Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

FIRST TIME HOME BUYER TIPS

For first time homebuyers following tips are the most important steps when buying a home:

Now the right mix of attractive listing prices, tax credits, improved financing and a wide choice of properties seems to be attracting the first time home buyers.

- Research Your Market. The real estate market is so localized that prices among similar homes vary greatly even between neighboring towns. All real estate is localized and the key to a successful purchase is to know the market. Buy a home in an area that works for you and your family best.

- Make a list of what you want. Let your realtor know your criteria in order to find homes that meet your needs. You can go to RiteCurb.com to view homes that fit your specifications. This will give you an idea of what is possible in your price range and in the location you prefer.

- Get pre-approved. There are different home ownership programs available.

Although not a final loan commitment, a pre-approval letter can be shown to listing brokers when you are bidding on a home. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. Lenders can be found on our website, RiteCurb.com

- Make a decision. Once you find the best home that fits your needs, take action. Homebuyers often hesitate, and this could mean you miss the best home that meets your needs. If you have chosen a good mortgage broker and a sharp realtor, you should have the facts to make the right decision. Finding homes for sale is easier than before.

First time home buyers are able to get the best loan types. There are different kind of properties to buy, homes, townhomes, condos, multi-Family, single family homes in different areas in different price points.

Some of the San Diego’s zip codes: 92126, 92127, 92128, 92129, 92130, 92131, 92064, 92067, 92131. Home values are changing depending on the areas. Mira Mesa, Scripps Ranch, Carmel Valley, Rancho Bernardo, Rancho Penasquitos, San Diego, Poway, Rancho Santa Fe.

First time homebuyers, more than any other demographic, stand to benefit the most in today's real estate market.

In fact, a recent survey commissioned reveals that 23 percent of adults plan to purchase a home in the next five years and that more than half of them (53.5 percent) will be first-time homebuyers.

 

 

July 9, 2018

TIPS FOR A TIMELY CLOSING for the buyer

home buying, first time homes buyer, title, buyer tips

Purchasing a home can be a rewarding experience, but there may be delays in the closing due to situations that could have been avoided. At First American Title, we understand that by keeping you informed and helping you prepare for the closing day, it is likely you will have a stress free closing experience. Although closing procedures vary from state to state, having an understanding of what may be required at closing and preparing accordingly will help your settlement process go as smoothly as possible.

LENDER REQUIREMENTS: Your lender may require additional documentation or inspections (roof, septic, water, etc.) in order to comply with loan underwriting requirements. To expedite the processing of your loan, all lender requested documentation should be submitted in a timely fashion. 

SURVEY: If your lender requires a survey endorsement to the lender policy, it will be necessary for you to obtain a survey. If the seller has a prior survey, the lender may approve your use of the seller’s survey if there have been no structural changes to the property. 

BUYER PROTECTION PLAN: If a home warranty product is being provided and shown on contract, please provide the invoice to your escrow officer. 

HOMEOWNER INSURANCE (Hazard/Flood): Your lender will require a copy of the policy(s) and a paid receipt or invoice at least 10 days prior to consummation. The lender’s full name and address must be shown on the policy. 

CONDOMINIUM APPROVAL: Written approval of the sale may be required from the Condominium Association. Your closing agent must have this approval form in order to close. Please be sure to make application early in order to avoid any delay in closing.

POWER OF ATTORNEY: The use of a power of attorney must be approved in advance of settlement by the closing agent and your lender. If you are planning to use a power of attorney, please inform the closing agent as soon as possible to allow time to properly review the document. 

MARITAL STATUS: Spouses may be required to sign certain closing documents even though they do not intend to hold title and their name will not appear on the deed. Check with your closing agent and lender to see what documents you and your spouse will be required to sign. 

CLOSING DISCLOSURE (CD): This is a federally mandated form which must be delivered to you at least 3 business days* before you sign paperwork. If you have questions or if any information is incorrect, notify your lender immediately. 

