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Garrigus Real Estate's Blog

By Garrigus Real Estate | Agent in Beaumont, CA
  • DON'T PUT YOUR HEAD IN THE SAND!!! If You're Having Trouble Paying Your Mortgage... SHORT SELL IT!!!!

    Posted Under: Home Buying in California, Home Selling in California, Financing in California  |  February 16, 2012 9:24 AM  |  642 views  |  No comments

    DON'T PUT YOUR HEAD IN THE SAND!!! If You're Having Trouble Paying Your Mortgage... SHORT SELL IT!!!!

    • Is your house "upside-down"? Do you owe more than it’s worth?
    • Are you having trouble paying your mortgage, or are you already behind?
    • Are you wondering if a Short Sale is right for you?

    Losing control of your mortgage can be devastating and embarrassing, but don't let your emotions keep you from exploring your options!!

    One of those options is a Short Sale. Short Sales have become the viable option to foreclosure. It can help you ease the massive credit damage a Foreclosure can cause. Foreclosure can keep you from buying another home for five years or longer. Short Selling can reduce this time to a couple of years. A Short Sale on your credit says to future potential lenders that you were pro-active in dealing with your distressed mortgage.

    Not all real estate agents are knowledgeable with Foreclosures and Short Sales. Not all REALTOR agents are equal! Use someone you can trust; someone experienced; someone that can protect your interests. 
    Certified Foreclosure & Short Sale Specialists can help you short sale your house. We specialize in Foreclosures, Short Sales and Distressed properties. We understand the current depressed market, where it's headed and what it means to you!!!!

    We can help you find the right short sale real estate agent that can get the job done. We have dealt with many Short Sales and


    Foreclosures, and we understand how to market, negotiate and short sell distressed homes, and we can interview REALTORs and real estate agent on your behalf to ensure you're getting the best possible short sale profeffional. All at no cost to you!

    Call or email us now, and together we'll get your life back on track.

    Call Now: (888) 9-List-It. That's (888) 954-7848.

    Or email: GarrigusRealEstate@yahoo.com

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  • C.A.R. Announces New California Laws for 2012

    Posted Under: Home Buying in California, Home Selling in California, Financing in California  |  February 15, 2012 2:54 PM  |  669 views  |  No comments

    New California Laws for 2012

    Now that the first half of the 2011-12 legislative session is over, significant new laws have emerged that may affect REALTORS® and their clients.  Below are some of the new laws involving disclosures, licensing, small claims court, landlord-tenant, and other areas of interest for the real estate practitioner.  The full text of a bill is available at www.leginfo.ca.gov.

    Sellers Disclosing Water-Conserving Plumbing Fixtures: C.A.R. successfully sponsored a new law, effective January 1, 2012, revising the Transfer Disclosure Statement (TDS) to include a checkbox in Section A for the seller to disclose whether the property has water-conserving plumbing fixtures.  The revised TDS also clarifies at the end of Section B that, by January 1, 2017, a single-family residence built on or before January 1, 1994 must generally be equipped with water-conserving plumbing fixtures.  If, however, that single-family home is altered or improved on or after January 1, 2014, the water-conserving plumbing fixtures must be a condition of final permit approval.  Water-conserving plumbing fixtures are low-flow toilets, shower heads, and faucets under section 1101.3 of the California Civil Code.  C.A.R. intends to release a revised TDS form in November 2011 to comply with this law.  Senate Bill 837.

    Short Sale Listing Agents Redlands CA

    NHD Companies Disclosing Mining Operations:
    Starting January 1, 2012, a company preparing a natural hazard disclosure (NHD) statement for a prospective buyer, as required for certain transactions, must also disclose whether the property is located within one mile of a mining operation, according to map coordinate data from the Office of Mine Reclamation.  If a property is within one mile, the NHD company must give a specified notice that such mining operations may cause inconveniences.  Senate Bill 110.

