New Dog In Town!

All my friends know that Annie (my neighbor down the street, who is 85 years old this year and spry as a Spring chicken) and I walk my dogs every morning.  Annie is on my porch at 6:00 a.m. (which we refer to as O'Dark'30) and you can set your watch by it. We've been doing this for years now.  This keeps us both in shape and accountable to each other.  We walk 7 days a week, unless it's raining.  Each day is a new adventure for us.  We never know what to expect.  There is all manner of nocturnal life moving about at that hour.  We've had a few unusual encounters.

A few weeks ago, as we were getting everyone leashed up on the front porch, an additional nose was poking through the porch gate.  It seems that all stray dogs in my neighborhood show up at my house at some point because they are attracted to my Great Pyrenees, Dyna.  She's sort of the matriarch of the hood.  So, that didn't surprise me much.  Annie arrived and we started our walk with the new dog,  Our new guest didn't have any tags at all.  That's unusual.  When they do, we call the "parents" and escort them home.  "Buddy" which we began calling him, seemed perfectly content to just walk with us, enjoying our normal early morning frivolity.  When we returned, all the dogs headed inside for their morning breakfast - including Buddy.  He was not interested in going anywhere else. 

I posted flyers, checked the websites, called the neighbors and took Buddy to the vet to scan for chips.  Nothing.  A neighbor mentioned seeing someone let a dog out of a van in the early morning and the dog looked confused and afraid.  He thought it looked like our Buddy.  As a Realtor in this market in our times of economic downturn and confusion, I see a lot of animals abandoned.  Cats left in vacant homes to fend for themselves, dogs left chained in yards with no food or water.  Now some families who can no longer care for their pets have been dropping them off in good neighborhoods, hoping some family will adopt them.  The shelters have reduced the time between drop off and euthanaisa, which is also sad, but I digress. 

Anyway, Buddy has decided that I'm his new Mama.  He's a true "Heinz 57" variety pup.  Looks like a cross between a Beagle, a Dalmation with maybe a bit of Lab or Setter.  He has these big liquid brown eyes that follow you everywhere. He wags his tail as soon as you turn your head toward him. He gets along with all the animals, including my three recently adopted cats.  You can leave the gates or doors open and he justs sits down and waits for someone to notice.  He's moved in!  If you or someone you know has lost this wonderful dog, please let me know.  Otherwise, I guess three dogs and three cats are still manageable.   Buddy seems to be a special messenger that has chosen our family and me in particular, for which I feel very blessed.  My friend Ray, who is an artist, painted a beautiful painting which is hung in my office.  It's called The Messenger.  Ray says, sometimes in life we are the message and sometimes we are the messenger...makes sense. 

Charlie Hoffmann (Mother of six furry children)
Team South Bay Realty

NEW WALTERIA OFFICE

Team South Bay Realty just opened a new office in Walteria (Torrance) on Hawthorne Blvd.  24214 Hawthorne Blvd. to be exact - Suite "B"   We're the only office on the "Gateway to Palos Verdes" area of Hawthorne Boulevard with a private balcony and beautiful view of the Walteria hillside during the day and lovely sunsets every night.  Join us for a cup of coffee on the way to work or a glass of wine at sunset at the end of your long day.  We're your Real Estate Agents For Life!  Let us help you with all your real estate questions and challenges.  If you call ahead, we'll bring the cookies too.

310-378-4440 or visit us online. 

SHOULD MOM AND DAD CO-SIGN?

Years ago, most young people purchased their first home with help from Mom and Dad or other family members.  For most families in the 50's, 60's, 70's, less cash was available so they helped by co-signing. In the 80's and 90's and 2000's we experienced a surge of affluece across all generations and loans were easier to obtain.   We were seeing very few co-signers.  Today we've turned
the corner again.  Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own. So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan.

Making sense of the story

• While becoming a cosigner may seem like a good solution, money manager and lenders caution against those who are asked to be the cosigner.
  
