robin, The Bodyguard, Dark Shadows, The Prestige, The Social Network, and X-Men.
The mansion has also made appearances in TV series, including Alias and The Young and the Restless, and it also played the part of Chilton Academy in Gilmore Girls.
Last but not least, Greystone Mansion has been featured in commercials and even music videos. You might have already toured the house alongside Robert Downey Jr., in the music video for Elton Johnâs single I Want Love. Let us refresh your memory:
In 1965, the City of Beverly Hills purchased Greystone Mansion, and a few years later, the property became a public city park. It was added to the National Register of Historic Places in 1976, as Doheny Estate/Greystone.
The mansion continues to be used as a filming location and a destination for special events such as music festivals, fundraisers, and even weddings. Greystone Mansion houses the Beverly Hills Flower & Garden Festival, the yearly Catskills West drama camp, and The Annual Hollywood Ball, among others.
A carefully preserved slice of L.A. history
Greystone Mansion is a remarkable feat of architecture, and most of its original features have been carefully preserved over the years. The property features hand-carved oak banisters, balustrades and rafters, seven chimneys, each designed by a different artist, a movie theater room, a billiard room, a hidden bar, and a two-lane original Brunswick bowling alley. The alley was renovated so that it could be used by the filming crew for There Will Be Blood.Â
Thereâs a grand hall with distinctive, black-and-white marble floors and a very famous staircase. In fact, the staircase at Greystone Mansion has been featured in numerous productions, due to its majestic appearance.
Greystone Mansion also included a servantâs quarters that took up two entire floors on the east wing and was built to accommodate a live-in staff of 15.
There was also a living room with a balcony where musicians performed at special events, and a kitchen pantry with a secret wall safe that held the familyâs silver and gold kitchenware.
This stunning, stone-clad Beverly Hills mansion continues to attract filming crews, and weâre definitely going to be seeing it again on the big screen. At the same time, its beautiful, lush gardens and its rich history will continue to attract visitors from around the world.
Here’s a further glimpse into the mansion’s history, to keep you occupied until you get a chance to visit in person:
Featured image courtesy of The City of Beverly Hills
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The post Greystone Mansion: the Most Familiar House You’ve Never Visited appeared first on Fancy Pants Homes.
If you’re planning to buy or sell a house or a rental investment property, you might consider hiring a real estate attorney.
A real estate lawyer can provide legal protection. They can help you navigate the home-buying process, which can be complex.
In fact, many states require a real estate lawyer to be present at closing.
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Even if you live in a state that doesn’t require you to have a real estate attorney, it’s important to have one by your side.
But it’s also important to know who you’re dealing with, what they can do for you, and what’s in it for them.
Real estate attorneys can help structure transactions and closing. They will review documents well in advance before the closing to make sure there are no errors.
Real estate lawyers, however, can only represent one of the parties. The buyer and the seller’s interests can often be in conflict. Therefore, the attorney should never represent both parties.
Besides representing you in sales transactions, real estate attorneys can represent you in a courtroom as well.
During the home-buying process, disputes between the buyer and the seller may arise that will have to settle in court.
The real estate attorney’s qualifications
A real estate attorney, just as any lawyer, has attended 3 years of law school. In law school, they take courses in law in general, including real property and other real estate classes.
During law school, they may do internships at law firms which specialize in real estate law.
Once they graduate law school, they take to bar exam in the state they want to practice in.
Once they become licensed to practice, they can work in a law firm specializing in real estate law.
The real estate lawyer’s fees
A real estate attorney can charge by the hour or a fixed fee. How much their charge for their services depends on their reputation, their level experience, the level of complexity.
Regardless of the fee, your attorney will discuss it with you. Their hourly fee is typically between $150 to $350.
They’ll draft a retainer agreement and make the necessary disclosures before you can retain them.
The attorney’s role in real estate transaction
Real estate attorneys can have many roles. Their roles will vary depending on whether it is a simple transaction or a complex one, and whether a real estate broker is involved.
In some cases, a real estate broker can handle many aspects of real estate transactions. If that case, the real estate attorney’s role is often limited.
