|
|
-
This week, President Bush signed a two-year, $168 billion economic stimulus package that includes revisions to loan limits on conventional/conforming and FHA loans in high cost areas. The new law boosts the GSE conforming limit to as much as $729,750 through the end of this year, and also raises FHA lending limits to the same level for high-cost areas. Here's what the bill says: In high cost areas, the conforming loan limit, and the upper limit for FHA loan guarantee programs, will be 125 percent of the median home price for the area, not to exceed $729,750. In areas that are not high cost markets, the conforming loan limit will remain $417,000. The upper limit for FHA loan guarantee programs in "normal" markets will be raised from $200,160 to $271,050.
The language in the stimulus bill is confusing, and the fact is nobody can tell you exactly what will happen to loan limits in the Inland Empire Counties until HUD publishes the median home price figures that will be used to determine them. The U.S. Department of Housing and Urban Development now has 30 days to publish a database of house prices that will be essential in determining which markets get access to the new "jumbo conforming" or "expanded FHA" loan products. Once HUD has done that, the areas affected and their new loan limits will be released. I also saw some information that stated that new risk factors needed to be designed for the new amounts. This means with all the review of the changes that the department has to make before final approval that we may not see any changes for 3 months or more. The changes allowing buyers to qualify for more loan at lower interest rates will save the consumer money. We will have to wait and see if the Underwriter requirements are changed and actually do not not make it easier to qualify...it could be more difficult an then the changes may not benefit as many consumers as we would have hoped.
|
-
-
What a beautiful week in Riverside County. In South Corona I saw around 5 rainbows this week! Gorgeous!!! And in downtown Riverside I saw a very low rainbow. Could this be reflective of the real estate market?? You can find low priced homes in South Corona right now!! As good as gold !!!!! Who could've predicted that homes as large as 3400 to 4200 square feet are selling for under $580,000 !!! This is amazing and sad at the same time. Last year these houses were going for the mid $700,000 to high $800,000! This can't last much longer. Who ever gets these deals (Thomas Guide p.773 around B4) will have a good investment on their hands. Some are bank repos some are short sales and some are deserate owners trying to move and get some money or break even.
|
-
2930 Via Toscana #108 K07177828 Wonderful Bottom Floor End Unit Condo Available To Lease! Located in the wonderful community of Villagio in Corona, with community pool area and amenities. Two bedrooms and two baths , 1045 sqft, garage, tile flooring throughout, and a nice patio area.This home features an open floor plan, vaulted ceilings, inside laundry and includes refrigerator, dishwasher, stove, microwave and a dryer. Close to the 91 & 15 fwys. Water Utilities paid. Priced well to lease quickly, so hurry! $1,400 per month I can send you photos of the condo- call 951-733-2486 or visit www.AnnDowningHomes.com
|
-
Hi, As the years go by, friends and neighbors mean more and more. I saw this poem and wanted to share it because it is so true: GIRLS IN MY CIRCLE
When I was little,
I used
to believe in the concept of one best friend,
And then I started to become a
woman.
And then I found out that if you allow your heart to open
up,
Life shows you the best in
many friends.
One friend is needed when you're going through things with
your man.
Another friend is needed when you're going through things with your
mom.
Another will sit beside you in the bleachers as you delight in your
children
and their activities.
Another when you want to shop, share, heal,
hurt, joke, or just be.
One friend will say, 'Let's cry
together,'
Another, 'Let's fight together,'
Another, 'Let's walk away
together.'
One friend will meet your spiritual need,
Another your
shoe fetish,
Another your love for movies,
Another will be with you in
your season of confusion,
another will be your clarifier,
Another the
wind beneath your wings.
But whatever their assignment in
your life,
On whatever the occasion,
On whatever the day,
Or wherever
you need them to meet you with their gym shoes on and hair
pulled back,
Or
to hold you back from making a complete fool of yourself ..
Those are your
best friends.
It may all be wrapped up in one woman,
But for many,
it's wrapped up in several..
One from 7th grade,
One from high
school,
Several from the college years,
a couple from old jobs,
On some
days your mother,
On some days your grandmother,
On some days your
neighbor,
On others, your sisters,
And on some days, your
daughters.
So whether they've been your friend for 20 minutes or 20
years,
AND ONLY IF YOU'D LIKE TO,
Pass this on to the women that have been
placed in your life
To make a difference.
Ann Downing
Realtor and Notary Public
Century 21 Now Realty
161 McKinley St., Suite 120
Corona, California 92879
(951) 733-2486
www.Century21Corona.com
|
-
Hi, As the years go by, friends and neighbors mean more and more. I saw this poem and wanted to share it because it is so true: GIRLS IN MY CIRCLE
When I was little,
I used
to believe in the concept of one best friend,
And then I started to become a
woman.
