The use of stainless steel appliances and counters can really liven up your kitchen! Whats better than the satisfying shine of steel? There are many benefits of steel including; corrosion resistance, fire and heat resistance, aesthetic appearance, strength-to-weight ratio, impact resistance and much more! Stainless is often the best value option of material compared to others. Take a look at a couple of these spaces below for inspiration!
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April San Diego real estate market in review: As of April 2019, the median detached home in San Diego County sold for $647,000 up 4.5% from the previous year.
As of April 2019, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $420,000, up 3.7% from last year.
The average detached home in San Diego spent 34 days on the market.
Condos, twinhomes, and townhomes in San Diego spent an average of 30 days on the market.
As of April 2019, the average seller of a detached home in San Diego County receives 97.2% of the original list price at the close of the sale.
As of April 2019, the owners of attached properties (condos, twinhomes, and townhomes) retained 97.8% of the original list price.
The inventory of homes in San Diego County is still very low.
The supply of attached properties rose a little bit but still is also quite low.
Are you interested in seeing this breakdown for your San Diego community or zip-code? Let us know!
For interiors in 2019 summer, the overriding theme is for more sustainability and natural materials. Of course, there are some gorgeous pretty colors to embrace too, but when it comes to decorating the home, the emphasis is on choosing designs that are classic and longer lasting, rather than something you’ll get tired of quickly.
Take a look at some key trends for spring/summer 2019 below.
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So let’s lower your “didn’t-know” ratio. With a shifting lending landscape, unpredictable interest rates and down payment priorities based on your local market, here’s what you’ll need to know about buying a home this year.
What’s the first step to buying a house?
With acute shortages of homes for sale in so many markets throughout the nation, getting a pre-approval for a home loan is more important than ever. Cash buyers used to give sellers confidence that a deal would close quickly, but fewer cash buyers are shopping right now. And when houses weren’t in such short supply, buyers didn’t face the pressures of intense seller’s markets.
With a lender lined up and a pre-approval letter in your pocket, sellers know you’re serious. With a pre-approval, sellers feel comfortable that, ‘Hey, this guy is a legit person who is going to buy and close.’ Prospective buyers need to immediately start with the lender. See what you can afford and see what your hurdles are going to be. Shopping for homes before gaining a loan pre-approval can be a big home buyer mistake. Some buyers don’t realize how many underwriting deal breakers that can hijack — or significantly delay — getting a mortgage there are.
Those home loan approval pitfalls can include issues with student loans, significant recent cash deposits, and the manner in which self-employed income is reported.
How much house can I afford?
‘How much house can I afford?’ is the first-time home buyer question. We offer a rule-of-thumb to help.
Instead of telling them about debt-to-income ratios, first-time buyers better consider three times their income as a starting point. So, if you and your spouse have a combined annual income of $110,000, most likely $330,000 will be your price range, plus or minus a couple of percent. But rather than guessing, you can simply take the first step — talking to a lender.
What’s up with interest rates?
Another change impacting the real estate market is interest rate volatility. Many experts predicted rates to steadily rise throughout 2019, yet so far 30-year mortgage rates aren’t far from where they were a year ago. At this point, it’s not clear where they’re headed over the next 12 months.
In fact, more than a third of Americans say they plan to buy within the next five years — and nearly one-fourth of those prospective buyers say they’ll buy in the next 12 months, according to NerdWallet’s 2019 Home Buyer Report.
What credit score do I need?
A credit score of 620 is typically the minimum that mortgage lenders are looking for, though some lenders will go as low as 580 or below.
What we see is that average credits are usually 620 to 680, very good credits are 680 to 740, and if you’re over 740, you’re spotless.
How much do I need to put down on a house?
People still think they need 20% down. Three percent down, 5% down are the ways people are buying homes. Ten percent down is the average in the nation right now. You don’t need 20% down to buy a home. It’s the biggest myth out there.
20% down — especially in a tight market — is going to come into play. If somebody else has 10% and you’ve got 20, that’s going to be a factor. Listing agents will usually advise sellers to go with the buyer who has the most cash on the table.
How long does it take to buy from start to finish?
You know what’s changed in the last three years in mortgages? Speed to closing is more important now than ever.
Application-to-closing times are shrinking. For the 12-month period ending in January 2019, average closing times for purchase and refinance loans combined were about 43 days, according to Ellie Mae, a mortgage industry technology provider.
For refi loans alone, the average was about 40 days. For the same period in 2015-2016, the averages were 46 days for all loans and 47 for refis.
The best real estate deals allow everyone to shake hands and walk away from the table feeling like a winner. And in what looks to be another year of uncertainty, disappointment and just plain incivility, spreading a little extra goodwill during the negotiations and at the closing table seems like a very good idea indeed.
Serve chicken, artichoke mixture, and chopped olive-herb mixture over couscous.
