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Tracy King's Blog

With over 30 years experience in helping clients buy and sell homes in Northeast Los Angeles, Tracy King has a depth of real estate knowledge that makes her the go-to for both the first-time home buyer and the seasoned real estate investor. When she's not holding open houses or negotiating offers, Tracy enjoys wine tasting, cooking, and planning he...r next trip to Paris. More

NYC

Let those girls skate. Hot drinks at the Algonquin Hotel in sight of the famous round table. My kind of City!

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NYC

A drink at the Algonquin Hotel. This is my kind of New York! History, style, fun. Sent from my iPhone

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NYC

Bryant Park Iceskating. Brrr!

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Another beautiful morning in Eagle Rock.

Yetanother sunrise I Paradise.

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Property Auction at 921 Poppy Street

Someone is going to get an incredible deal at this auction!

Property information for 921 Poppy St:
921 Poppy Street Auction
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Where the heck am I?

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Why the Mortgage Interest Tax Deduction is Worth Saving

Check out this letter from the National Association of Realtors Chief Economist, Lawrence Yun:

Home Ownership Letter from Lawrence Yun.

Yun sent the letter to the editor of The Washington Post in response to the January 1, 2011 article, “Trim the Excessive Tax Subsidy for Real Estate.”

My thoughts? Tax incentives have influenced the ability for people to own homes for decades. The first-time buyer tax credit of the last couple of years was critical in propelling the market through a very dark time. Many people are nudged into home ownership on the advice of their tax adviser when their income improves to the point of being able to benefit from the mortgage interest tax deduction.
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First walk around the Rose Bowl of 2011

For me and my girls. That's no fire, that's a sunset!

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New Listing! 1051 Dexter Street, Highland Park

1051 Dexter Street
HIGHLAND PARK, CA
New listing! Open Tuesday, Jan 4, 10-2; Thursday, Jan 6, 10-2; and Sunday, Jan 9, 1-4!
For more pictures and information, go to www.1051Dexter.com
2BR/1BA Single Family House
$469,800
Year Built 1921
Sq Footage 864
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 1 Car garage
Lot Size 6,400 sqft
HOA/Maint $0 per month
Description

Sweet Craftsman cottage is tucked up and away from the street on a private lot in Highland Park. Shielded from the street by rose and bougainvillea landscaping, perched on a hill with fantastic views, you are offered privacy inside and out. This 2 bedroom, 1 bath home features original details such as hardwood floors, built-in bookcases around the fireplace and a built-in buffet in the dining room. Major upgrades have been done including: foundation, front retaining wall, chimney and fireplace replaced and rebuilt in 2007, rewired electrical with upgraded circuits, and new floor tile in the kitchen and bath. There is a screened bonus room above the one-car garage with half bath (permit status unknown), perfect for guests, home office, art studio, storage. The terraced yard provides beautiful outdoor space with room for childrens' toys, a patio and stunning views of the mountains.
Property Features

Fireplace Hardwood floor Tile floor
Living room Bonus/Rec room Dining room
Dishwasher Refrigerator Stove/Oven
Balcony, Deck, or Patio Yard

Other Special Features

2 bedrooms, 1 bath
Upgraded foundation and front retaining wall
Chimney and fireplace rebuilt in 2007
Rewired electrical and upgraded circuits
Terraced yard with mountain views!
Bonus room above garage
Additional Photos

1051 Dexter Street
Living Room
Dining Room
Back Yard
Bonus Room
View
Contact Info
Tracy King
Coldwell Banker
DRE Lic#01048877
(626) 844-2256
For sale by agent/broker

Equal Opportunity Housing
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Foreclosure and Short Sale Update for Eagle Rock, 90041

How did Eagle Rock do with distressed property sales this year? It’s interesting. In 2009, there were 118 sales of which 17 were short sales (15%) and 45 were foreclosures (38%); so a total of 53% of all sales were distressed. The average sales price was $446,000.

In 2010, we had 22% short sales (28) and only 12% (16) foreclosures of the 130 sales recorded (according to the itech Multiple Listing Service).  So 34% of all sales were distressed properties. The average sales price was $468,000. It’s good to see an improvement, but we certainly haven’t “bounced back” as many hoped that we would.