MAIL-AWAY: If you are unable to attend the signing, please provide the address where the closing documents should be mailed and a contact phone number. Your signature on certain affidavits, loan documents and other closing documents may require the services of a notary. *For the purpose of the CD, “business day” is defined as every day except Sundays and Federal legal holidays.

 

June 17, 2018

Home Buying Terms

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Home Buying Terms

Acknowledgment:

A formal declaration

made before an authorized official (usually a notary public) by the person who has executed (signed) a document that his/her own act and deed. In most instances, documents must be acknowledged (notarized) before they can be accepted for recording.

Adjustable Rate Mortgage (ARM)

A mortgage with an interest rate that changes over time in line with movements in the index. ARMs are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages). Adjustment Period: The length of time between interest rate changes on an ARM. For example, a loan with adjustment period of one year is called a one-year ARM, which means that the interest rate can change once a year. Affidavit A sworn statement in writing, made before an authorized official. A.L.T.A. Abbreviation for the American Land Title Association.

Amortization

Repayment of a loan in equal installments of principal and interest, rather than interest-only payments. Annual Percentage Rate (APR) The total finance charges (interest, loan fees, points) expressed as a percentage of the loan amount. Assessments Specific and special taxes (in addition to normal taxes) imposed on real property to pay for public improvements within a specific geographic area.

Assumption of Mortgage

A Buyer’s agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability. Attorney -In-Fact An agent authorized to act for another under a Power of Attorney. Balloon Payment A lump sum principal payment due at the end of some mortgages or other long-term loans.

Beneficiary

As used in a trust deed, the Lender is designated as the Beneficiary, i.e. obtains the benefit of the security. Cap The limit on how much the interest rate can be adjusted over the life of the mortgage. CC&Rs Covenants, Conditions and Restrictions. A document that controls the use, requirements and restrictions of a property. Certificate of Reasonable Value (CRV) A document that establishes the maximum value and loan amount for a VA guaranteed mortgage.

Conventional Loan

A mortgage loan which is not insured or guaranteed by a governmental agency.

Closing Statement

The financial disclosure statement that accounts for all of the funds received and disbursed at the closing, including deposits for taxes, hazard insurance, and mortgage insurance.

Condominium

A form of real estate ownership. The owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors, and ceilings) serve as its boundaries. Contingency A condition that must be satisfied before a contract can be completed.  For instance, a sales agreement may be contingent upon the buyer obtaining financing. Conversion to Clause A provision in some ARMs that enables your to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed-rate mortgages. This conversion feature may cost extra.

CRB Certified Residential Broker.

To be certified, a broker must be a member of the National Association of Realtors, have five years’ experience as a licensed broker and have completed five required Residential Division courses.

Deed

Written instrument by which the ownership of land is transferred from one person to another.

Deed of Trust

Written instrument by which title to land is transferred to a trustee as security for a debt or other obligation. Also called Trust Deed. Used in place of mortgages in many states. Deposit Receipt Used when accepting

“Earnest Money” to bind an offer for property by a prospective purchaser; also includes terms of a contract.

 

June 17, 2018

GETTING PRE-QUALIFIED, Home Buying Process

financing, loan, mortgage, getting prequalified, homebuying

FINANCING

GETTING PRE-QUALIFIED

Once you have an idea of the type and size home you want and the area you’d like to look in, you should be pre-qualified by a Lender. By doing this before looking for a home, you’ll save yourself time, energy and frustration because pre-qualification can: 

Determine How Much Home You Can Afford. Pre-qualification helps you

avoid buying less home than you can afford or being disappointed if you don’t qualify for as much as you had hoped.

Show What Your Total Investment Will Be. You’ll know approximately how

much money you’ll need for down payment and closing costs.

Inform you of your monthly payments . You’ll have a close estimate of your

monthly principal, interest, taxes and insurance (PIT).

Identify the Loan Programs You Can Qualify For. With the wide variety

of loan programs available, it is important to know which types you qualify for and which will best suit your needs.

Strengthen Your Offer. Sellers are more inclined to accept realistic offers

when they know that you have taken the time to be interviewed by a Lender and can probably qualify for the loan.

