Title companies have long provided information of public record to Realtors and homeowners at no charge. No more, according to this update from the California Association of Realtors. 

My concern: without easy access to this information at the time of listing a property, buyers and sellers will find more errors and surprises after a price is negotiated.

A Preliminary Title Report will still be  generated during escrow, at a cost. Now there may be a cost for the information generated prior to an escrow.

Effective immediately, title companies may be eliminating much of the information they provide on property profiles.  The California Department of Insurance recently issued a letter taking the position that title companies may only give the following information on property profiles:

• Names of owners of record of a specified real property;
• Description of real property; and
• Property characteristics as defined under section 408.3 of the California Revenue and Taxation Code, which means year of construction of improvements, square footage, number of bedrooms and bathrooms, number of units, acreage, and other attributes or amenities (such as swimming pools, views, zoning classification or restrictions, and use code designations).

REALTORS® will likely encounter a title company’s refusal to provide free of charge any other information, such as recorded documents, sales comps, tax bills, or demographics.  This type of information is still available through other sources, such as county recorder’s offices, tax assessor’s offices, and governmental and public record websites and private services for a fee.  

Clients may also have their own copies of some of the documents.

As the Fourth of July approaches, I appreciate Chico even more. Everywhere I turn, friends are asking about my plans and excited to share theirs. What a great sense of community!

Chico has it’s traditions. The day-long event at One Mile in Bidwell Park  starts with a pancake breakfast, and is filled with patriotic music, booths and fun. The best part- the park is filled with Chico people!

Later there are races and fireworks at the Silver Dollar Speedway. 

The Chico Outlaws will be having their fireworks display early, on July 3rd.

It seems everyday I drive to work one more roundabout shows up on the route. Yesterday, an older gentleman attempted a left turn in a roundabout by driving the shortest distance. He went left. Makes sense, right?  But no, in a roundabout, you would go right to go left. Well, right, then curve left, then go right onto your destination street.

It will take some gettting used to.  I have seen a few extra car parts on the road to prove that not everyone is getting the hang of it yet.

Tips for motorists navigating roundabouts
Taken from the Department of Motor Vehicles’ California Driver Handbook

When you approach a roundabout:

• Slow down as you approach the intersection.
• Yield to pedestrians and bicyclists crossing the roadway.
• Watch for signs and pavement markings that guide you or prohibit certain movements.
• Enter the roundabout when there is a big enough gap in traffic.
• Drive in a counterclockwise direction. Do not stop or pass other vehicles.
• Use your turn signals when you change lanes or exit the roundabout.
• If you miss your exit, continue around until you return to your exit. [Read more →]
  

California’s new 90 day foreclosure moratorium may have little effect. 

It was created as an incentive for lenders to establish comprehensive loan modification programs. Once the lender has this in place, they can be exempt from this requirement!

Here is more from the California Association of Realtors:

Q 83. What, in a nutshell, is the new law extending the foreclosure process by 90 days?

A Under the new California Foreclosure Prevention Act, lenders foreclosing on certain loans are prohibited from giving a notice of sale until the lapse of at least 3 months plus 90 days after the filing of the notice of default (see Question 88).  A loan servicer can obtain an exemption from this requirement by demonstrating that it has a comprehensive loan modification program.

Q 84. What is the purpose of this law?

A  The purpose of this law is to try to stem the tide of foreclosures and their adverse consequences by providing additional time for lenders to work out loan modifications with borrowers as well as creating an incentive for lenders to establish comprehensive loan modification programs

With the new programs the lenders will look for alternatives to foreclosure, such as work outs and short sales.

Many of the new statutes regarding foreclosures and short sales are directed at owner occupants. The goal of the government is to find ways to keep people in their homes.

For those of you who have rental properties that are “upside down” you made want to take extra caution when considering what to do.  A conversation with a CPA is a must, and possibly an attorney.

Keep in mind a short sale is a negotiation. Some banks were limiting conversations to owner occupants that were behind on payments.

Now, many banks are changing the way they handle short sales. They are looking more at what makes sense to them. Investors are being included, even those that are current on payments.

If you have been denied in the past, you may want to give it another try. Including a Realtor in the negotiations may help, especially if they have successfully negotiated other short sales.

You may have heard that the Governor has signed a bill to add a 90 day moratorium to foreclosures in California. But, not so fast. There are rules and guidelines to this law.

Make sure you check with your lender before you assume this applies to your situtation. Check out this story for more information. Here is a link to a timeline you may find helpful.

Lenders may be using this 90 days to push for loan modification or short sales.

Get ready for the Chico City Subsidy program. How?  By getting prequalified by a good lender, and then picking out a property. This money does not last long, so be one of the lucky few!

Combine this with a short sale and an 8K IRS credit, and it makes a lot of sense to buy now.

Per Becke Reid of Access Lending-

I went to a Fantastic training this morning at the City of Chico Housing Dept with Lisa Gray. They are going to have the same amount available this year at $1.9 million dollars and last year they helped about 35 families get into their first home and in 2009 they are hoping that number jumps up to 40 to 45. They are changing the amount of subsidy based on a percent of purchase price instead of a flat amount in hopes that it will be able to help more people! The information was similar to the previous program with a few important changes. One of which is the sales price maximum is $299,200. But I think the 2 biggest ones that will affect the realtors are 1.) There is now a copy of a whole house inspection that is required by the City of Chico, and 2.) A copy of the pest report with the clearances for section I and possibly section II items cleared as well if they are “health and safety” related. Water leaks, and items of that nature will need to be addressed, even if they are a section II item.

They will start taking full lenders packages on July 1^st which means that the earliest any file can close is July 17^th if everything goes perfectly!!

She went over how they calculate the income which is, obviously, huge part of qualifying a borrower for this program so I was really happy to see that info!

When a bank takes back a house, they want to get it sold quickly. They will often price the home slightly below other homes on the market in order to get multiple offers and a fast close. There are some good deals being made.

 But what is the downside of buying a property owned by the bank?

 You usually have to purchase the house “as is.”

 The bank will most likely allow a brief period of time for you to have some inspections done. Ordering a whole house inspection and a pest inspection will be money well spent. Sometimes the bank will provide a pest inspection and their version of a house inspection.

 So now you will know what “as is” is, right? Not always.

 When a property sells in California, the seller must provide the buyer with a full disclosure of everything they know about the property that could affect it’s value. [Read more →]

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