Click HERE for more information about the recipe.
This is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again. Recurring closing costs are items you pay time and again over the course of home ownership, such as property taxes and homeowner’s insurance. Some of the items that appear here do not traditionally appear on a lender’s Good Faith Estimate and lenders are not required to show all of these items.
Loan Origination Fee – The loan origination fee is often referred to as points. One point is equal to one percent of the mortgage loan. As a rule, if you are willing to pay more in points, you will get a lower interest rate. On a VA or FHA loan, the loan origination fee is one point. Any additional points are called discount points.
Loan Discount – On a government loan, the loan origination fee is normally listed as one point or one percent of the loan. Any points in addition to the loan origination fee are called discount points. On a conventional loan, discount points are usually lumped in with the loan origination fee.
Appraisal Fee – Since your property serves as collateral for the mortgage, lenders want to be reasonably certain of the value and they require an appraisal. The appraisal looks to determine if the price you are paying for the home is justified by recent sales of comparable properties. The appraisal fee varies, depending on the value of the home and the difficulty involved in justifying value. Unique and more expensive homes usually have a higher appraisal fee. Appraisal fees on VA loans are higher than on conventional loans.
Credit Report – As part of the underwriting review, your mortgage lender will want to review your credit history. The cost of running the credit report can vary and is included in closing costs.
Lender’s Inspection Fee – You normally find this fee on new construction and is associated with what is called a 442 Inspection. Since the property is not finished when the initial appraisal is done, the 442 Inspection is done when the building is completed and verifies that construction is complete with carpeting and flooring installed.
Mortgage Broker Fee – About seventy percent of loans are originated through mortgage brokers and they will sometimes list your points in this area instead of the Loan Origination Fee category. They may also add any broker processing fees in this area so you clearly understand how much is being charged by the wholesale lender and how much is being charged by the broker. Wholesale lenders offer lower costs/rates to mortgage brokers than you can obtain directly, so you are not paying extra by going through a mortgage broker.
Tax Service Fee – During the life of your loan you will be making property tax payments, either on your own or through your impound account with the lender. Since property tax liens can sometimes take precedence over a first mortgage, it is in your lender’s interest to pay an independent service to monitor property tax payments.
Flood Certification Fee – Your lender must determine whether or not your property is located in a federally designated flood zone. This is a fee usually charged by an independent service to make that determination.
Flood Monitoring – From time to time flood zones are re-mapped. Some lenders charge this fee to maintain monitoring on whether this re-mapping affects your property.
We put these in a separate category because they vary so much from lender to lender and cannot be associated directly with a cost of the loan. These fees generate income for the lenders and are used to offset the fixed costs of loan origination. The Processing Fee mentioned above can also fall into this category, but since it is listed higher on the Good Faith Estimate Form we did not also include it here. You will normally find some combination of these fees on your Good Faith Estimate.
Document Preparation – Before computers made it fairly easy for lenders to draw their own loan documents, they used to hire specialized document preparation firms for this function. This was the fee charged by those companies. Nowadays, lenders draw their own documents but this fee is charged on almost all loans.
Underwriting Fee – Once again, it is difficult to determine the exact cost of underwriting a loan since the underwriter is usually a paid staff member.
Administration Fee – If an Administration Fee is charged, you will probably find there is no Underwriting Fee. This is not always the case.
Appraisal Review Fee – Even though you will probably not see this fee on your Good Faith Estimate, it is charged occasionally. Some lenders routinely review appraisals as a quality control procedure, especially on higher valued properties.
Warehousing Fee – This is rarely charged and begins to border on the ridiculous. However, some lenders have a warehouse line of credit and add this as a charge to the borrower.
Pre-paid Interest – Mortgage loans are usually due on the first of each month. Since loans can close on any day, a certain amount of interest must be paid at closing to get the interest paid up to the first. For example, if you close on the twentieth, you will pay ten days of pre-paid interest.
Homeowner’s Insurance – This is the insurance you pay to cover possible damages to your home and other items. If you buy a home, you will normally pay the first year’s insurance when you close the transaction. If you are buying a condominium, your Homeowners’ Association Fees normally cover this insurance.
VA Funding Fee – On VA loans, the Veterans Administration charges a fee for guaranteeing your loan. The fee will be a percentage of the loan balance but the exact percentage will vary depending on whether you have used your VA eligibility in the past. Instead of actually paying this as an out-of-pocket expense, most veterans choose to finance it, so it gets added to the loan balance. This is why the loan balance on VA loans can be higher than the actual purchase amount.
Up Front Mortgage Insurance Premium (UFMIP) – This is charged on FHA purchases of single-family residences (SFR’s) or Planned Unit Developments (PUDs). Like the VA Funding Fee it is normally added to the balance of the loan. Unlike a VA loan, the homebuyer must also pay a monthly mortgage insurance fee, too. This is why many lenders do not recommend FHA loans if the homebuyer can qualify for a conventional loan. Condominium purchases do not require the UFMIP.
