Two new laws dealing with the use of wireless telephones while driving go into effect July 1, 2008. Below is a list of Frequently Asked Questions concerning these new laws.
Q: When do the new wireless telephone laws take effect?
A: The new laws take effect July 1, 2008
Q: What is the difference between the two laws?
A: The first prohibits all drivers from using a handheld wireless telephone while operating a motor vehicle. (Vehicle Code (VC) §23123). Motorists 18 and over may use a hands-free device. Drivers under the age of 18 may NOT use a wireless telephone or hands-free device while operating a motor vehicle(VC §23124).
Q: What if I need to use my telephone during an emergency, and I do not have a hands- free device?
A: The law allows a driver to use a wireless telephone to make emergency calls to a law enforcement agency, a medical provider, the fire department, or other emergency services agency.
Q: What are the fines if I'm convicted?
A: The base fine for the FIRST offense is $20 and $50 for subsequent convictions. According to the Uniform Bail and Penalty Schedule, with the addition of penalty assessments, a first offense is $76 and a second offense is $190.
Q: Will I receive a point on my drivers license if I'm convicted for a violation of the wireless telephone law?
A: NO. The violation is a reportable offense: however, DMV will not assign a violation point.
Q: Will the conviction appear on my driving record?
A: Yes, but the violation point will not be added.
Q: Will there be a grace period when motorists will only get a warning?
A: NO. The law becomes in effect on July 1, 2008. Whether a citation is issued is always at the discretion of the officer based upon his or her determination of the most appropriate remedy for the situation.
Q: Are passengers affected by this law?
A: No. This law only applies to the person driving a motor vehicle.
Q: Do these laws apply to out-of-state drivers whose home states do not have such laws?
A: Yes
Q: Can I be pulled over by a law enforcement officer for using my handheld wireless telephone?
A: YES. A law enforcement officer can pull you over just for this infraction.
Q: What if my phone has a push-to-talk feature, can I use that?
A: No. The law does provide an exception for those operating a commercial motor truck or truck tractor (excluding pickups), implements of husbandry, farm vehicle or tow truck, to use a two-way radio operated by a "push-to-talk" feature.
Q: What other exceptions are there?
A: Operators of an authorized emergency vehicle during the course of employment are exempt as are those motorists operating a vehicle on private property
DRIVERS 18 AND OVER
Drivers 18 and over will be allowed to use a hands-free device to talk on their wireless telephone while driving. The following FAQs apply to those motorists 18 and over.
Q: Does the new "hands-free" law prohibit you from dialing a wireless telephone while driving or just talking on it?
A: The new law does not prohibit dialing, but drivers are strongly urged not to dial while driving.
Q: Will it be legal to use a Blue Tooth or other earpiece?
A: Yes, however you cannot have BOTH ears covered.
Q: Does the new hands-free law allow you to use the speaker phone function of your wireless telephone while driving?
A: Yes.
Q: Does the new "hands-free" law allow drivers 18 and over to text page while driving?
A: The law does not specifically prohibit that, but an officer can pull over and issue a citation to a driver of any age if, in the officer's opinion, the driver was distracted and not operating the vehicle safely. Text paging while driving is unsafe at any speed and is strongly discouraged.
DRIVERS UNDER 18
Q: Am I allowed to use my wireless telephone hands free?
A: NO. Drivers under the age of 18 may not use a wireless telephone, pager, laptop or any other electronic communication or mobile services device to speak or text while driving in any manner, even hands free. EXCEPTION: Permitted in emergency situations to call police, fire or medical authorities. (VC §23124).
Q: Why is the law stricter for provisional drivers?
A: Statistics show that teen drivers are more likely than older drivers to be involved in crashes because they lack driving experience and tend to take greater risks. Teen drivers are vulnerable to driving distractions such as talking with passengers, eating or drinking, and talking or texting on wireless phones, which increase the chance of getting involved in serious vehicle crashes.
Q: Can my parents give me permission to allow me to use my wireless telephone while driving?
A: NO. The only exception is an emergency situation that requires you to call a law enforcement agency, a health care provider, the fire department or other emergency agency entity.