A big difference is that there were a lot more foreclosure sales in 2009 than in 2010. I credit the increase in short sales and resultant decrease in foreclosure sales to the change in lenders policies toward short sales. They became much more amenable to granting short sales.  I closed more short sales this year (3) than the year before (0), all of them listings.

It looks like we are doing a bit better in 2010 with somewhat more sales and higher average sales prices as well as fewer distressed properties sold overall. Another way to say it is that 66% of sales in 2010 were “regular” sales as opposed to 47% in 2009. It’s interesting to note, however, that the highest sales price in 2009 was over $200,000 higher than the highest in 2010. In my opinion, the reason there were more distressed sales in 2009 than regular sales was more because “regular” sellers wanted to wait out the downturn and sell later when the market recovered.  This year, some of those people either couldn’t or decided not to wait any longer to sell. Price is of key importance, as well as the perceived desirability of the property for sale.  Buyers are not as reluctant to make offers much lower than the asking price today, which is helpful when they are sincere offers that can be negotiated up. One of my sales this year started off with a $165,000 difference in offer vs. list price, and we eventually ended up at $65,000 less than asking.  With no predictions or indications of a quick return to prosperity in 2011, it will be interesting to see how sellers and buyers deal with that. I have noticed that the uptick in interest rates has encouraged an end-of-the-year flurry of business.
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Featured Listing: 5312 Sierra Villa Drive, Eagle Rock

5312 Sierra Villa Drive
EAGLE ROCK, CA
Call for your private showing! For more pictures and info go to www.5312SierraVilla.com.

2BR/1BA Single Family House
$549,000
Year Built 1922
Sq Footage 1,188
Bedrooms 2
Bathrooms 1 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 6,650 sqft
HOA/Maint $0 per month
Description

5312 Sierra Villa is a bright, clean Craftsman cottage with lots of windows, re-finished hardwood floors, spacious rooms, and updated kitchen and bath. Upgrades also include copper plumbing and fresh paint inside and out. The finished attic is full-length with built-in dresser drawers, providing lots of additional storage. The two-car garage adjoins the patio and the guest house. Landscaping includes sevarl fruit trees - lemon, lime, persimmon, pomegranate, fig and avocado. Separate guest house has one full bedroom, bath, kitchen and living area, permit status is unknown. It has been completely renovated by seller - new insulation, floors, walls, windows, doors, pipes, paint, bathroom, everything new! Main house has additional 1/2 bath in the second bedroom, permit status is unknown.
Property Features

Central A/C Central heat Hardwood floor
Tile floor Living room Attic
Laundry area - inside Balcony, Deck, or Patio
Other Special Features

New kitchen and bath
Repainted interior
Completely remodeled guest house - just finished!
Two bonus storage areas off the garage
2 bedrooms, 1.5 baths
1,188 SF on a 6,650 SF lot
Many fruit trees, including lemon, lime, pomegranate, fig.
See website for more information www.5312SierraVilla.com
Additional Photos

Front
Guest House
Living Room
Kitchen
Front Bedroom
Attic
Contact Info
Tracy King
Coldwell Banker
DRE Lic#01048877
(626) 844-2256
For sale by agent/broker

Equal Opportunity Housing
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Happy New Year!

Post Rose Parade trash on Colorado. If everyone would take care of their own garbage...

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Doing a remodel right

Can u see where the addition is?

See my post on Facebook later for the answer. Sent from my iPhone

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Last morning of 2010

Crescent moon over a crisp, crystal clear dawn. Life in LA is good!

But would the moon have been more sharply defined if I'd had an IPhone 4 to shoot it with? I think I have to find out.

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I Feel Him Here

Sometimes knowing the story behind a building reveals the beauty:

"I Feel Him Here"

Nathaniel Kahn Returns to His Father's Restored Bath House

By Eric Wills | Online Only | Dec. 6, 2010

Eight years ago, Anne Tyng returned to the Bath House in Ewing, N.J., a modest concrete-block building that she had helped her lover and fellow architect, Louis Kahn, design nearly a half-century earlier. Built for the Trenton Jewish Community Center to give pool-going members a place to shower and change, the structure, at first glance, appears to be nothing more than a low-slung series of four square pavilions. But the commission marked a seminal moment in Kahn's career, launching him on a new trajectory that would win him acclaim as one of the finest architects of the second half of the 20th century.