• A cosigner, even if not living in the house, is really a coborrower, meaning he or she still is responsible for payments if the occupant is unable to meet his or her obligations. In other words, if the principal party defaults on the loan, the cosigner is on the hook.
  
• One financial planner suggests potential cosigners take a less risky alternative, such as providing a cash gift for the down payment. Under current tax laws, a person can give as much as $13,000 to a person, free of gift taxes, or $26,000 per person, if a married couple filing jointly is giving the money.
  
• Those considering cosigning a mortgage must conduct due diligence. First, the cosigner must understand why the family member or friend is asking for help. Potential cosigners shouldn’t be afraid to look into the requestor’s personal finances to help determine whether he or she will be able to repay the loan. Perusing credit reports also will show the track record he or she has for paying off debts. A discussion about worst-case scenarios also should take place before signing on the dotted line. Working out a written contract containing an agreement about what would happen in the event of a default, also is recommended.
  
• Cosigners also should keep in mind that the mortgage will show up on their credit report, and could affect their own ability to borrow money or buy a second home. If the principal borrower makes a late payment, that also will show up on the cosigner’s report.

Call me and I can help you review all your options before agreeing to co-sign for financing in today's market.  We should always look at the long term effects of any financing before signing on the dotted line. 

Check with Team South Bay Realty for all your real estate and financing needs.  We have a team of qualified professionals who are accountable and ready to help.  We're your Realtors For Life!

Timeshare property resale scam

As if we don't have enough problems with real estate

these days...now there's a new way consumers are getting

fleeced as they try to sell their "Time Shares" to keep up

with our not so robust economy. 

Always a way for thieves to prosper, Rats, they did it again...

Check out this article from the

California Association of Realtors...

A federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties. The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.

According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties. In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed. Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.

In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract. Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.

Contrary to the defendants’ alleged assertions, the FTC

does not review or approve timeshare sales.

Dont' fall prey to these scams.  If you have a real estate question, call me!  If I don't have the answer, I'll find it for you. 

Fast Facts
Calif. median home price: May 2011: $291,760 (Source: C.A.R.)
Calif. highest median home price by region/county May 2011: San Mateo: $810,000 (Source: C.A.R.)
Calif. lowest median home price by region/county May 2011: Merced $113,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: June 2011: 119, an increase of 1.9 percent compared with prior month. (Source: C.A.R.)

Calif. First-time Buyer Affordability Index: First quarter 2011: 53 percent (Source: C.A.R.)

Mortgage rates: Week ending 7/14/2011 30-yr. fixed: 4.51 fees/points: 0.7% 15-yr. fixed: 3.65 fees/points: 0.6% 1-yr. adjustable: 2.95% Fees/points: 0.5% (Source: Freddie Mac)

Have a great summer! 

Charlie (and Dyna)

Team South Bay Realty

Your Realtors for Life! 

They're Always Waiting For An Opportunity!

An Old Mortgage Scam Aims To Hijack A Payment Or Two!

A mortgage scam in which con artists send letters telling borrowers they should begin sending their mortgage payments to a fictitious company that has begun servicing their loan, is making the rounds again. Unfortunately, by the time borrowers figure out their loan has not changed servicers, they’ve already sent one or two mortgage payments to the fictitious company.

According to those familiar with the scam, it typically works because most borrowers are unaware of the rules when it comes to the transfer of mortgage-servicing rights. Under the law, the current servicer is required to send a “goodbye” letter notifying the borrower that payments should be sent to a new company as of a certain date.

A week or two later, the law says the borrower should receive a second letter, which, by law, should include a welcome missive from the new servicer with the details of the mortgage payment – a breakdown among principal, interest, and escrow. The package also is likely to include a few payment coupons, if not a brand-new coupon book, and self-addressed printed envelopes for borrowers to make payments.

Both the goodbye and welcome letter should include the mortgage loan number. If either letter does not, or if the information included in one doesn’t match what’s in the other, borrowers should call their original servicers to inquire.

Borrowers only receiving one letter should be extra cautious. Even if everything appears to be standard procedure, borrowers are still advised to call the first company’s toll-free number just to be sure.

