Choosing the right exterior paint color

Have you ever painted a wall in your home ... or painted a piece of furniture ... then sat and looked at it after it dried and thought, "I hate that color"?

I have.  I painted a wall in my living room a dark brown once.  Then I sat in that room for three days straight, looking at the wall at differing times of day.  Each shift in the natural light made the wall look different, and I hated all the shifting colors I saw.

Now it is one thing to paint, and then have to re-paint, one wall in a home.  It is not a huge deal and it is not a large expense.  But what happens when you paint the exterior of your home ... especially if you are wanting to sell your home ... and find that the color just isn't what you really pictured?

Not only does it mean a lot of time and money spent on a big project that you find you are not happy with, but it could also mean your home won't sell as quickly as you'd like when/if you are trying to sell (This is one good point in favor of HOA's who mandate what paint colors are allowed on the exterior of homes). 

Choosing the right paint color, in the correct shading, can help the look of your home by making it more attractive and sale-able when you need to sell.  Keeping your paint fresh and not faded will also help in resale and help to just give your home a fresh and appealing look while you live in it.  And choosing the right exterior paint color can help keep feuds down with neighbors (read HERE how one Atlanta community is seeing "red" because of the orange house I have pictured here).

So, whatever exterior paint color you are thinking about painting your home ... whether it be barney purple or pepto-bismol pink ... think twice.  And then maybe think a third time.  Will everyone else around you, or the people you will eventually try to sell to, love your color choice just as much as you do?


For more advice on how to up-date your home and make it more sale-able, contact me for my free, no obligation advice.  But be aware ... I will probably try to steer you away from the bright blues and pinks :)

LeeAnn Bell, REALTOR(R)
Serving the Santa Clarita Valley and surrounding communities real estate needs since 1998
661-309-2364
LeeAnnRealtor@yahoo.com

DRE License #01260650

Should condo owners get property insurance?

Integrity First Insurance Services Inc. tells why Condo owners should remember to get insurance to protect their upgrades, furnishings and other belongings.  See below:

Why Condo Owners Need Insurance
If you own a condominium, you may think you don’t need insurance protection. Think again. Although your condominium association offers a “master” insurance policy that covers the building and commonly owned property, this insurance probably does not protect your upgrades, furnishings and other belongings.
That means if a burglar breaks into your condo, a fire causes smoke damage to interior walls of your unit or a visitor falls and hurts himself inside your home, you will not be covered by your condominium’s general insurance policy. This is exactly why you need your own condo owner’s policy. This personal coverage could protect you in the event of theft, damage and personal liability situations.

Every condo is different
Before you purchase condo insurance, you should find out exactly what is covered by your condominium association’s master policy. Generally, these policies cover only the structure of the building, but it varies depending on your state and particular condominium. It’s important to do your homework and find out exactly what is and is not covered so you can make sure your personal policy covers the rest.

What kind of coverage do you need?
The type of coverage you need greatly depends on your unique situation. However, you’ll definitely want to protect yourself against theft, damage and personal liability incidents. Depending on where you live, you may also need flood insurance or other special coverage.

A professional insurance agent can help you figure out exactly what kind of coverage you need. You may want to ask yourself the following questions as you decide on the details of your insurance policy:

• What parts of the condo am I responsible for according to my condo association’s bylaws?
• How much would it cost to replace or repair my condo?
• How much are all of my personal items worth?
• Do I have especially valuable items in my condo, such as jewelry, antiques, fine art or collectibles?
• Do I run a business out of my home or often work from home?

You should also think about liability coverage. Unfortunately, we live in a lawsuit-happy society today. So, if a visitor falls down your stairs and breaks his leg or slips on some water in the kitchen and throws out her back, they may ask you to pay for medical expenses, lawsuit costs and other compensation awards. That’s why it’s so important to make sure your insurance policy includes liability protection.

Don’t skimp
Whatever you do, don’t assume that your condo association has you covered. This assumption could cost you thousands of dollars in the long run. Do some research and find out exactly what kind of protection your association’s insurance policy provides. You’ll probably discover that it’s not nearly enough to protect your personal property and belongings.

An expert insurance agent can help you determine exactly what kind of coverage you need. She may be able to offer you special discounts if your condo has smoke detectors and central station burglar and fire alarms. You could also save by purchasing a home and auto insurance package through the same insurer.

