Paradise, CA

Paradise Real Estate, Successful Selling In A Buyer's Market, Paradise CA Homes For Sale, Part 8 of 8

This is the 8th in an 8 part series. We are discussing Closing The Escrow:

With the on going changes in regulations, industry practice and market conditions a detailed approach is very necessary to successfully close an escrow.

Disclosures & Inspections:

• Agent's Visual Inspection Disclosure: Both Buyer and Seller's agent must provide the AVID to the Buyer.
• Seller's Real Estate Transfer Disclosure Statement: Selling with an AS-IS statement doesn't excuse the Seller from providing the completed TDS.
• Natural Hazards Disclosure Statement: Generally the NHDS is obtained through 3rd party providers.
• Other Disclosures: It is important to provide Seller's disclosures, to the Buyer, in a timely fashion to maintain the time line for Buyer's review and subsequent contingency removal. There maybe additional disclosures and inspections necessary due to the unique features of your property. Inspections such as well, septic, pool, spa and lead base paints may be required.
• Home Inspection: A home inspection is a valuable assessment of the working condition of the home's mechanical and electrical equipment including a detailed visual inspection of the property. The limitations of the home inspection should be understood. Home inspections generally do not include an on-the-roof-inspection. They are also not a substitute for a pest inspection. Conducting a home inspection before the sale of the home can eliminate any surprises surrounding the discovery of damage during the home inspection.
• Pest Inspection: Pest inspections evaluate the condition of the home relative to water damage, dry rot and wood destroying pests. Again conducting a pest inspection before the sale of the home can eliminate any surprises surrounding the discovery of damage during the pest inspection.
• NOTE: Any Damage discovered, in a balanced real estate market, might leave room for negotiations for sharing those expenses between the Buyer and Seller. While most everything in the purchase is subject to negotiation a Buyer's Market may not present the same opportunity.

Contingency Removal-

• Review of Preliminary Title Report: The preliminary title report will be inspected for "defects" and insurability for title insurance. Any defects in title will have to be "cured" or accepted by the Buyer and/or the Title Insurance Company.
• Review of Inspection Reports: Buyer and Lender will be interested in reviewing all reports.
• Appraisal Valuation:If a loan is being obtained on the home a licensed appraiser will establish the selling price relative to the local market value.
• Loan Contingency: Once the previous reports are reviewed and Buyer's financial status confirmed the loan contingency should be removed. Note:The current real estate market has caused more review time and attention to detail surrounding real estate loans.
• Time line: The time line for the close of escrow and the progressive removal of all contingencies should be monitored and maintained for a timely close of escrow.

Escrow Signing:

• Documents will now be prepared for signing and both parties shall review the escrow documents for accuracy relative to the Residential Purchase Agreement and the terms of the loan. Lender Funding of the loan will take place and recordation of the documents will follow. Then final disbursements of funds.

Congratulations on Successfully Selling In A Buyer's Market, Paradise CA homes for sale

Real Estate Marketing assistance is available: call 530-370-1818 or email: steve@chainrealestate.net

PARADISE COMMUNITY INFORMATION SEARCH PARADISE LISTINGS

This information is provided, by your Realtor, and should not be considered a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Paradise CA homes for sale

2009 Town of Paradise Celebration

Paradise Real Estate NEW EXTENDED $8,000 - $6,500 Tax Credit, Paradise CA Homes For Sale

Legislation: The Homeownership and Business Assistance Act of 2009, Nov. 6, 2009 has extended and expanded the opportunity for Buyers in the market for a primary residence to access the $6,500-$8,500 Tax Credit.

Tax Credit - $8,000 max. / 10 Percent of Purchase Price ( Max. Purchase Price $800,000)

Who Qualifies - 1st Time Home Buyers

Tax Credit - $6,500 max./ 10 Percent of Purchase Price

Who Qualifies - Existing Home Owners (Owners living in their Primary Residence 5 consecutive yrs/last 8)

Purchase Deadline: Contract Signed By April 30, 2010, Close Escrow by June 30,2010

Tax Period: The Credit may be applied for 2009. 2010 tax years

Income Limits: The credit begins to phase out for Tax Payers with the following incomes: Individual Filers/ $125,000 and Joint Filers / $225,000 .

A detailed Article directly from the IRS provides additional details.

