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Real Estate: California/Questions Answered by Expert John Souerbry
| Subject | Date Asked |
| Prop 60 deadlines | 1/19/2012 |
| Q: I sold my house in March 2010 which had a low tax base. I bought some land in the same county in ... A: Paul, Yes, you do need to have the home filed as a Prop 60 replacement within 2 years from date of ... | |
| Home Additions | 1/5/2012 |
| Q: I just purchased a 900 sq. ft. 2 bedroom, 1 bath home back in April near Los Angeles. I am ... A: Michael - Three thoughts. 1) Any improvements that you do to add value must be permitted and be ... | |
| Home Additions | 1/4/2012 |
| Q: I just purchased a 900 sq. ft. 2 bedroom, 1 bath home back in April near Los Angeles. I am ... A: Michael, A lot depends on the location of the home. My general rule is that adding to a property in ... | |
| Recreational Property | 12/22/2011 |
| Q: My husband and I are looking for a small property for our family to build a cabin, grow our own food ... A: Recreational zoning can come with a vastly different set of building and occupancy restrictions ... | |
| Terminating Property management agreement | 10/9/2011 |
| Q: Here is a brief overview, and then my question. We have a piece of rental property in CA. Same ... A: Kelly, Sorry to read that you've had a bad experience with a property manager. Short of obtaining a ... | |
| Co-Signer Removal from CA Residential Lease | 9/16/2011 |
| Q: What are the requirements and time frame for a residential lease co-signer to have their name ... A: There are three ways to get your name off a lease: 1) Wait until the lease expires and don't sign a ... | |
| Contingencies | 7/26/2011 |
| Q: Can a Buyer get his earnest money back if the contingencies have not been removed even 40 days after ... A: Check the contract - the deciding factor is when the contingency period expires. When you go into ... | |
| Adjustable rate mortgage | 5/17/2011 |
| Q: I just need to clarify my understanding of my adjustable rate mortgage. I have a 7/1 ARM which is ... A: Sounds about right. I pay about 20 mortgages for properties I manage, many are around 3% now. This ... | |
| Adjustable rate mortgage | 5/14/2011 |
| Q: I just need to clarify my understanding of my adjustable rate mortgage. I have a 7/1 ARM which is ... A: One more thing you need to check - your loan documents should state the maximum amount of the first ... | |
| finding the perfect place in Cali | 4/27/2011 |
| Q: I have an unusual question....I want to live on the water. Like literally walk out my back porch ... A: Zoie, I've taken a look at what's available from Santa Barbara to San Luis Obispo. There certainly ... | |
| No will | 3/30/2011 |
| Q: I am trying to find out what to do to help my family. My grandpa has been dead over 10 years my ... A: The only way to get clear ownership is to hire an attorney and take the property through probate. ... | |
| Escrow deposits | 3/19/2011 |
| Q: My sister was buying a house and the school and city taxes were not disclosed to her. It made her ... A: Tina - a buyer normally gets 17 days to review all the information about the property and cancel the ... | |
| 1031 Exchange and Prop 60/90 | 3/15/2011 |
| Q: I'm currently 56 and living in San Francisco, CA. I'm hoping to do a 1031 Exchange on my house (also ... A: Yes, you can use Prop 90 to keep your current tax base when moving into San Mateo County, it is one ... | |
| Back Up Offers | 12/8/2010 |
| Q: If a buyer and seller agree and sign a sales agreement with the contingency that back up offers can ... A: Jon, It doesn't matter if escrow has been opened, if a contract has been signed, buyer and seller ... | |
| Short Sale on bare land | 11/6/2010 |
| Q: Hey John, I'm trying to do some homework for a client - do you know if it's possible for my clients ... A: I'm not sure who is holding the paper on the old IndyMac loans. Have you been able to find out who ... | |
| Commercial Escrow | 11/2/2010 |
| Q: I need to clarify something regarding escrow. If I'm selling my company, and I have signed all the ... A: 1. When selling a business in a bulk sale, you often sell all your marketing materials, lead list, ... | |
| Short Sale | 10/5/2010 |
| Q: On 9/8/10 I made an offer on a short sale property. I did not view the interior before the offer ... A: Lenders involved in the short sale typically don't negotiate as often as a bank that has already ... | |
| Mom adding Brother to Title | 9/15/2010 |
| Q: My mother would like to add my brother to the deed of her house. The house is paid off. What is ... A: Dana, Thanks for your question. I can give you some recommendations, though I can't give you the ... | |
| Property in 2 States | 9/8/2010 |
| Q: My question is on behalf of my parents who currently live in Illinois. They have a principle ... A: You need to ask an Illinois lender if Illinois is a "recourse" or "non-recourse" state. I don't ... | |
| Escrow Shortage | 9/7/2010 |
| Q: I'm not sure if your field of experience pertains to this question, but I'm going to give it a shot. ... A: You're probably not going to like my answer, but here it is. The letter is your notification, as a ... | |
| Follow-up | 8/30/2010 |
| Q: I read with interest your answer for "Real Estate: California - earnest money before removal of ... A: George, I am most often a listing broker, so I'm going to tell you what I'd say if I were the ... | |
| Follow-up "earnest money before removal of contingencies" | 8/29/2010 |