As Tyng discovered, although the Bath House remained in use, it exuded an air of despair and loneliness, its front door boarded up, its walls mold-covered and crumbling. Tyng, then 82 years old, had come with Kahn's son, Nathaniel, who was making a documentary about his late father. As he filmed, Tyng wandered inside the men's locker room, crowded with stacks of plastic deck chairs. "It's terrible; it's just such a shame," she said, gazing upon the neglect.

The scene made for compelling filmmaking: Tyng's disappointment gradually gave way to remembrances of her partnership with Kahn, and his yearning to design a significant building that would speak to the potential of Modern architecture. But the footage also raised a question: How could such an important building in Kahn's career, and in the history of midcentury architecture, end up forgotten?

On a windswept Saturday afternoon several weeks ago, Nathaniel Kahn returned to the Bath House with his two half-sisters and a busload of architecture enthusiasts from a Philadelphia club. They had come to see the nearly finished $2.1 million restoration of the site, inspired in part by Kahn’s documentary, "My Architect," which was nominated for an Academy Award and helped popularize his father’s career. The gathering proved part family reunion, part architecture tour, part graduate seminar in historic preservation that explained just how, exactly, local officials had managed to save the Bath House from potential demolition.

Even though international architects have flocked to the Bath House over the years, to study how Kahn, on a modest budget and with ordinary materials, managed to create such an influential design, the building does not elicit universal praise. ("This is one of the biggest jokes pulled off on the public in years," an anonymous online commentator wrote in response to a recent NJ.com story about the restoration.) Which helps explain why Sue Ann Kahn, Louis' oldest daughter, said this as she studied the site from a distance: "I was thinking for so long it would never happen. I think it's a miracle the Bath House was restored."

The Bath House's Origins

Louis Kahn was just a few months removed from the first significant project of his career, the Yale Art Gallery, when he secured the commission from the Trenton Jewish Community Center in 1954. Because the center's members were increasingly leaving inner city Trenton, its board of directors decided to build a new complex on 47 acres in the suburbs of nearby Ewing. Kahn was retained to design the entire complex, including the main community building, but only the Bath House and a day camp site he designed were constructed. In part because of the uncertainty about what, exactly, the center's leaders wanted, the death of one of Kahn's most vocal supporters on the board, and his own innovative (and sometimes uncompromising) vision, he was replaced mid-project by a local architect.

But not before he managed to establish a confident new direction for his career—and for Modern architecture. Philip Johnson and Mies van der Rohe had recently designed Glass House and Farnsworth House, respectively; Gordon Bunshaft's Lever House had just risen on Park Avenue in New York. All were International Style-inspired tributes to steel and glass.

Between 1949 and 1951, Kahn had visited Italy, Greece, Israel, and Egypt during his stint as resident architect of the American Academy in Rome, and, inspired by the ancient ruins he had toured, he began work on the Bath House. He designed four pavilions in the shape of a Greek cross, with an open-air central atrium. The design evoked classical forms, and his choice of concrete block as the main building material stood in sharp contrast to the glassy machine aesthetic of the International Style. Kahn "showed it was possible to have flowing space and mass," writes Susan G. Solomon in Louis I. Kahn's Trenton Jewish Community Center.

In one of his most elegant strokes, Kahn designed floating pyramidal roofs that stopped short of the walls in the locker rooms, leaving a gap that offered views of the sky and trees and let in natural light, but that also obviated the need for an HVAC system because air moved freely through the building. The gap creates the wonderfully paradoxical sensation of being simultaneously inside and out: One feels secure within the concrete-block walls, yet also part of nature.

In essence, Solomon writes, the Bath House represented an amalgam of Kahn's classical training and his modern ideas. Many of the architect's later designs, including the Kimbell Art Museum in Fort Worth and the Richards Medical Research Lab in Philadelphia, directly illustrate his philosophy that coalesced as he worked on the Trenton commission. As Kahn told The New York Times, "The world may have discovered me when I designed the Richards, but I discovered myself when I designed that little concrete Bath House in Trenton."

Despite Solomon's success in getting the Bath House listed on the National Register of Historic Places in 1984, the Jewish Community Center threatened to demolish Kahn's day camp site in 1996, prompting questions about the survival of the Bath House itself. The center's leaders eventually used grant money to create a preservation plan for the site, but with more and more of their members leaving Ewing, they finally decided to sell.

