Posts Tagged ‘Los Angeles History’

Real Estate 101 Glossary “F”

October 25, 2009

Lola and mea REMAX logoToday I will tackle “F”.

FACADE   
The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.

FAIR CREDIT REPORTING ACT   
A federal law regulating the way credit agencies disclose consumer credit reports and the remedies available to consumers for disputing and correcting mistakes on their credit history.

FAIR MARKET VALUE  
The price at which two unrelated parties, under no duress, are willing to transact business.

FANNIE MAE   
A private, shareholder-owned company that works to make sure mortgage money is available for people to purchase homes. Created by Congress in 1938, Fannie Mae is the nation’s largest source of financing for home mortgages.

FASCIA   
The boards that enclose the eaves.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)   
The U.S. Government agency created in 1933 which maintains the stability of and public confidence in the nation’s financial system by insuring deposits and promoting safe and sound banking practices.

FEDERAL HOUSING ADMINISTRATION (FHA)   
A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930’s to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders.

FEE APPRAISER   
A certified, professional appraiser who forms an opinion of the fair market value of property and receives a set fee in exchange.

FEE SIMPLE   
A complete, unencumbered ownership right in a piece of property.

FEE SIMPLE ESTATE   
A form or ownership, or holding title to real estate. It is the most complete form of title, having an unconditional and unlimited interest of perpetual duration.

FHA MORTGAGE  
A mortgage that is insured by the Federal Housing Administration (FHA).

FINAL VALUE ESTIMATE   
The opinion of value of a piece of property resulting from an appraisal following the USPAP guidelines.

FIRST MORTGAGE   
The primary loan or mortgage secured by a piece of property.

FIXED-RATE MORTGAGE (FRM)   
A mortgage which has a fixed rate of interest over the life of the loan.

FIXTURE   
Any piece of personal property which becomes permanently affixed to a piece of real property.

FLASHING   
The metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking.

FLOOD INSURANCE   
Supplemental insurance which covers a home owner for any loss due to water damage from a flood. Often required by lenders for homes located in FEMA-designated flood zones.

FLOOR PLAN   
The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.

FLUE   
The furnace exhaust pipe, usually going through the roof.

FLUSH VALVE   

The valve between the toilet bowl and the tank.

FOOTING   
The partially buried support for a vertical structural member such as a post.

FORECLOSURE   
The process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan.

FORFEITURE   

The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.

FOUNDATION  
The solid structural element upon which a structure is built.

FRONTAGE   
The segment of a property that runs along a point of access, such as a street or water front.

FUNCTIONAL OBSOLESCENCE  
A decrease in the value of property due to a feature or lack thereof which renders the property undesirable. Functional obsolescence can also occur when the surrounding area changes, rendering the property unusable for its originally intended purpose.

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San Pedro Closing

March 27, 2009

 

I can hardly believe that we will be closing this transaction soon.  We started escrow in November, 2008.  It was complicated by the fact that it was a short sale with three different lenders and two different lots.  With some  hard negotiations and patience from my clients, it should close next week.

This is called the “Rock House” and was built in the 20’s from stones that were brought up from the ocean.  It has a long and varied history of rum running during prohibition.  There is even a secret room (probably where the rum was stored).  Catalina Island is featured in the main windows and recently we saw whales spouting.  I am sure my clients, a lovely couple, will have a wonderful life in this unique home.  I am waiting for the first meal.paseo-del-mar4paseo-del-mar-25                                                                               Donna Benton

RE/MAX Westside Properties

310-398-2332

El Rey Theatre

March 27, 2009

cid_image66Just got back from a concert at the El Rey. Dan Hicks and His Hot Licks put on a mighty fine show.  The El Rey was a movie theater in the 40’s and is now great for live entertainment.  Not too huge of a venue.  The Ditty Bops were great.  If you are not familar with either check them out on the web.  The Hot Licks were around in 70’s, one of their hits “I Scare Myself”, got the crowd off of their seats.  We have some many great venues around town.  This concert was sponsored by McCabe’s Guitar shop in Santa Monica.  The El Rey is located in the Miracle Mile District just east of the Los Angeles County Museum and the La Brea Tar Pits.

Donna Benton

 310-398-2332                                                                                                                                 

March 22, 2009

clip-art-house32nd Annual L.A. Heritage Day 11-4 PM, today at the Heritage Square Museum $5.00.  Download their flyer for free admittance.

http://heritagesquare.blogspot.com/

Rain or shine.  It rained this morning and now the sun is out.

Eco-Home Network is having their tour of a green home in Vet’s Park in Culver City

10959 Lindblade 1-pm  $5:00

 

Donna Benton

310-398-2332

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