The award identifies San Diego Real Estate professionals who score the highest in overall client satisfaction. The award is based on extensive surveying of home Seller and Home Buyers, mortgage and title companies on nine client satisfaction criteria also based on a review of regulatory history and a review of the list by industry experts.

I always feel a sense of pride that my clients give me such high service marks and makes the extra service I provide so worth the effort to give my clients and agents that I co-op with an excellent transaction experience.

Senate Bill 183 Lowenthal (SB183) created the Carbon Monoxide Poisoning Prevention Act of 2010 (Act). The Act requires carbon monoxide (CO) detectors to be installed in every dwelling unit intended for human occupancy. A CO detector is a device that detects the presence of CO and emits a loud noise to alert occupants that CO is present in order to prevent CO poisoning. Detection of CO in a home environment is impossible without a warning device because CO is colorless, odorless, tasteless, and invisible (unlike smoke from a fire). It is often referred to as the “silent killer” because it is virtually undetectable without using detection technology.

Although the placement and location of carbon monoxide detectors in the home is not clearly spelled out in the Act, the packaging of your CO detector (which can be purchased at any home or hardware store) will provide for the proper placement in your home of your specific device. Installation locations will vary by manufacturer due to the degree of research conducted on that specific type and style of detector. Read and clearly understand the instructions specific to your unit – they are not all the same so PLEASE READ THE INSTRUCTIONS.

Here are some general guidelines common to most manufacturers of CO devices:

• CO devices should be placed on every level of your home, including the basement, and near or over any attached garage

• CO devices should be located within 10-15 feet outside of each separate sleeping area

• CO devices can be placed on the wall or the ceiling as specified in the installation instructions

• They should not be installed within 15-20 feet of any furnace or fuel burning heat source

• They should not be placed in or near humid areas, such as bathrooms

• They should not be placed in areas where they may be damaged by children or pets

• They should not be installed in areas of direct sunlight or areas subject to temperature extremes. (crawlspaces, unfinished attics, porches)

• They should not be installed behind curtains or other obstructions

• They may not function if installed near ceiling fans, heat vents, air conditioners, fresh air returns, or open windows

• Life expectancy for detectors will be specific to each manufacturer’s recommendations. Carbon monoxide detectors actually have an expiration date, so check with the manufacturer instructions to determine how long the carbon monoxide detector is supposed to last and maintain your specific unit accordingly.

The Act’s only disclosure requirement in a real estate transaction is the Real Estate Transfer Disclosure Statement, but SB183 provides that The Homeowners’ Guide to Environmental Hazards (prepared pursuant to Section 10084 of the Business and Professions Code) (Guide) should include information regarding CO when the booklet is next updated. Since the official Guide has not yet been updated by the Department of Toxic Substances Control, Property I.D. has included a general notice of Carbon Monoxide Devices since May 2010 to further ensure compliance with the Act by all parties in the real estate transaction.

Here is the notice provided in every Property I.D. Report:

Carbon Monoxide Devices
Pursuant to the Carbon Monoxide Poisoning Prevention Act of 2010, carbon monoxide detectors must be installed in every dwelling unit intended for human occupancy. Carbon monoxide is a gas produced when any fuel is burned, such as gas, oil, kerosene, wood, or charcoal. Because it is not possible to see, taste, or smell it, carbon monoxide can kill in minutes at high levels. Carbon monoxide detectors are similar to smoke detectors in that they will signal detection of carbon monoxide in the air. These carbon monoxide detectors should be installed outside of each separate sleeping area in the immediate vicinity of bedrooms, on every level including basements within which fuel fired appliances are installed, and in dwellings that have attached garages.

The Salk Institute in La Jolla

On this first day of the new year, I visited the Hotel Del Coronado to bring you a most unusual experience. Ice Skating on the shore of the Coronado Beach. It was 70 degrees in the shade and the activity was enjoyed continuously through the day and evening. As you can see, the warm weather created a wet but glassy image on the ice , reflecting the Grand Dame of Hotels, Hotel Del Coronado on the shore of one of San Diego’s finest, deepest and cleanest beaches.

So How’s Your Market?

There is good news and bad news , which would you like first?

Here is the Good News.

* During the month of August, there are 263 Active Listings in RB ( Rancho Bernardo). The Average Price is $899,718 and the Median Price is $668,880.  There were 53 Listings Pending Close of Escrow and 46 Sold Listings during the month. The Average Sold Listing was $694,993 and the median sold was $564,450.

A Recap of the Year to Date Sales shows we had 246 sold homes so far with the high selling price of $4,000000 and the low of $324,900. As you can see, we have a wide variety of single family homes ranging in size from 1200 sq ft to over 9,000.

