San Diego Real Estate Legal
While interviewing for a listing of an older home that had an addition, I made an observation that ran counter to the homeowner’s understanding of the marketable size of the home. The home was originally built as a 3 bedroom home and an addition added years after it was originally built enlarged the master bedroom and bath and added a family room. The Master Bedroom was enlarged and an en suite master bath was added in back of the existing original second bedroom. In so doing the master bath design removed the window that was in the original bedroom and the opening in the wall was closed up. Because there was no remaining window, an operable skylight was added for natural light and ventilation.
Is the original 2nd bedroom with no window still a bedroom? The space has a door into it from the hallway which is original. The closet remains and the operable skylight as added for light and ventilation. There are 2 minimum requirements that defines a bedroom. Ventilation and secondary egress ( emergency exit) . Since there is no secondary egress, ( an operable window large enough to crawl through and no higher than 48” or a door that opens to the outside for emergency exit) it would be my opinion that this space is a secondary room and should not be marketed as a bedroom.
Discussion: Comments »|
If you were suddenly disabled or worse, a simple legal document, a Power of Attorney, could keep your financial life from ending in chaos. There are several differing types for specific purposes, and a general type for more broad powers.
Though it is advised to consult with your family attorney or other trusted legal adviser first, the idea of having an updated power-of-attorney along with your other important financial papers is an essential part of responsible living today.
Read the rest of this entry »
Discussion: 5 Comments »|
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.
Discussion: Comments »|
August 22nd, 2007 categories: San Diego Real Estate Legal
Consumer advocates meeting the with the California Senate Banking committee this week are asking for a moratorium on all home foreclosures in the state. They warned that California is facing a tidal wave of foreclosures over the next year and that California is ground zero for problem nationwide.
They reiterated that more than 46,00 home were in foreclosure and that there were 76,732 more mortgages that are currently delinquent.
Witnesses warned the banking committee that the numbers would be rising as the loan adjustments take place on the adjustable loans. They advised that Homeowners appeared paralyzed and dont understand that they may have some options. They are not contacting their lenders and some of the lenders are saying that they cant reach the consumers to even discuss the explosive issue.
There is an anticipated jump widely forecasted in the 4th quarter of this year that will continue through the fall of 2008.
Discussion: 1 Comment »|
Lenders today are well aware of the situation some homeowners find themselves in and they will work with the Homeowner as long as certain criteria is obtained and presented showing the proper due diligence by both the Homeowner and the Agent.
The lenders concerns are three fold.
1. The Lender wants to see what the Homeowner has agreed to with the purchaser.
This can be a difficult negotiation but the Lender wants to see that the homeowner is not walking away with any cash and that the Buyer has agreed to pay all costs associated with the transaction. The net cash to seller in the purchase agreement must be the amount of the short Pay to the lender. The Lender will also require a Preliminary HUD-1 Statement. If Escrow wont do this, then Agent has to.
2. The Lender wants an accurate picture of what is the property worth in todays market.
Though it is not required, when an agents prepares the Comparative Market Analysis, if an agent is aggressive with this, they would also hire and pay for a pre-appraisal on the property. If there is deferred maintenance or other repair issues on the property, the lender also wants to see a Contractors bid for the repairs. Read the rest of this entry »
Discussion: 5 Comments »|