    No Fee Bundling for HOA Disclosures: Beginning January 1, 2012, another C.A.R.-sponsored bill requires a homeowner’s association (HOA) to, upon written request, give an estimate of the fee for providing a prospective buyer with the governing documents of the common interest development and other required HOA disclosures.  The fee must be reasonable based upon the HOA’s actual cost for procuring, preparing, reproducing, and delivering the HOA documents.  If the fee is paid, the HOA cannot withhold the required HOA disclosures for any reason.  Moreover, the HOA cannot bundle the fee for providing required HOA disclosures with any other fees, fines, or assessments.  This law will prevent an HOA’s third-party document preparation company from bundling together both mandatory and non-mandatory HOA documents, and charging a higher fee for providing all the documents.  The HOA is also prohibited from charging any additional fees for electronic delivery of HOA documents, which must be available to a requesting party if the HOA maintains the documents electronically.  Additionally, at a buyer’s request, the HOA must provide 12 months of approved minutes of the association’s board of directors meetings (excluding executive sessions).  Delivery of the required HOA documents must be accompanied by a cover sheet itemizing the documents required by law and those provided.  In November 2011, we intend to release a revised C.A.R. standard form Homeowner Association Information Request that complies with this requirement.  Assembly Bill 771.

    Realty Listing Agents Inland Empire

    Brokers Designating Managers: Under another law that C.A.R. sponsored, effective July 1, 2012, an employing broker may appoint a licensee as a manager to supervise the licensed activities, clerical staff, and day-to-day operations of a branch office or division.  An appointed manager who fails to properly supervise licensed activities will be subject to disciplinary action by the California Department of Real Estate (DRE).  Appointing a manager, however, does not limit the employing broker’s supervisory responsibilities.  The appointment of a manager must be in a written agreement in which the manager accepts the delegated responsibility.  The employing broker must notify the DRE when a manager has been appointed or terminated.  A licensee cannot be an appointed manager if the licensee holds a restricted license, is or has been subject to a debarment order, or is a salesperson with less than two years of full-time real estate experience within the last five years.  Senate Bill 510.

    Strengthening DRE Enforcement: Effective January 1, 2012, the DRE will have greater disciplinary authority to achieve its highest priority of protecting the public.  A licensee will be required to report to the DRE within 30 days of any of the following: (1) disciplinary action taken by another licensing entity in California or another state, or by a federal governmental agency; (2) an indictment or information charging a felony against the licensee; or (3) a conviction of a felony or misdemeanor, including a plea of guilty or no contest.  Failure to comply with this reporting requirement will be cause for discipline.  The DRE’s broader disciplinary authority will also include, among other things, the ability to automatically suspend the license of anyone incarcerated after a felony conviction.  For disciplinary actions, the DRE can conclusively presume without a hearing that a licensee’s conviction of murder, rape, lewd and lascivious acts, or a violation of dangerous drugs or controlled substances laws is substantially related to the licensee’s qualifications, functions, or duties.  The DRE will also be able to enter into a pre-prosecution settlement with a licensee or applicant instead of issuing an accusation or statement of issues, but the settlement shall be considered discipline.  Additionally, the DRE can request that a disciplinary order requires the disciplined licensee to pay reasonable investigation and prosecution costs.  Failure to pay can result in non-renewal of license.  The DRE can also require that a restricted licensee pays the costs for monitoring the licensee and monetary restitution to any person who sustained damages caused by the licensee’s misconduct.  Again, failure to pay can result in non-renewal of license.  Senate Bill 706.

    Southern CA Short Sale

    DRE Issuing Citations and Fines: Starting January 1, 2012, the DRE can issue a citation and fine up to $2,500 if, upon investigation, it has cause to believe that a licensee has violated the DRE rules, or a unlicensed person has engaged in licensed activities.  The person cited can request a hearing within 30 days from receipt of the citation.  The citation and fine will be in lieu of DRE disciplinary action for the offense cited, and the citation will not be reported as discipline.  However, failure to comply with the terms of the citation or pay the fine within a reasonable time specified by the DRE shall result in disciplinary action and non-renewal of license.  The DRE may also apply to a superior court for a judgment in the amount of the fine and an order compelling compliance.  All administrative fines collected will be deposited into the Real Estate Recovery Fund, which has, under Senate Bill 706, been renamed the Consumer Recovery Account.  Additionally under this law, if the DRE delays the renewal of a license due to a pending disciplinary action, the license will not expire until the results of the disciplinary action are final or the license is voluntarily surrendered, whichever occurs first.  This law also gives the DRE the authority to make public information confirming the fact of certain investigations or proceedings regarding a licensee, and to apply for a court order to enforce a subpoena if a licensee has refused to obey.  Senate Bill 53.