In other instances, the real estate lawyer plays a crucial role in all phases of the real estate transaction.
Nonetheless, a real estate attorney’s roles include acting as a legal counselor, negotiator, advisor and coordinator.
Real estate attorney as a legal counselor
A real estate attorney acting as a legal counselor can handle drafting the proposed contract. If there is a broker involved, the broker will prepare the contract.
But, your attorney will review it for any proposed changes. Your lawyer can also draft the deed and examine title documents.
If you retain a real estate agent or broker, your attorney may also review the broker’s agreement before you sign it.
Real estate attorney as a negotiator
If you hire a real estate lawyer before you sign a contract or before engaging in any contract negotiations, your attorney will assume that role. All communications from the other party or his or her attorney will be directed to your lawyer.
Your attorney will negotiate proposed changes to the contract, including the price of the house. They will review any mortgage contingency clauses.
In addition, your real estate attorney can negotiate the following matters:
Personal property to be included;
Repairs before closing;
The closing date;
You may not get a mortgage commitment within the stipulated date in the contract. So, your attorney may negotiate an extension of time to obtain the mortgage;
You may need an early possession of the house. Your lawyer can negotiate that.
Real estate attorney as an advisor
You, as a client, may not need strictlegal advice. You may just want your lawyer to be present for general advice. If you’re a first time home buyer or an elderly buyer, your attorney can also act as an advisor.
Real estate attorney as a coordinator
Your attorney can also act as your coordinator. Residential closings involve a lot of steps. And not everyone involved will follow them.
So, one of your real estate lawyer’s role is to contact the brokers, the title insurers, the mortgagees. They will also monitor the progress of obtaining financing, title policy, etc.
They will also contact the other attorney to make sure all parties are ready for the closing.
Your attorney’s responsibilities before closing
If you hire a real estate lawyer to represent you either as a seller or buyer, his or her responsibility before closing include the following:
Make sure you, as a buyer or seller, can fulfill the requirements imposed by the real estate sale contract
Review the title insurance;
Check the mortgage commitment;
Monitor status of the contract contingencies;
Examine closing documents for accuracy;
Coordinate closing date and time with the mortgage lender, seller and buyer’s broker;
If buyers will not attend the closing, obtain power of attorney for property to cover documents to be signed at closing;
Get wire instructions for payment of balance due at closing
In case a dispute arises between the parties, the real estate attorney can represent you in court.
Issues that might arise include damages and earnest money forfeiture, specific performance, misrepresentation, etc.
Do I need a real estate attorney?
Some states require a real estate attorney to be present during closing. They include Massachusetts, Maine, Alabama, Connecticut, Delaware, Georgia, Florida, Kansas, Kentucky, Virginia, West Virginia, South Carolina, Rhode Island, Pennsylvania, New York, North Dakota, Mississippi, New Hampshire, and New Jersey.
If you don’t live in any of these states and the District of Columbia, it’s really up to you if you want to hire a real estate attorney. If you’re just trying to save money and can barely afford to buy a house, you’re probably don’t need a real estate lawyer.
But if your real estate transaction is complex, a good real estate attorney can be an asset.
The bottom line…
Some states do not require you to have a real estate attorney during closing. However, it’s worth the cost hiring one especially if you’re buying a house in foreclosure.
Work With A Financial Advisor Near You
If you have questions beyond hiring a real estate attorney, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
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The post What Does a Real Estate Attorney Do? appeared first on GrowthRapidly.
Earlier this year I sold my 200th house flip. These are not wholesale deals that I never technically buy or fix up, these are house flips that we buy, renovate and sell. It has been by no means easy to do this many flips and I have had my fair share of problems along the … Read more
With mortgage rates at or near record lows, a lot of existing homeowners are probably asking themselves, âIs refinancing worth it?â The problem is thereâs no absolute right or wrong answer to this question, though with interest rates a lot lower than they were a year or two ago, the answer to this question will [&hellip
The post Is Refinancing Worth It? first appeared on The Truth About Mortgage.