It’s hard to believe we’re already a week into the 2nd month of this year! I feel older and older every time I say this but it feels like only yesterday… that we were scared of Y2K, that my niece was born, that my best friend got engaged! And, yet, it’s been 11 years since Y2K was supposed to eat us alive, my sweet little niece will be 4 in May and my best friend is getting married in June (and my sister’s right behind her in September)! My favorite thing about this year is all of the positive energy I’m getting everywhere I go. Upbeat REALTORS, happy Buyers, gracious Sellers, it’s awesome!
CAR is trying to help where it can. We’ve got some great legislation (SB 931) that just came through that totally protects you from a deficiency judgment on your 1st… your 2nd is a different story. It may or may not be protected. As always, make sure you, your REALTOR and your tax (wo)man are working together to make sure you’re covered!
And, if you’re a REALTOR, and not disclosing EVERYTHING on the HUD, you are opening yourself up to trouble. Just remember this, Not on HUD = FELONY! You read that right! If you do anything that isn’t on the HUD (i.e. the Bank is not aware of), it is a Felony! It’s totally not worth it! Just ask! Most Short Selling Banks are getting really awesome! Just ask and you may receive!
Lead Based Paint is always fun and interesting… fun fact, only 24% of homes built 1940-78 have Lead Based Paint but a whopping 88% of the homes built prior to then do! Make sure that if you’re doing anything paint related on a home built prior to 1978 that you’re enlisting EPA certified help! That includes you, Landlords! If you’re not certified and your Tenants find out, you could be in a heap of trouble! Who’s exempt? Studios and Senior Housing… Unique pair to be excluded, eh?
There’s a new paragraph in the Listing Agreement regarding Internet Display of a Seller’s home. They can opt out of having it on the internet but that means that no Buyer looking anywhere (not even your website, Listing Agent!) can see it. In a day and age, when most Buyers start their search online, isn’t this more of a hindrance than anything? Also, you can opt out of people being able to comment or talk about your home online. I always give my Sellers that option (See CAR form SEL).
With the facelift on certain CAR forms, of course our all-inclusive CAR form SBSA had to be updated. You’ll know if you’ve signed this one… it’s a whopping 10 pages long! My Buyers and Sellers are always most wary of this one but it really is just an advisory… no need to be scared, guys! My favorite part? They are no longer just advising you about potential golf balls but all golfing related noise… how rowdy are you golfers getting?!
A form did go away! Yay! They had CAR form WHSD incorporated with the TDS! Also, note on the TDS that it now asks about Carbon Monoxide detectors. The law regarding them (to be enforced starting July 1st) is still a little vague but CAR’s hoping that when the Board of Directors pop up to Sacramento in May that we’ll have a more clear idea of what they’re requiring. Right now, we’re just suggesting 1 per home but it might be different once we get them to clear it up a bit.
What else is a Felony you may ask? Not using CAR form NODPA when you’re supposed to. If you don’t know when to use it, you need to learn!
If you commit a “Fraudulent Felony” as a Loan Broker, you will be banned for life from the CA DRE. In the immortal words of Squints from The Sandlot “For-E-Ver”! Gosh darned, I love that movie!
And, last but not least, in order for Adverse Possession to work, you have to pay the taxes on the property for 5 five years, then you can claim the property as your own.
There will be a lot coming up over the next few months, so sit tight and enjoy our absolutely, amazingly, gorgeous SoCal weather… I think I’m in love! Bring on more of it!