And then I found out that if you allow your heart to open
up,
Life shows you the best in
many friends.
One friend is needed when you're going through things with
your man.
Another friend is needed when you're going through things with your
mom.
Another will sit beside you in the bleachers as you delight in your
children
and their activities.
Another when you want to shop, share, heal,
hurt, joke, or just be.
One friend will say, 'Let's cry
together,'
Another, 'Let's fight together,'
Another, 'Let's walk away
together.'
One friend will meet your spiritual need,
Another your
shoe fetish,
Another your love for movies,
Another will be with you in
your season of confusion,
another will be your clarifier,
Another the
wind beneath your wings.
But whatever their assignment in
your life,
On whatever the occasion,
On whatever the day,
Or wherever
you need them to meet you with their gym shoes on and hair
pulled back,
Or
to hold you back from making a complete fool of yourself ..
Those are your
best friends.
It may all be wrapped up in one woman,
But for many,
it's wrapped up in several..
One from 7th grade,
One from high
school,
Several from the college years,
a couple from old jobs,
On some
days your mother,
On some days your grandmother,
On some days your
neighbor,
On others, your sisters,
And on some days, your
daughters.
So whether they've been your friend for 20 minutes or 20
years,
AND ONLY IF YOU'D LIKE TO,
Pass this on to the women that have been
placed in your life
To make a difference.
Ann Downing
Realtor and Notary Public
Century 21 Now Realty
161 McKinley St., Suite 120
Corona, California 92879
(951) 733-2486
www.Century21Corona.com
|
-
A lease-option is an agreement between a buyer and a seller that allows
the buyer to lock in the future purchase price, save money for a down
payment and buy the property in the future at current prices. It can be
a win-win situation.
Instructions
Difficulty: Moderately challenging
Things You'll Need
* Lease-option Agreement Forms
* Real Estate Attorneys
Steps
Step One
Agree with the seller on a purchase price.
Step Two
Agree on the term of the lease. This will be the maximum length of time
you want the opportunity to exercise your option to buy.
Step Three
Determine a market value for your monthly rent. (This is the amount a
person would pay to simply rent the property.) Then add $25 to $200 per
month to be applied toward the future down payment of the home. (This
is not a requirement, but it helps you accumulate money for a down
payment.)
Step Four
Agree upon terms regarding the exercise of the option, such as the
escrow period and financing.
Step Five
Determine who will pay for inspections, work and warranties when the
time comes to complete the purchase.
Step Six
Go to your local Board of Realtors Association or real estate company
and purchase a lease-option agreement form.
Step Seven
Handle the transaction as a lease until you are ready to exercise the
option.
Step Eight
Exercise the option in writing.
Step Nine
Open escrow or contact a real estate attorney to handle the
transaction.
Tips & Warnings
* Escrow is not required until you exercise your option to buy.
* You may want to have a real estate attorney review the contract
before you sign.
* You may be asked to put up option money - typically $1,000 to
$5,000 paid to the seller - for the privilege of having the option to buy.
* All option and additional rent monies paid to the seller are
nonrefundable if you do not exercise the option to buy.
* You must delineate all terms of the purchase at the time you make
the lease-option agreement.
* If home prices go down, you will have to choose between buying
the property at the originally agreed-upon higher price and losing the
option money.
|
-
Parties Involved In a Short Sale
Short sales are one of real estate’s most thrilling acquisition strategies. Short sales are about obtaining properties at good prices by resolving people’s problems. Short sales are multi player win-win transactions. Here are the parties involved in a short sale. Satisfy them all and you will be rewarded!
Home Owner Properties in foreclosure tend to have problematic title issues. Officially, the owner is the person appearing in the county records as owner of the property. The ownership of the property is shown in the document known as “deed” or “title”. The easiest way to know who is the property owner, is by obtaining a trio from a local title company. The best way to confirm all the parties with right of ownership on a property is to read the title report.
Often properties have more than one owner. This is because property can be co-owned by a married couple, friends or business associates. This will be immediately evident in the deed. However the deed may not show all the present owners because owners can be added or taken out of title via quit claim deeds or other similar title instruments. That is why, when it comes to finding all the owners of a property, nothing beats a title report.
The home owner is not necessarily always the same person as the mortgagor. This is not uncommon with properties in foreclosure.