Q: Does the law apply to me if I'm an emancipated minor?
A: Yes. The restriction applies to all licensed drivers who are under the age of 18.
Q: If I have my parent(s) or someone age 25 years or older in the car with me, may I use my wireless telephone while driving?
A: NO. You may only use your wireless telephone in an emergency situation.
Q: Will the restriction appear on my provisional license?
A: No
Q: May I use the hands-free feature while driving if my car has the feature built in?
A: NO. The law prohibits anyone under the age of 18 from using any type of wireless device while driving, except in an emergency situation.
Q: Can a law enforcement officer stop me for using my hands-free device while driving?
A: No. For drivers under the age of 18, this is considered a SECONDARY violation meaning that a law enforcement officer may cite you for using a hands-free wireless phone if you were pulled over for another violation. However, the prohibition against using a handheld wireless telephone while driving is a PRIMARY violation for which a law enforcement officer can pull you over.
Buying a bank owned property is somewhat different than buying a retail listing. Please familiarize yourself with the following information to assist in the process.
Pricing Structure:
•1. Most lenders and/or asset companies negotiate through a system that allows an offer to be only slightly less than the list price. If a property doesn't sell after 30 days, Security Pacific Real Estate and the Listing agent submit a monthly report to request a price reduction. In theory, the property will be systematically reduced until sold. If an initial offer is rejected, patience on behalf of the buyer may get an approved deal after several weeks.
•2. Low offers are usually countered near or at list price, even if the offer is all cash.
•3. A low offer is considered a combination of: actual price offered as well as percentage of list price. Please contact the Listing Agent to discuss terms prior to writing an offer, especially if the contract is below asking price.
•4. In a multiple offer situation, the lender will likely send back a standard counter offer of "highest and best". This means that all parties are to resend their original offers and resubmit a new offer with their absolute highest offer. Lenders use this "highest and best" response to allow each buyer one last chance to win the property. Some buyers will change their offer, some will remain the same and some will withdraw during this process.
Offer Instructions:
•1. Please send all offers to the Listing Agent via their email or fax to 925.943.7409
•2. Please use the standard CAR form to submit all offers.
•3. Seller's name should remain blank.
•4. Include a prequalification letter from the buyer's lender or verification of funds if the offer is for all cash. Verification can be a bank statement.
•5. Contract should have an "AS IS" addendum attached or statement placed in the additional remarks section of the contract: "Buyers is aware this is a Bank Owned (REO) property and sold in it's "AS IS" condition. "As is" language is very important as the Seller will not allow a request for repairs or credit buyer for damaged items.
•6. The offer should allow at least 7 business days for expiration.
Although banks usually respond within 24 hours of submission, the whole process to ratify the contract may easily take up to 7 days. Furthermore, if the offer is much lower than list price, the lender has an extensive review process that can take extra time.
•7. Include a copy of an earnest deposit check with the original offer. This amount should be at least 1% of the purchase price - though lenders prefer to see more. Please note that some lenders require a deposit be made with certified funds. Additionally some lenders require all cash offers to submit 10% of the purchase price as an earnest deposit. Again, please contact the listing agent to clarify terms before writing your offer.
•8. Although we live in an area where the buyer selects the Title Company and pay the fees associated with Title and Escrow, REO transactions have Title directed by the Seller. These Title Companies are usually out of our area and sometimes have fees different than our local custom.
•9. Closing escrow is not important to the lender. In fact, trying to close an REO transaction in less than 25 days can be problematic, as REO closing agents are very busy and several days may transpire before escrow is fully opened. Also, there is a per diem penalty of $100 to $150 per day to the buyer if an escrow is late to close. The best way to avoid this penalty is to allow at least 30 days for an escrow to close and ask for extension if needed before contract expires. Per Diem may not be waived if request for extension is not received in a timely fashion.
Acceptance of Offer:
•1. All offers are submitted into a web-based system and will be negotiated verbally until full acceptance. Counter offers will be sent via email or will be printed from a web page or relayed by phone. There will not be formal or written counter offers.
