Green Real Estate Appraiser

Home Loan Closing Costs On the Rise

Posted on September 9, 2013 | Leave a comment

Home prices and mortgage rates aren’t the only costs on the rise when it comes to buying a house these days. Expect higher closings costs as well, according to a new study by Bankrate.com.

The average closing cost, which includes origination plus third-party fees, is $2,402, up 6 percent from last year.

Lenders appear to be boosting fees before the rise in mortgage rates turns borrowers off and makes it harder for lenders to attract new customers, a George Mason University real estate and finance expert told Bankrate.

“”They know when rates go up, loan applications plunge, so they are trying to generate more earnings on anticipation of lower application volume and lower profits,” Anthony Sanders said.

Lenders say the increased costs reflect more federal regulation from the Consumer Financial Protection Bureau.

Bankrate looked at origination and third-party fees. Origination fees include items such as points, a calculation used to compensate loan officers; and payments for the loan application, other document preparation, loan processing and broker or originator fees. Third-party fees include payments for such items as the appraisal, closing attorney, inspections and surveys.

What to Know About Fixer-Uppers

Posted on September 6, 2013 | Leave a comment

Buying a fixer-upper can be an exciting opportunity to custom design your dream home. This could be something you’ve talked about doing for years and now you’re serious about purchasing a home that is in need of work. What should you look for before you sign the papers?

Make sure you know exactly how much fixing you need to do. Some homes can be fixed and others need to be bulldozed. If you don’t want to start from scratch, then make sure you check two things: the foundation and the structure. A bad foundation and an insecure structure almost always require a fresh start.

Contact the appraisers at www.scappraisals.com we can assist you before you purchase a fixer.

Crunch the numbers and make sure a qualified home inspector helps you estimate repair costs. Cost of the property and the improvements should add up to less than your budget or you’ll be living in a repair project for years to come.

Here are some things to make sure you check and budget for:

•Exterior work such as roofing, siding, etc.

•Electrical work, making sure it’s properly wired and there’s sufficient power.

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SDG&E Customers Brace for Utility Rate Hike – Starts Tomorrow

Posted on August 31, 2013 | Leave a comment

San Diego utility customers are bracing for a rate increase that will boost typical bills by about 11 percent starting Sunday.

Amid September’s often sweltering heat, utility ratepayers who don’t watch their thermostat and energy use closely could see a substantial jump in their bill, consumer groups and utility officials are warning.

Will making your home energy efficient add value? Contact the appraisers at www.scappraisals.com for your value questions.

A residential inland customer using 500 kilowatt hours of electricity during summer months can expect to see electricity charges rise 5 percent from $84 to $89, said Stephanie Donovan, a spokeswoman for San Diego Gas & Electric.

A similar customer consuming 1,500 kilowatt hours can expect a 20 percent bill increase, from $375 a month to $452.

State utility regulators granted San Diego Gas & Electric a 7.6 percent rate increase that applies retroactively to the start of 2012. Past-due increases will be applied to bills between Sept. 1 and the end of 2015.

On top of that general rate increase, which exceeds $500 million over a four-year period, utility customers in San Diego and southern Orange counties also will be charged an additional $40 million in annual transmission fees starting Sunday, according to SDG&E.

Further bill increases from commodity costs, some linked to the extended outage and retirement of the San Onofre nuclear plant, are expected later in the year, after SDG&E underbilled customers, Donovan said.

Businesses that sell or lease solar rooftop equipment have seized upon the rate hike as an opportunity to recruit customers, blanketing media with advertisements.

Home Loan Closing Costs On the Rise

What to Know About Fixer-Uppers

SDG&E Customers Brace for Utility Rate Hike – Starts Tomorrow

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