| Q: I read with interest your answer for "Real Estate: California - earnest money before removal of ... A: If the appraisal came in low before the appraisal contingency period expires, you can pull out of ... | |
| escrow cancelled by seller?? | 8/16/2010 |
| Q: Is there a time limit on keeping a escrow open in California? Can it got doormat or be cancel ... A: Escrows need to close by the date specified in the contract. If the buyer is holding things up, the ... | |
| Los Angeles home purchases and sales` | 8/2/2010 |
| Q: I'm considering building a guest house or covered, open-air area in our back yard. Three questions: ... A: You can include the square footage of all "livable space" as long as it is permitted, whether ... | |
| Purchasing a bank owned home | 7/21/2010 |
| Q: My husband and I recently made an offer on a bank owned property. After going back and forth with ... A: Sorry, but I think everyone may be playing you for an idiot, even your agent. There is no such thing ... | |
| Question on rent increase | 6/25/2010 |
| Q: I have a house in California that has been rented for 3 years. The tenants moved in in Sept 2007, ... A: I'm assuming you're using CAR Form RL for your lease, please let me know if you're not. This lease ... | |
| Landlord request to enter property | 6/24/2010 |
| Q: I have a home in northern California that is rented. An alarm system was installed in the home when ... A: If your lease is written correctly, you have the right to enter the property with advance notice - ... | |
| mother-in-law quarters | 6/19/2010 |
| Q: I have heard that some time ago the state ruled that counties and cities cannot make zoning laws ... A: The question is one of both zoning and building codes. There are many people in the US who claim ... | |
| Property Management Question | 5/29/2010 |
| Q: After firing the management company for doing a lousy job, I am trying to assess what the best way ... A: Sorry I missed your follow up question! Somehow the system didn't notify me you had done the follow ... | |
| Property Management Question | 5/29/2010 |
| Q: After firing the management company for doing a lousy job, I am trying to assess what the best way ... A: You may manage property you own without a license, including property owned by an LLC that you own. ... | |
| Earnest money and contingency period | 5/20/2010 |
| Q: My home went into escrow on 04/30/10 with a contingency period of 14 days, and it's now the 19 th ... A: I believe you mean today is May 19th. If you are past the 14 day contingency deadline you can ... | |
| occupation after closing | 5/18/2010 |
| Q: I am in San Diego. I have a contract in place (all cash transation) to sell our home. This is not ... A: You need to check with your broker regarding cancelling your sale - how you would go about that is ... | |
| real estate lien on condo for HOA dues | 4/30/2010 |
| Q: My ex HOA has filed a lien on the condo in July 2009 for $2700.The condo was foreclosed on ... A: Check the wording of your HOA bylaws and CC&Rs to see for sure what your responsibility is for ... | |
| Contingency Removal | 4/23/2010 |
| Q: We're buying a house in CA & am very dissatisfied with our agent. She doesn't seem to know what's ... A: Chris, Sorry to hear about your situation. To save the transaction, you're going to have to take ... | |
| Procedure to Cancel RPA-CA Agreement | 4/20/2010 |
| Q: My wife and made a purchase offer for a residential property in California using the standard RPA-CA ... A: Sorry that your deal isn't working out. Form CA para. 14 discusses contingency removal, not how to ... | |
| Question about Earnst Deposit Return Due to inaccurate sqft. | 4/7/2010 |
| Q: I am in a particular and unique situation. I made an offer to on a home listed at 1350 sqft and it ... A: Contingencies are automatically lifted when the 17 day period expires (or however many inspection ... | |
| are land loans considered purchase money | 3/25/2010 |
| Q: I took out a land loan to purchase a lot in a PUD in California (intending to build a home there in ... A: Whether you buy a lot or a lot with a house on it, if you got a loan to buy it the loan is a ... | |
| Escrow Processing Fee | 3/18/2010 |
| Q: I have heard that most escrow firms put an option in their sales contract to charge the buyer a ... A: Kelly, Some escrow companies now charge a fee even if deals don't close because of the high fall-out ... | |
| short sale acceptance | 3/13/2010 |
| Q: We had an offer accepted on a short sale by the home owners in Feb. They were asking 130k and we ... A: Mike, Sorry to read about your deal going the wrong way, hopefully I can shed some light on the ... | |
| wholesale | 3/5/2010 |
| Q: im interested in wholesaleing properties and placing them under contract, as far as finding ... A: What you are describing is being done by many people in several different ways. In general, however, ... | |
| earnest money before removal of contingencies | 3/4/2010 |
| Q: I offered the seller $5K earnest money deposit but he countered $10K. I am willing to accept but I ... A: "Liquid damages" are money. If you pull out of the deal, the seller keeps your deposit to make up ... | |
| earnest money before removal of contingencies | 3/4/2010 |
| Q: I offered the seller $5K earnest money deposit but he countered $10K. I am willing to accept but I ... A: Unless you have an appraisal contingency in your contract, you have to buy the property at the ... | |