For help in the purchase of a condo, townhome, or single family dwelling in the Santa Clarita area, feel free to call me:
LeeAnn Bell at 661-309-2364.  

LeeAnn Bell, REALTOR(R)
DRE License #01260650

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Is buying real estate listed as a "Short Sale" for you?

Are you thinking of purchasing a home?  Are you excited that you may purchase a home listed as a SHORT SALE and get a killer deal?

You should be aware of some of the pitfalls of trying to purchase a Short Sale property, such as:

- Competing with multiple offers:  is the home priced so low that you find yourself competing against 6, 7, or more other buyers, thereby bidding the home back up to a current market value in which you could purchase a comparable home for and not hassle with the Short Sale process?

- Looongggg wait times to hear back from the Bank regarding your offer:  ask your REALTOR(R) if the Short Sale price has actually be approved by the Bank, or if the Listing Agent still has to try to convince the Bank to let the property go at that price.  Take Note:  Even if the Listing Agent states the Bank has approved the price, there still could be many months waiting to actually get a Banks written approval to let the purchase go through.  Buyers waiting 3-4 months to hear from a Bank that an Offer is approved, or not, is very typical at the time I am writing this Article.

- Very limited communication with all/most disclosures being given to the Buyer "blank":  Banks and their Agents seem to not care about quick communication ... generally speaking.  Most are not returning phone calls promptly, leaving long periods of time to get a call back on the simplest of questions, and Vacant Bank Owned properties will not have any Disclosure Forms filled out for Buyers, leaving Buyers with no information regarding  the state of the home (and homes can have "quirks" that Home Inspections don't find easily).   Now of course, having no information on Disclosures is understandable, seeing that neither the Listing Agent or the Bank have lived in the home and therefore do not know the condition of the property (with all of it's "quirks"), but this point is brought up to say BUYER BEWARE:  Are you ready for such a deal?  Or are you a Buyer that "needs" to know everything and cannot handle the stress of "unknowns"?  Think this point through.  A Standard Sale, where a Seller is still around, may be a better deal for your peace of mind ... even if it means paying a little more!

In conclusion, the short and funny video, seen below,  sums up the feelings that I have at times, regarding this current Real Estate Market!  Buyers and Sellers may not always know the frustrations that go on behind the scenes, which the Agents are handling for their clients ... especially if you have an Agent who doesn't need to "vent" all over their clients about every little aspect of the deal.

The current Real Estate Market and the way the Banks are handling offers, does leave little room for sympathy for the Banks when they cry, "Bankruptcy!  Please give us more money!"    To such cries, I state, "Unload the properties you've already got in Short Sale, NOD, and Foreclosure ... quickly and smoothly!"

 

For all of your Real Estate needs in the Santa Clarita Valley and the nearby surrounding areas, please do feel free to call me ... just be aware of the Short Sale process!  "Patience" and "time" are two key words in such dealings!  

LeeAnn Bell, 661-309-2364
LeeAnnRealtor@yahoo.com

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LeeAnn Bell, REALTOR(R)
DRE License #01260650

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Here is what another Agent had to say (in writing) about working with me:

"We know how difficult this transaction could have been and we really appreciate the time you took to help everyone get what they needed.  It's always so much easier when agents are willing to go that extra step."

- Rich S.

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All comments welcome
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Home Evaluations on Line: How Accurate Are They?

The Sacramento Bee recently published an article about on-line home evaluation, or home appraisal, companies, such as Zillow.com, Cyberhomes.com or Eppraisal.com and raised the question, "How accurate are these sites, really?"

Good question!

The article goes on to quote an appraiser, by writing:

"All these data sources are OK for basic tract homes that have no upgrades or are in average condition," said Colleen Tiner, who owns Tiner Appraisals in Fair Oaks.

"But when you get anything that's off average Zillow doesn't apply at all."

These online sites, powered by what's called automated valuation models, have the hardest time in irregular neighborhoods.

If you live on the nicest street of an average neighborhood that's bordered by a declining neighborhood, the free sites can appear to toss darts at the wall.

The entire article can be read HERE.

I've personally experienced this problem with a homeowner in the Newhall area.  His home was built in the 1960's, but the street right next to him had homes built in the 1980's ... and newer homes usually sell for more money.  But this home owner was convinced that Zillow had to be correct, and that the neighboring property values must mean that his property was worth the same! 

