December Nights
December 7th and 8th at Balboa Park

Christmas in San Diego is very special time of year. We don’t have snow to build a snowman like those  that live back East and  our temperatures are not freezing cold so we put on an extravaganza like no other in the entire country.

Christmas Nights, In our traditional San Diego style, kicks off the holiday season December 7th and 8th. I am always impressed how our city can pull all the parts together and put on an event like this. This is our 35th year and like years before, this years event will hold to our tradition of free admission for all, even in these uncertain economic times.

Christmas is a time of giving and the city of San Diego does it best!
I have attended this event every year for as long as I can remember and it just gets better and better. Taking place in one of my favorite all time favorite places, Balboa Park, we are able to easily hold the over 300,000 people over the two days and nights which doesn’t even begin to fill the park. We could hold another hundred thousand more over the several dyas and nights and each years this event grows bigger and bigger.

The festivities are all through the park but the main entertainment takes place at the Spreckles Organ Pavilion with the massive seating and incredible sound system for it’s organ recitals, provided every Sunday afternoon, year around.

One of things I personally love is the remote off-site parking sites all around San Diego, the marvelous and wonderful shuttle transportation system to get you there and again free of charge. There just is nothing like this event anywhere.

The entertainment is incredible with the annual Christmas Tree Story centered around a huge Christmas Tree that opens up with real people representing the story of Christ. The participating vocal groups and Children’s groups make for a special evening filled with the traditional Spirit of Christmas. BTW, This event is everyone no matter your beliefs or religious preference. It is about love, giving and sharing and as far as I can discern, every religion shares that spirit.

The Many International Houses provide the food selections from around the globe at the International Christmas Festival at the House of Pacific Relations Cottages and each has their own native country’s best prepared dishes. From fast foods to full course dinners, all is available throughout the International area. The most difficult part for me of the many foods available is which one to choose.

In addition, the many different  museums are open free to the public from 5:00-9:00pm both nights and feature a wide variety of exhibitions and entertainment-from the Timken Museum’s annual Christmas Tree displaying the exquisite Schlappi Collection of Hord and Schlappi Christmas ornaments-to the Reuben H. Fleet’s kid-friendly and interactive Kid City-to the San Diego Natural History Museum’s Fossil Mysteries set to holiday music in the atrium. For the little train engineers and thier Dads, the San Diego Model Train Museum is a must see. This is one of my personal favorites having grow up with a Dad that loved his trains and sharing his many displays with Children groups throughout the county that we lived. My Dad sparkled at Christmas and I inherited his special joy of the holiday.

I’ll see you there!

The real estate industry has a simple definition of value that many times seems to run at odds with appraisals and that is what a willing and able buyer and seller agree to. The lenders that put up the majority of the money on most home sales have always had the last judgment on this by requiring an independent 3rd party opinion of value to verify the market value.

Back before the market run up of values, the lenders wanted to get the loans out to just about anyone that wanted one.Today, that is all different with underwriting guidelines that are quite stringent. Now more than ever with so many loans in the recent past that went bad, the lenders are now over compensating ( my opinion) and making the lender process way more difficult that it need be ( my opinion again).Here are some of the common questions and basic answers that might shed some light on the process that everyone can understand. Please know that I am not an appraiser but a REALTOR® with real estate experience.