At this point, your Lender can also help you determine alternatives and strategies that

could help you buy the home of your dreams. Some examples include:

• Special first – time homebuyer program.

• Co-mortgage financing.

• Debt consolidation counseling.

In order to be pre-qualified, the Lender will need to know the following:

• Your employment history and income.

• Your monthly debts and obligations.

• The amount and source of cash available for down payment and closing costs.

When you are pre-qualified by a Mortgage Company, you’ll receive a FREE Pre-

Qualification Certificate to give to your Realtor®. The Seller may be more likely to accept your offer because you have been qualified to buy their home.

THE LOAN PROCESS

Step 1 – The Loan Application The key to the loan process going smoothly is

the initial interview. At this time, the Lender obtains all pertinent documentation so unnecessary problems and delays may be avoided. The Realtor® opens escrow with the title company at this time as well.

Step 2 – Ordering Documentation Within 24 hours of application, the Lender

requests a credit report, an appraisal on the new property, verifications of employment and funds to close, mortgage or landlord ratings; a preliminary report and any other necessary supporting documentation.

Step 3 – Awaiting Documentation Within 1-to-2 weeks, the Lender begins

to receive the supporting documentation. As it comes in, the Lender checks for any problems that might arise and requests any additional items needed.

Step 4 – Loan Submission Once all the necessary documentation is in, the loan

processor assembles the loan package and submits it to the underwriter for approval.

Step 5 – Loan Approval Loan approval generally takes 1-to-3 days. All parties

are notified of the approval and any loan conditions which must be cleared before the loan can close. The loan approval is the beginning of the closing process.

Step 6 – Documents are Drawn Within 1-to-3 days after loan approval, the

loan documents (including the note and deed of trust) are completed and sent to the escrow holder. The escrow officer will make an appointment for the borrowers to sign the final documents. At this time, the borrowers are told how much money they will need to bring in to close the loan. Payment must usually be made by a cashiers check.

Step 7 – Funding Once all parties have signed the loan documents, they are

returned to the Lender who reviews the package. If all the forms have been properly executed, a check is issued to fund the loan.

For more related stuff visit Home Buying Process, who pays what?

Step 8 – Recordation Upon receipt of the loan funds, the title company will record the legal documents necessary to transfer the property into the Buyer’s name. At the same time, the deed of trust is recorded to show the new loan on the property. Escrow is now officially closed and you now own your home. Please consult your Mortgage consultant for more detailed information regarding your loan.

 

June 17, 2018

Home Buying Process, who pays what?

home buying process, buy a home, loan fees, homeowner, closing costs

WHO PAYS WHAT?

THE SELLER CAN GENERALLY EXPECT TO PAY FOR:

Real Estate Broker’s commission

• Due and payable property taxes, bonds, assessment

• Prorated taxes, interest, rent HOA dues (could be credit or debit)

• Payoff of all loans, other liens and judgments of record against the

property (except those to be assumed by Buyer) including, but not

limited to; accrued interest, demand/statement fee, re-conveyance fee,

forwarding fee, late fees/prepayment penalty, if any

• Loan fees required by the Buyer’s Lender (specifically on FHA & VA loans)

• Homeowner’s Association transfer fee, document fee and demand fee

• Pest control inspection reports and cost for repairs

• Home warranty plan

• Title insurance premium for Owner’s Policy

• Escrow fee (Seller’s portion)

• Document preparation fee for Grand Deed and other recordable

document(s) prepared for Seller’s benefit

• Demand processing fees

• Notary Public fees ($10.00 per signature to be notarized)

• Document signing service, if requested

• Documents recording charges

THE BUYER CAN GENERALLY EXPECT TO PAY FOR:

• County Transfer Tax ($1.10 per $1,000 of sales price)

• City Transfer Tax (varies by city)

• Prorated taxes, interest, rent HOA dues (could be credit or debit)

• Payable taxes (not yet delinquent) required to be paid in advance

by Lender

• Inspection fees (physical, roofing, geological, etc.)

• New financing costs, fees, pre-paid interest and impounds, if any (except

those costs to be paid by Seller, as required by Lender or as negotiated

in Purchase Agreement) or Assumption costs if existing financing is to be

assumed by Buyer.

