tag:blogger.com,1999:blog-53157407358683278992024-02-21T23:11:41.435-08:00My Life in Real Estate...( From Eagle Rock to the Valley and Beyond... )John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.comBlogger53125tag:blogger.com,1999:blog-5315740735868327899.post-54582386990124931982011-06-15T16:37:00.000-07:002011-06-15T16:49:46.157-07:00SIZZLING SUMMER SPECIAL!! Buy Now and get $500 at Closing!!<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigIKQqbSfNWDdVhOkRNAZwJg7jgJdUh9lyHd6e0hRUb4Dn5PdrDVjZMwvmpysMi71yQUn8WbyLsenOEBQb0e4ZNMXTKYjXeKRtSjvFxCaypt8dZY5YW3H92LrnNCQ0ksKeaYQ4OvLCixs/s1600/craigslist+reward+pic2.BMP"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 368px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigIKQqbSfNWDdVhOkRNAZwJg7jgJdUh9lyHd6e0hRUb4Dn5PdrDVjZMwvmpysMi71yQUn8WbyLsenOEBQb0e4ZNMXTKYjXeKRtSjvFxCaypt8dZY5YW3H92LrnNCQ0ksKeaYQ4OvLCixs/s400/craigslist+reward+pic2.BMP" alt="" id="BLOGGER_PHOTO_ID_5618597852713123890" border="0" /></a><br /><br /><span style="font-size: x-large;"><strong>UTILIZE MY SERVICES TO PURCHASE A NEW HOME BETWEEN NOW AND OCTOBER 31, 2011 AND RECEIVE <span style="font-size: 36px;"><span style="color: rgb(255, 0, 0);">$500</span></span> AT THE CLOSE OF ESCROW!</strong></span><em><strong> </strong></em>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-36435617859943597342011-02-15T21:53:00.000-08:002011-02-22T19:47:54.731-08:00Beware of Foreclosure Scams! Some Red Flags to Look For...If you are at risk for foreclosure or currently in foreclosure, you have enough to worry about without falling victim to one of the many foreclosure scams out there. These so called "foreclosure rescue companies" promise to help save your home, but in reality are out to rip you off and make a profit.<br /><br />Make sure you know who you are dealing with and be careful! Following are some of the red flags to look out for...<br /><br />1. Asking for money up front before providing any service.<br />2. Telling you not to contact your lender, lawyer, family, friends, etc..<br />3. Asking for mortgage payments to be made directly to their company or bank accounts set up by them, rather than to your lender.<br />4. Promises to stop the foreclosure process, no matter what the circumstances.<br />5. Advises you to transfer your property deed or title to his or her company.<br />6. Encourages you to lease your house and buy it back over time.<br />7. Asks for you to give a power of attorney.<br />8. Offers to fill out paperwork for you.<br />9. Asks for signatures on a document with lines left blank.<br />10. Asks for signatures on a grant deed or deed of trust.<br />11. Refuses or fails to put an oral promise in writing.<br /><br />If you are dealing with a company or a representative who asks you to do any of these things, run!!<br /><br /><br /><strong><em>If you have been approached by a scam artist or have been the victim of a foreclosure-related scam, you can report the incident to the following organizations and enforcement agencies:</em><br /><em></em><br /><em>California Attorney General: </em></strong><a href="http://ag.ca.gov/"><em><strong>http://ag.ca.gov</strong></em></a><strong><em> </em><br /><em>California Department of Real Estate: </em></strong><a href="http://www.dre.ca.gov/"><em><strong>www.dre.ca.gov</strong></em></a><strong><em> </em><br /><em>Federal Trade Commission (FTC): </em></strong><a href="http://www.ftc.gov/"><em><strong>www.ftc.gov</strong></em></a><strong><em> </em><br /><em>Department of Housing and Urban Development (HUD): </em></strong><a href="http://www.hud.gov/"><em><strong>www.hud.gov</strong></em></a><strong><em> </em><br /><em>Better Business Bureau: </em></strong><a href="http://www.bbb.org/"><em><strong>www.bbb.org</strong></em></a><em><strong> </strong></em>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-2820900150282277212010-11-06T13:17:00.000-07:002010-11-06T13:40:11.473-07:00The Eagle Rock Mansion, "Chateau Emanuel" at 1554 Hill Drive For Sale<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvzsNjxWuvZucP01kLXi13yo7TCMj_gaY7ZgP_qMTSBf5fUI8BQZkfcU3C5nRzskDd6OG1zlLQtseVsRN5ezYN6uR1_LXuOPcS-KDG_ebWfwUYkbv6nJDKkMNfYPOcYGne0X5SHmOC23E/s1600/mansion.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 478px; height: 359px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvzsNjxWuvZucP01kLXi13yo7TCMj_gaY7ZgP_qMTSBf5fUI8BQZkfcU3C5nRzskDd6OG1zlLQtseVsRN5ezYN6uR1_LXuOPcS-KDG_ebWfwUYkbv6nJDKkMNfYPOcYGne0X5SHmOC23E/s400/mansion.JPG" alt="" id="BLOGGER_PHOTO_ID_5536539270824694322" border="0" /></a><br /><br /><br /><br />Longtime residents of Eagle Rock are quite familiar with what is affectionately referred to as "The Mansion", an imposing english tudor estate located at 1554 Hill Drive in Eagle Rock. This property has just recently been listed for sale for the first time since 1965 - the total lot size is 122,404 square feet, and the main home is 4 bedrooms and 6 bathrooms, and nearly 6,000 square feet. There is also 3 additional guest houses adding an additional 3,000 square feet. An absolutely incredible property, and it has just been listed for sale. Asking price? $5,999,995.00.<br /><br />Please contact me if you are interested & I would be happy to provide my services to assist you in owning this fabulous home! Listing courtesy of James Beckham with Dilbeck Realtors.John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-28100158250885623712010-09-25T22:28:00.001-07:002010-09-26T01:31:01.177-07:00OPEN HOUSE SUNDAY (Sept. 26th) FROM 2-5 PM - 9738 Pali Avenue, Tujunga, CA 91042<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisMq5rUUYQb0zf5cS-bRMh2hlmdO9ntJImLkbM6Os9Ne9dL7cpQz4jyxI7XCWh9vI3nGRt4d89cxoRVe2MqeU4_yhGr1DoupG76D99MwU_n4caDGECLSqDOHMnYVXbiiofQfRLCPPBe7Y/s1600/palimap.JPG"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 282px; DISPLAY: block; HEIGHT: 198px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5521136492441029970" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisMq5rUUYQb0zf5cS-bRMh2hlmdO9ntJImLkbM6Os9Ne9dL7cpQz4jyxI7XCWh9vI3nGRt4d89cxoRVe2MqeU4_yhGr1DoupG76D99MwU_n4caDGECLSqDOHMnYVXbiiofQfRLCPPBe7Y/s200/palimap.JPG" /></a>
<br /><div><span style="color:#66ffff;"><strong>I will be hosting an open house on Sunday afternoon, September 26th, 2010, at 9738 Pali Avenue, Tujunga, CA, from 2:00 to 5:00 PM. This property is a real estate owned (REO) property (otherwise knows as a foreclosure) and has only been on the market about a week - Sunday will be the first open house. </strong></span></div>
<br /><p><span style="color:#66ffff;"><strong></strong></span></p><p><span style="color:#66ffff;"><strong></strong></p></span><span style="color:#66ffff;"><div></span></div><span style="color:#66ffff;"><strong>I know that the weather is supposed to be a tad warm tomorrow (to put it mildly..), but hopefully it will not keep everyone away from a wonderful afternoon of house hunting!</strong>
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<br /><strong>Contact me anytime (323-810-7976) for information on this or any other property you may be interested in purchasing...</strong>
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<br /><strong>Have a great weekend!</strong></span>
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<br /><div style="color:#6cadaf;"><span style="font-size:180%;">9738 Pali Avenue, Tujunga, CA</span></div></td></tr>
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<br /><div style="color:#333333;">3+2 in Prime Tujunga, Glendale Adjacent!! Walking distance to Foothill Boulevard!!
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<br />Open Sunday, September 26 from 2:00 - 5:00 PM</div></td></tr></tbody></table></div>
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<br /><div style="color:#fffefd;"><span style="font-size:130%;">3BR/2BA Single Family House</span></div></td>
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<br /><div style="color:#fffefd;"><span style="font-size:130%;">offered at $438,900</span></div></td></tr>
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<br /><td style="BORDER-BOTTOM: #8b7663 1px solid; BACKGROUND-COLOR: #715f51; COLOR: #fffefd; FONT-SIZE: 12px; FONT-WEIGHT: bold" width="125">Year Built</td>
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<br /><td style="BORDER-BOTTOM: #8b7663 1px solid; BACKGROUND-COLOR: #715f51; COLOR: #fffefd; FONT-SIZE: 12px; FONT-WEIGHT: normal">1,243 </td></tr>
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<br /><td style="BORDER-BOTTOM: #8b7663 1px solid; BACKGROUND-COLOR: #715f51; COLOR: #fffefd; FONT-SIZE: 12px; FONT-WEIGHT: normal">6,969 sqft </td></tr>
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<br /><div style="color:#fffefd;"><span style="FONT-WEIGHT: bold">DESCRIPTION</span></div>
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<br /><td style="COLOR: #fffefd; FONT-SIZE: 13px; FONT-WEIGHT: normal">3+2 in Prime Tujunga, Glendale Adjacent!! Features include: lovely private backyard, laminate / tile flooring, granite kitchen, vaulted ceilings & exposed beams, front porch & rear patio, 2 car garage, dual paned windows and so much more!</td></tr></tbody></table></td>
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<br /><div style="color:#fffefd;"><span style="FONT-WEIGHT: bold">PROPERTY FEATURES</span></div>
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<br /><div style="color:#fffefd;"><span style="FONT-WEIGHT: bold">COMMUNITY FEATURES</span></div>
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<br /><div style="color:#fffefd;"><span style="FONT-WEIGHT: bold">ADDITIONAL PHOTOS </span></div>
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<br />Kitchen</div></td>
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<br />Living Room</div>
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<br />Front View</div></td>
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<br />Backyard</div>
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<br />Backyard</div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div>
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<br /><div color="#333333"><span style="FONT-WEIGHT: bold">Contact info:</span></div></td></tr>
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<br /><div style="COLOR: #333333">John Barry</div></td></tr>
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<br /><div style="COLOR: #333333">Coldwell Banker</div></td></tr>
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<br /><div style="COLOR: #333333">(323) 810-7976</div></td></tr>
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<br /><div style="COLOR: #333333">For sale by agent/broker</div></td></tr></tbody></table></td></tr></tbody></table>
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<br /><div style="BORDER-BOTTOM: #8b7663 1px solid; PADDING-BOTTOM: 2px; PADDING-RIGHT: 5px; BACKGROUND-: 5pxcolor:#fffefd;" ><span style="font-size:85%;">Posted: Sep 25, 2010, 8:27pm PDT</span></div></td></tr></tbody></table></div>
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<br />John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-9511846416966694192010-09-22T22:30:00.000-07:002010-10-05T12:55:20.112-07:00What a First Time Home Buyer Needs to Make An OfferSo you have spent some time looking at houses online, have visited some open houses and maybe have seen a few houses with your agent if you have one - you have a pretty good idea of what you are looking for. But when you find the house that you love, will you be ready to make an offer? What exactly will you need? To make the process a little clearer for first time home buyers, below are some of the main items that you should have<br /><br /><br />1. <strong><u>Speak to a mortgage agent or lender to get <span class="blsp-spelling-error" id="SPELLING_ERROR_0">pre</span>-approved for a loan, and obtain a loan <span class="blsp-spelling-error" id="SPELLING_ERROR_1">pre</span>-approval letter</u>.</strong> This is really something you should do before you even START looking for a property. A mortgage broker or lender will be able to tell you exactly the type and amount of loan you would qualify for, based on your credit, income, etc., which will tell you the exact price range you should be looking. They will also be able to provide you with a written confirmation of your loan approval (called a <span class="blsp-spelling-error" id="SPELLING_ERROR_2">pre</span>-approval letter), which will be required by just about all sellers to be submitted with your offer.<br /><br />2. <strong><u>Have a good buyers agent representing you</u>.</strong> A good agent will be able to not only help you locate all of the available properties within a given area and price range, and tailor the search to fit the exact features you like and dislike in a property, but their true value is proven once you have found the home you would like to buy. A good agent will <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">research</span> all of the comparable sales in the area to help determine the fair market value of the property, and help you acquire the property at the best possible price through negotiations on your behalf with the listing agent and seller. Your agent will also prepare and explain to you all of the intricacies of the paperwork compromising the offer, and well as make sure the myriad of additional forms and disclosures are completed as required by law in each transaction. The agent will also coordinate and guide you through the additional steps in the closing <span class="blsp-spelling-error" id="SPELLING_ERROR_4">process</span>, such as the inspections, appraisal, possibly negotiating a credit from the seller, etc.. Agents who represent buyers in the purchase of property are customarily paid by the SELLER, so having a good agent on your side is not only essential to a buyer, it is also FREE!