Mortgagor The mortgagor is the person that took a loan and secured it with the property in foreclosure. The mortgagor is the person legally responsible for paying. The best way to know who the mortgagor is, is to see the document known as the “deed of trust” or “trust deed”. The mortgagor will be listed as “grantor”. See sample. It is often with properties in foreclosure that the mortgagor and the owner are not the same person. Below are a few examples of the cause of this situation. - The property gets “deeded” to another person without refinancing. Properties that have been bought “subject to existing financing” have this problem.
- Properties in which, because of divorce, where there are two mortgagors home owners, one of the home owners has “quit claimed out the property” to the other person without refinancing.
Under both of this conditions the mortgagor that quit claimed out of the property or deeded the property to someone else has no ownership rights over the property but are still fully responsible for the mortgage.
Creditors Creditors are all institutions, businesses or individuals secured through trust deed or lien by the property. Creditors secured by a property can include banks, individuals, municipalities, home owner association (HOA), ex-spouses claiming child support, etc. Properties in foreclosure often have more than one creditor. To buy a property in a short sale the investor needs to negotiate and settle with each of the creditors, one by one. The best way to confirm who all the secured are is to review the title report.
Loss Mitigation Officers This is the bank’s representative assigned to resolve the issues associated with a defaulted loan. When dealing with banks, the loss mitigation officer is the person with which short sales are negotiated. Loss mitigation officers work for the bank’s loss mitigation department.
The loss mitigation department is the bank’s unit in charge avoiding, reducing, and minimizing losses due to loans in default. Most banks have an actual loss mitigation department, separate from everything else. Loss mitigation officers are debt collectors. As such any information given to them will be used to collect on the debt.
Trustee The trustee is the person or entity in charge of foreclosing the property in behaves of lender. The trustee is usually an attorney firm dedicated to performing default services for lenders. Some of these firms, such as Northwest Trustees, Regional Trustees and Cal Western Reconveyance are very large, with hundreds of employees, and are foreclosing at any one time several hundred properties. Other firms are smaller real estate attorney firms.
The specific function of the trustee is to foreclose, according to law, in behalves of a lender, in order to collect on a debt. In addition, depending of the specific agreement with the lender, the following additional services are additionally performed. - Provision of payoff statements
- Collection of payments
- Negotiation of short sales
- Collateral preservation (lock-up and winterize the property if vacant)
To learn more about the trustee services see the following trustee websites.
Trustees very greatly on how accessible and easy to deal with they are. Some of them, such as North West Trustees have user friendly web sites, an available specific assigned representative with a direct phone line and a quick response time. Other, can only reached through 1-800 numbers with multiple menus to pass through, long waiting periods and no specific representative to deal with. Unfortunately, when it comes to dealing with the trustee there is no choice. You have to work with whoever you have to. Because of this, the profit potential of the transaction must justify it.
Additional Lien Holders These are any other creditors or lenders secured by the property. These include first mortgages, second mortgages, judgment liens, tax warrant liens, city and county taxes, home owner’s association (HOA) liens, contractor’s mechanics liens, etc. The best way to locate them is in the title report.
By far the most common type of additional lien holder is the second mortgage lender secured by a property in default in which the first mortgage is foreclosing. The majority of the good short sale profit opportunities come from this situation. Under these circumstances the second mortgage lender is compelled to discount because most likely it will loose more principal if the property is sold at auction. That is why second mortgages always have higher interest rate than first mortgages.
Title Company A title company is a neutral party that examines the title, issues a preliminary title report, acts as escrow (or settlement) agent, records documents, and issues the title insurance policies for a transaction. The main business of most title companies is to sell title insurance and close real estate transactions. Escrow is the closing a real estate transaction when all required documents and funds are placed with a third party for processing and disbursement.
Escrow Agent or Officer The escrow agent is the title company’s representative engaged in closing a transaction. This is the person that will be handling, in behalf of the title company, all the documents and funds needed to close a transaction. Escrow officers are regulated by the state and the title company they work at. An escrow agent willing to work in short sale transactions is one of the most important and valuable members of the pre-foreclosure investor team. Not all escrow agents are interested in working in short sales.
Appraiser The appraiser is a licensed third party professional who estimates the dollar value of a property. An appraisal is the estimated dollar value of a property based on a detail study of the property.
Appraisers are involved in determining the value of property in foreclosure only when the bank requests it. This is usually when the loan is government guaranteed, about 30% of the time. Appraisals cost over $400 and Broker Price Opinions cost less than $100. Either way, they give the same result because both use the comparable value method of to determine the value of a property.
Appraisers and BPO Realtors are usually hired by the bank through a third party company dedicated to serving exclusively this need of the foreclosure industry. One of the larger companies dedicated to this is Asset Valuation and Marketing (AVM). Companies such as AVM have a large pool of appraisers and BPO Realtor. The main difference between an appraisal and a BPO is that the appraisal is a formally presented and printed study on the value of the property.
