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Closing Chaos – Top 5 Delays for Close of Escrow

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Top 5 Delays of Close of Escrow

The infographic below courtesy of the California Association of Realtors explains some of the most common reasons for a delayed settlement.

delays to close of escrow
Courtesy of California Association of Realtors

Looking ahead to the spring, expect a busy time with many homes coming for sale in a busy market. With this in mind, avoiding these hurdles can really help real estate buyers have a quick, smooth closing process.

Issues related to obtaining financing:

Many buyers get preapproved, which means getting a written loan commitment from a bank saying it will provide you with a mortgage for a certain amount of money. This is a smart move and helps make the financing process go smoothly but there are still problems that can arise and prevent the loan from closing. If the loan application was inaccurate, interest rates go up sharply, your job situation changes, or the borrower’s credit score changes it could result in the closing process being drawn out to fix any problems.

Appraisal issues:

Once a home goes into contract, the bank has to be assured that the value of the home is equal to the price paid. The appraisal does this by comparing the sale price to recent sales of comparable homes. If the appraiser deems that the price is too high, it can cause issues with financing the home purchase.

Home inspection/environmental issues:

Most purchase offers have a contingency written into them, so that if the inspection reveals serious problems, the buyer can back out of the purchase. Based on the home inspection a buyer may want to renegotiate the price or ask the seller to perform repairs prior to close of escrow. These negotiations and repairs can delay the closing process.

Titling/deed issues:

Title insurance is provided so that the buyer’s ownership is free of defect and that no other person can claim ownership. Sometimes in that process a discrepancy or error in prior transfers is discovered. Resolving these issues can take time to find the prior owner to clear the issue.

Contingencies stated in the contract

Other contingencies such as selling a home or paying off a debt can delay closing as well.

Bottom Line

Doing your best to avoid these issues can lead to a quick closing and aid in success whether you are purchasing or selling a home.

Buying a Home in Concord.

If you are looking to buy a home or sell a home around Concord, CA, I would be delighted to help you. Please feel free to call me at 925.385.8798 or use the contact form to get in touch.

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Concord Real Estate News (January 23, 2018)

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concord real estate news

Explore the latest real estate and local news headlines: Why San Francisco is the nation’s most competitive housing market. Tech execs back California bill that aims to build more housing near transit locations. Here in Contra Costa County, there is a debate over whether home owners are responsible for storm drain repairs under private property or not. Now for things that affect more of the Bay Area: A proposed $3 toll hike moves to the ballot box. Finally, for those who ride BART, their first new train is here at last.

This is what makes S.F. the nation’s most competitive housing market

In possibly a bit of unwelcome news for prospective homebuyers, San Francisco comes up on top in a LendingTree ranking of the most competitive housing markets in the country.

The online lending exchange identified the financial elements that make buying a home difficult and used its database of 1.5 million mortgage loan requests to rank cities based on three factors: the share of buyers shopping for a mortgage before choosing a home, average down payment percentage and percentage of buyers who have prime credit.  Read More…

CoCo County: Homeowners Responsible for Storm Drain Repairs Under Private Property

KPIX ConsumerWatch reporter Julie Watts explains there is a storm brewing over who is responsible for paying to fix and replace aging storm drain pipes buried under Bay Area neighborhoods.

Click ‘play’ on the video above to watch the report and Click Here to see the original post on Claycord.com

Now in voters’ hands: Proposed $3 toll hike moves to the ballot box

SAN FRANCISCO — Bay Area voters now will decide which is worse — unrelenting traffic or paying up to $9 to cross a bridge.

The Bay Area Toll Authority on Wednesday voted unanimously to place a $3 toll hike on the June 5 ballot in all nine counties. If approved, the $4.45 billion measure is expected to be at least a partial answer to the traffic woes plaguing commuters. Read More…

It’s here! First train in BART’s new fleet makes inaugural run

OAKLAND — Brighter, cleaner, quieter: Those were just a few words BART riders used to describe the first train in the agency’s new fleet, which made its inaugural ride Friday…

The milestone was significant for the transit agency, which struggled with delays as it sought to iron out all the kinks with the new cars. BART is replacing all 669 of its train cars with 775 new ones, a $2.6 billion effort to update the aging and sometimes unreliable fleet, add capacity by running longer trains and improve passengers’ experience. Read More…

Tech execs back California bill that aims to build more housing near transit

Bigger, taller apartment buildings surrounding your neighborhood BART station? More than 100 California tech leaders are enthusiastically saying yes, please. Read More…

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord by map (click the map below):

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Concord CA Real Estate Map Search

 

What Impact Will the New Tax Code Have on Home Values?

