How Low Will Home Prices Go? Try -0-

http://www.denverpost.com/business/ci_11475891

PITFALLS OF BUYING REO PROPERTIES

In California, foreclosure sales are specifically made exempt from the statutory transfer disclosure requirement. Therefore, it’s anyone’s guess as to what problems may be inherent in the REO (Real Estate Owned or bank-owned) property one is purchasing. Thus it is all the more incumbent upon the buyer to obtain as many inspections as possible, including a general home inspection, a termite inspection, a foundation inspection (if indicated by either the termite or the home inspection), and a roof inspection. All these inspections could cost between $1,000 and $1,500 but they’re well worth the advance cost considering the possibility of what may be revealed by them. It’s best to know up front what one is purchasing. There’s no luxury of having a seller who is responsible for disclosure. One consolation, however, is that the listing and selling agents are required by statute to disclose to the principals all of the material facts revealed by a visual inspection “materially affecting the value or desirability of the property that an inspection would reveal” (section 2079(a) of the California Civil Code).

FSBO’s (For Sale By Owners)

Most agents stay away from FSBO’s (For Sale By Owners) like they have the plague.  Most of the time the fact that they want to market their own properties is understandable.  Many of them hate with a vengeance agents.  They often have good reason to.  Among their travels they’ve been burned by an unscrupulous practitioner and they indict the entire profession due to their one bad experience.  Let’s face it, real estate brokers and agents are one step below used car salesmen and one step above attorneys.  The thing about attorneys is, if you have a good one, he or she is great and can save you or earn you lots of money.  The same applies to a good agent.  The key is to finding one.  But in the meantime, for those who hate us, most of us want to stay away from you anyway.  It’s not worth the pain.

Love Your Landlord? (Real Estate)

LOVE YOUR LANDLORD?

He loves you…

especially if you pay rent of estimated $1500/mo/5yrs (60 months) =$90,000 to him

tax benefit to you = -0-

principal pay-down = -0-

tax liability: $1,000/mo/5yrs=$60,000

grand total: $150K from your pocket

thanks from your landlord & thanks from Uncle Sam.

Still make sense to rent? If not, call me & I’ll help you purchase your first/next home: 408.309.0777 or respond to debby@montalvorealty.com

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