| earnest money before removal of contingencies | 3/4/2010 |
| Q: I offered the seller $5K earnest money deposit but he countered $10K. I am willing to accept but I ... A: Karen, A security deposit is usually intended to incentivize a buyer to stay in the deal so the ... | |
| Multiple owners/percent ownership | 2/27/2010 |
| Q: My wife and I, along with her mother, purchased a house in CA for $1,130,000 in 2008. My ... A: Mike, If your MIL is agreeable to being fair, you can run the numbers to reflect your investments ... | |
| Multiple owners/percent ownership | 2/27/2010 |
| Q: My wife and I, along with her mother, purchased a house in CA for $1,130,000 in 2008. My ... A: Mike, Your ownership percentages remain what they were when you first bought the property regardless ... | |
| Property Management | 2/24/2010 |
| Q: I have an elderly friend that has rental properties. he had to go to a care home and his daughters ... A: I'd have to defer to an attorney for advice as to whether or not a power of attorney grants you ... | |
| Property Management | 2/24/2010 |
| Q: I have an elderly friend that has rental properties. he had to go to a care home and his daughters ... A: I believe you would need a license. A license is required if you sell your services as a property ... | |
| debt after divorce | 2/20/2010 |
| Q: Just divorced in Arizona, a shared community state. Ex wife kept house and I realize we are both on ... A: A mechanic's lien is usually just a lien against the property that has to be paid if you sell or ... | |
| debt after divorce | 2/17/2010 |
| Q: Just divorced in Arizona, a shared community state. Ex wife kept house and I realize we are both on ... A: Your divorce attorney should advise you regarding post-divorce legal obligations. However, as long ... | |
| Lien on property | 2/4/2010 |
| Q: I bought an REO condo a year ago. A few days ago, I found out by accident that the previous owner ... A: When you bought the condo, escrow should have provided you with a package of disclosures from the ... | |
| 17 day default period | 1/31/2010 |
| Q: What determines the starting date for the 17 day default period? Is it Day 1 or Day 0 the date the ... A: When it starts depends on the language of the contract. The standard California Association of ... | |
| After closing of escrow... | 1/21/2010 |
| Q: We didn't realize till a week after we closed and received the keys to new place that the seller had ... A: Since final walk-throughs are usually done a few days or more before escrow closes, it's not unusual ... | |
| Investment | 1/13/2010 |
| Q: When considering the purchase of a ranch, let's say 22 acres planted to vines witn a mobile home for ... A: The price that you will offer should be close to what you think the property is worth today and at ... | |
| Dept. of Insurance SB133 on Crime Stats | 1/13/2010 |
| Q: I recently asked a realtor for the crime history report on a property I wish to purchase, but he ... A: SB133 deals primarily with how title companies market themselves and there are still questions about ... | |
| Buying. | 1/12/2010 |
| Q: I live in California Central Valley (Fresno County). I read in Yahoo real estate about three days ... A: If I'm looking for a new home (for me to live in) and I can afford the one I'm looking at, I'd buy ... | |
| neighbor building high | 1/5/2010 |
| Q: My best friend (in L.A.) has a garden back to back with a neighbor's garden. the neighbor has a ... A: Greg, There are two considerations - one is whether or not the work being done is permitted, the ... | |
| property taxes | 1/3/2010 |
| Q: .. real property taxes become a lien on real property: A) February 15 B) May 1 C) October 31 D) ... A: Actually, property taxes do vary often from state-to-state. I pay taxes for my clients in Nevada ... | |
| Purchase a house/transfer deeds between family members | 12/16/2009 |
| Q: We do not want the real estate agents to be involved and like to keep the transaction as simple as ... A: I recommend you speak with a tax expert before you make a final decision on how to do the transfer. ... | |
| Is a Real Estate Contract a Probate Item | 11/22/2009 |
| Q: A Real Estate Contract was recently executed in the State of WA between a single man (Seller) and a ... A: I think you're on the right track, but these things can get technical and it's a good idea to see an ... | |
| Is a Real Estate Contract a Probate Item | 11/22/2009 |
| Q: A Real Estate Contract was recently executed in the State of WA between a single man (Seller) and a ... A: Anything not in trust will likely go through probate. You might ask the seller why he won't put the ... | |
| Foreclosure Sale in condo; HOA owed money | 10/26/2009 |
| Q: John, I am in an 18 unit condo with CCRs dating from 1978 when it was converted to condos from an ... A: I recommend you speak with an attorney regarding your legal options. If you put a lien on the ... | |
| Foreclosure Sale in condo; HOA owed money | 10/26/2009 |
| Q: John, I am in an 18 unit condo with CCRs dating from 1978 when it was converted to condos from an ... A: Pat, If your HOA fees do subordinate all mortgages, your claim may be against the escrow and/or ... | |
| Discloser | 10/20/2009 |
| Q: We are thinking of selling our home. We have a neighbor that we have been having problems with. He ... A: It is frequently said - when in doubt, disclose. You are not required to disclose personality ... | |
| Deposit refund or forfeiture | 10/7/2009 |
