Home Maintenance Is The Best Way To Keep Your Home In Good Shape

Preventative maintenance is the best way to keep your house in great shape, reduce the risk of unexpected repairs and imprive the odds of selling your home at the best possible price when that time should come. In addition, regular maintenance of your home’s systems and appliances will increase their effciency and lower operating costs, as well as ensure longer equipment life.

New Law Requires Carbon Monoxide Detector in CA. Homes

As of July 1, 2011 the Carbon Monoxide Poisioning Provention Act (Senate Bill SB-183) requires all single-family homes with an attached garage or a fossil ruel source to install carbon monoxide alarms within the home by July 1, 2011. Owners of multi-family lease or rental dwellings, such as apartment buildings, have until January 1, 2013 to comply with the law. Get all the information below, just leave your first name and email and I will send it right out.

2742 Cabrillo #206, Torrance $249,000

mark spector realtorThe Meridian At Cabrillo- This spectacular, NEWER condominium complex is built around a central courtyard, featuring forty-four luxurious condominiums. Designed exclusively for seniors 55 and above, this intelligent floorplan features 1 Bedroom, Plus a Den, and 1 bath, gourmet kitchen with granite counters, private laundry in each unit, high ceilings, air-conditioning, dual-paned windows, private balcony and much more. The complex offers a gated subterranean garage with one parking space for 1-bedroom unit, bubbling fountains, a community room with fireplace, kitchen, big screen TV and lots of room to relax. An upscale fitness center to work up a sweat. There is an elevator from the ground floor/garage to all levels of the building. Each unit is one level.

Mark Spector Realtor Mark Spector Realtor  Mark Spector Realtor

Underwater Home loan A Vexing Dilemma

mark spectorIf CoreLogic’s data are anything at all use about 11.1 million homes in america (23.1 per cent of all mortgaged properties) were underwater in the October-December quarter. This implies 10.8 million properties, up from 22.5 %, through the July-September quarter. Even though the amount of underwater mortgages had dropped in the last three quarters, it had been mainly due to much more number of home foreclosures. This has place numerous in a quandary, keeping them from offering their properties in an currently poor housing market.

Generally, underwater home mortgages increase when ever home values drop. In December 2010, home values had been the lowest since the housing bust. In a regular market, about 5 per cent of householders could be underwater.

According to one estimate, about 2.4 million individuals have less than 5% equity in their properties, raising the threat perception should prices drop in their region. Nevada noted the worst case scenario, with a harmful property equity. Trailing strongly behind are Arizona, Florida, Michigan and California, with nearly half of property owners having mortgages underwater. Alternatively, Oklahoma had the smallest percentage of underwater mortgages through October-December quarter at 5.8 per cent. 

At present, home sales are dampened largely by underwater home mortgages. Householders who wish to sell their properties refuse to incur a loss, while banking institutions usually do not agree to a short sale. This means a mortgage company permits a borrower to sell the property for less than the specific amount of the mortgage.

Underwater mortgage is among the vexing troubles ailing the united states real estate markets. Regardless of the Home Affordable Modification Program (HAMP) created by the government in 2008, the situation continues to affect the country. Apparently, state attorney generals are making concerted efforts to solve the problems related to improper mortgage foreclosures with big mortgage companies.

Sold 4128 Miraleste Dr., RPV $859,000

Mark Spector Realtor This home is in the Miraleste area of Rancho Palos Verdes with big harbor views. The home is 3 bedrooms and 2 baths, it sits on a 12,550 square foot lot. Don’t miss this home, it is a must see.

 Mark Spector Realtor  Mark Spector Realtor  Mark Spector Realtor 


Rancho Palos Verdes CA real estate market

Facts About Rancho Palos Verdes Real Estate

So how does the Rancho Palos Verdes CA real estate market look these days? Currently Rancho Palos Verdes has a average listing price for homes for sale of $1,593,056. The Los Angeles county average currently is $877,940.

