Mortgage Disclosure Improvement Act, Effective July 30th

New Guidelines for all lenders both wholesale and retail are going into effect July 30th.

These new guidelines will affect COE (close of escrow) time frames and financing contingency timeframes. Buyers and Sellers expect longer timelines.

Short version…appraisals cannot be ordered until 4 days after upfront disclosures are mailed from the lender to the Buyer. Also if APR is .125% higher at docs than it was in the upfront disclosures, a new disclosure will have to go out to the borrower and it will take another 6-7 days before lending docs can be ordered. On a lower purchase price, .125% is a very small number. Since an appraisal cannot be ordered until four days after the file is received by the lender, Realtors will need longer financing contingency time frames.

Just like other fair lending disclosures acts/laws, this is supposed to help the consumer. That remains to be seen. One thing we know for sure, the more educated we are about this, the better.

If you would like more information, email me.

Tracy Pina

Loan Modification and Short Sale Seminar

Property Tax Appeals - Deadline is August 15th

Information directly from: http://www.sccassessor.org/

If you think your property is being taxed on a value that is higher than its current market value, submit a Prop 8 temporary relief form (http://eforms.sccgov.org/lfserver/DeclineInValueRequest) or contact the Assessor's Office, and ask for a review form.
Assessment Review Requests should be submitted to the Assessor's Office no later than August 15, of the current assessment year. After August 15, taxpayers are advised to file an assessment appeal with the Clerk of the Board.
Important Points
· The Assessor can only consider the market value of your property as of the lien date (January 1st).
· The market value of your property will be determined by analyzing sales of comparable properties in the area.
· Properties with characteristics similar to yours must have sold for less than your current assessed value.
· Supplemental Assessments will not be revised due to Proposition 8 reviews.

MORE INFORMATION: Santa Clara County Assessor’s Office: http://www.sccassessor.org/ Under Quick Links there is a link to Assessment Appeals – you will see full information and a Q&A


**For assistance with comparable sales in your area email or call me**
Tracy Pina

Market Update and Good to Know Information

I continue to see good market activity across price points and neighborhoods. To give you a better snapshot of what is happening in Santa Clara County real estate, here are some of the latest statistics:

Santa Clara County Statistics

CURRENT INVENTORY:
TODAY: 3,278 properties for sale v. 6,732 this time last year

CURRENT PENDINGS:
TODAY: 3,902 under contract v. 2,215 this time last year

HOTTEST AREAS: South San Jose and Blossom Valley
South San Jose: 70% of properties listed on MLS are in contract
Blossom Valley: 69% of properties listed on MLS are in contract
*In these areas, I am seeing multiple offers, buyers are needing to bid 5-10% over asking price to be competitive and considered.

SLOWEST AREA: Los Gatos
Los Gatos: 22% of properties listed on MLS are in contract

INFORMATION UPDATE:
Beginning August 15th: Listings MUST have one Photo, and must have at minimum one photo be of the front of the home. - - Good news for frustrated buyers looking at homes online!


INSURANCE FOR YOUR HOME PURCHASE:

• C.A.R. (California Association of Realtors) now offers protection for new home buyers. Any W-2 employee/new homeowner that loses their job can tap into CAR services to help cover their mortgage.
• Bank of America also offers coverage up to 12 months if you have a BofA home loan.

For more information, email me.

Tracy Pina