Archive for September, 2007
Life Changing Generosity
September 20th, 2007 categories: Local San Diego News You Can Use, San Diego Real Estate
I read an article by Robert J. Bruss and in it a person wrote about a property they bought for $35,000 17 years ago, now worth about $190,000. They have had the same tenant for all of the 17 years they owned it.
They want to gift the property to the tenant who is down on their luck and about Roberts advise on how they go about his at no additional expense to them.
Mr Bruss went through the logical process of using a Quit Claim Deed to do this and the fact that they needed to file a federal gift tax return since it is over the $12,000 annual gift tax exemption. He suggested that no tax would be due unless the filer has given away more than than the one million in life time non-exempt gifts.
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Virtual Credit Card Numbers for Your Protection
September 19th, 2007 categories: Buying San Diego Real Estate, Local San Diego News You Can Use
To stave off the identity thieves, major credit cards companies have come out with a new super safe credit vehicle that will go a long way in protecting your identity from would be Internet thieves.
They are providing a virtual credit card number that is secured to your regular credit card account number that can be used one time for a single purchase and then disposable or may be assigned to one vendor or store that you buy regularly from. The is number is encrypted and can only be used as you direct it and is useless to the would be thievery of hackers and Internet snoops.
The benefit of course is to limit the amount of personal information you have out there in cyberspace. Currently Bank Of America, The Discover Bank and the Citi Group are offering the virtual credit card numbers but in time others will surely follow.
I haven’t seen a monthly credit card statement as yet using one of these virtual numbers but with the level of technology available, I am only surprised these have shown up sooner.
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San Diego Developer Chooses to Auction Off Remaining Homes
September 19th, 2007 categories: Buying San Diego Real Estate, Local San Diego News You Can Use, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
DR Horton, One of the largest home builders in San Diego has become what is believed to be the first major builder here to use an AUCTION house to move the remaining unsold condominiums in 2 different condo subdivisions here in San Diego.
If they have success using this strategy to market the left over not yet sold units, other developers will likely be imitating Horton. But for now at least, D.R. Horton is the real innovator by creatively using this new untried method of sales here in San Diego.
If you are interested, bidding on the remaining 50 or so units will take place Sept 29th, @1:00 PM at the Doubletree Hotel in Mission Valley. DHI Mortgage, a subsidiary of D.R .Horton is the preferred project lender.
| Discussion: 2 Comments »
Is It a Streetcar named “Desire” or just a “Desired” streetcar ?
September 16th, 2007 categories: Local San Diego News You Can Use, San Diego Real Estate
Are Streetcars making a resurgence in American Cities?
From the 1200 lines that existed in the US in the 1920s to just 5 lines remaining in the 1970s, have you ever wondered why they just disappeared?
There are probably lots of possible reasons but a significant answer may occur to you more easily if I mentioned the words, rubber, petroleum products and steel. Oh, did I forget to mention the automobile industry?
Before you jump to any conclusion and make the assumption that people would rather drive their own cars than to use one of these sometimes noisy and bell clanging alternatives, there is one more point to mention.
The new sleek designs from Europe may be the inspiration for new designs here in the US that will provide efficiency, luxury and convenience throughout the urban centers.
| Discussion: 5 Comments »
Walk Through of the Closing Process and Selling Expenses Part II
September 13th, 2007 categories: San Diego Real Estate, Selling San Diego Real Estate
Once the closing date is set, the excitement really grows because you are only a step away from selling your home. It is important to understand the escrow process including looking at the estimated closing costs so that you can stay on top of everything.
The total closing costs involved in a transaction will vary depending on the type of loan the buyer wants, complexity of the transaction and any credits that might be generated during the closing process. These would include, Inspections, Zone Report, Title Insurance, Escrow costs, Brokerage Fees,etc.