At the time, Ewing Township was looking to build a new community and senior center. And Mercer County officials were looking to make use of their Open Space Trust Fund. Voters, after a contentious debate, had just passed a referendum that allowed the fund to be used for historic preservation projects in conjunction with land conservation. And the Bath House appeared an ideal project. In 2006, the county purchased the property for $8.1 million, financed almost entirely by the trust fund, and transferred ownership to Ewing Township after protecting the site with historic preservation and conservation easements, to prevent demolition of the Bath House or new development on the site.

At first, some county officials were underwhelmed by the building. "It's a bunch of cinder blocks," Mercer County Executive Brian Hughes admits thinking when the Bath House project first crossed his desk. After he read Solomon's book, however, he began to understand the significance of the site, eventually becoming a leading advocate: "I'll be long gone from Mercer County, and people are still going to be coming to see this building."

Despite the political support from such figures as Ewing Mayor Jack Ball, who has lauded the site as "Ewing's national treasure," some county residents still disapprove of the project. Donna Lewis, Mercer County's planning director, tells people to rent Nathaniel Kahn's film, which brings to life the man behind the buildings. "Watch the movie, and you will get it," Lewis says.

A Son's Return

On the recent Saturday when Nathaniel Kahn returned to the site, the Bath House little resembled the decrepit near-ruin he had filmed eight years earlier. Kahn, dressed in khaki pants and a blue sweater, and the other attendees took in the newly restored structure. They admired the abstract mural featuring fish- and wave-shaped forms, reputedly painted by Louis Kahn and another architect, and long covered over by eight layers of paint, that once again decorated the wall next to the main entrance. They noted that the pyramidal roofs, redone years ago in a gray material, were returned to their original black. They studied the refurbished concrete block walls, the sections beyond repair rebuilt with new blocks made from the same Delaware River stone as the originals, the masons instructed to replicate the sloppy and uneven mortar joints that Kahn favored. And they toured the locker rooms, with their new shower dividers no longer tile but shiny granite, chosen for its durability.

Michael Mills, a partner at the Princeton-based architecture firm Farewell Mills Gatsch LLC, led the project, which included the restoration of the day camp site and the construction of a new snack bar. Kahn and his half-sisters gathered around the architect after the conclusion of the tour. "You have done a fantastic service to our father's legacy," Kahn told Mills, as tears welled in the architect's eyes.

The discussion turned to the wider significance of the project in the context of preserving the legacy of Kahn, who built relatively few buildings in the United States. A group of leading academics and architects was dismayed to hear over the summer about the demolition of Kahn's original entryway of the Temple Beth El in Chappaqua, N.Y. They criticized temple leaders for not engaging the wider community of Kahn scholars before starting demolition as part of a plan to build an addition onto the existing structure.

In contrast, before embarking on the Bath House project, Mills spoke to Anne Tyng about the intent behind the original design (one of the conveniences in preserving Midcentury buildings is that many of the original architects are still alive). One question Mills asked her: Why didn't the Bath House have gutters? Tyng spoke, he says, of the "ritualistic idea of the water washing over the walls," though the walls didn't hold up well over time to the moisture. Workers have now installed gutters in a few strategic spots, concealing them as much as possible under the roofline.

One topic especially loomed large: the landscape plan for the site. Workers installed two rows of trees in front of the Bath House and have done other landscaping work, but nothing approaching the master plan that Kahn designed. That plan was never executed, but Heritage Landscapes LLC, relying on Kahn's original drawings, has drafted new renderings that would help achieve a more complete realization of the architect's vision. But the county and township lack the funds—about $500,000—to implement those drawings, and to establish a public green space adjacent to the Bath House that would help create a formal passageway between it and the community center building. Fronted by a vast expanse of parking-lot blacktop, the Bath House now seems insignificant from afar, an accidental imposition on the landscape that lacks proper context.

But the prevailing sentiment was unabashed enthusiasm, for the enlightened local officials who had recognized the historic import of the building, for how the restoration of the Bath House might signal a growing appreciation for Modernist architecture, for the revival of a key work in Kahn's career. Said Nathaniel Kahn of the project: "It will stand as an extraordinarily important example of what can be done with limited resources and enormous attention and care."

By now the sun appeared low on the horizon, and Kahn stood in the central atrium of the Bath House, his back to the stairs leading to the pool. Shadows fell obliquely across the walls. The site exuded a surprising sense of timeless presence given its construction a mere half century ago from so simple a material as concrete block.