BPO Realtors BPO means “Broker’s Price Opinion”. BPO Realtors are realtors that provide property price opinions. Because of price difference, lenders usually hire for BPO rather than appraisal.
Brokers that do BPOs are usually in the business of listing bank owned properties. These realtors usually get paid less than $100 for each BPO. The main reason for a realtor to want to do BPOs is to get bank owned listings. The problem is that this creates conflict of interest. For them the more properties make it back to the bank the better. However, the chances of the same realtor that did the BPO getting to list the property if it gets repossessed are low. Because of this it is good to always be professional and be in good terms with the BPO realtor.
|
-
Obtaining Reo Properties: REO stands for “Real Estate Owned”. These properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property going up for foreclosure auction. A home purchased through foreclosure auction you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. Also you must be prepared to pay with cash on hand. On top of that, you’ll receive the property 100% “as is”. That may include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction. The REO did not find a buyer during the foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if necessary and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. ARE REO’S A BARGIN? It’s usually understood that any REO must be a bargain and an opportunity for easy money. This simply is not true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and costs of any repairs or remodeling that may have to be completed to prepare the home for resale. Many REO money making opportunities do exist if purchased at the right price. A real estate agent might be your best resource to helping you understand and evaluate potential properties for purchase. Ready to Make an Offer? If you are seriously considering purchasing a REO for either an investment or personal property, you should contact Michael Oliver to assist you with the process. Michael will obtain a list of REO properties to view from the banks or listing agents handling the sales for the bank. Many banks have REO departments whose job it is to manage the properties for sale and negotiate on behalf of the bank, their whole mission is to sell the property for the highest price and keep in mind that they work wholly for the bank who’s in ownership of the property. When considering buying a REO it is highly recommended you obtain the professional services of a real estate agent to negotiate on your behalf and look out for your best interests. Also be prepared for dealing with the REO process, since typically there will be more than one person involved with the sale at the bank’s level, also the bank will not be open evenings and weekends making negotiations last sometimes last days or even weeks, as different people review offers and counter offers before making approvals.
|
-
Short Sale!!! You are hearing that a lot lately, but what does it mean? This is a method of disposing of your home without having the lender foreclose on you. You are unfortunately what lender's call "upside down." Let's take this example: you bought the house last year for $500,000, and foolishly took advantage of the mortgage broker's sales pitch and obtained a 100 percent loan. Now, the house will probably only sell for $475,000, and you lost your job and cannot afford to continue with the monthly mortgage payments. A short sale is an arrangement with your lender whereby they will allow you to sell the property for less than the amount of the current mortgage. Why would a lender permit this? First, you should understand that not all lenders will allow a short sale. Their decision depends on a number of factors: where is your house? how much loss will the lender suffer? What is the possibility that a speculator/investor will buy at a foreclosure sale? Lenders have their own requirements, so I can only provide general information; you will have to consult your specific lender to determine what they need in order to move forward with the short sale process. The first step is to contact your financial and legal advisors. Do not contact the lender until you fully understand the potential risks involved. Under Federal law, when a debt is forgiven, it can be treated as ordinary income on which tax must be paid. Thus, if your lender allows you to sell the property to $475, less a 2 percent commission, you will pay off your $500,000 mortgage and have a deficit of almost $35,000. According to many tax professionals, you will have to pay income tax on this amount even though you did not actually receive the money. Furthermore, you want to make absolutely sure that even should the lender approve the short sale, you will not be obligated to make up this difference, which is called a deficiency. Unfortunately, most lenders will not put their agreement in writing, so your legal advisors will have to satisfy themselves -- and you -- on this matter. In fact, many lenders have been known to use this "forgiveness of debt" issue as a way of dissuading their borrowers from pursuing the short sale approach. After you are satisfied that you understand the concept and are prepared to move forward, you should contact your lender. Go up the corporate ladder as high as you can and talk with the manager of the short sale department. Typically, the lender has a "loss remediation" department that handles these matters. If you have authorized your attorney or your real estate agent to act on your behalf, the lender will need a letter of authorization from you. The Privacy Laws enacted after 9-11 prohibit lenders from discussing personal and financial information with a stranger without such written authorization. This letter will include your name, property address and loan number. You (or your agent) should then prepare a comprehensive letter explaining why you are requesting the short sale. Emphasize -- but not as a "sob story" -- your hardship. It would also help if you include a market analysis which will show what houses in your area are currently selling for. And finally, spell out your request in detail: what price are you asking the lender to approve, what percent commission will the real estate agent be allowed to accept, and what closing costs will be associated with the settlement. Keep in mind that in many jurisdictions, there is a recordation and transfer tax which is typically split between buyer and seller. Your proposal should be as specific as possible. You don't want to learn at settlement that