Buying and Selling Real Estate in Point Loma CA

San Diego Home Owner Asbestos Prevention..

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Located on the Southwestern part of the United States, California is and always will be a major attraction for potential homeowners, tourists and vacationers. The state provides an incredible environment for active lifestyles and is regarded as one of the top states to call home.

The home buying process is an exciting time for you and your family, but it is also one that can bring many additional responsibilities into your life. Having the assistance of a reliable and experienced San Diego Real Estate Agent can make this process a smooth sailing!

It is important to take note of the consequences of improper building materials and environmental degradation. As citizens of Earth, we are obligated to nurture and sustain this planet. Used throughout the 20^th century as a prominent building material in insulation, piping and roofing, asbestos may still appear in homes, buildings or public facilities built prior to 1980. Construction and building industries found many usages for asbestos, as the material has fire and heat resistant qualities. Exposure to asbestos can be easily avoided by taking simple precautions.

There are now many green alternatives that replace the need for this obsolete building application. With a growing amount of education and technology in eco-sustainable resources, the state of California is leading the way towards a green paradigm of building and construction.

Tips and Prevention

The general rule of thumb is if the asbestos is in good shape, it's posing no apparent risk. If it's in bad shape, it could be a problem. The best advice is to leave any suspected asbestos alone and un-disturbed as this will prevent its fibers from becoming airborne. If a home inspector suggests removal is necessary, it should be performed by a licensed abatement contractor who is trained in handling hazardous materials.

It should be known that exposure to airborne asbestos fibers can potentially lead to the development of related lung ailments such as asbestosis and Malignant mesothelioma, rare but severe forms of asbestos cancer. Due to the fact many mesothelioma symptoms are similar to less serious ailments, Diagnosis of mesothelioma is one of the more difficult tasks physicians encounter.

Go Green in the Home

“Green” home modifications will help save on energy costs and provide tax credits, but some of them may even be better for your health.

Recently, congress passed the American Recovery and Reinvestment Act. Included in this act were extensions to the tax incentives placed for energy efficiency in 2005, as well as new credits for homeowners who remodel or build using eco-sustainable methods. Some of the measures that are eligible for tax credits include added insulation to walls, ceilings, or other part of the building envelope that meets the 2009 IECC specifications, sealing cracks in the building shell and ducts to reduce heat loss. Storm doors paired with U-factored rated wood doors are also eligible.

Most people are unaware to the fact that eco-friendly products can cut energy costs by 25 % per year. The U.S. Green Building Council conducted a study which estimated a new savings of $50-$65 per square foot for positively constructed green buildings. As education and technology of green sustainable practices increase, the numbers will continue to rise.

Green alternatives to asbestos include the use of cotton fiber, lcynene foam and cellulose. These green options have the same beneficial qualities as asbestos, minus the health deteriorating and toxic components. Many locations throughout the United States are swiftly changing their construction practices to suit the environment and the health of human beings.

Home Hunting Without Fear

Fri, 18 May 2012 23:05:04 +0000

As any daredevil, extreme sports addict or adrenaline junkie knows, well-grounded preparation for the specific task at hand is what takes the fear out of trying.

The sometimes risky sport of home buying is no different.

Those who've suffered the agony of defeat in what's likely the most dangerous consumer game, learned the hard way that sheer fearlessness isn't enough to become and remain a homeowner -- through good times and bad.

With the rules of the housing game changed forever, preparing to just squeak by the home buying ordeal isn't enough to achieve a decisive and lasting victory.

The idea isn't just to buy a home. The goal is to keep your own roof over your head.

Preparation is key, according to the National Association of Realtors (NAR).

From NAR, here's how to get ready to be and remain a homeowner.

Create a wish list. Write down housing wants and needs. Include all the physical characteristics you want or need. Include style, size, layout and room configuration. Look at the number of bedrooms and bathrooms, and the basic amenities you must have. Include critical features such as location and services and a home's proximity to good schools or public transportation lines.

Browse for housing. Realtor.com and other Web sites offer home valuation features and neighborhood data on trends in local markets. Use features to determine how a listing compares with nearby, comparable properties in terms of value, actual sales prices, home features, neighborhood characteristics, and more.

Work with an expert. Finding a professional real estate agent who will represent your best interests can make the difference in location, negotiating the best offer, and closing the home of your dreams. Look for a full time real estate agent, who has uploaded telling photos and videos of their listings and look for agents with good Web sites to market your listing.

Get the complete picture before you visit. You can't know everything about a community from an online listing. Schools, crime, and proximity to shopping and work all impact property values. NAR says talk to a Realtor and go to Realtor.com to explore communities.

Make sure the property details are reliable. Buyers need know when a listing has experienced a price change. Look for Web sites like Realtor.com that updates listings frequently, including price changes. Fresh and reliable information is critical. Realtor.com time stamps listings to help buyers make better informed decisions. Get email alerts and stay on top of changes so you can be first to act.

House Hunting Without Fear

Fri, 18 May 2012 23:05:04 +0000

As any daredevil, extreme sports addict or adrenaline junkie knows, well-grounded preparation for the specific task at hand is what takes the fear out of trying.

The sometimes risky sport of home buying is no different.

With the rules of the housing game changed forever, preparing to just squeak by the home buying ordeal isn't enough to achieve a decisive and lasting victory.

The idea isn't just to buy a home. The goal is to keep your own roof over your head.

Preparation is key, according to the National Association of Realtors (NAR).

From NAR, here's how to get ready to be and remain a homeowner.

Are Todays Homes Undervalued?

Fri, 18 May 2012 23:05:04 +0000

After dropping for three years, home prices appear to be stabilizing. The median national home price today is about $169,000, down almost 14% from a year ago and an estimated 30% from its peak. It's safe to say we've reached the point where prices are justified by the fundamentals of the economy and may even represent undervaluation.

Foreclosures and short sales comprise about 50% of transactions today, creating market distortions in otherwise stable neighborhoods. In determining valuations, we're capturing only transaction prices, and prices of those properties might be 20% below values of other homes.

For that reason, it's possible that widely cited projections that a third or more of home owners are underwater might be off the mark. The consequences of these missed projections are significant. Lenders are shying away from refinancing mortgages of otherwise creditworthy households on the basis that their homes are under water. By not making these loans, lenders are exacerbating the financial hardship faced by these households.

Yet there encouraging signs on the horizon. The First Time Home Buyer Tax Credit Act, which congress improved 2 months ago by eliminating the repayment requirement and increasing the benefit to $8000, is working. That credit coupled with continuing low interest rates, is leading to solid inventory improvements in most markets. Yet, when we look only at homes in high cost areas requiring jumbo loans, the months' supply is in the stratosphere: almost 45.

What is clear is that the challenge today is getting credit moving again for everyone. Until then, markets will continue to be distorted by the disproportionate number of short sale and foreclosed homes for sale.

Finding the Right Neighborhood

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A home is not an island.

The surrounding neighborhood is just as important because it can have a big impact on your lifestyle -- safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR).

NAR also says you can keep your home value buoyed if you find the right neighborhood.

And you can find the right neighborhood by getting information direct from the best sources -- rather than from second hand and often incomplete data bases professing to offer you one stop shopping for all your neighborhood checking needs.

Make a list of the activities -- movies, health clubs, churches -- you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

Check out the school district. The education department in your town can provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. Even if you don’t have children, a house in a good school district will be easier to sell in the future.

Check crime. Ask the police department for neighborhood crime statistics -- not only the level of crime, but also the type -- burglaries, armed robberies -- any trends of increasing or decreasing crime and the location of crime.

Look for economic stability. Your local city or county economic development office can tell you if income and property values in a neighborhood are stable, rising or falling, the percentage of homes to apartments. Apartments don’t necessarily diminish value, but they can indicate transient populations. Check for vacant or blighted businesses or homes.

