How to buy a home in this current market?

I have been spending several months with my clients before we find the right home for them. We make at least 3 or 4 offers before one gets accepted. I become good friends with my clients by the time the process is over.

Here are the key tips in getting an offer accepted in today Real Estate market:

* Be Prepared-before you get in a car with an agent to view homes you must speak with a loan officer and get pre-qualified for a home loan. This way you will know exactly what your payment will be and how much you can actually afford. This is the most important aspect. Once you have done that gather copies of your proof of funds. It must have your name as stated on the offer and show the down money.

* Be Quick-as soon as you see a property on the market make an appointment to go view it. If you can go that day you should. Many homes are getting sight unseen offers from cash investors. So you need to be quick. Waiting a few days may limit your opportunity to buy the home.

* Be Flexible-the more flexible you are on your criteria the easier it will be for you to find the right home.

* Be Patient-these short sale transactions can take 6 months or longer. Also the process of competing against multiple offers reduces your odds of winning the deal. So you need to be willing to throw your hat in many different rings to find the right place.

But all that being said, this is a great time to buy a home. You can get a fantastic deal if you really go for it!

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2011 New Real Estate Laws

As of January 1st, 2011 there were a few important changes in the Real Estate Laws. Glenn Oaks Escrow summed them up very nice and I thought I would share the information with you all. Please let me know if you have any questions. Raschel A. Kloos, Realtor 01242504 and Loan Consultant 341660   (760) 650-CASA (2272)

Short Sale Deficiency Protection for Sellers
This new law applies to first mortgage loans secured by one to four residential units, and states that lenders who have agreed to a short sale will not have the ability to obtain a deficiency judgment against the seller after the short sale is completed.   This means the lender must accept the proceeds of the short sale as full payment and must dismiss the remaining balance due on the loan. Read More

Foreclosure Protection for Tenants:
Senate Bill 1149 states that tenants that remain in a property after is has been foreclosed must be provided a notice of their statutory rights for one year, and must be explained in a separate cover sheet or included in a 90-day termination notice.  This law also prohibits a landlord from harming a tenant’s credit score by revealing unlawful detainer records, unless the landlord prevails in court. Read More

Energy Efficiency Audit in Home Inspection Report
Effective January 1, 2011, a home inspection and inspection report may include a Home Energy Rating System (HERS) home energy efficiency audit if requested by a client.  The inspection may be performed by a home inspector who meets the HERS regulations requirements.  REALTORS are encouraged to provide the HERS booklet that explains the statewide HERS program to residential buyers.  Read More

Adverese Possession Claim Requires Timely Payments
For a claim of adverse possession, existing law requires proof that taxes have been paid on the property for a five-year period.  Effective January 1, 2011, Assembly Bill 1684 will further require that all state, county, or municipal taxes have been certifiably paid in a timely manner for the five-year period the property has been occupied and claimed. Read More

MLO Requirements
Effective January 1, 2011, Senate Bill 1137 requires those who act as a mortgage loan originator (MLO) to hold a MLO license endorsement issued by the Department of Real Estate (DRE) in order to be employed or compensated by a real estate broker.  Those who act or advertise themselves as an MLO without a DRE MLO endorsement is guilty of a crime punishable by: a $20,000 fine, six months imprisonment, or both.  Corporations acting as an MLO without the endorsement by the DRE are punishable by a fine of $60,000.  Read More

Domestic Violence Protection for Tenants
Beginning January 1, 2011, a landlord cannot evict or fail to renew a lease for a tenant or members of the tenant’s household that have become victim to domestic violence, as stated in Senate Bill 782. For leases entered into after January 1, 2011, this law will also require landlords to change the locks on the victim’s unit within 24 hours of the tenant providing a police report or written proof from the court.  Read More

Real Estate Fraud Protection
There are three new laws, effective January 1, 2011, that protect consumers from real estate fraud.

  1. Assembly Bill 2325: Foreclosure consultants performing “forensic audits” will be included in the foreclosure consultant law, prohibiting advance fees for services. Read More
  2. Assembly Bill 1373: Any mail solicitation that offers to provide a copy of an owner’s grant deed or title records for a fee must include a prominent disclosure statement explaining that the homeowner can obtain the records from the county recorder, and that the service is not associated with any government agency. Read More
  3. Senate Bill 1035: The punishments for renting out a residential unit without the owner’s consent have been increased to one year imprisonment and a fine of up to $2,500. Read More

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