you still have to come up with a lot of cash, because your lender did not authorize certain out-of-pocket expenses. You should also request from your lender the amount of your outstanding balance. The lender has a legal obligation to provide this to you on request, and the burden is on the lender to provide an accurate accounting. Review this carefully to make sure that there are no charges which have been erroneously added. If you have missed some payments, you will be assessed late fees. When you present your proposal to the lender, try to get these charges deleted from the amount of the outstanding mortgage balance. Your proposal should also include your financial situation. Keep in mind that many loans in the past few years were what are called "no-doc" -- in other words, the lender made the decision to fund your loan based on the value of the property and not on your financial status. In your case, since you lost your job, include proof with your letter. The more documentation you can provide the lender, the faster the decision will be. However, currently lenders are swamped with these requests, since you are not the only one facing a possible foreclosure. Thus, the earlier you can start the process, the better chance you have of getting it approved. But the lender's approval to proceed with a short sale does not end the process. When you or your real estate agent find a prospective purchaser, the contract must state that it is contingent on lender's approval. You have to send the contract to the lender, and it would help if you would include an accounting of all expenses which you will have to pay at settlement, and a final number that the lender will receive when settlement takes place. In fact, if you can have a HUD-1 settlement statement prepared, this would be helpful and would expedite the process. Your lender will then review the documentation, and may reject certain expenses. For example, if the contract provides that you will give your buyer XX dollars for "closing costs" -- or that you will pay some items which are traditionally the buyer's obligation (such as title search and survey) -- the lender may not allow such payments. You want to go into the settlement knowing exactly all of the terms and conditions on which your lender will accept the short sale, including whether or not you will have to come up with money at the settlement table. You are in financial trouble. If you have already missed some payments, your lender may already have reported this information to the credit reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that's in your lender's sole discretion. The short sale process works, but is complicated, time-consuming and uncertain. If you can start now -- before you are actually in default -- you will be ahead of the game. BE CAREFUL ABOUT TAXES- you will be responsible on capital gain taxes- ask your tax attorney! From: http://realtytimes.com
|
-
Question: I own two houses and I'm having financial troubles with one. If I can't continue the payments for the second home and the lender ends up foreclosing what could happen to my primary home? Could I lose it? Answer: Is the loan on the second property "recourse" financing or "nonrecourse." If it is "nonrecourse" then your liability is limited to the sale value of the property -- meaning that the lender cannot go after you for any unpaid principal. Also, what is the value of the second property? If the value at foreclosure is sufficient to pay off the mortgage plus all related foreclosure fees and costs then that would end the matter, except that your credit standing would be terribly damaged. It is also possible that the value of the second home is strong enough so that you might actually get cash back from the foreclosure sale. This can happen if you have a lot of equity in the property and your local marketplace does not have a foreclosure discount. However, if you have recourse financing and the value of the second property is insufficient when foreclosed to cover the entire debt, then the lender may well be able to sue for any unpaid obligations. To satisfy this debt it may be necessary to refinance or to sell your personal residence. While suing borrowers doesn't happen often, it can happen. For specifics, speak with an attorney in your local community. Question: I have an $82,000 mortgage at 6.5 percent on my house. My payment, including taxes, insurance and mortgage insurance, is $780 monthly. I want to buy another property outside the U.S. Instead of selling my home, I'd rather refinance to get cash out. If I owe $180,000 instead $81,000 will my property taxes go up? Can the use of this money be restricted? Answer: Very possibly, yes. Here's why: When you refinance the property a new loan will be recorded. A loan for a higher amount than the current mortgage is evidence that the value of the property has increased. When next the property is re-assessed the fact that you have a larger loan may impact its valuation, especially if the value of the new loan is greater than the current assessed value. The ultimate result is that a higher property value can be assigned to your home and thus your tax can go up. Example: You bought a home for $200,000 ten years ago. You refinance for $450,000. It's hard to argue that the property is still only worth $200,000. For specifics, call your local property tax office and ask about their policies. You don't have to give your name to ask a general question. As to the use of proceeds, how you spend the money is typically up to you. There can be some situations where the use of the money is restricted, but that's not usually the case. Question: I retired to Florida and now I'm thinking of selling the home I own up north, a property without a mortgage. If I have the northern home appraised and I sell the home for more then the appraised value, am I liable for any fees or fines if I don't inform the buyer of my appraisal? Answer: An appraisal is an estimate of the value provided by a professional appraiser. The fact that one appraiser suggests a given value for a property does not mean that you are required to sell the property for that value or that another appraiser might not offer a different valuation. When somebody buys a property they typically will get a loan. As part of the process to get that financing, the lender will insist on an independent valuation. The lender will then look at the sale value and that the appraised value and consider financing only the lower of the two values. There is nothing that says a buyer can't get his or her own appraisal or a valuation