Consider resale value. A local real estate agent or trade association can give you information about price trends, inventories, selling times and other information that can indicate how well your home's value will hold up.

Hit the streets. Narrow your focus to several neighborhoods and do a "walk-through" of each. Pick a warm day when people are out and available for chatting. Look for tidy, well maintained homes, quiet streets and other indicators of neighborhood stability.

Five Ways to Wow Buyers

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These days, tax credits and high housing inventory make it a buyers' market. If you're a seller, don't despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale.

Clearing clutter, taking down personal photos, applying a fresh coat of paint, making minor repairs, and keeping a pleasant aroma are all basic techniques to make your home more appealing. But there are a few other creative enhancements that you can do to wow buyers without emptying your wallet. The results not only attract more attention, but also paint a picture of a well-cared-for home.

While not everyone has the same taste in housing, typically buyers are attracted to larger kitchens, extra storage space, light and bright rooms, and open floor plans. Special finishing touches on a home can be the needed incentive to generate an offer.

Kathy Gerstenberg has owned her home for nearly 20 years. Over the decades she's made many improvements but now she's considering selling and wants to make sure she gets top dollar in a down market. So, she's examining her home the way a buyer would.

"We live in a tract home and I know there are many homes for sale; we don't want ours to be seen as the same 'cookie-cutter' model as the others," says Gerstenberg.

With that in mind, Gerstenberg has carefully made enhancements that make her home more comfortable and aesthetically pleasing. "I wanted to do improvements that would catch a buyer's eye and also make it enjoyable for our family," says Gerstenberg.

As she scouts the market for her next home there are various aspects of a potential home that she notices right away. "I love crown molding and finished doors and windows," says Gerstenberg. She adds, "So many times builders just don't complete the look of a home but when you frame a door or window and add some crown molding to a room it gives it a finished look."

Industry experts agree; Americans are expected to spend $217 billion on remodeling in 2009. Here are five areas where homeowners may spend some of their remodeling money to add the "wow" factor to your home.

1. Go green. Energy efficient products and household goods are attractive to buyers. Renovations or replacements that help make the house more energy efficient are popular. Things such as better insulation, replacing old windows, caulking, and adding skylights can increase value.

2. Crown molding and wider baseboards. Some homeowners are shy to experiment with this, especially if they live in a small home, but it can be very attractive in any size home. Wider baseboard. The measly baseboard that builders often use in tract homes doesn't draw attention. Adding a wider baseboard and a fresh coat of paint makes the room come to life. Also, framing windows and doors helps complete the look of a room.

3. Textured paint. Faux finishes, accented walls, or even just a little fresh paint on them makes a lasting impression. Choose colors and textures wisely. Don't get carried away with a color you love (e.g. purple walls—I've seen it in a home for sale). Remember, that you want your home to appeal to the masses. You can always paint your new home purple—and then change it when it comes time to sell it!

4. Improved flooring. Wood, tile, and new carpet can be a showstopper. But if the flooring is chipped, torn, or dirty, you'll get the opposite reaction from buyers. They'll think your home hasn't been cared for properly which could result in a lower offer -- or no sale at all.

5. Add a deck. Adding a deck can add value to your home. It's a nice feature in a yard and many buyers are happy to purchase a home that already has a deck so that they don't have to take on that home improvement project.

What You Need to Know to Buy a Home Toda..

Fri, 18 May 2012 23:05:04 +0000

Don't let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.

If you can afford to buy, consider making homeownership a goal this year, especially if you haven't owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.

If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you're extra speedy and have already filed your 2008 return, don't worry — you can file an amendment to claim the credit. You have three years to do that. You'll need IRS Form 1040X to do that.

Taking the credit on your 2009 return or getting the benefit now, before filing your return, by adjusting your income wage withholding are also options.

The full credit applies to those first-time homebuyers whose modified adjusted income is less than $75,000 or $150,000 (filing jointly). The credit amount drops as your income rises. And if your income is over $95,000 or $170,000 (filing jointly) then you're out of luck—the credit is eliminated.

Be sure to speak to experts to ask questions as some other qualifications apply.

Yet another reason, you may want to shop around is to get in on the action while it's still a buyers' market. Others certainly see the U.S. as a stable place to invest. According to the Association of Foreign Investors (AFIRE), a survey released earlier this year showed that more than 53 percent of respondents ranked the "U.S. as the country providing the most stable and secure real estate investments."

Foreigners from China, Thailand, Vietnam, Mexico, Europe, and South America are traveling to the U.S. to see what real estate opportunities exist in the U.S. Areas such as Las Vegas, New York, and Miami have been infiltrated with foreigners who are buying now to take advantage of their stronger currency or the opportunity to stash their cash in a dollar-dominated place. While many are looking for commercial properties, some are vying for residential properties too.

"This is the greatest opportunity we've had in 50 years," says Billy Procida, president of William Procida, Inc., a turnaround management firm for middle market real estate companies. He says even though there is a lot of inventory on the market, certain properties will have less interest and be a better bargain.

"If you buy something that is pristine, painted, clean—brand new—you're going to be competing … . This is truly the time when the folks who are willing to roll up their sleeves [and do some work] will benefit from it," says Procida.

So if you're ready to buy but wondering if you can qualify for a loan, Procida recommends the following:

Put as much down on a home that you can afford or don't buy it. He says even if you can get a larger loan, don't risk it. "Buy within your means. Look how we got in this crisis," says Procida. He adds, "There are still people out there doing no income verification loans." Bottom line—buy what you can afford.
Check your credit. Procida says one of his family members found out that there was $20,000 of erroneously reported credit debt. "It's absolutely incorrect, but it was on there," says Procida.
Clean up your credit. "If you have a delinquency clean it up, says Procida. And he advises that you check your report once it's been cleaned up because sometimes the credit agencies neglect to update your credit report.
Be prepared. Get all your financial records such as two years of tax returns in order and have them handy to make the loan process go smoothly.
Liquidity is key. Don't go buy a car before you plan to purchase a home (even if you can return it). Having cash helps to show you are qualified to buy at the price point you want.

Details of the Recovery and Reinvestment..

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Talk about tax shelters. Your home likely provides more tax relief than any other acquisition, thanks, in part, to new federal laws designed to ease financial suffering in the recessionary economy.

The "American Recovery and Reinvestment Act of 2009," passed the House on February 13, 2009, by a vote of 246 - 184. Later that day, the Senate also passed the bill by a vote of 60 - 38. The President signed the bill on February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.

The bill includes the following provisions:

Homebuyer Tax Credit - The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and Realtors. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. The National Association of Realtors® Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers.

Neighborhood Stabilization - Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.

Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

Energy Efficient Housing Tax Credits & Grants - To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.

Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.

Broadband Deployment - The bill creates $7.2 billion in grants to promote broadband deployment in unserved and underserved areas and for mapping the availability of broadband service in the U.S. Any entity is eligible to apply for a grant including municipalities, public/private partnerships and private companies as long as they comply with the grant conditions. The grants are subject to “network neutrality” requirements to ensure that broadband networks be free of restrictions on content, sites, or platforms, on the kinds of equipment that may be attached, and on the modes of communication allowed.

The bill also charges the FCC is with developing a national broadband plan that shall seek to ensure that all Americans have access to broadband capability and shall establish benchmarks for meeting that goal.

Real Estate in 2009

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What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.

But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts:

Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.
Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.
Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.
And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.

The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year.

When is the right time to walk away?

Fri, 18 May 2012 23:05:04 +0000

Deeply in debt and struggling with rising mortgage payments, many homeowners in slumping markets such as San Diego County are choosing foreclosure as a business decision despite the serious damage it can do to their credit scores.

