What is Real Estate Probate in California?
California probate ensures estate title is cleared. A personal representative is appointed by a state local judge. During the probate personal representative collects and puts together all assets, pays all debts by estate settlement. The money that is left after debt repayment is distributes among rightful heirs. This entire process may take a year or sometimes little more. State local judge supervises the entire process and makes decisions.
CALLING ALL FIRST TIME BUYERS
An overwhelming majority of recent buyers financed their purchase in 2015, despite above-normal activity from all cash buyers that likely pushed the percent share down.
First time home buyers – usually younger buyers – were more likely to finance
- 6% The median down payment for first-time buyers.
- 14 % the median down payment for repeat buyers.
Whether you’re a first-time or an experienced real estate buyer
C.A.R. provides valuable information to understand the Financing options and find down payment assistance programs available to you.
- Visit – downpayment.car.org.
- Enter a specific properly address, or the ‘View Programs” area in which you are looking to buy.
- Click – “View Programs” to learn more.
Sources: NATIONAL ASSOCIATION OF REALTORS – Annual Buyer and Seller Survey; California Association of Realtors*
TOP TEN MISTAKES HOME BUYERS MAKE
1. Not realizing that if you don’t write a strong offer to
purchase, the seller may reject or not respond to your
2. Not realizing that if you don’t write a strong offer to
purchase, you may lose the property to another more
highly motivated buyer.
3. Not realizing that, without a confidentiality
agreement, a seller need not treat your offer as
4. Not understanding when a contract becomes legally
5. Entering into an agreement before checking title
records, liens, and other things to ascertain whether the
seller will be able to close escrow as scheduled.
6. Not understanding the legal implications of loan and
inspection contingencies, and other contractual
7. Not obtaining a seller’s disclosures.
8. Not conducting your own inspections and
investigations as the buyer.
9. Not fully considering the legal, tax, credit, and other
ramifications of homeownership, especially
10. Not properly handling a claim for property defects
discovered after close of escrow.
Source: C.A.R. Legal Department
Real Estate prices on the uptick. According to the California Association of Realtors in 2015 interest rates and home prices rose compare to previous years. Because of this, housing affordability remains an issue for many would-be buyers. The percentage of the buyers who could afford to purchase a median priced, single family home declined in the second quarter for 30%. California statewide median-priced single family home will cost $485,100.00. The minimum annual income to qualify for a median priced single family home is $96,160. The monthly payment including taxes and insurance, on a 30 year fixed rate loan is approximately $2,404.00
Safety First When Selling Your Home
These guide lines should be followed to keep yourself and others safe when selling your real estate
- Don’t forget to take your keys, credit cards, jewelry and other valuables from from your home or lock them away
- Antique. rare, or expensive home decor items also should be put away lo avoid accidental breakage, or worse, theft
- Remove prescription medication from medicine cabinets, and bedside tables.
- Firearms. knives (including those in a block in the kitchen) and other weapons should be removed from sight and locked away
- Bills, invoices. credit card slate, ments, mail. and anything with your Social Security Number or other personal identifying information should be removed from review.
- Family photos and anything labeled with names also should be put away
- Do not let strangers into your home if they do not have an appointment
- All showings should be scheduled in advance through either your REALTOR, their office or another REALTOR who represents the buyer.
- Protect yourself from a liability standpoint by making sure that door way and sidewalks are clear and free of ice and debris.
- Also, make sure all pets are secured at all times
- Do everything in your power to be ensure a prospective buyer is not in danger
IF SOMETHING DOESN’T FEEL RIGHT, CALL YOUR REALTOR, IMMEDIATELY. ITS ALWAYS BEST TO ERR ON THE SIDE OF CAUTION.
Source: California Association of Real Estate and Realtors.
Find the Value of Your Home Now!
2. Not properly handling multiple offer situations with multiple buyers.
3. Not properly handling back-up offers.
4. Entering into an agreement with no earnest money deposit from the buyer, or a very small amount.
5. Entering into an agreement before verifying the buyer’s financial ability to close escrow.
6. Not disclosing known material fact affecting the value or desirability of the property.
7. Not providing the buyer with legally required disclosures.
8. Not obtaining the buyer’s written acknowledgment of disclosures.
9. Not considering whether to require the buyer to remove contingencies.
10. Not excluding items from the sale that the seller wants to keep.
Source – REALTOR.com
Home Sellers Mistakes
Droughts as part of Water Crisis brought up new laws in California. The new real estate legislation requires retrofitting houses for water efficiency. Data by California real estate association of REALTORS.
