california: Is the Sale of Probate Real Estate different from Traditional Sales?
- 07/19/12 02:17 AM
Is the Sale of Probate Real Estate different from Traditional Sales? The short answer is absolutely YES! The next question then is "How is the Sale of Probate Real Estate different from the sale of Traditional Real Estate?" In California, unless there is a trust in place, when someone dies that owns real property the estate is subject to certain legal requirements and regulations that we know as Probate. Of course, I am not an attorney nor am I providing you with legal advice - for that consult with your own attorney for details regarding your specific circumstances, or do you own due diligence and
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california: Southwest Riverside County Market Update: May 2012
- 06/27/12 02:38 AM
SOUTHWEST RIVERSIDE COUNTY MARKET UPDATE: MAY 2012 The Temecula real estate market has been a topic of heated conversation over the last 5 years as we have seen prices plummet to it cyclical low point in February 2009. As we continue to watch it climb – now reaching 27.3% above that low point, across California. Today, Leslie Appleton Young and the California Association of Realtors (CAR) released a video market report that I found interesting enough to share the details with my readers while I try and compare some of the statewide data with my own local research of the Murrieta –
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california: Do You Need a Probate Attorney?
- 06/18/12 08:08 AM
Do You Need a Probate Attorney? Acting as the Executor, Administrator or Trustee of an Estate or Trust can seem like a full time job, at times. If you are reading this series of articles, then you are probably just starting to figure it out. As I disclosed in the first article of this series, I am neither an attorney nor anyone qualified to render any sort of legal advice. I am a REALTOR who has lost both my mother and wife, in the last 10 years and has become Certified as a Probate Real Estate Specialist (CPRES). This means I
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california: New To Temecula and No Place to Stay
- 08/10/11 07:17 AM
Temecula, California is a unique community with many different facets to it. There is of course, wine country. Our 'Old Town District' is a fun and happening place. The area boasts of many great independenly owned restaurants and bistros. Many people choose to relocate to the South West Riverside County region from out of state. Many are military while others are just seeking our wonderful climate. While the Come2Temecula Team does a great job working with local residents who are either a first time homebuyers, move up buyers and even 2nd home buyers we also service many great people who will
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california: As the Market Changes...So Do I
- 04/02/10 07:12 AM
There is no doubt that the California Real Estate Market has seen some dramatic changes over the last few years.I started working with distressed real estate as early as 2006, when I did my first of several thousand BPO's that I now have under my belt. At the time, I recall being laughed at by a local agent - to my face - criticizing me for my lack of judgment and too busy chasing $50 at a time opposed to earning $5K or more in a real estate commission. I'm sure many more did the same behind my back. In March of
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california: The Silver Lining to the Dark Cloud of Recession – Property Taxes
- 02/21/10 02:24 AM
It is no secret that the value of your home has sunk to the murky bottom, just like the titanic did a century ago. You are so far underwater that if you had to hold your breath until values returned to where they peaked, you would be introduced as Mr./Mrs. Blue.Across the country, property owners' property taxes are reassessed every 2 to 5 years to bring the assessed value in line with the fair market value. Here in California we have a special way of assessing taxable values, thanks to the 30-year-old amendment to the state constitution - Proposition 13. Prop
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california: CALIFORNIA PROPRTY TAXES: The Spider and the Fly
- 02/21/10 01:04 AM
CALIFORNIA PROPRTY TAXES: The Spider and the Fly The California Property Tax system is administered by each of the 58 California Counties. Each County is bound by the same law and sets of rules and laws as found in the California Revenue and Taxation Guide and The Assessors Handbooks. Like all laws and all government bureaucracies the way these guides are interpreted and implemented vary, county by county. What is common to all California Counties is that they each have a tax collector, an assessor and an auditor-controller. Now, some of the small counties don't require stand alone separate departments to
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california: Prop 13 vs. Split-Roll Property Taxes
- 01/24/10 01:18 AM
A Strong Movement in Sacramento is Pushing to Remove the Protection of Prop 13 from Commercial and Industrial Properties. California Voters amended the state constitution when Prop 13 was passed with an overwhelming consensus that our property tax system was broke and needed fixing. Opponents to the landmark legislation have continued to find ways to blame CA Prop 13, often referred to as the 'Wolf in Sheep's Clothing', for the shortcomings of California society, at every opportunity . The battle cry is always the same, "If only there was more money to spend this or that would have been different". The
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california: California Prop 8 - The Reason for the Reduction
- 01/17/10 06:27 AM
California Voters started a Tax Revolt in 1978 with the passage of both Prop 13 and Prop 8. Now the glory has always gone to Prop 13 as that is the voter mandated constitutional amendment that directed the County Assessors to roll back assessed value and to limit the way property taxes could be assessed for the future.Prop 13 is an incredible piece of legislation and has saved Californians billions nd billions of dollars, if not more, since it became law in 1978. However, without it's cousin Prop 13 would be a very evil law right now, considering the rapid decline
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california: PET PEEVE: Out of Area Agents with Out of Area Lock Boxes
- 01/10/10 11:44 PM
In the Hemet - San Jacinto, CA Valley we have been hit hard, as a community, with more than our fair share of foreclosures and bank owned (REO) homes for sale in our little neck of the woods known as the Inland Empire, CA.As a small board, the Hemet San Jacinto Association of REALTORS (HSJAOR) belongs to SoCalMLS which uses the SentriLock electronic lock box system. Every board that surrounds us uses the Supra system. The two are not compatible. At a cost of almost $100 per lock box and an inventory of over 20 lock boxes, I am not interested in
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california: California Prop 13 - A Look Back. . . Before Prop 13, After Prop 13 and Today
- 01/10/10 02:56 AM
Recently I have written several blog articles on the impact of Proposition 13 that was passed by California voters back in 1978.I have written about the origins of the voter mandated reduction of real estate assessed value and a couple of articles on how Californians are able to reduce assessed values when they are too high with this recent article and this one I first wrote back in 2006.I have even re-blogged what other members of ActiveRain have had to say on the topic when Adam Brett explained how taxes may actually go backwards next year.What is of concern to me
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california: California Prop 13 is Under Attack
- 01/09/10 05:31 PM
On June 6th, 1978, nearly two-thirds of California's voters passed Proposition 13, reducing property taxes by about 57%.This was revolutionary in the way property tax has been assessed in this country. No longer would California property taxes be subject to an assessment based on market value but now all California property owners can budget their property taxes based on an assessed value computed from the purchase price.Today, the opponents of Prop 13 are trying to figure out how to replace the current system with one reminiscent to the dated model of over 30 years ago, and bringing back many of the
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california: $200,000,000 For California Home Buyers! What the...?