• Hazard insurance premium – year paid in advance

• Title insurance premium for Lender’s Policy

• Escrow fee (Buyer’s portion)

• Document preparation fee for documents prepared for Buyer’s benefit

• Notary Public fees ($10.00 per signature to be notarized)

• Document signing service, if requested

• Special delivery/courier fees/wire transfer, if utilized

• Document recording charges

Related Source: Home Buying Inspection Process.

June 17, 2018

Home Buying Inspection Process

home inspection, home buying, inspection tips, contingency

 

INSPECTION PROCESS

During the contingency period, the Buyer or Seller will order physical inspections as specified in the Purchase Agreement. Legislation mandates (under Civil Code 1102) that the Seller has the responsibility to reveal the true condition of the property on a Transfer Disclosure Statement. This may help determine what kind of property inspections are desired or necessary.

Who Pays ?

Your Purchase Sale Agreement will specify who is responsible for the costs of inspections and for making any needed corrections or repairs. It is negotiable between the parties and should be considered carefully. Your agent will advise you what is customary and prudent. Structural Pest Control Inspection. A licensed inspector will examine the property for any active infestation by wood destroying organisms. Most pest control reports classify conditions as Section I or Section II. The inspection and the ensuing Section I repair work is usually paid for by the Seller. Section II preventative measures are generally negotiated, and not necessarily completed. Section I Conditions are those currently causing damage to the property. These conditions generally need to be corrected before a Lender will make a loan on a home. Section II Conditions are those not currently causing damage but which are likely to, if left unattended.

Home Inspection. This inspection may encompass roof, plumbing, electrical, heating, appliances, water heater, furnace, exterior siding, and other visible features of the property. A detailed report will be written with recommendations and pictures which may include the suggestion to consult a specialist (such as a structural engineer or roofing contractor). The inspection fee is usually paid by the Buyer. Geological Inspection.

 You may also like to visit Home Buying Process, San Diego California.

If requested, a soils engineer will inspect the soil conditions and the stability of the ground beneath the structure, as well as research past geological activity in the area. You may also elect to go to the city and research the property’s proximity to known earthquake fault lines. Typically, the Buyer pays for this inspection.

June 17, 2018

What is Title Insurance?

 

 

 

home buying process,title insurance, escrow, title, realtor

TITLE INSURANCE

In California, most real estate transactions are closed with the issuance of a title insurance policy in favor of the owner, the Lender or both. Many home buyers erroneously assume that when they purchase a piece of real property, possession of the deed to the property is all they need to prove ownership. Not so, because hidden hazards may attach to real estate. Forgeries, faulty surveys, hidden liens, the false representation of ownership of a married person as being single are just a few examples of factors which may cloud the title to real property ownership. A property owner’s greatest protection is a policy of title insurance.

WHAT IS TITLE INSURANCE?

Title insurance insures property owners that they are acquiring marketable title. Unlike casualty insurance (policies which insure against future events), title insurance is designed to eliminate risk or loss caused by defects in title from past events. Title insurance provides coverage only for title problems. A title insurance policy is a contract of indemnity which insures against loss if the title is not as reported; and if it is not and the owner is damaged, the title policy covers the insured for his/her loss up to the face amount of the policy.

TITLE SEARCH

Issuing a title policy is an extensive and exacting process. Title companies work to eliminate risks by performing a painstaking search of the public records or the title company’s own “plant,” where public records pertaining to the property and the parties to the escrow are maintained, to determine the current recorded ownership, any record liens, encumbrances, or other matters of record which could affect the title to the property. Once a title search is complete, the title company issues a preliminary report detailing the current vesting, description, taxes and exclusions from coverage.

PRELIMINARY REPORT

The preliminary report contains vital information which includes ownership of the subject property, the manner in which the current owners hold title, matters of record which specifically affect the subject property or the owners of the property as well as a legal description of the property and an informational plat map.