| Q: My fiance & I put a $500 deposit made out to escrow to start the process of a possible purchase on a ... A: I'm not licensed for mobile home sales, so I can't give you a useful opinion regarding your contract ... | |
| ID requirement with lease | 9/28/2009 |
| Q: After filling out a lease application and receiving a signed lease, the landlord sent me an email ... A: Normally, if that was required for credit and background checks it should have been done before the ... | |
| Title gift, 50% title transfer | 9/22/2009 |
| Q: My parents own 3 properties; Primary residence, recreation home, and their former primary residence. ... A: There are a lot of moving parts to your question, but the only answer I can provide is a ... | |
| Foreclosure Offer | 9/17/2009 |
| Q: We submitted an offer on an REO home three weeks ago. The listing agent wasn't returning our agents ... A: Sorry to hear about you getting the run-around. Here are my comments: - Your agent needs to get ... | |
| Seller not installing items as agreed | 9/14/2009 |
| Q: I recently purchased a condo in a new development. As part of the purchase agreement I asked that a ... A: Do you have the agreement in writing? In California, all agreements regarding real estate must be ... | |
| Default on Heloc | 9/2/2009 |
| Q: Our house is worth about $350,000. The 1st TD is $500,000 and the 2nd is $200,000. The home was ... A: You can never tell what a HELOC note holder might do. I've seen many buy out the first deed holder ... | |
| Contingencies | 8/23/2009 |
| Q: The broker released the contingencies after the bank told him that my loan was ... A: As a broker that often represents sellers, I usually don't ask for a pentalty payment if the buyer ... | |
| California: adding spouse to title deed | 8/7/2009 |
| Q: I recently refinanced. The broker had me remove my wife off title to refi for credit score reasons ... A: I believe your loan broker may have given you bad info: you can take a spouse off the note without ... | |
| Loan funding not available on closing date | 7/31/2009 |
| Q: If my buyer's loan funding is not available on closing date, am I obligated to give him an ... A: Why won't the buyer sign the cancellation? If they don't respond to phone calls and nice requests ... | |
| countering a counteroffer | 7/30/2009 |
| Q: We feel that we've been mislead into submitting a higher offer than necessary to secure a ... A: A counter offer automatically supercedes any previous offer, therefore you can put anything you want ... | |
| Listing Agreement | 7/27/2009 |
| Q: I've signed a listing agreement to give the agent (who is also a broker) the exclusive right to sell ... A: Most listing agreements don't have a termination clause. The listing agreement protects the ... | |
| Loan funding not available on closing date | 7/23/2009 |
| Q: If my buyer's loan funding is not available on closing date, am I obligated to give him an ... A: Before you cancel, you need to have your agent submit a form that gives notice to the buyer that ... | |
| General Adivse on Rental | 7/22/2009 |
| Q: My situation is that I have 3brm investment rental property in Stockton, CA that I bought for ... A: Vic, If the market value is $130k and the current balance on the mortgage is about $170k, you'll ... | |
| late hoa disclosures | 7/20/2009 |
| Q: After opening escrow, we received a buyers estimated closing statement to be signed and enclosed was ... A: If you are ready to close, the issue is not how much time you have to read the disclosures, but that ... | |
| Loan funding not available on closing date | 7/18/2009 |
| Q: If my buyer's loan funding is not available on closing date, am I obligated to give him an ... A: Diane, Your question has a lot of moving parts, but if you are looking for a way to get out of the ... | |
| Contingency Removal and physically performing an appraisal | 7/16/2009 |
| Q: We gave the buyer 17 days to do the inspection, appraisal, etc... After 17 days, we gave them a ... A: There is no connection between the buyer doing the appraisal and you wanting to back out. Even if ... | |
| offer expiration | 7/2/2009 |
| Q: We made an offer on a house and the sellers came back with an "addendum" to our original offer-- ... A: If your offer was made using a standard California Association of Realtors (CAR) form, Section 31 ... | |
| Selling real estate if Caliornia | 6/29/2009 |
| Q: As a licensed real estate agent in California, can one work directly from their own home, or must ... A: Arleen, There are two answers to your1) If you hold a real estate salesperson license, you must work ... | |
| Adding names to an existing property - Advantages/Disadvantages | 6/21/2009 |
| Q: My wife and I have been talking with our in-laws about moving our two families in together in their ... A: You've got a lot of moving parts in what you want to do, and there could be some problems. I ... | |
| HELOC Foreclosure | 6/11/2009 |
| Q: I know that you stated in another persons question that a HELOC is a secured loan. The collection ... A: I can't give you a specific answer without seeing the actual line of credit agreement, deed of ... | |
| Adding my girlfriend's name to home title | 6/9/2009 |
| Q: I bought a home with just my name on the mortgage and title. I would like to add my girlfriend's ... A: Yes, you can gift any percentage of the value to your girlfriend and a title company can prepare and ... | |
| Renting question in regards to pet deposit | 5/27/2009 |
