Matt Larsen Homes - San Francisco Bay Area Real Estate

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Why Use a Realtor?

If you are a home buyer or seller, you may ask yourself whether it is worth the expense of having a real estate professional involved in the transaction. You may think you are saving money by doing it yourself, but you could be biting off more than you can chew. Forfeiting professional help means depriving yourself of an array of services that can make a sale or purchase go considerably more smoothly.In a recent survey by the National Association of Realtors, more than three-quarters of the people surveyed who had used a real estate broker to sell their home felt the commission they paid was "money well spent." Two-thirds of the people who had sold their home themselves either were unsure about or firmly decided against ever doing it again. On the other end of the transaction, nearly three-quarters of the buyers surveyed said real estate professionals can show buyers a better selection of homes than they could find on their own.Sellers who use a real estate professional save themselves the time and inconvenience of showing their home to prospective buyers, many of whom are not really interested or do not have the funds to qualify for that home. Real estate brokers and agents will pre-qualify potential buyers before showing them a home. For buyers, real estate professionals can be instrumental in helping to find the neighborhood they want, as well as amenities in the surrounding area.When you think about buying or selling a home, you are wise to consult a real estate professional. Eight out of ten Americans do just that every year.

The process of buying a home

Opening Escrow
What exactly is an escrow?
An escrow is an independent “stakeholder” account and is the vehicle by which the interests of all parties to the transaction are protected. Your escrow is created shortly after you execute your contract to purchase your home. The escrow becomes the depository for all monies, instructions and documents pertaining to the purchase of your home. Some aspects of the purchase are not part of the escrow. For example, the buyer and the seller must decide which fixtures or personal property items are included in the purchase. Similarly, loan negotiations are between the buyer and the lender. Your real estate agent can guide you in these non-escrow matters.
How does the escrow process work?
The escrow is a depository for all monies, instructions and documents necessary for the purchase of your home, including your funds for the down payment and your lender’s funds and documents for the new loan. The escrow officer takes instructions based on the terms of your purchase agreement and your lender’s requirements. The escrow officer can hold inspection reports and bills for work performed as required by your purchase agreement. Other elements of the escrow include hazard insurance, title insurance and the grant deed from the seller to you. Escrow cannot be completed until the instructions (requirements) have been satisfied, and all parties have signed escrow documents.
How do I open an escrow?
Your real estate agent will open the escrow for you. As soon as you execute your purchase agreement, your agent will place your initial deposit into an escrow account at the Title company or into the real estate broker’s trust account.
How will I know where my money has gone?
Written evidence of your deposit is generally included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.
What information will I have to provide?
You may be asked to complete a statement of identity as part of the necessary paperwork. Because many people have the same name, the statement of identity is used to identify the specific person in the transaction through such information as date of birth, social security number, etc. This information is kept confidential.
How long is the escrow?
The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. An escrow often takes an average time of 30 to 45 days. Now that you have selected your home, executed your purchase agreement, made your purchase deposit and an escrow has been opened your next step is to apply for a mortgage loan. Your real estate agent will be able to assist you in selecting a lender.
The Loan Process