"I am in love with this building," Kahn said. "I so feel my father's assuredness here. You know, the Yale Gallery of Art is such a wonderful building, but it's several different things going on. There's uncertainty. There's no uncertainty here. Here he's absolutely convinced he's doing the right thing. I feel him here. I feel the aliveness of his mind, and his excitement at being able to figure something like this out."

Kahn lingered for a few minutes, then slowly walked to the parking lot with the other remaining day-trippers, leaving the Bath House behind once again, this time secure with the knowledge that the building will survive. Not as a museum piece, but as a living structure, where locals will flock come Memorial Day, and fill the walls with the sounds of summer.




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A Special Thank You from Tracy

These last three years have been some of the most economically challenging we’ve experienced not only in real estate, but in this country and even in the world. It’s commonly said that our economy is the worst since the Great Depression. The continued high unemployment figures have been holding back a housing recovery since unemployed people don’t commonly buy houses. Doom and gloom seem to fill the headlines. Short sales and foreclosures are common occurrences, even in the best of neighborhoods.

Every Realtor I talk to agrees that every transaction is harder to do than it used to be. Not only are we dealing with buyers fearful of overpaying and sellers unhappy with how prices have come down, we have extremely challenging lender and appraisal situations with an unending stream of new rules and regulations to implement. Real estate is a team effort, every transaction involves so many more people than you might think.

So I would like to take this opportunity to thank all the people I’ve worked with this year. From the sellers and buyers to the escrow officers, title officers, representatives, other Realtors, the staff at all the many kinds of companies, the termite inspectors and workers, the stagers, the marketing support from floor plan drawings to office supplies--I thank you for your business and for helping me do mine. I thank all the people who have visited my broker’s and public open houses and I want you to know you are always welcome to stop in when you see my open house sign out front whether you want to buy or sell a house or not. It’s good to have your presence and your response to our efforts.

They say that a home purchase results in at least $60,000 additional spent in the community as well, so when the real estate market is good, the economy is better. And talk about supporting your local businesses--what could be more local than the house for sale in your neighborhood? So thank you, all of you, for being such good citizens and helping to keep this economy going. May you have a wonderful holiday time and may we  all prosper in 2011!

Warm Regards,

Tracy
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Are you upside down in a Wells Fargo loan?

Merry Christmas from the State of California and Wells Fargo!


Wells Fargo Agrees to $2 Billion Worth of California Loan Modifications
By: Heather Hill Cernoch 12/22/2010

Wells Fargo reached an assurance agreement with California Attorney General Edmund G. Brown Jr., to provide loan modifications worth more than $2 billion
to thousands of California homeowners with “pick-a-pay” loans originated by World Savings and Wachovia, banks Wells Fargo acquired. Wells Fargo will also pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure.
Pick-a-pay, or pay option adjustable-rate mortgage (ARM) loans give borrowers the option to make payments at various levels, such as monthly interest and principal or interest only. At the minimum level, payment was insufficient to cover the monthly interest owed, and the unpaid interest was added to the loan balance. When these loans reset, the monthly payments significantly increase.
“Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford,” Brown said. “Recognizing the harm caused by these loans, Wells Fargo
accepted responsibility and entered into this settlement with my office.”
Under the settlement, an estimated 14,900 California borrowers with pick-a-pay loans made by World Savings or Wachovia will receive affordable loan modifications from Wells Fargo using combinations of interest rate reductions, term extensions, and principal forgiveness. The value of the modifications, many of which will include significant principal forgiveness, is estimated at more than $2 billion.
“The majority of Wachovia’s Pick-a-Payment customers reside in California,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “We’re pleased that going forward the attorney general’s office will assist with outreach, so we can continue to work with as many customers as possible on the options available to them to prevent foreclosures.”
Wells Fargo will send notices to California borrowers eligible for loan modifications within the next two months. Borrowers with foreclosures will receive notification during the first six months of 2011.
The bank will also pay $32 million in restitution to more than 12,000 pick-a-pay borrowers in California who lost their homes through foreclosure and approximately $1.8 million in costs to the state.
Arizona, Colorado, Kansas, Florida, Illinois, Nevada, New Jersey, Texas, and Washington have similar agreements with Wells Fargo.
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, services one of every six mortgage loans in the nation. Wells Fargo acquired Wachovia in 2008, two years after Wachovia purchased World Savings Bank.
©2010 DS News. All Rights Reserved.