| Q: We have a roommate moving out of our place in July. We informed our management company that we will ... A: I'd ask the management company to quote specifically where in the law it says they have 3 months. ... | |
| Escrow rules and backing out | 5/26/2009 |
| Q: We were advised by our realtor to make multiple offers on three condos in a mountain resort. If ... A: Generally, yes. I don't usually recommend making multiple offers, but in some markets it may be the ... | |
| tenants in common | 5/25/2009 |
| Q: we want to help our daughter and her husband purchase a property. we are thinking they would put ... A: The most common approach to helping children buy a home is to make a cash gift to them for the down ... | |
| Failure to disclose? | 5/22/2009 |
| Q: I just closed escrow on a condo in Woodland Hills. Now I'm informed by the management company that ... A: CC&Rs seldom address security or other operating procedures that the management company will ... | |
| Buyer commission credit | 5/21/2009 |
| Q: I have had a customer wanting to negotiate my buyers agent commission to get a portion back. Example ... A: Jon, If you are working for a broker, please check with him/her before you agree to anything with ... | |
| rental breach of contract | 5/21/2009 |
| Q: Last week i signed a one year rental contract through a rental property management company. We were ... A: Any expenses or losses need to documented. If you intend to seek legal action, your lawyer will ... | |
| rental breach of contract | 5/21/2009 |
| Q: Last week i signed a one year rental contract through a rental property management company. We were ... A: Depending upon how the rental contract was written, either the management company or the owner could ... | |
| impounding/ assessment inspection? | 5/17/2009 |
| Q: We have just refinanced our house in Shadow Hills, California (Los Angeles area) and are planning to ... A: You should be able to use the most recent tax statement that you already received to satisfy the ... | |
| Empty house use, tax code change | 5/13/2009 |
| Q: My parents have two houses, one in the San Francisco Bay Area where my mom lives, and one in Arcata ... A: I believe your question is whether or not, from a tax point of view, it would be better to convert ... | |
| tax assesment | 5/7/2009 |
| Q: I have had two people tell me two different things. One said that they automatically adjust the ... A: Normally a county adjusts the assessed value to the most recent sales value, unless they do a ... | |
| Buyer not cooperating with escrow cancellation | 5/5/2009 |
| Q: I live in southern California. My foreclosure is June 6, and we had do cancel escrow with the first ... A: Sorry to take so long to get back to you. I recommend you consult an attorney to see if you can ... | |
| Buyer not cooperating with escrow cancellation | 5/5/2009 |
| Q: I live in southern California. My foreclosure is June 6, and we had do cancel escrow with the first ... A: As a matter of process, I can't understand why anyone would put a deposit down and open escrow on a ... | |
| Your Answers in the Probate Area | 5/5/2009 |
| Q: You need to be much more careful when you are answering questions on this forum. You appear to be ... A: As you can see, I do not give legal or tax advice, I provide reasons why the person asking a ... | |
| Indiscriminate citing of code violations | 4/30/2009 |
| Q: A city in California has begun issuing code violations to the homeowners in the oldest section of ... A: Jennifer, Cities typically issue citations in older parts of town because that's where the ... | |
| Cancellation after 17d contingency | 4/28/2009 |
| Q: I was in escrow as a buyer. I was informed by my mortgage broker a few days before closing that he ... A: I'm not a laywer, so I won't give you legal advice, but as an expert in real estate transactions I ... | |
| who pays for deck maint? | 4/24/2009 |
| Q: We live in San Francisco, CA in a 3 unit building that we own with two other parties in a TIC. We ... A: Why argue at all? You could just say no to paying for the balcony repairs and leave it at that, ... | |
| who pays for deck maint? | 4/24/2009 |
| Q: We live in San Francisco, CA in a 3 unit building that we own with two other parties in a TIC. We ... A: If you are in the process of converting to condos, your new CC&Rs should describe which areas are ... | |
| property management fraud | 4/24/2009 |
| Q: What do I do as a landlord with a property manager who has refused to turn over the rents for ... A: Julia, I'm not sure about the legalities of Section 8 rents, but I do know that I would fire ... | |
| Breaking a lease | 4/24/2009 |
| Q: I rented a place and shortly after I moved in realized that the neighborhood was unsafe. Police ... A: Herschel, I can't give you a legal opinion regarding your options for getting your deposit back, for ... | |
| hold/pending status | 4/22/2009 |
| Q: My boyfriend and I have been looking at homes to purchase and had one in mind but wanted to see ... A: The only thing that really matters is whether or not your offer is shown to the seller. Normally a ... | |
| hold/pending status | 4/22/2009 |
| Q: My boyfriend and I have been looking at homes to purchase and had one in mind but wanted to see ... A: Unfortunately, it is not uncommon for agents to hold aside a property that they have listed for one ... | |
| Costs of home ownership?? | 4/7/2009 |