How does the loan process work?
Your real estate agent can provide you with current financing information to help you in selecting a lender. The lender might be a bank, savings and loan or mortgage company. You will be required to complete a loan application which will require personal and financial information.
What happens after I submit the loan application?
The lender will begin the qualification process including verification of information submitted on the application and appraisal for the value of the property. The lender will require that you obtain hazard/fire insurance if you are purchasing a detached home. However, if you are buying a condominium, there may already be a master hazard policy. Check with your real estate agent on this. Also, check with your insurance agent for additional coverage for your personal property. The lender will also require that you obtain title insurance and may have other requirements that will need your attention prior to the close of escrow. Your real estate agent can help you take care of these requirements well in advance.
Escrow Instructions
What are escrow instructions?
Escrow instructions define all the conditions that must occur before the transaction can be finalized. Your escrow instructions specify, in a debit and credit format, the disposition of your purchase funds. They also provide for title protection for your home.
When do I sign escrow instructions and where do I do this?
Your escrow officer or real estate agent will contact you to make an appointment for you to sign your escrow instructions and final loan papers. At this time, the escrow officer will also tell you the amount of money you will need (in addition to your loan funds) to purchase your new home. Your loan funds will be sent directly to the escrow by the lender. You may sign your escrow instructions and loan documents at a Title company, your real estate agent’s office or some other location agreed upon by all parties.
Your Appointments
What do I need to do before my appointment to sign the escrow papers?
Cashier’s Check. Obtain a cashier’s check or certified check issued by a California institution made payable to the Title company in the amount indicated to you by your escrow officer or escrow assistant. A personal check may delay the closing since the Title company is required by law to have “good funds” (check has cleared) before disbursing funds from escrow. Similarly, an out of state check could cause delays in clearing the check.
Lender’s Requirements. Make sure you are aware of your lender’s requirements and that you have satisfied those requirements before you come to the title company to sign your papers. Your loan officer or real estate agent can assist you.
Hazard/Fire Insurance.
If you are purchasing a single family, detached home (or in some cases, a townhouse), be sure to order your hazard/fire insurance once your loan has been approved. Then call your escrow officer with the insurance agent’s name and phone number so that he or she can make sure the policy complies with your lender’s requirements. You must have your insurance in place before the lender will send money to the title company. If you do not have an insurance agent, your real estate agent can help you.
Identification
Please bring either your valid driver’s license or passport with you to the title company. This is needed so that your identity can be verified by a notary public. It’s routine, but a necessary step for your protection.
Title to Home
Decide how you wish to hold title to your new home. You will need to make this decision prior to your escrow appointment. We suggest you consult a lawyer, tax consultant or other qualified professional before you decide. Merely bring your decision on this matter to your escrow sign-off appointment.
After the Sign-Off

What’s the next step after I’ve completed my sign-off?
After you have signed all the necessary instructions and documents, the escrow officer will return them to the lender for a final review. This review usually occurs within a few days and upon completion, the lender is ready to fund your loan and advises the escrow officer.
What is an “escrow closing?”
It signifies legal transfer of title from the seller to the buyer. It’s the culmination of the transaction. Usually the Grant Deed and Deed of Trust are recorded within one working day of the escrow’s receipt of loan funds. This completes the transaction and signifies the “close of escrow.” Once all the conditions of the escrow have been satisfied, the escrow officer advises you the date the escrow will close and takes care of the technical and financial details.
When will I receive the deed?
The original deed to your home will be mailed directly to you at your new home by the County Recorder’s office. This usually takes several weeks, sometimes longer, depending on their volume.
Helpful Reminders

· Make sure you are aware of your lender’s requirements and that you have satisfied those requirements before you come to the title company to sign your papers.
· After confirming with your real estate agent, be sure to order your hazard/fire insurance once your loan has been approved. Then call or be sure your real estate agent calls your escrow officer with the insurance agent’s name and phone number. You must have your insurance in place before your lender will send the closing funds to the title company. If you don’t have an insurance agent, your real estate agent can help.
· You’ll need to bring a cashier’s check or certified check to the title company for the remainder of the purchase price. Either type of check should be from a California bank or a savings and loan. Get the exact amount of the balance due from your escrow officer by telephone before your appointment for signing the papers. The check should be made payable to the Title company handling the transaction.
· In the event that you wish to transfer funds from another escrow or wire transfer funds, arrangements must be made in advance with the escrow officer.
· In the event that you wish to use a power of attorney, arrangements must be made one or two weeks in advance with the escrow officer, and the power of attorney must be approved by your lender.
· Please bring either your valid driver’s license or passport with you to the title company. This is needed so that your identity can be verified by the notary public. It’s routine, but a necessary step for your protection.
· Decide how you wish to hold title to your new home. You need to make this decision prior to your escrow appointment. We suggest you consult a lawyer, tax consultant or other qualified professional before you decide.

