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For most people living in Southern California, the most valuable thing they own is Real Estate. Transferring your real estate into a Living Trust can save your loved ones substantial time and money after you pass away, by avoiding the Probate Process. My trusted Estate Planning Attorney Matthew Odgers with The Law Offices of Matthew Odgers can set you up with a trust. It is a very inexpensive and easy process worth it for anyone who owns real estate in San Diego.


For more information you can call Matthew Odgers at (858) 764-2448 | This email address is being protected from spambots. You need JavaScript enabled to view it. ~ For more information click HERE


What is a Living Trust?
A Living Trust is a legal document that creates a relationship in which one party, known as a Trustor, gives another party, the Trustee, the right to hold title to property or assets for the benefit of a third party, the Beneficiary.


In relation to Real Estate, the owner of the property will create a Living Trust and transfer the title of their property into the name of their living trust. While the owner is alive and well, they can manage or sell the property as they see fit. If they become incapacitated, or die, the living trust dictates who makes decisions regarding the property, and who will inherit the property, with little court-supervision.


Why Have a Revocable Trust?
One of the primary objectives of a Living Trust is to avoid probate. Probate refers to the entire court process of the distribution of a person's property after they die, according to the persons will. When a person dies, a Living Trust functions like a will, disposing of the decedents property based on the decedents wishes, however, there is no Probate proceedings and there is far less court supervision. The Trust assets are administered and distributed by the trustee under the terms of the trust.


Why Avoid Probate?
TIME: The minimum period for a probate proceeding is 6 months and they can last over two years. During that time, the property is held in limbo and may depreciate in value and possibly leave your loved ones in a tough financial position.


COST: Costs in Probate include court filing fees, probate referee appraiser fees, personal representative's commission, and attorney's fees which are statutorily set as high as 4% of your total estate.


PRIVACY: During the Probate process your will is made public which takes away all privacy and opens to door for debt collectors and potential litigation.
In contrast, a trust can usually be administered fairly quickly at a nominal cost, and the administration of a trust is private.


Caveat
Assets you want protected by the trust must be retitled in the name of the trust. Anything that is not titled in the name of your Trust when you die will have to go through the Probate process and may not go to the beneficiaries that you intended, but the beneficiary the probate court decides. Titling your home in the name of the trust is not difficult, and can be done when initially purchasing a house or after you have purchased a house through a transfer deed. When you create a estate plan through an attorney, the attorney will generally assist you in transferring the title of your property into the name of the trust.


Cost and Time
When it comes to cost, a basic trust plan may run anywhere from $1,600 to $3,000, or possibly more depending on the complexity of the trust. A basic estate plan should include the trust setup, a will, a living will and HIPPA authorizations, along with Health care and financial power of attorneys. You will also pay fees to amend the trust (if it's revocable) and to administer the trust after you die.
The time to set up a trust usually takes a few hour-long meetings with an attorney, depending on the complexity of the trust. The attorney you choose should do a comparative analysis of the probable costs of administration of a revocable trust and a will, coupled with the cost of creation of each instrument, to ascertain which type of estate plan is in your best interest.

Have you ever wondered what that large dirt piece of land is, that is across the way from the Del Mar Highlands Shopping center that has been there for years? A lot of residents in the community are always asking us this, so we actually researched this and we talked about it on a San Diego Television show.

It actually is a large proposed development, with homes, stores, offices and restaurants that may be coming in the near future! This will have a huge impact on home values and the community. The learn more about it, check out this short video HERE.

San Diego housing market losing steam

By: Jonathan  Horn U~T San Diego July 15 2014

Low inventory, higher prices and rising interest rates sucked the air out of San Diego County’s housing market in the first half of 2014, figures released Tuesday show.

The county’s median home sale price rose to $450,000 in June, up 8 percent from June 2013, real-estate tracker DataQuick reported Tuesday. While that value is at a nearly seven-year high, the pace of appreciation has slowed considerably from just a year ago. In June 2013, median values were up 24.1 percent from June 2012, led by investor related sales of distressed properties.

“Last year everyone wanted to know why are prices rising so fast, and the three main reasons were extraordinarily low inventory, incredibly low mortgage rates and record or near record levels of investor purchases,” said DataQuick analyst Andrew LePage. “This year each one of those has sort of reversed to some extent.”