Home values have fallen so far that it no longer makes financial sense for some people to keep paying their mortgage, analysts say. Some contend that those who bought at the height of the market, using risky adjustable-rate loans with no money down, may have little to lose but their pride, especially if they have undermined their credit by missing mortgage payments.

Although loan default should be a last resort, homeowners mired in debt “are better off to just get on with it, take their credit hit today and get on with their lives,” said Mark Goldman, a real estate finance instructor at San Diego State University.

“Pull the rip cord and get out now,” Goldman said. “The next step is restoring your credit, and you can't begin the restoration process until you take your hit.”

A record one in 10 U.S. homeowners with a mortgage was at least one month behind in payments or in foreclosure at the end of September, according to a report by the Mortgage Bankers Association. Those who end up returning homes to lenders may spend years rebuilding their credit scores to regain their ability to borrow money.

Despite the consequences, the use of foreclosure to sidestep debt when there are other options is a growing trend, said Dustin Hobbs, spokesman for the California Association of Mortgage Bankers.

“There have been no studies to show if it will be a fad or a long-term problem,” Hobbs said. “It's something everyone is keeping an eye on.”

With so many people going through default, some say foreclosure doesn't carry the same social stigma it did a generation ago.

Marc Carpenter, a San Diego real estate agent who handles foreclosures, said it is not unusual to go to a children's soccer game and hear parents debating the merits of foreclosure.

“It has become so commonplace, people are talking about it like it's a normal thing,” Carpenter said. “People are comfortable talking about it.”

In early 2008, Jon Maddux and Chad Ruyle created You Walk Away, a Carlsbad-based business that helps distressed borrowers through the foreclosure process. More than 3,000 people have used the service and pay a fee of $995. Most clients are in California and Florida.

Initially, critics charged that the company was taking advantage of people in need.

“People said, 'You are advocating foreclosure and pushing them into foreclosure,' ” Maddux said. “We said, 'No, we are helping people whose back is against the wall with a smoother, structured transition.' If they have to foreclose, they can do it the right way. Leaving in the middle of the night in a U-Haul truck isn't good for anybody.”

The surge in foreclosures was caused in part by the lending industry's marketing of risky, adjustable-rate loans that reset at higher interest rates after several years of low “teaser” rates.

Between 2000 and 2005, prices of many homes in San Diego County doubled. To keep buyers in the market and satisfy Wall Street's appetite for mortgage-backed securities, lenders lowered underwriting standards, often approving loans without verifying income. The lower standards brought more buyers into the housing market, further fueling an unsustainable rise in prices.

Recent programs offered by lenders to modify troubled loans have stemmed but not stopped the bleeding. San Diego County foreclosures in October declined sharply from September but remained up nearly 38 percent over October 2007.

Economists say it is too soon to know if the housing market is bottoming out. They question whether modifications that temporarily reduce interest rates without reducing loan principal will help consumers in the long run.

Most lenders and servicers are wary of reducing debt principal because they don't want to anger investors who own securities backed by mortgages.

“All of these politicians who have spent all of this time working so hard to keep people in their homes by modifying interest rates are not doing any good at all,” said economist Christopher Thornberg. “Is the key to helping them leaving them with a $600,000 debt on a $400,000 house? How many years will that take to crawl out of?”

Melissa Sarris, a former title insurance representative, went through foreclosure on a downtown San Diego condominium in May. Putting 10 percent down, Sarris had purchased the one-bedroom home for $399,000 with an adjustable-rate loan in mid-2005, near the peak of the housing boom. Initially, her payments were about $1,900 a month.

“I was 25 years old and making $110,000 a year,” Sarris said. “I needed the tax write-off and everybody said, 'Hey, it is a great time to buy. This place will only go up in value.' All sunshine and roses. But then life happened.”

As the housing market declined, the home's value gradually dropped almost $180,000 below the purchase price, Sarris said. Because of the real estate slowdown, Sarris lost her job at the title company. Then her boyfriend, who had purchased the condo with her, moved away and stopped contributing.

Sarris said her monthly payments were about $2,000 for the mortgage and $580 for homeowner fees when she decided to call it quits.

“I loved the house, but I looked at the financial aspect of it,” said Sarris, who now is a renter in Solana Beach. “I did the math. . . . I could either keep struggling to make a mortgage payment I couldn't afford, or I could walk away. Yes, my credit is ruined, but I don't have to struggle.”

Rebuilding credit can take time, however. Lower credit scores are usually the worst consequence of foreclosure. Credit reports are used by businesses to judge the reliability of consumers, and lower scores make it difficult to get a loan.

Very good scores are in the high 700s to the low 800s. A foreclosure can pull down a score by more than 100 points, said Barry Paperno, a consumer operations manager for Fair Isaac Corp. That means you may have trouble buying a car, renting a home or getting approved for a credit card at affordable interest rates. Even in cases where a foreclosure is the only black mark against you, it can take several years to rebuild your score.

“Everywhere you turn in trying to rebuild your life, (foreclosure) is going to impact you,” said Lisa Brinig, a certified financial planner with CBIZ Financial Solutions of San Diego. “Landlords typically run credit reports when they are considering a new tenant.”

Although cases vary, most people in California who go through foreclosure don't end up owing money to their lender. There may be taxes due, though, Maddux said. For example, if borrowers took out equity that was not used for home improvements, it is possible that they will be taxed on that sum.

“There are minefields out there with respect to tax issues,” said San Diego real estate attorney Rafael Castellanos.

To determine what their potential tax liability might be, borrowers should consult with a tax professional and a qualified attorney, Castellanos said.

Analysts are divided over how tough lenders will be on consumers who go through foreclosure during the housing downturn. Real estate economist Gary London said their ability to get loans could be seriously impaired for years.

Carpenter, the San Diego real estate agent, hopes that won't be the case. The sooner people get back on their feet and begin borrowing and spending, the sooner the housing market will recover, he said.

“There are so many people going through the foreclosure process, it would be good for the health of the economy to have something in place where they were still able to get credit,” Carpenter said. “That is one of the key pieces to getting the economy healthier. If they are restricted in their ability to make purchases, it affects the flow of money.”

What Up Looks Like

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The number of home sales in Southern California skyrocketed 65 percent last month from last year’s record lows of a year ago. A total of 20,497 new and resale houses and condos closed escrow in the six-country Southland in September, up 5.8% from 19,366 in August and up 64.6 percent from 12,455 in September 2007, according to real estate information service DataQuick.

While there’s a lot of negativity in the media about the real estate market in general, it truly is a great buying opportunity, both for investors and for people who are now able to afford homes that might have been out of their reach in the past,” says Amy Green, an agent with Prudential California Realty’s Carmel Valley Office.

“On the sales side, homes that are priced well are selling - many times with multiple offers.” In short, the real estate market is moving in the right direction again,

Lower home prices are attracting more buyers.
Foreclosures are being resold - in fact, they now represent half of all transactions, And the hoped for effect of the bailout Package - to get banks lending again - is being felt, On the day the administration announced that mosl of the initial $350 billion of the Troubled Asset Relief Program (TARP) would go to investing directly in banks instead of buying up their troubled assets, the London lnterbank Offered Rate (LIBOR) for three-month dollar loans fell 12 basis points.

Another Positive sign, since most adjustable-rate mortgages are tied to this rate, it’s certainly true that September 2007 wasn’t a hard month to beat. Last year’s double whammy - the credit crunch that choked off jumbo mortgages for higher-end homes and the subprime mortgage meltdown that slashed demand for entry level homes - made for a dismal performance.