WHAT TO LOOK FOR

The Buyer and Realtor® should review the preliminary report as soon as it arrives, with particular attention to certain areas:

• Verify the ownership vesting. Be certain the names on the report are the same as the names on the purchase contract. Sometimes the name of an unexpected owner will appear (e.g. a previous spouse or relative who died), and corrective documents may be required.

• Verify the property address. The plat map and legal description should match the address. An owner could own two properties adjacent to or across the street from each other, causing confusion in identifying the correct property.

• Carefully review the exceptions. Common exceptions include current taxes, bonds, deeds of trust, Mello-Roos assessment district items, CC&Rs and easements. Be sure the CC&Rs or existing easements do not interfere with the Buyer’s future plans. For example, an easement across the backyard could have a profound effect on the Buyer’s ability to add a swimming pool later.

• Always look for surprises. If you cannot locate an easement; if an unexpected deed of trust shows up; if you see an item you weren’t aware of before, immediately call the escrow officer or title company to discuss the matter. The title company should be a problem solver, and top notch escrow officers and title officers go out of their way to resolve quickly the majority of “red flag” areas. However, the responsibility for early detection and resolution of problems falls on the entire escrow team: the Realtors®, the escrow and title companies and the Buyers and Sellers as well.

WHAT IS COVERED?

Here are just a few of the many title risks covered in the California Land Title Association (CLTA) standard coverage policy in the event of a loss including a lack of a right of access to and from the land and a number of recorded defects:

• A forged signature on a deed

• Impersonation of the real owner

• Mistakes in interpretation of wills or other legal documents

• Deeds delivered without the consent of the owner

• Undisclosed or missing heirs

• Deeds and mortgages signed by persons of unsound mind, by minors,

or by persons supposedly single but actually married

• Recording mistakes and missed recorded documents

• Falsification of records

• Errors in copying or indexing

In addition to indemnifying the insured against losses which result from a covered claim, the policy also provides for legal fees and defense cost incurred in handling claims against the property. Extended owner’s and lender’s policies provide broader coverage and are available in the American Land Title Association (ALTA) policy. Coverage is extended to certain matters that are off-record but which are generally discoverable by an inspection or survey of the property, or by questioning the parties in possession, such as:

• Unrecorded liens and encumbrances

• Unrecorded easements

• Unrecorded rights of parties in possession

• Encroachments, discrepancies or conflicts in the boundary lines

ALTA policies are available for lenders or owners, and a “plain language” ALTA residential policy is also available for owner occupied residential property of one-to-four units. Realtors®, Buyers and Sellers should not assume that all title policies and title companies are the same. They’re not, and it is important to ask questions of your title company to determine the type and cost of coverage available.

COMMON WAYS OF HOLDING TITLE

How should I take ownership of the property I am buying? This important question is one California real property purchasers ask their real estate agent, escrow and title professionals every day. Unfortunately, while these professionals may identify the many methods of owning property, they may not recommend a specific form of ownership, as doing so may constitute practicing law. 

Because real property has become increasingly more valuable, the question of how parties take ownership of their property has gained greater importance. The form of ownership taken – the vesting of title – will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditors’ claims. Also, how title is vested can have significant probate implications in the event of death. The California Land Title Association (CLTA) advises those purchasing real property to give careful consideration to the manner in which title will be held. Buyers may wish to consult legal counsel to determine the most advantageous form of ownership for their particular  situation, especially in cases of multiple owners of a single property. The CLTA has provided the following definitions of common vestings as an informational overview only. Consumers should not rely on these as legal definitions. The Association urges real property purchasers to carefully consider their titling decision prior to closing, and to seek counsel should they be unfamiliar with the most suitable ownership choice for their particular situation.

Sole Ownership

Sole ownership may be described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting cases of sole ownership are:

1. A Single Man or Woman: A man or woman who is not legally married or in a registered domestic partnership. For example: Bruce Buyer, a single man.

2. A Married Man or Woman As His or Her Sole & Separate Property: A married man or woman who wishes to acquire title in his or her name alone. The title company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This establishes that both spouses want title to the property to be granted to one spouse as that spouse’s sole and separate property. For example: Bruce Buyer, a married man, as his sole and separate property.

