DEATH, MELLO ROOS, SOLAR LEASE, HIGH ELECTRIC, BACK TAXES & ATTORNEY LIENS

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Real Estate Agent with Allison James Estates & Homes 01079287

Dream Home For Sale. But not for the faint of heart. The biggest negative about this home was inorder to qualify for a loan, a potetial buyer had to qualify for $50,000 more than what the sellers were selling it for. The reason was the solar lease, because it was attached to the county tax roll, the lender had to figure the monthly lease amount and the Mello Roos with the 1% purchase price, property tax amount totaled an extra $650.00 a month, then add the PITI. Fortunately there was not a monthly HOA fee. And because the two story 3100 sf house had a blown out grotto swimming pool with multiple water falls, the electric after the solar lease was $309.00 per month, averaged over the year. solar lease monthly was $360.00 a month and was not locked in and varied annually with 13 years left on the lease. 

More disclosures the seller's aged Mother had passed in the house four years prior. and the seller had also decided to go on vacation for the last four years and not pay the property taxes. When I pulled title there was also a little attourney lien on title. Luckily the seller inherited from their parent who had paid cash at the peak of the market 2007. And the current value was still over $100,000  less than what they had purchased the property for. Oh yes and they took out a Home Equity loan to put the pool in four years earlier and only paid the minimum monthly payment so the balance had not been paid down. 

This was not a sale for the faint of Heart. As the calls came in I explained the above to 12+ buyer agents. And since I wasn't into wasting anyone's time, I would call all of the potential buyers Loan Offcers to explain how much monthly would be needed, for a potentintial buyer. It was slow and tedious process but atlast a buyer shined through and understood the fees and wanted to purchase, yeah! COE last week. DISCLOSE DISCLOSE DISCLOSE!

Who says Realtors don't earn their way!!

Tere Rice

Bre# 01079287

Allison James Estates & Homes

temecularanchandhomes.com

 

 

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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Topic:
Real Estate Best Practices
Location:
California Riverside County San Jacinto
Tags:
loans
mello roos
sellers
buyrs

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Tere Rice

First Time Home Buyers, VA Buyers, Horse Ranches,
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