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What Impact Will the New Tax Code Have on Home Values? | Concord Homes For Sale

As the largest city in Contra Costa County, there are many Concord homes for sale, particularly in the zip code 94519. Concord offers accessibility and a measure of affordability when compared to its pricier neighbors of Pleasant Hill, Walnut Creek, and Clayton.

Neighborhoods within the 94519 zip code include:

  • Dana Estates
  • Monte Gardens
  • Holbrook Heights
  • Wren Avenue
  • El Monte
  • San Vincente

These Concord neighborhoods offer proximity to Todos Santos Plaza and the downtown Concord BART station. As well, they provide access via Willow Pass Rd. to Highway 4.

Today I would like to talk about: What Impact Will the New Tax Code Have on Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

What Impact Will the New Tax Code Have on Home Values? | MyKCM

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Here is a map based on NAR’s analysis:

What Impact Will the New Tax Code Have on Home Values? | MyKCM

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

Source… KCM Peter Maclennan Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord, CA by map (click the map below):

concord california real estate search by map
Concord CA Real Estate Map Search

Wondering If You Can Buy Your First Home?

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Wondering if You Can Buy Your First Home? | Concord Homes For Sale

As the largest city in Contra Costa County, there are many Concord homes for sale, particularly in the zip code 94519. Concord offers accessibility and a measure of affordability when compared to its pricier neighbors of Pleasant Hill, Walnut Creek, and Clayton.

Neighborhoods within the 94519 zip code include:

  • Dana Estates
  • Monte Gardens
  • Holbrook Heights
  • Wren Avenue
  • El Monte
  • San Vincente

These Concord neighborhoods offer proximity to Todos Santos Plaza and the downtown Concord BART station. As well, they provide access via Willow Pass Rd. to Highway 4.

Today I would like to talk about: First Time Home Buyers

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:

Wondering If You Can Buy Your First Home? | MyKCM

Bottom Line

You may not be much different than many people who have already purchased their first homes. Let’s meet to determine if your dream home is within your grasp.

Source… KCM Peter Maclennan Blog

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach us please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord, CA by map (click the map below):

concord california real estate search by map
Concord CA Real Estate Map Search

Concord Real Estate News (January 18, 2018)

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concord real estate news 2018.01.18Read some of the latest local real estate news headlines: Unfortunately, if you want to buy a house in the bay area, you’ll most likely have to over-ask when bidding for it. Other news: for many reasons, one of the latest housing trends is to build “Granny Flats” or small in-law units on your property. Speaking of more density, read about a new proposal that would raise height limits for housing near major transit stops. Finally, check out rent control in California. A proposal to lift restrictions was blocked but would it have been a good idea to lift it anyway?

New Bay Area housing trend: Living in the backyard

The walls weren’t even up yet on the granny flat Limei Huang is building in her San Jose backyard when people started lining up to rent the space.

The first offer came from the worker who laid the unit’s foundation. After his day’s work, he called Huang up and asked: When it’s finished, can I move in? Not long after, Huang brought in a painter. While he was giving her an estimate, he asked the same question. She had to tell him to get in line. Read More…

Bay Area housing: Over-asking bids are the new normal

Back in September, a modest ranch house sold in Sunnyvale for $782,000 over its asking price, signaling that the Bay Area housing market was even crazier than it seemed.

That sale was extreme: The buyer paid $2,470,000 for a four-bedroom, two-bath house — less than 2,000 square feet — that had listed for $1,688,000. But the deal turns out to have been an over-the-top version of what has become the new normal in the Bay Area, where home buyers are more likely to pay over-asking prices than anywhere else in the nation, according to a report from Zillow.

The analysis shows that 68.5 percent of the homes sold last year in the San Jose metropolitan area went for over the asking price. The median amount paid over list price was $62,000, which translates as 6.8 percent above list. Those were the highest numbers in the country.

The San Francisco metropolitan area, which includes the East Bay, was close behind in second place: 64.5 percent of deals were for over asking and the median amount paid above the list price was $41,000, or 6.0 percent over list. Read More…

Rent control in California: Proposal to lift restrictions blocked in committee

SACRAMENTO — A closely watched attempt to repeal a California law restricting rent control died at a packed committee hearing Thursday, but proponents vow to keep fighting — and, if they get nowhere in the Capitol, to take the issue straight to voters…

The raucous hearing attended by landlords and tenants underscored the deepening tension in the state as the housing crisis shuts out many from buying a home and forces residents to pay rising rents that outpace their incomes. Read More…

Our view: Can ‘density’ stop being a dirty word in the Bay Area?

Scott Wiener is the state senator for San Francisco. He is also quickly carving out a reputation as the state senator for housing.

Still in his first term, Wiener was the primary author and driving force behind last year’s most influential piece of housing legislation. SB35 effectively takes away from Bay Area cities and counties many of the bureaucratic tools they have long used to delay, deny or downsize zoning-compliant housing projects. Municipalities can regain those powers if and when they start meeting state-mandated housing targets.