Powerful Buying Strategies

• Don’t Get “Pre-Qualified!
Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.

In years past, I always recommended that buyers get “pre-qualified” by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here’s why! None of the information has been verified! Oftentimes-unknown problems surface! Some of the problems I’ve seen include recorded judgments, child support payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients’ bank account long enough, etc.

So the way to make a strong offer today is to get “pre-approved”. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It’s VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.

• Sell First, Then Buy
If you have a house to sell, sell it before selecting a house to buy! I haven’t seen a contingent sale work in the last 3 years, unless it’s with a new home builder who has other houses to sell and can afford to put one on a contingency. Let’s pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that’s a risky deal, since he might pass up a buyer who DOESN’T have to sell a house while he’s waiting for you. So he says OK, he’ll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency. Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that’s lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars. I always recommend that you sell first, then buy.

If you’re concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that then put your house on the market.

Another tactic is to make the sale “subject to seller finding suitable housing”. Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don’t find anything to your liking, you don’t have to sell your present home.

• Play the Game of Nines
Before house hunting, make a list of nine things you want in the new place. Then make a list of the nine things you don’t want. I call this “NINE OF THIS AND NONE OF THAT”. You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes.

When house hunting, keep in mind the difference between “SKIN AND BONES”. The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller’s decorating skills.

• Don’t Be Pushed Into Any House
Your agent should show you everything available that meets your requirements. Don’t make a decision on a house until you feel that you’ve seen enough to pick the best one. Go to the Multiple Listing computer with your agent to make sure that you are getting a COMPLETE list.

In the late 1980’s, homes were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn’t always this urgency, unless a home is drastically under priced, and you’ll know if it is.

Don’t forget to check into the SCHOOL DISTRICTS of the area you’re considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc. You can get this information from your agent or directly from the school.

The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net. Below are 5 main factors to accomplishing this goal.

• Pricing Factor
It is very important to price your property at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. It’s interesting, but your first offer is usually your best offer. Here are reasons for pricing your property at the market value right from the start in order to net you the most amount of money in the shortest amount of time. An overpriced home:
• Minimizes offers ? Lowers showings
• Lowers agent response ? Limits financing
• Limits qualified buyers ? Nets less for the seller

80% of the marketing is done when we decide on what price to list your home. If you are unwilling to list at current market value, you would be better off not putting it on the market at this time.

• Clean Factor
Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space. Odors must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. If you employ an agent to get the most amount of money for you, please don’t take offense if he must confront you about odor problems.

• Access Factor
Top selling agents will not show your home if both the Key and access are not readily available. They do not have time to run around town all day picking up and dropping off keys. They want to sell homes! The greatest way to show a house is to have a key! When your home is being shown, please do the following:
  •       Keep all lights on
  •      Keep all drapes and shutters open
  •      Keep all doors unlocked
  •       Leave soft music playing
  •      Take a short walk with your children and pets
  •       Let the buyer be at ease and let the agents do their job

Paint is your best improvement investment for getting a greater return on your money. Paint makes the whole house smell clean and neat. If your house has chipped paint, exposed wood, or the paint looks faded, it is time to paint. If your carpet is worn, dirty, outdated, or an unusual color, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don’t think that buyers have more money than you have to replace carpet. They don’t. They simply buy elsewhere.

• Front Yard Fact
Your front yard immediately reflects the inside condition of your house to the buyer. People enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away debris. Remove parked cars. This all adds to curb appeal. If a buyer doesn’t like the outside, they may not stop to see the inside.

There are two very different kinds of needs that people have while moving. First there are the transactional needs, like finding the home that is just right for you, finding a seller who is realistic, negotiating the price, filling out the paperwork, handling the escrow, and arranging for the move. But there are also emotional needs that are involved when moving, and this is where the biggest stress comes in. Any competent agent will handle the transactional needs for you, but if your emotional needs are unfulfilled, you’ll be frustrated and may not act in your own best interests. The ideal real estate agent is one, who is competent with paperwork and numbers, but can also guide, direct, and counsel you through the emotional ups and downs of moving.