3. A Registered Domestic Partner As His Or Her Sole & Separate Property: A registered domestic partner who wishes to acquire title in his or her name alone. The title company insuring title will require the domestic partner of the person acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This establishes that both registered domestic partners want title to the property to be granted to one partner as that persons sole and separate property. For example: Bruce Buyer, a registered domestic partner, as his sole and separate property.

Co-Ownership

Title to property owned by two or more persons may be

vested in the following forms:

1. Community Property:

A form of vesting title to property owned together by husband and wife or by registered domestic partners. Community property is distinguished from separate property, which is property acquired before marriage or before a registered domestic partnership, by separate gift or bequest, after legal separation, or which is agreed in writing to be owned by one spouse or registered domestic partner.

In California, real property conveyed to a married person, or to a registered domestic partner, is presumed to be community property, unless otherwise stated. Since all such property is owned equally, both parties must sign all agreements and documents transferring the property or using it as security for a loan. Each owner has the right to dispose of his/her one half of the community property, by will. For example: Bruce Buyer and Barbara Buyer, husband and wife, as community property.

2. Community Property With Right Of Survivorship:

A form of vesting title to property owned together by husband and wife or by registered domestic partners. This form of holding title shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. There may be tax benefits for holding title in this manner. On the death of an owner, the decedents interest ends and the survivor owns the property. For example: Bruce Buyer and Barbara Buyer, husband and wife, as community property with right of survivorship.

3. Joint Tenancy:

A form of vesting title to property owned by two or more persons, who may or may not be married or registered domestic partners, in equal interests, subject to the right of survivorship in the surviving joint tenant(s). Title must have been acquired at the same time, by the same conveyance, and the document must expressly declare the intention to create a joint tenancy estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Therefore, joint tenancy property is not subject to disposition by will. For example: Bruce Buyer, George Buyer, as joint tenants.

4. Tenancy in Common: A form of vesting title to property owned by any two or more individuals in undivided fractional interests. These fractional interests may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property, is entitled to a comparable portion of the income from the property and must bear an equivalent share of expenses. Each co-tenant may sell, lease or will to his/her heir that share of the property belonging to him/her. For example: Bruce Buyer, a single man, as to an undivided 3/4 interest and Penny Purchaser, a single woman, as to an undivided 1/4 interest, as tenants in common.

Other ways of vesting title include as:

1. A Corporation*:

A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having an existence and personality separate from such shareholders.

2. A Partnership*:

A partnership is an association of two or more persons who can carry on business for profit as co-owners, as governed by the Uniform Partnership Act. A partnership may hold title to real property in the name of

the partnership.

3. Trustees of a Trust*:

A trust is an arrangement whereby legal title to property is transferred by the grantor to a person

called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called the beneficiaries.

4. Limited Liability Companies (LLC): This form of ownership is a legal entity and is similar to both the corporation and the partnership. The operating agreement will determine how the LLC functions and is taxed. Like the corporation, its existence is separate from its owners.

* In cases of corporate, partnership, LLC or trust ownership, required documents may include corporate articles and

bylaws, partnership agreements, LLC operating agreements and trust agreements and/or certificates.

 

June 17, 2018

LIFE OF A HOME PURCHASE & SALE TRANSACTION

LIFE OF A PURCHASE & SALE TRANSACTION

It all begins with the offer and acceptance skillfully negotiated by the Realtors® representing Buyer and Seller. Buyer

• Submits a written offer to purchase (or accepts the Seller’s counter-offer accompanied by a good faith deposit amount.

• Applies for a new loan by submitting all required forms & often pays certain fees such as credit report & application costs.

• Approves the preliminary report & any property, disclosure or inspection reports called for by the purchase & sale agreement, (Deposit Receipt).

• Approves & signs the escrow instructions, new loan documents & other related instruments required to

complete the transaction.

• Fulfills any conditions contained in the contract, lender instructions and/or the escrow instructions.

• Approves any final changes by signing amendments in the escrow instructions or contract.