    Reporting Broker-Owned Escrows and Securities Qualification Exemptions: Starting July 1, 2012, a broker who conducts escrow activities for five or more transactions in a calendar year under the broker exemption from the Escrow Law, or whose escrow activities are $1 million or more in a calendar year, must file with the DRE an annual report of the number of escrows and dollar volume.  The report must be filed within 60 days after the end of a calendar year in which the threshold is met.  A failure to submit the report will be penalized at $50 per day for the first 30 days and $100 per day thereafter, up to $10,000.  A broker who fails to pay the penalty may be subject to license suspension or revocation.  All penalties collected will be deposited into the Consumer Recovery Account under the Real Estate Recovery Program.  Effective January 1, 2012, this law also requires a broker who files certain information with the DRE for an exemption from securities qualification to submit a copy of that information to any investor who gives funds to the broker in connection with a transaction involving the sale of a series of notes (or undivided interests in a note) secured by real property under section 10237 of the California Business and Professions Code.  Senate Bill 53.

    DRE Suspending Largest Tax Delinquents: Commencing January 1, 2012, both the State Board of Equalization and the Franchise Tax Board must periodically make public a list of the 500 persons with the largest tax delinquencies in excess of $100,000.  The lists must include, among other things, each taxpayer’s occupational or professional license numbers.  The DRE and other state governmental licensing entities (with certain exceptions) must suspend and refuse to issue or renew an occupational or professional license for anyone on either tax delinquency list.  Assembly Bill 1424.

    Agents Handling Appraisal Issues: Beginning January 1, 2012, a licensee cannot knowingly or intentionally misrepresent the value of real property.  Furthermore, a licensee who offers or provides an opinion of value of residential real property that is used as the basis for originating a mortgage loan cannot have any direct or indirect interest in the property or transaction as defined under Regulation Z (at 12 C.F.R. section 226.42(d)).  A licensee or other interested party is also prohibited from using coercion, extortion, bribery, intimidation, compensation, or instruction to improperly influence a person preparing an appraisal or valuation for a real estate transaction.  Senate Bill 6.

    Increasing Small Claims to $10,000: Commencing January 1, 2012, the small claims court jurisdiction will generally increase from $7,500 to $10,000 for an action brought by a natural person.  For a claim of bodily injury from a car accident, the increase to $10,000 will not occur until 2015.  The dollar limit in small claims court for an action brought by a corporation or other entity will remain at $5,000.  Senate Bill 221.

    Revising the Notice of Sale: Effective April 1, 2012, a notice of trustee’s sale for the non-judicial foreclosure of one-to-four residential units must contain specified notices to the owner on how to seek postponement of the trustee’s sale, and to potential bidders on the risks involved in bidding at trustee auctions.  Additionally, a lender or authorized agent must make a good faith effort to provide up-to-date information about sale dates and postponements to persons who want this information.  The lender must also provide updated information through the Internet, a telephone recording, or any other means that allows free access at any time.  Senate Bill 4.

    Renting Out Condominiums: C.A.R. also successfully sponsored legislation protecting owners’ right to rent out their units in common interest developments.  Starting January 1, 2012, an owner in a common interest development is exempt from any prohibition in a governing document against renting or leasing the unit, unless that prohibition was in effect before the owner acquired title to his or her unit.  When renting out a unit, the owner must give the HOA verification of the owner’s acquisition date, and name and contact information of the prospective tenant.  An owner’s right to rent under this law does not terminate for certain transfers of title, including, but not limited to, probate, spousal, parent-to-child, adding a joint tenant, and other transfers exempt from property tax reassessment.  For sales transactions, the required HOA disclosures must include a statement describing any prohibition in the governing documents against renting or leasing.  This law does not apply to rental prohibitions in effect before 2012.  Senate Bill 150.