•2. Once the buyer and seller agree to terms, the seller will issue a secondary contract addendum that restates the terms of the CAR contract and any changes made through counter offers. This addendum is a national contract and may have language different from local custom. The buyer must sign this addendum within 24 hours and cannot alter any terms of the contract. It is important that the buyer initial all pages so that the lender knows every item has been read and acknowledged.
•3. Once the buyer signs this contract addendum, the listing agent will mark this property "Pending" in MLS. Although the seller may not have signed the contract at this point, the buyer should move forward with the transaction as if the agreement were fully ratified.
•4. Please return your original contract, agency disclosure, counters and the contract addendum to the listing agent within 24 hours of full acceptance of contract. Personal delivery, courier or Fed Ex is preferred. Due to the degradation of faxing, the seller prefers original documents for review.
•5. The buyer should order all inspections once the addendum is signed and submitted back to the seller. The preliminary title report may be delayed several days until escrow is fully opened, but there are tasks the buyer can complete while waiting for seller signed paperwork from the asset company. Sellers like to see progress in escrow and the listing agent will expect contingencies to be removed in a timely fashion.
Answers to Frequently Asked Questions:
•1. The seller is very particular about how contract are submitted. The prequalification letter, deposit check, CAR forms and secondary addendums must be included and filled out completely.
•2. The secondary addendum will require the buyer's agent to submit a Federal Tax ID number for escrow. This may be obtained from your broker. The contract is incomplete without the Tax ID and will not be processed by the seller.
•3. The title orders are opened when the NOD (Notice of Default) is recorded and that policy number will follow the property through the REO transaction.
•4. Seller may not have keys or devices to open mail boxes, garage doors, HOA common areas, etc. It is the buyer's responsibility to obtain any replacements at their own expense, if any.
•5. Commissions are based on the net offer amount. The net offer amount is the purchase price less all seller paid credits.
•6. Buyer's agent will not be paid a commission if they are the principal in the transaction or related to the principal.
•7. Most lenders will not provide a home warranty for a REO property.
•8. Any further questions, please contact the listing agent.
Fed steps in and cuts again Bernanke pulls out all the stops to ailing economy
The Federal Reserve significantly cut rates today for the sixth straight time since September. This follows a busy weekend where the Fed also extended its hand to Wall Street, bailing out Bear Stearns with JP Morgan Chase. While rate cuts look good at face value, you need to prepare for what's to come.
Why did they do this? The Fed wants you to start spending money and wants to boost consumer and Wall Street confidence. Consumers are under stress with increasing consumer prices and a slowing housing market. Wall Street banks have been under stress from mortgage defaults and their impact on corporate balance sheets.
How does this impact you? Fed rate cuts are inflationary. Since the Fed started cutting rates in September of last year, oil prices are up nearly 40%, gold prices are up over 25%. This is the direct result of a falling dollar which occurs from Fed rate cuts.
As a result, mortgage rates will ultimately rise from here. It is inevitable. Inflation is the arch enemy of fixed-income investments, long-term bonds and mortgage-backed securities, upon which mortgage rates are based.
Here's a look at the inflation picture: Gas prices last September, prior to the Fed's current cutting trend, were roughly $2.75 a gallon. Today, gasoline averages $3.25 a gallon nationally, up 18% before the first rate cut. This is a sign of inflation.
What should you do now? If you are looking to refinance, don't wait. Act now to get a great interest rate. Home loan rates have come down over 1.00% in the last two weeks. But after each of the last five rate cuts, we have seen rates rise significantly in a short period of time. Don't get caught saying "I wish I had..."
If you are looking to purchase a home, I want to hear from you right away. Home prices have to fall over 10% to make back what you lose in monthly housing payments if rates increase 1.00%. There are some great buys out there today!
Next step Pick up the phone and call me. You owe it to yourself.
Most items containing circuit boards and plug into a wall.