<br /><br />3. <strong><u>Be prepared to provide proof of funds for the cash down payment amount, and a copy of the deposit check with your offer</u>.</strong> These days more than ever, it is customary for sellers to require that potential buyers submit a "proof of funds" with their offer, demonstrating that they have enough available liquid cash on hand sufficient to cover the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">amount</span> of the purchase price that is not being financed. Generally, a copy of the bank statement reflecting a sufficient balance would be acceptable. Most sellers will also want to see a photocopy of the check from the buyer for the opening deposit with the offer, which is customarily equal to 3% of the total purchase price. Only when the offer is accepted by the seller will the deposit be required to be actually submitted to escrow, so you will not have to put forward any money until you have an accepted offer in place.<br /><br />4. <strong><u>Be ready to schedule your inspection immediately upon acceptance of your offer</u>.</strong> The time periods on each transaction are negotiable, but the standard time frame for the inspection contingency is 17 days in a California Association of Realtors Residential Purchase Agreement. The contingency period means that during this time, the buyer has a right to back out of the transaction and cancel escrow for any reason relating to the physical inspection of the property, and have the right to request the opening deposit returned to them and not be at risk of losing that deposit to the seller. It is strongly recommended that all buyers obtain a physical inspection, which generally runs approximately $300-$400, and is paid for out of pocket by the buyer. The inspection report will show you the detailed condition of the property and any potential problems, and could be a basis for asking for a price reduction or credit from the seller for problems diagnosed in the report. In order to stay within the time contingency periods and protect the buyers deposit, the inspection, review of the report, and negotiations with the seller should be done all within the time contingency period. Therefore it is critical to have your inspection scheduled and performed as soon as possible upon having your offer accepted.<br /><br />Hopefully by this time you will be well on your way to becoming a homeowner!John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-38208441867662201052010-09-11T12:20:00.000-07:002010-09-11T13:42:26.783-07:00CalHFA Announces New 30-Year Fixed Rate FHA-Insured Mortgage for First Time Home Buyers<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkNB-Si1NfDxHYx3kxojyWLYYFxaKXZS4_XKhzndb8DlCLDN1O7PpCbkcwE5MuGGu1-8KnFZDApR33-LGQFine1rXKTCRPto2erpV3CEMPQXdBESq2NB1hY1Jv5Vne5yiqaNlPDDoBBj8/s1600/calhfa_tagline.gif"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 424px; DISPLAY: block; HEIGHT: 182px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5515743150928070114" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkNB-Si1NfDxHYx3kxojyWLYYFxaKXZS4_XKhzndb8DlCLDN1O7PpCbkcwE5MuGGu1-8KnFZDApR33-LGQFine1rXKTCRPto2erpV3CEMPQXdBESq2NB1hY1Jv5Vne5yiqaNlPDDoBBj8/s400/calhfa_tagline.gif" /></a><br /><div></div><br /><div></div><br /><div>The California Housing Finance Agency announced a new mortgage option for first time home buyers this past week, which the department hopes "will help open the door to first time home ownership for many California families", according to <span id="SPELLING_ERROR_0" class="blsp-spelling-error">CalFHA</span> executive director Steven Spears. The new mortgage, done in partnership with the Federal Housing Administration, is a 30-year, fixed interest rate FHA-insured loan, and features below-market interest rates as well as affordable down payments. According to the California Association of Realtors, that could mean a fixed rate of approximately 4%. Borrowers are also able to use the California <span id="SPELLING_ERROR_1" class="blsp-spelling-error">Homebuyers</span> <span id="SPELLING_ERROR_2" class="blsp-spelling-error">Downpayment</span> Assistance Program (<span id="SPELLING_ERROR_3" class="blsp-spelling-error">CHDAP</span>) with this loan option, which can provide up to 3% of the purchase price to qualified borrowers for closing cost or down payment assistance. </div><br /><div></div><br /><div>In order to qualify for the program, borrowers must meet several eligibility requirements, including meeting <span id="SPELLING_ERROR_4" class="blsp-spelling-error">CalFHA's</span> income limits, meeting the minimum credit score requirements with maximum debt to income ratios, and completing a HUD approved first time <span id="SPELLING_ERROR_5" class="blsp-spelling-error">home buyer</span> education program, among others. Income limits vary by county - for a family of four in Los Angeles County, income must be less than $111,020 per year.</div><br /><div></div><br /><div>You can find more information on the <span id="SPELLING_ERROR_6" class="blsp-spelling-error">CalFHA</span> loan program <span style="font-size:180%;"><a href="http://www.calhfa.ca.gov/homebuyer/programs/30fha.htm">HERE</a></span>.</div><br /><div></div><br /><div>Info on the California <span id="SPELLING_ERROR_7" class="blsp-spelling-error">Homebuyers</span> <span id="SPELLING_ERROR_8" class="blsp-spelling-error">Downpayment</span> Assistance Program can be found <span style="font-size:180%;"><a href="http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm">HERE</a></span>.</div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-83322053966432522892010-08-29T10:45:00.000-07:002010-08-29T13:03:31.054-07:00Open House Today at 13039 Addison Street, Sherman Oaks 8/29/2010 2-5PM<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_uhMLdGrN0YzwXSn2NqNGMEtYFg33yKhpI4oTTPjuVdkXpp6guictcUCRQm9MSSURR0rbjbFSzQhsZraHN3Qxy4DZb775YhuCTIKvLfVmi_G8hnnDXZgqS-gE74BsLipdbuWadiyLytg/s1600/addison0001.JPG"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 400px; DISPLAY: block; HEIGHT: 300px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5510924652894480930" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_uhMLdGrN0YzwXSn2NqNGMEtYFg33yKhpI4oTTPjuVdkXpp6guictcUCRQm9MSSURR0rbjbFSzQhsZraHN3Qxy4DZb775YhuCTIKvLfVmi_G8hnnDXZgqS-gE74BsLipdbuWadiyLytg/s400/addison0001.JPG" /></a><br /><div></div><br /><div></div><br /><div>I will be spending my afternoon today hosting an open house at 13039 Addison Street in Sherman Oaks, a 6 bedroom, 7 bathroom 6,469 square foot home just east of Coldwater Canyon and south of Magnolia. We will be open from 2-5PM & the property is listed at $1,995,000. Lookie-loos welcome!! </div><br /><div></div><br /><div></div><br /><div></div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-24115039434935839702010-06-04T08:39:00.000-07:002010-06-04T08:51:45.345-07:00A Few Ideas To Incorporate Green Architecture Into Your Home<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8uUJFMaGjG9TVYcMVEjkJpC5smcxNWPc52_scnd7IvSttnCZOwcOHaGTkJQaIFpoJCTIoIMBBEVKleYpxJdDSjVwINwOSGfQsPpPIeV_Um92c5HBU4z9vZ124NbpTyZKXuxdfiR8FJCc/s1600/go-green.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 348px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8uUJFMaGjG9TVYcMVEjkJpC5smcxNWPc52_scnd7IvSttnCZOwcOHaGTkJQaIFpoJCTIoIMBBEVKleYpxJdDSjVwINwOSGfQsPpPIeV_Um92c5HBU4z9vZ124NbpTyZKXuxdfiR8FJCc/s400/go-green.jpg" alt="" id="BLOGGER_PHOTO_ID_5478944702606960642" border="0" /></a><br /><div> </div><br />In today’s environmentally conscious world, it is more important than ever to think about ways to protect the environment and the precious resources we have in this world to preserve them for future generations. One great way to make a small difference, and also save yourself money in the long run and in the process, is to incorporate some simple green building ideas into your property, which can not only enhance the natural beauty of your home, but also save you money on energy costs in the process. Following are some ideas for a few things you can do to your home, from the simple to the more complex.<br /><br />The main goal of a completely green house would be one that is totally self sustainable and able to rely on its own energy to function. One way to reduce the water needs on a property is to incorporate native plants into the environment that do not require additional water. In California and other desert areas, it is ideal to use cactus and rocks, which look great and do not require excess water.<br /><br />In order to maximize the amount of water that falls during any rainstorm, you can install rainwater catchment systems on your roof, which will capture rainwater that falls into the gutters, and reuse them for irrigation of the landscaping on the property. You can also build catchment systems to capture “grey” water, which is water recycled from such household appliances as washing machines and dishwashers, and then reused again for irrigation.<br /><br />Installing a solar panel system is also an excellent way of making use of natural energy, and incorporating it back into use on the property. Especially in climates that receive a large amount of sunlight, this is an excellent way to capture some of this power. There are also ways of storing the power for future use, by the installation and use of photo-voltaic systems, which capture and store the energy generated through the solar panels, to be used at a later time to provide electricity to the home. Not only do you save energy this way by not relying on man made electricity to power your home, but you also save a little money in the pocketbook when it comes time to pay the electric bill.<br /><br />There are also things you can do to your windows to make your home more energy efficient. One easy thing to do is to have your windows coated with a low-emissivity (or “Low-E”) invisible film that reflects the UV and infrared light, and also benefits the home by keeping heat inside in the winter instead of transferring out the windows. Replacing your current windows with multiple pane windows is also a great option, as multiple pane windows have spaces inside to contain insulating gas, helping the indoor temperature to not be affected by the outdoor temperature.<br /><br />As a further incentive, the government offers tax credits for people who incorporate certain green designs into their home. Check with your tax advisor for more information, or you can look up some information at the website of the internal revenue service at www.irs.gov.<br /><br />Little things you can do in your home may seem like a small thing to do and not take much, but in doing so you are benefiting not only your home, but your community and the rest of the world as well.John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-9468293458747402010-05-15T21:34:00.001-07:002010-05-16T09:25:43.890-07:00OPEN HOUSE AT PASADENA'S JET PROPULSION LABORATORY - Sunday, May 16th, 2010<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiChbNSqG43EqHjq_UTQCm5DKKqTQqMVjZ05D-2sEeA6A9W-sZQjzQ3j47ovuSzz-6cqFbk17gC0T2ltV3Abx0tjdMkkf-errZidvhDMnLkh6NtgRdYR-P4cUodiIBp1dvN-JLBtQ9P6hE/s1600/jplopenbanner.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 444px; DISPLAY: block; HEIGHT: 134px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5471733531036222594" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiChbNSqG43EqHjq_UTQCm5DKKqTQqMVjZ05D-2sEeA6A9W-sZQjzQ3j47ovuSzz-6cqFbk17gC0T2ltV3Abx0tjdMkkf-errZidvhDMnLkh6NtgRdYR-P4cUodiIBp1dvN-JLBtQ9P6hE/s400/jplopenbanner.jpg" /></a><br /><br /><div>If you are looking for something to do in the Northeast Los Angeles area that is fun, interesting, and best of all, FREE, the Jet Propulsion Laboratory in Pasadena is hosting its annual Open House at their facility from 9:00 AM to 5:00 PM today, May 16, 2010. Visitors will get a chance to see models of Mars ROVERS and other spacecrafts, watch videos and demonstrations about earth and space science, as well as speak to NASA scientists and engineers & ask them questions about space travel and space exploration. It sounds like a really interesting and educational experience - I am going to try to make it over there today with my daughter to check it out if I can.</div><div> </div><div>You can find out information and details here:</div><div> </div><div>The Jet Propulsion Laboratory is located at 4800 Oak Grove Drive in Pasadena, off the 210 freeway at the Berkshire Avenue / Oak Grove Drive exit. Parking is available near the Oak Grove main gate and the eastern boundary of JPL, accessible from Windsor Avenue via the Arroyo Blvd. exit avenue of the 210 freeway. Their phone number for information is 818-354-0112</div><div> </div><div>Have a great Sunday! </div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-21036720510980721652010-05-08T21:21:00.001-07:002010-05-08T21:48:38.197-07:00DAHLIA HEIGHTS ELEMENTARY DEDICATES A NEW SIGN!!<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxhXZ07hfcRwQPRC2FUE1gQ2KHC_YlB1DhZMWaTL5GDDehsfp_HhmzYhGAECuYpisEnl7r0KTR9XBmuBpMPghkuqVtmWhSuyx_eNYaZqDfRhh4M8owAR-vbdrEPhKJj_9d6KCq2uzaEGQ/s1600/dahlia+heights+front.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 456px; height: 341px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxhXZ07hfcRwQPRC2FUE1gQ2KHC_YlB1DhZMWaTL5GDDehsfp_HhmzYhGAECuYpisEnl7r0KTR9XBmuBpMPghkuqVtmWhSuyx_eNYaZqDfRhh4M8owAR-vbdrEPhKJj_9d6KCq2uzaEGQ/s400/dahlia+heights+front.JPG" alt="" id="BLOGGER_PHOTO_ID_5469127629243969330" border="0" /></a><br /><br />About a year or so ago, Dahlia Heights Elementary School in Eagle Rock received a brand new sign at the edge of the school property, on the corner of Colorado Blvd. & Floristan Avenue. The sign was constructed of carved stone and stood proudly at the front of the school, but unfortunately, not for long. Within a few days of being installed, the sign was vandalized when it was smashed and broken, the beautiful carved stone laying in pieces on the ground. For over a year, the bare signpost has stood as a sad reminder, but no longer.