from a buyer broker. As well, no one would suggest that a purchaser somehow owes a fine or fees by offering less for the property then the appraised value. Your job as a seller is to get the highest price in the best terms possible for your property. If it happens that the marketplace rewards you with a valuation that's higher than the appraisal you obtained before marketing the property that's great. If you and the buyer agree to a price which is consistent with the neighborhood then frequently the lender's appraiser will agree. In that case you can have a sale for more than the earlier praised amount. Before getting an appraisal, speak with your real estate broker for the northern property and ask if there is any requirement to reveal the result. Unlike a property inspection which shows material damage, I would say you have no obligation to show a pre-sale appraisal but see what the broker says. If his or her answer is yes -- perhaps because of a state requirement -- then skip the pre-sale appraisal and ask the broker to provide a cost-free competitive market analysis (CMA). If the property is not yet listed, then get opinions from two or three local brokers. Brokers will provide CMAs as part of their effort to list the property at a price appropriate to the market. Question: I co-own a home. The other owner and I each have separate loans, but are both on the deed. I am currently living in the home, the co-owner is not. I want to foreclose on my half of the property to get away from rising mortgage costs that I cannot afford. I'm trying to avoid spending thousands of dollars in legal fees, so suing for partition is not a feasible option for me. The co-owner tried to file paperwork and thought they were suing to partition, but it turned out to be something entirely different. We are now both using lawyers to litigate. Within a month or so, we are going to arbitration to determine if the home should be sold or rented. The market is such that renting it out will most likely happen, which means waiting several more years to sell. I can't afford to not have renters pay my mortgage for even one month. The co-owner is not paying his half of property taxes, HOA fees, or homeowners insurance because he feels I own him money for a room that is unrentable. My loan is an ARM, and I would need my co-owners' signature to get fixed-rate financing. He will not sign for me, so I'm stuck with an ARM that will just keep rising and rising. How can I foreclose on my co-owner? Answer: You cannot "foreclose" on your co-owner. Only a lender can foreclose. If you don't pay your mortgage, your lender can foreclose on you and effectively force the issue. It appears that what you have is an "equity sharing" arrangement with one resident investor (you) and one non-resident investor (him). As the resident investor you are using 100 percent of the property. Since your co-owner owns a percentage of the property you should be paying a proportionate share for the mortgage, taxes, insurance and HOA costs. You should also be paying a rent to your co-owner for his portion of the property, a portion you are using. He, in turn, is responsible for his share of the mortgage, taxes, insurance, etc. In other words, you are not renting a specific room from him, you are renting a portion of the entire property. You now have attorneys and you are going to arbitration. You will have an opportunity before the arbitrator to explain that continued ownership of the property represents a hardship to you. As well, you should document your HOA, insurance and other payments. As to the arbitrator, I would expect that the first thing he or she will want to see is the written equity-sharing agreement between you and your co-owner. That document should outline the obligations of both parties and also explain what happens when one party wants to sell and the other does not. If there is no written equity-sharing agreement, or one which is imprecise, then the arbitrator will be free to make just about any decision and for just about any reason. You and your co-owner might want to re-consider this entire matter, reduce your legal costs and simply see if something sensible can be worked out. For instance, if your co-owner wants to keep the property perhaps he can buy out your interest. This would seem to solve everyone's problem. Question: If I refinance my home, do I have to purchase a whole new title insurance policy? Answer: Your lender will want to assure that it has the first or second lien on the property (as appropriate) and so will insist on a title examination and title insurance in all jurisdictions except Iowa -- that jurisdiction has a state-operated title guarantee program. The logic of the lender's requirement is that they do not want to find that other lenders have prior claims which must be paid in full if the property is foreclosed -- claims that would have to be paid before your new lender gets a dime. However, ask your closing agent if a new title policy is available at the discounted "re-issue" rate, a rate which is sometimes available if a property was recently financed or refinanced with title insurance. Question: I purchased my condo three years ago. When I went to refinance my home, I found out it's in a flood area as per FEMA. When I purchased the condo nothing was said about flood insurance. My building has six units and no one has flood insurance. The refinance on my home has been approved, but flood insurance is holding up the closing. Am I responsible for flood insurance or does the HOA take care of this? Answer: When you bought the property you had a mortgage. Did the original lender require flood insurance? If not, has anything changed since the purchase? You might want to ask if the original lender can provide new financing -- and if flood insurance will be required. Also, see what flood insurance is maintained by your HOA. It may be that both you and the HOA require coverage. It may also be that different lenders have different policies, or that at some point during the past three years flood plain maps were changed. From: http://realtytimes.com/rtcpages/20071019_askrt.htm
|
-
Hello Everyone! It is official now...the Century 21 All Pro Corona office on Rimpau will now be stationed out of the Corona Century 21 Now office on McKinley Street. Century 21 Now Realty is located at 161 McKinley Street Suite 120, adjacent to Chucky Cheese and Outback Steakhouse. The phone number to contact me, Ann Downing, is still the same (951) 733-2486. The web page is still the same at www.Century21Corona.com Century 21- We are agents of change!
