John Alesi (Orange County California Real Estate)

While viewing a REO listing this weekend I found this rather unusual (and humorous) recessed outlet setup in a kitchen.

This may be a little difficult to see but here's what is in place. Thick tile was added over the original wall surface, causing the outlets to be recessed too deeply to be usable. The "genius" tile worker then pressed two ground lift adapters (AKA 3-prong adapters) into the outlet and then tiled and grouted around them to finish the permanent installation. Could this be a fire hazard? Probably. Is it up to code? Not likely!

This is a good example of why buyer's need competent home inspection while in the contingency time frame. This could likely have been passed over during a cursory walk through by the buyers but would definately be red-flagged by an inspector.

According to an article in the Los Angeles Times, Octoer 2, 2009 interest rates are near the all-time low (for rates tracked by Freddie Mac), if you have a solid credit rating and are able to put 20% dow. 30-year fixed rates last week were 4.94% with 0.7% upfront for points and fees. A POINT is equal to 1% of the loan, so 1 point on a $300,000 loan will cost the borrower $3000.

The lowest rate recorded by Freddie Mac was 4.78 with fees and points at 0.7%, recorded in April of 2009. By comparison, the same loan was 6% one year ago.

If you situation allows you to use a 15 year loan, rates were at 4.36% with 0.6% points, an all time loan.

Feel free to contact me for additional information or with any questions. To accurately access your ability to ourchase a home, contact your preferred lender and ask to be pre-qualified.

Rancho Santa Margarita is one of the newer cities in Orange County California, incorporated as a city in 1999 and situated in the shadow of the Santa Ana Mountains The twin peaks of Santiago and Modjeska are the backdrop for the city and the adjoining wilderness areas. This 13-acre man made lake is a central focus of recreation in the community with a swimming lagoon and beach club. The 1 mile path around the lake is in constant use by runners, walkers and roller bladers seeking a picturesque workout place.

If you would like more information about Rancho Santa Margarita, CA or have any questions, feel free to contact me thorugh this blog or through my website at www.YourOCHome.com

A new bill has been introduced to the US Senate, S 1678, to extend the first time buyer's tax credit for another six months, making the deadline date June 1, 2010. This bill has NOT been approved, just introduced to the Senate.

Industry supporters are also asking to expand the credit to ALL home buyers, not just first-timers and to eliminate the income caps so that "move-up" buyers may also be included which would further push the sluggish economy forward. According to Dep't of Treasury data, approximately 530,000 Americans have applied for the credit.

Please watch you email and sites like this for additional information on ways to support this legislation and contact your government representatives.