But September 2008 sales not only beat the Previous September, they beat this August as well, going against the seasonal norm, Yet another sign that things are moving in the right direction. Of course, the purchase decisions that drove September’s sales were made before the latest economic meltdown.

Over the next few weeks, we’ll start to see how those developments impact real estate performance. But the simple fact is, economic recovery depends on a recovery in the real estate market. While the latest economic bailout seeks to unfreeze lending in general, its first-and-foremost focus is home loans.

As more mortgages become available to prospective buyers, activity in the housing market will increase, and that will have a major impact on stabilizing home prices and strengthening the emerging upturn, Real estate has always been a long-term investment, not an instant profit machine.

This investment doesn’t exist solely on a balance sheet (that’s why they call it “Real”). You get to live in it every day, and your equity in it keeps steadily growing over time. In the months and years ahead, we will see massive changes in the way America’s financial system, including the mortgage industry, works. But the core rewards of owning a home will be the same as they’ve been for generations. Despite the economic news, consumers still believe in the importance of home ownership.

Recently, OptHome released comparison findings from two 2008 surveys. In the first, in mid-June, a full 74 percent of the several hundred respondents said they felt real estate was still a good investment, That was before the collapse of Wall Street and the economic crisis. When the same group was surveyed this month, however, the results were same.

Clearly, even in a time of turmoil, the American Dream is well worth striving for.

Disclosure: The Safest way to sell a hom..

Fri, 18 May 2012 23:05:04 +0000

If you're putting your home on the market, better be sure you're ready to tell all -- good and bad.

"The majority of lawsuits or claims that occur are as a result of buyers finding out about something that is wrong with their property after the close of escrow and coming to the belief that the seller knew but didn't tell them," says real estate attorney, Peter Solecki of Winton & Larson, LLP.

Disclosure is vital. In one extreme case, it may have spared a seller from going to jail and even saved lives. The New York Times reported on a trial back in the late eighties that found the seller of a home guilty for not disclosing to the buyers that the home's heater had malfunctioned. The buyers and one of their children were asphyxiated by fumes from a gas-fired heater used to de-ice the driveway of their home. Only their four-year-old child survived. The seller was convicted of involuntary manslaughter. This case is believed to be the first of its kind where a home-seller was held criminally liable for the sale of a home that had a fatal defect.

While certainly this isn't a typical scenario. It gives good reason to pay attention to the details that you're disclosing when selling your home. It's not worth it to leave off some important details just because you think the home won't sell or will sell for less money if you disclose any problems.

Reporting problems about your property prior to the sale of it can be done through various reporting mechanisms such as the Transfer Disclosure Statement (TDS). But Solecki says some disclosure reporting statements are written in the present tense, which creates a reporting dilemma for some sellers.

"The seller will look at the Transfer Disclosure Statement and say well there was something wrong but it's not anymore; therefore, I don't have to disclose it," says Solecki. He adds, "If [sellers] haven't disclosed it and it turns out to be a problem, then you have a potential significant issue, whereas if it's been disclosed, then the buyer can elect what to do with it."

Chances are buyers won't decide to do anything further says Solecki. He says this is because the problem has been disclosed by the seller and reported that it's been fixed. This will allow the buyers to feel that the problem has been completely resolved and therefore will not hold up the sale of the home.

Reporting all problems with the home regardless of whether they have been fixed is the safest way to sell your home. Making sure you keep good records is vital because, as the years pass, many sellers forget about all the repairs they've done to the property.

"Every homeowner should have a file of everything they do to the house," says Solecki. This file should be given to the buyers for them to review. The file should show all problems and how they have been repaired, complete with receipts.

Solecki says this is a step above what many states require a seller to do. "Even though legally there's no real requirement to tell about fixed problems, those are as critical as the existing problems." He says when you don't report a problem, buyers generally learn about it from neighbors and then assume that you were not telling the truth when you sold the home. Fortunately, Solecki says most buyers tell the truth.

"They're not going to hide stuff because any buyer is going to find out thirty seconds after the property closes because there will be a knock on the door from the next door neighbor, with a plate of cookies, who will tell the buyers everything that happened in the house for the last three decades," says Solecki.

But many sellers resist disclosing problems for fear that their homes won't sell. "That's the fallacy. People think if I tell the truth about my house, a buyer won't buy," says Solecki. But he says if you sell the home with a problem and the buyer finds out after the close of escrow, the buyer will likely file litigation to resolve the problem—creating a huge headache.

If the seller properly discloses all issues with the home, then the buyer can make an educated decision to buy or not. "The fact is that the vast majority of buyers don't walk away. They decide to buy a house because they've determined it's the house for them. Once they've made that decision they usually find a way to make it work," says Solecki.

So, when's the best time to disclose? Right away. "Your agent will get whatever negative information there is out there as fast as possible. Once buyers make a decision to go forward they will have made their decision based upon all these factors, including that one," says Solecki.

When you tell all before you sell, you're positioning yourself not only for a successful home sale but also a headache-free post sale. "[Not disclosing information] is the primary post-close-of-escrow issue because that's what leads to significant damages which is what leads to lawsuits," cautions Solecki.

Real Estate Outlook: Sales Picking Up T..

Fri, 18 May 2012 23:05:04 +0000

Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?

In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.

So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.

Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.

Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.

Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.

That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.

In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.

In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.

Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.

No question that a high proportion of these sales are distress situations.

But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.

Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.

Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.

If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.

Protect Your Pocket Book

Fri, 18 May 2012 23:05:04 +0000

Due to recent increases in gas, food and home energy costs, efficiency has become a major concern for many homeowners. In addition, homeowners are demanding products that help them become more environmentally responsible. Homeowners can protect both their pocketbook and the environment by ensuring they have proper insulation in their homes.

According to the U.S. Department of Energy, homeowners can save up to 30% on heating and cooling costs with sufficient insulation, which, for the average homeowner, equates to more than $500 a year. Consider the following energy-responsible and wallet-friendly actions:

Conduct a home energy audit. An auditor can pinpoint areas where your home loses valuable energy and can suggest ways to conserve hot water and electricity.

Check for leaks. Cracks and openings near windows and doors make home heating and cooling systems work harder to regulate indoor temperatures. Spray foam insulation, which creates an air seal and provides outstanding comfort and indoor air quality by hindering moisture and outdoor allergens.

Seal and insulate. For the most cost-effective way to improve energy efficiency and comfort, “Energy Star” recommends sealing and insulating the shell of your home, including its outer walls, ceiling, windows, doors and floors.

Maximize efficiency throughout the home. Although 56 % of the average home’s energy costs go toward heating and cooling, homeowners can do a number of things on a daily basis to reduce their home’s total carbon footprint, such as using compact florescent light bulbs, purchasing Energy Star appliances and unplugging chargers and electronics when they’re not in use.

Are you upside down in your home?

Fri, 18 May 2012 23:05:04 +0000

Here are some options for home owners who are in a short sale equity position in their homes:

Options:

1. Program Name: Hope for Homeowners

a) Begins this Month

b) For borrowers that purchased their home before 2008

c) Monthly payments exceed 31% of their gross income

d) 30-year fixed option up to $550,440, guaranteed by FHA

e) Banks would write down the mortgage to 90% of the home's current value

f) May require sharing future equity with FHA, when sold

2. Program Name: Hope Now

a) Currently existing and is available to borrowers

b) Co-operative efforts among current lenders, servicers and non-profit groups

c) Helps current homeowners to defer or re-schedule monthly payments or reduce their loan principal

Where can borrowers get information?

a) Hope Now Hotline 888-995-HOPE (4673)

b) Website www.Hud.gov, go to search and type in either Program Name

--you will find lender lists, guidelines, etc...

5 Things to look for when buying a home

Fri, 18 May 2012 23:05:04 +0000

Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.

Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.