Mortgage Insurance – Though it is rare nowadays, some first-time homebuyer programs still require the first year mortgage insurance premium to be paid in advance. Most mortgage insurance (when required) is simply paid monthly along with your mortgage payment. Mortgage insurance covers the lender and covers a portion of the losses in those cases where borrowers default on their loans.
If you make a minimum down payment, you may be required to deposit funds into an impound account. Funds in this account are your funds, and the lender uses them to make the payments on your homeowner’s insurance, property taxes, and mortgage insurance (whichever is applicable). Each month, in addition to your mortgage payment, you provide additional funds which are deposited into your impound account.
The lender’s goal is to always have sufficient funds to pay your bills as they come due. Sometimes impound accounts are not required, but borrowers request one voluntarily. A few lenders even offer to reduce your loan origination fee if you obtain an impound account. However, if you are disciplined about paying your bills and an impound account is not required, you can probably earn a better rate of return by putting the funds into a savings account. Impound accounts are sometimes referred to as escrow accounts.
Homeowners Insurance Impounds – your lender will divide your annual premium by twelve to come up with an estimated monthly amount for you to pay into your impound account. Since a lender is allowed to keep two months of reserves in your account, you will have to deposit two months into the impound account to start it up.
Property Tax Impounds – How much you will have to deposit towards taxes to start up your impound account varies according to when you close your real estate transaction. For example, you may close in November and property taxes are due in December. Your deposit would be higher than for someone closing in May.
Mortgage Insurance Impounds – When required, most lenders allow this to simply be paid monthly. However, you may be required to put two months’ worth of mortgage insurance as an initial deposit into your impound account.
Closing/Escrow/Settlement Fee – Methods of closing a real estate transaction vary from state to state, as do the fees.
Title Insurance – Title Insurance assures the homeowner that they have clear title to the property. The lender also requires it to insure that their new mortgage loan will be in first position. The costs vary depending on whether you are purchasing a home or refinancing.
Notary Fees – Most sets of loan documents have two or three forms that must be notarized. Usually your settlement or escrow agent will arrange for you to sign these forms at their office and will charge a notary fee.
Recording Fees – Certain documents get recorded with your local county recorder. Fees vary regionally.
Pest Inspection – This is also referred to as a Termite Inspection. This inspection tests not only for pest infestations, but also other items such as wood rot and water damage. If repairs are required, the amount to cover those repairs can vary. The seller will usually pay for the most serious repairs, but this is a negotiable item. Usually (not always) the pest inspection fee is paid by the seller of the home and is not normally reflected on the Good Faith Estimate.
Home Inspection – Since it is the homebuyer’s choice to obtain a home inspection or not, this cost is not usually reflected on a Good Faith Estimate. However, it is recommended. Keep in mind that the home inspector has a certain set of standards he uses when inspecting a home, and those standards may be higher than required by local building codes. An example is that an inspector may note there is no spark arrestor on a chimney but the local building code may not require it. This sometimes leads to conflicts between buyer and seller.
Home Warranty – This is also an optional item and not normally included on the Good Faith Estimate. A Home Warranty usually covers such items as the major appliances, should they break down within a specific time. Often this is paid by the seller.
Interest – When you close the transaction on your refinance, there will most likely be some outstanding interest due on the old loan. For example, if you close on August twentieth (and you made your last payment), you will have twenty days interest due on the old loan and ten days prepaid interest on the new loan. Your first payment on the new loan would not be until October 1st since you have already paid all of August’s interest when you closed the refinance transaction (since interest is paid in arrears, a September payment would have paid August’s interest, which has already been paid in closing).
Reconveyance Fee – This fee is charged by your existing lender when they “reconvey” their collateral interest in your property back to you through recording of a Reconveyance.
Demand Fee – Your existing lender may charge a fee for calculating payoff figures.
Sub-Escrow fee – Though it sounds like an escrow fee, this fee is actually charged by the Title Company. Assume it is an income-generating fee similar to some of the lender fees mentioned above.
Loan Tie-in Fee – Though it sounds like a lender fee, this cost is actually charged by the Escrow Company.
Homeowner’s Association Transfer Fee – If you are buying a condominium or a home with a Homeowner’s Association, the association often charges a fee to transfer all of their ownership documents to you.
It has become common to ask the seller to pay some or all of the closing costs when you purchase a home. Essentially, this is financing your closing costs since you will probably pay a little bit more for the property than you would if you were paying your own costs.
Keep in mind a few simple rules. On conventional loans you can only ask the seller to pay non-recurring costs, not prepaid fees or items to be paid in advance. If you are putting ten percent down or more, the most the seller can contribute is six percent of the purchase price. If you are putting less down, the most the seller can contribute is three percent.