    Tenants Smoking Ban: Beginning January 1, 2012, a residential landlord can prohibit the smoking of cigarettes and other tobacco products on the property, including any dwelling unit, building, other interior or exterior area, or the premises on which the property is located.  For new tenants on or after January 1, 2012, the areas where smoking is prohibited must be stated in the lease or rental agreement.  For preexisting tenants before 2012, a new provision prohibiting smoking is a change in the terms of tenancy that requires adequate written notice, depending on whether the tenancy is month-to-month or for a fixed term.  Senate Bill 332.

    Tenants Displaying Political Signs: Effective January 1, 2012, a residential tenant can generally display political signs related to elections, legislative votes, initiatives, and other political matters as specified, but the landlord can make reasonable restrictions as to location, size, and duration of display.  In a single-family dwelling, a tenant’s political signs can be displayed from the yard, window, door, balcony, or outside wall of the leased premises.  In a multifamily dwelling, a tenant’s political signs can be posted in the window or door of the leased premises.  A landlord can restrict the size of a political sign to six square feet.  A landlord can also prohibit a tenant from displaying political signs that violate local, state or federal law, or a lawful provision in an HOA’s governing documents.  A tenant must remove political signs in compliance with time limits set by local ordinance, or absent such time limits, the landlord can reasonably restrict the posting of a sign to 90 days before an election or vote, and its removal within 15 days after the election or vote.  Senate Bill 337.

    Tenants Recycling Rights: Commencing July 1, 2012, a multifamily residential dwelling of five or more units (or a multifamily residential dwelling or business that generates more than four cubic yards per week of commercial solid waste as defined) must arrange for recycling services.  The intent of this law is to address the challenges local governments are facing in reducing solid waste disposal in multifamily properties.  The required recycling services are to be consistent with state or local laws, to the extent that these services are offered and reasonably available from a local service provider.  The property owner of a multifamily residential dwelling may require tenants to source separate their recyclable materials to aid in compliance with this law.  Assembly Bill 341.

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  • Real Estate Q & A | Real Estate Questions | Real Estate Answers

    Posted Under: Home Buying in California, Home Selling in California, Financing in California  |  February 15, 2012 2:29 PM  |  623 views  |  No comments

    I sold my home as a short sale and wonder when I can buy again?

    Short Sale My Home

    The general rule of thumb is two to three years depending on your particular situation and how much credit damage you've incurred from the short sale. If you haven't had any credit damage due to the short sale process or during it, you may be able to buy within a year or sooner.

    I made an offer on a house and my agent nor I haven’t heard anything from the seller’s agent and they will not return any of our calls. Is this typical in the buying process?

    If there are multiple offers on the property and yours is not the highest and best, you may not receive the answer, or any answer, that you want. Unfortunately some agents do not show the courtesy of informing non-winning bidders that they did not win the negotiation process over other buyers.

    Find a California REALTOR

    I am in the process of buying a house and escrow is closing in 2 weeks. I’d like to back out of the deal and decided to not buy it at the time of the walk-thru because of the condition of the house, can I back out this close to closing escrow?

    Only if the issue is the walk-through, which requires the house to be in at least as good condition as it was when you made the offer. A mediator may not release your liability based on the walk-through without sufficient proof. A purchase contract is designed to discourage a failure to perform due to buyer’s remorse. You may lose your deposit and the seller may be able to sue you for performance. If you are serious about walking away from the deal, you should seek legal advice from a real estate attorney!

    Short Pay Real Estate Agents

    Can my wife and I purchase a home with a 550 credit score and 640 high score? I'm interested in purchasing a home but I’d like to take advantage of the $0 down programs, or maybe obtain a FHA loan with my credit score. I have already paid off all of our collection accounts.