When I process a listing, I prepare for you a Sellers Net Sheet to estimate the usual costs associated with selling your home. Once the offer is received, the Buyers may have included in their offer other costs that were not on that first estimate. So I will prepare a new Sellers net sheet specifying those additional costs of selling the home. Yet there may still be additional expenses that were not originally considered. Those may include repairs that have to be made or credits in lieu of repairs that you might consider and agree to.
| Discussion: 1 Comment »
The 6 Step Process of Selling Your Home Part I
September 13th, 2007 categories: San Diego Real Estate, Selling San Diego Real Estate
The Home Selling Process is actually not that complicated once you understand the major components of it. Understanding what is involved will help you make the right decision when choosing a REALTOR® to help you sell your home. There are six basic steps in the Home Selling Process. In Part 2 that will follow this posting, I will walk you through the Closing Process that will begin once you have an accepted offer through to the Close of Escrow.
Step 1 The first thing we will do is to be sure you establish a good price for your home. Improper pricing is the most common mistake that costs home sellers thousands of dollars.
If the price you agree to is too high it will sit unsold and become stigmatized or shop-worn. Finding the appropriate price sets the right stage for the entire selling process. A great benefit to you is to get in the right frame of mind for the sale. Be objective and remember that selling your home is a business transaction, and you need to put your personal feelings and attachments to your home completely out of the equation. This is critical! Keep in mind that potential buyers are not looking to buy your home, they are looking to find a house that they can make into their home.
Read the rest of this entry »
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Federal Predetory Lending Legislation Moving To Front Burner
September 11th, 2007 categories: Buying San Diego Real Estate, Legislative, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
Congress is right smack in the middle of a huge quagmire. There are factions of congress that are proposing legislation that goes beyond the lenders practices they want to clean up.
In particular there is legislation being discussed that wants to reach down to the investor level that buy the mortgage securities. One such proposal has the mortgage securities and the investors that buy them to be held liable for any loan fraud involved in the securities that the packaged loans for investment contain.
The fear in any such bill is that if mortgage securities and the investors have to review each of the loans, it could spell disaster and be a sword whose edge cuts negatively on both edges.
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Baby Boomers Have Specialized Housing Demands
September 8th, 2007 categories: Buying San Diego Real Estate, Local San Diego News You Can Use, San Diego Real Estate, San Diego Real Estate News, San Diego Relocation, Selling San Diego Real Estate
The huge baby boomer generation seems to prefer new housing in restricted developments for the 55 and older crowds.
According to the National Association of Home Builders, NAHB, these communities are seemingly getting faster approval from local building departments than others as they require less infrastructure for school children and bring in the same or even higher taxes.
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Fixing Our Overcrowded Transportation System In San Diego County? Taxes or Tolling ?
September 5th, 2007 categories: Legislative, Local San Diego News You Can Use, San Diego Real Estate, San Diego Real Estate Legal, San Diego Real Estate News
Have you noticed how willing our state legislators are to spending the tax revenues? Rhetorical question of course. How could one help but notice? The better question to ask is on what? It isnt like our roads and infrastructure are forefront on their 1st page of discretionary spending.
If the funding was for maintaining streets and bridges, thats one thing but since it isnt sexy, those funds are appropriated for things in districts that hallmark the legislators image. And what would that look like you might wonder. Well we are all wondering, but we can be sure the funds are going there because they certainly are not going to streets and bridges and other aging and updated infrastructure.
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NAR and US Conference of Mayors Names San Diego 2007 Ambassador City
September 3rd, 2007 categories: Local San Diego News You Can Use, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
NAR President Pat V. Combs and my friend NAR President-Elect Dick Gaylord along with the US Conference of Mayors, presented San Diego Police Officers Association President Bill Nemec with a plaque and check for $5000 in recognition for San Diego’s ” Everyday Heroes” program.
The money to will be used for the “Everyday Heroes” program started by the San Diego Association of REALTORS Ambassadors Foundation. All fundraising by SDAR is from member contributions, grants, special events and specific annual fundraisers.
By working with our partners to provide lower interest rates for police officers who buy homes in San Diego, Realtors® are making homeownership more affordable and accessible for those who play an essential role in insuring the safety and security of this community, said Gaylord.
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