Real Estate Information

The mission of the Chino Hills State Park Interpretive Association is to enhance public awareness of the importance of maintaining and restoring the unique natural habitat within Chino Hills State Park, through interpretive and educational activities.

Their goals and objectives are education and outreach in the community and to publish literature about Chino Hills State Park, its natural resources, activities and trails. They assist in providing continuing education for the public, park volunteers and staff and on the importance of this natural area.

With the help of State Park personnel, the Chino Hills State Park Interpretive Association (CHSPIA) was reformed last year. CHSPIA’s new board consists predominantly of long-time volunteers with diverse interests, including restoration, horseback riding, mountain biking, hiking and resource conservation.

CHSPIA is a non-profit volunteer based organization that assists the California Department of Parks and Recreation in maintaining and restoring Chino Hills State Park. Through interpretive programs and volunteer support designed to enhance visitor experiences, CHSPIA fosters appreciation and the enlightened use of the State Park. All funds raised go directly to CHSPIA to support our interpretive activities, events and other park programs that may not otherwise receive. 

Every lender will have slightly different policies or rules about who qualifies for a short sale. Below are some typical requirements that need to be met to qualify for a short sale.

•The Home's Market Value Has Dropped. 
Comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. Prepayment penalties can be included in this balance.

•The Mortgage is in or Near Default Status.
Today's lenders now understand that many factors contribute to a potential default,especially in today's market. They are willing to look at options to avoid any future losses. 

• There Are No Assets. The seller will need to prove that they have no assets that can be used to pay the lender the difference. Lenders typically ask for financial statements, income tax returns and other financial documents to support the sellers claim.

•The Seller Qualifies For A Hardship.
The seller must submit a letter of hardship that explains why they cannot pay the difference due upon sale. Typically this letter will include why they has or will stop making the monthly payments.

It is important to keep in mind what constitutes a hardship. Below are some typical situations that are typically considered hardships.

1.Unemployment
2.Divorce
3.Medical emergency / sudden illness
4.Bankruptcy
5.Death

If these requirements are met, most lenders will agree to a short sale. With a short sale, both sellers and lenders do not stand to gain any profit from this transaction and most short sales are completed during the pre-foreclosure stage in order for the lender to avoid incurring further foreclosure costs.

Foreclosures and short sales are on the rise in this difficult real estate market. But all of these changes can leave neighbors wondering, “What about the value of my home?” Owners of surrounding homes are concerned that a foreclosure might affect the market value of their home.

It is important to know that appraisals include comparable sales, plus foreclosures. Property appraisals are based on three approaches:

•Cost approach. This is the value to build the home, plus the value of the land.

•Income approach. This is rarely used for single family homes and is used to compare multiple units, based on capitalization rates.

•Market value approach. This type of appraisal compares the subject property to three comparable sales in the neighborhood.

If two comparable sales are regular transactions and one is a foreclosure or short sale, will the appraiser use that distressed sale as a comparable property?  These are considered sales at market value, offered for sale by a willing seller and purchased by an able and willing buyer, with neither party under duress. Banks and mortgage companies are currently being very conservative in their lending practices, including the amount of money they are willing to lend on a property. They look very closely at the appraised value given a property, sometimes asking for a second appraisal in order to feel comfortable about the value given. And, they require that all sales in the area be included in the determination of value.

The good news is that after experiencing a large inventory of unsold homes many areas are beginning to see prices are beginning to rise. Buyers are taking advantage of the large variety of affordable homes, government tax breaks, and low interest rates and we are starting to see some stabilizing of home prices.

In the current real estate market we are in, foreclosures and short sales are common place these days. However, there are some misconceptions and myths to short sales that are simply not true. Below are some of the top misconceptions about a short sale and the clarification.

