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.

This is provided for general information only.� The method of holding title (vesting) has certain significant legal and/or tax consequences and your are encouraged to obtain advice from an attorney or tax consultant or another qualified professional in this matter.

Probate is known as the legal process that settles the estate of the deceased and how the property of that person should be distributed. The probate process can really vary from state to state, so these are just general guidelines. If you are involved in the probate process you might want to seek legal counsel with an attorney that has experience with wills, or even those that have experience in probate court to protect your rights and really understand the probate system in your state. If you are looking for general information, you have come to the right place. Every probate is different because there are different sums of money, different pieces of property, different debts, and different people that want or do not want to take part in the process. Probate does not have to be an ugly process if all parties can agree to work together to preserve the memory of their deceased loved one. We’ve all seen the ugly probate hearings on television, but real life needn’t be so dramatic if the key players do not allow it to become this way.

In most states, if someone has passed away without completing a will or trust, the property of the deceased will automatically become the property of his or her spouse and there is no need for probate. Yet, there are cases where the surviving spouse does not automatically get the deceased individuals property, and then it is necessary to divide the estate of the deceased, whether or not the decedent had a will. The probate court, the court that has jurisdiction over such matters, will help those involved decide how the property is divided, and that it is divided in a legal manner. The laws vary from state to state, and this is where the division of property can get quite tricky if you or the people are you are working with do not know the laws well.

A will generally names an executor, which is a person that has the huge task of ensuring that the will is carried out according to what the deceased wanted. Obviously, the most common job of the executor is to organize the whole assets with the help of the probate system. If there is not a will and there is not an executor of the estate, then the probate court or another court that has jurisdiction can appoint an executor. The appointed representative of an intestate estate is called an administrator instead of an executor. If the representative of the estate is anyone otherthan the named executor they are known as the administrator with the will annexed or administrator c.t.a. from the Latin phrase cum testamento annexo.

The first task of the executor or administrator is open the case with the court. This process differs from state to state, but is generally not all that difficult. Next, the executor will need to inventory and collect the property of the decedent. Some of the decedent’s property will not be involved because they will pass through contracts from one person to another, so there is no reason to probate these items. Items such as life insurance policies, bank accounts, or other things that clearly name a beneficiary or have a “payable on death” clause that so names another person will not be a probate issue they will simply transfer to the named individual. After all of the assets have been inventoried and organized, the executor will pay any debts and taxes that are owed. Then, the executor has the task of actually distributing the remaining property to the beneficiaries of the decedent as they have been instructed to do so in the will, or if there is not the will, according to the law.

It is not uncommon for there to be disputes during this process. Anyone can make a claim on an estate by petitioning the executor or the court. If the court rejects the claim, the individual with the claim may file a lawsuit to attempt to prove their claim and collect the money or the objects that they are saying they are entitled to. If there is a lawsuit, the court is more inclined to treat the probate process more formally, which makes the process much more difficult as itmust approve of every single transfer of property in the will.

Unfortunately, probate can take quite awhile. It is not uncommon for the probate process to take more than a year and for all property to be distributed. The best way for people to avoid putting their loved ones through the probate process is to establish a living will. A living will is a separate entity that enables a person to transfer ownership of all of his or her real property such as houses and cars from him or herself to a trust that can be revised at any time. If the person passes away, the people named as the beneficiaries in the trust are now the owners of the trust and the property mentioned within. The great thing about the living trust is that it’s not a public process, so it really helps to preserve the privacy of the deceased as well as his or her family members. When probate is required, an estate tax is generally required as well and a living will can help avoid this, too. While a living trust may reduce the estate taxes, some will generally have to be paid regardless of whether there is a living trust or not, but every little bit helps!

Because probate can take a long time, it’s understandable that people would want to avoid it. The problem is that avoiding probate takes foresight that many of us simply do not have. Living wills and trusts are the best way to help you loved ones avoid the stress and disheartening experience of probate, so plan ahead and see if you can’t establish how things should be and who should get what when you pass away.

The San Francisco Bay Area, popularly known as the 'Bay Area' to local residents, is a diverse and thriving metropolitan region that encompasses San Francisco Bay in the northern part of California. San Francisco, North Bay, East Bay, South Bay, Peninsula and Santa Cruz make up the Bay Area regions. They are divided into nine counties: San Francisco, San Benito, San Mateo, Santa Clara, Santa Cruz, Alameda, Napa, Solano and Sonoma.