1.  What is the Core Duty of an Appraiser?
To establish an independent 3rd party opinion of value on the day it is evaluated.
2.  When an Appraiser walks into a Home, what will they do and what they are looking for?
The appraiser will first measure the property and will want to verify the characteristics of the property and how it  compares to other properties that have sold recently. If there are no comparables in the neighborhood, the appraiser can extend out their search until they find similar properties. Throughout the evaluation process, they will be mindful of the established principles that they use to further evaluate their findings to prepare an opinion of value.
3.  Does an appraiser fear coming in with too high of value today, based the excessive values during the run up of property prices?
Generally when other properties are used for the comparables, there are aspects of the property that have relative values that are established, such as views, values of bedrooms, baths, lot size, etc. The appraiser is generally not concerned with over or under valuation in their opinion of value or perhaps rephrased, no, at least they shouldn’t be.
4.  Can appraisers out of area do as good a job if they have not worked in the area.
There are varying opinions on this and most good appraisers would familiarize themselves with a particular area if it is new to them. In most instances following the established principles of value, these appraisals would not vary much. Having said that, most REALTORS® have had experiences where the appraiser missed many of the unique features or nuances that are also factors of value in any particular community or housing area.
5.  Is there anything a consumer can do to insure they are getting a fair appraisal?
Yes.  If an appraisal doen’t seem right, it can be contested and either re-evaluated or re-appraised at the insistence of the parties concerned. Understand that if the appraisal is low for instance, the Buyer who is the co-beneficiary along with the lender and does not have to agree to pay for a new appraisal. On the basis of the appraisal they can also vacate the contract if they have an appraisal contingency in the purchase agreement because the value was lower than their accepted offer. They could also work with the lender to attempt an appeal if there are reasonable grounds for doing so.
6.  If a Seller and Buyer Agree on a price, why would an appraiser appraise it lower or higher than the agreed to price?
The appraisal is an independent 3rd party opinion of value. The Bank which places the order for an appraisal, even though the Buyer pays for it, wants to be sure that the loan to value is clearly established and that the value is not exaggerated but is appropriate for this property.
7.  Why do we need appraisals if sellers and buyers agree to a price?
If the Buyer is paying all cash for example, the Buyer may chose to have an appraisal or not. If there is Lender financing, it is the Lender that is trying to establish that the value is equal to or greater than the offered price and that will involve an independent appraisal. The Buyer may have a lot or little equity in the purchase determined by their down payment and the less equity they put into the property at time of purchase, the more sensitive the  lender has to be should the Buyer default on their loan and lender has to take the property back.
8. If an appraisal comes in low, did we overprice the home?
On the surface, that would be a fair conclusion. But the factors that determine an appraised value are based on recent sold comparable properties and established Principles of Value. There are some properties that are sold by private sale and not always available at time of appraisal, or there may be properties that are under contract that may be higher than the comps used by the  appraiser. They generally don’t have access to the amount of the sale until it closed. There are other variables that also may contribute to a low appraisal such as the wrong comps or other incorrect information.
9. If the appraisal comes in low, do the Buyers and Sellers renegotiate the sales price?
That is one of the possibilities. If an appraisal comes in low,  advise the REALTOR® and they will make sure doubly sure the appraisal is correct and complete. If not, the appraisal can be contested if the parties are willing to so. A low appraisal would seem to benefit the buyer but that would be true only if the Seller agrees to sell at the lower price. If the Sellers do not agree to selling at the lower price, Buyers would also have the option to bring more cash to the table in making up the difference between appraisal and the sales price, less the amount being financed. This usually happens only in tight markets ( prices are typically rising ) or where supply is low or the property is just really extra special and the Buyers wants this and only this property.
Incorrect and too low or too high appraisals can happen.
Discuss this with your REALTOR® and Lender before taking any other action.

]]> http://therealestatetextbook.com/2012/11/18/client-questions-about-the-real-estate-appraisal-process/feed/ 0 http://therealestatetextbook.com/2012/11/08/deluxe-townhome-for-the-urban-lifestyle/ http://therealestatetextbook.com/2012/11/08/deluxe-townhome-for-the-urban-lifestyle/#comments Thu, 08 Nov 2012 21:25:24 +0000 William Johnson http://therealestatetextbook.com/?p=1556

Deluxe Townhome Living in the Heart of San Diego, CA

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$505,000 Single Family Home Main Features 3 Bedrooms 3 Bathrooms Interior: 1,430 sqft Location 6345 Caminito Del Pastel San Diego, CA 92111 USA To get updates on open home dates and other property events, please click the “Like” button below:

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William Johnson RE/MAX Associates (858) 4876975 William@WilliamEJohnson.com http://WilliamSellsSanDiego.com      Listed by: RE/MAX Associates

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The award identifies San Diego Real Estate professionals who score the highest in overall client satisfaction. The award is based on extensive surveying of home Seller and Home Buyers, mortgage and title companies on nine client satisfaction criteria also based on a review of regulatory history and a review of the list by industry experts.

