With declining property values and a slumping economy, many Californians are looking for ways to cut back. For California homeowners who have purchased in the last 5-10 years, one of the easiest ways many people can reduce their spending is to pay less in property taxes. This can be accomplished by ensuring that your property tax assessment is accurate and as low as possible.

If you are not sure of the accuracy of your tax base, consult your local Realtor or real estate appraiser to find out if your assessed value is close to accurate given the current value of your home. Many Californians are finding their current assessments to be completely inaccurate, especially if they bought 2-10 years ago, and will save hundreds, if not thousands, by filing some simple paperwork.

For homeowners with over-assessed property, there are two different ways for you to get it reduced. The first is the Informal Assessment Review, which we could call the easy way because you simply ask the county assessor to review their assessment of valuation for your property by filing a simple form. When this doesn't work, The Formal Request for Changed Assessment, which is a little more intensive but can still pay dividends, involves filing an appeal with the Assessment Appeals Board where you can choose to have an independently reviewed Hearing regarding your case. In many districts, including Orange County, the Assessor wants property owners to file the informal review before requesting a formal review so owners really need to check with their local Assessor.

Informal Property Tax Appeal or Review - Each county has deadline dates that may vary, but the informal appeal process is desirable because with little effort you may get the assessor's office to lower your property assessment just by filing a review request. On the other hand, they are the ones who set the value in the first place and it may not be realistic for them to readily admit that they made a mistake especially considering there is no independent overview party reviewing the process and decision. If the assessed value is determined to be in error (lower), then you will be granted a reduced assessment and they will reduce the taxes required. This will result in a tax refund (with interest) that will automatically be sent to you. If you are denied and still feel that the assessed value is overstated then you may need to file the Formal Appeal.

Formal Property Tax Appeal or Review - Formal Requests for Changed Assessment and Appeals are usually due either on September 15th or November 30th. The advantage of the formal review is that you will get an independent review of your assessed value by a Hearing officer. The disadvantage is that it will take more time and involve more effort. It is not necessary to provide comparable values and information at the time of the application, but you might as well get them prepared since you will need them at the Hearing later. Finding the data is more difficult as time proceeds, so it is smart to get the homework done early. Comparable sales (dated no later than March 31st for 2008) are a basic minimum of evidence that is needed at the Hearing. After filing your Formal Request for Changed Assessment it may take 6-9 months before you hear from them regarding an appointment to schedule a Hearing. Once you do hear from them then it may be prudent for you to call the Assessor's office to see if you might be able to reach an agreement on a lower Assessed value without going to a Hearing. If an agreement can be reached on a lower value, you can enter a Stipulation Agreement which reflects the revised Assessed value for your property for the appeal year.

Appeals Board Hearing - If an agreement is not reached, you either present your case to a Hearing officer (the default method) or you present your case to the Assessment Appeals Board. After a decision is reached you will be notified if a reduction is granted. If so, you will receive a refund usually within 6-8 weeks

Addition information and forms can be found at the California State Board of Equalization Website http://www.boe.ca.gov/proptaxes/pdf/pub30.pdf and forms for informal reviews requests can be found at your county tax assessors website. Residents of Orange and Los Angeles Counties can feel free to contact us to aid in finding comparable properties for their assessment appeal. Filing these simple forms has helped many people save quite a bit of money so if you have reason to believe your assessed value is too high, we'd encourage you to at least check it out.

Veterans looking to buy real estate in Placentia may not know about the loan opportunities available to them. Often buying a home is the first step in transitioning back to civilian life, and VA loans are one way our great nation helps veterans to do just that. Here are some important facts about VA loans that veterans, both old and young, can use in their home search.

The Veterans Administration (VA) does not make loans. It guarantees loans made by an approved institutional lender, much like the FHA. The main differences between the two government programs are:

1) Only an eligible veteran may obtain a VA loan.

2) The VA does not require a down payment up to a certain loan amount.

Both programs were created to assist people in buying homes when the conventional loan programs do not fit their needs. When a veteran finds the Placentia home they wish to purchase, they will need to see a VA approved lender who will make the application and process the loan for them.