(Los Angeles Times Reprint)

When in doubt, call me!  I'll find out for you.  For all your real estate needs, count on Team South Bay Realty.  We're here to help...we're your neighborhood real estate consultants FOR LIFE! 

Financing Foreclosed Homes

 A "not so beautiful day in the neighborhood" for some homeowners today. Living next door to a boarded up home after foreclosure is not anyone's choice. Even with the price being way below market value (also not a blessing for the neighbors) the problem generally lies in being able to finance a severely distressed property. There is an answer that a lot of folks are over-looking in today's market. That is the old 203K loan. Still viable, available and a real good way to purchase that "fixer property" and have enough money to make it habitable.

Foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but may qualify for a federally insured 203(k)loan. Buyers who are going to "owner occupy" the property and do not have enough money to purchase a foreclosure home using cash, may qualify for the federally insured 203(k) loan, which allows borrowers to roll projected rehab costs into the loan.

Since most foreclosure properties are sold "as is" and, oftentimes, heating, plumbing, and/or electric are problematic or inoperable, it's unlikely a conventional lender will lend money on the home. With a 203(k) loan, buyers generally employ an independent consultant hired by the Federal Housing Administration to review contractor cost estimates and architectural plans for things like whether the work will bring the property up to minimum standards, while not going overboard on improvements.

Buyers should be aware that not all foreclosure properties will be eligible. For instance, a partially built house that has never had a certificate of occupancy will require a construction loan of the kind that a commercial developer would use. We're also seeing more and more "unfinished remodeling job" homes today where the seller ran out of money and the building systems and/or structural definitions are lacking or insufficient. Those would require construction loans as well.

The interest rate on a 203(k) loan is approximately a quarter of a percentage point higher than on a standard FHA-insured loan, and a buyer also can expect to pay 1 or 2 points. Also, as with other FHA-backed loans, down payments may be as low as 3.5 percent, and loan limits apply. Currently, most FHA loans are capped at $729,750.

My friends at PACIFIC FIRST FINANCIAL will give you all the information necessary to investigate the 203K loan for your purchase. They also work with the CHF Platinum Program which is a Homebuyers Assistance Program featuring low interest rates and down payment along with closing cost assistance with Grants that do not have to be repaid. Call Sheila for the latest info at 310-214-9299.

Tote your toolbelt over to my office and I'll give you list of great opportunities in your neighborhood! We're always ready to work for you here at Team South Bay Realty, Your Realtors For Life!

Call 310-534-3940 or email: Charlie

EVEN THOUGH IT'S 40 DEGREES, SPRING IS HERE!

And let the ritual of spring cleaning begin... but here's a tip for all year round from one of our Home Warranty Companies. Something to think about! 

“Failure is simply the opportunity to

begin again more intelligently.”  Henry Ford

Home Maintenance Tip 

Keeping Your Water Heater Fit

Most people don't give much thought to their water heater - they just turn on the faucet and expect hot water to come out. Water heaters are relatively maintenance free, and you can keep your water heater in peak operating condition just by performing two

simple maintenance tasks every six months: test the pressure valve and then flush the tank.

If the pressure release valve is not operating properly, the tank can potentially over pressurize and explode. Flushing the tank prevents sediment build up, which can reduce your water heater's energy efficiency and clog your water lines. Consult your owner's manual or other maintenance guide for instructions on how to safely perform these maintenance tasks. Visit OLD REPUBLIC and click on the QUICK FIX TIPS link in the Homeowner's Section of their site for more information.

If you have any homeowner tips you'd like to offer, please email Charlie@TeamSouthBayRealty.com  and we'll post for everyone. 

Happy Spring! 

p.s. You might want to invest in a hot tub for "after Spring Cleaning" to treat your aching back!  I purchased a FreeFlow Spa about 5 years ago and I love it.  Lots of good deals right now.  Shop around and get one that is "self-contained" like mine.

Call if you want some tips on on tubs. 

Charlie :) 
and Dyna too, Of course  (with her friend Moose on a Doggie Playdate)