Good Article on the safety of stable paint
8 months ago
Learn about Pre-1978 RRP Rules
Thursday, May 26, 2011
Wednesday, May 25, 2011
What is RRP? Pre78.com has lots of info!
"Pre '78 Know Your Paint" blog posted this video. If you are in a home built before 1978, you will find this very interesting.
A step by step explanation of RRP by an attorney
Sunday, May 22, 2011
New focus for Choice Properties in Chico
Choice Properties in Chico, CA, announces today a new focus for their real estate team.
With all of the recent laws that are affecting older homes in our country, especially pre-1978 homes, Choice Properties has decided to provide an extra level of service to sellers and buyers of these homes.
Buying a pre-78 home without knowing your paint can be very costly. All paint in homes built prior to 1978 in California is considered to be lead-based, unless certified by a state certified inspector/assessor to be free of lead. All untested paint must be handled as lead-based, and comply with all the Renovation, Repair, and Painting rules recently enforced by the EPA. Any contractors disturbing paint must be certified lead-safe. More detailed information can be found here.
The test will be done by Choice Property Services, a state certified inspector/assessor, using an XRF analyzer to determine if the home contains lead-based paint. Choice Property Services is owned by Mike and Debbie Brodie.
*Buyers: The home must be under contract and an escrow opened, with Choice Properties as the buyer's broker. Buyer will be charged only one half of the inspection amount (approx. $240.00) at the time of inspection. This amount will be rebated with a closed escrow.
**Sellers: The home must be listed with Choice Properties for a minimum of three months, at a price within the range of the market analysis provided by Choice Properties. Seller will charged only one half of the inspection amount, (approx. $240.00), at time of inspection. This amount will be rebated with a closed escrow.
With all of the recent laws that are affecting older homes in our country, especially pre-1978 homes, Choice Properties has decided to provide an extra level of service to sellers and buyers of these homes.
Buying a pre-78 home without knowing your paint can be very costly. All paint in homes built prior to 1978 in California is considered to be lead-based, unless certified by a state certified inspector/assessor to be free of lead. All untested paint must be handled as lead-based, and comply with all the Renovation, Repair, and Painting rules recently enforced by the EPA. Any contractors disturbing paint must be certified lead-safe. More detailed information can be found here.
Choice Properties will provide a lead-based paint inspection at half-price to all of our clients that are buying or selling a home built before 1978. Upon close of escrow, this amount will be rebated, effectively making the inspection free. This is a value of over $480.00. (Some restrictions apply.)
The test will be done by Choice Property Services, a state certified inspector/assessor, using an XRF analyzer to determine if the home contains lead-based paint. Choice Property Services is owned by Mike and Debbie Brodie.
*Buyers: The home must be under contract and an escrow opened, with Choice Properties as the buyer's broker. Buyer will be charged only one half of the inspection amount (approx. $240.00) at the time of inspection. This amount will be rebated with a closed escrow.
**Sellers: The home must be listed with Choice Properties for a minimum of three months, at a price within the range of the market analysis provided by Choice Properties. Seller will charged only one half of the inspection amount, (approx. $240.00), at time of inspection. This amount will be rebated with a closed escrow.
Thursday, September 23, 2010
Chico housing market update
As a Realtor I am continually asked about the state of the Chico housing market. Are prices going up? Down? Should I wait? Should I pounce?
People often gather information on the state of the housing market from the national news. Even our local news reports on stories from the state or national level. This information is not going to tell you what is happening in Chico.
Housing markets are very localized. What is happening in Chico is different than what is going on in Oroville, Redding, or Corning. There are some areas in California that are seeing housing prices heading upward, and other areas that are still on the decline.
Let's look at Chico. Year-to-date 618 homes have sold. Of those homes, 121 were REO's - homes that have been foreclosed on by the bank and put back onto the market. 83 homes were distress sales where the seller owed more than the house was worth, and had to negotiate with the bank to take less than owed to close the sale, commonly called a short sale.
Yet over two thirds of our sales, 414, were normal transactions between a buyer and seller. For California, this is a very good percentage and shows some health in our local market. We do not have a glut of distressed homes stalling out the market.
Forecasts show that we will have a steady stream of foreclosure and distressed sales over the next several years, but not a raging river. This will keep our housing market stable, or moving slightly lower.
I don't believe that the housing market will bounce back, or move up to the 2005 levels anytime soon. The new prices are ones that can be supported by the job market. Buyer's have to qualify for loans and prove all of their income.
As the jobs come back and pay increases, we will see housing values rise. If jobs and pay decrease, housing will follow it down. The disconnect of jobs and housing from the past is gone. That link is now strong and the two will move in tandem once again.
People often gather information on the state of the housing market from the national news. Even our local news reports on stories from the state or national level. This information is not going to tell you what is happening in Chico.
Housing markets are very localized. What is happening in Chico is different than what is going on in Oroville, Redding, or Corning. There are some areas in California that are seeing housing prices heading upward, and other areas that are still on the decline.