Although San Francisco City is identified as the cultural and traditional center of the Bay Area, it is not the largest or most populated city within the area. Historically, the Bay Area traces its roots from Spanish explorers who first set foot in the region and founded a Catholic church in 1776.

Bay Area is distributed over a population of nearly seven million residents (as of the latest count in 2006). People are scattered over a number of suburban and urban centers, hence, the general area name. Its generic name is derived from the various regional natures of the area, with no specific reference to a city.

Studies place the population of San Francisco Bay Area among the best in the country for overall education placement, competing with Washington D.C. and Boston. East Bay is known for being the home of famous seminaries and universities, namely Berkeley or the University of California and Stanford University.

Weather is generally agreeable but unpredictable, as bodies of water fence in the land area. Spring casts mild and cloudless days, summer is cool and overcast, and fall weather is warm, hot and sunny, with mild and clear nights, while winter brings in the most humid rainy days, alternating with clear and sunny skies.

The diverse geography is broken up into prime residential and industrial spaces, covering villages, towns and cities, parks in the national, state and regional levels, as well as airports and military bases. All these are connected by a modern and efficient transport system composed mostly of trains (commuter rail and railroads), highways and roads.

Considered as one of the most affluent regions in America, the San Francisco Bay Area boasts having the most median income per household, across the nation. Six out of the 10 best Californian areas that have the most income per capita (Belvedere, Diablo, Atherton, Woodside and Portal Valley) are all in the Bay Area. The popular Alameda, Contra Costa, Marin, San Francisco, San Mateo and Santa Clara counties in Bay Area are also part of the top 100 income per capita counties in the States. As a result, the Bay Area real estate appreciated to the level of the 'most expensive zip code' league. In 2005, Forbes Magazine listed Atherton, Diablo, Ross, Nicasio, Los Altos, Tiburon, Los Gatos, Portal Valley and San Francisco as one of the top 50 most expensive places to live in.

"The Pinole City Council approved an ordinance (8.30.170) that will require all residential rental units to be inspected at least once every three years. The inspection fee will be $102.25 per unit and covers any and all residential rental units in the city of Pinole. The resolution contains language that waives the inspection fee for the first sixty days of the program to encourage voluntary participation in the program."

What does this mean? It seems like this trend is becoming popular in the East Bay first in Hercules and now in Pinole. Cities are finding out this is one way of getting more money from landlords/investors. Is this a good idea? Yes and no! Every three years it seems like Pinole is after more money rather than protecting the best interest of both Tenants and Landlords.

Soul Searching at Solano County
Solano County in the State of California is a great place to discover yourself and live the life you want to live. Since the county is located in the Eastern Bay area, it is noted for its low pollution rate, and its fast-growing employment rate. It ranks 28th among the fastest growing counties of all the 58 counties in the state. So while it is consistently growing and developing as a county, it is still relatively and comparatively slower in pace than most of the counties within California. As growth is consistent, one can still enjoy the benefits of the leisurely lifestyle and take advantage of the inevitable increase in equity.

The county has wonderful views. Being located in northern California, Solano is rich in history being one of the oldest counties in California. And even though California is known to be one of the most polluted states in the United States, Solano remains to have green surroundings and fresh air. Studies have shown that Solano county experiences approximately 92% of good quality air days and only 8% moderate air quality day. The county never experienced air quality with an unhealthy range. This makes Solano a great place to enjoy life the healthy way. It has a strong educational system with 6 different public school districts, several private schools, and two colleges within the area.

Contra Costa County is a refreshing change from the densely populated areas in California. While the county is surrounded on its three sides by water and is accented by Mt. Diablo, the county provides access and convenience to those who want to live in the Bay area, as it is one of the 9 counties that make up the San Francisco and Oakland Bay areas. Contra Costa County provides a balance of the tranquil lifestyle and the accessibility to all city necessities that is so hard to strike in most urban developmental areas.

