Category Archives: Real Estate

When the agent represents the Seller and Buyer who are they looking out for

Posted on January 27, 2014 | Leave a comment

Q:: I was trying to buy a condominium in Florida when the agent told me he was a transaction agent but could help both the seller and buyer. Also, the seller wanted to sell “as is” and I was not able to get an appraisal quote on this condominium. Does this sound right?

A: Frankly, based on the short question, it doesn’t sound right. You need to understand what you are getting into. The agent told you that he could help both you and the seller as a transaction agent, but wouldn’t really help either of you. (That’s called a “nonagent,” as far as we’re concerned.) He won’t give you his advice but would assist in the paperwork and other clerical functions that might be needed in your purchase.

What you really need is someone there to help you: to give you advice about the market, about this specific property (including inspectors and inspection issues), about negotiating strategies, about mortgage issues and so forth.

Do you need an unbiased opinion of the value of a property? Contact the real estate appraisers at www.scappraisals.com for your value and market questions.

A good agent can tell you what other buyers are doing and what sellers in this area are willing to accept. They can advise you when a seller is being reasonable and when she is not. The agent can give you information on whether the market is hot or appears to be cooling, and whether you should wait to put in an offer or should hurry due to changing conditions.

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First-Time Buyers Get Exclusive Bid Rights

Posted on January 24, 2014 | Leave a comment

An important resource for first-time home buyers and others who find themselves in unfair competition with deep-pocket investors bearing cash just got better: The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling.

During the 20-day “first look” period, investors will be excluded from submitting bids. To qualify, non-investor buyers will need to commit to making the home their principal residence for at least a year. The idea, according to Fannie and Freddie officials, is to encourage greater owner occupancy, stabilize neighborhoods that have seen significant numbers of foreclosures and generally help out shoppers who find it difficult to outbid all-cash investors.

In California, for example, Fannie had 2,136 properties listed, many below $200,000. Listings range from a $139,000, two-bedroom single-family house in Big Bear City to a $700,000 three-bedroom home in South San Francisco. Buyers in San Diego could pick up a two-bedroom condo for $394,000.

So if you or someone you know is thinking of a home purchase, check out HomeSteps and HomePath listings online. If you qualify and keep your eye on the clock, you just might get a chance to buy a new home with mortgage terms you can afford — without worrying about fat-cat investors muscling in and outbidding you with cash.

http://www.latimes.com/business/realestate/la-fi-harney-20131229,0,7914994.story#ixzz2ot3r3ATp

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San Diego: Property Tax Hike for 2014

Posted on January 22, 2014 | Leave a comment

Low inflation will mean a very small increase in property valuations and corresponding tax bills for most San Diego County owners, according to county assessor Ernest Dronenburg Jr.

Values will go up 0.45 percent for the December 2014 and April 2015 property tax bills, he said, less than a quarter of the increase imposed last year. The rate is tied to the consumer price index. Taxes will rise accordingly, although in some places, new voter-approved bonds will increase the bottom line further.

“Gasoline is a such a significant part of (inflation rate) and it’s been dropping — and that’s one of the reasons this dropped,” Dronenburg said.

Under the voter-approved 1978 Proposition 13 tax reform measure, annual property tax increases are tied to the inflation rate but they can rise no more than 2 percent annually. The rate has gone up less than 2 percent seven times in the past 30 years and actually declined once in 2011 during a brief spate of deflation. The 2014 increase will be the smallest increase on record.

The change will be reflected in the assessed valuation as of Jan. 1, 2014, and tax bills mailed out in September.

For a home assessed at $400,000 last year and carrying an average tax bill of $4,400, including special assessments and voter-approved bond repayments, the new value would increase $1,816 and the corresponding tax increase would amount to $20.09. If the increase had been at the maximum 2 percent level, the value would have increased $8,000 and the tax bill would have gone up $88.

disclaimer: for information and entertainment purposes only

Category Archives: Real Estate

When the agent represents the Seller and Buyer who are they looking out for

First-Time Buyers Get Exclusive Bid Rights

San Diego: Property Tax Hike for 2014

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