Existing, single-family home sales totaled 406,920 in July, down 0.9 percent from June and down 3.4 percent from July 2017. July’s statewide median home price was $591,460, down 1.9 percent from June and up 7.6 percent from July 2017. “While home sales continued to decline in recent months, the softening of the market is more… Continue reading CALIFORNIA’S HOUSING MARKET DOWN FOR THIRD STRAIGHT MONTH
Author: gina_c
UNLICENSED CONTRACTORS ARRESTED
A sting operation conducted by the Contractors State License Board on July 25-26, 2018, resulted in 15 individuals being cited for alleged illegal contracting. CSLB’s Statewide Investigative Fraud Team (SWIFT) compiled a list of suspected unlicensed contractors and invited them to place bids on home improvement projects for asingle-family home near the Corona Municipal Airport.… Continue reading UNLICENSED CONTRACTORS ARRESTED
KEY POINTS TO CONSIDER IN HIRING A PROPERTY MANAGER
Get the full name and contact information of the person or company you employ. Check the property manager’s Bureau of Real Estate license, which must be valid and active to collect rent and manage your property. (Note: Resident property managers don’t need a real estate license.) Ask the property manager for professional affiliations or certifications… Continue reading KEY POINTS TO CONSIDER IN HIRING A PROPERTY MANAGER
BEWARE OF FRAUDULENT LOAN MODIFICATION SCHEMES
Protect yourself from loan modification or foreclosure rescue scams. Beware of loan modification and foreclosure rescue scams run by con artists who demand the payment of upfront fees. Loan modifications are situations in which you and your lender agree to modify one or more of the terms of your home loan. The terms could be… Continue reading BEWARE OF FRAUDULENT LOAN MODIFICATION SCHEMES
TIPS FOR BORROWERS WHEN APPLYING FOR A HOME LOAN
• Ask for a Mortgage Loan Disclosure Statement and/or a loan estimate. These documents will tell you the cost and proposed terms of the loan.• If using the services of a mortgage broker, contact the California Department of Business Oversight at www.dbo.ca.gov or (866) 275-2677, and/or the Department of Real Estate at www.dre.ca.gov or (877)… Continue reading TIPS FOR BORROWERS WHEN APPLYING FOR A HOME LOAN
RED FLAGS IN REAL ESTATE FRAUD
Here are examples of red flags during a real estate transaction. Be wary if you: • Are asked to pay cash. • Are asked to pay for something “on the side,” “outside of escrow,” or “after closing.” • Are asked to pay a real estate agent directly or are asked to pay upfront fees. • Are dealing with unlicensed… Continue reading RED FLAGS IN REAL ESTATE FRAUD
2018 TAX REFORM AND REAL ESTATE
On December 22, 2017, the tax bill known as the Tax Cuts and Jobs Act was signed into law by the President. Amongst the many areas of the tax code that the TCJA affects, real estate taxes and mortgage interest deductions are some of the biggest changes. Two of the most discussed provisions in the… Continue reading 2018 TAX REFORM AND REAL ESTATE
FHFA INCREASES CONFORMING LOAN LIMITS
Federal Housing Finance Agency (FHFA) announced that it will increase the 2018 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $453,100 on one-unit properties and a cap of $679,650 in high-cost areas. The previous loan limits were $424,100 and $635,150, respectively. The conforming loan limit determines the maximum size of… Continue reading FHFA INCREASES CONFORMING LOAN LIMITS
WHAT IS CROWDFUNDING?
Crowdfunding harnesses the power of social networks and the internet to give people the means to raise funds, help others overcome hardship, and meet aspirational goals. With crowdfunding, you can do everything from helping a friend pay for surgery to fulfilling a student’s dream of attending college, supporting a cause you believe in to helping… Continue reading WHAT IS CROWDFUNDING?
PAWN SHOPS AND ELECTRONIC SIGNATURES
I. Background. The pawn industry and business model has a longstanding history throughout world history. The industry began over 3,000 years ago in Ancient China as a way to grant short‑term credit to peasants. The business made its way over to ancient Greece and Rome, giving merchants a way to get small shops off the… Continue reading PAWN SHOPS AND ELECTRONIC SIGNATURES