<br /><br />On Friday, thanks to the generosity of Beau Boeckmann, Tiffany Walker, and "Mad Mike" Martin of Galpin Ford (<a href="http://www.galpinford.com/">www.galpinford.com</a>), a new sign which they created and donated was dedicated at Dahlia Heights and now stands proudly where the old one once stood. The new sign is constructed of vandal resistant acrylic, which will not break or scratch, and will allow for easy simple wipe-off of any paint or marker. The sign is also hooked up with a solar powered light system to light up at night, thanks to Advanced Solar Electric (<a href="http://www.advancedsolarelectric.com/">www.advancedsolarelectric.com</a>)<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib3wgESGLNvcHVnp3GAgtxHgL9Ym9f3tze_ThMkmwBJ9nibTVl7FtcwuJUjk20IepKLK7pv8q1hIJqYtTHaonoFUdHX0Bt8YKoZtC6fpDaz1p8fL5uNn0Tu_MXzBsYJmsv_T5YUJwhV9s/s1600/dahlia+heights+sign+new.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 300px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib3wgESGLNvcHVnp3GAgtxHgL9Ym9f3tze_ThMkmwBJ9nibTVl7FtcwuJUjk20IepKLK7pv8q1hIJqYtTHaonoFUdHX0Bt8YKoZtC6fpDaz1p8fL5uNn0Tu_MXzBsYJmsv_T5YUJwhV9s/s400/dahlia+heights+sign+new.JPG" alt="" id="BLOGGER_PHOTO_ID_5469127391321079554" border="0" /></a><br />Some of you may remember "Mad Mike" Martin from MTV's 'Pimp My Ride'. As a special treat for the kids (and the grownups), he was nice enough to bring a special little toy with him, seen below:<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUBHonUCSarFFPAZYnJEuV2pPFaXAw_9SJz3UwDyq10bUclShb6CxOOJGNAiyR4glBczRGxUXpPGZqmHd9UERw8-X79b_4dbdkAQ6QsasLW2w43RKUruTI6Wi-XaCpeunjD9CHM7Vbt6Q/s1600/pimp+my+ride+car.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 300px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUBHonUCSarFFPAZYnJEuV2pPFaXAw_9SJz3UwDyq10bUclShb6CxOOJGNAiyR4glBczRGxUXpPGZqmHd9UERw8-X79b_4dbdkAQ6QsasLW2w43RKUruTI6Wi-XaCpeunjD9CHM7Vbt6Q/s400/pimp+my+ride+car.JPG" alt="" id="BLOGGER_PHOTO_ID_5469125225584182978" border="0" /></a><br />Thanks to all for their genorosity for making this new sign a reality!John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-21681019619264227032010-04-28T20:09:00.000-07:002010-04-28T20:19:44.516-07:009 Steps to Sell Your Home in a Slow Market<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-DBazcXMOe6BmxSNsSej9fh0D4Qy4R0LFTmE5cF0kZojpNQuHt8LYM9pTB1pbXbPz_fW3y-_vlkRne2D_SbyXSHgNpOXhWM9hD_81J2fReJ56ee_OZOke-anD3ZE07Ng2LtuyGvGeSZU/s1600/soldSign.gif"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 250px; height: 250px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-DBazcXMOe6BmxSNsSej9fh0D4Qy4R0LFTmE5cF0kZojpNQuHt8LYM9pTB1pbXbPz_fW3y-_vlkRne2D_SbyXSHgNpOXhWM9hD_81J2fReJ56ee_OZOke-anD3ZE07Ng2LtuyGvGeSZU/s400/soldSign.gif" alt="" id="BLOGGER_PHOTO_ID_5465393481296684706" border="0" /></a><br /><br /><br />No one can predict what the rest of 2010 and beyond will bring, but many markets have slowed, if not declined, although many experts believe the “bottom” has already occurred in many markets. For the majority of established home owners in the prevailing market, prior property appreciation will ensure at least some degree of profit, though today's sales might not be as prosperous as they would have been a few years ago. But all homeowners want to get the highest possible profits. How do you go about this? There are 10 negotiating steps that a seller can follow to assure that a person's home gets the best price and is sold quickly.<br /><br /><span style="font-weight: bold;">Step 1:</span> Use a broker from the local area. When the market is down, so is the number of buyers. That means that you need to expose your property to as many potential buyers as possible. Who do prospective buyers get in touch with when they are house hunting? Real estate brokers. National Association of Realtors statistics show that 85% of purchasers count on real estate brokers for their home selections, while the Internet accounts for 80%. Who creates all of those online real estate postings? Real estate brokers from the local area.<br /><br /><span style="font-weight: bold;">Step 2:</span> Familiarize yourself with the entire sale agreement. Nearly all jurisdictions have standardized real estate contract that has become lengthy and complex over many years. If you use one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten or added. The brokers should offer a copy of the sale agreement that they might use at listing presentations and the sale deed should be read to avoid misunderstandings. As these are agreements on forms, whatever is not stated as a requirement by the law can be changed by a cross-out or addenda. Consult your attorney or broker for further detailed information.<br /><br /><span style="font-weight: bold;">Step 3:</span> Be completely familiar with the current real estate market. For the sake of negotiations, knowing what the recorded sale prices were isn't sufficient because often they don't give the complete picture. As an example, two houses might have both sold for $300,000. A person might have sold for $350,000 while the other for $300,000 but the owner gave the buyer a 6 percent seller credit for a new roof and appliances, which is $18,000. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.<br /><br /><span style="font-weight: bold;">Step 4:</span> Understand all of the terms you are willing to offer. You are confident that your home is going to sell at some satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help reduce the buyer's closing costs by offering a "seller contribution "instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price, and buyers who require cash to close the sale could find it more attractive as well.<br /><br /><span style="font-weight: bold;">Step 5:</span> Request a smaller deposit. In order to bind a legal contract, the buyer needs to make a deposit. In a standard transaction in California, a seller will receive a deposit equal to 3% of the purchase price, but in a down or "off" market, a much smaller deposit request may attract more buyers. The buyers prefer to make the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.<br /><br /><span style="font-weight: bold;">Step 6:</span> Sweeten the pot. Are you really planning to take large items like a swing set or washing machine? In certain cases it may be better to leave such items if a buyer makes an offer.<br /><br /><span style="font-weight: bold;">Step 7:</span> Fully understand the marketing plan. The broker's marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.<br /><br /><span style="font-weight: bold;">Step 8:</span> Check out other open houses. Going to open houses, also known as your competition is a great idea. It isn't always easy to be objective. However, do other owners have selling ideas that might work in regards to your home? Is there something you can use to bargain with? You could consider offering to do some painting or other cosmetic repairs.<br /><br /><span style="font-weight: bold;">Step 9:</span> Keep everything in context. Don't worry about nickels and dimes when your main goal is to get the house sold.<br /><br />As an example, just before closing the deal, let's say the buyer requests an extra $750.00 to resolve last minute concerns. It might be better for you as the seller to lose $750.00, than to try find another buyer later when the market may be harsher and the final sale price might end up being lower by several thousands of dollars. Would the seller have preferred to have saved that $750.00? Certainly. However, seven hundred and fifty dollars was a small price to pay considering that the delays could have meant a big reduction in price.John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-50894270761058273402010-04-09T01:11:00.000-07:002010-04-13T01:39:42.228-07:00Time Running Out to Receive $18,000.00 in Combined Homebuyer Tax Credits!Time is running out for a brief window of opportunity for Californians to claim a combined $18,000.00 in Federal and State tax credits, thanks to the new $10,000.00 California state homebuyer tax credit recently signed into law by Governor Shwarzanegger. This new state credit comes on the heels of the extended and expanded Federal tax credit, which is set to expire at the end of this month.<br /><br /><br /><br />In order for home buyers to be able to take advantage of BOTH credits and claim the full $18,000.00, eligible first time home buyers must have a valid, signed contract in place to purchase a principal residenec prior to May 1, 2010, and close on the transaction on or before June 30th. The $10,000 state credit is also available to non first time home buyers who purchase a property which has never been previously occupied as certified by the seller. <br /><br />Buyers are urged to speak with their CPA or tax counsel to determine whether or not they would qualify for either the federal or state credits.John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-67289146530533987982010-04-01T19:39:00.000-07:002010-04-01T20:02:58.923-07:00Tree Sitters Plagued by Low Appraisal; FHA Repairs<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLyfQqxw6nUwkettiL1dEfkRkPYXMqalvZqIjQWhk-QsIeELrEp26ce5tX_-mEgsrIhwgglXEgoWEZDdghoBDA_l6_N8tfzo7HXQ062fCvBgttJdNSC_z_jzooC6I5bv8yZzbfD-22zHw/s1600/tree-sitter-anniversary-01.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 272px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5455369611914738386" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLyfQqxw6nUwkettiL1dEfkRkPYXMqalvZqIjQWhk-QsIeELrEp26ce5tX_-mEgsrIhwgglXEgoWEZDdghoBDA_l6_N8tfzo7HXQ062fCvBgttJdNSC_z_jzooC6I5bv8yZzbfD-22zHw/s400/tree-sitter-anniversary-01.jpg" /></a><br /><div><img class="gl_photo" border="0" alt="Add Image" src="http://www.blogger.com/img/blank.gif" /></div><br /><div></div><br /><div>Mark Thompson just wanted to get a fair deal for his tree house. After three and a half years of treetop living, soaking up the sun every day without a care in the word, the troubled economy finally found its way and left its mark all the way to the top of this lonely Northern California pine. Mr. Thompson's troubles began when he agreed to sell the treetop dwelling to an undisclosed buyer, after the two struck up a conversation at the local 7-11 while Mr. Thompson was re-stocking his weekly supplies of Kentucky cheroot cigars, moon pies, and grape flavored Cisco. After agreeing to the price of $375 and two 18-packs of Strohs, the two inked the deal on the back of a chili-dog takeout box & things couldn't have been better. But thats when the troubles started...</div><br /><div></div><br /><div>"I knew I shouldn't have taken an FHA loan!", complained Mr. Thompson a mere week and a half later. Things were going just as smooth as can be, until the FHA appraiser came over to take a look at the property. Even though the tree was the tallest and most beautiful in the forest, the appraiser reduced the value because there were not enough nice trees around to compare it with. Also, most of the nicer trees had been cut down along time ago, so they couldn't use those for comparison anyway because they were too old. The appraiser also reduced the value because there was only a ropeladder to get up, and what if someone had a hard time climbing? So when all was said and done, the appraiser put the value of the treetop dwelling at $170.00, WITHOUT the Strohs. To add insult to injury, if he wants to sell, he is also required to repair the leaky roof, patch the holes in the tarpolin on the side, bolt the foundation of the structure to the trunk and secure with 1/2" metal guards, and remove all of the peeling bark from the tree, as that could present a safety hazard to small children who might decide to snack on it.</div><br /><div></div><br /><div>"I don't know what else to do, the wood, nails and tarp cost me at least $200 bucks, not to mention the ropeladder. If I don't get a little help from the buyer on this one, I might end up having to do a short sale or just walk!!"</div><br /><div></div><br /><div>Unfortunately, this story has been told over and over again.... We wish the best of luck to Mr. Thompson in his unfortunate situation!</div><br /><div></div><br /><div></div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-77320011204126106992010-02-28T17:46:00.000-08:002010-02-28T21:45:35.926-08:00Hanging Out at SWORK in Eagle Rock...<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqp814MbxSzgXlbp3k_Ayyq_nsN2tcpkS1GoAF-pVK7FguwSQkjpGZn3B6jZegzRHcTct9holVkiU8xnL5qw2JXaV4PMLv6wC5zcARkJadUGpbJHzOUL512egI99JnMX2ZIXQ3DYXikes/s1600-h/swork.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 300px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqp814MbxSzgXlbp3k_Ayyq_nsN2tcpkS1GoAF-pVK7FguwSQkjpGZn3B6jZegzRHcTct9holVkiU8xnL5qw2JXaV4PMLv6wC5zcARkJadUGpbJHzOUL512egI99JnMX2ZIXQ3DYXikes/s400/swork.JPG" alt="" id="BLOGGER_PHOTO_ID_5443476446417199282" border="0" /></a><span style="font-size:130%;"><br /><span style="font-weight: bold;">One of my favorite places to hang out in Eagle Rock</span></span> is SWORK... If you have never heard of it, it is a cool, hip coffeehouse featuring all the usual goodies, like espresso, cappuccino, lattes, teas, coled & hot, along with some tasty treats to go with it. What has now become a fixture at the corner of Colorado Blvd. and Eagle Rock Blvd. in the heart of Eagle Rock, SWORK has been around since the turn of the millennium in 2000. Hard to believe it has been 10 years - I imagine they will be having some kind of celebration.