- 01/08/10 04:27 AM
Governor Schwarzenegger delivered his last State of the State address to a joint session of the California State Legislature, Wednesday January 7, 2010, and took the time to propose some pretty controversial ideas for stabilizing the economy in the Golden State.Of particular interest to the Real Estate Industry is his proposal to allocate another $200,000,000 tax dollars to subsidize homebuyers with a tax credit that would provide up to $3,333 off of state taxes for each of the next three years.This program is very similar to the $100,000,000 that was given away for buyers of 10,600 new homes between March and
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california: Unpermitted: California's Secret Little Property Tax Revolt Is a Ticking Time Bomb
- 01/04/10 06:45 AM
"Chad" (not his real name) THOUGHT he was one of the lucky ones. His house had sold, and the buyers were lender approved. Then the appraiser delivered the devastating news that caused the whole transaction to blow up: The appraisal on Chad's house could not include the entire 700 square foot downstairs area that had been converted into a cool media room, bathroom, and office. Why? The conversion of the basement had been UNPERMITTED (done without permits). Why UNPERMITTED? TO AVOID AN INCREASE IN PROPERTY TAXES. This is a story that pits an underdog (overtaxed, over-mortgaged Californians living in "high cost" areas) against bureaucrats (cash
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california: 2010 Has Cha-Cha-Cha-Changes in the Real Estate Industry
- 01/04/10 05:35 AM
2010 is going to be a year like no other. I believe it is naive to think that 'business as usual' will be taking place when we return to work on Monday morning and expect it to be the same throughout the coming year.Yes, it may not seem very obvious at first. Maybe you'll have a buyer that you need to get pre-qualified and you call your lender thinking they can throw something together for you over the course of 15 minutes or so. You may become disturbed when your lender says that they are no longer allowed to provide this
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california: CA Property Taxes May Fall Next Year
- 01/03/10 06:03 PM
California Property Taxes are such a unique animal to the world of property tax and we have Prop 13 to pass for this - legislation that was passed back in the 1970's.Under the law, the MOST the assessed value can increase is 2% per year, based on inflation...but guess what, the same legislation also allows for decreases, based on deflation.If you have real estate in the Hemet - San Jacinto CA Valley you should take a look at this post and let me know what you think... Due to deflation it is expected that most Californians will see their property
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california: What is Prop 13?
- 12/27/09 06:54 AM
Prop 13 is short for the ballot proposition number 13 that was passed by nearly two-thirds of California voters on June 6th, 1978 and became part of the California Constitution, that had an immediate result of reducing property taxes about 57% across the entire state of California.The long term effect of Prop 13 is that it has stabilized California budgets with a predictable property tax payment each year. Prior to the passage of the ballot initiative, Sacramento lawmakers were out of control using property taxes as their own private printing press. The mechanics of the law set a base value, that
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california: 2010 - Time to SHIFT Gears
- 12/22/09 02:02 PM
2010 - Time to SHIFT GearsWhen I first was licensed to sell real estate in California I was blessed to receive a copy of Gary Keller's then new book "The Millionaire Real Estate Agent". Since I got into this business in an unusual way, I did not have a mentor guiding my path or anyone else looking out for me - I knew if it was "going to be that it was up to ME!".Well, thanks to the advice I learned early on, I formed the Excellence in Real Estate Team and have not looked back. My first full year, thanks
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california: Property Tax Reductions - California Style...
- 11/25/09 04:24 AM
Property Tax Reductions - California Style...With the decline in the real estate market those who own property and are able to hang on, typically end up paying too much for their property taxes to the local county tax assessor.In California, we Passed Proposition 13 (Prop 13) - why back in 1978. This was revolutionary legislation at the time and still continues to lead many states who continue to assess and collect property taxes like they were don a couple of hundred years ago.You see, the traditional model was to reassess the value of the real estate on a fixed schedule -
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california: I took a Deep Breath...But I'm Mad as H*LL...or What is Wrong With Sacramento?
- 11/10/09 01:58 AM
OK, I just get to the office...enough ActiveRain for a while....Open up my email, take care of some business and then just as I am ready to move on with my day I get an email from a local client/friend. So, of course I take a look.Now my friend definitely has red, white and blue blood - no doubt about it. He is a retired Border Patrol Agent (pre ICE). My friend has no problem letting the world know what he thinks or keeping us informed of events that have an impact on our country.Here is a photo taken in the
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