Electrical

Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I inspected a brand new house—four years old but the electrical was all done incorrectly," says Walker.

Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.

Foundation

Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What the homeowners did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.

Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker.

He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."

However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.

Plumbing

Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker.

He says things like caulking the sink can help prevent mold. "That's my number one thing I always find—bad sinks," says Walker.

He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.

Attic

"You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.

"If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."

Landscaping

"There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.

Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket money later.

Buy Now!

Fri, 18 May 2012 23:05:04 +0000

Home prices are falling as well as interest rates and this creates an unusual marriage. First time home buyers can take advantage of this situation and jump into the market, especially with the one time first time homebuyer credit of up to $7500! Bear in mind this is a "loan" and has be paid back beginning 2 years after the home purchase in small increments. Everyone sitting on the fence should make the decision to go forward. There are great deals to be had out there if time is not of the essence with the numerous short sales flooding the market. One of the first things you should do is clean up your credit because lenders are going back to their old ways of verifying income to debt ratios and actually making sure that buyers can perform and meet their loan obligations. Who can blame them with the fall out of Freddie Mac and Fannie May and the other financial institutions falling hard right now? The main thing is to get off the fence and into a home, or if not a home, buy an investment property. Call me now for a free home consultation! 619-807-4090. Make it a great day! Carolyn Yarbrough

What the Housing Recovery Act Means for ..

Fri, 18 May 2012 23:05:04 +0000

Good news has made its way into the real estate arena this summer -- in the form of the Housing and Economic Recovery Act of 2008. What does this Act mean for you?

It means a lot if you are in the market to be a first time homebuyer -- up to a $7,500 tax credit if you purchase before July 1, 2009. And there's more good news. First time homebuyers is defined as, "a buyer who has not owned a principal residence during the three-year period prior to the purchase."

This means for all those markets that have started to stabilize, now could be a great time to buy.

Let's take a closer look at just what this new incentive entails.

In order to receive the tax credit you must have purchased your home -- single-family detached, townhouses and condominiums, manufactured homes, and houseboats -- between April 9, 2008 and July 1, 2009. Purchase being the closing date.

You must also meet income requirements. But even if you are over the modified adjusted gross income level of $95,000 (single) or $170,000 (married), you may be able to receive partial tax credits.

And getting started with the tax credit program is simple. You claim the tax credit on your federal income tax return. That's it. It doesn't require any other confusing, fancy paperwork.

You can even access the funds quick -- instead of waiting to file your return. The NAHB reports, "Buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding."

What's tricky about this Act -- its a tax credit, meaning that you must repay the government either over the next 15 years (no interest charged), or when you sell the home, if there were sufficient capital gains from the sale.

The NAHB gives this example, "A home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven."

So why do you have to repay this credit? Because this is just that -- a credit, not a deduction. The government's hope is that this credit will stimulate the housing market ... and in turn the economy. By providing first-time home buyers with a little financial boost -- remember it's interest free -- it could do just that.

What New Housing Law Means to You!

Fri, 18 May 2012 23:05:04 +0000

The housing rescue bill, signed into law July 30, 2008, is full of goodies and not-so-goodies for homeowners and those who aspire to be homeowners. Here are some highlights.

First-time homeowner tax credit
The law will extend a tax credit of up to $7,500 to first-time homebuyers. A first-time homebuyer is defined as someone who hasn't owned a home in three years.

The tax credit is for 10 percent of the purchase price, up to $7,500, but phases out for higher-income homeowners. Homeowners are eligible for the tax credit if they bought after April 8 of this year and before July 1, 2009.

This is a tax credit, not a deduction. It reduces the homeowners' tax bill by up to $7,500 for the tax year in which the purchase was made. If you buy a house this year, you get the tax credit for the 2008 tax year -- the one with a filing deadline of April 15, 2009. If you buy a house next year by the end of June, you get the tax credit for the 2009 tax year. It's a one-time credit; you don't get to keep taking it year after year.

There is a catch, and that is that the money has to be repaid over 15 years, starting two years after you buy the house. That makes the tax credit an interest-free loan. If you take the full $7,500 tax credit, your income tax bill will increase by $500 a year for 15 years. If you sell the house before then, you'll have to pay Uncle Sam the remaining balance.

Complex issues, such as divorce, death, sale of the house at a loss and conversion of the house into a vacation home are accounted for in the law.

Forgiveness to allow refinancing into FHA
A lot of people have fallen behind on their mortgage payments after the rates went up on their adjustable-rate mortgages, or ARMs. And they can't refinance into fixed-rate loans because their homes have lost value, and they owe more than their houses are worth.

The housing rescue law seeks to help these people get out of trouble. It encourages lenders to forgive some of their debt so they can refinance at lower amounts into mortgages insured by the Federal Housing Administration, or FHA.

It works like this: The lender has to forgive all the debt above 90 percent of the home's current appraised value. If that leaves you scratching your head, here is a hypothetical example, using round numbers:

Sometime before Jan. 1 this year, you bought a house for $125,000 and got an ARM for $110,000 after making a $15,000 down payment. But the house lost value. Now it's worth $100,000, based on an appraisal. Meanwhile, the ARM's rate went up and you can't afford the full payment every month.

Under this law, the lender would forgive everything you owe above $90,000. Let's say that you owe $105,000 of that original $110,000 loan. The lender would forgive $15,000, and let you pay off the loan for $90,000. The lender would not be allowed to seek any of that $15,000 later.

That allows you to find another lender who would underwrite a $90,000 mortgage to be insured by the FHA. That loan amount would include the upfront FHA insurance premium of roughly $2,700.

Again, there is a catch. If you take refuge in this program, you'll have to share your home-price appreciation with the FHA. If you sell the house (or refinance the loan) less than a year after refinancing into the FHA loan, the FHA gets all of the house price appreciation. The FHA's cut decreases over the next five years -- but never goes below 50 percent.

What does this mean to the borrower? Take the example above. You refinanced when the house was appraised at $100,000. A little over two years later, you sell the house for $120,000. You split that $20,000 difference with the FHA. In this case, because it's between two and three years later, the FHA gets 80 percent. The FHA would get $16,000 and you would get $4,000.

The equity-sharing arrangement goes like this: If you refinance or sell less than a year after getting the FHA loan, the government gets 100 percent of the home price appreciation. If it's more than a year but less than two years, the FHA gets 90 percent. The FHA's cut then decreases by 10 percent until the five-year mark. Anytime after that, the FHA gets half of the appreciation, no matter how long you have the loan or own the house.

This arrangement will encourage homeowners to keep their FHA-insured mortgages for at least five years, but to refinance before home prices zoom upward again.

Working with home equity debt
The government has been trying all year to encourage lenders to forgive debt so homeowners can refinance their loans for lesser amounts and remain in their houses. Lenders have been reluctant to forgive the debt. The FHA-refinance plan is another way of encouraging debt forgiveness.

Among the sticking points: Many homeowners have home equity lines of credit or home equity loans. In most cases, these lenders will lose that entire loan balance under the FHA-refinance plan. The new law is low on specifics, but it gives the FHA permission to give second lienholders a cut of the home price appreciation proceeds that the FHA collects.

Disclose Disclose Disclose

Fri, 18 May 2012 23:05:04 +0000

Sure it can be frustrating, exhausting and time-consuming to sell a home in some markets, but don't try to cut corners by failing to make the proper disclosures.

Not only is it illegal for you and your agent not to disclose certain material facts that can affect the value, desirability or salability of a home, most savvy buyers will quickly walk away if he or she suspects deceit.

If you lie by omission and get caught, not only can you face both local and federal charges, you'll still have a home to sell in a less-than-hospitable market. The extra time to sell your home and your day in court could stigmatize the property.

