San Diego Real Estate Legal
The power in Power of Attorney
October 4th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate, San Diego Real Estate Legal, Selling San Diego Real Estate
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.
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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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California Advocacy Groups Call for Moratorium on Foreclosures
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.
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Lender Requirements for Consideration of “Short Sale” Approval
July 28th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate Legal, San Diego Real Estate News, Selling San Diego Real Estate
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 »
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Agency , What Is It and Why Is it Important To You ?
July 10th, 2007 categories: Buying San Diego Real Estate, San Diego Real Estate Legal, Selling San Diego Real Estate
Agency is in a state of flux at this moment in many parts of the country. Suffice it say, unless you have signed a contract delineating your agency relationship, the agent you are working with may not owe his primary fiduciary responsibility to you. You will be provided very early in our property discussions with an Agency Relationships Disclosure. It will provide a brief discussion about Agency Relationships for each of the ways you may be represented.
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