1. Begin with the end in mind.
Have an ultimate scenario of where you’re trying to be. What will life be like when you get there? How will it be better than where you are now? Dwell on that picture and write it out, fill up at least a page about how it feels in the new place. This is imperative. Having the goal in front of you at all times energizes you to achieve it, in spite of setbacks and frustrations. Emotions will run high and you need an anchor. In childbirth, the Lamaze method teaches you to focus on one spot when enduring labor pains. In the Bible it says that Jesus willingly went to the cross by focusing on the joy He would have when it was over. In the same way, you too must focus on that future goal when anxiety threatens to get the better of you.

2. Be flexible.
In your monetary calculations, overestimate by a thousand dollars. In this market, anything can happen between contract acceptance and closing. It could be the inspections reveal areas of concern that the seller is unwilling to fix or the repair costs are higher than the amount limited in the contract. Or the interest rate changes which affects the necessary down payment and closing costs you will need to come up with. As your real estate team, we will strive to tie up loose ends as quickly as possible, but remember there is no perfect world.

Most buyers feel a bit overwhelmed when taking on a new mortgage and the responsibilities of a new home and we’ve seen many buyers get angry when it seems like the cost just keeps going up. Anger is caused when reality doesn’t match up with the expectations you had in your mind. So if you anticipate this happening in advance, you won’t get angry. In fact, it’ll probably go better than you expected.

3. Trust in the process.
There’s just so much to do, it’s easy to panic. You wonder if it will ever work out. In fact, when we bought our house, we couldn’t eat for a day, we felt sick to our stomachs! You think you’re taking a big chance, but the truth is you’re giving yourself a big chance. Even though you can’t see every step of the way, as you move towards your goals, the way opens up. We know that you haven’t moved in a long time and it’s a major upheaval in your life. But we’ve been there many times before, and we’ll be looking out for you. Trust that we know the way to get you there.

4. Get knowledge.
One thing you’ll probably feel during this transition time is being out of control. It feels like everyone else has taken over your life. The seller, your lender, the appraiser, the inspectors, they all have the power to say yes or no to your moving plans.

We’ll try our best to let you know ahead of time what your expenses will be, and what the unknowns are. We’ll tie down the loose ends as soon as possible. We’ll try to get your loan approved within a reasonable time frame. We’ll educate you as best we can and let you in “behind the scenes” so you won’t ever feel stupid or out of control.

5. What is your option?
When things don’t go as smoothly as you had hoped, don’t let emotions take over. Always ask yourself “What is my option?” because there are always options. Let’s pretend the lender takes longer than agreed upon to get your loan. He keeps asking you for more and more documentation until if feels like he also needs to know how many gold fillings you have in your mouth! You’ll feel upset because you wanted to feel certain about the move and now you still have to live with the uncertainty. You want to say “Forget it, I’m fed up with this!” But what is your option? Find a new lender and start the process over again? That may take weeks, plus you will have to provide all the paperwork over again. If the lender is trying his best, it may be better to give him a few more days. Each case is unique, but when setbacks occur we’ve found that asking yourself this question helps to defuse the situation and restore clear headed thinking.

6. Seek entertainment.
When there’s nothing you can do about the situation, take your mind off of it altogether. Maybe you expected loan approval on Friday, but now it won’t come until Monday. You hate being in limbo and feeling powerless. So do something else entirely, maybe something where you aren’t powerless. Take a hike, play tennis, get out of town for the day. Watch a movie, pray, or pour yourself into your work. Whatever diversion works best for you, now would be a good time to engage in it. Just forget the situation and refuse to listen to those irritating thoughts when they come into your head. Think about something else instead and just take it one day at a time.
To keep stress to a minimum, here’s how I’ll serve you when you work with me in buying your new home:

Give my best-reasoned expert counsel and advice with your best interests in mind. Clarify your goals and motivation, and decide if moving is the wisest choice at this time. Provide recommendations and information to help your kids through all the changes.
Negotiate effectively for you to get the lowest possible price for your new home. Treat your money like it was my own, shaving every expense possible. Protect your interests during escrow, keeping a detailed record of the transaction.