Of course, if you honestly don't know about an issue, or there's little if any chance you could have known, you obviously can't report it.

It's not a bad idea to get a home inspection so you do know. An inspection reveals your attempt at discovery, it will help you determine which items need repair or replacement (not that you are required to make certain repairs), you can use it to price your home and it's a good negotiating tool.

In any event, a good rule of thumb, when it comes to whether or not something should be disclosed: "If you can't figure it out, don't leave it out."

Otherwise, here's are some more specific disclosure tips.

Each state has a different set of disclosure rules. Your local or state real estate association, as well as your real estate agent, has the proper forms. Both you and the buyer must sign and date the disclosure report to acknowledge delivery and receipt.
Common items to disclose include, a noisy neighbor, trees uprooting the sidewalk, crime and proximity to busy streets, golf courses, equestrian trails and short term rentals, among a host of others. If you'd want to know, the buyer probably would too.
Include any problems with construction or home systems. That includes problems with the foundation, roof, windows, doors, electricity, plumbing and the like. For a home improvement completed without a permit (which could itself stop the deal cold), get a permit and make sure the work is to code -- even if that means ripping out the old work and getting it done right.

Rather than reporting "repairs" -- which could imply a defect was permanently corrected -- explain what work you've had done. You called the electrician for faulty wiring at a junction box or you had a plumber fix a leak under the sink, for example

Likewise, you can tell the prospective buyer that you replaced the roof, installed a new water heater, added wind shear protection or installed a sump pump in the basement, etc.

Disaster prone states often require sellers to disclose information about the home's proximity to fire, flood, earthquake and other hazard zones. It's not a bad idea to know if your regional climate is the victim of climate change, given today's earth-conscious buyer. Do disclose zoning, easement or local ordinance issues and the proximity to other natural hazards like mudslides, landslides, even noise, air and ground pollution, among others.
Disclose insurance claims. Don't let the buyer discover insurance claims against the property when he or she applies for coverage. Give them a C.L.U.E (for Claims Loss Underwriting Exchange) report. Only home owners can obtain it, but buyers can make the deal contingent upon seeing a copy.

Available to property owners once a year for free from ChoicePoint, the report is a record of claims and claim inquiries on a given property. Insurers use the information to decide to issue a new policy, renew or raise rates.

A federally mandated lead-based paint disclosure is required for all transactions if the home was built before 1978, but most agents advise making the disclosure for any property. The seller doesn't have to inspect for lead, but must give the buyer materials that discloses the hazards of lead-based paints and related consumer information.
Among some miscellaneous disclosures that are required or should be considered includes the locations of registered sex offenders, housing market conditions, and, if they happened in the home, certain deaths and certain causes.

If the deceased won't walk into the light and you see dead people, you've got to report that too. Even if you haven't had any bumps in the night, but word's gotten around the house is haunted house, you've got to let the buyer know some ectoplasmic spirit already possesses the home.

Protect yourself from identity theft!

Fri, 18 May 2012 23:05:04 +0000

IDENTITY FRAUD

We read all about it. It’s in the newspapers, on the news. High profile people becoming victims of identity fraud. It’ll never happen to us. Right?

Think again. Identity fraud occurs at all levels. “Identity fraud” is one of the fastest growing types of white collar crimes in America with over 900,000 victims each year! These crimes are mostly against average working people. Experts estimate the cost nationally exceeds $100 billion annually.

PROTECT YOURSELF FROM IDENTITY THEFT! Identity Theft occurs when someone wrongfully uses your personal identification to obtain credit, loans, services, even rentals and mortgages in your name. They may even commit crimes while impersonating you!

TIPS FOR BEATING IDENTITY THEFT:

1. Be careful of “Dumpster Diving.” Make sure that you do not throw anything away that someone could use to become you. Anything with your identifiers must be shredded (crosscut) before throwing away.

2. Be careful at ATMs and using Phone Cards. “Shoulder Surfers” can get your “Pin Number” and get access to your accounts.

3. Get all of your checks delivered to your bank not to your home address.

4. Do not put checks in the mail from your home mailbox. Drop them off at a U.S. Mailbox or the U.S. Post Office. Mail theft is common. It’s easy to change the name of the recipient on the check with an acid wash.

5. Cancel all credit cards that you do not use or have not used in 6 months. Thieves use these very easily—open credit is a prime target.

6. Put passwords on all your accounts and do not use your mother’s maiden name. Make up a fictitious word.

7. Get a post office box or a locked mailbox, if you can.

8. Empty your wallet of all extra credit cards and social security numbers, etc. Do not carry any identifiers you do not need. Don’t carry your birth certificate, social security card, or passport, unless necessary.

9. Memorize social security numbers and passwords.

Great Colonial Listing

Fri, 18 May 2012 23:05:04 +0000

Beautiful 1940's era colonial home located in La Mesa's Artist Colony. 7 bedrooms allow you to host overnight guests or just have space to spread out and enjoy the family. Situated at the end of a private drive you can live in a country like setting but actually walk to restaurants and shopping. As you enter the home, your eyes will be drawn to the oak floors and the 10 foot high open beam ceilings. French doors to the outdoor patio add to the charm and brings a lot of sunlight in. The dining room has french windows looking out to the spacious parklike yard. Enjoy cooking in this fabulous kitchen which features granite countertops, a 36 inch 5 burner professional gas range, oversized steel range hood vent, and breakfast nook area. There is also a 32 bottle wine fridge. Also on the main floor is the master bedroom. This masterr bedroom is a woman's dream with 3 closets and a small vanity area. The master bathroom features Travertine floors, dual sinks, a beautiful floor to ceiling tiled shower and a separate soaking bathtub. The dual vanity sink is gorgeous. The entire house is filled with architectural details that are reminiscent of the 40's era. There is a great sunroom off one of the bedrooms and a widow's walk outside another. The downstairs is currently a media room but is large enough for a pool table or huge family room. Grill outdoors and enjoy the mature fruit trees and the herb garden that compliment the spanish tile and vast yard. Whatever your lifestyle might be, this home is the perfect gathering place. It's a must see! Call Carolyn Yarbrough 619-807-4090 to schedule an appointment.

Slump Spares a Few Areas

Fri, 18 May 2012 23:05:04 +0000

As median home prices continue to decline, it seems no community is immune to the slumping real estate market. And yet, during the last quarter a few coastal areas were able to eke out a healthy rate of price appreciation reminiscent of the housing boom.

Take Ocean Beach, which experienced a 14.4 percent year-over-year increase in the median price of a resale home during the first quarter of this year. By comparison, resale home prices for the entire county fell 21 percent during the same period, according to statistics released yesterday by DataQuick Information Systems.

In fact, prices declined for all but three of the county’s 59 ZIP codes that recorded at least 20 sales between Jan. 1 and March 31 of this year and last.

Bucking the trend were Encinitas, La Jolla and Ocean Beach, which experienced price gains, while in Mission Beach and Pacific Beach, the median price remained relatively unchanged from last year to this.

That comes as little surprise to real estate agent Cindy Wing, who sells homes in the 92107 ZIP code, which includes Ocean Beach, Sunset Cliffs and part of Point Loma.

“We’re selling paradise because it’s the beach, and it’s beautiful,” Wing said. “That’s how I feel when I sell. It’s kind of a vacation feel in your everyday life. And it’s affordable compared to areas like Del Mar and La Jolla.”

Ocean Beach’s allure as a funky beach community with a strong sense of neighborhood has helped draw buyers, even in tough economic times, although sales last quarter were still down 37 percent from a year ago. And prices remain high, with the median cost of a home at $829,500, compared with $725,000 a year earlier, according to DataQuick.

