San Diego Home Info by Gretchen Pagnotta

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San Diego Home Info ON Current Loan Rates

This is current information written by Michelle Morris, a Senior Loan Officer with PHH Home Loans. It provides insight into the current rates for loans, changes expected in the money market and a recap of world affairs for the week affecting loan programs. There are expected changes that make it very attractive to find a home and obtain financing today rather than waiting. In addition there are incentives being offered on REO properties. If you are interested in an REO property please let me know so I can assist you! GBPagnotta@gmail.com

For all your lending needs we recommend: Michelle Morris Mortgage Services/SR Loan Officer3810 Valley Centre Drive #906San Diego, CA 92130Cell: 619-850-3600Fax:  858-793-9944CA Broker License 01238196NMLS # 264030

  May 11, 2011~  Loan limits might be going DOWN in October Home Path gives 3.5% credit to buyers if closed before June 30th and 1000 bonus to buyers agents!-Rates are under 5%..call Michelle for the best program and rate which you are qualified to receive! 
 
   
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Ca.New Laws Governing Real Estate 2010-2011

 CALIFORNIA ASSOCIATION OF REALTORS Outlines New Laws

Real Estate New Laws

I have taken this information from the latest CAR bulletin and believe it contains valuable information that I want to share.

 
New California Laws for 2011
 
The recent end of the 2009-10 legislative session has brought the end of short sale deficiency judgments for first loans, and other new laws affecting REALTORS® and their clients.  To view the full text of the following bills, go to www.leginfo.ca.gov.

No Short Sale Deficiencies:

Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale.  Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan.  This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower.  Senate Bill 931.  Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California’s anti-deficiency protection to refinance loans.

Energy Audit in Home Inspection Report:

Beginning January 1, 2011, a home inspection and inspection report may, upon a client’s request, include an audit of the energy efficiency of a home, according to the standards of the Home Energy Rating Systems (HERS).  REALTORS® are also strongly encouraged to give the newly released HERS booklet to residential buyers, because doing so provides a valuable shield from liability.  Delivery of the booklet will be deemed to be adequate to inform the buyer about the statewide HERS program.  Assembly Bill 1809 and California Civil Code section 2079.10.

It is my belief we will be seeing more standards for energy efficiency and “green” terminology and MLS input,in the future.  There have to be set “standards” and ways of measurement so consumers are not mislead due to misrepresentation.

Restriction on Adverse Possession Claim:

 Effective January 1, 2011, a claim for adverse possession requires, among other things, certified records of the county tax collector showing that all state, county, or municipal taxes have been timely paid for the five-year period the property has been occupied and claimed.  Existing law merely requires proof that taxes have been paid for the five-year period, not certified proof of timely payments.  Assembly Bill 1684.

The easiest way to define adverse possession for me is to think of “squatters rights.” Someone uses land openly and it becomes their property after meeting certain requirements.  It dates back to the 1600′s.

“Adverse possession is the taking of title to real estate by possessing it for a certain period of time.  Title means ownership of real estate.  The person claiming title to real estate by adverse possession must have actual possession of it that is open, notorious, exclusive and adverse to the claims of other persons to the title.  By its very nature, a claim of adverse possession is hostile to the claims of other persons.  It cannot be hidden but must be open and notorious in order to put other persons on notice as to one’s claim for possession of the real estate.” Taken from Lawchek.com

Enforcement of MLO Requirements:

 Effective January 1, 2011, anyone acting as a mortgage loan originator (MLO) without an MLO license endorsement will be guilty of a crime punishable by six months imprisonment, plus a $20,000 fine.  Furthermore, a broker cannot employ or compensate a real estate licensee for MLO activities unless that licensee has a license endorsement.  This law has also given the Department of Real Estate (DRE) the authority to deny or revoke a MLO license endorsement or take other action.  This law also amends the MLO requirements for finance lenders and residential mortgage lenders under the Department of Corporation.  Senate Bill 1137.