He priced his home, against my advice, at the higher price just as the market was starting to slow and ended up chasing falling home prices for one complete year before giving up.  By that time, he was "upside down" in what he owed, could not re-finance and ended up being "forced" to keep a home he didn't want any longer ... he was newly married and they didn't need the two homes that the new marriage gave them, but he was stuck with both homes because he believed Zillow versus the more accurate comps I held in my hands, which took into consideration the age of surrounding homes currently sold.

For the most accurate, current information regarding home prices in your neighborhood, give me a call if you live in the Santa Clarita area ... or contact a local REALTOR(R) if you live outside of Santa Clarita.   A REALTOR(R) will be able to give you more accurate information regarding what your home could sell for than Zillow or the other on-line evaluation sites, since your REALTOR(R) has the opportunity to view each home for sale in the area, to take into consideration the age and any upgrades, etc.

And if you would like a no-obligation consultation with me regarding the purchase or sale of any property in Santa Clarita, call me at 661-309-2364 or email me at LeeAnnRealtor@yahoo.com.  It would be my pleasure to make your Real Estate purchase or sale as easy and understandable as possible for you!

Thank you for visiting my site.

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LeeAnn Bell, REALTOR(R)
DRE License #01260650

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HUD press release - FHA re-finance opportunity for underwater homeowners

I am posting below a recent Press Release from HUD regarding re-fi's for homeowners whose houses are now worth less than what they currently owe.

FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS
Effort designed to encourage principal write-downs for responsible borrowers

WASHINGTON - In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain 'underwater' non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. 

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth - or 'underwater' - because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012. 

"We're throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined," said FHA Commissioner David H. Stevens. "This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product." 

Today, FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500. The property must be the homeowner's primary residence. And the borrower's existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115%.

In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal. 

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010. 

For more information on FHA Short Refinance option, read FHA's mortgagee letter.

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HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

To read the Original Article, click HERE 

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And for all of your real estate needs, feel free to contact me by cell at

LeeAnn 661-309-2364

or by email at  

LeeAnnRealtor@yahoo.com
It would be my pleasure to make your Real Estate purchase or sale as easy and understandable for you, as possible!

DRE License #01260650

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A recent Client had this to say about working with me:

"I think I appreciated your ability to explain all the important matters very simply to me (since) it was my very first experience in selling my first home." - E. Powell

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Home Appraisal Difficulties

The Los Angeles Times reports on current home appraisal difficulties:   

Home appraisals still fraught with uncertainty despite new code of conduct

The recently launched system is intended to provide more honest valuations. But the use of third-party appraisal management companies has led to complaints.

May 09, 2010|Lew Sichelman 

Little known outside the housing industry — and little understood inside the business — the Home Valuation Code of Conduct (HVCC) was supposed to result in better, more honest appraisals. But a year after it was put in place there is still a question of whether home buyers are getting their money's worth.

Real estate professionals, home builders, mortgage brokers and even some appraisers themselves complain that lenders are using appraisers who lack experience, sometimes travel great distances to divine values in unfamiliar jurisdictions or base their determinations on sales that are not similar to the property they are appraising.

Negotiated by New York Atty. Gen. Andrew Cuomo with Fannie Mae and Freddie Mac, the two government-sponsored secondary-mortgage-market institutions that help keep the money flowing to primary lenders, the code effectively blocks anyone who has a financial stake in a transaction from pressuring the appraiser to "hit the number" necessary for the lender to approve the loan.

That's a laudable goal that everyone agrees was long overdue. But the antagonists say their issues aren't with the HVCC itself but how the lending community has implemented it.

Instead of erecting their own firewalls between real estate agents and loan brokers on one side and appraisers and underwriters on the other, most lenders have turned the appraisal-ordering task over to third-party appraisal management companies. And, not surprisingly, the AMCs say the complaints are way overblown.

The Title Appraisal Vendor Management Assn., the trade group for AMCs, says that on average its member appraisers travel only short distances and have 15 years of experience. And the AMCs maintain that they use only licensed and certified appraisers who, under industry standards, must refuse assignments in unfamiliar markets.

On first blush, buyers and sellers may not think they have a role in this fight. But they do. Buyers need to know they are not overpaying for a property, and sellers, at least in the current down market, sometimes have to come to grips with the possibility that the old homestead isn't worth as much as they think it is. So if an appraisal isn't accurate, both sides suffer.