| Q: I have lived in apartments and condos all my life, but am now in the position of buying a house with ... A: I recommend you approach the answer to your question as a budgeting exercise. There are two types ... | |
| Property Management Licensing in Calif | 4/7/2009 |
| Q: Do individuals managing another's properties with a power of attorney require a license in ... A: In general, anyone who performs real estate services for another person for a fee (manage, sell, ... | |
| non-participation by home co-owner | 4/3/2009 |
| Q: My brothers and I inherited property from our father's estate in 1988. There are two homes on the ... A: Sorry to hear about your problem. When someone is on title and fails to cooperate with maintaining ... | |
| Defiency judgements on junior liens, Purchase Money, Not Judicial | 3/17/2009 |
| Q: Can a lender go after deficiency judgements on junior liens, purchase money loan? A: I'm not sure what you mean by "go after." If you mean, "can a second mortgage lender foreclose on a ... | |
| House listed as active when in escrow | 3/17/2009 |
| Q: We have been trying to get a loan for a house, but the deadline to close escrow passed. We have not ... A: I don't mean to be picky, but I want to clarify the proper terms for the agents. The listing agent ... | |
| Do we have to pay Calif taxes on our vacation home if our primary home is in Washington STate? | 3/12/2009 |
| Q: I guess the subject line describes my question. We have a condo in desert; we would like to lease ... A: Bob, Yes, you will have to pay state income tax on the net income earned in California (but not on ... | |
| earnest money | 3/9/2009 |
| Q: The purchase agreement did not go through because I was not able to receive an acceptable loan ... A: Yes, you should be able to cancel the contract if you were unable to clear a contingency. Your ... | |
| buying/renting in Los angeles | 3/7/2009 |
| Q: I'm looking to move to LA to either rent of buy something cheap and keep finding really cheap offers ... A: I looked at the listing and couldn't tell what is being offered based on the information given ... | |
| Transfer of ownership | 3/3/2009 |
| Q: My grandmother was recently addmitted to a convalecant hospital for reasons of dementia and will ... A: Craig, Once an entity (the state) is on title for a property, the only way you can get them off is ... | |
| realstate/ repairs/after "remove a contingencies signed by buyer' | 3/3/2009 |
| Q: I am selling a four unit apartment complex. Escrow set to close by end of March 2009. Contingency ... A: Jay, In general, if the building has tenants you have no choice but to bring it up to code in terms ... | |
| HOA not included in short sale | 3/2/2009 |
| Q: I did a short sale on my home in 5/08. I now received a collection notice from the HOA, stating my ... A: Laura, It appears escrow may have dropped the ball if annual HOA dues were not split between the ... | |
| HOA not included in short sale | 3/2/2009 |
| Q: I did a short sale on my home in 5/08. I now received a collection notice from the HOA, stating my ... A: Laura, When you did the short sale, were you the seller or was the bank the seller? If you were the ... | |
| Splitting 20 acres | 2/28/2009 |
| Q: My parents have 20 acres in Sacramento county,CA. They would like to split this property into 5 acre ... A: Mike - Your biggest hurdle may be to split the property. If it's zoned for agricultural use, ... | |
| real estate | 2/26/2009 |
| Q: I am a licensed real estate broker and I am looking at buying a home for myself. Can I represent ... A: Jon, Some sellers don't like to pay the commission, but if you are licensed you should be able to ... | |
| house prices in LA | 2/26/2009 |
| Q: sorry if this is a bit of a stupid question. I'm planning on moving to Los Angeles to become a ... A: Today's market has made several types of unusual sales more common than they used to be. The most ... | |
| multiple ownership issue | 2/24/2009 |
| Q: This is a follow up to the posting at: ... A: Jamie - The answer may depend upon the relationship you have with the sibling who wants out. If ... | |
| wamu heloc | 2/22/2009 |
| Q: I don't know how it works. Does (did) Wamu keep the loan "in house" or did they possibly sell it on ... A: You can probably get your question answered by calling the 800 number on your most recent statement. ... | |
| What Makes You Believe You're Competent to Give Legal Advice???? | 2/21/2009 |
| Q: I've seen some of the answers you've posted where you're giving legal advice. You clearly do not ... A: Please note that in my responses I provide reasons why the person asking the question should see a ... | |
| HELOC | 2/18/2009 |
| Q: John, I am looking for a bank who will give me a HELOC on my investment property in California. I ... A: I don't follow the HELOC lenders very much anymore, but I do know that opening a credit line to use ... | |
| joint tenency to avoid probate | 2/14/2009 |
| Q: john, my father is a single man and a homeowner. i want him to add my name to the title/deed. i ... A: Billy, Unless the property is in a trust, the property will go into probate when he dies and the ... | |
| Is the Heloc considered unsecured | 2/7/2009 |
| Q: Is the HELOC considered an unsecured second TD by the fact that there is no equity after the first ... A: Diane, HELOCs are secured loans, as stated in the deed of trust you signed when you borrowed the ... | |
| is a purchase-money heloc also non-recourse | 2/4/2009 |
