HotelDel DownTown Sunset

 

 

Greetings from Jennifer Ross -  Realtor

 

Sunset OceanOne of my favorite funky beach restaurants is World Famous in Pacific Beach. Sunset is breathtaking and people watching always entertaining!  Summertime there is usually a wait after 6 p.m. for the restaurant,  but the locals know to pass up the line and sneak into a table in the bar!   My favorite dish is their scallop and spinach salad with a glass of Malbec.  The fish, shrimp and lobster tacos are great too!

 Signature

 

The Winner of This Week's Drawing Is...

 

Mike and Robin Thomas!

Mike and Robin have won a $50 restaurant gift card. 


The next drawing will be in a few weeks...

 

 

News and Views   

 

There was a very interesting report out this week on the housing market. The 2011 Fannie Mae National Housing Survey finds Americans are growing more optimistic about the investment opportunities in residential real estate as 57 percent believe buying a home has a lot of potential as an investment. That ranks ahead of buying stocks or putting money into a retirement account.

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One of the benefits of lower interest rates is it makes homes more affordable. The California Association of Realtors says 53 percent of the state's population has adequate income and can afford to buy the median priced home. That's up slightly from the first quarter of 2010. In San Diego County it takes an income of $80,880 to afford the median priced home of $374,750. Accordingly, 40 percent of the people that live here qualify. Of course, you can buy a heck of a lot of house for a lot less than $374,750 these days so the affordability rate goes up.

 

 

When Is My House Sold?

 

Question: When Is My House Sold?
I'd like to know at what point is my house sold? My wife says it's when our agent puts a sold sign on the house. My mom says it's when the buyer is approved for the loan. I say my house is sold the day we accepted the buyer's offer. So, when is it? When is my house sold?

  

Answer: When is my house sold is a terrific question.  There are degrees of house sold-ness. Selling a house is a progress of steps. You also have state laws that govern certain types of purchases that could affect the finality of sale.

  

Is Your House Sold After Signing a Contract?
This is the first step, coming to an agreement on price and terms between the seller and the buyer. Generally the buyer makes an offer, the seller either accepts the offer or issues a counter offer. The counter offer procedure can result in a multitude of counter offers or just one counter.

  

At some point, there is a meeting of the minds. Then the listing status changes from an active listing to a pending sale. Some agents put up a sign that says "pending" or "in escrow" or "under contract." But your house is not yet sold.

  

Is Your House Sold After Inspections?
Almost every buyer in America, unless the buyer is living under a rock, is told to get a home inspection. Apart from a home inspection, other types of inspections are advisable as well, depending on a variety of particulars such as age, condition and location.

  

Sometimes, if a buyer discovers an unexpected defect, the buyer might negotiate further with the seller. A buyer might threaten to cancel a transaction unless a seller agrees to conditions set forth in a request for repair. Even if a buyer is satisfied with the results of the buyer's inspections, your house is not yet sold.

  

Is Your House Sold After the Buyer's Loan is Approved?
After all of the buyer's supporting documents have been received by the lender and the appraisal completed, the file goes to underwriting. The underwriting process can take anywhere from a few days to a few weeks.

  

The appraisal must support the agreed-upon purchase price. If the appraiser submits a low appraisal, more negotiations will take place or a new appraisal might be ordered. But even after the loan is approved, your house is not yet sold.

  

Is Your House Sold After All Contingencies are Met and Released?
A buyer might need to close escrow on an existing home before the buyer can move forward with buying your home. This is known as a contingent sale, and that contingency might need to be satisfied or released to perfect your contract with the buyer.

  

One of the ways to satisfy a contingency is to sign a release of contingencies or perform some other act such as depositing all funds to close escrow. But even if the buyer deposits in cash the entire purchase price, your home might not be completely sold, especially if the buyer, upon default, could be held liable only for liquidated damages.

  

When Is Your House Sold?
While you can consider your house is sold at any point along the line of home selling, your home is considered sold when you no longer own it. Your house is sold when the deed has exchanged hands and / or is recorded, and the funds have been disbursed.

  

Courtesy of About.com

 

 

Video of the Week

 

Guilty DogGuilty Dog
 This famous video will have dog lovers everywhere smiling.

 

 

Famous Quotes
 

The thing always happens that you really believe in; and the belief in a thing makes it happen.

Frank Lloyd Wright

 

As always, feel free to give me a call 800-913-7677 with your real estate needs.  I appreciate your referrals.
 
Signature

 

 

Acedemic Earth 

 

Jennifer Ross

 

Experience Counts!
Over 22 years in
Real Estate sales
Serving all of San Diego

 

Office: 800.913.7677
Direct: 619.985.7340
JennRossRealtor@gmail.com

 

 

 

 

Current Mortage Rates

 (BankRate.com weekly avg)

 30 yr fixed: 4.82%

15 yr fixed: 4.00%

 

 

 

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