<br /><br />SWORK is a great place to bring your toddlers to play while you relax - there is a great play area with toys, books and all kind of fun kid stuff. There is WIFI access, comfortable seating throughout, and features a changing display of artwork from featured local artists, which are also for sale. There is also outdoor tables to hang out on the sidewalk outside, both on the Eagle Rock Blvd. side & Colorado side, depending on your mood or the weather (or maybe both!)<br /><br />SWORK is open 7 days a week, from 6:00AM to 10:00 PM. <br /><br />Check out their website at: <a href="http://www.swork.com/">www.swork.com</a><br /><br />Drop by next time you are in the neighborhood...<br /><br /><a href="http://www.swork.com"></a>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-35856255009238479922010-02-02T10:18:00.000-08:002010-02-02T10:42:26.467-08:00Little Knows Features of the Expanded Homebuyer Tax Credit Help Members of the Military Serving Our Great Country<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3COZD6zMeEXRTNTRybmupyOeASHg5TIXSWuad5Cb021K72SajgPMQVJZ-5OlYKInn7iNGbTfZuEaT0zibHBgYki9qpstlzgGKrwnrKglvaYRTTj5QHg_33Z8D1TlmbR0CHkjlCiz9kZY/s1600-h/large_uncle-sam.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 290px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3COZD6zMeEXRTNTRybmupyOeASHg5TIXSWuad5Cb021K72SajgPMQVJZ-5OlYKInn7iNGbTfZuEaT0zibHBgYki9qpstlzgGKrwnrKglvaYRTTj5QHg_33Z8D1TlmbR0CHkjlCiz9kZY/s400/large_uncle-sam.jpg" alt="" id="BLOGGER_PHOTO_ID_5433717341212861906" border="0" /></a><br /><span style="font-size:180%;"><span style="font-weight: bold;">Most people are aware</span></span> of the fact that the first time home buyer tax credit has been extended through April of 2010, and has been expanded to include a $6,500 credit to existing homeowners who qualify. But did you know that qualifying members of the military, and their spouses, may qualify for an EXTRA YEAR to take advantage of the credit? This is one of the little-known provisions of the Worker, Home Ownership and Business Assistance Act of 2009, signed into law in November, which extended and expanded the tax credit. Under the new law, servicemen & women who serve on qualified official extended duty service outside the country for at least 90 days between 1/1/2009 and 4/30/2010 would qualify. They would have until 4/30/2011 to sign a binding contract, and must close the transaction no more than 90 days later. Only one spouse is required to be overseas to qualify.<br /><br />Some of the other features of the new law which benefit members of the military:<br /><ul><li>Most buyers would have to repay the credit if the house is sold or otherwise ceases to be their principal residence within three (3) years of the initial purchase. But when a home belongs to a qualifying member of the armed services, Foreign Service or intelligence community, this provision is waived, as long as the home is sold in connection with orders sending the taxpayer to a new duty station more than 50 miles away.<br /></li><li>Members of the military may also be eligible for financial assistance if forced to sell their home for less than what is owed on the mortgage, due to a mandatory, permanent duty transfer.</li></ul>For more information on the benefits to military members in connection with the extended and expanded tax credit, visit the following link: <a href="http://www.irs.gov/newsroom/article/0,,id=215594,00.html">http://www.irs.gov/newsroom/article/0,,id=215594,00.html</a><br /><br />In addition, general information on the Act can be found here: <a href="http://www.irs.gov/newsroom/article/0,,id=204335,00.html">http://www.irs.gov/newsroom/article/0,,id=204335,00.html</a><br /><br /><br />Visit my website: <a href="http://www.jbknowsthevalley.com"><span style="font-size:180%;">www.JBKnowsTheValley.com</span></a>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-17962657892664866872010-01-20T08:55:00.000-08:002010-01-20T09:45:38.498-08:00FREE Short Sale and Foreclosure Guide for Sellers<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxBgjr5NWof6QYD_wZfyql-blX7A0e1nN84g9LBnuXgnSapVaeVIYO-ELnjRR8cQ-DhN8BXPWC61SWs3u69RYCUSFNJ2lZ4d7xRoVUtr9cklE6jbsXrW5P8VNx4XLJSONJWql_1ObyNE/s1600-h/BANK+OWNED+FORECLOSURE+PIC.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 268px; height: 268px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxBgjr5NWof6QYD_wZfyql-blX7A0e1nN84g9LBnuXgnSapVaeVIYO-ELnjRR8cQ-DhN8BXPWC61SWs3u69RYCUSFNJ2lZ4d7xRoVUtr9cklE6jbsXrW5P8VNx4XLJSONJWql_1ObyNE/s400/BANK+OWNED+FORECLOSURE+PIC.jpg" alt="" id="BLOGGER_PHOTO_ID_5428878973226159250" border="0" /></a><br />Know your rights!<br /><br />The American Consumer Credit Education Support Services (ACCESS), which is a non-profit organization dedicating to protecting consumers' financial information & to assist victims of credit fraud, identity theft, etc., has just released a free booklet containing a WEALTH of information on the short sale and foreclosure process, and helpful & useful info for the homeowner facing this unfortunate situation. The guide goes into detail on the various options available, and also provides information on many helpful charitable & government resources.<br /><br /><br /><br /><span style="font-size:180%;"><a href="http://www.guardmycreditfile.org/images/accessshortsaleguide.pdf">CLICK HERE</a></span> for a your free pdf copy of the guide.<br /><br />Thanks to ACCESS and Jim Malmberg for providing such a useful resource for consumers. <span style="font-style: italic;">ACCESS' website can be found at www.guardmycreditfile.org</span>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-17296739688043172622010-01-16T17:08:00.000-08:002010-01-18T20:59:57.946-08:00Floor Time in the Office This Weekend...<div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwHnHd1cMVTdeteuTGfFrpFRVZNLuUfn7pETRfzhBRlbTuioMHuPSY6D5qoBlyUPG8oPuTx95Jl5bxLfuvCcyBlg370RkgdQ1e9eCi7NsikOBGu2whooBfYP_lOGtbHT5id-Y7ZEdAfD8/s1600-h/cb+outside.jpg"><img id="BLOGGER_PHOTO_ID_5427509700218060386" style="margin: 0px auto 10px; display: block; width: 400px; height: 300px; text-align: center;" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwHnHd1cMVTdeteuTGfFrpFRVZNLuUfn7pETRfzhBRlbTuioMHuPSY6D5qoBlyUPG8oPuTx95Jl5bxLfuvCcyBlg370RkgdQ1e9eCi7NsikOBGu2whooBfYP_lOGtbHT5id-Y7ZEdAfD8/s400/cb+outside.jpg" border="0" /></a><br /><br /><div></div>I spent a few hours this weekend doing floor time, or sometimes referred to as "up time". (As opposed to 'down time', I guess...). Floor time is when a licensed real estate agent is "on call" in the real estate office to be able to answer real estate related calls from potential clients. Someone who is not a licensed agent is limited in what they can talk to potential clients about, as a real estate license is required to "solicit" the sale of real estate. Floor time is usually divided into shifts, as it is in my Coldwell Banker office, where agents have either a 2 or 3 hour shift where they field any such calls. The positive side to floor time for an agent is that any client who calls in during your shift & does not currently have an agent they are working with is open as a potential client - it is up to the agent to gain their business. <br /><div><br />It is not always busy - often times I have spent a 2 hour shift with no calls whatsoever. Of course, with this job it seems like there is always SOMETHING to do, such as following up with clients, prospecting for new ones, and researching the market. <br /><br />But you never know - I have met some wonderful clients through floor time. Two of them entrusted me to sell their BEAUTIFUL condominium, which closed successfully this week enabling them to move to their dream home in Palm Springs...<br /><br />As one of my colleagues so eloquently put it, floor time for an agent is "like a lottery ticket".<br /></div><br /><div> </div><br /><div> </div></div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-73237937941737419712010-01-10T12:51:00.001-08:002010-01-16T17:48:11.638-08:00A Beautiful Day in Southern California!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfespnXxCa8oPCI4GaJyDC5_uGGn7YEAnAOEWpShoOd68cpgywafzXyD3cFkyq79euNt1NKa9cE7KuMn27xvuWSoMyULKvrMK2C57TutJtYdATaRfGoOwxvQaz4taHsjpNtTU92eGbUIA/s1600-h/Mount+Wash.gif"><img id="BLOGGER_PHOTO_ID_5425219389937700578" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 286px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfespnXxCa8oPCI4GaJyDC5_uGGn7YEAnAOEWpShoOd68cpgywafzXyD3cFkyq79euNt1NKa9cE7KuMn27xvuWSoMyULKvrMK2C57TutJtYdATaRfGoOwxvQaz4taHsjpNtTU92eGbUIA/s400/Mount+Wash.gif" border="0" /></a><br /><div></div><div></div><div>A beautiful, picture perfect day in Southern California, looking just like the pic above!!! </div><br /><br /><br />Today I am going to be previewing some properties for a client in the Mount Washington area north of downtown Los Angeles. Looking forward to seeing some of the spectacular views and hopefully some spectacular properties as well...<br /><br />I am excited that 2010 is here and starting off with a flourish! The real estate market looks very exciting and promising in the year to come, as the residential housing market leads the country out of the recession, and we continue to see double-digit increases in sales figures from month to month. Many people (the smart ones) see the incredible value in todays market, and the extention of the first time homebuyer tax credit, as well as the addition of the expanded credit to include ALL homeowners, looks to make it a promising year, and one where many many people will realize their dream of owning a home for the first time...<br /><br /><br /><br /><br />Photos of my day to follow...<br /><br /><br /><div>***************** Update ********************</div><div> </div><div>Had quite an adventure with my daughter.. Unfortunately, not all of the places we saw looked all that promising, such as the house in the photo below... What you are looking at below is the window to the front bedroom of one of the places. Don't think I would feel all that safe here...</div><br /><div></div><div><br /></div><img id="BLOGGER_PHOTO_ID_5427514711727752626" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXPe46YrTB13JEjKZZ4Ydm7UAkyBKdi7y_89s_0A50_QHHhePtOYosWGrGAns5uFPArHQBtpvFkrJqQ5mqzSF-7xLIdtBAVTzYNmkxKIYZK9lweEi3J-4cgAV2V4m7hTjTKOutFETNkIE/s400/bullet1.jpg" border="0" /><br /><div></div>But, after seeing a few other places, the next place we saw, located in the community of Mount Washington north of Downtown Los Angeles, had some SPECTACULAR views! Unfortunately, it was not the kind of place my client was looking for as far as the house goes (although better than the one above!!!) - it was a little too small, but it was worth making the trip for the views alone..<br /><br /><div></div><div>First, we had to negotiate the precarious hilltop road leading to the property:<br /></div><br /><img id="BLOGGER_PHOTO_ID_5427518826936040562" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLq9uGKF5Ii8XmMMYSNHUv1Vrmm3BcbjG7p73V_9sqhs_Yl45aBSjso-aXXNhSfK8Q3WVNwPVcAO894iqVhDGZ6zLqdrb0TzHYGVmuNid3D5QRO2eLddDL1uXkTwASR3qMc50XUNGUd_A/s400/mt+wash+road.jpg" border="0" /><br /><div><br /></div><br />But once we made it, we negotiated a narrow staircase built into the hill, to arrive at the back porch area of the house:<br /><div><br /></div><div><img id="BLOGGER_PHOTO_ID_5427515920186842114" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8_MpYITx9ea28lDb2LbqtII6VkmKxajm8SR0no6SodcXM5gXxFTe82eSK7R7afgdYxjhnz6mQk74X8qTjE6oeuRekF8qS-UYAOwV5Q1__sFwg6G1-ul3-och4ngIt7jRsMgxkOAN-GF0/s400/mt+wash+balcony+2.jpg" border="0" /><br /></div><br /><br />...where the views were SPECTACULAR!!! Here is my daughter enjoying the incredible views of the San Gabriel mountains:<br /><br /><br /><br /><br /><img id="BLOGGER_PHOTO_ID_5427516640145088562" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 300px; TEXT-ALIGN: center" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy7PPmaeJ22uNpDU1WFzRlj9wQ-tuUloT-R3SHo5KfMdGCTMCkjD5Kv4KwZcEHXwOrJsY9Zl66NnzgGRk3ks5H6X2P8nWn1Lna4tshCV7Duqa_Mqb9EjqLM2ObRdeclstHeYyxbxhdDew/s400/mt+wash+balcony.jpg" border="0" /><br /><br /><br /><br />Anyhow, it turned out to be a strikeout for my client as far as the properties I saw that day, and and I am continuing my search.. But that is why I like to preview homes for my clients. I know their time is valuable, and I don't want to waste it until I find something worthwhile for them to see!! Onward and upward!!!John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-12869057620111552272009-10-31T05:53:00.000-07:002009-10-31T06:24:42.584-07:0020 Reasons to Obtain Title Insurance on Your Property<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvU9JZ7BejYh9CDfmlwg_mMRZH5KUqWrkQNZzlWuQQBKdbOOrbdX5mRPLksxU7HRx1s2kmaK3b-43x7UhCMp3mR1Z5a8w5ZH1s_PROLQsKYoEiJHlvotmCqM3a_c-2jessecfZcYfHnc4/s1600-h/titileinsurance.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 367px; height: 318px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvU9JZ7BejYh9CDfmlwg_mMRZH5KUqWrkQNZzlWuQQBKdbOOrbdX5mRPLksxU7HRx1s2kmaK3b-43x7UhCMp3mR1Z5a8w5ZH1s_PROLQsKYoEiJHlvotmCqM3a_c-2jessecfZcYfHnc4/s400/titileinsurance.jpg" alt="" id="BLOGGER_PHOTO_ID_5398754079870920514" border="0" /></a><br /><br /><br />Anytime a buyer purchases a property, it is always strongly advised that the buyer obtain Title Insurance, and always required by lenders. But what exactly does Title Insurance protect the buyer against and what is it good for? If you have ever wondered exactly what title insurance does for the buyer, here is a list of <span style="font-size:180%;"><span style="font-weight: bold;">20 reasons</span></span> for a buyer to obtain title insurance when purchasing a property.<br /><br />1. Tittle Insurance will protect you against a loss on your home and land due to a title defect.