Archive for July, 2006

HOW MODULAR & MANUFACTURED HOMES DIFFER

July 31, 2006 · Filed under MANUFACTURED/MODULAR HOMES

This is another topic I get asked about frequently enough to warrant the following article.  It’s written by Janet Wickell.  Please see blog roll (on right, under Manufactured/Modular) for links to more info.  Enjoy…and please contact me with any questions or comments!
And, click here to read/join forums for Manufactured Homes

Facts About Modular, Manufactured & Site Built Homes
When you are buying a home, you might hear the terms modular homes, manufactured homes and site built homes. It’s important to understand how they all differ, no matter whether you are purchasing an existing house or plan to build on land that is subject to restrictions. The differences can affect a home’s price and its resale value, and even dictate whether or not it can be built on your land.

WHAT ARE SITE BUILT HOMES?
~They are constructed entirely at the building site.
~They conform to all state, local or regional codes where the house is located.
~Often called ‘stick-built’ houses. Read the rest of this entry »

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CURRENT MARKET CONDITIONS-”BALANCED MARKET”

July 24, 2006 · Filed under MARKET CONDITIONS, SCV Housing Stats

Home Price Increase Slows Down to 7.2% as Sales Slacken, Inventory Grows

While activity remains strong as buyers enjoy the benefits of the largest inventory of homes listed for sale in years, sales of existing single-family homes in the Santa Clarita Valley fell off record high activity levels during June by 37.5 percent with 235 properties changing owners, the Southland Regional Association of Realtors reported on Thursday, July 20.

The decline in activity seems particularly steep because the 405 sales reported in June 2005 was the all-time record high and the market has changed dramatically – some say to the better – since then.

However, June home sales did rise from the May total by 8.1 percent, suggesting the local market is striving for a new balance and that buyers realize they have more negotiating power than at any time in the last four years. Read the rest of this entry »

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FORECLOSURES PART 2: TRUSTEE’S SALE

July 19, 2006 · Filed under FINANCIALS, Foreclosures

This post is part 2 to my foreclosures series.  
The Trustee’s Sale

In the last article, I discussed the basic steps involved in the nonjudicial foreclosure process. This month we will take a closer look at the Trustee’s Sale.

Using the information in the example below, let’s discuss how the Trustee’s Sale works. At the Trustee’s Sale, you bid on the trust deed that is being foreclosed.

In our example, it is the second trust deed:
SAMPLE PROPERTY
    Market Value: ……………….. $210,000
   Existing Liens:
     1st:……………………………. $103,000
     (balance & arrears)
     *2nd:. . . . . . . . . . . . . . . . . $27,000
     (opening bid)
     3rd: …………………………….. $10,500
    (balance & arrears)
 Property Taxes:…………………….. $2,000

How much do I bid? 
In order to get the property, you must bid more than the opening bid. Your overbid could be for as little as one penny. In our example, the opening bid is $27,000. This amount represents what is owed to the foreclosing beneficiary, which includes the loan balance, back interest, late payment penalties and the trustee’s fees and costs. Your minimum bid would have to be $27,000.01. Read the rest of this entry »

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FORECLOSURES PART 1: NON-JUDICIAL FORECLOSURES

July 19, 2006 · Filed under FINANCIALS, Foreclosures

I get asked about foreclosures alot. 
So, while there are zillions of articles out there, I have found these 2 articles that are published by my association, SRAR, to be the most helpful.  Do you agree? 
Feel free to leave comments/ask questions. 

The following article is an overview of the nonjudicial foreclosure process. This is the foreclosure method most often used in California. No court action is needed and the entire process takes under four months if there are no delays. For a more detailed study of the nonjudicial foreclosure process, please read Sections 2924. ¬2924h. of the California Civil Code.

Three basic steps are involved:
1. Recording of a Notice of Default
2. Recording of a Notice of Trustee’s Sale
3. Trustee’s Sale

Special Note: If you are interested in listing, selling and/or purchasing foreclosure properties, you will have to know how to find and use the notices of default and sale. This will be discussed in future articles.

The nonjudicial foreclosure process begins when the beneficiary (lender) notifies the trustee in writing that the trustor (borrower) is in default and instructs the trustee to initiate foreclosure proceedings. The trustee prepares a Notice of Default and records it in the office of the county recorder of the county in which the property is located.

Within ten days after recording the Notice of Default, the trustee must mail copies of the notice to the trustor and to all parties who recorded a Request for Notice of Default.
Read the rest of this entry »

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Mortgage Rates Fall This Week for the First Time in Five Weeks

July 14, 2006 · Filed under FINANCIALS, MARKET CONDITIONS

McLEAN, VA — Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.74 percent, with an average 0.6 point, for the week ending July 13, 2006, down from last week’s average of 6.79 percent. Last year at this time, the 30-year FRM averaged 5.66 percent.

The average for the 15-year FRM this week is 6.37 percent, with an average 0.4 point, down from last week’s average of 6.44 percent. A year ago, the 15-year FRM averaged 5.25 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.33 percent this week, with an average 0.5 point, down from last week when it averaged 6.39 percent. A year ago, the five-year ARM averaged 5.15 percent. This is the highest the 5-year ARM has been since Freddie Mac started tracking it on January 6, 2005.

One-year Treasury-indexed ARMs averaged 5.75 percent this week, with an average 0.6 point down from last week when it averaged 5.82 percent. At this time last year, the one-year ARM averaged 4.39 percent.

“June’s employment report caught financial markets off guard. In response, long-term bond yields eased a bit this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Combined with the financial market’s expectation of only one more rate hike by the Federal Reserve this year, upward pressure on long-term rates eases considerably. This should keep mortgage rates relatively stable for the foreseeable future.”