To some extent, agents, brokers and builders have to get real, too. AMCs aren't going away. The HVCC is now firmly embedded in the mortgage-approval system, and the market is what it is.

Original Article may be viewed HERE

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For help buying or selling real estate in the Santa Clarita Valley call LeeAnn Bell at 661-309-2364

or email me at LeeAnnRealtor@yahoo.com

DRE License #01260650

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The WILLIAMSON ACT for California Land Owners of 100 acres or more

 The Williamson Act

The California Land Conservation Act of 1965--commonly referred to as the Williamson Act--enables local governments to enter into contracts with private landowners for the purpose of restricting specific parcels of land to agricultural or related open space use. In return, landowners receive property tax assessments which are much lower than normal because they are based upon farming and open space uses as opposed to full market value. Local governments receive an annual subvention of forgone property tax revenues from the state via the Open Space Subvention Act of 1971. 

How many acres are required for an agricultural preserve?

An agricultural preserve must consist of no less than 100 acres. However, in order to meet this requirement two or more parcels may be combined if they are contiguous, or if they are in common ownership. Smaller agricultural preserves may be established if a board or council determines that the unique characteristic of the agricultural enterprise in the area calls for smaller agricultural units, and if the establishment of the preserve is consistent with the General Plan. Preserves may be made up of land in one or more ownerships.

What happens to a Williamson Act contract upon sale of the property?

A Williamson Act contract runs with the land and is binding on all successors in interest of the landowner.

Does my county participate?

As of July 2005, all counties except Del Norte, Los Angeles, San Francisco, Inyo, and Yuba offer Williamson Act contracts.

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Information deemed reliable but not guaranteed.

Please visit the government site for the latest information and/or contact them at:

801 K Street, MS 24-01
Sacramento, CA  95814

(916) 322-1080

Fax: (916) 445-0732

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To purchase or sell property in the Santa Clarita Valley, please call me at 661-309-2364

or email me at  SantaClaritaRE@gmail.com

It will be my pleasure to help you with all of your real estate needs

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DRE Lic #01260650

(C) 2010

All Rights Reserved

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Should you purchase a home now?

Not sure if you should purchase a home now, in this economy?

Below are a few reasons why now could be the perfect time:

- If you are planning to buy and live in a home for any length of time, now could be a great time with housing prices relatively low.  Even if prices drop again in the near future, if you are planning to stay put for any length of time, you could see a rise in the value of your home in the future.

- With interests rates at historical lows, added to the lower housing prices, your monthly mortgage note could be the same as a rental property.  And remember, rental prices do/can rise!

- Because of lower interest rates and lower housing prices, you could actually pay down a new 30 year mortgage in less time, if you would pay extra on every months mortgage payment

- If you are thinking seriously of purchasing in the near future, not buying now could mean a larger monthly mortgage payment later, if the interest rates rise even 1% in the future

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These reasons alone (there could even be more) show that now can be a great time to purchase a new home!

If you would like help in purchasing or selling a home in the Santa Clarita Valley

 please do not hesitate to call me at:

 LeeAnn Bell at 661-309-2364

or email me  SantaClaritaRE@gmail.com

All phone calls are free  :)
And it is my pleasure to answer your questions!

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LeeAnn Bell
DRE License #01260650

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The above is posted as a courtesy and not a prediction of the rise or fall of the housing market, interest rates, or the economy

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(c) 2010
All rights reserved

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Newhall Resident, BRANDON MADDUX, holds garage sale August 14 for BELIZE ORPHANS

Below is a story of a local Newhall teen, wanting to help orphans in Belize.

In a world where there is so much bad news, it is my pleasure to mention Brandon and help support his goal, on my site.

Thank you Brandon for your love for others and God bless your endeavors.

If you would like to make a donation to Brandon for his trip call him on his cell or visit his house during the Garage Sale.  Dates, times, and a phone number are all listed in the below News Article.

"18-year-old Brandon Maddux of Newhall is hoping to do some remarkable things in the country of Belize, but he needs our help. On August 14, Maddux will be holding a garage sale to raise funds so he and 12 others can travel to the country of Belize and interact and keep company the orphaned children at the Kings Children Home, a non-profit organization based in Belize that is dedicated to helping provide residential care to children in need. ...