<br /><br />2. A deed or mortgage int he chain of title may be a forgery.<br /><br />3. Claims constantly arise due to marital status and validity of divorces.<br /><br />4. A deed or mortgage may have been made by an incompetent or under-aged person.<br /><br />5. A deed or mortgage under an expired power of attorney may be void.<br /><br />6. A deed or mortgage may have been made by a person witht he same name as the owner.<br /><br />7. A child born after the execution of a will may have interest in the property.<br /><br />8. Title transferred by an heir may be subject to a federal estate tax lien.<br /><br />9. An heir or other person presumed dead may appear and recover the property or an interest.<br /><br />10. A judgment regarding the title may be voidable because of some defect in the proceeding.<br /><br />11. By insuring the title, you can eliminate delays when passing on your title to someone else.<br /><br />12. Title Insurance reimburses you for the amount of your covered loss.<br /><br />13. Title Insurance helps speed negotiations when you are ready to sell or obtain a loan.<br /><br />14. A deed or mortgage may be voidable if signed while the grantor was in bankruptcy.<br /><br />15. Claims have risen dramatically over the last 30 years.<br /><br />16. There may be a defect in the recording of a document upon which your title is dependent.<br /><br />17. Title Insurance covers attorney's fees and court costs.<br /><br />18. Many lawyers protect their clients as well as themselves by procuring Title Insurance.<br /><br />19. A deed or mortgage may have been procured by fraud or duress.<br /><br />20. A title policy is paid in full by the first premium for as long as you own the property.<br /><br />Thanks to Lilly Rose of <span style="font-size:130%;"><a style="font-weight: bold;" href="https://www.equitytitle.com/metroportal/">Equity Title</a></span> for providing the above information on the importance of obtaining Title Insurance on your property...John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-62634152159619713822009-10-14T23:19:00.000-07:002009-10-14T23:30:22.009-07:00LA Times Reports Housing Upturn in Southern California<h1><span style="font-size:85%;"><span style="font-weight: bold;">Check out this article from the Los Angeles Times, published October 14, 2009. </span>Another article highlighting the continuing recovery of the housing market... Do you agree?<br /></span></h1><h1><span class="toolSet" style="width: 335px;font-size:85%;" ><br /></span></h1><h1><span style="font-size:85%;">"Housing upturn occurring in some parts of Southern California, data show</span><!-- P2P_LIVE_EDIT "content_item_headline_preview" END --></h1> <h2><!-- P2P_LIVE_EDIT "content_item_subheadline_preview" START --><span style="font-size:85%;">The median sales price in some areas rose last month for the first time since the market crashed in 2007, according to MDA DataQuick.</span><!-- P2P_LIVE_EDIT "content_item_subheadline_preview" END --></h2> <div id="story-body" class="articlebody"> <div class="thumbnail" style="width: 600px;"> <div class="holder"> <table cellspacing="0"><tbody><tr><td> <img src="http://www.latimes.com/media/photo/2009-10/49828648.jpg" alt="Home prices" border="0" height="386" width="580" /> <p class="small"> <span style="font-style: italic;">A "sold" sign outside a house in Pasadena last month. The Southern California median price remains at 2002 levels and is 46% below its peak level of $505,000 set in 2007. </span><span style="font-style: italic;" class="credit">(<span class="photographer">David McNew / Getty Images</span> / <span class="dateMonth">September </span><span class="dateDay">24</span><span class="dateYear">, 2009</span></span><span style="font-style: italic;">)</span></p> </td></tr></tbody></table> </div> </div> <div class="articlerail"> <div class="articleRelates module"> <ul><script type="text/javascript"> function showExtras(elm, link, text){ var obj = $(elm); var link = $(link); var elmTop = (obj.getHeight() + 10) * (-1); if(obj.style.display == 'none'){ obj.style.top = elmTop + "px"; link.innerHTML = 'Hide more ' + text + ' »'; new Effect.Parallel([ new Effect.Move(obj, { sync: true, x: link.getWidth(), y: (obj.getHeight() + 10) * (-1), mode: 'absolute' }), new Effect.AppearItems(obj, { sync: true, from: 0, to: 1}) ], { duration: 1 }); } else { new Effect.Parallel([ new Effect.Move(obj, { sync: true, x: link.getWidth() * (-1), y: 0, mode: 'absoulte' }), new Effect.FadeItems(obj, { sync: true, from: 1, to: 0 }) ], { duration: 1 }); link.innerHTML = 'See more ' + text + ' »'; } } // These are customized methods b/c the scriptaculous ones where throwing error. These should be re-evaluated at a later date. Effect.FadeItems = function(element) { element = $(element); var oldOpacity = 0; var options = Object.extend({ from: element.getOpacity() || 1.0, to: 0.0, afterFinishInternal: function(effect) { if (effect.options.to!=0) return; effect.element.hide().setStyle({opacity: oldOpacity}); } }, arguments[1] || { }); return new Effect.Opacity(element,options); }; Effect.AppearItems = function(element) { element = $(element); var options = Object.extend({ from: (element.getStyle('display') == 'none' ? 0.0 : element.getOpacity() || 0.0), to: 1.0, // force Safari to render floated elements properly afterFinishInternal: function(effect) { if(Prototype.Browser.WebKit) { effect.element.forceRerendering(); } }, beforeSetup: function(effect) { effect.element.setOpacity(effect.options.from).show(); }}, arguments[1] || { }); return new Effect.Opacity(element,options); };</script></ul></div><span style="font-weight: bold;font-size:85%;" ><span class="byline">By Peter Y. Hong and Tiffany Hsu<!-- P2P_LIVE_EDIT "content_item_byline_preview" END --></span></span><span class="toolSet" style="width: 335px; font-weight: bold;"><div class="byline"><!-- P2P_LIVE_EDIT "content_item_display_time_preview" START --><span style="font-size:85%;"><span class="dateString">October 14, 2009</span></span></div></span> </div><span class="toolSet" style="width: 335px;"><div class="byline"><p class="date"><span class="dateString"></span><!-- P2P_LIVE_EDIT "content_item_display_time_preview" END --></p> </div></span><!-- sphereit start --> <!-- P2P_LIVE_EDIT "content_item_body_preview" START -->Southern California's housing market took another small step toward recovery in September as the median sales price for homes in some areas rose above last year's levels -- the first such increases since the market crashed.<br /><div id="story-body-text"><br />The median price paid for all homes in six Southland counties in September -- $275,000 -- was unchanged from August and 11% below the same month last year, according to San Diego-based MDA DataQuick.<br /><br />But in Orange County, the median price rose modestly to $429,000 from $425,000 in the same month last year -- the first year-over-year gain since 2007, DataQuick said. If condominium sales are excluded, last month's median home sales prices in San Diego and Ventura counties also beat their September 2008 levels.<br /><br />Christopher Thornberg, a Los Angeles economist who was an early predictor of the housing bubble, said several factors converged last month to give home sales a boost.<br /><br />"Tax breaks, low interest rates and pent-up demand added up to create a surge in sales that's surely gone some way in stabilizing prices," he said.<br /><br />But Thornberg cautioned that prices could fall again.<br /><br />"The question continues to be, 'How is this going to stand up when the next wave of foreclosures hits the market?' " he said.<br /><br />Even if the housing market takes another hit in the coming months, the bulk of the market correction is past, Thornberg said.<br /><br />"If prices do fall again, it'll be another 10% to 15% max," he said.<br /><br />The Southern California median price remains at 2002 levels, even without considering inflation, and is 46% below its peak level of $505,000 set in 2007. The median is the point at which half the homes sold for more and half for less.<br /><br />Those relatively low prices and an $8,000 federal home-buyer tax credit set to expire at the end of November pushed the number of homes sold in September up by 5% over the same month last year and 0.2% above August.<br /><br />Home sales in the last year picked up first in the lowest-priced inland areas, where a massive number of foreclosures pulled prices down. Last month's sales, with rising median prices in some areas, show that the mix of homes sold is normalizing.<br /><br />Sales of homes priced at or above $500,000 constituted 21% of the total, up from 13% in January, DataQuick said.<br /><br />Previously foreclosed homes are accounting for a smaller share of sales. In September, 40% of homes sold had been foreclosed within the last 12 months, down from a high of 57% in February.<br /><br />Various studies show that the number of Southern Californians who are substantially behind on their mortgage payments is growing, suggesting more foreclosures are on the way.<br /><br />But foreclosures in the region have been declining as banks backed off from repossessing homes either voluntarily or to comply with state or federal foreclosure freezes.<br /><br />Statewide data released Tuesday by ForeclosureRadar, an online seller of default data, show bank repossessions in September were down 42% from the same month a year earlier. The slowing of bank repossessions has cut the supply of homes for sale in the upper-middle range of the market.<br /><br />That has frustrated many buyers like Daisy Lee, who recently had an offer accepted on a Monterey Park house -- after losing to other bidders six previous times. Lee and her husband tried for a year to purchase houses priced from about $500,000 to $700,000 in various San Gabriel Valley cities.<br /><br />"There's a lot of competition in the areas we've been looking," said Lee, an accountant. Lee said she and her husband offered slightly above the list price to get the house they hope to move into, with an offer of about $600,000.<br /><br />"We were desperate. I didn't know how much longer we wanted to wait," she said.<br /><br />Their frustration aside, buyers like Lee are raising the median by purchasing higher-priced homes.<br /><br />"I think prices are fundamentally at a bottom," said Richard Green, director of USC's Lusk Center for Real Estate.<br /><br />"There could be some weakness in the next year that brings things back down a little bit," he said, adding, "I wouldn't be jumping for joy yet, but these numbers are not bad."<br /><br /><br /><span style="font-size:130%;"><span style="font-weight: bold; font-style: italic;">The full text of the article can be found <a href="http://www.latimes.com/business/la-fi-home-sales14-2009oct14,0,3912609.story">HERE</a>...</span></span><br /><br /><br /></div></div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-41727587295010119652009-09-27T21:41:00.000-07:002009-09-27T23:20:56.917-07:005 COMMON MYTHS REGARDING SALES OF REO PROPERTIES<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9BbolwYVY90-HqS2G2xuAn_OoTcYv9yDeQzTMnOw-9_AmOcSH6wQMwQbbTkjYJU7-2XeFUtY0WXJ_s9ARGbktrYn0j1RyMKHY_TcOz3Leu5qsATFxXkEauYBFZcZUwIRYXrVz8V5zjoY/s1600-h/reo_bankownedproperty.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 431px; height: 271px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9BbolwYVY90-HqS2G2xuAn_OoTcYv9yDeQzTMnOw-9_AmOcSH6wQMwQbbTkjYJU7-2XeFUtY0WXJ_s9ARGbktrYn0j1RyMKHY_TcOz3Leu5qsATFxXkEauYBFZcZUwIRYXrVz8V5zjoY/s400/reo_bankownedproperty.jpg" alt="" id="BLOGGER_PHOTO_ID_5386389009864577890" border="0" /></a><br /><br /><p>The abundance of foreclosure (otherwise known as "REO" or "Real Estate Owned") properties in today's market means that many first time buyers are finding themselves purchasing a home from an REO seller. There are certain things that differ between a "regular" standard sale of a property, and one purchased from an REO seller, but many people are not clear on what is and is not required of the seller in such transactions. </p> <p>The Southland Regional Association of Realtors has published a great informative article in their September 16-29, 2009 Realtor Report, pointing out and explaining 5 common myths regarding the sale of REO properties. Following is the full text of the article:</p> <h1 class="title"><span style="font-size:100%;">5 Common Myths Concerning REO Sales</span></h1> <div class="content"> <p><strong><span>Myth #1- Sellers of REO properties are exempt from all disclosures</span></strong><span>.</span></p> <p align="justify"><span>While many Sellers and Brokers who list REO properties stamp a</span><span>ll the contracts and disclosures with the statement "Seller Exempt from all Disclosures," this is simply not the case. CAR puts out an excellent chart that indicates which disclosures are required and which are not for REO properties. REO sellers are exempt from providing the Transfer Disclosure Statement and the Residential Earthquake Hazard Report. REO sellers are NOT, however, exempt from disclosing any material facts that they are aware of, concerning the property.</span></p> <p align="justify"><span>While they do not have to use a TDS to disclose any material facts, they are required to disclose these facts in writing to the Buyer. Further, while REO Sellers are exempt from providing a Buyer with a Natural Hazard Disclosure Statement, the law does not exempt them from disclosing many of the zones that are contained in such reports. While this law makes little sense, it is highly suggested that the Natural Hazard Disclosure Report be provided to all Buyers since the REO Seller has affirmative duties to disclose such zones and there is really no way to properly do so without the use of such a report.