Be your levelheaded sounding board or relief valve when the stress is overwhelming. Counsel you through the feelings of “buyer’s remorse”. Alert you ahead of time to every possibility so you feel more in control.

Contact you daily during the last 10 days of the transaction to serve your needs. Provide guidance and help with movers, change of address, utilities shut off, cleaning, etc.
Deliver your closing paperwork. Continue to give you information of value after the transaction... for life.

Historically, the real estate trends of California have always been the precursors for the rest of the country. Which is why leading players of the real estate market keep a close watch on the Golden State’s real estate market conditions.

And whether you are a first time homebuyer, debating the viability of building your dream house in San Bernardino, or a real estate investor looking to sell condominium units in Los Angeles, you certainly want to know: When is it the optimum time to buy or sell?

Purchasing a house is a major investment. With judicious planning, this valuable asset will appreciate with each year.

But how do you get the big picture? Fortunately, real estate trends are predictable because these develop over a long period, unlike the stock market, which is rather volatile.

The first thing you will need to do is to read and track real estate articles: the market reports of the California Association of Realtors or the California Building Industry Association, and the briefs created by housing analyst companies.

Once you have identified the following key indicators you will have a better grasp of the general trends in California’s real estate market.

Interest Rates
When interest rates rise, buyers shy away. Conversely, lowered interest rates attract more buyers.

This year, interest rates in California are on an upswing. For example, thirty-year fixed mortgage rates, which averaged 5.71 percent in 2005, has risen to 6 percent levels in January 2006. And adjustable mortgage interest rates have moved up to 5 percent levels compared to 4.12 percent in 2005.

Building Permits
The higher the number of building permits issued, the higher the demand for houses.

Figures show that number of building permits issued for the year 2006, have fallen by 10 percent in comparison to last year’s figures. In terms of houses, that’s a decrease of 1,430 building permits compared to January 2005 figures, according to California Building Industry Association report.

Home Sales
This key indicator refers to the total number of homes sold. In the law of supply and demand, when there are few buyers, real estate prices fall.

The January 2006 figures of the California Association of Realtors reveal that the number of existing single-family detached homes sold, has gone down by 24.1 percent in comparison to sales for the entire year 2005.

Another factor to consider is the growing inventory of available houses in certain counties in California, which is changing the market dynamics. What was once a sellers market is slowly turning into a buyers market.

Loan Defaults
This refers to the failure of homeowners to pay their monthly mortgage fees. One downside to this is that many Californian homeowners are choosing to have a bad credit report, rather than to keep paying fees for a home whose value has been inflated by as much as 20 percent more.

Foreclosure Sales
Figures presented by DataQuick Information Systems, a housing analyst company, indicate that foreclosure activities in California have gone up by 19 percent in the last quarter of 2005. This is an increase of 3 percent compared to the third quarter of 2005, and is 4.6 percent higher when compared to 2004’s last quarter figures.

When foreclosure sales are on an upswing, consumer spending is down and consumer debt levels have risen. In the real estate market, this has meant that many financially strapped homeowners are selling their homes at lower prices. The other contributable factors are inflation, the rising prices of gasoline, federal budget deficit, and interest rates.

Concurrently, these key indicators confirm that although home sales levels in California are falling, the demand for houses remains strong and steady. Always do your due diligence before undertaking a purchase of property in California.

Getting your home professionally inspected before you put it on the market seems like a strange thing to do at first glance. In fact, many agents don't even think of having homes inspected before they list them. Once you understand how it can benefit you... the home seller.. It turns out to be a very prudent decision! Here's why...