    Start calling lenders and mortgage brokers and apply for a loan with at least a few of them. It does not hurt your credit to shop for a good loan, as long as you are not receiving multiple rejections. But seek out lenders that specialize in credit, credit reports and scores, and credit programs. Sometimes the initial effects of paying off collection accounts can actually bring scores down. As far as what you can do now, most lenders will use the average of the two scores to determine your loan program and rate, and many lenders and brokers will accept credit scores as low as 560.

    Sell my Chino Hills Home

    Can someone provide me info as to how many homes have been foreclosed in Riverside County and San Bernardino County since 2006? I am interested in researching the counties to determine if it’s a good time to buy rental income properties.

    http://DataQuick.com is a great place to start when looking for information that's broad like this, although you may need to sign up for a membership. You should also seek the advice of an experienced rental income real estate agent. They will be able to provide you with a wealth of information.

  • Real Estate Q & A | Real Estate Questions | Real Estate Answers

    Posted Under: Home Buying in California, Home Selling in California, Financing in California  |  February 15, 2012 2:18 PM  |  629 views  |  No comments

    FIND A REAL ESTATE AGENT

    How much money is required if a buyer wants to make an offer on a home?

    It all really depends on what kind of financing you're using and how much house you're buying. But consider this: If you buy a house priced at $100,000, and used FHA financing, you can expect to put down 3.5%, or $3,500. Plus closing and transaction costs at 6% of the purchase price, or $6,000. Combine the down and the closing costs and you're looking at about $10,000 to buy a $100,000 home. Keep in mind that this answer is completely generic and without any details, but it can give you a simple rule of thumb.

    Beaumont CA Real Estate Agents

    What are Fannie Mae guidelines for REO properties for sale and how do they deal with back-up offers? I was one of three back-up offers on a property. After the original offer fell through, I got what I thought was an acceptance offer. A few days later, I was told that another offer was accepted. Do Fannie Mae properties accept all back-up offers and choose the one they want or how does that work exactly???

    Back-up offers are held for review in case the initial offer falls through, but the seller still has the right to review and entertain any other offers until they enter into an agreement with a buyer. Ask your agent to send you the paperwork you signed. It may be different than what you believed to be an acceptance offer.

    Corona Short Sale

    I am curious about how hard it is to buy a foreclosed house or short sale. Do I really need to subscribe to RealtyTrac to see those listings?

    No, you do not need to sign up for any paid subscriptions for foreclosures. When a bank decides to sell a foreclosure, they use an agent just like any other seller. You can get these listings via email from any agent with access to the MLS (Multiple Listing Service).

    Redlands CA Short Sale Negotiators

  • I want to buy a home one day but I want to know what are the qualifications? Real Estate Q & A | Real Estate Questions

    Posted Under: General Area in California, Home Buying in California, Financing in California  |  February 15, 2012 1:51 PM  |  642 views  |  No comments

    Congratulations on making the decision to buy a home…Now what?

    Financing:
    Getting your loan figured out is a crucial first step. If you are a member of a credit union, that's a great place to start. They can offer some great rates and often do portfolio loans, meaning they use their own money and keep the loan "in house". This allows them to be a bit more flexible, which is good for hard to lend properties, or hard to loan buyers. However, they often do not offer the low down payment options that the government sponsored loans offer...such as FHA 3.5% down, and USDA 100% down loans.

    FIND A REALTOR

    There are mortgage brokers (An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages), or mortgage bankers (an individual or company that lends directly from their own funds, often keeping them "in-house" as portfolio loans or, more often, selling the loans to the government sponsored entities (GSE’s) such as Freddie Mac or Fannie Mae.

    There are plenty of good mortgage brokers and mortgage bankers in town. There are smaller local banks (such as Exchange Bank) and the big peer banks such as Wells Fargo, Bank of America, Chase, and an array of mortgage brokers.

    There are a few really good loan programs that are not for first time buyers per se, but are a great fit for a buyer with minimal credit, a low credit score, and/or not much money down.