</span></p> <p align="justify"><span>Next, REO Sellers are not exempt from the lead-based paint disclosure on properties built prior to 1978. While the REO Seller is not required to pay for Smoke Detector, Water Heater Bracing and other local mandatory government retrofit requirements, they are not exempt from filling out the appropriate CAR Smoke Detector and Water Heater Disclosure forms. LA city also requires the Certificate of Compliance form to be completed regardless of who actually pays for the retrofit work. Providing these forms without Seller signature is not in compliance. Someone with authority to sign on behalf of the Seller should be signing these disclosure forms. Also, remember that both the listing and selling agent are required to perform a visual inspection of the accessible areas of all residential 1-4 unit properties and disclose the results of that inspection to the Buyer. There is no exception to this rule for REO properties.</span></p> <p><span><b> <p align="justify">Myth #2- Buyers should simply sign the REO Addenda provided to them without reviewing these documents.</p> </b></span></p> <p align="justify"><span>This can be a very dangerous practice, both from a liability and expense perspective. Many of these addenda provided by REO Sellers are heavily weighted in favor of the Sellers. While the Buyer may have little choice in signing these addenda since the REO Seller may refuse to sell to them unless they are signed, that doesn’t mean that the Buyer should not carefully review them first to see how they impact the Buyer’s legal positions and expenses that they may incur. While it is traditional for the average Seller in Southern California to pay for the mandatory retrofit items and the Country and City Transfer taxes, these addenda often pass this responsibility on to the Buyer. These are negotiable items between a Buyer and Seller, but it is important for a Buyer to be aware of exactly what they are going to be responsible for since this could add up to thousands of dollars.</span></p> <p> </p> <p> </p> <p><span><span lang="EN"> <p align="justify">Myth #3- All Sellers provide Buyers with the Same Type of Title Insurance Policy.</p> </span></span><span lang="EN"> <p align="justify"> </p> <p align="justify"><span>While the CAR Residential Purchase Agreement calls for the Seller to provide the Buyer with an ALTA/CLTA Homeowner’s Policy, the REO addenda may change this to a Standard Policy of Title Insurance which provides less coverage than the above mentioned policy. Once again this is a negotiable item, but in such event, it would be wise for the Real Estate agent to counsel the Buyer on the possibility of the Buyer paying the difference between the Standard Policy and the ALTA/CLTA Homeowner’s policy. The cost is relatively low and it could prevent a major problem in the future.</span></p> <span><b> <p align="justify">Myth #4- REO properties are sold AS IS and the Buyer cannot ask the Seller to make any repairs after completing the home inspection.</p> </b></span><b> <p align="justify"> </p> </b> <p align="justify"><span>While it is true that REO properties are sold as is, and while you will undoubtedly see quite a bit of language in the REO addenda indicating that the Seller will not make any repairs whatsoever, nothing prevents a Buyer from asking the Seller to make repairs as a result of the home inspection. The Seller can certainly say no, but often times the Seller will agree to certain repairs or to a credit or reduction in the sales price. You should certainly prepare your Buyers for the possibility that the Seller will say no, but, as they say, it never hurts to ask.</span></p> <span><b> <p align="justify">Myth #5- It is Illegal or Unethical for an REO Seller to require a Buyer to get prequalified or preapproved though a specific lender of Seller’s choice.</p> </b></span><b> <p align="justify"> </p> </b> <p align="justify"><span>While this might be inconvenient for a Buyer, there is a good business reason for requiring such a prequalification or preapproval. Unfortunately, there are many lenders out in the field issuing prequalification letters that turn out to be worthless. In such cases, the property may be tied up for weeks only to find that the Buyer really isn’t qualified for the loan in question. The Seller has the right to have the Buyer evaluated by a Lender whom the Seller has confidence in to determine up front whether the Buyer appears to be capable of obtaining the loan in question. The Seller cannot, however, require the Buyer to obtain the loan through that particular lender.</span></p> <p align="justify"><span>As a final comment, it is always wise to prepare your Buyer ahead of time when dealing with an REO property. There may be time delays in getting an offer presented and accepted. There may be additional delays in getting documentation from the lender and there may even be delays in closing the escrow caused by the Sellers. Making the Buyers aware of these issues up front may help smooth the way a bit down the road. And don’t forget to use the CAR form entitled REO Advisory. This form is designed to provide the Buyer and Seller with important disclosures and information regarding the REO process.</span></p><p><span lang="EN"><span style="font-weight: bold;font-size:100%;" ><span style="font-style: italic;">Thanks to the Southland Regional Association of Realtors for the above article. The full text can be found </span><a style="font-style: italic;" href="http://www.srar.com/node/253">HERE</a><span style="font-style: italic;">.<br /></span></span></span></p></span></p> </div>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com3tag:blogger.com,1999:blog-5315740735868327899.post-29464909381317143532009-09-18T10:11:00.000-07:002009-09-18T10:25:11.268-07:00Friday Night - Time for the Eagle Rock Farmer's Market!!<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp1aHcxb92fbp9r_QL1CVKaYvcaBF9WUtR9H94L5E_cci4DmiE9H04FaYVMwPKzDaGBx-4VyVfn6GnwOfKSqxEFOTQaCf0nO_nH7Tn2kSmvEASuGE8T-ChqwoEMvWDHoOU_5S0E_pGSnY/s1600-h/farmer+market+fruit.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 440px; height: 328px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhp1aHcxb92fbp9r_QL1CVKaYvcaBF9WUtR9H94L5E_cci4DmiE9H04FaYVMwPKzDaGBx-4VyVfn6GnwOfKSqxEFOTQaCf0nO_nH7Tn2kSmvEASuGE8T-ChqwoEMvWDHoOU_5S0E_pGSnY/s400/farmer+market+fruit.JPG" alt="" id="BLOGGER_PHOTO_ID_5308137301898738130" border="0" /></a><br />It's Friday night in Northeast Los Angeles, once again time for the <span style="font-size:180%;"><span style="font-weight: bold; color: rgb(0, 153, 0);">Eagle Rock Farmers Market</span></span> . Located at the intersection of Merton and Caspar Avenue, the market is a great way to get out and meet your fellow Angelenos, and enjoy this beautiful September evening weather. On any given week, the market has everything from play jumpers and arts and crafts for the kids, to kettle corn, funnel cakes, sno-cones, and endless variety of fruits and vegetables, as well as full dinners, with the juices of roasting chickens dripping into the pit, and hickory smoke wafting into the air. As you get closer, you're <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyaytMLlHi9Bp1kotVESd3HIbSVucyWhpRwsEdJRc5x6CwYo5w1Z2YOOm4Zslgv8TtrZ4KqoEaIC6ielt_1Da-wR5niOu28muUisZPkDGd2L3wzSn3dyF0_JxrTWidhyphenhyphenv2d20TztJOXoA/s1600-h/farmer+market+scene.JPG"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 246px; height: 184px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyaytMLlHi9Bp1kotVESd3HIbSVucyWhpRwsEdJRc5x6CwYo5w1Z2YOOm4Zslgv8TtrZ4KqoEaIC6ielt_1Da-wR5niOu28muUisZPkDGd2L3wzSn3dyF0_JxrTWidhyphenhyphenv2d20TztJOXoA/s320/farmer+market+scene.JPG" alt="" id="BLOGGER_PHOTO_ID_5308266111253112402" border="0" /></a>likely to hear an Elvis impersonator belting out "Blue Sueds Shoes" or "Viva Las Vegas", to the delight of the crowd.<br /><br />The Farmers market has become an Eagle Rock institution over the last decade, and is packed every Friday. Here you can also find fresh flowers, honey, jewelry - even tube socks!! The fruit and vegetable vendors also carry seasonal items such as strawberries, blackberries and rasberries, as well as apples, blueberries, pomegranates, peaches, pears, plums, <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnVo41nUfU7tgwSiaMZFD3eciCC8v_RXJzlihoZsk4HY01t95jHJhelo1TOj3ObYDfU1esBgGd8jl2xRduFsN9wbuR1K6TSym5_7Qbp8hDJEwUtkyd6DIoE6Ezrr2vrPnrH-qgwye2rP4/s1600-h/farmer+market+sunset.JPG"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 320px; height: 240px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnVo41nUfU7tgwSiaMZFD3eciCC8v_RXJzlihoZsk4HY01t95jHJhelo1TOj3ObYDfU1esBgGd8jl2xRduFsN9wbuR1K6TSym5_7Qbp8hDJEwUtkyd6DIoE6Ezrr2vrPnrH-qgwye2rP4/s320/farmer+market+sunset.JPG" alt="" id="BLOGGER_PHOTO_ID_5308145119475051698" border="0" /></a>tomatoes, avocados, carrots, potatoes, lettuce, squash, plums, and the list goes on and on...<span style="font-size:180%;"><br /></span><br /><br />The market it always a fun place, and it is great to get out and enjoy the people in the community and <span style="font-size:130%;"><span style="font-weight: bold;">support local </span></span><span style="font-size:130%;"><span style="font-weight: bold;">businesses!</span></span> <br /><br />What better time and place to do it than on a <span style="font-style: italic; color: rgb(0, 0, 0);font-size:130%;" ><span style="font-weight: bold;">Friday night in Southern California!!??</span></span><br /><br /><span style="font-weight: bold; font-style: italic;"><br /><br />The Eagle Ro</span><span style="font-weight: bold; font-style: italic;">ck</span><span style="font-weight: bold; font-style: italic;"> Farmer's Market is located at the intersection of </span><span style="font-weight: bold; font-style: italic;">Merton Avenue an</span><span style="font-weight: bold; font-style: italic;">d Caspar</span><span style="font-weight: bold; font-style: italic;"> Av</span><span style="font-weight: bold; font-style: italic;">e</span><span style="font-weight: bold; font-style: italic;">nue, one block s</span><span style="font-weight: bold; font-style: italic;">outh of Colorado Boulevard and one b</span><span style="font-weight: bold; font-style: italic;">lock east </span><span style="font-weight: bold; font-style: italic;">of Eagle Rock B</span><span style="font-weight: bold; font-style: italic;">o</span><span style="font-weight: bold; font-style: italic;">u</span><span style="font-weight: bold; font-style: italic;">levard - open every Friday from 5:00 PM to 9:00 PM.</span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMJh2zJ9EBjyt3nD-YKulNjkL8pdnQ5DTl92DXcktoGmhSzTEBtV9ap0FpBzLspmimJUGbRqLp24ny149P-QieCl26NrjV-yP_MXP-yQoDp9YXEyK83rh0G4696mASfgzmvHr1m37K8Zo/s1600-h/staticmap_farmers+market.gif"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 230px; height: 130px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMJh2zJ9EBjyt3nD-YKulNjkL8pdnQ5DTl92DXcktoGmhSzTEBtV9ap0FpBzLspmimJUGbRqLp24ny149P-QieCl26NrjV-yP_MXP-yQoDp9YXEyK83rh0G4696mASfgzmvHr1m37K8Zo/s200/staticmap_farmers+market.gif" alt="" id="BLOGGER_PHOTO_ID_5308266438460205474" border="0" /></a><br /><span style="font-weight: bold; font-style: italic;"><br /><span style="font-size:130%;"><br /><br /><br /><br /><br /><br />Come on out & enjoy the fun!!!</span></span>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-40148074370932322932009-09-08T18:33:00.000-07:002009-09-08T23:11:21.072-07:00Real Estate and Wildfires - What You Need to Know...<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRdmR30TYTTh6SIQQ3IbqaspbtGvOJriO1psvnWhd3SPJ86X8b9qFEATBiMaAZfFltHb8ZBhRtUrd1unawfi3RvdHaGRFsFW2MXXlfZb40ZXPQIAWd_9oTdUj2jz8QXVbRZTsse6olJ_o/s1600-h/rose+bowl+fire.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 380px; height: 506px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRdmR30TYTTh6SIQQ3IbqaspbtGvOJriO1psvnWhd3SPJ86X8b9qFEATBiMaAZfFltHb8ZBhRtUrd1unawfi3RvdHaGRFsFW2MXXlfZb40ZXPQIAWd_9oTdUj2jz8QXVbRZTsse6olJ_o/s400/rose+bowl+fire.JPG" alt="" id="BLOGGER_PHOTO_ID_5379345958840005634" border="0" /></a><br /><span style="font-family:verdana;">Hats off to the thousands of firefighters who braved INCREDIBLY hot and humid weather when fighting the gigantic Southern California wildfire now known as "The Station Fire". The firefighters did an AMAZING job of keeping the fire at bay from dozens of communities throughout the foothills of the Angeles National Forest. They worked so so hard, night and day, working 16 hour shifts with no days off, in order to do everything possible to save the homes of countless residents. They really are heroes & do an awesome job!</span><p style="font-family: verdana;" align="left"><br /></p><p style="font-family: verdana;" align="left">When disasters such as this one strike, after the initial danger of personal safety has passed, many may be left with unanswered questions regarding the legal ramifications of properties affected by fire. The staff of the Legal Department of the California Association of Realtors (C.A.R.) has come up with a comprehensive list of questions and answers which may be helpful to those affected, and important for all homeowners to be aware of. Following is a copy of the article in full, which is reprinted with permission...<br /></p><p align="left"><span><strong><br /></strong></span></p><p align="left"><span><strong>Introduction<br /></strong></span></p><p align="left"><span>The seasonal firestorms we experience in California raise several legal questions for REALTORS® and their clients. The following questions and answers may be helpful for property owners and residents who have suffered a loss, or for buyers who are in escrow to purchase property involved in the disaster.