OH MY GOD WHAT HAVE I GOT MYSELF INTO NOW?

PATTI LYLES is scared and needs your help. Call 831-335-2100

•1. I need an Attorney that is savvy with RESPA Section 8 violations and has dealt with violators.

•2. Or a RESPA representative who works with enforcing RESPA violation.

Please help me locate one or call me if you are one.

I have verbal confirmation with 3 C.A.R. Legal Hotline Attorneys; that if performed(paid out) on a Referral Fee Agreement it would be a RESPA violation.

I contacted the Referring Party, that when his company became apart of my purchase transaction in some way, it knocked his referral out of the picture. I told him I contacted not only 3 CAR Attorneys but other resources to verify this before I told him. He went off like Tasmanian devil has hasn't stop spinning since. Even called the Escrow officer demanding to be paid. How screwed up is that?

The HUD Rep that I talked by phone scared me when he told me consequences are enforced and terrifying -- For both of us!

If I coward down to his antics and pressure. I am not opening up myself for bigger headaches then the pressure from the guy who's not going to be receiving the money now.

How did I get the little Devil off my back? The HUD guy didn't tell me what to do if the guy didn't back off.

Do I need a letter from an RESPA Attorney demanding he comply or do I get a letter to the Escrow Officer demanding she not pay him?

Meanwhile it was suggested to me to file a complaint with the place below. Anyone ever file a complaint?

Persons who believe a settlement service provider has violated RESPA in an area in which the Department has enforcement authority (primarily sections 6, 8 and 9), may wish to file a complaint. The complaint should outline the violation and identify the violators by name, address and phone number. Complainants should also provide their own name and phone number for follow up questions from HUD. Requests for confidentiality will be honored. Complaints should be sent to:

Director, Office of RESPA and Interstate Land Sales
US Department of Housing and Urban Development
Room 9154
451 7th Street, SW
Washington, DC 20410

from Patti Lyles @ SantaCruzRealEstateHomes.com

Behind the scenes of each purchase and refinance transaction are the unsung heroes of our real estate market, all of the hard-working employees of the three title companies in Santa Cruz County: Santa Cruz Title, First American Title and Old Republic Title.

A homebuyer or borrower probably will only have contact with his escrow officer for an hour while they are signing all of the miscellaneous loan and property transfer papers, a procedure that is affectionately called "the sign-off," but that is only the tip of the iceberg.

An escrow is opened by the real estate agent as soon as there is a finalized purchase contract between the buyers and sellers or opened by the mortgage consultant when a refinance transaction has begun. In California, the buyer has the legal right to select the title company.

The title company will research the title of the property to determine who the legal owner is, if there are any outstanding loans, who the lenders are that must be paid off before the property can change hands, and to uncover any other easements, "clouds" or encumbrances on the title.

The buyer wants to be sure to obtain clear title and the lender wants to be secure in knowing that if the property has to be taken back that it will be in position to recover all or most of its losses in a foreclosure procedure.

After this research is done, a preliminary title report often referred to as the "prelim" is issued on the property for the buyers and the new lender to review. It is called a preliminary report because it is produced for review before title insurance can be issued and before the final transfer of ownership.

As a result of this research there are two title insurance policies issued by the title company: one is for the protection of the buyer, the CLTA California Land Title Association and other is for the protection of the lender, the ALTA American Land Title Association.

Lenders in California will require the issuance of both of these policies; however, if the buyer is paying cash, neither is required by law. In these cases, it is still advisable for the buyer to secure the CLTA to protect himself.

Typically, the agent or the lender will select a specific escrow officer, who will be in charge of coordinating the escrow events that will culminate at the close of escrow, the date that the property officially changes hands at the Santa Cruz County Courthouse.

Needless to say, there is a lot of paper-pushing and research involved in this escrow process. If you were to stop in sometime at the office of any of these title companies you would find dozens of employees toiling away at mountains of paperwork stacked on their desks.

The employees of the title companies put in their time behind the scenes to meet the demands of the buyers, sellers, owners, agents and lenders in our local real estate market and, for the most part, their efforts go unnoticed. Those of us who work in the real estate industry salute the men and women of the title companies and thank them for all of their hard work.