    For 100% financing, the USDA loan is a great loan option! If you are looking in the unincorporated areas of the county, or in some of the smaller cities or towns as the program is restricted to arural areas with smaller populations.

    California Short Sale REALTORS

    For a fixer, FHA 203K Rehab loan is a really good option. Or, if you're not looking for a home where you''ll need to be strapping the toolbelt on right away, then a straight FHA loan is a perfect choice. 3.5% down (much of which can be gifted) low FICO score okay. There's even a CHDAP (Ca. Homebuyer Downpayment Assistance Program) that gives you a 3% silent second loan, which allows you to get into a property with just one-half percent down.

    If you have at least 20% for a down payment, and a good credit score, you’re in a great position for a conventional loan.

    So, once you've found a good loan ...and a good lender, you'll have a better idea of where and what to look for in a home.

    So, you've found a good lender, and you know how much house you can afford....

    Now you need a good real estate agent. It’s a good idea to find a buyer's agent and build a good working relationship. A listing agent (the one who's name is on the sign) is representing the seller. A buyer's agent represents YOU. Some agents will "double end" a transaction (handle both sides of the sale) This can be a very slippery slope, as it is very hard to fairly represent BOTH sides of the sale.

    Picking an agent:
    Picking an agent is a personal choice really. First and foremost, in my opinion, there has to be good rapport. You should be able to figure that out in just a few conversations. A great bonus for the buyer is that the SELLER pays for the sale, meaning you get the full representation of your Realtor at no cost to you. Here are a few suggestions to help you select an agent;

    • I would suggest that the agent you chose is a Realtor. A Realtor is a real estate agent who is a member of the local, state and national Board of Realtors and is held to a very high standard of service and ethics.

    • Second, ask your prospective Realtor how long they've been in the business...and more importantly, how active they are currently in this market.. Real Estate is extremely volatile, especially over the last 5 years.. If a Realtor has not stayed active through this unusual market, they probably won't have the understanding they'll need to properly represent you.

    CA Short Sale Specialists

    • Make sure it's a local Realtor who knows the local market. Your cousin's brother-in-law, with a real estate license, who lives in Sacramento, may think he's doing you a favor, but there's no way he can properly represent you in a market he's not familiar with. This is really a dis-service to you. The best way he can help you is to refer you to a good local Realtor.

    • Make sure the Realtor is familiar with the type of property you're looking for. If it's country property you're looking for, your Realtor should be familiar with the intricacies of such a property. A river area property...same thing.

    • Make sure a prospective Realtor is familiar with representing buyers. Many agents prefer to list properties and are not familiar with the buying side of a transaction. A good Realtor is one who works with both sellers and buyers, as it gives them a more rounded perspective of the entire deal.

    • Your Realtor should be busy...but not too busy. A busy agent is often a sign of a good agent, but a good agent who's too busy and has no support system, may not be able to serve your immediate needs. An agent who can't find the time to meet with you when a new listing hits the market will lead to missed opportunities. A Realtor with a support system...or better yet, a Real Estate Team, is the best way to go in this challenging market.

    • When you meet with a prospective Realtor, both you and the Realtor should be clear as to what the other expects. A Buyer/Broker Agreement is a good way to make sure you're both on the same page as far as responsibilities and expectations. If you're not comfortable signing an agreement just yet, at least have a clear idea of what it is you expect from your Realtor, as far as communication, searching for property, viewing property, etc, and make sure the Realtor will meet your expectations.

    • An agent should not charge to represent you as a Buyer. In this area, it is customary for the Seller of a property to pay the commission, which is then split between the two agents in the sale. Each transaction is negotiable of coarse. In the case where you as the buyer might make an offer on a "For Sale By Owner" property, it may be necessary for you to pay an agent to represent you as the buyer, and to facilitate the sale..... typically 2.5 to 3% of the purchase price. ..but again, negotiable.

    If you have any more question about this subject, feel free to call us at:

    (951) 490-3683.


 
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