The county has a non-stop growth rate as regards to population and employment. It is physically and geographically beautiful area. Contra Costa County’s soil is noted to be one of the richest and the most conducive for farming. It is sure is a lovely compliment to the wonderful weather experienced the whole year round. During wintertime, snow almost never falls, except on the mountaintops. During summer, it is never to hot and humidity never gets too high.

More and more people are realizing the important facets of the county, and now Contra Costa County is one of the fastest growing counties in the State of California. As a matter of fact, it ranks 9th among the fast growing counties of all 58 Californian Counties. As the area gets more and more developed with the fast growing rate of settlement, it is a wise move to purchase property within the county area early, as the property values could only go higher in time.

In this difficult economy where stock valuations are questionable, one of the best investments is real estate. But for many potential buyers, a down payment keeps them from considering this all-important purchase. This should not be the case. It is possible to buy a home with nothing down—meaning no down payment.

The method of purchasing a home with no down payment that most people are familiar with is through the Veterans Administration or VA. This benefit is available to active and retired members of the military service, veterans, POW's and MIA's and their unmarried widows. All branches of the service are included.

Another opportunity for many potential homebuyers to purchase a home with no down payment is through a down payment gift program. Gift down payment programs of up to $10,000 or 5% of the purchase price, whichever is lower are never repaid. They are a truly gifts.

These programs are open to all homebuyers. There are no income limits and the home purchasers do not have to be first time homebuyers.

Homes that are eligible can be located anywhere in the United States. It can be used on any owner-occupied, primary residence including: homes, condominiums, town homes and manufactured homes. Although it cannot be used for investment or rental properties, duplexes and four plexes are eligible if the purchaser will reside in one of the units.

The homes need not be pre-owned to qualify for the program. Newly constructed homes are also included in the program.

The gift funds can be used on any FHA or HUD loan for the down payment. Although HUD loans are based on need FHA loans are not.

FHA loan are available to most borrowers and are primarily restricted by the loan amounts. FHA loan maximum amounts vary from state-to-state but are generally higher than the median price of a home in their areas. Each year the FHA maximum allowable loan amounts increase, so it is best to check with your lender on the current amounts available. FHA does permit down payments gifts in their loan consideration.

The only restriction on the down payment gift funds is that they may not be used to pay off any kind of debt or judgment. They must be used for the down payment of a home.

Sellers of homes using the gift down payments fund the program. In exchange for finding a purchaser for their home at their full asking price, they contribute a portion of the proceeds from the home to a "pool" of funds that is used to provide gift down payments for others purchasers. And because all homes must meet FHA or HUD appraisal guidelines, homes are never overpriced and must meet all repair and condition requirements.

Down payment programs can move many people into homeownership without the necessity of a down payment. There are two other methods of seller participation that also can accomplish the same goal: owner financing and lease/purchase agreements.

As the glut of unsold homes increases, many times sellers are willing to carry part of the burden to sell a home quickly. There may be additional pressure on sellers of used homes when they compete with builders in their area who fund down payments on their new homes. Sellers may agree to a lease/purchase or owner finance plan to sell a house. In both cases, the purchaser does not pay a down payment to acquire the house.

Although these allow a homebuyer to purchase a home without a down payment, these programs can be good and bad for the purchaser and should be approached with caution.

As with any legal transaction, you should use a standard legal form. Lease/purchase forms are obtainable at most major office supply stores. Owner financing contracts are not readily available and will have to be drafted by an attorney.

In the case of lease/purchase agreements, the seller agrees to a price that he will sell the house for at some future date and the buyer usually pays a monthly amount several hundred dollars more than what the home would receive as a rental. Depending on how the agreement is written, this additional money can be "down payment" savings plan. A portion of the additional money can be returned to the buyer when the house is sold and used as a down payment. If the buyer decides not to buy the house, all additional moneys are forfeited. If the buyer decides to complete the transaction he would secure a mortgage from a lender. These arrangements are similar to those in owner financing except in that case the seller is the lender.

There are two areas of concern for the buyer with these types of purchasing options. In both cases, because the buyer is not paying a mortgage company he does not receive any of the tax deductions for the interest on the house payments. This may be an acceptable trade-off for the ability to purchase a home without a down payment. The second area of concern requires more judgment. Because the buyer is paying the seller each month instead of a mortgage company, if the seller were to go bankrupt or lose the home in foreclosure, the buyer's entire investment might be lost.