Laura Godfrey, an environmental attorney, recently sold her Ocean Beach cottage of two years and traded it in for a significant upgrade to a $957,000 Spanish revival house with an ocean view. While she broke even on the sale of her house, she was able to buy her new house for nearly $350,000 less than the original asking price.

“I feel a little stretched, but I have the income potential, and I plan to stay here for awhile,” said Godfrey, 31. “I joke around that people will be dragging my body out of here in 50 years.

“And I love Ocean Beach. I come from a small town, and this is a small town within a big city and it’s a short commute from downtown,” she said. “I know all my neighbors, and I feel safe as a single female here. Also, I surf, so I can walk down to the beach with my board. I like my life.”

There is little for homeowners to like, though, about the steep plunge in home values in inland areas such as west Escondido, Encanto, Paradise Hills, Fallbrook and Spring Valley, which experienced declines of 30 percent or more last quarter.

Part of the blame may lie with the high number of foreclosures some of these neighborhoods have experienced, which in turn drag prices down for the whole area, say real estate agents.

“I think we’ve all seen that folks are out looking at the bargains, so those are a large percentage of what’s selling – the bank foreclosures and short sale properties,” said Lori Staehling, president of the San Diego Association of Realtors. “They’re generally in poor condition, and the banks want 30-day sales, so prices are lower.

“But it doesn’t necessarily mean every home in the county has gone down by those percentages.”

In Encanto, where the median price of a resale home slid nearly 38 percent last quarter compared with a year earlier, foreclosure sales have been on the rise, said real estate agent Steve Lemack. Making matters worse, many disgruntled owners who have lost their homes have stripped them clean, depressing prices further, he said.

“We had one house where the bank offered the tenants $2,500 relocation assistance, but the day we were supposed to go to give the check, no one was there, and the owners had stripped the kitchen of the counters, the sink and all the appliances, the water heater and the toilets. They even dug up the trees in the backyard,” Lemack said.

“I could’ve sold it for $250,000, but we sold it for $200,000. So when other agents get comps, they use lowball comparisons to push properties down further.”

In west Escondido, typically an area of the city that has higher-priced homes, foreclosures were also a factor, although to a lesser degree. During the first quarter, foreclosure resales accounted for roughly half of the 24 homes sold, according to DataQuick analyst Andrew LePage.

Realtor Joda Mize has a slightly different perspective.

“This area is known as a very nice area, and it has the highest list price of the four Escondido ZIP codes,” she said. “When you have a depreciating market, higher-priced homes won’t sell as quickly because buyers are right now looking for the great deals out there, and they want to capitalize on that.”

Dont Get Caught in Mortgage Fraud

Fri, 18 May 2012 23:05:04 +0000

Mortgage fraud is among the top concerns of those investing in real estate. If you get caught in a mortgage fraud scheme it can create a financially painful and emotionally distressing situation. While there are many reputable and trustworthy mortgage providers, the lengthy documents filled with legal jargon make conditions ripe for misunderstandings. So before you sign, attorneys Jonathan Kurniadi and Jeff Hogue who specialize in real estate lawsuits have this advice to protect you from mortgage fraud or mishaps due to misunderstandings.

1. Read every page of every document.

It sounds like such a trite statement but really this is where many borrowers make their biggest mistake. "Most borrowers feel pressured to quickly sign loan documents, trusting that the content of the loan documents is correct. Also, trusting that the real estate loan professional has completed the loan paperwork in such a manner that the borrowers have agreed to. But there's no reason to feel pressured for one of the biggest purchases of the borrower's life," says Kurniadi of The JK Lawfirm, APC.

He suggests taking your time to completely review each page, even taking notes on portions of the document that you have questions or concerns. Also, check things that might seem obvious. One borrower signed loan documents only to find that the street address was incorrectly printed on every single page of the loan documents -- getting them changed became a tedious process and required the resigning of all the loan documents.

Kurniadi says borrowers should not feel they have to sign the loan documents. He says always be prepared to walk away if it doesn't feel comfortable. He also says non-profit HUD approved community housing counselor agencies can help review the loan application and documents. "That's probably the quickest, cheapest, and most efficient source to have loan documents reviewed," says Kurniadi.

2. Sign documents only after seeing that the original and the copy contain the same contents. Be sure to get your copy.

"Some borrowers do not realize that they are entitled to a copy of their loan documents. And most borrowers forget that receiving a copy is useless if they don't make sure the contents of the original and the copy are the same before they sign the loan paperwork," explains Kurniadi.

He says borrowers must be certain they are comparing the documents before they sign because what can happen is "The borrowers will trust that the contents of the documents are the same as the originals (that they signed)," says Kurniadi. However, if the copy of documents the borrowers receive is not the same, Kurniadi says the original documents are what obligate the borrowers not the copies.

3. Make sure there is no false or even slightly fibbed information on your loan paperwork.

It's just not worth it to falsify information in order to push your loan through.

"Any real estate or loan professional who advises you to provide any false information on loan paperwork is putting you at risk," cautions Kurniadi. Jeff Hogue from Hogue and Belong adds, "There is no valid reason to provide false information on the loan paperwork, and most borrowers do not realize that signing a loan application is confirming its contents are true and correct under penalty of perjury."

And Hogue says, "If your loan broker tells you that 'everybody does it' or that 'it is legal and customary' to fib on how much you make, ask him to put that in writing for you." You can bet that won't be happen!

4. Check the license background of your broker.

Taking the time to review the background of your real estate agent and broker can prove to be invaluable. Make sure you do this before you ever provide any personal information or sign loan documents. Finding out if there is any pending litigation or complaints will help you decide if they are the best people to do business with.

5. Ask how much your mortgage broker is earning on your loan transaction.s

Hogue says that, "Often times, this is not disclosed. It is important information because sometimes the percentage of the loan broker's compensation will correspond to what interest rate you will pay on your loan."

As the adage goes, better safe than sorry -- read your paperwork, tedious as it may be, ask questions, and give yourself time to understand it all. You'll be glad you did.

First Time Homebuyer Dos and Donts

Fri, 18 May 2012 23:05:04 +0000

If you are a first time home buyer, you have a lot to learn.

Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that's a good fit for your lifestyle.

The transaction will likely become your largest asset ever so there's little room for error.

It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream.

Below is a list of "Dos and Don'ts" to help first timers turn that stress into the self-confidence you'll need to move closer to your first home.

The list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could face will help you avoid some of those trip ups.

The Dos:

DO examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com, the federally regulated place to go. You can stagger retrieval of your credit report from each of the big three credit bureaus, getting one from a different agency every four months. Your report is free, but you may have to pay a nominal fee for your credit score (a numerical scoring of your creditworthiness) depending upon your state law and other factors.

DO explore a mortgage pre-approval or commitment. An early green light on a loan will put you in a good negotiation position when you find your dream home. It will also help you shop within your budget.

DO line up a dream team of professionals. You may need a real estate agent, attorney, mortgage broker, home inspector and others to be your professional eyes during your home search.

DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how long you'll live in your home and buy based on plans for the duration. Raising kids, starting a business, taking on a new job, housing Grandma could all impact the size or type of home you need first.

DO heed housing priorities. Separate your "wants" from your "needs" so you know where you can compromise to stay on budget.

The Don'ts:

DON'T get taken by the first house or neighborhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighborhood for your needs.

DON'T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It's better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need. The down payment, closing costs, monthly expenses and taxes must in total all be within your income and savings range.

DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren't so predictable. Don't expect your home's value to skyrocket. Buy a home because you need a roof over your head, not for a quick profit.

DON'T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.

DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, "creative financing," multi-option loans you don't understand. Again, lifestyle is key. Get a loan that fits.