Washers & Dryers
Microwaves
Water Heaters
Refrigerators & Freezers
Air Conditioners
Trash Compactors
Ovens & Stoves
Small Engines
E-Waste & Appliance Disposal
What we take for a Small Charge Tires • $10 each
Mattresses/Box Springs • $10 each
Propane Tanks • $10 each
What We Don't Take
Hazardous Materials/Waste Paint
Car Batteries
Household Batteries
Fluorescent Bulbs
Furniture
Garbage
Motor Oil
If you're not sure Please Call
For Free Disposal of such items Contact
Contra Costa County Household Hazardous Waste Program
Please Call: (800) 750-4096
General Info: Must be a resident or qualified small business in specified portion of County to use these facilities (e.g. must be resident or qualified small business in West County to use West County Facility). Please call facility for details on transportation limits and
delivery requirements.
Three drop-off locations in Contra Costa County:
West County Facility 101 Pittsburg Ave., Richmond (888) 412-9277
Central County Facility 4797 Imhoff Place, Martinez (800) 646-1431
East County Facility 2550 Pittsburg-Antioch Highway, Antioch (925) 756-1990
Stimulus Package: Lawmakers Raise Lending Limits: Do you qualify for a better rate?
The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. While a lot of media attention has been focused on the $600-$1,200 rebate checks that millions of taxpayers will begin receiving this spring, the new bill is also designed to help certain "high-cost regions" of the struggling housing market by:
Temporarily increasing the "conforming loan limit" from $417,000 to as high as $729,750 in specified areas; and
Temporarily increasing the size of loans the Federal Housing Administration (FHA) can insure from $362,000 to as high as $729,750 in specified areas.
If you're looking to purchase or refinance a home in a "high-cost region," this is great news. These temporary increases could help you avoid the higher interest rates associated with "non-conforming," or jumbo, loans. Although these new limits only apply until the end of 2008, the legislation does not exclude the refinancing of any past mortgages into these new "conforming loans." That means, if you qualify, you can take advantage of the new limits no matter how many years have passed since you obtained your mortgage.
While this is great news, I should remind you that qualification standards are tougher than ever. So your credit score and credit worthiness are more important than ever. Give us a call today. We can review your options and discuss if we can make this legislation work for you.
Do You Live in a High-Cost Region? Not everyone will benefit from these temporary loan limit increases, but experts estimate that areas in at least 17 states will be able to take advantage of it. So how do you know if your neighborhood qualifies?
A high-cost region is typically determined by the median value of its homes. The median value is the specific price that is halfway between the least expensive and most expensive home sold in an area over a given period of time. Do not confuse this with the average home price. The median home price is the price at which half of all buyers bought more expensive homes and half of all buyers bought less expensive homes.
If that sounds confusing, don't worry. It is the responsibility of the Department of Housing and Urban Development (HUD) to determine, within the next 30 days, what the median home price is for regions across the country. But I don't want you to wait until HUD makes its determination; give me a call to discuss if you might benefit from this new legislation.
Are we really getting busier? We thought you might like to see the trend.... We have definately seen a difference in February! The graph attached taken from these statistics.
Pending Sales Week By Week (as reported to the MLS)
Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided to cut the federal funds rate "in view of a weakening of the economic outlook and increasing downside risks to growth." In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.
Who benefits from this cut? If you have a loan that is directly tied to the Prime Rate, you will see an immediate benefit. Home equity lines of credit (HELOCs) and variable rate charge cards are the types of loans that will have an interest rate reduction on their next statement.
What does this mean for long-term rates? Long-term mortgage rates, the lowest we've experienced in years, could actually increase after today's cut, based on historical performance and recent trends.
So if you're waiting for long-term rates to fall further, don't count on it. Your best chance to lock in the lowest rates since 2005 is now. Getting your application in process now will allow you to capture a great rate before it's too late.
What REALLY moves mortgage rates? Fixed-rate mortgage rates aren't directly tied to Fed interest rate moves. Instead, they tend to follow in the direction of other long-term government bond yields, such as the 10-year Treasury, which historically moves in accordance with the economic outlook and in advance of Fed actions. The performance of Mortgage Backed Securities, issued by Fannie Mae and Freddie Mac, is what really determines long-term mortgage rates.