But on the flipside, there have been several occasions where persons have entered into lease/purchase agreements and then found purchasers for the homes at amounts much greater than the selling prices contractually agreed upon. The leasees bought the houses from the sellers and then resold the houses for a large profit in the same day.

House Trading/Lines of Credit
Many professional investors acquire homes with no money down by trading one property for another. In some cases, they trade one large property for several smaller rental properties. Or they trade houses in different cities to acquire a vacation or retirement home. Property trading is also a legal way to avoid the capital gains associated with selling a property.

Another way to acquire a property with no money down may be with a line of credit secured by the equity in another property. This allows the homeowner to purchase another property using the accumulated equity in a home without selling the original property.

For first-time homebuyers, the office of Housing and Urban Development (HUD) offers special financing for first time homebuyers. This program is based upon need and is designed to allow low-income families to obtain their first home without a significant down payment or closing fees.

Also, many HUD foreclosure homes require no down payments. Many HUD foreclosures as well as bank and other foreclosures can be found at www.foreclosurefreesearch.com.

The federal government has two programs to help farmers and police personnel acquire homes with nothing down.

For those with limited income who wish to live in rural areas, the Rural Economic and Community Development Administration offers farmers home loans with nothing down. Monthly payments may be subsidized and the interest can be as low as one percent.

To encourage police to occupy homes in crime-targeted areas, special federal programs permit police officers to purchase homes in selected areas with nothing down. Information is availableto law enforcement officers through their places of employment.

With so many methods available to obtain homes with little or no down payment, the goal of home ownership should be achievable by almost everyone who desires it.

Right now Pacific Northwest residents are more concerned about how to keep cool rather than what's baking their communities -- man-made global warming or Mother Nature turning up the thermostat.
In a region where average temperatures rarely reach the 70s, most homes are not equipped with air conditioning. That's left households unprepared for a record-breaking heat wave with, in some cases, triple-digit temperatures slow roasting the region for a week.
Portland Airport reached 101 degrees Sunday, smashing the old June 25th mark of 95 set back in 1987. Temperatures normally range between 40 and 65 and the warmest days don't typically arrive until August.
Earlier this month, the National Weather Service added Portland to the list of 14 other metropolitan areas where the weather service provides a customized Heat Health Watch/Warning System used to inform the public to take action to avoid health risks associated with unusually high heat.
The region's sweltering weather is an opportune time to circumvent global warming non-believers' knee jerk "No-way-am-I-responsible" attitudes as well as true-believers' repulsive doom-and-gloom approach, by turning attention to common sense actions that can help anyone chill out.
No matter which side you take, efforts to be cool are also measures that reduce reliance upon burning fossil fuels -- even if you don't think that habit is responsible for the growing number of unusual weather patterns.
Here's how to keep your cool without air conditioners and without fooling around with Mother Nature too much.
· Call your local utility for an energy audit to determine where you need to tighten up, repair or replace for maximum energy savings. A tighter home is warmer in the winter and cooler in the summer with less energy use.
· Button up your home. Install reflective white or light colored drapes, curtains, window shades, awnings, shutters, louvers or other covers you can keep closed during the day to prevent cool air from escaping and warm air and the sun's heat from seeping in. Add adequate ceiling, floor, attic and heating duct insulation. · Complete energy efficient home improvements. Add a reflective coating to your roof, a radiant barrier under your roof; light colored paint on your exterior walls; storm, dual- or triple-pane thermal windows with ultra violet reflecting coating.
· Improve ventilation. Keep your foundation and eaves vents clear. If your basement is dry, use the furnace fan -- with a clean furnace filter -- to circulate cool basement air throughout your home. Install a wind or solar-driven roof ventilation system. At night and in the early morning open windows and doors to clear out the heat and allow fresh, cooler air to circulate. Use security measures on windows to protect against uninvited entry.
· Cooling appliances. When using a portable or window fan don't blow hot air into or around the home, blow it out. Cross-ventilation is also a good strategy, again, so long as you are not cross ventilating hot air. Instead of using central air for a whole house where many rooms typically aren't always used, use an Energy Star room air conditioner, air cooler, or ceiling or portable fan in a single room.
· Use Energy Star appliances wisely. Replace old appliances with Energy Star models, but avoid cooking during peak heat hours of the day. Instead, prepare cooler meals such as nutritious salads and sandwiches. Eating and burning off well-balanced, light meals generates less body heat than heavy meals.
Barbecue outdoors, provided it's not a Spare The Air day. Microwave instead of using the range or oven to reduce both heat gain and energy use. If you do use your oven, cook while preheating whenever possible.
Turn on your range hood when cooking or using other nearby heat-generating appliances to exhaust waste heat from your home. Wait until sunset or later to use washing machines, vacuum cleaners and other heavy appliances.
· Use appliance alternatives. Air-dry dishes instead of using your dishwasher's drying cycle. Line dry clothes. Sweep instead of vacuuming. Turn off lights when not in use. Replace hotter incandescent bulbs with cooler fluorescent bulbs and lighting whenever possible.
· Work with, not against Mother Nature. Strike a balance between fire and personal safety when shading with shade trees planted to the south, east and west sides of your home. Deciduous trees on the south provide cooling shade in the summer then loose their leaves so they do not block warming sun in the winter. When possible, avoid landscaping with lots of unshaded rock, cement, or asphalt on the south or west sides where it will increase the temperature around the house and later, after sunset, radiate heat to the house. Small shrubs can block heat reflected from patios and pavement. Small vines over southern windows can reduce the effect of the sun's heat.
· Above all else, use good, common sense. Don't be a hot head. Stay indoors during the hottest hours of the day as much as possible; keep hydrated by drinking plenty of water regularly (eight, 4-ounce, juice-size glasses a day) without waiting until you feel parched, thirsty or fatigued. Get enough rest and sleep.
Avoid alcohol, caffeine, sweets, salty foods and other foods and beverages that dehydrate you. Outside, wear adequate sunscreen, keep cool by protecting your face and head withbrimmed hat, rather than a baseball cap and take a dip in the pool instead of the hot tub or sauna.
Published: June 27, 2006
Source: http://www.realtytimes.com