Let's look at Chico. Year-to-date 618 homes have sold. Of those homes, 121 were REO's - homes that have been foreclosed on by the bank and put back onto the market. 83 homes were distress sales where the seller owed more than the house was worth, and had to negotiate with the bank to take less than owed to close the sale, commonly called a short sale.
Yet over two thirds of our sales, 414, were normal transactions between a buyer and seller. For California, this is a very good percentage and shows some health in our local market. We do not have a glut of distressed homes stalling out the market.
Forecasts show that we will have a steady stream of foreclosure and distressed sales over the next several years, but not a raging river. This will keep our housing market stable, or moving slightly lower.
I don't believe that the housing market will bounce back, or move up to the 2005 levels anytime soon. The new prices are ones that can be supported by the job market. Buyer's have to qualify for loans and prove all of their income.
As the jobs come back and pay increases, we will see housing values rise. If jobs and pay decrease, housing will follow it down. The disconnect of jobs and housing from the past is gone. That link is now strong and the two will move in tandem once again.
Wednesday, August 25, 2010
Zillow says my house is worth...
A recent article in the Sacramento Bee explores the pros and cons of online appraisal sites such as zillow.com, cyberhomes.com and eppraisal.com. While it may be fun to track the value of your home on one of these sites, it may be highly inaccurate.
In Chico, the value can be plus or minus $100,000 or more! If you would like to check the value of your home, please email me at hidebb@aol.com, and include your name and the property address. Also tell me about any upgrades. And the tough one, tell me about any damage or oders or neighborhood problems.
I won't be able to give you a totally accurate opinion without going inside, but I will get closer than an auto web site value from out of town!
Here are some tips from the California Association of Realtors:
In Chico, the value can be plus or minus $100,000 or more! If you would like to check the value of your home, please email me at hidebb@aol.com, and include your name and the property address. Also tell me about any upgrades. And the tough one, tell me about any damage or oders or neighborhood problems.
I won't be able to give you a totally accurate opinion without going inside, but I will get closer than an auto web site value from out of town!
Here are some tips from the California Association of Realtors:
- Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located. Some Web sites offer a price range of $20,000 - $40,000 more or less than the actual value of the home.
- Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value. Working with a local REALTOR® can help minimize inaccuracies in home values. REALTORS® can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.
- While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR® is the best option.
Wednesday, August 4, 2010
Hard to Believe - Scammers are still a-scamm'n
Watch out for Foreclosure scams! Even with all the new laws and regulations, some people still want to scam you when you are distressed. They hunt down the people in the most trouble, and offer to save them.
Being informed is your best tool. I have posted this one page Foreclosure primer from the California Association of Realtors on how to avoid foreclosure scams.
Being informed is your best tool. I have posted this one page Foreclosure primer from the California Association of Realtors on how to avoid foreclosure scams.
Outwardly, scam artists do not appear or act dastardly. On the contrary, scam artists may look nice and clean cut, and they may seem to be kind, helpful and trustworthy....Follow this link, or call me and I can mail or email you a copy.
Friday, July 23, 2010
Don't pretend to understand the tax rules on Foreclosures, Short Sales and Deeds in Lieu
Some things in life are easy to understand, especially if they are concepts you are familiar with. Taxes are not one of those things. Even CPAs have to check the IRS website and do research to find the right answers.
If you are someone in Chico, CA who is considering a short sale of your home, or perhaps letting your home go back to the bank, I strongly suggest you speak with a knowledgeable tax professional. Otherwise, you could be in for a very unpleasant surprise!
Here is an article that helped me understand some of the complications. Maybe it will give you some insight as well. Also, at the end there is a link to the IRS's explanation. This article is from OREXO, a 1031 Exchange company.
If you are someone in Chico, CA who is considering a short sale of your home, or perhaps letting your home go back to the bank, I strongly suggest you speak with a knowledgeable tax professional. Otherwise, you could be in for a very unpleasant surprise!
Here is an article that helped me understand some of the complications. Maybe it will give you some insight as well. Also, at the end there is a link to the IRS's explanation. This article is from OREXO, a 1031 Exchange company.
Foreclosures, Short Sales and Deeds in Lieu
While most people understand that foreclosures, short sales and deeds in lieu of foreclosure have significant economic consequences (loss of property; loss of equity; and loss of credit rating), what is not apparent to most people is that there are significant taxable consequences even if the owner walks away with no cash. While an IRC §1031 tax deferred exchange can, in theory, be utilized under these circumstances to defer the capital gain tax consequences, certain practical and technical challenges may make a tax deferred exchange problematic for many taxpayers.
Foreclosures, Short Sales and Deeds in Lieu, are defined, as follows:
Foreclosure: Foreclosure is an involuntary process whereby a lender repossesses property that was pledged as collateral for mortgage debt. Foreclosure can occur judicially (i.e. through a court action) or non-judicially, where a third party, such as a trustee, has the power to conduct a sale of the property after the lender has declared a default of the loan.
Short Sale: A short sale occurs when an owner sells property for less than the debt owed on the property. The lender must consent to the sale, agree to accept less than the full loan amount, and agree to release the property from the mortgage lien.
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