On the Attached Home side of the housing market we have the following activity that took place in August. There are 58 Active Attached Listings through the end of August. The Average List price was $272,370 and the Median List Price was $278,000. There were 10 Listing Pending Close of Escrow ranging in price from $132,500 to $383,000. The 4 Attached Properties that Sold ranged from $145,000 to  $499,876.

A Recap of the Year to Date Sales shows we had 138 Attached Homes Sales with a High Selling Price of $689,000 and a Low Selling Price of $125,000 for 540 sq ft. The Average Selling price was 261,249 for 1,163 sq ft and the Median Sales Price year to date was 234,950 for 1092 sq ft.

That was the Good News! Ready for the Bad News? Home prices are tending up and there is strong evidence that interest rates will likely be going up as well. Sitting and waiting for a better deal in Rancho Bernardo is not likely to happen so if you are considering a new Home or Condo, now is time to get in the market.

*Data obtained from Sandicor MLS and believed to be correct but not gauranteed.

READ ALL ABOUT IT! When Passion Meets Opportunity | San Diego Real Estate|William Johnson!

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]]> http://therealestatetextbook.com/2011/02/16/365-things-to-do-in-san-diego-day-33/feed/ 0 http://therealestatetextbook.com/2011/01/27/your-path-to-home-ownership-part-3-of-3/ http://therealestatetextbook.com/2011/01/27/your-path-to-home-ownership-part-3-of-3/#comments Fri, 28 Jan 2011 05:21:33 +0000 William Johnson http://therealestatetextbook.com/2011/01/27/your-path-to-home-ownership-part-3-of-3/ Your Path to Home Ownership Part 3 of 3

Part 1, Steps 1 through 7 are linked here.

Part 2 Steps 8 through 14 are linked here

You are now in the home stretch and you and I would have gone over any of the outstanding parts of the contract, such the ordering the home warranty, having you order on the utilities for the closing date, and doing our final walk through of your new home.

Step 15. ( Loan Officer-Underwriter – Loan Officer)

In the previous step, all the conditions for processing the loan have been discussed with you. You have gathered all the documents, made all the calls and now the Loan officer will be submitting all the completed conditions to underwriting and if the package is complete, the loan documents will be drawn.

Step 16 ( Loan Officer and Escrow officer )

The conditions by now have  been received by underwriting and once they sign off on the conditions “Prior to Docs”, they will order the loan documents and when ready will be sent over to escrow.

Step 17 (Loan Officer – Escrow Officer)

The loan documents arrive at escrow and the either the escrow officer or one of her assistants will arrange the signing appointment for you to

come into escrow. Escrow will work up the loan documents  adding in their information such any pay offs, taxes, the prepaid interest  along with final figures on your side of the transaction. Once the have these docs ready, they will set your appointment to come in and complete the signing process. They will advise the remaining funds you will need to either bring in the form of a certified check or wiring instructions to wire the funds.

Step 18  ( You and the Notary)

When you come into escrow, they will have seated in a conference room and you will signing your documents with a Notary signing agent. He or she specializes in the process of securing and notarizing signatures on real estate documents, in this case the loan documents. They will walk through the process of signing your life away, at least that is the humorous comment that many buyers make as they wade through the pile of pages. It has all the where fors and where to initial each page and then sign on the proverbial dotted line ( which incidentally is not dotted at all.). Once this is complete, we the go to step 19.

Step 19 ( Lender and Funding Dept)

All the documents that you signed have to be carefully reviewed again to make sure everything was signed correctly and the Funding Dept. will verify once again that all the condition Prior to Funding)  are signed off.  Once this has been completed , the funder will order the wiring of the loan funds to be sent to escrow. This happens anywhere from 24 to 48 hours after everything is reviewed and signed off. Some lenders do table funding, meaning that they can fund the loan immediately after review of the signed loan documents.  It is important to note that all this happens and is completed at least one day before the closing of escrow. At 8:00 in the morning  after the funds are received, the title company has it’s representative in line  for recording down to the Recorders office.

Step 20 ( Escrow , You and I)

The title office will call escrow and confirm that the transaction has been recorded and escrow is authorized to disperse the funds to the parties. The Sellers are paid their monies, and the listing and Selling brokerages, the Home Warranty company, any other bills that accumulated for services. Once the monies are dispersed and the everything reconciled, the escrow is closed.

Once we are given confirmation of recording though, that is when you get the keys. It is an exciting time as you and  meet and I hand you the keys to your new homes. Time to celebrate! Wait, this is step 20 and there are 21 steps to your path to home ownership.  What follows.

Step 21 (You and the Movers)

This step is about moving into your new home. You had made all the arrangements and the has come for the move in. There are some things to need to remember to do  and I list here  just a few of them. Hopefully you have been making the list as we discussed things through the whole process but as a reminder here a couple things that are priority.

• Change of address with the post office.
• Verification that your utilities are on, power, gas, telephone, etc.
• Order the cable installation
• Notify a change of address with the Department of Motor Vehicles