* home inspections eliminate any "surprises" than can delay or even kill a home sale. They also help the seller to negotiate better. In most cases, the buyer(s) will use weaknesses of the home (frequently from an inspection performed after the home is in escrow) to negotiate a lower price at a time when the seller is most vulnerable. Rather than become a victim of such tactics, you can show you've already taken their issues into account in determining your price.

* Getting your home inspected before going on the market actually allows you to understand the true value of your home - knowing what you may need to fix and what you want to leave alone. It also helps you price it better and understand what your "net" proceeds will be from a sale. The strengths and weaknesses of your home are going to be known by the buyer at some point any how And the sooner you know them, the more you can act to minimize, eliminate, or adjust for them.

*A Home inspection ensures a faster close by eliminating contingencies and other issues and can help ensure a problem-free closing.
Matt Larsen : http://www.mattlarsenhomes.com

California, here we come!

America has been known to most to be the Land of Milk and Honey, a land of great opportunity. And in a land of abundance such as this, making it in California means you have made it in the big leagues. It is the State of California that hosts the country’s best and brightest. And no, we’re not just talking about the celebrities.

This is why the state of California has been recognized as “the El Dorado State,” or the land of the golden opportunities. As a matter of fact, many of the people who choose to live in this state do so because of the stability of the state’s economy, which has the best economic status in the country.

Natural Highs for the Nature Lover

California is flocked by millions because it has something for everybody. It is home to great beaches and yet also houses grandiose snow-capped mountains. It is home to the most spectacular trees ever known to man: the tallest and largest living tree, the General Sherman, and wonderful drive-through redwood trees. It is home to 20 million acres of National Forest land. It has over 20 wildlife viewing areas. It has spectacles such as the Furnace Creek Inn, which boasts of a spring-fed swimming pool and the lowest grass golf course in the world (214 feet below sea level). The Tien Hau Temple, which is the oldest Chinese temple in the United States, is also a must-see. It also houses The Delta in Rio Vista, which is one of the top windsurfing areas in the world, the 20-million-year-old Torrey Sands Cliff, and the Yosemite Falls that is the longest drop in the country.

Interesting Features for the Perennially Curious

California is also home to the world’s most interesting marvels. It is home to the Kaweah Post Office, which is the smallest post office in the world that is still in operation. It houses the Ballard’s Little Red Schoolhouse, the oldest schoolhouse still in use. It is home to the longest runway in the world, located at Edwards Air Force Base (used for space shuttle landings), the world’s largest yo-yo in the National Yo-Yo museum, the first ever Tower Records in Sacramento, and of course, the world’s first ever cable car.

A Haven for the Cultural

But what would California be without its people? Visitors from different states as well as from different countries won’t feel too much like tourists here, as the state houses more people who speak Spanish, Chinese, Japanese, Filipino, Korean, and Vietnamese than any other state in America. And because California has a population comprised of people from everywhere around the globe, the state is also famous for its grand Festivals such as the Chinese New Year Festival and the Cinco de Mayo, the Annual Indian Fair in San Diego, the Los Angeles African Marketplace and Cultural Faire, the French Festival in Santa Barbara, and the Japanese Cultural Bazaar in Sacramento.

Home of the Great and the Famous

Last but not the least, California is home to the world’s most beautiful and successful people. The state is the home of Hollywood, breeding icons in the sports, entertainment, and politics alike. It is home to Star Wars creator George Lucas, as well as tennis greats such as Lindsay Davenport, Venus and Serena Williams.

California, with its many faces and facets, is one of the best places to discover yourself, revive your soul, and enrich your life.

Buyers typically pay these closing costs.

* Escrow fee (ask Title Co for quote).
* Owner's Insurance Premiums CLTA (ask Title Co for quote).
* Lender's Title Policy Premiums ALTA (ask Title Co for quote).
* Document Preparation (ask Title Co for quote).
* Notary Fees.
Homeowners Transfer Fee (if any).
* Tax proration (from date of acquisition).
* Recording Charges for all documents in Buyer's names.
* Fire Insurance Premium
* Home Warranty (according to contract).
* Inspection Fees roofing, property inspection & geological.
* 50% of City Transfer/Conveyance Tax (according to contract)
* Beneficiary statement fee for assumption of existing loan.
* Assumption/change of records fees for takeover of existing loan
* All new loan changes (except those required by lender for seller
to pay).
* Interest on new loan from date of funding to 30 days prior to first
payment date.
* Transactional coordinator / Administration fee.