|
-
How about a multiple listing service for the whole state for all Realtors touse?? Sound good? Sure does...and it will become a reality. But for now it will be Southern California... On Tuesday, October 9th, over 200 REALTORS® came to hear Art Carter, CEO of MRMLS, Inc., give a lecture about the pairing of technology and tomorrow’s real estate agent. The REALTORS® spontaneously broke into applause at the point in the presentation when they heard that listings from most of Southern California would be combined into a single database called CARETS. CARETS, California Real Estate Technology Services, is the new database that will hold listings from participating Multiple Listing Services in Southern California. What does this mean?—MRMLS members will have access to full property listings from Temecula to Ventura county including listings from CLAW, iTech, Greater South Bay, CrisNet, and SoCal MLS. By the first quarter of 2008, the IDX feed will be available for agents and brokers to place on their websites, which will allow their clients to view the listings. Three to six months later, or by the end of Spring, all of the listings will appear in MRMLS Matrix. These listings will be the full listings, not the limited dataset available on MLS Alliance. Finally, brokers and agents will have better access to listing data from all over Southern California through MRMLS Matrix than can be found on public websites. (See www.CA-RETS.com for more information) Carter saved the best news for last, saying that “more MLS organizations are considering joining the effort. In fact, California Desert AoR that covers Palm Desert and Indio joined CARETS the day before.” Talks are ongoing for SANDICOR, the MLS that covers San Diego, to join as well. The Multi Regional Multiple Listing Service is one of the largest Multiple Listing Services in the nation, serving over 36,000 real estate professionals and the public in the San Gabriel Valley, parts of Los Angeles County, Inland Empire, and Greater South Bay market areas. Founded in 1979, the MRMLS is owned by 12 Realtor Associations. Courtesy of the IMRMLS article by | Eric Turner | | Communications Manager |
|
-
The danger of plastic is frequently denied and overlooked. Why? Convenience? Look back at old movies and TV shows before plastic was used in everyday situations. They used to use recyclable resources- wood, metal, etc- to make things. You may say, oh plastic is recyclable! But think about it... it is one-generation-reuse for the most part. A bottle can be melted and made into another product - but nothing that is for food grade use. After a while it is so contaminated it can't be used for much (not to mention that burning plastic makes dioxins- another toxin that harms humans and the environment). Also, think about if you think about it how much of plastic really goes towards recycling? A lot gets into the gutters into storm drain inlets into rivers and out to sea. Plastic harms many things, whether the general public realizes it or not. I just want to blog about one thing this time. It is plastic in the oceans and waterways. There are several known areas in the Pacific Ocean where plastic has accumulated, taken by the creatio current 1,000 miles off our Californian coast. There is plastic that floats and plastic that sinks. The plastic lined potato chip bags sink for example- around 50% of plastic sinks and once it sinks it is stuck in the ocean forever and it does not go away, but it does impact marine life. Another thing to think of is that organic pollutants stick to the plastic and get transported other places and makes an impact there. Plastics, like diamonds, are forever. They don’t biodegrade. An estimated 63 pounds of plastics for each American enters landfills each year. Less than 4% of plastics are recycled in any way. The triangle of arrows around a number doesn’t automatically signify that the plastic product can be recycled! Only types 1 and 2 are easily recyclable. Marine ecosystems are harmed by plastic debris. In the Central North Pacific, broken, degraded pieces of plastic outweigh surface zooplankton by 6 to 1. 90% of Laysan Albatross chick carcasses and regurgitated stomach contents contain plastics. Fish and other seabirds mistake plastics for food. Plastic debris release chemical additives and plasticizers into the ocean. Plastic also adsorbs hydrophobic pollutants, like PCBs, DDT. These pollutants bioaccumulate and biomagnify up the food chain, and find their way into the foods we eat. Most plastic products begin as pre-production pellets. The United States alone manufactures more than 100 billion pounds annually. Each pound can contain between 10,000 and 20,000 pellets! Pellets have been found on every beach in North America. We are a culture immortalized by plastic. Although plastic products benefit our lives in the medical industry, safety equipment and other technologies, it is imperative that the impact and long term effect plastic debris no longer be ignored. Did you know that 60-80% of marine debris is plastic? There are at least 300 marine species that think the plastic they see in the ocean is food and they eat it. Sometimes it kills them sometimes it impacts their offspring. Plastics are endocrin disruptors. That is a topic for another blog... What can we do to help? Make governmental officials aware of the problem. Do research...there are many Internet websites with information- here are three: http://www.plasticdebris.org/ http://www.plasticsareforever.org http://www.algalita.org In November 2003, the Algalita Marine Research Foundation (AMRF) received a grant from the California State Water Resources Control Board (SWRCB) to implement a project designed to assess and begin to reduce sources of plastic debris and other discarded materials in urban runoff. This project, titled Plastic Debris, Rivers to Sea, is being implemented with the help of the California Coastal Commission. There are Senate Bills out there that can help, tell your Senator to support SB 258- the plastic nerdle bill- it is on the Governer's desk right now. What can you do to help in every day life?? - Bring your own cloth or recycled grocery bags to the store.