In the first half of 2013, interest rates hovered around 3.5 percent. Now, they’re up around 4.3 percent, Freddie Mac reports. With those higher rates and prices, the number of transactions fell by 2,344, or 11 percent in the first half of this year.

Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said in retrospect it appeared the price run-up was completed by the end of the 2013 and the market is now returning to normal.

Fast Facts

Calif. median home price: May 2014:

  • California: $465,960
  • Calif. highest median home price by region/county May 2014: San Mateo, $1.13 million
  • Calif. lowest median home price by region/county May 2014: Glenn, $152,500

Calif. Pending Home Sales Index:
May 2014: Decreased 3.4 percent from 114.1 in April to 110.1 in May.
 
Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)

Mortgage rates: Week ending 6/26/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.14% fees/points: 0.5%
  • 15-yr. fixed: 3.22% fees/points: 0.5%
  • 1-yr. adjustable: 2.40% Fees/points: 0.4%

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BREAKING NEWS - Important Changes to Short Sale Wait Periods and HomePath Progam ~ FANNIE MAE

Big Changes are on the way from Fannie Mae (This applies to conventional loans). The current wait period after a short sale to obtain a mortgage is 2 years if a buyer is putting 20% down. On August 16th, the waiting period will become 4 years. This means if you are currently looking to buy and in this scenario, you must have a loan application submitted to your lender before August 16th or you will have to wait 4 years to be eligible for a conventional loan.

The news isn’t officially out from Fannie yet, but the industry expects an official announcement in early July.

On June 17, 2014: Fannie Mae issued Desktop Underwriter Release Notes for a DU release on August 16, 2014. Among other things, the DU update will require a four-year waiting period for borrower’s who have a previous deed-in-lieu of foreclosure or a pre-foreclosure sale (short sale). The waiting period will be two years for borrowers if the deed-in-lieu or pre-foreclosure sale was due to extenuating circumstances. Fannie Mae has not published a Selling Guide announcement on this topic. We expect the announcement in July and the announcement will have further details and guidance.

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SOURCE: Greater San Diego Association of REALTORS

Greater San Diego Association of REALTORS

June 09, 2014 09:51 ET

Active Listings Top 7,000 for First Time in Two Years, According to Greater San Diego Association of REALTORS®

 

Median Price Reaches $500,000 for First Time Since 2007

SAN DIEGO, CA--(Marketwired - Jun 9, 2014) - Housing prices and inventory increased in May while sales of previously owned homes in San Diego County retreated, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

The number of active listings in San Diego County on the Multiple Listing Service (MLS) surpassed 7,000 for the first time in two years, but homes are being snapped up faster than ever. Resale homes are only spending an average of 40 days on the market before close of escrow.

The median price of single-family resale homes reached the $500,000 mark in May, an increase of nearly 2 percent from April and a new high; the last time the median price was $500,000 was in November 2007. Condo and townhome prices edged up slightly to $335,000. Single-family detached homes saw a drop in sales of 14 percent in May from the previous month, while attached homes (condos and townhomes) fell by 26 percent.

Thinking of Selling?  Prepare yourself for the new Retrofitting Law - Starting January 1, 2014 homeowners who obtain permits to remodel a property that was built prior to 1994 are required to retrofit with toilets that use no more than 1.6 gallons per flush, showerheads with flow rates of no more than 2.5 gallons per minute, and other interior fixtures that use less than 2.2 gallons of water per minute.

This applies to all single family property permits, as well as multifamily and commercial property permits where 10% or more of the square footage is included in the remodel.

By January 1, 2017 all residential properties in California that were built prior to 1994 will need to be in compliance with water fixtures as outlined above, which will bring then up to the same standards as homes built since 1994.

Faucet

 

 

As of April 28 2014 there were about 7,063 single family and condo homes listed for sale in San Diego California. The median asking price of these homes was approximately $559,900. Since this time last year, the inventory of homes for sale has decreased by 6.4% and the median price has increased by 30.5%.

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http://www.deptofnumbers.com/asking-prices/california/san-diego/