Copyright © 2006 Realty Times. All Rights Reserved.
Source: Realty Times Last Updated: 07/14/2006 12:30 AM CDT

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VALENCIA JEWEL!

July 14, 2006 · Filed under Buyers, PROPERTY SEARCHES, Sellers

27857 Skycrest Circle, ValenciaYour money will go so far with this Completely Remodeled Valencia townhome..I’ve seen it and it’s incredible how much quality work the seller’s have done!  For a complete on-line listing with lots of pictures, click here 27857 Skycrest Circle, Valencia, CA 91354  and then type in the address (27857).  There will also be an open house this Sunday July 16th, 12-4pm.    

Please feel free to call or write me with any questions.

For those of you who know the sellers, Mike and Kea Brooks (Doug Bookman’s daughter), they are excited to leave California to pursue ministry with Doug & Diane Bookman.  So, they are eager to sell and invite you to come look, bring a friend, bring family and write an offer!

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SCV’s RE SALES STATS 7/8/06

July 8, 2006 · Filed under SANTA CLARITA GENERAL RESOURCES, SCV Housing Stats

Every week, I receive a report from my association, Southland Regional Association of REALTORS . I thought you might want to see this weeks’s housing market stats for SCV… click here

Always feel free to write or call with questions or comments. 

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TLC IS CASTING…”MY FIRST HOME”

July 6, 2006 · Filed under Buyers, PROPERTY SEARCHES

TLC Logo

UPDATE: Please note that this post is from July 2006.  It is no longer valid.
If you’re interested in a casting call for TLC, please google TLC and locate their next casting call.  Good luck!
_________________________________________________________________________________________________________

Do you watch HGTV, TLC, and any other shows that document home purchase, home repair, organization, etc?

Well, a unique and potentially very fun opportunity was sent to me today by Coldwell Banker’s marketing coordinator.    The TLC is casting for their show ‘MY FIRST HOME’ (see description below, provided by, Liz Massie, producer of the show MY FIRST HOME). 

“MY FIRST HOME is a half-hour series for TLC that will focus on the joys and terrors of first-time home buyers as they undertake the most important purchase of their lives. We will also meet the realtor who guides them through each step as they search and find their new home. We will cover the bidding, escrow and closing processes. The show will combine the basic facts of home buying with the emotional journey of the buyers.”Production will involve 2-3 shooting days. We are looking for home buyers who will be closing escrow on their new homes from July 24 to mid-October.  If you are interested in participating in this show, please contact us with story ideas, including a little background on the person or couple buying a home and when they will be closing escrow.”

If you or anyone you know fit this bill (first time buyer, ready to close escrow between July 24 and mid-October) and would possibly be interested in sharing their home purchase experience with me and a camera crew and eventually TLC viewers,  please give them my name and number (or you give me theirs).

Not only will they receive excellent service from me, this could be incredibly fun and memorable!

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MAINTAINING MY HOME & PREPARING FOR INSPECTION

July 6, 2006 · Filed under HOME REPAIR, Sellers

Is There Anything I Can Do Better To Maintain My Home & Prepare it for Inspection?

Inspection reports often identify the same neglected maintenance items. Performing some basic maintenance can help keep your home in better condition, thus reduce the chance of those conditions showing up on the inspection report. To present a better maintained home to perspective buyers follow these tips from the California Real Estate Inspection Association. Most of these items can be accomplished with little or no cost, while the benefits of selling a well maintained home can be worth the effort.

  1. Clean both rain gutters and any roof debris and trim back excessive foliage from the exterior siding.
  2. Divert all water away from the house (for example, rain-gutter downspouts, sump pump discharge locations, and clean out garage and basement interiors.
  3. Clean or replace all furnace filters.
  4. Remove grade or mulch from contact with siding (preferable 6-8 inches of clearance).
  5. Paint all weathered exterior wood and caulk around trim, chimneys, windows, doors, and all exterior wall penetrations.
  6. Make sure all windows and doors are in proper operating condition; replace cracked windowpanes.
  7. Replace burned out light bulbs.
  8. Make sure all of the plumbing fixtures are in spotless condition (toilets, tubs, showers, sinks) and in proper working order (repair leaks).
  9. Provide clear access to both attic and foundation crawl spaces, heating/cooling systems, water heater/s, electrical main and distribution panels and remove the car/s from the garage.
  10. And finally, if the house is vacant make sure that all utilities are turned on. Should the water, gas or electric be off at the time of inspection the inspector will not turn them on. Therefore, the inspection process will be incomplete, which may possibly affect the time frame in removing sales contract contingencies.

Copyright © 1997-2005 California Real Estate Inspection Association.

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TIPS FOR STAGING YOUR HOME TO SELL!

July 6, 2006 · Filed under HOME REPAIR, RESOURCES, Sellers

other-feature-home3.jpg

Doing whatever you can to put your house’s best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, here are several ideas for making your home show better:

  1. Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
  2. Clean the windows (both inside and out) and make sure the paint is not chipped or flaking. And speaking of paint, if your home was built before 1978, new federal law gives a buyer the right to request a lead inspection. If you think you might have some problems, do the inspection yourself beforehand and make any fixes you can.
  3. Be sure that the doorbell works.
  4. Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It’s especially important that the bathroom and kitchen are spotless.
  5. Organize closets and organize kitchen drawers, cupboards, and pantries
  6. Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
  7. Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter or send pets and all traces of them to Grandma’s house until you move.
  8. Put vases of fresh flowers throughout the house.
  9. Having pleasant background music playing in the background also will help set your stage.

Provided by Real Estate Q & A © 2000 InMan News Features
  

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