Making sure it’s the right home for you!
BUYING A NEW HOME? IT’S A BIG DECISION
Palm Springs Valley buyers want to know what are the things to look for when buying a home … that is, besides the obvious structural ones that would be covered in a home inspection? Homebuying can be a very emotional experience for people, unless perhaps you’re buying real estate for investment purposes. Home is where the Heart is, so be sure to tune in to some of the less obvious aspects of the houses you visit while going through the rigors of your search for just the right one.
Most anyone who has ever bought a home will tell you that there are intangible aspects of a home that factored in to their decision to buy it besides the look or style of it, its location, etc. Let’s look at a few of these:
The way the Indoors and Outdoors flow together – especially in Southern California where we live, this is an attribute that is almost a requirement. A large percentage of time is spent outdoors on the patio, next to the pool, in the spa, around the fire pit.
Orientation on the lot – where does the sun rise and set in the Palm Springs Valley in regard to how house is set upon its lot? This orientation affects your heating and cooling bills, but here in the desert, it’s mostly about keeping the house cool. The late afternoon sun from the west can be harsh in the summertime and produce extra heat buildup.
Lot grade – Is the lot very steep, causing potential difficulties with drainage, landscape retention, driveway accessability?
Natural light – Are there enough windows and skylights to provide a pleasing amount of light? If you’ve narrowed your search down, you may want to visit the prospects several times at different times of day or night to get a true feel for what the light is like.
Neighbors – How close are the adjoining homes to the one you are considering? If privacy is a big consideration for you, you’ll want to walk the prospective home and check out where the windows are located and what views you see out of them. You may not like the fact that the neighbor can look right into your Master Bathroom window. Walk the perimeter and see how it “feels.” Here’s a short video below for you to watch with more tips about what to look for in a home…
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ENJOY THE JOURNEY
So pay attention to your senses while searching for your next home to buy. Try visualizing yourself in it and make sure the tangibles and intangibles align with your lifestyle and your sensibilities. When you wake up in the bedroom of your new home or are making dinner in the gourmet kitchen that was an absolute Must on your list, you’ll want to know that you listened to the voice inside of you that knows you and your family and that indeed, the right choice for a home was made.
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Palm Springs Valley – Legislators in California are urging the Federal Housing Finance Agency to allow mortgage principal write-downs to help homeowners who are “underwater.”
This approved resolution was introduced by Assemblywoman Nancy Skinner, D-Berkeley to urge Freddie Mac and Fannie Mae to immediately offer principal reductions to homeowners who owe more than their homes are worth.
The reason for this push comes after the acting director of the Federal Housing Finance Agency said he would not allow Freddie Mac and Fannie Mae to lower the amount some underwater homeowners owe on their mortgages – even in the face of new new financial incentives from the Obama administration.
The reason given for not offering write-downs is because the FHFA said its analysis determined that principal reductions would be too expensive for taxpayers and would not necessarily improve the ability of many homeowners to avoid foreclosure.
Real estate professionals, lenders and economists in the Palm Springs Valley are of the belief that such a principal reduction could help the housing market to recover. However, it also raises some key questions — mainly, how would the write-downs be accomplished?
One local realtor thinks we should try to do anything we can to help homeowners stay in their homes – it’s one of the things to deter strategic defaults. And some local economists and financial experts question whether urging principal write-downs is the right approach.
A local Palm Springs Valley economist says that the intention is obvious – and it’s a good one, but he questions what the consequences would be and thinks write-downs are a big mistake. His feeling is that it makes more sense to let the market work itself out. And sometimes, such measures simply raise hopes and delay inevitable short sales or foreclosures. Also, it’s not right to offer mortgage relief for some underwater homeowners and not for others.
This economist stated that some banks already are voluntarily reducing principal for underwater borrowers, though they’re not talking about it. Banks are looking at the option of a foreclosure or short sale, where they’re going to lose money anyway versus a homeowner who is making payments to reduce their principal and continues to live in his or her home.
A local Valley loan officer has said he knows of underwater homeowners who have had their principals reduced voluntarily by lenders, and it generally works this way . . . the lender modifies the loans by saying, ‘If you pay on time every month for the next three years, we’ll reduce the principal X number of dollars.”
Another point that has been brought up is the raising of moral issues – whereas, some people got into something they shouldn’t have, but writing down their debt rewards mistakes or irresponsibility . . . and how do you determine who deserves it and who doesn’t?
It will be interesting to watch this dialogue as it continues – justifiable points on either side.
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Palm Springs – Maybe you’ve done it . . .
or you know someone who has – that is, paid a contractor up-front for work to be done on their home . . . and then it didn’t get finished or was done poorly or the contractor skipped town.
California consumers are now being alerted by the Contractors State License Board (CSLB) about what the law is regarding down payments paid to contractors – painters, landscapers, or any other type of construction contractor. It is illegal for a contractor to ask for or accept a down payment of more than 10% of the total home improvement contract price . . . or $1,000, whichever amount is less.
Consumers who were victimized and have filed complaints with the CSLB tell investigators they were unaware of a legal limit for down payments. And there are many unlicensed operators out there who also don’t know about this California law. If that is the case, this should be a red flag for you if you are looking to have work done by them.
If you are asked for a large amount of money up front before beginning work at your home, the worker may not be licensed or have the skills necessary to perform the work satisfactorily. There have been many cases where unlicensed operators have taken a substantial down payment from a homeowner and never start the project. It is virtually impossible at that point to recoup your money.
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