Important Facts About VA Loans

• A veteran must possess a Certificate of Eligibility, which is available from the VA, before applying for a VA loan. The certificate will show the veteran's entitlement, or right to obtain a loan.
• A major benefit of a loan guaranteed by the VA is that no down payment is required on many of the loans. There is a maximum loan amount that is allowed for a zero down type of loan, and a very reasonable formula for calculating the minimum down needed for higher loans.
• If a veteran sells his or her home and the buyer gets a new loan that pays off the VA loan, then the veteran may restore the VA eligibility and apply for a new VA loan.
• A VA appraisal is called a Certificate of Reasonable Value (CRV). A loan may not exceed the value established by the CRV.
• Maximum loan amounts vary by state and by local community values, but there is no upper maximum price that a veteran can pay for a home.

Veteran Must Live In The Home

For VA loans the veteran must live in the home, there are no exceptions to this rule. Other criteria apply for these loans, and points are charged to the seller, which can be a big drawback. Also, there are no prepayment penalties allowed on VA loans and the seller usually has to pay discount points on these loans, unless it is a refinance. Many different types and terms of loans, also known as length of time to pay back the loan, are available for VA buyers.

Special Advantages for VA Loans

Even if you have foreclosure in your past, the VA has special programs to help buy another home but you have to contact them first to see if you qualify. Two of the biggest advantages are that there are no mortgage insurance premiums required and assumable loans are available.

We would like to extend our sincerest gratitude and thank all of our veterans, both young and old, for serving our country. The United States truly is the greatest nation in the world as evidenced in part by programs like VA home loans. Our hope is that this information will educate veterans about all the home buying and loan opportunities available to them and maybe take advantage of this program. If you are a veteran or a family member of a veteran and have any further questions regarding VA loans or homes for sale in Placentia, CA, please contact us.

Anaheim home buyers, especially those with minimum downpayments are finding FHA loans to be very desirable for financing real estate in Anaheim. An FHA loan gives home buyers the option of putting down a very small amount of money, some FHA loans require as little as three percent down payment. Here is some valuable FHA loan information that prospective buyers can use while looking at homes for sale in Anaheim, CA.

FHA History

The popularity of FHA loans in Anaheim, California is on the rise. Although the institution has been around since 1934, it may have never been as popular as it is now. The Department of Housing & Urban Development (HUD) absorbed the Federal Housing Administration (FHA) under its umbrella in 1965. Previously the lack of FHA loan popularity in California was due to rising home prices and very low loan limits set by the agency. Also, the FHA appraisal guidelines were very stringent and caused frustration among both buyers and sellers in Anaheim, CA. Fortunately, both of these issues have been greatly improved.

The FHA insures loans that are made by approved lenders. They do not make loans, but only insure loans made by approved lenders who service or sell the loans on the secondary mortgage market. As long as FHA guidelines are used in funding the loan, the FHA, upon default by the borrower, insures the lender against loss. If the borrower does default, the lender may foreclose and will receive cash up to the established limit of the insurance. The lender is protected, in the case of foreclosure, by charging the borrower a fee for an insurance policy called Mutual Mortgage Insurance (MMI). The premium is paid either as a cash cost at closing or it is added to the mortgage amount. The later being the most common preference.

FHA Mortgage Limits on Real Estate in Anaheim

The FHA periodically changes its mortgage limits and as of January 14, 2009, the maximum mortgage limit in high-cost areas is 115% of the local median price, but not to exceed a maximum of $625,500. In many parts of the country the upper limit is $417,000 for a single family home and can even be lower for some depressed areas. Orange County homes, including those in Anaheim are now at the upper limit of $625,000.

Anaheim Home Buyers with Blemished Credit History

If you are looking at homes for sale in Anaheim and your credit is less than perfect, FHA might just be the loan for you. You may qualify for a FHA loan even if you have had financial problems.

1) FICO scores can be lower than those for a conventional loan.

2) Bankruptcy - You might obtain an FHA loan two to three years from the date of your bankruptcy discharge, as long as you have maintained a good credit since your debts were discharged.

3) Foreclosure - If you keep your credit in excellent shape since a foreclosure, an FHA loan may be available to you two to three years from the final date of your foreclosure.

Competitive Rates and Terms

Today's rates and terms are very straightforward and very competitive.

1) The lenders have very little adjustments to the FHA loan rates, with the rates usually within .125 % of conventional loans.

2) Mortgage insurance is funded into the loan with just a very small premium added to the monthly payment, usually less than other private mortgage insurance.

3) As of January 1, 2009 buyers can get by with as small as 3.5% down payment. The FHA even allows downpayment money in the form of gifts from others.