| Q: I bought my house in 2005 with a 10% cash down payment, a 10% HELOC from Chase and an 80% 1st loan ... A: Greg, Usually the 2nd lien holder is out of luck when the 1st lien holder takes the property. I can ... | |
| Fiance buying condo in Califoria | 1/31/2009 |
| Q: My fiance is buying a condo for us and I have no job, so I am not on the loan to help at all. We are ... A: Renee, Congratulations on your upcoming wedding. Neither of your names should be on title for the ... | |
| Initial Deposit | 1/27/2009 |
| Q: I placed an Initial deposit in escrow to purchase a bank owned. Unfortunately I was informed that I ... A: Frank, You need to check your purchase offer. The standard purchase offer form, which unfortunately ... | |
| house sale | 1/17/2009 |
| Q: i am currently leaving with my mom. and the house is under my mom and and my name. my mom is the ... A: Abe, Most residential (home) mortgages are non-recourse, meaning the bank can only take the property ... | |
| Deadline for a deposit refund | 1/9/2009 |
| Q: I was wondering what the deadline is for suing my landlord for a "deposit refund." It's been almost ... A: In California, the landlord has three weeks from the move out date to return your deposit or provide ... | |
| Disclosures | 1/7/2009 |
| Q: I realize you specialize in real estate investment but since you are located in CA I thought you ... A: Sorry to hear about your problem with the house, but undisclosed problems are common. My ... | |
| becoming a real estate agent | 1/4/2009 |
| Q: Souerbry, I'm a student and I'm working on a project for my Careers course. I was hoping you could ... A: The practice of real estate has 4 main applications: - residential real estate - commercial real ... | |
| Property Tax Impounds | 12/18/2008 |
| Q: I'm purchasing a bank owned property and the Loan Officer is out of estate. He is calculating my ... A: You are correct, average property taxes are about 1.25%. However, the process of assessing first ... | |
| Sales by Realtor? | 12/18/2008 |
| Q: Are sales by a licensed Ca. realtor either recent or otherwise of public record and if so where ... A: I don't know of any public database that allows searches of sales by agent name. Most Realtor ... | |
| where will it say recourse or nonrecourse | 12/11/2008 |
| Q: I read an earlier Q&A about the refi and if it says recourse or non recourse. Will it say ... A: The wording will be different depending on if the property is a residential property (condo, house, ... | |
| HELOC as Purchase Money | 11/26/2008 |
| Q: and thanks in advance for responding. My sitrep is this: I bought a $600k home in California with ... A: John, In reality, you're gonna have problems either way. But I hope this will help you. Usually ... | |
| Agent proceedure on a rental property | 11/23/2008 |
| Q: I was hoping you could help me with a rental property question. My agent has found a renter for my ... A: Alisa - Beware, these agents are either crooks or idiots! (Maybe both) Everyone with any brains ... | |
| Multiple Owners | 11/21/2008 |
| Q: My grandmother passed away 4 years ago and left her home to 3 of her 4 children, my mother and her 2 ... A: Geoff - A judge could force a sale for a number of reasons. If you know the reason why your sibling ... | |
| Multiple Owners | 11/20/2008 |
| Q: My grandmother passed away 4 years ago and left her home to 3 of her 4 children, my mother and her 2 ... A: Geoff - All your questions depend on how title is held. If you each hold title as "joint tenants", ... | |
| Standard clauses in a rental/lease agreement | 11/20/2008 |
| Q: We are about to rent a furnished, utilities included, vacation rental in Napa for three months. ... A: There are no requirements that landlords carry insurance, although most mortgage companies require ... | |
| Adding someone to the title in California | 11/18/2008 |
| Q: My son and his fiancee just bought a house in Northern Calif. I co-signed the loan to help them ... A: Gifting is probably unnecessary for your situation. Your son's fiancee should achieve community ... | |
| Property Insurance needs for Rental in California | 11/18/2008 |
| Q: My mom (81) has retired out of state, and is renting out her house in California. She's terrible ... A: Gary, Considering that one liability lawsuit could wipe out all your mom's assets, I believe it's ... | |
| HELOCs in California | 11/15/2008 |
| Q: I have a question regarding home equity line of credits in CA. I bought a house financed 80/20 by a ... A: Carol - Hmmmmm... very curious. Something sounds extremely fishy. When did you buy the home? Yes, ... | |
| Calif Real Estate sellers contract | 11/4/2008 |
| Q: Our home was listed with an agent for 4 months. The contract eventually expired and we did not hear ... A: I'll try to answer your questions one at a time: - Cancellation - you shouldn't need to sign a ... | |
| Auction buyers fees | 10/30/2008 |
| Q: I purchased a rental home at an auction for $300,000 and paid a $15,000 buyer's fee. The previous ... A: Normally expenses aren't included in the value, but local assossors may fix whatever value they want ... | |
| Fines on Condo Unit | 10/29/2008 |
| Q: My question is: Can the HOA Board attach a fine to the owners along with their monthly fee? For ... A: Michelle, First, do you know what the fine is for and do you want to fight it? In general, you are ... | |
| builder bring forward closing date | 10/22/2008 |
| Q: On my new house contract, closing date is :within 9 months since signature date. builder suddenly ... A: Why do first and second release properties have to be sold before yours, does it say so in your ... | |