More and more mortgage consumers are getting squeezed on both ends of their home loan.
On the application side, lenders are taking a harder look at mortgages before they approve them. And on the payment side, both home owners and financial counselors are getting jittery about homeowners' ability to make monthly payments.
Home loans in the "slam-dunk" category -- those approved with the least amount of underwriting scrutiny -- accounted for 66.6 percent in the last six months, nationwide, down from 68 percent in the previous six months, according to HomeSmartReports.com, a San Juan Capistrano, CA, website that makes sales trends, property value estimates and risk data available to the public.
A new survey conducted by Roper Public Affairs for San Luis Obispo, CA-based TransUnion's TrueCredit.com found that 27 percent of home owners think rising interest rates will make it tough for them to make mortgage payments.
Consumers second guessing their ability to make payments, certainly doesn't take away from lender squeamishness.
"When deciding whether or not to make a home loan, lenders look at the borrower's finances and at the security for the loan, namely the home itself. They're not going to provide financing even to the most qualified of households if the property itself appears to be overvalued and in a shaky neighborhood," said Mike Ela, president of HomeSmartReports.
Ela, sifting through several hundred thousand home loans and applications to examine default and flipping activity, sales trends, value changes and neighborhood characteristics, said lenders in a growing number of states are putting the squeeze on home loans.
In Michigan, the slam-dunk category accounted for 43.3 percent of mortgages, down from 50.5 percent; Louisiana dropped from 67.4 percent to 58.2 percent; Hawaii from 83.9 percent to 75.4 percent and Florida from 60.6 percent to 55.6 percent.
Meanwhile, TransUnion's survey also found that rising interest rates could cause:
· Twenty-three percent of homeowners to consider refinancing.
· Sixty-one percent of renters to have difficulty paying their rent.
· Seventy-eight percent of renters to have difficulty purchasing a residence in the near future.
The survey also reveals 24 percent currently carry an adjustable rate mortgage (ARM) or specialized home loan -- a figure that jumps to 37 percent for those aged 25-49.
In some markets the percentage is 50 percent or more for those who recently signed for home loans.
Market conditions recently prompted the Washington, D.C.-based NeighborWorks Training Institute to host a five-day workshop so financial counselors from 4,400 partner organizations could bone up on skills to tutor financially troubled home owners on debt management.
The agencies are bracing for an influx of home owners seeking mortgage and budget counseling as interest rates rise, home price appreciation slows, and adjustable rate mortgage (ARM) payments continue to ratchet up. The convergence threatens to push many home owners into mortgage delinquency, dire budget straits or worse.
The housing boom has left home prices in the ozone in many locales. The higher costs force home buyers to seek greater financial leverage and that typically means riskier ARMs, especially those with additional low initial-cost benefits, including interest-only payments, option-payment and piggy-back loan terms.
The loans start off cheaper and allow buyers to afford a home, but those alternatives are also deemed riskier over the long term than fixed-rate loans and the best way to invest in a home is over the long term.
According to Ela, nationwide, most states, 30 of them, have either reduced the level of slam dunk loans or have not changed the level of the loans, as more and more lenders roll back the red carpet of easy money that came with the now waning housing boom.
Published: June 26, 2006
Source:http://www.realtytimes.com