</span> </p> <p align="left"> <strong><span><span style="font-size:180%;">Q</span> 1. </span> <em>What are the general rules concerning who bears the risk of loss in a real estate transaction where an "Act of God" or other disaster, such as fire, affects the property?</em></strong> </p> <p align="left"> <span><span style="font-size:180%;"><strong>A</strong></span> </span> <span>If the purchase contract between the parties does not specify who is to bear the risk of damage or loss to the premises during the time between the execution of the contract and the transfer of title, the liability of the parties is governed by the California Uniform Vendor and Purchaser Risk Act (Cal. Civ. Code § 1662). Under the provisions of this statute (assuming no fault on the part of the buyer), the risk of loss or damage to the premisesis carried by the seller until the buyer receives either title or possession. (Note: C.A.R.'s</span> Residential Purchase Agreement and Joint Escrow Instructions, Standard Form RPA-CA, revised 10/02, does not dictate how risk of loss is allocated between a buyer and a seller.) </p> <p align="left"> <span>If all or a material part of the premises are damaged before title or possession is given to the buyer, the buyer can cancel the contract and recover any portion of the purchase price paid. It is not clear whetherthe buyer can alternatively elect to enforce the contract with a reduction in the purchase price equal to the loss of value or cost of repair. (Cal. Civ. Code § 1662.)</span> </p> <p align="left"> <span>After the buyer has taken possession or has received title,the buyer bears the risk of loss or damage to the premises (assuming no fault on the part of the seller). Therefore, if the premises are damaged, the buyer must still complete the contract and pay the balance of the purchase price. (Cal. Civ. Code § 1662.)</span> </p> <p align="left"> <span>If the purchase contract</span> does contain a risk of loss provision, that provision will govern to the extent it is different from or more specific than the Uniform Vendor and Purchaser Risk Act (Uniform Act) (Cal. Civ. Code § 1662). </p> <p align="left"> <span><span><span style="font-size:180%;"><strong>Q</strong></span></span> <strong>2. </strong></span> <em><strong><span><span>May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is minor?</span></span></strong></em> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span>A</span></strong></span> </span> <span>Probably not. The Uniform Act implies that the seller may still enforce the contract if the damage is not material. However, a purchase agreement may require the seller to repair such damage. For example, Paragraph 7A of C.A.R.'s</span> Residential Purchase Agreement requires the property to be maintained in substantially the same condition it was in on the date of acceptance. Under this language, a seller could be obligated to repair fire-related damage to his or her property. </p> <p align="left"> <span><span><span style="font-size:180%;"><strong>Q</strong></span></span> <strong>3. </strong></span> <em><strong><span><span>May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is major?</span></span></strong></em> </p> <p align="left"> <span><span><span style="font-size:180%;"><strong>A</strong></span></span> </span> <span>Yes. To repeat, if (1) neither legal title nor possession has transferred from the seller to the buyer, and</span> all or a material part of the real property is destroyed by fire, and (2) no express contract provision to the contrary exists, then, under the Uniform Act the seller cannot enforce the purchase contract and the buyer may cancel and recover any portion of the purchase price already paid. (Cal. Civ. Code § 1662.) </p> <p align="left"> <strong><span><span style="font-size:180%;"><span><span>Q</span></span></span> 4. </span> <span><span><em>If the damage is not severe, does the timing of the fires (whether they occur before or after an inspection) affect the right to cancel?</em></span></span></strong> </p> <p align="left"> <span><strong><span><span><span style="font-size:180%;">A</span></span></span> </strong></span> <span>Yes. If the damage occurs before the buyer has removed an inspection contingency in his or her purchase contract, the buyer can, of course, exercise any inspection, disapproval, and cancellation rights provided by the contract.</span> </p> <p align="left"> <span>If the damage occurs</span> after the buyer has removed his or her inspection contingency, the buyer generally does <span>not</span> have an automatic right to reinspect the property and approve or disapprove of its condition under most purchase contracts (including C.A.R.'s <span>Residential Purchase Agreement</span>). However, the seller may be obligated to repair the property. See Question 2. </p> <p align="left"> <span>A purchase agreement may, however, require a seller to</span> disclose fire-related information, which in turn may give a buyer a right to cancel a transaction, even if he or she has already removed contingencies. For example, Paragraphs 5A(3) and (4) of C.A.R.'s <span>Residential Purchase Agreement</span> provide that if,prior to the close of escrow, the seller becomes aware of adverse conditions materially affecting the property, the seller must provide a subsequent or amended disclosure or notice, which then gives the buyer a right to cancel the agreement. </p> <p align="left"> <strong><span><span style="font-size:180%;"><span><span>Q</span></span></span> 5. </span> <span><span><em>Must a seller disclose major fire damage that has not been repaired when attempting to sell the property?</em></span></span></strong> </p> <p align="left"> <span><span><span><strong><span style="font-size:180%;">A</span></strong></span></span> </span> <span>Yes. For sales of residential one-to-four unit properties, the Real Estate Transfer Disclosure Statement (TDS), Section II (Seller's Information), paragraph C.9, asks:</span> </p> <p align="left"> <span>"C. Are you (Seller) aware of any of the following: . . . 9. Major damage to the property or any of the structures from</span> fire, earthquake, floods, or landslides.<br />______ Yes ______ No." (Cal. Civ. Code § 1102.6 (emphasis added).) </p> <p align="left"> <span>In addition, for both residential one-to-four unit and other properties, the seller is required to inform a buyer whether the property is located in a "very high fire hazard severity zone" (which has certain maintenance requirements) or a "state responsibility area" (which may contain substantial forest fire risks and for which the state has primary financial responsibility for fire prevention and suppression). (Cal. Civ. Code §§ 1103.2</span> et seq.) The disclosure of these and other natural hazard zones is discussed more fully in C.A.R.'s legal article, <a title="" href="http://www.car.org/legal/2005articles/natural-hazard-disclosure/">Natural Hazard Disclosure Statement</a>. </p> <p align="left"> <span>For all types of property, the general requirement of disclosing known material facts affecting the value or desirability of property applies.</span> </p> <p align="left"> <strong><span><span><span><span><span style="font-size:180%;">Q</span></span></span></span> 6. </span> <span><span><em>Must a seller disclose the fact of a fire when there was no major damage to the property?</em></span></span></strong> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span><span><span>A</span></span></span> </strong></span></span> <span>Yes, if it is a material fact affecting the value or desirability of the property to the buyer. Even though the property may not have suffered major fire damage, the seller may be aware of</span> other facts related to the fire that the buyer might not be aware of. Of course, a buyer must also exercise reasonable care to protect himself or herself in a real estate transaction, and is not excused from discovering problems that are within his or her diligent attention and observation. </p> <p align="left"> <span><span><span><span><span style="font-size:180%;"><strong>Q</strong></span></span></span></span> <strong>7. </strong></span> <em><strong><span><span>Must a seller disclose the fact of a fire when there was major damage to the property but it has been repaired?</span></span></strong></em> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span><span><span>A</span></span></span> </strong></span></span> <span>California law does not clearly answer whether a seller must disclose past property defects and repairs. At the present time, the law does not appear to require disclosure of past defects and repairs unless the problems may be</span> persistent. In other words, a defect which has been fully repaired and no longer threatens the value or desirability of the property probably need not be disclosed. On the other hand, defects which are difficult to remedy and which may continue to plague the property may have to be disclosed. Given some uncertainty in this area of the law, many sellers may prefer to resolve doubts infavor of disclosure to minimize the risk of liability. </p> <p align="left"> <strong><span><span><span><span><span style="font-size:180%;">Q</span></span></span></span> 8. </span> <span><span><em>What are the tax effects of destruction of a property?</em></span></span></strong> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span><span><span>A</span></span></span> </strong></span></span> <span>Federal income tax law provides for the deduction of "casualty losses," which include destruction of property by "Acts of God" including fire, theft, and certain other types of losses. (<em>See</em> 26 U.S.C. §165.)</span> </p> <p align="left"> <span>The following is a brief summary of the rules:</span> </p> <ol type="1"><li> <div align="left"> <span>(1) For business property, the casualty loss is fully deductible. (26 U.S.C. §165(a).)</span> </div> </li><li> <div align="left"> <span>(2) For non-business property of individuals, losses from "casualties," including floods, earthquake, fire, storm, or other natural occurrences, are generally deductible only to the extent that the total of such losses exceeds 10 percent of the taxpayer's adjusted gross income for the year of loss. Any loss is deductibleonly by a taxpayer who itemizes deductions. Each loss is subject to a $100 floor. The amount of a casualty loss is the lesser of, (a) the difference between the value of the property immediately before and after the loss, or (b) the adjusted basis of the property immediately before the loss. (26 U.S.C. §165(c)(3) and (h).)</span> </div> </li><li> <div align="left"> <span>(3) If the loss results from a disaster that the President determines to be eligible for federal assistance, the taxpayer has the choice of deducting the disaster losses on his or her return either, (a) for the year in which the loss occurred, or (b) for the preceding tax year.</span> (26 U.S.C. §165(i).) </div> </li></ol> <p align="left"> <span>See the <a title="Internal Revenue Service" href="http://www.irs.gov/">Internal Revenue Service's website</a> for more information. For a copy of the IRC code, go to <a title="" href="http://uscode.house.gov/search/criteria.shtml">U.S. Code Online</a> and enter 26 for the title and 165 for the section and click on search.</span> </p> <p align="left"> <span>Please contact an accountant or tax attorney for further details about the tax effects of fire losses on a particular transaction.</span> </p> <p align="left"> <span><span><span><span><span><span style="font-size:180%;"><strong>Q</strong></span></span></span></span></span> <strong>9.</strong></span><strong> <em><span>Can a landlord or tenant terminate a lease or a rental agreement if all or parts of the premises are destroyed by fire?</span></em></strong> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span><span><span><span>A</span></span></span></span></strong></span> </span> <span>Yes. Under California Civil Code Section 1933(4), the agreement is terminated automatically if the entire premises are destroyed, unless the parties have agreed to something different. In the event the premises are only</span> partially destroyed, the tenant can terminate the lease by notice to the landlord if the landlord had reason to believe at commencement of the lease or rental agreement that the portion destroyed was a "material inducement" to the tenant to enter into the lease (Cal. Civ. Code §1932(2)).<br /><br />Again, any contrary agreement between the parties will govern. </p> <p align="left"> <span><span><span><span><span><span><span style="font-size:180%;"><strong>Q</strong></span></span></span></span></span></span> <strong>10. </strong></span> <strong><em><span><span>Can a landlord collect further rent after the lease or rental agreement is terminated due to destruction of the premises?</span></span></em></strong> </p> <p align="left"> <span><span style="font-size:180%;"><strong><span><span><span><span><span>A</span></span></span></span></span></strong></span> </span> <span>No. The obligation to pay future rent is extinguished when the rental agreement is terminated. However, a tenant maystill owe back rent.</span> </p><span><span><span><span><span><span><span style="font-size:180%;"><strong>Q</strong></span></span></span></span></span></span> <strong>11. </strong></span> <strong><em><span><span>Where can I obtain additional information?</span></span></em></strong><br /><br /><span><span><span><span><span><span><span style="font-size:180%;"><strong>A</strong></span></span></span></span></span></span> </span> Additional information is available on the <a title="" href="http://www.car.org/legal/real-estate-law/real-estate-resources/">Real Estate Resources</a> page on <em>C.A.R. Online</em>. Look for the category, "Fire Disaster Assistance." This legal article is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit <em>C.A.R. Online</em> at <a href="http://www.car.org/">www.car.org</a>. For a list of important contact numbers, please see Appendix A below**.