We’ve discussed “Crowdfunding” previously for raising money for home improvement, down-payment for a loan but the funds all needed to be “seasoned” and would have to be usually 6 months old before being counted as legitimate funds by the big government lenders–Fannie Mae and Freddie Mac. Now CMG has partnered with the two big GSE’s in making the crowdfunding money available immediately for a down-payment. We’ll discuss what changed and how you can use this way to raise money to buy a house.
Why go on a “destination” wedding which may cost $50,000 when you REALLY want to buy a home?!
Join us this Sunday, July 16th as Mark Bisordi, General Manager for North Coast Title Company, talks to us about the scammers out there who intercept or have you falsely wire your down payment NOT to the title company and your escrow account but to a crooks account. One couple in Tahoe recently sent $1.5 million to a scammer and lost the entire amount! NO INSURANCE for this folks! What are the steps to protect yourself? Here are some quick tips!
Call, don’t email! Confirm all wiring instructions by phone before transferring funds. Us the phone number from the title company’s website or a business card. You also have an “opening order” statement. This tell you your escrow number, escrow officer and her/his number
Be Suspicious! It’s NOT common for title companies to change wiring instructions and payment info–be aware and confirm!
Confirm it all: Ask your bank to confirm not just the account number but also the name on the account before sending a wire.
Verify immediately- You should call the title company or real estate agent to validate that the funds were received. Detecting that you send the money to the wrong account within 24 hours gives you the best chance of recovering your money.
Forward, don’t reply–When responding to an email, hit the forward instead of reply and then starting typing in the person’s email address. Criminals use email address that are VERY similar to the real one fora company. By typing in email addresses you will make it easier to discover if a fraudster is after you!
Open House today! Sunday, July 9th –1 to 4pm. $829,900. EZ directions–Bennett Valley rd to Sonoma Mountain and down about a mile on the left hand side. Allison and I are pleased with this terrific new offering in the heart of Bennett Valley. Home is just around 1600 sqft with 3 spacious bedrooms and 2 full bathrooms. New carpeting in living room area, interior paint, new gorgeous redwood deck with easterly views for morning coffee. All on 1.50+ acres and single level living. Bring your animals, critters, shop dreams, chickens, 4-H projects, whatever! Open today 1 to 4pm.
We had a lot of “late” reporting of sales for July. I should have anticipated this due to the 4th of July 4 day holiday. It’s all GOOD though. We almost hit 500 sales falling JUST one short! Sales are up 8% over last year and total sales of SFD (single family dwellings–houses) was 499. This is good as all of last year we NEVER hit this vaunted mark. Under Contracts seem to be same as last month so perhaps we’ll break through the 500 barrier next month.
Below are the UC or Under Control houses, those now in escrow. Note the steep increase beginning back in January. We’ve flattened a tad over the last 2 months but could see increased sales on the horizon. All good!
The non-existent “Distressed Market” can not be used as a future prediction of a market “crash”. The last time default rates had soared (watch “The Big Short” for a further description of this!). So scratch that off the list.
Below, many of you think you have LESS equity than you really do. 10 years later from the big crash you most likely are sitting on more equity than you think. If you are still wondering what your home is worth just give us a call. Mike can be reached at: 707-322-8503.
Which County’s will allow you to take your old Prop 13 tax base with you? This falls under Proposition 90 which allows transfers from one county to another county in California (inter-county) and it is the discretion of each county to authorize such transfers.
What are the counties that have enacted ordinances to accept inter-county transfers?
As of June 5, 2015, the following eleven counties in California have an ordinance enabling the inter-county base year value transfer:
Alameda, Orange, San Diego,Tuolumne, El Dorado *Riverside, San Mateo, Ventura, Los Angeles, San Bernardino, and Santa Clara
Since the counties indicated above are subject to change, it is recommended contacting the county to which you wish to move to verify eligibility.
* On August 30, 2016, the El Dorado County Board of Supervisors approved an extension of their ordinance, which will now sunset on October 1, 2021.
Do you know you can take your old tax bill, the cheap Proposition 13 roll-back basis, WITH you when you sell your home? How about transferring to another County and keeping your old property tax basis? Did you have your taxes “rolled-back” due to the real estate crash of 2007 only to see them bounce back big time? These and other perplexing questions answered as Greg Walsh, Chief Deputy Assesor joins us on the show this Sunday!
Propositions 60, 90 and 110 are voter-approved amendments (Revenue and Taxation Code, Paragraph 69.5) which allow qualifying Sonoma County homeowners to transfer the taxable value of a previous residence to a new residence. For many people, this can result in substantial tax savings.
You (or your spouse who resides with you) must either be at least 55 years of age (Prop 60) or severely and permanently disabled (Prop 110) as of the date you sell the home you are replacing.
We sometimes refer to the process of reviewing property as “the Prop 8 review process” because of its association with temporary declines in taxable value allowed by the passage of Proposition 8 in 1978.
Long time friend of the Real Estate Hour, the attorney who did my own trust , Janne O’Neil celebrated 20 years coming on the show on Memorial Day weekend of this year. Wow! We both looked at each other and said–20 years? Holy Toledo (or words to that effect!). If you’ve not heard Janne speak before she is very measured and takes her time delivering her answer. This is how she works. Something we all need in a good attorney. Janne works with Trusts and estates plus probate. She is a fabulous Elder Law Attorney “compassionate, experienced Advocate who will fight for your rights!”
Here in the lovely “Wine Country” housing market you can’t be complaining about the interest rates! If you are retiring in 7 years and perhaps moving to another area then hook onto a refinance as your rate would be 3.125% Wow! Or opt for a 15 year loan and enjoy super low rates and rapid equity build up.
Once again we see the “Jumbo” money a 1/4 point or 25 basis points, under the conforming loan level which is now 4%. Either way, pretty spectacular interest rates. Now if you could just find a home to buy!
Rates provided by Erik O’quist from Wells Fargo Home Mortgage
For information on the many other loan options we have available, please contact me. I look forward to hearing from you.
Home Mortgage Consultant
NMLSR ID 447900
Wells Fargo Home Mortgage | 600 Bicentennial Way, Suite 200 | Santa Rosa, CA 95403
Tel 707-535-2655 | Cell 707-889-5626 | Fax 866-617-5206 | Toll-Free 877-534-1810