Sellers typically pay these closing costs.

* Real estate commission.
* Document preparation fee for deed. (ask Title Co. for quote).
* Notary fees
* Termite Inspection (according to contract).
* Termite work (according to contract).
* Home warranty (according to contract).
* Any judgments, tax liens, etc. against the seller.
* Any unpaid homeowners dues.
* Any bonds or assessments (according to contract).
* Any and all delinquent taxes.
* Documentary Transfer tax ($1.10 per $1,000 of sales price)
* Any loan fees required by buyer's lender.
* 50% if city transfer /conveyance tax (according to contract)
* Recording charges to clear all documents of record against
seller (ask Title Co. if any apply).
* Tax pro-rations of property taxes unpaid at the time of close.
* Payoff of all loans in seller's name (or existing loan balance
being assumed by buyer).
* Interest accrued to lender being paid off, statement fees
re conveyance fees and any prepayment penalties.
* Transactional coordinator / Administration fee.

* Note:� a devisee is a person who receives real estate from another by will.

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Californians purchasing record numbers of Million Dollar homes!
Record Million-Dollar Home Sales in Golden State

La Jolla, CA.----California million-dollar home sales in 2005 surged to a new peak for the fourth year in a row, as appreciation pushed a higher portion of overall sales into the seven-figure category, a real estate information service reported.

A total of 48,666 Golden State homes sold for a million dollars or more last year. That was up 47.0 percent from 33,107 in 2004. The total was 19,080 in 2003 and 13,871 in 2002, according to DataQuick Information Systems.

One in thirteen homes sold for more than a million dollars last year, up from one in twenty the year before.
"In reality, the prestige market remained pretty stable from 2004 to 2005. But because of the increase in home values across the board, more sales prices crossed the million-dollar threshold. In other words, homes that would have sold for $900,000 in 2004, sold for more than a million last year," said Marshall Prentice, DataQuick president.

Statewide, there were 310 sales for more than $5 million last year, 327 sales were in the $4-$5 million range, 990 in the $3 million range, 3,937 sales in the $2 million range, and the rest between $1 million and $2 million.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The numbers include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, teardowns, and large farm or ranch properties. Home sales to companies were included, as were sales to trusts.

The most expensive confirmed purchase was a 13,636 square-foot 6-bedroom, 12-bathroom La Jolla house on six acres which went for $23,500,000 in September. The largest was a 7-bedroom, 8-bathroom 18,369 square-foot house on 2.2 acres in Solana Beach in San Diego County which went for $6,200,000 in August.

Ross in Marin County and Rancho Santa Fe in San Diego County were communities where virtually all home sales were in the million- dollar category.
Several new million-dollar home markets emerged last year, mostly because of sales of newly-built large homes on big lots. The areas include Corona and Norco in Southern California, and Union City in the East Bay.

Newly-built homes accounted for 9,043 of last year's sales, up 73.6 percent from 5,210 for 2004. San Diego and Orange counties were the most active markets for newly-built million-dollar homes, DataQuick reported.

There were 2,902 condo sales in the million-dollar category, up 73.0 percent from 1,677 year ago. Most were sold in West Los Angeles, San Diego and San Francisco.

The median-sized million-dollar home was 2,480 sq.ft. with 4 bedrooms and 3 bathrooms. The median price per square-foot for all million-dollar homes was $516, up 5.6 percent from $489 a year ago, DataQuick reported.

Around 10 percent of the buyers paid cash, down from 15 percent in 2004. Of those who financed their purchase, the median down payment was 28 percent of the purchase price. Lending institutions most willing to provide mortgage financing were Countrywide, Washington Mutual and Wells Fargo.