• Deposits sufficient funds in the escrow to pay the remaining down payment & closing costs. Lender (when applicable)

• Accepts the loan application & related documents from the Buyer(s) & begins the qualification process.

• Orders & reviews the property appraisal, credit report, verification of employment, verification of deposit(s), preliminary report & other related information.

• Submits the entire package to the loan committee and/or underwriters for approval.

• When approved, loan conditions & title insurance requirements are established.

• Informs Buyer(s) of loan approval terms, commitment expiration date, & provides a good faith estimate of the closing costs.

• Deposits the new loan documents & instructions with the escrow holder for Buyer’s approval & signature.

• Reviews & approves the executed loan package & coordinates the loan funding with the escrow officer.

Escrow officer

escrow officer

• Receives order for the title & escrow services for Title365.

• Accepts Buyer’s earnest money deposit. Orders the title search & examination on the subject property from Title365’s title officer.

• Acts as the impartial “stakeholder” or depository, in a fiduciary capacity for all documents & monies required to complete the transaction per written instructions of the principals.

• With the authorization from the real estate agent or principal, orders demands on existing deeds of trust & liens or judgments, if any. For assumption of loan by Buyers, orders the beneficiary’s statement or formal assumption package. Also check home-buying-first-time-buyer-realtor.

• Reviews documents received in the escrow: preliminary report, payoff or assumption statements, new loan package & other related instruments.

• Reviews the conditions in the Lender’s instructions, including the hazard & title insurance requirements.

• Prepares the escrow instructions & required documents, together with a preliminary estimate of settlement charges, for the Buyer & Seller, in accordance with the terms of the purchase & sale agreement.

• Presents the instructions, documents, statements, loan package(s), estimated closing statements & other related documents to the principal(s) for approval & signature.

• Reviews the signed instructions & documents, returns the loan package, & requests the lender’s funds.

• Determines when the transaction will be in the position to close & advises the parties.

• Assisted by title personnel, records the deed, deed of trust & other documents required to complete the transaction with the County Recorder & orders the title insurance policies.

• Closes the escrow by preparing the final settlement statements, disbursing the proceeds to the Seller, paying off the existing encumbrances & other obligations. Delivers the appropriate statements, funds & remaining documents to the principals, agents and/or lenders.

Seller

Submits documents & information to escrow holder, such as: addresses of lien holders, tax receipts, equipment warranties, home warranty contracts, any leases and/or rental agreements.

• Orders inspections, receives clearances & approves final reports and/or repairs to the property as required by the terms of the purchase & sale agreement (Deposit Receipt).

• Approves & signs the escrow instructions, payoff demands, grant deed & other related documents required to complete the transactions.

• Approves any final changes by signing amendments to the escrow instructions or contract.

• Reviews documents received in the escrow: preliminary report, payoff or assumption statements, new loan package & other related instruments.

• Reviews the conditions in the lender’s instructions including the hazard & title insurance requirements.

 

Title officer

• Examines the title to the real property & issues a preliminary report.

• Determines the requirements & documents needed to complete the transaction & advises the escrow officer and/or agents.

• Reviews & approves the signed documents, releases the order for title insurance prior to the closing date.

• When authorized by the escrow officer, the title officer records the signed documents with the County Recorder’s office & issues the title insurance policies.

 

June 17, 2018

Homes Buying Process, Who is who?

WHO’S WHO?

Professionals involved in your transaction. REALTOR® A licensed real estate agent and a member of the National Association of Realtors, a real estate trade association. Realtors also belong to their state and local associations of Realtors.

LISTING AGENT

The listing agent or broker forms a relationship with the homeowner to sell the property and place the property in the Multiple Listing Service.

BUYER’S AGENT

A key role of the Buyer’s agent or broker is to work with the buyer to locate a suitable property and negotiate the home purchase.

TITLE OFFICER

A title officer carries out the title search and examination, takes any necessary corrective action and provides the policy protection to secure a clean title.