On VA loans, you can ask the seller to pay everything. This is called a “VA No-No”, meaning the buyer is making no down payment and paying no closing costs.
On FHA loans, the seller can pay almost any cost, but the buyer has to have a minimum three percent investment in the home/closing costs.
Most refinances include the closing costs and prepaids in the new loan amount, requiring little or no out-of-pocket expenses to close the deal.
If you didn’t get bored as you read through this, now you know everything (almost) about closing costs.
Exposed wooden beams on the ceiling are an elegant architectural feature that adds charm and character to any home! Many older homes in San Diego already have a wood-beamed ceiling, but with the recent popularity of this style, many new homes are also being built with exposed wood beams. If you love this look, but your home doesn’t have this type of ceiling, DIY options are available! Below, we collected some of our favorite pieces of inspiration:
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Check the wetness of the ricotta before preparing dumplings. If the ricotta is sold in an individual drained basket, then all you need to do is pat dry and adjust the quantity to 1½ cups. For ricotta that’s not drained, you’ll need to press it to drain any excess liquid. Line a colander with cheesecloth and set inside a large bowl (to catch the liquid draining from the ricotta). Spoon ricotta onto cheesecloth and put a paper towel on top. Weigh ricotta down using cans or other heavy pantry items; chill for at least 4 hours and up to 24. The ricotta should be dry and crumbly. Measure out 1½ cups.
Pulse ricotta, Grana Padano, egg, egg yolk, and salt in a food processor just until smooth. Sprinkle flour over ricotta mixture and pulse again until just combined. Transfer dumpling batter to a medium bowl.
Dust a parchment-lined rimmed baking sheet generously with flour. Using a metal spoon, scoop out 2–3 tsp. dumpling batter and scrape spoon against side of bowl at a 45° angle to smooth batter. Using your finger tip, push batter off spoon and let drop onto baking sheet (this may take a few tries). The dumpling will slightly curve at each ends. Dust tops with more flour. (You should have about 65 dumplings.)
Bring a large pot of lightly salted water to a boil. Add asparagus and cook until almost tender, 2–3 minutes. Transfer to a bowl of ice water; drain and pat dry. Reserve pot.
Meanwhile, bring chicken stock to a simmer in a large skillet over medium heat.
Return pot of water to a gentle simmer and add dumplings (one by one so they don’t crush each other), stirring occasionally, until they’re almost double in size and cooked through and tender, about 4 minutes (dumplings will quickly float to surface).
Transfer dumplings to pan; add butter and green garlic. Cook, tossing often, until sauce has thickened and garlic has slightly softened, about 3 minutes. Add asparagus, chives, and lemon juice and toss to warm asparagus; season with salt and pepper. Serve dumplings with more cheese and drizzle with olive oil.
Serving Per Recipe: Calories (kcal) 510 Fat (g) 37 Saturated Fat (g) 22 Cholesterol (mg) 220 Carbohydrates (g) 13 Dietary Fiber (g) 2 Total Sugars (g) 2 Protein (g) 28 Sodium (mg) 1400
Click HERE for more information about the recipe.
In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may only exercise the powers granted in the trust.
A certification of trust containing the following information:
Because many different provisions may be on the same page, the answer must be no — but if the title company requires a copy of the trust, it may accept a copy with those amounts blacked out.
Maybe. The trust must specifically provide for less than all to sign.
Only if the trust specifically provides for the appointment of an attorney-in-fact.
If the trustor is not able to do so, or the trust provisions prohibit the trustor from appointing a new trustee, the court may do so.
Title is vested in the trustee. Hence, if the trustee is an individual or a corporation, then the new general form of acknowledgment will be prepared to reflect the intrinsic nature of the trustee.
“John Doe and Mary Doe, as trustees of the Doe family trust, under declaration of trust dated January 1,1992.”
Yes, the trustee is limited principally and most importantly by the provisions of the trust and, thus, may only act within the terms of the trust. The probate code contains general powers which, unless limited by the trust agreement, are sufficient for title insurers to rely on for sale, conveyance, and refinance purposes.
Selling Secret #1: The first impression is the only impression
No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.
Selling Secret #2: Always be ready to show
Your house needs to be “show-ready” at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.
Selling Secret #3: The kitchen comes first
You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace countertops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.
Selling Secret #4: Take the home out of your house
One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.
Selling Secret #5: Don’t over-upgrade
Quick fixes before selling always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge improvement project before you put your house on the market. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint on the walls. Clean the curtains or go buy some inexpensive new ones. Replace door handles, cabinet hardware, make sure closet doors are on track, fix leaky faucets and clean the grout.
Selling Secret #6: Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.
Selling Secret #7: Light it up
Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable.
Selling Secret #8: Half-empty closets
Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.
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