Along with working and playing with the orphans of Belize, Maddux and his peers will also be working with Arms of Love Church on an undisclosed building project.

In order to be able to travel and stay in Belize for ten days, Maddux needs to raise at least $1,800 but is hoping to raise more to donate to the King’s Children Home. If enough money is raised, Maddux will begin his journey on October 24.

To support Maddux’s mission, the public is invited to attend his garage sale which will be held at his house at 19121 Dalton Street, Newhall, from 7:00 a.m. to 12:00 p.m.

For more information on the garage sale or to learn more about his mission trip, contact Brandon Maddux at (661)877-5160."

You may read the entire News Article HERE

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If you know of an event worthy of more exposure, drop me a COMMENT below 

(you can remain anonymous if you choose) 

or email me at:  

SantaClaritaRE@gmail.com

And please feel free to call me, with any real estate questions 

or for a no obligation consultation for buying or selling real estate at:

661-309-2364

LeeAnn Bell, REALTOR(R)

DRE License #01260650

I reserve the right to post any/all articles at my own discretion.  Thank you.

(c) 2010 All Rights Reserved

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The five least expensive cities to live in

Below are the five least expensive cities to live in, in the United States:

1. Fort Smith, Ark.

Historic House in Quapaw area
Little Rock, Arkansas

Cost of Living Index: 85.2

Metro Population: 288,595

Median Household Income: $35,726

Average Home Price: $223,885

 

 

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2. Pueblo, Colo.

Cost of Living Index: 85.9

Metro Population: 154,371

Median Household Income: $39,570

Average Home Price: $197,037

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3. Harlingen, Tex.


Cost of Living Index: 86 .1

Brownsville/Harlingen Metro Population: 385,274

Median Household Income: $28,026

Average Home Price: $221,445

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4. McAllen, Tex.


Cost of Living Index: 86.5

McAllen/Edinburg Metro Population: 706,039

Median Household Income: $28,328

Average Home Price: $213,383

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Warehouse District
Nashville, TN

5. Johnson City, Tenn.

Cost of Living Index: 86.6

Metro Population: 193,457

Median Household Income: $36,853

Average Home Price: $217,986

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When thinking of Buying or Selling Real Estate in the Santa Clarita Valley
feel free to call:

LeeAnn Bell, REALTOR(R) ... 661-309-2364

or email  SantaClaritaRE@gmail.com 

Broker: R.Thacker
DRE License #01260650

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HOAs in financial trouble leave homeowners picking up costs

Are you looking to purchase a property with a Home Owners Association?

In my Article, posted HERE,  I made mention of some the of Restrictions that Home Owner Associations place on their residents, however, in this post I wanted to make the reminder that you, as a Buyer, should also look  at the financial stability of the HOA that you are desiring to purchase into.

Because of the number of current Foreclosures, some Home Owner Associations are not collecting the monthly dues necessary to keep their "reserves"* up, which could mean that homeowners in the community could find themselves facing special assessments to cover costs of any repairs that need to be done. (*reserves: funds earmarked for future use, such as future repairs expected)

Amenities such as pools, roofs, rec areas, etc, are usually paid for from the HOA's reserves ... monies, which are collected monthly from the homeowners, knows as monthly dues, and kept in a reserve account for when needed.

But what happens when the monthly dues needed are not being paid, because too many units in the community are vacant due to Foreclosure?  The reserves drop and the up-keep, maintenance and repair of the community could suffer ... or special assessments can be demanded of the current homeowners.

When you, as a potential Buyer, get your HOA Documents during Escrow, don't be tempted to lay them aside, thinking they are not important to you as an individual.  Read the Minutes of the HOA Meetings.  Read any Financial Statements supplied.  Look to see if any special assessments are coming up, or have been charged recently to the homeowners.  And check to see if your particular unit/property has any un-paid dues which you may be responsible for if you purchase the property.

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Above information provided as a courtesy and not meant as legal advice.
I suggest you have an appropriate professional go over all your HOA Documents with you, before closing Escrow.

For all of your Real Estate needs in the Santa Clarita Valley,

do not hesitate to contact me at:

LeeAnn Bell 661-309-2364 or

 LeeAnnRealtor@yahoo.com

DRE License #01260650

Comments Welcome

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READ about 2011 FHA MORTGAGE problems with HOA Complexes that are low in their reserves HERE