Cheryl Johnson

It's Tuesday! Farmer's Market Day in Highland Park!! Come on over to the Old L.A.-Highland Park Farmers Market , from 3 to 7 pm, on Avenue 58 and Marmion Way.

Street musicians provide entertainment, there's plenty of fresh produce, plus hot and prepared foods and arts and crafts; even apparel.

The Old LA Farmers Market is every Tuesday from 3-8pm. Corner of North Figueroa and Ave. 58. Lots of free parking at Ave. 57. Adjacent to the Highland Park Metro Goldline.

ESCROW SURVIVAL GUIDE - For Homebuyers In Northeast Los Angeles - Part THREE: Managing Deadlines

Once your purchase offer is accepted, the clock starts ticking towards the contractual deadline dates.

It is important to note that the standard California real estate purchase contract counts from the date of acceptance, not the date that an escrow is opened with an escrow company.

For example, let's say your purchase offer was accepted on Saturday, August 1. A thirty day escrow would indicate a closing date of Sunday, August 30, even though the escrow company did not open the file until Monday, August 3. However since the Los Angeles County recorder must be open in order for a closing to happen, your escrow would be set to close Monday, August 31.

In Los Angeles County, California, an escrow is "closed" when all the grant deed and any deeds of trust (mortgages) are recorded at the Los Angeles County Recorder's office. In California, "closing" is not a meeting attended by all parties to the transaction.

Real estate contract deadlines are based on calendar days, not business days.

Even if your escrow is scheduled to close on August 31; if all the contingencies and contractual terms are not meet prior to closing, the escrow cannot close, and stressful negotiations for a contract extension will be necessary.

In the standard California purchase offer, a contingency period of 17 days is the pre-printed default. The parties to the transaction can change that to a different time period by mutual agreeement. This time period is for both the loan contingency and the inspection contingency running simultaneously.

Here's an tip from the Old School. Get a monthly calendar, the pre-computer, paper kind. Write down on the calendar the acceptance date and the scheduled closing date. Then count 17 days from the acceptance date, and write "contingency removal due".

Now look at the calendar, and find one week prior to the contingency removal date. Mark that date "Follow Up", meaning if you arrive at that date and all the inspections have not yet been performed; or the lender has not yet made an appraisal, it is time for us to make some follow up calls and push everything along.

Find one week prior to the scheduled closing date. Mark that date "Follow Up" also. That's the point in the escrow when we will want verify that the lender is ready to issue loan documents, and any repairs or mandatory retrofits on the seller's side are complete.

Why does writing it down on a paper calendar help? I think it's the visual representation of "this is where we are", "this is where we are headed" and "this is how much time we have to get there".

We want to be proactive! We don't want to wait until the deadline has passed to start following up.

And one more thing, at Bob Taylor Properties, in Highland Park, we are always aware of how deeply people's lives can be affected by a move. There are things to pack, pets to transport and kids to comfort. Buyers and sellers can be overwhelmed dealing with movers and utilties and schools and banks.

We work hard to keep your escrow on track and on time, and we always keep all parties fully informed throughout the entire escrow process.

Here in the Northeast Los Angeles neighborhood of Highland Park, we are a community of contrasts and diversity, where many different cultures and beliefs peacefully (for the most part) co-exist.

I enjoy this juxtaposition:

Palm Reading, the Virgin of Guadalupe or Fresh Flowers. Take your pick. :-)

ESCROW SURVIVAL GUIDE - For Homebuyers In Northeast Los Angeles - Part TWO: Making an Offer

Before you can open escrow, you must find a home you want to buy, make an offer on that home, and the seller must accept the offer.

So, let's start by looking at the process of making an offer.

Purchasing a home is an ongoing negotiation from beginning to end. The home's price is just one factor in the negotiation. Length of the escrow period, length of contingency periods, seller credits or concessions, necessary repairs and warranties are just a few of the items that may be negotiated as part of your purchase contract.

Should you offer the asking price? Or a lower price? Or should you offer a price above the seller's asking price?

In today's market, some bank owned homes are being listed with below-market asking prices, to encourage multiple offers and competitive bidding.

To help you determine your initial offering price, together we will review comparable sales; that is, nearby homes of similar size with similar features that have recently sold. We will also review other nearby properties that are currently on the market; or were previously on the market and did not sell.

As your agents, we will prepare the written purchase offer. The forms we use are a standard set of documents approved by the California Association of Realtors, written by attorneys, to protect all parties involved in a real estate transaction.

The entire set of purchase offer documents will consist of the purchase offer, plus some advisories, disclosures, and addendums.

The offer must also be accompanied by your mortgage preapproval documents. The corporate sellers of bank owned homes will often ask that you also obtain a preapproval from their preferred lender before considering your offer.

If you are paying all cash for the home, we will need to present bank or investment account statements showing you have the necessary funds available to make the purchase.

As your agents, we will prepare a purchase offer that constitutes your offer to buy and, once accepted by the seller, becomes a valid, legally binding contract.

As we write offer, you should be prepared to write a check for an earnest money deposit on the property. A common practice to set the earnest money at 3% of the purchase price. The earnest money deposit is evidence of your serious intent to complete the purchase.

The offer can be accepted, rejected, or the seller has the option to make you a counter offer. In a competitive bidding situation, the seller may call for the top bidders to resubmit offers at their "highest and best price".

This back-and-forth, step-by-step contract procedure is standard for most home purchases. At Bob Taylor Properties, we will stand by you every step of the way, and consult with you about responding to each counter offer.

You can contact Bob Taylor Properties, Inc. at 323.257.1080; 5526 North Figueroa Street, Highland Park, CA 90042

As promised, I have started an occasional photo collection of some the Highland Park's Alleys and Parking Lots.

Many of our Alleys and Parking lots are home to some remarkable examples of graffiti art.

This parking lot is on the South side of North Figueroa, in between Avenue 57 and Avenue 58,