Well just don’t originate a loan unless you are licensed…obviously is a law intended to regulate lenders and protect consumers. 

Post-Foreclosure Protection for Tenants:

Commencing January 1, 2011, a notice to terminate a residential tenant who remains after a foreclosure sale must generally include a statutory notice of the tenant’s rights.  This requirement, which sunsets on January 1, 2013, applies to an immediate successor-in-interest for one year after a foreclosure sale.  The tenant’s rights must be on a separate cover sheet or, for a 90-day termination, incorporated into the notice to terminate.  Another provision of this bill protects a residential tenant’s credit by generally prohibiting the court clerk from revealing unlawful detainer court records unless the plaintiff prevails at trial.  Senate Bill 1149.

I tell all tenants to carefully check ownership of the property and title prior to signing a lease.  There are so many rental ads on websites such as Craig’s list that it is only prudent to take some precautions prior to giving someone a security deposit and rent. If a NOD has been filed or the home is listed as a short sale there is obviously the liklihood of a foreclosure.

Tenant Protection for Domestic Violence Victims:

Starting January 1, 2011, a residential landlord cannot terminate or fail to renew a tenancy based on domestic violence against the tenant or tenant’s household members as specified.  This law applies if the person restrained from contact with the tenant by court order or named in a police report is not also a tenant of the same dwelling unit.  If the protected tenant subsequently allows the person restrained to visit the property, or the landlord reasonably believes the person restrained poses a physical threat to others or to quiet possession by other tenants, the landlord may serve a three-day notice to correct or quit.  To further ensure safe housing for domestic violence victims, this law also requires that, for leases entered into after January 1, 2011, a landlord changes the exterior locks of a protected tenant’s dwelling unit within 24 hours after the tenant provides a written request and supporting court or police documentation as specified.  Senate Bill 782.

All tenants should ask their landlords to change their locks prior to occupancy.

Protections Against Real Estate Fraud:

Effective January 1, 2011, new laws protecting consumers from real estate fraud include, without limitation, the following: (1) Expanding the foreclosure consultant law to include someone who performs a forensic audit of a residential mortgage loan (Assembly Bill 2325); (2) Requiring any mailed solicitation that offers to provide a copy of an owner’s grant deed or other title records for a fee to include a prominent statutory disclosure that the copy service is not associated with any governmental agency and that the homeowner can obtain such records from the county recorder (Assembly Bill 1373); and (3) Increasing the criminal punishment for renting out a residential dwelling without the owner’s consent from six months imprisonment plus a $1,000 fine, to one year imprisonment, plus a $2,500 fine (Assembly Bill 1800).

I am just not surprised anymore by what people will do for money.That is why we have these new laws. Again, a prospective tenant needs to check ownership…a matter of public record prior to giving anyone money to lease a property.

Other Laws:

Some of the other laws that may interest REALTORS® include, but are not limited to, revisions to the mechanics’ lien law (Senate Bill 189); clarification that the prohibition against discrimination of tenants based on source of income pertains to lawful and verifiable income (Senate Bill 1252); extension of the CalVet Home Loan program to include 2-to-4 residential units (Assembly Bill 2087); and lien enforcement by a municipal utility district for a tenant’s delinquent charges (Senate Bill 1035).

There you have it…for any concerns that you have or assistance you need in Real Estate send me an email at GBPagnotta@gmail.com

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San Diego Home Loans at All Time Low

Refinance Your Home

I just refinanced my home which I purchased last September. It was beneficial for me to grab a lower interest rate which will pay for itself immediately since there were so few fees involved. Interest rates are at a record low so if you have been considering a purchase or a refinance now is the time to contact a reliable lender and see if you and your home qualifies.  It saved me $250 a month in payment..that is a considerable amount that can go into my retirement savings.  For people saving for college for their children that is $3000 a year which puts a small dent into the total cost.  Boy, glad those days are behind me. 

