queenoffamilosity

Living In La Mesa – The “New” La Mesa Library

In La Mesa, San Diego County, Things to do in La Mesa, Uncategorized on January 27, 2014 at 9:37 pm

The “New” La Mesa Library

La Mesa Library

One of the great things about living in La Mesa is the welcoming library we enjoy.  Located at 8074 Allison Avenue is what we will likely call the “new” library for many years to come.  This library was built in 2008 along with a new post office and new fire station.  When you drive up to the library you will likely see the fire station to the left, but you will have to pull into the parking lot and take a right at the top of the incline to find the post office.

Inside La Mesa Library

Not every community today has a library that is open daily but the La Mesa Library has hours 7 days a week.

Mon-Thurs 9:30AM – 8PM, Fri & Sat 9:30AM – 5PM, and Sun 12 -5PM.  They offer a wide variety of programs including children’s storytimes, teen activities and reading club, adult information meetings covering such subjects as Foster Parenting, Taxes and the Affordable Care Act, as well as book clubs,  e-tutoring, Scrabble Club, Chess Club and Knitting Club.  For more information visit their website www.sdcl.org or call or text a librarian at 619 469-2152.

La Mesa Library Card

What do you enjoy about the “new” La Mesa Library?   Thinking of buying a home in La Mesa?  Click 3 bedroom 2 bath homes for sale in La Mesa to check out what is currently available on the market.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

Century 21 Award

(619) 454-7959

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

What Happens in Escrow?

In El Cajon, Escondido, La Mesa, Mission Valley, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Vista on January 15, 2013 at 9:00 pm
Transaction Tuesday

Image courtesy of smarnad/FreeDigitalPhotos.net

Grab your coffee.  It is that time again, Transaction Tuesday where we answer all those questions you forget to ask about the real estate transaction process.  We answered the question not long ago about what escrow is so now we will touch on what happens during the escrow process.   My husband, Greg Urata, wrote a book called, First-time Home Buying in a Nutshell, and I am borrowing this description of the escrow process from it to share with you to help you know what to expect when you enter the escrow process.

The Escrow Process 

        1)  Getting the Purchase Agreement

After all parties to the contract have signed, the agent will open escrow and submit the contract to escrow.  Some states use lawyers in lieu of escrow to process the transaction.  This author is not familiar with how the transaction is handled in those states.

         2)      Escrow Instructions

Escrow will create escrow instructions outlining the specifics of the transaction.

3)  Preliminary Title

Escrow will order a preliminary title report.  A preliminary title report is a document that outlines information that is pertinent to the property such as easements, liens, encumbrances, etc that might compromise free and clear title to the property.  It is important for buyers to review this document to make sure they are not going to unknowingly encumber themselves through buying the property

 4)  Estimated HUD 1

This is a document that lists the preliminary financial accounting of the costs and financing amounts of the transaction.  There is a final HUD 1/Settlement Statement issued at the end of the escrow process to show the final costs and financing amounts of the transaction.

5)  Payoff Demand

This is a request made by escrow to the current mortgage holder of the existing loan(s) on the property for the total amount due to pay off the loan.

6)  Drawing Docs

The process in which the buyer’s lender prepares the documents (loan contract) to be sent to escrow to be signed by the buyer.  Escrow usually reviews the documents to ensure they are accurate.

7)  Signing Docs

When the loan documents are signed by the buyer in escrow (or by the lender) witnessed by a notary.

8)      Funding

The signed documents are returned to the lender and the lender then funds the loan by sending funds to the title company which, in turn, sends the proceeds to escrow for disbursement.

9)  Record and Closing

After funding, the title company records the title at the County Recorder’s Office.

While this does not cover everything that goes on during the process it does outline the basic items that your escrow officer is working hard to complete on your behalf during the escrow period.  Your agent is also handling many details that must be addressed prior to the close of escrow that are not touched on here.

I hope this helps make you feel more comfortable while you go through the transaction process.  If you have any questions please just give me a call.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

Is It a Buyer’s Market or a Seller’s Market?

In CA, El Cajon, Escondido, Mission Valley, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Uncategorized, Vista on January 11, 2013 at 5:08 am
Interest Rates

Interest Rates (Photo credit: 401(K) 2013)

Is it a buyer’s market or a seller’s market? is probably the question that I hear most often and of course, the answer to that question changes over time.

Sometimes, when there are lots of homes on the market, and not too many ready willing and able buyers, we see a buyer’s market.  This means that, generally speaking, buyers are in a position to ask for concessions, such as a laundry list of repairs, extensive credits, and often make offers under the list price.  Buyers often try to time their purchase for a buyer’s market because they feel that they can get more house for their money that way.  Other times, when there are lots of buyers and not too many homes on the market, we see a seller’s market.  This means that, generally speaking, sellers are in a position to ask for concessions, such as no contingencies, no repairs and purchase prices exceeding the list price.  Sellers often try to time to time their sale for a seller’s market because they feel that they can get the best return on their home  that way.

But sometimes, like now, we see a market that is both a buyer’s market and a seller’s market at the same time.  That can happen when there is low inventory, or few homes available on the market creating a larger return for sellers and low-interest rates, that result in buyers actually getting more home for their money.

What the heck, how does that work?  Well, the largest factor in the actual cost of a home is the interest rate, not the purchase price.  Did you know that a change (reduction) of half a percent on a home with the loan amount of $300,000  from3.5% interest to 3% interest represents a reduction of  $82.32 an month  in your monthly payment. Your principle payment would drop from $1347.13 to $1264.81.   In this example, the half a percent interest rate change represents approximately $20,000 more in purchasing power.  In other words, you would have approximately the same principle payment on a loan amount of $300,000 at 3.5% interest as you would on a loan amount of $320,000 at $3.0% interest, not to mention that now you can qualify for  a home that has $20,000 worth of additional features that you would not have qualified for at the higher interest rate.  This could actually change the neighborhood that you live in or the size of the house your family grows up in.

Having the right knowledge can really make a difference in maximizing the benefit for everyone in a transaction.  If you are thinking of buying or selling now is a great time.

Just call me and we can talk about how you can maximize your benefit when buying or selling in this buyer’s and seller’s market in San Diego County.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

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