Why Walk-thru Your Home Purchase before Closing?
You have signed your loan documents. Seller has done repairs. Now is good time, before closing, to walk-thru the home again!
What’s Trending in Home Decor?
No longer are homes painted with royal blue or red walls … or texture or lots of wallpaper. The new wave of color is White and the trend is for decorating with artwork. What do you think? According to an article by the Daily Real Estate “HomeOwners Have...Inglewood, California – Market Stats for July 2014
How’s the Real Estate market doing in Inglewood, California? Check out July 2014 Market values.
How Many Agencies are Involved When You Purchase a Home?
I am a first time buyer and am confused about many aspects of the buying process in California. Just how many different agencies are involved when you purchase a home in this state? There are 5 different Companies you will be dealing with, each having a very important part in the transfer of property. Your Realtor-what is referred to as a buyer’s agent Appraiser- An appraiser is licensed under the state real estate commission who evaluates the house and property that is to be purchased for the Lender. The appraised value of the house is what the lender will go by for the mortgage loan. Home inspector- An inspector is usually a building contractor or specialist. This inspector should be hired by you, the purchaser, to “inspect” the structure, plumbing, electrical and roofing to insure that the house being purchased is in good working and safe condition. Mortgage Lender- this is either a bank or a other lending institution who will carry the loan(Trust deed) on the property. Escrow officer-A third party who holds any money transfers in a trust account until closing and gathers all pertinent documents concerning the property. Traditionally, the Escrow Company is where you will sign all the documents and close the deal. Title company- does a search of the property for any liens or other encumbrances. They insure that the property’s title is “Clear”
Manhattan Beach Leads in Luxury Sales
Manhattan Beach lead the strong rebound in California’s luxury housing market in 2013 as sales of homes costing $1 million or more soared 45% to their highest level in six years. ayres-manhattan-beachAccording to La Jolla based DataQuick, 39,175 homes costing $1 million or more were purchased. Manhattan Beach recorded 439 million plus sales, the most in the state in 2013. Even some undeveloped lots sold for $900,000. Malibu had the most expensive sale in 2013, $74.5 million for an 8 bedroom, 14 bath beachfront estate on almost 5 acres. This was also the most expensive sale in the U.S. at the time and a record for Malibu. In some communities, including Santa Monica, all of the sales last year were $1 million or more according to DataQuick.
A Break For South Bay Real Estate
Good news for the South Bay Real Estate Market. Well Fargo has lowered its FICO score standards from 640 to 600. This means that more people can qualify for mortgage loans that do not have perfect credit. You can be pretty sure that other lending institutions will follow the lead of Wells Fargo.
“The goal is to increase access to credit, especially for low- and moderate- income borrowers and first-time home buyers,” said Tom Goyda, a bank spokesman. “These are fully underwritten, fully documented loans, consistent with FHA program guidelines and responsible lending principles.”