The current number of properties on the market in Rancho Palos Verdes is 141. The Rancho Palos Verdes median listing price is $1,159,583.

What Is A Short Sale And When Do They Happen

Mark Spector RealtorA short sale {occurs} when a person’s property is sold for less than what a person presently owe on the property. If your price of the short sale is close to the market value it is feasible that your finance company may allow a short sale to occur.

Lenders may allow short sale offers or even requests for short sales whether or not a Notice of Default hasn’t been issued. Given the unparalleled and overwhelming quantity of losses which mortgage lenders have experienced mortgage failures that partly brought on the financial meltdown of 2007-2010, they are actually a lot more inclined to accept short sales than any other time. 

Lenders usually have loss mitigation departments which assess potential short sale transactions.  The vast majority of loan companies have pre-determined standards for such transactions, however they may be open to offers, and their willingness will varies.  A lender will generally figure out the amount of equity  (or lack of equity), by analyzing the most likely selling price through an  appraisal, Broker Price Opinion (BPO), or Broker Opinion of Value (BOV).

With regard to “under-water” individuals who owe more on their home loan than their house is worth and are having problems selling, the short sale provides an opportunity for them to avoid foreclosure as a result.

Individuals thinking about a short sale should know about this risk and ask every party involved in the process (Realtor, lender, third party) what can and will be done to protect against a deficiency judgment.  Seek advice from legal counsel within the state where the house is located to ascertain specific pitfalls.

CNBC  reported that a few lenders have been accused of participating in fraud during the short sale process.  The fraud entails lenders in second position demanding  kickbacks  in the form of cash payments from the home buyer or real estate professional, and that are not disclosed anywhere on closing paperwork or  HUD-1  statement.  This is in violation of  RESPA  rules, that require disclosure of such payments.

Home Loan Rates Jump Over 5%

Home loan rates jumped again recently, with the average rate on the standard conforming 30-year fixed home loan rate climbing to 5 percent, based on Bankrate.com’s weekly nationwide review. The typical 30-year fixed home loan has an average of 0.40 discount and origination points.

To determine home loan rates in your neighborhood, visit http://www.bankrate.com/funnel/mortgages/.

The standard 15-year fixed home loan raised to 4.37 percent, as well as the bigger jumbo 30-year fixed rate did as well, climbing to 5.58 percent. Variable rate home loans are also higher, with the typical 5-year ARM leaping to 3.95 percent as well as the standard 7-year ARM rising to 4.36 percent.

The typical 30-year fixed home loan rate hit 5 percent for the first time since May mainly because the latest run-up in home loan rates continued. On Nov. 3, home loan rates have been at a record low of 4.42 percent. This week, solid retail sales, a far more bullish economic outlook, and loads of government red ink had bond investors commanding higher yields. Home loan rates tend to be closely related to yields on long-term government bonds.

The last time home loan rates had been over 6 percent was Nov. 2008. During that time, the typical rate was 6.33 percent, meaning a $200,000 mortgage would have carried a payment per month of $1,241.86. With the typical rate now 5 percent, the monthly payment for the similar size loan would be $1,073.64, a cost savings of $168 per month for a homeowner mortgage refinancing now.

30-year fixed: 5.00% — up from 4.89% last week (avg. points: 0.40)
15-year fixed: 4.37% — up from 4.26% last week (avg. points: 0.38)
5/1 ARM: 3.95% — up from 3.85% last week (avg. points: 0.45)

Bankrate’s national weekly home loan review is performed each Wednesday from data supplied by the top 10 financial institutions and thrifts within the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.

Foreclosure | Search All Listed Foreclosed Properties

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Track and save your favorites foreclosures. To busy to log on receive Quick Alert emails as new listing that match you personal search criteria come up for sale or track the sold foreclosures.
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Greening Your Kitchen

Kitchen Remodeling: Six Steps to a Green Kitchen

If you are thinking of buying or selling a home, condo or investment property call me Mark Spector 310-430-0633