Title Officer

ESCROW OFFICER

An escrow officer leads the facilitation of your escrow, including escrow instructions preparation, document preparation and funds disbursement. Appraiser Before you can get a loan, the bank will have an appraiser look at the home and decide if it’s really worth the money you’re planning to spend. Many homeowners hire their own appraisers to make sure they’re getting the best value.

Mortgage broker or lender

A mortgage broker will find you the best loan and lender to fit your needs. The financing aspect of your home purchase may begin before you find an agent with a loan pre-approval.

MULTIPLE LISTING SERVICE (MLS)

The MLS is a database of properties listed for sale by Realtors who are members of the local Association of Realtors.

Related stuff: Home Buying Process, who pays what?

June 17, 2018

Home Buying Process, San Diego California

Home Buying Process, San Diego California

HOME BUYING PROCESS

1. Get Pre-Qualified by Lender

• Obtain pre-qualification letter.

 

2. Property tours

• Tour homes that suit your needs and preferences.

• Educate yourself about the current housing market.

 

3. Target an IDEAL home and write an offer

• Deliver your earnest money deposit (this check will be held until there is a ratified contract).

 

4. Present the offer

• Your Realtor® will prepare a presentation highlighting the benefits of your offer and your strength as a buyer.

• Your Realtor® will present the offer to the sellers and the sellers’ agent.

• The sellers will either accept the offer, counter your offer, or reject it.

 

5. Counter offer

• Your Realtor® will discuss the counter offer and how it relates to your goals and prepare a response.

 

6. Escrow

• When the offer has been accepted and signed by all parties, your Realtor® will open escrow with Title365.

• Your earnest money will be deposited at this time.

• The escrow officer will order a Preliminary Report and send copies to your agent and lender.

 

7. Loan application

• Submit a completed loan application to the lender

of your choice and provide the lender with all the

necessary documents.

 

8. Contingency period

• Buyer’s approval of seller’s Real Estate TransferDisclosure Statement.

• Buyer’s approval of Preliminary Report.

• Physical inspections/pest inspections.

• Property appraisal and loan approval.

 

9. Homeowners insurance coverage

• Select an insurance company and discuss coverage.

• Give insurance agent information to escrow; Escrow will need to order a copy of the policy for the new lender prior to escrow closing.

10. Signing documents

• Your lender will send the loan documents directly to Title365.

• You will receive copies of title documents and lender documents.

• You will need a current photo I.D.

 

11. Down payment and closing funds

• Submit a cashiers check to Title365 several days prior to closing.

• The escrow officer will provide a Buyer’s Estimated Closing Statement which will itemize your costs and credits with an estimate of total moneys due.

12. Funding

• The lender will send funds to Title365.

13. Close of escrow

• The deed will be recorded at the County Recorder’s office by Title365 (you will receive the original back from the County Recorder in approximately six weeks).

• Your Realtor® will coordinate with you the transfer of the keys and delivery of possession.

 

June 13, 2018

Drone Quote Roof

Drone Quote Roof

Our Background in Solar

Founders Sinuhe Montoya and Riley Wiggins have both spent several years within the solar industry. They have been in involved in all aspects of solar – from making solar installation sales, solar panel design, and solar operations and maintenance.

In the customer sales process, Sinuhe and Riley found that there was a lot of room for improvement to make it easier for customers to buy solar by helping them better understand what they’re getting. They’ve created a simple and convenient platform in which potential buyers can compare solar installation quotes from trusted, local solar installation vendors throughout San Diego County and Southern California.

The DroneQuote Mission

Increase your satisfaction by saving you time and money with our hassle-free DroneQuote survey method. DroneQuote is so simple you do not even need to be home for the survey.

Offer a modern and safer method of shopping for roofing and solar by removing the tiresome in-home sales process and salesmen on your roof, ensuring the prevention of broken roof materials - guaranteed!

Provide you with easy-to-understand roofing and solar installation quote comparisons.

Improve vendors design and quote accuracy with our drone surveying measurement technology, ensuring you get presented with the best and more accurate quotes.

Practice transparency and continue to show that we value you, your time, and your opinions by having clear and open lines of communication. If you have questions or feedback, please contact us, we appreciate hearing from you!

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