4) Allowable debt ratios are higher with FHA than with the limits imposed by conventional loans. This simply means they are not as picky if you already have other debt from student loans, cars, credit cards, etc.

Fewer Required Repairs than the FHA of Yesterday

At one point, FHA repair demands were so excessive that the sellers would discount the selling price if the buyers would agree to obtain conventional loans instead of FHA. Today the requirements are much more reasonable.

1) Defective roofs that leak must still be replaced but an older roof that does not leak does not need to be replaced.

2) Windows that stick when opening or windows with cracks in the glass do not need to be repaired.

Home buyers in Anaheim should be advised that FHA appraisals never take the place of a professional home inspection. Buyers should still obtain a professional home inspection before a purchase is closed. FHA still does require some repairs to be done that a non FHA loan would not ask for. Some may consider these repairs to be "ticky tack" but they are mandatory nonetheless. This can often present a problem when the property in question is being sold "as is" such as often case with bank owned real estate.

After reading this information on FHA loans, Anaheim home buyers should have a better understanding of another type of loan available to them. An FHA loan can be extremely helpful if you are only able to make a minimum down payment and can be a valuable tool for buyers to have at their disposal. There are many important aspects to remember about FHA loans, so be sure to contact a reputable agent or loan officer with further questions about loans or real estate in Anaheim.

Hi all,

I have nothing against a good sales pitch, I do have an issue with strong armed selling and using ones status as a bank owned prequal gatekeeper to intimidate selling agents and using alarmist tactics on their clients.

I've got an offer ready to present on a property in Lakewood, CA and as is typical and understandable of REO's as I mention in my tutorial on Los Angeles bank owned real estate, the bank requires prequal with their lender. I'm irritated because:

1) The L/O insisted on speaking with the client even though I provided all paperwork. Ficos, proof of employment, proof of funds, social #, etc.

2) The L/O leaves an unsolicited message for my client that it looks like she paid too much with her last refinance after reading my proof of funds (estimated closing costs for refi with appropriate contact info). Keep in mind not only is this tacky in my opinion but this is an estimate, not a final hud.....and her lender is very very competitive......and by the way the heck does this have to do with my clients yes/no prequal? Argh!

3) After I call this guy on b.s. and ask him to please stick to relevant issues pertaining to my buyers qualification, he gets passive aggressive and starts playing the "am I just not supposed to say anything to a client if I think I can do better?" "do you have some sort of relationship with this lender" "I've never had anybody accuse me of anything like this" bunch of Bologna.

My answer: Well no, your job as per the MLS instructions should be to evaluate the clients loan worthiness, nowhere does it say they will have to endure sales pitch scrutiny of past deals and I think calling them your client is a stretch buddy. And while its not relevant, yes I do have a relationship with that lender, they are excellent competitive , and yes I do recommend them. My buyer trusts me to help her find the best loan and doesn't need some 'johnny come lately' offering empty promises and unsolicited scrutiny. Can you help or not?

4) L/O tells me he is a big shot and has lots of deals (usually the sign of nothing in the hopper) and he doesn't have time to just do prequals favors for people.

Uh does the listing agent know this? Why then are you the prequal l/o for this property? Or have I already answered this question?

5) L/O tells me if that's my attitude hes just going to recommend full documentation.

Fine but I''ll go elsewhere as the Listing Agent said is perfectly acceptable

6) L/O calls my client again and leaves another message saying that I was abusive on the phone.

Are your kidding me, who does this?.

So my question is, is there any Wells Fargo l/o who would prequal my client today without giving them the third degree. She's already been prequaled with another Wells Fargo L/O a few weeks back but she is out for a few days and this offer needs to be in now. I'll provide proof of employment, ficos, proof of funds, etc as she's now been qualified quite a few times. :) Thanks for any help, while I can't promise getting a shot at this loan, I'd consider it a favor and a solid foot in the door. And just so I'm clear, if she doesn't qualify, no problem (although I know she will) I'm not trying to force feed a prequal.

Placentia real estatemay not be as well known as some of the surrounding areas, but real estate in Placentia should definitely be in the cross-hairs of most North Orange County home buyers. People looking to move to one of the surrounding cities will often fall in love with the quiet suburban neighborhoods and all-American feel of Placentia real estate. Regardless of whether or not it was the original destination for residents, Placentia is a place that people are proud to call home. This underestimated quality helps the town rate very well on our Orange County real estate area rating system and prospective buyers really owe it to themselves to further investigate this charming city.