I always feel a sense of pride that my clients give me such high service marks and makes the extra service I provide so worth the effort to give my clients and agents that I co-op with an excellent transaction experience.

Senate Bill 183 Lowenthal (SB183) created the Carbon Monoxide Poisoning Prevention Act of 2010 (Act). The Act requires carbon monoxide (CO) detectors to be installed in every dwelling unit intended for human occupancy. A CO detector is a device that detects the presence of CO and emits a loud noise to alert occupants that CO is present in order to prevent CO poisoning. Detection of CO in a home environment is impossible without a warning device because CO is colorless, odorless, tasteless, and invisible (unlike smoke from a fire). It is often referred to as the “silent killer” because it is virtually undetectable without using detection technology.

Although the placement and location of carbon monoxide detectors in the home is not clearly spelled out in the Act, the packaging of your CO detector (which can be purchased at any home or hardware store) will provide for the proper placement in your home of your specific device. Installation locations will vary by manufacturer due to the degree of research conducted on that specific type and style of detector. Read and clearly understand the instructions specific to your unit – they are not all the same so PLEASE READ THE INSTRUCTIONS.

Here are some general guidelines common to most manufacturers of CO devices:

• CO devices should be placed on every level of your home, including the basement, and near or over any attached garage

• CO devices should be located within 10-15 feet outside of each separate sleeping area

• CO devices can be placed on the wall or the ceiling as specified in the installation instructions

• They should not be installed within 15-20 feet of any furnace or fuel burning heat source

• They should not be placed in or near humid areas, such as bathrooms

• They should not be placed in areas where they may be damaged by children or pets

• They should not be installed in areas of direct sunlight or areas subject to temperature extremes. (crawlspaces, unfinished attics, porches)

• They should not be installed behind curtains or other obstructions

• They may not function if installed near ceiling fans, heat vents, air conditioners, fresh air returns, or open windows

• Life expectancy for detectors will be specific to each manufacturer’s recommendations. Carbon monoxide detectors actually have an expiration date, so check with the manufacturer instructions to determine how long the carbon monoxide detector is supposed to last and maintain your specific unit accordingly.

The Act’s only disclosure requirement in a real estate transaction is the Real Estate Transfer Disclosure Statement, but SB183 provides that The Homeowners’ Guide to Environmental Hazards (prepared pursuant to Section 10084 of the Business and Professions Code) (Guide) should include information regarding CO when the booklet is next updated. Since the official Guide has not yet been updated by the Department of Toxic Substances Control, Property I.D. has included a general notice of Carbon Monoxide Devices since May 2010 to further ensure compliance with the Act by all parties in the real estate transaction.

Here is the notice provided in every Property I.D. Report:

Carbon Monoxide Devices
Pursuant to the Carbon Monoxide Poisoning Prevention Act of 2010, carbon monoxide detectors must be installed in every dwelling unit intended for human occupancy. Carbon monoxide is a gas produced when any fuel is burned, such as gas, oil, kerosene, wood, or charcoal. Because it is not possible to see, taste, or smell it, carbon monoxide can kill in minutes at high levels. Carbon monoxide detectors are similar to smoke detectors in that they will signal detection of carbon monoxide in the air. These carbon monoxide detectors should be installed outside of each separate sleeping area in the immediate vicinity of bedrooms, on every level including basements within which fuel fired appliances are installed, and in dwellings that have attached garages.