Now Wiener’s back, teaming with fellow Bay Area legislators Phil Ting and Nancy Skinner on an even more dramatic proposal. SB827 would remove arbitrary local density restrictions and raise height limits for any project within a quarter mile of a “major transit stop” or a half-mile of a “high-quality transit corridor.” (Both are terms of art, not generic descriptions, with detailed definitions in state code far too complicated to get into here.) The bottom line is that large swathes of the tightly-packed Bay Area will be covered. Read More… 

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord by map (click the map below):

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Concord Real Estate News (January 11, 2018)

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Review the latest real estate and local news headlines: Concord will move to district council elections. Affordable apartments in Walnut Creek and Russians at center of bribery trial! Also for renters, the new normal: lower expectations and shrinking apartments. Economists say both 2018 rents and house prices will continue to grow with no end in sight. Plus, Millenial homebuyer credit scores are apparently decreasing.

Bowing to pressure, Concord will move to district council elections

CONCORD — In a move that may empower the city’s Latino voters, Concord will transition from at-large City Council elections to selecting representatives by district.

Although several of his colleagues expressed concern that districts may lead to “provincial” leaders who advocate for their areas instead of the entire city, Mayor Edi Birsan said the onus will be on voters to choose wisely.

“You are going to have to pick leaders who are sophisticated enough to represent your interests, not only in the district, but wherever else the city is,” said Birsan, a longtime proponent of district elections.

Concord joins Martinez among Contra Costa County cities scrapping at-large elections to avoid a potentially costly lawsuit. Read More…

Affordable apartments in Walnut Creek and Russians at center of bribery trial

MARTINEZ — The trial started Monday for a man accused of bribery involving low-income apartments in a lavish transit village in Walnut Creek, but the defense alleged its client and numerous others were discriminated against because they are Russian nationals.

It is an outlandish case, which authorities say might not have been solved if not for the defendant’s love of quirky, old-fashioned automobiles that led to numerous parking complaints, the property manager being transferred to another building, and the new property manager using Nancy Drew-like instincts to uncover what was going on.

The defendant, Walnut Creek resident Aziz Artykov, 50, is accused of facilitating tens of thousands of dollars in bribes to the former property manager of Avalon Walnut Creek Apartments, Matthew McVicker, who would in turn move Artykov’s friends to the top of a wait list for Avalon’s low-income housing program, which offered nice units for way below the market rate, to people who made less than half the median income. Read More…

For renters, the new normal: lower expectations and shrinking apartments

Gabriel Rodarte grew up in San Jose and has worked there for 30 years as a mailman for the U.S. Postal Service. Making his rounds, he says, “I see it all. I see three families living inside one small apartment, or total strangers who share a room. None of them stay very long; they can’t afford it”… A generation of tenants now sees itself as rent-poor, with every last dime doled out for gas, groceries and the landlord. Renters struggle throughout the Bay Area.  In San Jose, the median monthly rent for a two-bedroom apartment is now $2,550, far above the national average of $1,560.  A similar two-bedroom flat can cost even more elsewhere: $3,080 in Walnut Creek and $4,910 in Cupertino, according to a recent report.

As the Bay Area’s economy booms, and as the tech sector continues to expand, this is the new normal for those on the margins: shrinking expectations and shrinking apartments. Nearly 40 percent of working adults in the Bay Area are now “doubled up” with roommates in order to afford rent, according to a study from Zillow. Read More…

2018 house prices and rents will keep growing with no end in sight, economists say

Will 2018 be the seventh year home prices go up? Or the year the market stalls? Will this be the year that tenants get the upper hand over landlords? Or will rent hikes just keep coming?

In other words, will the seller’s market of the past 69 months continue in 2018?

We interviewed 10 economists and reviewed nine forecasts to find an answer to that question. It can be summed up in one word.

Yes. Read More…

Ellie Mae: Millennial homebuyer credit scores decreasing

The latest Ellie Mae Millennial Tracker report shows a slight decline in the average credit scores of closed loans to Millennials from the previous year.

The report, which covers November 2017, shows that the trend was most noticeable for FHA and VA loans.

According to Ellie Mae, in November 2016, the average FICO score on a closed FHA refinance loan to a Millennial borrower was 678, but that dropped to 669 in November 2017. On VA loans, the average FICO scores on closed VA refinance loans dropped from 725 in 2016 to 710 in 2017.

“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “While these scores are still significantly above the levels seen a few years ago, it is encouraging to see increased accessibility, especially as the millennial population continues to pursue home ownership.” Read More…

Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord by map (click the map below):

homes for sale in concord ca
Concord CA Real Estate Map Search

 

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