1. Short sales can take up to a year to close. This is simply not true. It can take 7-10 days for the lender to acknowledge receipt of the complete short sale package, which consists of personal seller documents and related real estate items, including the buyer's short sale offer. Once a negotiator is assigned it can take an additional 30 to 45 days for a BPO or appraisal. After this has been completed usually another 2 to 3 weeks for management / investor review and short sale approval.
2. If you purchase a short sale, you will end up paying too much.  Some listing agents may set a short sale below market value, this is a tactic used to attract multiple offers. Remember that a listed price on a short sale is fabricated, because you won't know how much a bank will accept until the offer is submitted. However, most banks will consider a price at a minimum of 90% of market value.
3. Lenders of a short sale wont accept a discounted payoff. Many sellers are often surprised to learn that in markets where prices have fallen over a 5-year-period, a home might be worth 50% or less of its original value when the seller bought it. Lender know about these declining markets and will do their own research about value and typically come to the same conclusion. The value of the home is not based on the amount of the mortgage; it's based on recent comparable sales.
4. Short Sale Sellers Must Be in Default Before the Bank Will Approve a Short Sale. The lender will approve a short sale based on the seller's hardship and the value of the home. Many sellers may struggle to make the monthly mortgage payment, but have not fallen behind in their payments. It is true that sellers in default receive immediate attention, but a seller can also pay a mortgage payment on time each and every month and still qualify for a short sale.

The sluggish economy has caused many homeowners who have fallen on hard times to be loose their homes. Foreclosures have increased drastically this last few years and many homeowners are struggling to find answers as to what to do next. It is important to know that as a homeowner, you do have options.

In the event that you find yourself struggling to make your mortgage payments, and you fear foreclosure may be in your future, the National Foundation for Credit Counseling (NFCC) has suggested a few possible alternatives. These options to fend off foreclosure include:

• Repayment Plan
• Reinstatement
• Forbearance
• Loan Modification
• Short Sale

It is important to kmow that everyone's situation is different and not all of these options will work for everyone. Contact me to discuss your options!

With foreclosures on the rise, lenders are looking for options to keep the borrower in the home and a popular option is a short sale. Short sales have increased last year and they are expected to grow even more in 2010.

Short sales are however, very labor intensive and many sales are not closed as a result. An additional problem is that servicers are not able to contact homeowners who are on the edge and who need help and engage them with a loan modification or a short sale.

Short sales are now expected to move more smoothly with the introduction of automation. Technology plays a major part in this software program with an electronic execution of the short sale approval letter and request for the approval of the short sale documents.  This technology allows everyone to be on the same page and is more efficient.

ELK software has released the automated software Short Sales Commander Version 3.0. This software will allow homeowners, buyers’ agents and others involved in the short sale access to the files.  “Communication with agents and sellers is a significant part of running an efficient and profitable short sale business,” said Erik Lovell, president of ELK Software.  Erik also noted that this new version will give their users more time so they can build their short sale business without having to call or email their clients.

The short sale process still needs help in order to run smoothly and this new technology will help to assist all parties involved for a quick and smooth closing.

For home owners who owe the lender more than their home is worth, negotiating a short sale could be the solution.
This means the seller or the seller's agent sells the home to a buyer at market, or slightly below market value, and the lender agrees to accept the proceeds as payment in full on the mortgage, even though the sales price is less than the existing encumbrances.

There are many benefits to the homeowner who decides to go with a short sale.

• It allows the homeowner to avoid foreclosure and be free of the large mortgage payments.
• A short sale also prevents additional damage to your credit.
• A short sale results in the mortgage actually being paid off, which reflects positively compared to a foreclosure.
• Short sales do not cost the homeowner any money.
• Typically short sales will not hurt your credit. If you have been late with your payments then your score may be affected.

The benefits of a short sale far outweigh any potential drawbacks, especially in situations where a homeowner owes more than the home is worth. Lenders are willing to negotiate a reasonable price when markets are declining rather than going thru foreclosure. This option provides the homeowners to stop foreclosure and deal with a significant loss or lack of equity and all the credit headaches that a foreclosure entails.