Are we wasting in our homes?
Water Crisis impacts the entire state of California including the real estate. A typical three bedroom single family house in California uses approximately 174,000.00 gallons of water a year.
Where do families use the most of water?
California Real Estate Association’s data informs that the most of water we use for home gardens and landscaping. This totals 57% of total waste. Next in the line stands showering, which sums 17% of water waste in our homes. Over-watering house gardens takes away 9% of water. Bathrooms and kitchen faucets waste another 9%. Toilets flash away 4% and clothes washing totals up another 4% of the use of house water.
Which are the water saving solutions for our homes?
The state of California introduced new water saving solutions and costs for our homes. Replacing existing toilets with low-flow equivalents will save 6.4 per flash and will cost home-owners $60-$200. The cost of faucet aerator is $2 which saves 1.2 gallon per minute. Low flow shower heads cost $10-$40 and save 2.5-3.5 per minute. According to the image $10 of house improvement saves gallons of water.
What California Senate Bill 407 is about?
Important Water Saving Legislation was passed by the California Senate. By Jan 1, 2017 all residential properties in California including houses, condominiums and rental apartments that were built prior to 1994 will require to retrofit with:
- Toilets that use no more water than 1.6 gallons of water per flush
- Shower heads with flow rates of no more than 2.5 gallons of water per minute
- Other interior real estate fixtures that use less than 2.2 gallons of water per minute.
Before buying or selling home contact Your REALTOR for retrofit advice.
Source: California Homebuilding Foundation. Published by: California Association of Realtors.
Credit knowledge brings confidence to home-buyers! Spring and summer mean warmer weather, hot days and increase of home sales, according to California Association of Realtors data. However, new Experian survey suggests many home-buyers dread the process because they’re unaware of their credit scores. 70% of prospective home buyers who know their credit scores feel significantly more prepared to buy a home. However; 54% of real estate buyers do not know their scores. 62% out of mentioned above number are potential buyers who are confident about their credit status, and 60% of rel estate buyers say they are financially prepared to buy a home.
Taking Action: 58% of future home buyers are working to improve their credit in order to qualify for a better home loan interest rate. 55% are paying off debt, 54% are paying bills on home. 28% are keeping balances low on credit cards. 20% are protecting credit card information from fraud/identity theft, 16% aren’t applying for or opening new credit accounts.
Home for sale by owner? Think you should think again…
Be ready to negotiate
Here is just a short list of people that you will have to negotiate with to sell your house:
- The Buyer
- The Buyer’s Agent
- The Buyer’s Bank. Lender or Mortgage Provider
- The Inspection Company
- The Appraiser
- The Title Company
- The Escrow or Real Estate Lawyer
How do buyers look for a house?
- Online search is 88%
- Newspaper ads are 21%
How do buyers find the house they buy?
Moat real estate agents have a strategy to promote the sale of your house.
- Prospecting and cold calling (varies)
- Online 43%
- Yard Signs 9%
- Newspaper 1%
Why to Hire a Realtor?
Using an agent can net you 13% more. For Sale By Owner gross for $208k, is $235 with agent assisted sale. Studies have shown that people are more likely to FSBO at a lower price points.
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.
Data by California Association of Realtors.
Ask about my 18 point action plan to sell your home. Mention 18 point home selling action plan in description line. I will assist you in getting as many qualified buyers as possible into your home until it is sold. When you hire me as Your REALTOR is that you want me to do every day?
House for sale by owner, Condominium for sale by owner, real estate for sale by owner, home for sale by owner.
Personal Value of Real Estate!
88% of home owners report that owning a home has been a positive experience.
Homeowner vs. Renter!
Home owner’s net worth is 34 times that of a renter’s. Most homeowners 95% and renters 75% believe that over a period of several years, it makes more sense to own a home than to rent. 77% of homeowners say it helps them achieve long-term financial goals.
70% of homeowners say it helps them achieve the American Dream!
Data by California Association of Realtors.