Market report by Patti Lyles

http://www.pattilyles.com

Statistical Tables

Trends at a Glance
(Single-family Homes)
	Sep 07	Aug 07	Sep 06
Median Price:	$710,000	$794,200	$750,000
Average Price:	$804,519	$890,040	$825,998
Units Sold:	114	137	134
Inventory:	1,263	1,301	1,300
Sale/List Price Ratio:	96.3%	97.8%	97.1%
Days of Inventory:	332	285	291
Days on Market:	89	73	78

After setting a new record high in August, the median price for Santa Cruz County single-family, re-sale homes tumbled 10.6% in September, a year-over-year loss of 5.3%. The average price dropped 9.6%, a loss of 2.6% year-over-year.

Home sales were down 16.8% from August & Inventory dropped last month

Days on market rose 16 days to 89 for homes

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EVERY PENNY HELPS!! by Patti Lyles: http://www.feltonproperty.com/

Request for Reappraisal - When the taxpayer believes he/she is being over assessed this form may be submitted to the Assessor's Office so that the current assessed values may be reviewed. (call 831-454-2002 ask for a form called Prop 8 Reductions under Tax Cycle Information.

I recently filed a Request for Reappraisal with the Santa Cruz County Tax Assessor's Office for our own investment property. The process was very simple and in less than 60 days we received notice that our annual property taxes would be temporarily reduced by nearly $500.00

WARNING: BEFORE you send it, if any remodeling has taken place - with or without permits - you may want to think twice about submitting a request. A physical inspection of the property may be required which might open the door to issues with the Planning Department.

What is Proposition 8?

Prop 8 was one of the early amendments to Prop 13. Prop 13, as you may know, changed California's method of property taxation from a "market appraisal system" to an "event driven system". Due to the pressures of ever increasing property values the taxpayers revolted. They amended the constitution to state that instead of constantly raising our assessments every 3 or 4 years, only reassessments at market value can occur when there is a change of ownership or new construction. Until one of these events occurs assessments may only increase by the consumer price index and this can be no more than 2%. As you can see, the impetus and the context of Prop 13 was a rising real estate market. It didn't take long for the question to arise: ‘If my values are "frozen", what happens when the market goes down? I'll be paying taxes on an assessment that is above the market....!' And so.......Prop 8 was born.

What does Prop 8 say?

Very simply, it added a few words to the California Revenue and Taxation Code which make reference to adjusting base year values to take "into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property, or other factors causing a decline in value". R & T Code Section 51(b)

Does the Assessor automatically lower values when they're above market?

The Assessor initiated reductions on single family residences in Santa Cruz County beginning in 1992. At that time it was clear that the real estate market was experiencing more than a temporary slump. Currently (1997) there are more than 8,000 properties that have been reduced. These reductions are based upon a detailed analysis of thousands of sales from 1988 to the current year.

Why wasn't my property reduced?

Santa Cruz County has a very complex and varied real estate market. From the mountains to the sea, there are few vast tracts of identical homes. This makes global reductions quite difficult.

What can I do if I think my assessment is too high?

The Assessor has a one page form which may be submitted as a "Request for Reappraisal". Any supporting data (appraisals, comparables, multiple listings, etc.) will be helpful in expediting your reduction if it is warranted.

I don't know anything about the market value of my property. Do I have to hire an appraiser or a real estate agent in order to pursue this reduction?

No. We have a very knowledgeable and experienced staff. Our appraisers are professionals who will be more than willing to discuss your assessment with you.

When must I file this request?

The state legislature has recently responded to a statewide decline in the real estate market. In the past there were strict time limits on when to file for a reduction, this often resulted in several months delay in the Assessor's ability to respond to the request. Now a request can be submitted at any time and the Assessor has the authority to reduce the current year's assessment.

What happens when the market begins to recover?

A reduction to the base year value under the auspices of Prop 8 is not permanent. The Assessor is required to track every reduction until the base year value is restored. The consumer price index continues to compound each year, so this tracking presents a formidable challenge to appraisal staff.

Where can I pick up a "Request for Reappraisal"?

Forms are available at the County Assessor's Office, 701 Ocean St Room 130. You may also call us at 454-2002 to request a form and it will be mailed to you.

Must I apply for this reduction every year?

No. The Assessor will review your assessment every year until the value is restored to its appropriate base year level. If you believe the value has declined again then you may submit another "Request for Reappraisal" to get further relief.

Should you have any further questions please contact the County Assessor at 454-2002.