Primary Residence: While the IRS does not provide a definition for Primary Residence they do provide information to assist in making that determination.

Housing Types: Newly constructed, Single Family, Townhomes and Manufactured Homes are all considered acceptable Primary Residences.

Purchase Exceptions: Purchase transactions between family members are expressly prohibited from qualifying for the Tax Credit.

SEARCH PARADISE REAL ESTATE SEARCH PARADISE INFORMATION

This information is provided by your Realtor, and is not a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Paradise CA homes for sale

Paradise CA Real Estate / Current Market Statistical Report November 15, 2009, Paradise CA Homes For Sale

The following statistical information is representative of the real estate market of Paradise CA Homes For Sale and certain urbanized areas immediately surrounding the City.

The Current inventory of Single Family Paradise CA Real Estate is as follows:

PRESENT INVENTORY/STATUS

155 Active Residential Listings

52 Pending Sales

27 Sold

5 Short Sale Listings

3 REO listings

5 Short Sale /REO Listings

2009 YEAR TO DATE MARKET PERFORMANCE

235 Homes Sold Year to Date

Source: SNVMLS November 15, 2009, Paradise CA Homes For Sale

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This information is provided by your Realtor as an informational service in assisting Buyers and Sellers in Real Estate transactions, Paradise CA Homes For Sale This information is not presented as a substitute for the advice of your Tax or Legal Advisor.

Successful Selling In A Buyer's Market of Parasise CA Homes For Sale Part 7 of 8

This is the 7th in an 8 part series, on Successful Selling in a Buyer's Market, Paradise CA homes for sale and we are discussing the completion of the purchase contract.

Execute The Purchase Contract: The creation and execution (signing the agreement) of the Residential Purchase Agreement is complex for a number of reasons. This agreement could be considered the blue print for the completion of the property sale. This document is a legally binding agreement that obligates both parties to complete the transaction and perform accordingly. There are many details that have come to make up the legal Purchase Agreement of today. California REALTORS® commonly use Purchase Agreements that are made up of customized forms made available through the California Association of Realtors. These documents are frequently updated to maintain compliance with the ever changing rules and regulations effecting real estate transactions. Today we will focus on the following 4 areas of the Agreement:

Buyer's Qualifications: It is reasonable and wise to request a lender's Prequalification Letter representing the Buyer's ability to qualify for the loan. Actually these letters are easy to obtain. Another level of assurance is reached by obtaining a lender's Letter of Preapproval. The Letter of Preapproval, while not binding on the lender, represents that the Lender has verified the facts of the Buyer's qualifications for a loan. Additionally if a down payment will be required now is a good time to request verification of the necessary funds.

Selling Price and Closing Costs: The Seller's monetary considerations are comprised of the selling price, Seller's side closing costs and any Seller's concessions towards the Buyer's ordinary closing costs/expenses in the transaction. These are fairly straight forward though they should still be carefully weighed before signing. It should be noted since this is a Buyer's Market it is not unusual for Buyers to request concessions for expenses that are not normally paid by Sellers. Any Seller's concessions on behalf of the Buyer should be expressed as an actual dollar amount and not just "Buyer's Closing Costs", etc. Unless a need for repairs is discovered during the home and or termite inspections the value of these considerations should become final at the close of escrow.

Disclosures & Inspections: Perhaps even more important are these items as they can have far reaching effects if they are not provided and completed properly. The following disclosures and inspections are required by law (California Civil Code); Agent's Visual Inspection Disclosure, Seller's Real Estate Transfer Disclosure Statement and the Natural Hazards Disclosure Statement. There maybe additional disclosures and inspections necessary due to the unique features of your property. The proper completion of these disclosures and inspections provides a form of assurance that the close of escrow will bring the transaction to a successful conclusion for both parties.

Time line: The time line for the close of escrow and the progressive removal of any contingencies should be clearly established and noted for both parties. When the agreement is completed, to your satisfaction ,escrow can be opened. Note: In California, as of October 15, 2009, the choice of escrow/title company lies with the Buyer (AB-957).

Next time we will discuss: Closing The Escrow: Paradise CA homes for sale

PARADISE COMMUNITY INFORMATION SEARCH PARADISE LISTINGS

This information is provided, by your Realtor, and should not be considered a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Paradise CA homes for sale