Forwarded to me by:

This email address is being protected from spambots. You need JavaScript enabled to view it.

Raul Contreras
Sales Representative
Old Republic Title Company
101 North Brand Blvd
14th Floor
Glendale, CA 91203
W: 800 228-4853
M: 661 478-1508
http://www.ortc.com 
  

 

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Market Update: End of 2010

It has been a volatile year in the real estate business in our little corner of Los Angeles—and the world. The good news is, every community from Glassell Park to Pasadena has had a net gain in average sales price from January to November, 2010. From as little as 1.3% in Eagle Rock to as much as 32.9% in Altadena, this is ok news.

Let’s be clear: this doesn’t mean that the value of your home has gone up by your respective community’s rate of increase. All these figures do is show that some progress has been made in the last year in terms of value. Let’s look at this in the darker terms of that fateful 15 months between the peak around the beginning of 2008 to the trough of March 2009 where several of our fair communities experienced over a 50% drop in average sales price. No! you say. My house didn’t lose half its value in 15 months! Correct.

But, looking at the graphs for these communities, there was a general peak in average sales price in May, 2010, right after the first time buyer tax credit expired, with a fair depression after that, and then a slight upturn recently. Check out my blog at www.LADigs.com for all the graphs and tables.

At last, the 50-year low in mortgage interest rates stimulated a little upturn in November. And now, December 8, interest rates have ticked up about ½ point. Thanks a lot, mortgage industry!

Over this year short sales started to be a bit easier to get through. We saw the number of foreclosures decline as the government tried to help homeowners work out their financial problems due to loss of jobs, loss of home value, loss of options. So, short sales happened more often amidst a lot of talk of loan modifications. I still only know one person who has accomplished a permanent loan modification and she doesn’t live in Southern California!

Here is my personal opinion based on a lot of subjective evidence: there is a lot of confusion about what the problem is and how to solve it because this problem is so complex, it’s like 10 blind men interpreting their touch of an elephant. Everyone feels a true part and it adds up to being wrong.

This problem is too complex to understand easily, and it’s too big to solve easily. I talk to homeowners who want to know my professional opinion of what the market will be for their home in the spring or next summer. No true professional can tell you what your home will be worth even next week! Remember the definition of market value: what a willing buyer and a willing seller agree upon, subject to a lender’s appraisal if a loan is involved. And buyers today are very nervous, they don’t want to overpay.

Our real estate values are closely related to the economic picture as a whole, and who do you know who can explain that? Just remember that if a person doesn’t have a job, they aren’t likely to be able to buy a house. The better the job outlook, the better the real estate market.
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Another beautiful morning in Paradise!

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Ask Tracy: What are Closing Costs?

Dear Tracy,

What are closing costs? How much will they cost a buyer?

A: Buyer’s closing costs can run 2-5% of the loan amount, depending on a number of variables. Since many costs are prorated over the month and year in which the property closes, there can be a wide range of costs.

More questions a buyer can ask are “What are Non-Recurring and Recurring closing costs? Can someone else besides the buyer pay them?" Now we are talking some complexities here.

Lenders will typically allow sellers and/or agents to pay a buyer’s non-recurring closing costs. The limits are up to 6% of the sales price if the buyer is putting down 10% or more, 3% if the down payment is less. Some lenders allow someone else to pay recurring or non-recurring costs, but this does not include prepaid interest.

Really important to know is that lenders will now only allow the credit to be the actual amount of the closing costs in the transaction. So even if 6% is allowed, if you only have 2%, that is what the seller can pay and no more. And credits relating to repairs or improvements are NOT allowed.

Here are typical recurring and non-recurring closing costs:

Non-Recurring:

  • Points (origination fee)
  • Appraisal
  • Credit report
  • Escrow fee
  • Sub escrow fee
  • Title insurance fee
  • Underwriting fee
  • Processing fee
  • Document prep fee
  • Tax service contract
  • Wire fees
  • Flood
  • Certification
  • Recording fees
  • Realtor client service fee

Recurring:

  • Prepaid interest
  • Taxes
  • Fire insurance
  • Private mortgage insurance.

What to do? The only solution to how to give more money back to the buyer is to reduce the price. Or forget about getting the credit.

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