Inter-County Previously I discussed Prop 60 where a homeowner could sell a home and under certain conditions, keep their low tax assessment in the same county. This was passed in 1986. As always California taxpayers were not satisfied, they wanted to be able to sell and move to another county with their low assessment. In 1988 […]
Archive | Estate Planning

Prop 60 and Why It Is Becoming More Important
Tax Base Transfer Proposition 60 pertains to a regulation passed in California in 1986. It pertains to someone over the age of 55 who sells a house that has a comparatively low tax assessment to the current fair market value. This is due to the restrictions placed on property tax increases by Prop 13. The homeowner […]

FINANCIAL ASSESSMENT FOR RM’S IS WORKING
Acquiring Date In its fifth year, FHA’s policy of requiring the financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by over three quarters and serious defaults by over two-thirds. This article by New View Advisors quotes Ginnie Mae data, they state, “We grade Financial Assessment’s performance as a solid […]

WHY IS MORTGAGE INSURANCE A GOOD THING?
Dennis Smith: Author, Chef, Financier; Co-Owner/Broker at Stratis Financial, Huntington Beach; MLO Student Question of the Week Why is mortgage insurance a good thing? Answer Last week in the Weekly Rate & Mortgage Update we discussed if home buyers should wait until they have 20% for down payment before purchasing (you can read the WR&MU, […]

Make Buying And Selling Home Easier
Many Articles Are Written About How Real Estate Agents Should Treat Clients Be positive, alert, answer phone calls and return electronic messages at once, be available, etc. Jaymi Naciri wrote an article from the other directions. “10 Things To Never Say To A Real Estate Agent.” Buyers And Sellers, You Might Say, “Why Do I […]

New Information For Borrowers and Home Owners
All Owners Borrowing On Their Personal Residence For “Consumer Purposes” Must Receive A Federal Booklet, “Your Home Loan Toolkit” It is an excellent source of information concerning loans. The booklet is available free at www.cfpb.gov. I Want To Discuss The Last Section In The Booklet Title: Owning Your Home, subtitles-Owning a home is exciting; your […]

Follow Up To Loan Pre-Approval
I Discussed The Reasons For Getting Pre-Approved For A Loan Before You Start Shopping For A Home Does getting approved beforehand guarantee that you will get the loan you want. Again, quoting the National Assoc. of Realtors, “Being pre-approved is not a sure-fire way of obtaining a loan either”. Yes, after you get approved, many things could go […]

Marketing Idea For Your Consideration
Last Week In A Post The Question Was Asked “Do you think that people who are going to sell their house, have already been looking or buying somewhere else, either up sizing or downsizing?” I believe the answer is yes, so in your promotions you should be asking for listings, but also trying to become […]

Thinking Out Loud About Real Estate
Everyone Has Their Own Theories About How To Sell Or Manage Real Estate Since I have not been without a tenant for 53 years and have sold some buildings, I have some opinions. As I have said before, do not confuse me with facts as my mind is made up. You can have your truth, […]

One Type Of Housing Is Booming
If You Have Been Watching Rental Housing In California You realize that rental prices are increasing faster than wages are increasing. This is not a good sign for renters, and talk of Rent Control is coming to the forefront again in many cities. But there are still some areas to invest. Student Housing: It is […]