- Keep litter, leaves, cheimcals and debris out of street gutters and storm drains.
- Sweep sidewalks, don’t hose them. If you hose it down ensure it goes and stays in a plant area.
- Use natural pest killers in your garden, such as ladybugs, decollate snails, or praying mantis eggs. Try not to use pesticides. How pesticides impact humans should be another blog in itself!
- Dispose of used oil, antifreeze, paints, and other household chemicals at a hazardous waste facility, not in storm drains.
- Keep vehicles well maintained. Clean up spilled brake fluid, oil, grease, and antifreeze that your car might produce.
- Wash your car on the lawn so that the water sinks in the ground. Use environmentally friendly cleaners.
- Purchase household detergents and cleaners that are low in phosphorous to reduce the amount of nutrients discharged into our lakes, streams and coastal waters.
- Buy in bulk. Re-use when possible. Reduce consumption by avoiding excessively packaged products.
- HOUSEHOLD CHALLENGE: create a 100% recyclable grocery list. Imagine all of your household waste going into the recycle bin!
Seen the commercials on TV to save the use of plastic- do you know why and who backs that? The petroleum industry...need I say more? Thanks for your interest. We can all do our little part to help ...and cummulatively we will do a lot to help our generation and our future generations...
|
-
This is a subject I feel so strongly about. I know parents of children who have some form of autism. Have you seen the commercials where they talk about how the odds of a baby getting into a car accident is around one in 22,000 and we protect them with babyseats--- but what people don't realize is that the odds of a baby later being diagnosed with autism is around one in 166 ! It is astounding. We need to figure out how to protect our babies from autism... There are many websites with information on autism. There is no cure. Therefore, it is important that local, state and federal government officials research and acknowledge that something is causing autism in our current generation of children. It may be environmental or it may be related to vaccines...NO KIDDING! There are some studies that believe that the MMR vaccine, measles, mumps, rubella 3-in-one vaccine has something in it that reacts with children's brains and causes or triggers autism. What is autism? It is not what it used to be defined as decades ago. The Center for Disease Control defines autism as one of a group of disorders known as autism spectrum disorders (ASDs). Included in this broad category are autistic disorder, Asperger's syndrome, Rett syndrome, pervasive developmental disorder and childhood disintegrative disorder, which are determined by several factors, including type and severity of symptoms. ASDs tend to affect more boys than girls. There is quite a good article in the October 2007 Inland Empire FAMILY magaizine. I think everyone should read it. The government and CDC has to admit this is a MAJOR problem and help prevent it. This is a future generation of leaders of our Country that are being impacted. This is important !! Some resources for autism information are: Autism Society of America (www.autism-society.org) , Centers for Disease Control and Prevention (www.cdc.gov/ncbddd/autism/actearly ), UCI pediatrics (www.forockids.org ), National Autism Society (www.nationalautismassociation.org ). TALK ABOUT CURING AUTISM ! www.talkaboutcuringautism.org Help with Autism www.helpautismnow.com www.autism-pdd.net Get support Helping an autistic child: www.helpguide.org/mental/autism_help.htm Autism help: www.autismsite.ca www.autismspeaks.com There are so many websites on the Internet with information. Please support charities that help prevent childhood diseases and problems, and also support *** cancer research. Thank-you for your attention!
|
|
|
|