The values in the home market especially in luxury homes are at such attractive levels if you ever thought of “moving up” top a luxury home now is the time.  Luxury homes are selling below replacement costs and the selection is incredible! Seasonally this is also approaching the very best time for a buyer to purchase.  The market slows down in the fall months with people busy with back to school activities, the holidays and just not in the “I want to buy a home mood.”  The homes that have been on the market all summer will have price reductions as sellers become disenchanted with showings and lack of offers.  What a great time to negotiate for a home!

                                   

Lowest Interest Rates Since 1970!

According to a recent Wall Street Journal Article the interest rates for 30-year fixed-rate mortgages are in free fall, averaging just 4.44% on Aug. 12, according to Freddie Mac. Not only was that down from 5.07% in January, it was the lowest since Freddie began keeping records in 1970. So what are you waiting for?  For the rest of the article go to: http://online.wsj.com/article/SB10001424052748703723504575425734198113348.html?mod=WSJ_RealEstate_LeftTopNews.

San Diego First Time Buyers Have Great Opportunities

Although the credits for first time home buyers are not available the drop in prices can more than make up for any credits.  Sellers are willing to help with closing costs and again the values are no longer at the very bottom but are still very attractive.  San Diego is a very desirable city to call home and we will see a recovery. You will be glad you jumped in and did not ignore an opportunity.

Where the Best Home Values are in San Diego

Where are some of the great values…??? Luxury homes in Santaluz, Rancho Santa Fe,Del Mar and  Encinitas…are at  unbelievable prices.  There are homes that have been built to accommodate large families with actually living quarters for 2 families.  This is ideal for working couples who want live in Mom and dad help or for people who have extended visits from family members. You can get acerage, pools, tennis courts, work shops, horse property, views, golf, gated…you can have it all at truely unbelievable prices.  There are homes with every known amenity and feature..Dream Homes” that are truly a dream!

The prices of downtown condos are very enticing…remember the lines a few years ago?  San Diego is a desirable city and a global hotspot and these prices will not remain low forever as well as the attractive interest rates. Newer areas such as  Rancho Bernardo,Del Sur,4S Ranch, Stonebridge in Scripps Ranch, Poway,La Costa Greens, and newer sections of other North County neighborhoods have something for every budget.  Short sales are being approved faster and opportunities are there for serious qualified buyers.

Market Trends Indiate Fall of 2010 Time to Purchase a Home in San Diego

My  summary is simple:  great inventory and selection+ outstanding interest rates= time to buy Fall 2010! For market trends please go to my pages on individual cities.

Take these steps to get started:

1 .Contact me of you need a reliable lender.

2. Contact me if you need some marketing stats and trends.

3. Contact me to set you up with our 59559 Program.You can get instant information when you drive by any real estate sign! No hastle, so obligation, go to my blog:http://sandiegohomeinfoblog.com/2010/08/16/san-diego-home-buyers-dial-59559/

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Gretchen Pagnotta Presents Real Estate News You Can Use

Alan and Gretchen Pagnotta with Windermere

These are collected articles  California Association of Realtors sends weekly that I would like to share with you:

http://www.car.org/media/pdf/consumer/Beyond_the_Headlines__032510.pdf

1.Gov. Signs Home Tax Credit Bill

 http://www.car.org/governmentaffairs/stategovernmentaffairs/homebuyertaxcredit/

2.From the LA Times: IRS Tells Homeowners How to Get Tax Reflief if a Lender Foregives part of Their Debt

 http://www.latimes.com/classified/realestate/news/la-fi-harney14-2010mar14,0,7087233.story

3. From Bloomberg: Housing Real estate Recovery Signaled as Fed Unwinds

http://www.bloomberg.com/apps/news?pid=20601014&sid=ajt_govc17as

4.  From Sacramento Bee: Option ARM Mortgages Still Pose a Threat

http://www.sacbee.com/2010/03/19/2618175/home-front-risk-from-option-arms.html

5. From LA Times: More Homeowners Opting For Strategic Defaults

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