Fri, 18 May 2012 23:05:04 +0000

The government’s efforts to stimulate the U.S. economy by sending out checks to workers could backfire, suggests a survey asking consumers what they will do with their checks. Nearly threequarters of those asked said they will either pay down debt or save the money that’s being sent to them as part of an economic stimulus package. The goal of the program is to have the people spend the money, which only about a quarter said they would do. The survey, conducted by the International Council of Shopping Centers, found that 46% of respondents said they would pay off debt, 28% said they would save the money and 26% said they would spend the money.This means only about $37.5 billion out of the proposed $150 billion stimulus package will be used for its intended purpose. In case you are one of those who want to save your rebate, what is a good road to take? “Overspending is the problem, not the solution,” says Eric Solis, a certified financial planner and chief executive officer of SAVE252. “A sound, long-term savings program like an IRA will help you reach your financial goals sooner.”

Individual Retirement Accounts (IRAs) offer huge tax breaks. Even if you contribute to your company’s 401(k), it is still possible to put additional earnings aside. If you are under 50, you can put up to $5,000 in your IRA account every year tax-free. For those over 50, there’s a catch-up provision that allows you to put in an extra $1,000 tax-free. For those who like the idea of an IRA, but would like to apply their money over time, there are programs, like SAVE252, designed to allow individuals to fund IRAs in increments throughout the year. Taking advantage of such programs can help provide some discipline into saving more money while allowing you to be in complete control of your savings. For example, putting $19.92 away 252 times a year with the SAVE252 program will allow you to have your maximum IRA contribution in by the end of the year and save $1,600 on your taxes, depending on your tax bracket. If you are in a lower tax bracket, you can opt for a more flexible program that allows you to put as little as $1 a day into savings for your future.

Smart Buyers Know How to Negotiate

Fri, 18 May 2012 23:05:04 +0000

Preparation, mental toughness and negotiating strategy play key roles in the home purchase process, and as a home buyer you need to master them.

Here are some tips to help:

Knowledge is power.
Before making a purchase offer, learn as much as you can about your local housing market and the homeowner's motivations for selling.

Ask questions about the sellers, such as why they're selling, how long the home has been listed for sale, how soon the seller needs to sell, the mortgage balance, how much the seller paid and any defects in the home.

As the buyer, you're in the driver's seat, so obtain all the knowledge you can.

But at the same time, be careful to reveal as little as possible about your personal situation, such as your income, maximum down payment, highest price you'll pay for a home and how soon you want to move.

And caution your agent not to reveal any confidential information to the seller or listing agent.

Ask if the seller has a deadline.
Time is critical in negotiations. Find out if the other party has a specific deadline. If the seller is under time pressure, use it to your advantage.

Usually buyer or seller or both have deadlines. If the local home sale market is hot, the competition of other buyers might push you to act quickly once you decide on a specific home. But don't be rushed into a purchase.

Keep a poker face.
No matter how much you want a specific home, avoid showing your emotions. Pretend you can take it or leave it. Once the seller (and the seller's agent) discover you absolutely must buy a home, you lose your negotiation edge.

Adopt the "he who cares least wins" attitude.
Closely related to hiding your emotions is adopting the "he who cares least wins" negotiation strategy.

Ask yourself, as a buyer, "What will happen if I don't buy this home?" The world probably won't end. Maybe you'll find a home you like better at a lower price. But don't be afraid to walk away. There's always another home for sale.

Adopt a "win-win" attitude.
Buyers should avoid taking unfair advantage of the seller, even if the seller is facing a difficult situation, such as a pending foreclosure, divorce, unemployment or job transfer.

With a win-win attitude, the buyer offers a fair price that the seller can realistically accept. When you meet the other party and his or her realty agent, be sure to congratulate them on their successful negotiations.

Spruce Up for Spring!

Fri, 18 May 2012 23:05:04 +0000

When colder weather waves goodbye and the warm rays of spring

begin entering your home, you may use your newfound energy to give

your house a much-needed spring cleaning. But getting down and

dirty with the rooms in your home can be overwhelming if you don’t

have the right tools for the job.

Taking the time to get organized when spring arrives can make all

the difference and can make cleaning even the most dauntingly dirty

corner a breeze. You don’t have to spend a fortune to stock up on

necessary supplies either.You’ll save both time and money by getting

all of your cleaning supplies at discount stores such as Dollar General,

which carries many must-have items for the spring-cleaning season.

Some items to help you scrub, sweep and sanitize your way to a clean,

fresh home for the rest of the year: a mop, a broom, a bucket, a scrubbing

brush, a sponge and paper towels. For areas such as the bathroom, keep

bleach, toilet bowl cleaner, floor cleaner and wax on hand.

• Plastic storage containers. Make this spring the season to get

organized. Plastic storage containers are available in a variety of sizes

and are perfect for storing items big and small.

• Laundry items. Don’t forget to get caught up on your laundry

while spring cleaning. Detergent, spot-treatment and fabric softener

are all must-have laundry items.

• Laundry baskets.Give each family member a laundry basket.Have

them go through their closet, pulling out clothes that no longer fit or

that they no longer wear. Donate the clothing to a local charity.You’ll

feel good about giving and also enjoy the newfound closet space.

• Trash bags. Stock up on trash bags so you can easily dispose of all

the trash created during your cleaning projects.

• Air fresheners and candles. Keep the air in your home smelling

clean and fresh year-round with a lightly scented air freshener or

candle set.

Keep the environment in mind when doing your spring cleaning. Go green with your cleaning products and do the earth a favor!

What Does the Economic Stimulus Package ..

Fri, 18 May 2012 23:05:04 +0000

Since passed by overwhelming Capitol Hill majorities in January, there has been much talk regarding the economic stimulus package. Yes, it will cost $168 billion, but what does it actually do for individuals?

The stimulus package is designed to help the country moderate the worst effects of a slowing economy and perhaps even avoid a recession. The idea is to encourage spending and with more spending to increase economic activity. While the theory looks good on paper, it will likely take months or years to know if it actually works.

From a personal perspective the January stimulus package has five major components that will immediately impact individuals with an interest in real estate.

1. Checks from Uncle Sam: According to the White House, taxpayers can receive rebates of up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple will be available to those with at least $3,000 of earned income. This relief will be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. The rebates will be phased out for taxpayers above those income thresholds.

2. Additional rebates will be mailed out for those with children. Everyone eligible for a rebate would also receive an additional $300 per child. For example, this would mean up to $1,800 of tax relief for an eligible couple with two children.

3. Reduced Income Taxes for Low-Income Wage Earners: The legislation says that 2008 taxes will be eliminated on the first $6,000 of taxable income for individual taxpayers and the first $12,000 of taxable income for couples. The tax rate used to be 10 percent on such income.

4. FHA mortgage loan limits will more than double in some cases. The usual limit in high-cost areas in the lower 48 states will rise from $362,790 to $729,750. Such financing allows buyer to purchase homes with 3 percent down.

5. Conventional loan limits will increase. The maximum size of a "conforming" loan will go from $417,000 to $729,750.

While the benefits for individuals look good, there are some caveats to consider.

First, those rebate checks are a one-time deal. While the government hopes that individuals will use the money for spending, many recipients will use the cash to pay down debts. Paying off bills can be a good use of your cash because it can mean lower monthly costs and better credit scores, thus lowering interest costs when you borrow to finance a home or car.

Second, if you want to buy or refinance with the new class of "conventional jumbo" mortgages, be aware that the FHA and conventional loan limits have only been raised for 2008. It's possible that the old limits will be reinstated in January 2009, so if you want a larger mortgage start planning now.

Third, while the conventional loan limit applies nationwide, the maximum amount you can borrow under the FHA program varies by location. In other words, the biggest loans will not be available everywhere. For specifics regarding your area, please speak with a mortgage counselor.

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