<br /><span style="font-style: italic;">**(see link to article on C.A.R. website for Appendix A with list of contact numbers)</span><br /><br />Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.'s Member Legal Hotline at 213.739.8282. C.A.R. members who are broker-owners, office managers, or Designated REALTORS® may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. The access times are Monday through Friday, 9:00 A.M. to 6:00 P.M. Members may also fax or e-mail inquiries to the Member Legal Hotline at 213.480.7724 or <a href="mailto:legal_hotline@car.org">legal_hotline@car.org</a>. Written correspondence should be addressed to:<br /><br />California Association of REALTORS®<br />Member Legal Services<br />525 South Virgil Avenue<br />Los Angeles, California 90020<br /><br /><p align="left"><span style="font-size:78%;"><span style="color: rgb(0, 0, 128);"><span class="copyright">The information contained herein is believed accurate as of September 2, 2009. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.</span></span></span> </p> <div align="left"> <hr /> </div> <span><strong></strong></span><br /><br /><span style="font-style: italic;">The following article was prepared by and is courtesy of the California Association of Realtors (C.A.R.) Legal Department - </span><span style="font-style: italic;">reprinted with permission. </span><span style="font-style: italic;">The entire text of the article can be found </span><a style="font-style: italic;" href="http://www.car.org/legal/2009-qa/firestorms/">HERE</a><span style="font-style: italic;">.</span> <span style="font-style: italic;">Source: <a href="http://www.car.org/legal/2009-qa/firestorms/">http://www.car.org/legal/2009-qa/firestorms/</a></span>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-17483767097841550762009-08-26T10:53:00.000-07:002009-08-26T10:59:24.461-07:00FREE PIZZA FOR CAMARO OWNERS - TODAY ONLY!!!<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvj8nPdUTQXirjHOkxd3_PI3LF6iMobvMrd2YZQHAiHITjGsCQm638JqVTOP4zEuODRlNQH8_r14yzigkxFVZXUUKo_J-Ij-X9Sg9qq-PTk1JwH9-VB9UsuB0n4c_XC_xZNcXzwOwCQ30/s1600-h/PapaJohnsPizza.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 496px; height: 371px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvj8nPdUTQXirjHOkxd3_PI3LF6iMobvMrd2YZQHAiHITjGsCQm638JqVTOP4zEuODRlNQH8_r14yzigkxFVZXUUKo_J-Ij-X9Sg9qq-PTk1JwH9-VB9UsuB0n4c_XC_xZNcXzwOwCQ30/s400/PapaJohnsPizza.jpg" alt="" id="BLOGGER_PHOTO_ID_5374332418755861266" border="0" /></a><br /><br /><br />Who ever said there was no such thing as a <span style="font-size:130%;"><span style="font-weight: bold;">FREE LUNCH???</span></span> If you own a Chevrolet Camaro, you can get yourself a free large, one-topping pizza <span style="font-size:130%;"><span style="font-weight: bold;">TODAY ONLY, </span><span style="font-size:100%;">Wednesday <span style="font-size:130%;"><span style="font-weight: bold;">August 26, 2009</span></span></span></span>, at any Papa John’s pizza restaurant. This promotion is to celebrate the fact that John Schnatter, the founder of the Papa John’s, was able to locate his own original Camaro which he sold back in 1983 when he was just 21 years old. He sold the car to help his father save his bar from bankruptcy, which was located in Jeffersonville, Indiana. The money was used to help fix & save the bar, and the bar is where John Shattner started selling Pizzas - the rest is history.<br /><br />The Camaro was purchased by Jeff Robinson in 2004 for $4,500.00, who agreed to return the car to Schattner, after a friend of his heard about the search by the pizza executive during a preseason NFL football game interview & told him about it. Robinson also received a check for $250,000.00 for returning the car – not a bad return on his investment!<br /><br />Although a <span style="font-size:180%;"><span style="font-weight: bold;">free pizza</span></span> is not so bad, either...<br /><br /><div style="text-align: left;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgQncbiUfrE5nOT9C_0FNBlW4R_A1qmTj5zEW27qCbMcAHcn7G5UkLc7CSTxOJP1NCSVPPElv8v-W0CheWZkm45NpPnF2O6T6MgyXU_bFU5qEP-7SLYTbHFP1oH_II6iW56uS25VvJG3I/s1600-h/Papa+john_found_pj2.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 407px; height: 115px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgQncbiUfrE5nOT9C_0FNBlW4R_A1qmTj5zEW27qCbMcAHcn7G5UkLc7CSTxOJP1NCSVPPElv8v-W0CheWZkm45NpPnF2O6T6MgyXU_bFU5qEP-7SLYTbHFP1oH_II6iW56uS25VvJG3I/s320/Papa+john_found_pj2.jpg" alt="" id="BLOGGER_PHOTO_ID_5374333340254897698" border="0" /></a><br /></div><span style="font-style: italic;">Source: WLKY.com, Louisville, Kentucky. The full story can be found </span><a style="font-style: italic;" href="http://www.wlky.com/automotive/20547034/detail.html">HERE</a><span style="font-style: italic;">.</span> <span style="font-style: italic;"><br /><br />Visit </span><a style="font-style: italic;" href="http://www.papasroadtrip.com/">http://www.papasroadtrip.com/</a><span style="font-style: italic;"> for details on the promotion.</span>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0tag:blogger.com,1999:blog-5315740735868327899.post-60890738080726314382009-08-13T17:33:00.000-07:002009-08-13T17:44:46.407-07:00Nine Steps to Buying a Home<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5Cy4KEjMhWE7t8ypAcm9EquCupl2iMn9xpDDyCp-ut8X6-rmCIM2REvhyphenhyphenKQR6jBRhosULk_CfsHD6PmF53W6sQ_s0Qyy4koW-T59ZBHmyzXesOEzTMWa_0XkjHaTDAq9b2IgS4ZQIpKM/s1600-h/sold-sign-keys-lg.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 260px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5Cy4KEjMhWE7t8ypAcm9EquCupl2iMn9xpDDyCp-ut8X6-rmCIM2REvhyphenhyphenKQR6jBRhosULk_CfsHD6PmF53W6sQ_s0Qyy4koW-T59ZBHmyzXesOEzTMWa_0XkjHaTDAq9b2IgS4ZQIpKM/s400/sold-sign-keys-lg.jpg" alt="" id="BLOGGER_PHOTO_ID_5369611368201942242" border="0" /></a><br /><br /><br />Buying a new home can seem like an overwhelming experience for many first time (as well as seasoned) homebuyers. It may seem like there are so many things to remember and so many things to do, and can seem daunting for some. It helps to to have a great agent to help you through the process, and it certainly helps to be able to break it down step by step and just concentrate on each individual portion at a time, as you march down the path on your journey toward home ownership!<br /><br />Here is how the Dept. Of Housing and Urban Development (HUD) breaks down the home buying process in nine steps. The link to the source of the info can be found at the bottom of the post.<span style="font-weight: bold;"><br /><br /></span><span style="font-weight: bold;">Step 1: Figure out How Much You Can Afford </span><br /><br />Talk to a lender or a good mortgage broker, and they can run your credit score and see how much of a loan you would qualify for, based on your income, credit score, employment, etc.. It is definitely a good idea to do this up front, so that you know your exact purchasing power and the price range in which you should be seriously concentrating your house hunting efforts. Also, most all seller’s entertaining offers on property they are selling these days will require that a pre-approval letter be included with any offer coming in to them. Best to start here, and possibly save yourself wasted time and effort in the future.<br /><br /><br /><span style="font-weight: bold;">Step 2: Be Aware of your Rights!</span><br /><br />Familiarize yourself with the Fair Housing Act<br /><br /><a href="http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf">http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf</a><br /><br />and the Real Estate Settlement Procedures Act (RESPA):<br /><br /><a href="http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm">http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm</a><br /><br />Both are designed to protect borrowers and buyers in the homebuying process – it is highly recommended for all borrowers to familiarize themselves with the provisions, so you KNOW YOUR RIGHTS!<br /><br /><br /><span style="font-weight: bold;">Step 3: Shop for a Loan</span><br /><br />Now that you know you are pre-qualified and are ready to do some serious looking, devote some of your serious attention to shopping for a good loan in addition to the time spent looking for your new home. If you do your homework, comparing costs with several lenders and looking at the different costs and interest rates may save you serious dollars over the life of the loan.<br /><br /><br /><span style="font-weight: bold;">Step 4: Learn About Homebuying Programs</span><br /><br />Downpayment assistance is available if you qualify! – you can find information on some of California’s programs here: <a href="http://www.hud.gov/local/ca/homeownership/buyingprgms.cfm">http://www.hud.gov/local/ca/homeownership/buyingprgms.cfm</a> . <br /><br />Contact me at <a href="mailto:john.barry@coldwellbanker.com">john.barry@coldwellbanker.com</a> for more information about specific programs available in your area.<br /><br /><br /><span style="font-weight: bold;">Step 5: Shop for a Home</span><br /><br />This is the fun part!! (Or it can be the most frustrating part!) Remember that it is not easy to find a home with EXACTLY 100% of what you are looking for. If you find a property with 80% of the features you are looking for in a home, it might be the one for you & you seriously consider making an offer, especially if the amenities or features it is missing is something that can be added later on. Choose an agent you like and trust who can help you and guide you through the process from searching for the home to moving day! <br /><br /><br /><span style="font-weight: bold;">Step 6: Make an Offer</span><br /><br />This is where your real estate agents expertise and knowledge of the market conditions will help them advise you of what would be a fair price to offer on a property, to help give you the highest possibility of getting your offer accepted. Sellers do not necessarily look at the highest dollar offer as the strongest offer. When buyers are in a multiple offer situation for the same property, there are other things that sellers look for in an offer besides the final price, when deciding which to accept. A good agent can assist you in presenting the strongest offer possible which would give you the greatest chance as a buyer of having it accepted.<br /><br /><br /><span style="font-weight: bold;">Step 7: Get a Home Inspection</span><br /><br />Now that you have found a home you love and have an accepted offer (lucky you!), you are ready to schedule a home inspection. This should be done as soon as possible as soon as you have an accepted deal. Any property you purchase should be contingent upon the buyer being able to obtain and approve of a physical inspection of the property. By spending a few hundred dollars up front, a potential buyer can find out about the condition of the home, and discover any minor or major repairs needed on the home before committing to the purchase. If the potential buyer discovers any serious issues with the condition of the property at this point, they can then go back to the seller and ask for a credit at the close of escrow based upon the estimated cost of the repairs, or decide to cancel their purchase of the property based upon the inspection contingency. Again, a good agent will be able to help you & guide you through this process. Contact me at <a href="mailto:john.barry@coldwellbanker.com">john.barry@coldwellbanker.com</a> for personal assistance, or if you would like a referral to a qualified agent in your local area.<br /><br /><br /><span style="font-weight: bold;">Step 8: Shop for Homeowners Insurance</span><br /><br />All lenders will require homeowners insurance, so be sure to shop around for the best deal possible. Not all insurance companies may offer you the same rate.<br /><br />The US Govt.’s Insurance Information Institute (iii) has some great information on 12 ways to lower your home insurance costs, which can be found here: <a href="http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm">http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm</a><br /><br /><br /><span style="font-weight: bold;">Step 9: Sign Loan Documents</span><br /><br />You’re almost there!! One of the final steps before closing is to sign loan documents – be sure to read everything before you sign! Some helpful information on settlement costs and other as[pects of the loan process can be found here: <a href="http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf">http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf</a><br /><br />Usually you will be required to go into the escrow office to sign the loan documents where a notary will notarize the applicable ones. Sometimes it is possible for the escrow company to arrange a mobile notary to meet the borrowers and have them signed outside of the escrow office (although this is not always allowed by the lender and the borrower will also usually pay several hundred dollars extra for this service). Once the loan documents have been signed and returned to the lender, and once everything else is in place and the buyer has deposited their final down payment, the lender funds the loan, and the escrow officer sets up the file for closing.<br /><br /><span style="font-size:130%;"><span style="font-weight: bold;">The next biggest decision you will have to make is what to serve your guests at the housewarming party!!!</span></span><br /><br /><br /><span style="font-style: italic;">Source of information: US Department of Housing and Urban Development (HUD) - <a href="http://www.hud.gov/buying/index.cfm">http://www.hud.gov/buying/index.cfm</a></span>John Barryhttp://www.blogger.com/profile/05920258013171077896noreply@blogger.com0