As if forecasts for another bad hurricane season, spreading drought conditions, dozens of forest fires in the southwest and flooding in the northeast weren't bad enough, how about the Great Los Angeles Quake of 2006?
Literally bringing down the rafters, this earthquake, 7.5 or greater, would make hurricane Katrina look like a walk on the beach.
And it could happen today.
A new study reveals that while the northern and central portions of the San Andreas Fault slipped dramatically, spawning major quakes in 1906 (the Great 7.9 San Francisco Earthquake) and 1857, respectively, the southern end has been quietly building pressure for 300 years along a 100 mile stretch running south of San Bernardino to the east of Los Angeles and San Diego in California.
"It is fully charged for the next big event," geophysicist at the Scripps Institution of Oceanography in La Jolla, CA, Yuri Fialko, told National Geographic.
Fialko's treatise "Interseismic Strain Accumulation and the Earthquake Potential on the Southern San Andreas Fault System" was recently published in "Nature,"a weekly science journal that's been around since 1869.
Fialko studied the fault system with radar-equipped satellites and global positioning systems (GPS) and came up with a conclusion that mirrors previous interpretations that the southern San Andreas Fault is ready to slip in a big way.
United States Geological Survey's "Putting Down Roots In Earthquake Country" says there's a 62 percent probability that a quake of magnitude 6.7 or greater will occur in the San Francisco Bay Area region by 2032, where the 1906 quake is only 100 years old.
A major quake now in the San Francisco Bay Area along the San Andreas, Hayward or other major faults would cause $150 billion in property damage (Hurricane Katrina's damage estimates, the greatest from a natural event ever in America, range from $40 to $80 billion), cause the death of 1,800 to 3,400 people, damage 90,000 buildings and displace as many as 250,000 households, according to "When the Big One Strikes Again," a report released at a three-day 100th Anniversary Earthquake Conference held in San Francisco earlier this year.
Fialko's report, published with video simulations of quake shock waves says the San Andreas Fault marks the boundary between the North American and Pacific tectonic plates, pieces of the Earth's outer crust that, over time, jostle for position, creating earthquakes, large and small.
Plates at the southern end of the San Andreas Fault have been locked for centuries, long enough to build up enough strength to generate 20 to 26 feet of slip of real estate below the fault -- the equivalent of a major earthquake. His measurements are at the high end of energy build up, compared to findings by other scientists.
One scientist likened the build up to a woman ten months pregnant. Less powerful shakers, including 1994's magnitude 6.7 Northridge earthquake in Los Angeles, may have been Mother Earth's labor pains.
The southern section of the San Andreas slices through mostly uninhabited desert, but Fialko's computer simulations show a rupture toward the north could send deadly seismic waves from San Bernardino to Los Angeles and San Diego.
RealtyTimes.com recently published a four-part series on the danger of earthquakes in California and provided a host of tips discussing how to prepare for the worse. Links to the stories are listed below.
Published: June 28, 2006
Source:http://www.realtytimes.com

Please contact me if I can answer any questions or can help in any way.

Best Regards,

Matt Larsen, Broker Associate
510.415.2458 Cell
510.233.5333 Bus
matt@mattlarsenhomes.com


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