Tax time is here but keep in mind that being a homeowner has some advantage as there are many tax deductions that may be available. Make sure you’re not missing out on important home-related tax deductions. Everyone has a different situation and you may actually qualify for other deductions you were not aware of, so always check with your tax advisor to find out which deductions apply to you.

Mortgage Deductions.The interest you pay on a home mortgage is usually tax-deductible. Every year, you should receive a “Form 1098” from your lender which details how much mortgage interest you paid. To claim this deduction, you need to fill out “Schedule A”, under “itemized deductions” to record your interest deduction. These deductions can also include late payment charges and pre-payment penalties.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes. Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate closing statement.

First-time Homebuyer Credit for 2009. If you purchase your first home, even if it is for resale, between January 1 and December 31, 2009, you may be eligible for the First-Time Homebuyer Tax Credit. The refundable credit is up to $8000 or 10% of your home's purchase price, does not have to be repaid and can be taken regardless if what you owe in taxes is less than $8000 (which could leave you with a negative tax liability, which would result in the government cutting you a check for the difference). To be eligible as a first-time homebuyer, you must not have owned a principal residence in the 3 years prior

Business Use of Your Home. If you are a homeowner who uses any portion of your home for business, from daycare to home office to rental property, you can take a deduction for business expenses. Refer to IRS Publication 587 for details.

Most homeowners have liability insurance but many don't actually understand their responsibility as a homeowner. When you own a home, you can be held responsible for any injury that happens on your property. That even includes things that you have no control over.

There are many instances when a homeowner can be held liable, such as if someone slips on your doorstep and is injured, if a tree on your property falls and damages your neighbors property or even if your pet bites a visitor to your home.

What may be surprising to many homeowners is the fact that even people who trespasss on your property and then injury themselves actually have legal recourse. The law states that once the owner is aware that there is a trespasser present on the property or can reasonably anticipate that a trespasser may be present, then the owner actually has a duty to exercise ordinary care in order to avoid injuring the trespasser.

It is important for homeowners to be aware of where their liability responsibility is and to make sure they have adequate insurance to cover any damages. For many people, the coverage included with their regular homeowners policy is enough. But in some situations, you may want more. Some common reasons to get more coverage include:

• You own a swimming pool
• You own a dog, especially if you own an aggressive breed of dogs, this will raise your homeowners premiums.
• You frequently host social events. If you have parties often, the likelihood of someone getting hurt goes way up-especially if you’re serving alcohol at your parties.

As in all home owner insurance matters, take care to read your policy carefully. If you have questions about your premises liability coverage, ask your insurance agent. You might need separate riders to provide all the liability coverage necessary for your situation.

Whether you are getting organized for the New Year or if you are preparing to sell your home or moving into a new one, there are various reasons why you might need to look into storage options. Whatever your situation may be, there are different options that may work for you, read more below to find one that will work best for you.

Self Storage Facilities

This one of the most popular options and consist of mini-storage units where a monthly charge is incurred. Most facilities have a variety of units in different sizes to accommodate your storage needs. Depending on the facility, access can be granted at specific times but some do have 24 hour access. Find a self storage facility near you. Location is usually one of the prime factors for selecting a facility, as you want to make sure it is close enough for you to be able to access your items. Visit this site to find one near you!

Container Storage

This type of storage is usually best for long-term, portable storage. Many people refer to this type of storage as Pods. These storage bins are delivered to your home where you pack them and then they can be picked up to be stored at a storage center, and once you move to your new home, delivered at your doorstep for your convenience.  This can be a time and money saving solution because you only have to pack once, you don’t have to move your items to the storage facility and then again to your final destination.

Moving/Storage Facilities

Many moving companies offer storage as an extra option to their moving services. This can be very convenient as they simply load up your possessions, take them back to their facility and store them for you rather than dropping them off at your new home. Then, when you're ready, they load them back up again and deliver them.

Whatever decision you make it is always a good idea to tour the facility before signing any contract in addition to asking important questions such as security and if the facility is insured. It is important to do your research, just like choosing a moving company, you want to be sure your things are in safe hands.