Karen Urata Realtor

Posts Tagged ‘California’

Welcome to Transaction Tuesday

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 2, 2013 at 5:44 am
Image courtesy of smarnad/FreeDigitalPhotos.net

Image courtesy of smarnad/FreeDigitalPhotos.net

Welcome, grab a cup of coffee, sit down, relax and I will happily answer those “silly” questions you might have about special terms and other things that come up during a real estate transaction that you may have heard of but don’t really know for sure what they mean and never get around to asking about.

Let’s say you have been working with your agent to negotiate the purchase or the sale of your home.  The offer has been made and counter offers have been negotiated and an agreement has been reached.  Your agent calls you and says, “Congratulations, you are in escrow!”  She sounds happy and excited for you so you know that must be a good thing, but what exactly does being in escrow mean?

In a real estate transaction, escrow is a third-party that is selected in the negotiation process and is named in the contract.  This is the party who holds the deed to the property and the funds from the buyer and lender, (if you require a loan), and releases them to the proper parties when the property sale is recorded and the transaction is complete.

In the state of California real estate transactions go through the escrow process, however, some states use attorneys for this part of the real estate transaction.

The escrow process generally takes a while to complete as many details must be handled during this process.  One important element of escrow is ordering the preliminary title report.  This report shows ownership of the property and whether the seller has the authority to transfer the property.  It also helps to show encumbrances such as liens and easements that may be filed against the property that.  We can touch on some of those in a later post focusing on title insurance.

In most cases, sellers and buyers have the assistance of a real estate agent to help guide them through the many details that should to be completed during the escrow process.

Check back next Tuesday and we will talk a little more about the items that you might hear about during the escrow process. Until then, make it a great week.

If you have a real estate question you would like to submit for consideration as the subject of a future Transaction Tuesday blog post please email your question to uratakaren@yahoo.com.

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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Great News For Veterans -The VA Steamline Loan

In Avoid Foreclosure, El Cajon, Escondido, La Mesa, Mission Valley, Norh San Diego County, North San Diego County, Oceanside, Poway, Ramona, Real Estate, San Diego County, San Marcos, Santee, Uncategorized, Vista on May 30, 2012 at 6:53 pm
Interest Rates

Interest Rates (Photo credit: 401K)

If you are a veteran who used your VA benefits to purchase a home and now are underwater there is now a way that you may be able to refinance and take advantage of the record low-interest rates that are available today without your home appraising at current market values. Even if you are not underwater and want to take advantage of the incredibly low rates, this is a way to easily make this happen.

This program is called VA streamline loan program and the new guidelines are effective May 15th 2012.

It is actually possible for you to get a loan up to $625,000 with no appraisal, no income documentation, no loan to value restrictions for owner occupants with no mortgage lates for the last 12 months.  It is important to note that lenders sometimes have their own guidelines that they overlay on this VA program that may be more restrictive than what the VA program allows, so it is important to  what questions to ask and to check with several lenders to see what they offer for their  particular VA streamline program.

To get the information that will help you know what to look for when shopping for a lender click here to view the VA streamline guidelines as outlined by the VA  http://www.benefits.va.gov/homeloans/irrrl.asp.

For those who are not veterans, but who are underwater and want to take advantage of the historically low-interest rates for refis available today check out my post about the HAMP 2.0 program.

For those who live in California, if you would like a list of lenders to start your search I would be happy to send you a list that will get you started on your research.  Just leave your request in the comments.

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

New Programs to Bring Help to Underwater Homeowners

In Avoid Foreclosure, Escondido, La Mesa, Mission Valley, North San Diego County, Oceanside, Poway, Real Estate, San Diego County, Uncategorized, Vista on May 11, 2012 at 2:51 am

 Photo By Salvatore Vuono

http://www.freedigitalphotos.net/images/view_photog.php?photogid=659

According to recent reports we can look for two new programs designed to help the underwater homeowner in June of 2012.  One is a program that focuses on refinancing, the other focuses on home loan principle reduction.

The first, called Hamp 2.0 allows some homeowners to take advantage of the current historically low interest rates by allowing them to refinance their home when their current loan balance is higher the current market value.  I am sure we have all heard stories about someone who tried to get a lower monthly payment by refinancing their home only to find out that their house must be appraised at today’s values and that if that amount was less than the amount they currently owed on their mortgage they could not get refinancing.  Seems crazy doesn’t it.  The very people who most need the help of lower interest rates can’t qualify.   This program is supposed to help address this.  It is scheduled to roll out in June.  To get a head start just contact Alexis at West End Mortgage. He can let you know if you fit the guidelines to qualify.  Contact him at  alexis@mycalifornialoan.com.  Just tell him I suggested that you check it out.

The second program, under Keep Your Home California is called the Principle Reduction Program, is for eligible underwater homeowners in California.  It will actually lower the amount of principle owed on your mortgage if you qualify.  For more information about the guidelines click here http://keepyourhomecalifornia.org/programs/prp.pdf  It is also scheduled to roll out in June.  Ask  your lender if they are participating in this program.  For an easy to understand overview of the program check out the related article below.

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

Oceana 55+ Community in Oceanside

In Oceanside, Real Estate, Retirement homes, San Diego County on February 2, 2012 at 6:45 pm
English: Mission San Luis Rey in Oceanside, Ca...

Image via Wikipedia

If you or someone you love and care about is thinking about retirement or just scaling down as you move closer to retirement, you may want to explore one of the many Oceana neighborhoods in Oceanside .   These 55+ communities have so many positive qualities and have been selling at prices that offer lots of value.

Golf lovers will love that there are Oceana neighborhoods that are adjacent to the EMERALD ISLE GOLF COURSE.  This is a public course and offers a 25% discount on greens fees to residents of Oceana.

If golf is not your thing, there are multiple activities that are available through the clubhouse.  Meetings include groups with interests ranging from yoga, poker, gardening, even computers.  There seems to be an almost limitless list of different interests that can be pursued here.

Of course, joining groups is not for everyone and if a quiet, peaceful place to get away from it all is what you prefer you can find that here too.

Homes here have a variety of floor plans and many have large enclosed patio areas that can be enjoyed as outside sitting areas, or gardens.  The grounds are well manicured and there are flowers and greenbelt areas to enjoy.

If you have an interest in buying in one of the Oceana neighborhoods please give me a call.  I am a buyer’s agent and would love to help you find the perfect home for the next step in your life.

For interesting current market information on Oceana check my Facebook page KarenUrataRealtor.

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760)609-0952