THE REAL AMY
Mostly about Real Estate.
Or me. Or what I'm into.
But entirely real.
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FEATURED LISTING : I created this short video to give you a feel for the property or to jog your memory if you’ve come by to see it already. For more details, you can take a look at the property online at Red Fin (which is my favorite public site to view properties) or download this PDF flyer. If you want to have an even better searching experience with the most accurate and complete info, email me about the password-protected HBSR, which I can set you up with at no cost or obligation.
Real PROPERTY | 41277 Pine Tree Cir Temecula, CA 92591
Real INFO | Mediation
When my Dad was a residential Realtor in the 1980s, the purchase contract was 1 page long. That’s it. My, how far we’ve come. The latest version of the California Residential Purchase Agreement (RPA) is 8 pages. It can be a little intimidating. One area that can be confusing is paragraph 26 that relates to “Dispute Resolution.” Unfortunately, despite everyone’s best efforts—disputes can arise. So, what happens when a Buyer and Seller can’t agree? Or feel they’re owed money by the other party? In the state of California—mediation comes first. When you sign the RPA, paragraph 26A states that both “buyer and seller agree to mediate any dispute” before “resorting to arbitration or court action.”
So what does that mean? The California Association of Realtors has a great Q/A section on their website that includes something called Mediation for Consumers. It provides a easy-to-understand series of Q/As about mediation, including this definition:
Mediation is the term used to describe a relatively informal form of dispute resolution that occurs outside of the court system. In mediation, the parties to the dispute are assisted by a neutral third person called a mediator. The mediator is not empowered to impose a decision on the parties; instead the mediator facilitates discussions and negotiation between the parties with the goal of assisting them in reaching a mutually acceptable settlement of their dispute.
That means that whether you’re the Seller or the Buyer, you’re agreeing to try to work things out with a mediator first. In a future post, I’ll touch on arbitration and what that’s all about. As always, if you have questions or are curious about how any of this works, don’t hesitate to let me know. I’m here to serve.
Real INFO | Natural Pool Myths Busted
I just live for this sort of thing. As a kid, I used to draw pictures of what my house and yard (by yard, I mean pool) would look like, and now that I’m considered by most to be an adult—not much has changed. I’ve long been a fan of very natural looking pools and most folks don’t know just how natural a pool can get. Loved this article that dispels 9 common myths about installing and maintaining natural pools vs. the traditional ones. Go ahead and just let your imagination wander…
That dog is so ready to get natural.
Real OPTIONS | CHF Platinum Program
Who doesn’t love free money? While it may sound too good to be true—the CHF Platinum Program is great for California home buyers with low to moderate incomes (income limits are determined by county). It provides grants to home buyers—meaning it does not have to be repaid. It is not a second lien on the property. Also, it is not limited to first-time home buyers. Somewhere, someone reading this is doing the happy dance.
Other key requirements—
- Only for owner-occupied (sorry, investors) single-family residences, approved condominium or planned unit developments located in the state of California (add it to the list of reasons why California is the best state in the land)
- Minimum FICO score of 620
- Must be used towards down payment and/or closing costs on a 30-year fixed-rate fully amortized FHA, VA or USDA mortgage loan
Sound good? Of course it does. To learn more, please contact Kimberly Rogers—an Inland Empire expert with Provident Bank. We do a lot of work with her (this does not mean we get compensated in any way for recommending her or Provident), so please feel free to call her for all the details and to find out if you qualify. Talking with her about this program does not obligate you in any way, so really—you’ve got nothing to lose. Except up to 3% of money towards your down payment/closing costs.
Give Kim a call and please tell her I sent you—
Kimberly Rogers | 310-293-9214 cell | KimberlyRogers81@Gmail.com
Real NEWS | Interest Low = Affordability High
Good news for buyers: 30 year, fixed-rate mortgage rate is now at its lowest for 2011—4.6%.
And, homes across the board are more affordable than they’ve been in the last 20 years. So, buyers—there couldn’t be a better time if you’re ready to own a home. Not sure if you’re ready? This could be helpful. Talk to your lender; talk to your tax guy; but get moving!
Thought this was a great article that addresses why, “there may not be a better time to buy than right now.”
RealtyTrac is offering a new tool that might be helpful for buyers looking at purchasing a foreclosed property—they’ve recently struck a partnership with SmartZip Analytics and are offering a rating system that’s designed to help buyers determine where the best opportunities are.
Real NEWS | RealtyTrac Adds HomeScore
Real NEWS | Mortgage Interest Deduction Debate
At first blush—this seemed like a no-brainer to me. Of course Congress should extend the mortgage interest tax deduction (H.Res.25)—isn’t that one of the great tax benefits of home ownership? Then I read Donny Shaw’s take on it, which presents some interesting points. If anything, it made me want to take a closer look.
More on the debate:
“There is no dispute that the deduction benefits higher-income earners more than lower- and middle-income Americans. If you’re in the 35% tax bracket, you get $35 of savings for every $100 of mortgage interest you pay, but if you’re in the 15% tax bracket, you only get $15. So it’s hard to claim that the deduction is targeted at people who are on the fence on the question of buying a home vs. renting.” – Charles Wallace, Daily Finance
“True, everyone from the International Monetary Fund to the Tax Policy Center to the White House fiscal commission have called for the U.S. to cap, redesign or simply get rid of the deduction. The IMF called the mortgage tax break “expensive and regressive.” But this comes up every few years or so, before everyone realizes it’s impossible to hack away at a cherished part of the tax code.” – Shira Ovide, WSJ Deal Journal
Real NEWS | Bright Spots in Foreclosures
OK, so the news is that there are 2.2 million foreclosures in the U.S. But what’s more interesting to me is what’s also being reported:
- sales of foreclosures are increasing
- delinquencies are decreasing (meaning fewer homes will be foreclosed)
- 30-day and 60-day delinquent inventories are approaching pre-crisis levels
Could that suggest some light at the end of the tunnel? Let’s hope so. Regardless, it’s still a great time to buy—before interest rates go up.
Real NEWS | Proposed Bill to Shorten Short Sales
UPDATED | Latest on this bill is that it has been “referred to the Subcommittee on Financial Institutions and Consumer Credit” as of 5/2/11.
Original Post | My first short sale experience was as a buyer; sure, I had heard the horror stories. But my point of view was that I was looking for the right house—regardless of what type of sale it was. Of course I ended up falling in love with house that was a short sale. 6 months. That’s how long it took for the bank to accept my offer. A lot can happen in 6 months. Or not happen. So, any legislation that would help move along these decisions—I find interesting. Because the “short” in short sale certainly does not refer to how long they take to close.
The proposed bill, H.R.1498: Prompt Decision for Qualification of Short Sale Act of 2011, aims “to require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.” Wouldn’t it be nice. We’ll see how it shakes out.