How does the economic stimulus package fit into the picture? The economic stimulus package from Congress and the White House could be a double-edged sword for borrowers. Combined with recent Fed actions, the package could create inflation and bring about higher long-term interest rates.
On the positive side, conforming loan limits are likely to be raised from the current $417,000 to upwards of $625,000. This means great potential savings for purchase and refinance candidates who live in 20 high-cost areas across the country.
What should you do next? If you're unsure how the rate-cut or the proposed legislation affects your mortgage, don't worry, you're not alone. There's no one-size-fits-all answer. Give us a call right away. We'll review your mortgage and see what, if anything, can or should be done to make the most of your individual financial goals and needs.
If you are 30 or older, you will think this is hilarious!!!! If not, send it to your parents! They'll think it's funny!
When I was a kid, adults used to bore me to tears with their tedious diatribes about how hard things were when they were growing up; what with walking twenty-five miles to school every morning ... Uphill BOTH ways .. Yadda, yadda, yadda
And I remember promising myself that when I grew up, there was no way in heck I was going to lay a bunch of crap like that on kids about how hard I had it and how easy they've got it!
But now that...
I'm over the ripe old age of thirty, I can't help but look around and notice the youth of today. You've got it so easy! I mean, compared to my childhood, you live in a dang Utopia! And I hate to say it but you kids today you don't know how good you've got it!
1. When I was a kid, we didn't have the Internet. If we wanted to know something, we had to go to the dang library and look it up ourselves... In the card catalog!! (Do you even know what a card catalog is? Didn't think so!)
2. There was no email!! We had to actually write somebody a letter... With a pen! Then you had to walk all the way across the street and put it in the mailbox and it would take like a week to get there!
3. There were no MP3's or Napsters! If you wanted to steal music, you had to hitchhike to the dang record store and shoplift it yourself! Or you had to wait around all day to tape it off the radio and the DJ would usually talk over the beginning and mess it all up!
4. We didn't have fancy crap like Call Waiting! If you were on the phone and somebody else called they got a busy signal, that's it!
5. And we didn't have fancy Caller ID Boxes either! When the phone rang, you had no idea who it was! It could be your school, your mom, your boss, your bookie, your drug dealer, a collections agent, you just didn't know!!! You had to pick it up and take your chances, mister!
6. We didn't have any fancy Sony Playstation video games with high-resolution 3-D graphics! We had the Atari 2600! With games like "Space Invaders" and "asteroids" and the graphics were horrible! Your guy was a little square! You actually had to use your imagination! And there were no multiple levels or screens, it was just one screen forever! And you could never win. The game just kept getting harder and harder and faster and faster until you died! Just like LIFE!
7. When you went to the movie theater there no such thing as stadium seating! All the seats were the same height! If a tall guy or some old broad with a hat sat in front of you and you couldn't see, you were just screwed!
8. Sure, we had cable television, but back then that was only like 15 channels and there was no onscreen menu! You had to use a little book called a TV Guide to find out what was on!
And there was no Cartoon Network either! You could only get cartoons on Saturday Morning. Do you hear what I'm saying!?! We had to wait ALL WEEK for cartoons!
9. And we didn't have microwaves, if we wanted to heat something up, we had to use the stove or go build a fire .... Imagine that! If we wanted popcorn, we had to use that stupid JiffyPop thing or a pan with HOT oil and Real popcorn kernels and shake it all over the stove forever like an idiot.
10. When we were on the phone with our friends and our parents walked-in, we were stuck to the wall with a cord, a 7 foot cord that ran to the phone - not the phone base, the actual phone. We barely had enough length to sit on the floor and still be able to twirl the phone cord in our fingers. If you suddenly had to go to the bathroom - guess what we had to do..... Hang up and talk to them later.
That's exactly what I'm talking about! You kids today have got it too easy. You're spoiled!!
You guys wouldn't have lasted five minutes back in 1980!
But before you go running your mouth or making fun of us, just remember: We are the ones that invented all of these things for you guys!!!
Lafayette California Real Estate Specialist
Serving the Bay Area real estate market: Lafayette, Walnut Creek, Orinda, Alamo, Danville, Moraga, Pleasant Hill & San Francisco.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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