| builder bring forward closing date | 10/22/2008 |
| Q: On my new house contract, closing date is :within 9 months since signature date. builder suddenly ... A: Legally, all real estate transactions must be in writing, verbal agreements don't count. You can ... | |
| Recovering inspection fees | 10/21/2008 |
| Q: My client was in contract to purchase a property for $195,000. He paid around $4,500 to inspect the ... A: You have good cause to recover the inspection fee because the seller's broker didn't do proper ... | |
| can I buy a second house? | 10/19/2008 |
| Q: we bought a townhouse 5 years ago for 275k and our loan on this home today is about 220k. We are ... A: It's hard for me to answer your questions because I don't have all the information I would normally ... | |
| My 84yr old neighbor is being evicted from her home. HELP! | 10/17/2008 |
| Q: Basically in short, her step-son is taking the house from her because her name is not credited to ... A: Heather, I'm sorry, but your neighbor needs to hire an attorney to help her. Did her husband leave ... | |
| Granting Easements | 9/29/2008 |
| Q: I have a 7.5 acre parcel in San Diego county. I farm avocados on 7 acres and there is a house on ... A: You have a few ways you can go: - Split the lot and include a driveway on each new parcel - Grant an ... | |
| Contract of Sale; Agreement of Sale | 9/28/2008 |
| Q: I am working with a seller who has a mortgage balance of $688,000 and her asking price for her home ... A: In California you can't have a mortgage loan unless you are on title to the property secured by the ... | |
| commercial real estate purchase agreement | 9/26/2008 |
| Q: Is there a specific contract needed to make an offer on commercial real estate in California that is ... A: Yes, commercial and residential purchase agreements are substantially different, as are the ... | |
| Foreclosure* | 9/22/2008 |
| Q: I have a 1st & a 2nd with the same lender, my st is going into foreclosure, can the 2nd obtin a ... A: Lenders that hold both the 1st and 2nd mortgage typically foreclose based upon the 1st mortgage, ... | |
| Foreclosure* | 9/22/2008 |
| Q: I have a 1st & a 2nd with the same lender, my st is going into foreclosure, can the 2nd obtin a ... A: If both loans are from the same lender, that lender has to foreclose only once on either loan to ... | |
| Adding Name to title and mortgage | 9/8/2008 |
| Q: my mom lives in san diego....i want to be added to the title of her home and mortgage in an effort ... A: Bernie - I recommend you talk to your tax person before going forward with this. The mechanics are ... | |
| Reverse Mortgage extention letter | 9/1/2008 |
| Q: I inherited a home that has a reverse mortgage loan of $50,000 the bank gave me until the end of the ... A: There is no standard letter to request an extension, the letter must be based on the reason you have ... | |
| Dual Escrow | 8/27/2008 |
| Q: I am the buyer in escrow and have cancelled before removing contingencies. The seller is trying to ... A: Rachel, Did you cancel within the cancellation period? In most contracts you have to remove ... | |
| Short Sales Tax Ramifications | 8/27/2008 |
| Q: We are close to closing on our short sale. The property is in San Diego. Our agent says that once ... A: Kris, Either the 1st or 2nd mortgage holder can file for foreclosure. Most of the time the 1st ... | |
| Short Sales Tax Ramifications | 8/25/2008 |
| Q: We are close to closing on our short sale. The property is in San Diego. Our agent says that once ... A: I will answer your question in 2 parts. Part 1: Ask your tax professional this question and go with ... | |
| Short sell | 7/31/2008 |
| Q: I need your help. I sighed an purchase agreement and gave a check to my agent in a hurry 10 days ... A: You're still in control of your deal, so don't worry. Here are answers to your specific questions: ... | |
Real Estate: California
Answers by Expert:
John Souerbry
Top Expert on this page
Expertise
I'm a broker/consultant specializing in real estate investment. Whether you're currently an experienced investor or just getting into the business, I can help with investment strategies, business planning, deal analysis, negotiating, financing, and property management issues. Regardless of whether the property is residential, commercial or bare land, large or small, I help you increase profitability through sound decision making and effective business management. I also work as part of your estate planning to team (estate attorney and tax pro) when you are planning to leave real estate to your heirs or when you are receiving real estate as part of an estate disposition.
Experience
I have experience in buying/selling residential and commercial real estate, property management, financing, and assistance with estate planning and disposition.
Organizations
National Association of REALTORS(R); California Association of REALTORS(R); Silicon Valley Association of REALTORS(R)
Publications
Frequent contributor to: Trulia.com, ActiveRain.com, RealTown.com and other online forum.s
Education/Credentials
BS, Business Administration
MBA, Global Management
Past/Present Clients
I have worked with individuals holding one or two properties and with clients and estates holding over 40 properties of many different types (apartments, condos, single family homes, land).
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