Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
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Escrow-Who Does What in the process? Whether you are a Buyer or a Seller, the purchase or sale of a home in California goes through Escrow. Escrow is the process of transferring property from one party to 
another. In this process, each party will have items in which they are responsible for.
Escrow Company Responsibility:
Seller Responsibility:
Buyer Responsibility:
Lender Responsibility:
No matter what your role is in the process, make sure your responsibilities are completed in a timely manner. This will ensure the Escrow process can remain on track for your closing date. If you have questions about what you need to do, make sure you talk to your agent or Escrow Officer! Everyone is working toward the same goal; Closing the deal!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
East County Job Fair 2010
It has been a tough few years for Californians. With the unemployment rate for San Diego County at 10.1% as of December 2009, many of our friends and family have felt these numbers first hand. Not only does someone we know need work, many are struggling to keep their heads above water. Salary cuts and 
work share programs have been felt throughout the county.
Whether you are looking for a new job or a 2nd job, check out the East County Job Fair. On February 19, 2010, Congressman Duncan Hunter will be hosting a Community Job Fair at the Ronald Reagan Community Center in El Cajon. This event is sponsored by the East County Career Center and will be from 9 am to 12 pm.
At the Job Fair you will meet with many local companies that will be present taking applications, speaking to applicants and get hired! Here are some tips to prepare yourself for the Job Fair:
Some of the companies that will be attending the East County Job Fairare The City of San Diego, Coca Cola, Cox Communications, FBI, Hyatt Regency, Metlife, New Car Dealers Association, San Diego Police Department, Sears, UCSD, Viejas and XL Staffing and Security. You can see a complete list of employers that will be present here.
You will have the opportunity to complete applications, talk to company representatives and network! If you would like to participate in the East County Job Fair, you may register for the event at the Congressman's Website. Don't be afraid to ask for the job! Good Luck in your hunt for a new career at the East County Job Fair!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
On January 21, 2010 FHA announced one of the many policy changes that will affect home buyers. How will these changes affect you? Let's take a moment to review.
In the mortgagee letter released on January 21, the first change to be implemented will be the increase of the Upfront Mortgage Insurance premium from 1.75% to 2.25%. This will affect any loan application with an FHA Case Number issued on April 5, 2010 or after. This increase in mortgage insurance premiums has 
been set in place to cushion against rising defaults on FHA insured loans. This money will enable the department to increase their reserves while protecting taxpayers from another bailout of a failing agency.
The amount of the Upfront Mortgage Insurance Premium will still be financed into the loan amount, however, it will increase the monthly payments as the amount borrowed will increase. This will have a small affect on qualifying. For example, on a $250,000 loan, currently the Upfront Mortgage Insurance Premium would be $4375 and after April 5 would increase to $5625.
Additionally, FHA has announced there will be changes which will be implemented by summer on the following items. The mortgagee letter clarifying the changes has not yet been released, but is expected in February.
In addition to these changes, FHA has placed stricter requirements on Lenders making FHA loans to ensure that Lenders are making good credit decisions. FHA will monitor the default rates of loans originated by approved lenders and if the lender is exceeding default limits, their FHA approval will be revoked.
All in all, how will these changes affect you? The increase in Mortgage Insurance and proposed change in MMI will have a small impact on qualifying due to a minimal increase in payment. The seller concessions decreasing will affect the ability to negotiate the payment of closing costs by the seller, but in the big picture, it will also protect the consumer from inflated home values, as usually the concessions were worked into the purchase price of the home.
The good news is most of these changes are a bit in the future! In order to take advantage of the tax credit, you must be in contract before April 30th and close no later than June 30th 2010. So avoid all of the changes, take advantage of the tax credit and find your dream home today!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
One of the first steps in the home buying process is chosing a lender and getting prequalified for a motgage loan. The lender will ask you for your family income, the money you have available for a down payment, closing costs and cash after closing. They will review your credit report and any outstanding debts you may have and they will help you determine the amount you can afford for a monthly payment of principal and interest along with taxes, insurance, and possibly mortgage insurance. By determining this upfront, you will be in a better position to chose the home of your dreams.
There are many options to consider when choosing a lender and choosing a loan.
It is important to chose a lender that understands your needs, will listen to your concerns and treat your money as you would. You have worked long and hard to get to this important time in your life and your lender must respect and honor your hard work and dedication in achieving your goals. With the recent turmoil in the housing market, it may seem as though there is no one left, or no one to trust. Not so! So where do you start? I can provide you with many referrals as well may your friends and family. You may also want to consider where you have your checking or savings accounts; which may be a bank or credit union.
There are a few different options you have available to you in the way of financing. There are low down payment loans, no down payment loans and loans that will require you to put money down. Chosing a lender to advise you as to the best loan available for your situation will start you on the road to your new home!
Chosing a lender is an important part of the home buying process. Take a look at my post on The Importance of A Good Lender to help you in making an informed decision. Make the Home of Your Dreams a Reality today! Chosing a lender is good first step!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Looking for money? Well of COURSE Stephanie, who ISN'T looking for money? Well, if you are a California Home Buyer looking for money to assist with down payment or closing costs, you are in luck! There is money available for you!
The National Homebuyer's Fund Inc. has put together a program for California residents to assist buyers in purchasing a home by providing money that may be used for a down payment and closing costs. This 
program is called ACCESS.
Check out the highlights:
Here you thought you could not own a home because you have no money! Well, stop looking for money! The ACCESS program may be just the thing you have been looking for if you have been looking for money!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Owning property in Mexico may be something you have considered. With all of the beauty, fishing, golf and surfing we Southern Californians enjoy in Mexico, the idea of owning property in Mexico just makes sense.
Thanks to Thomas Lloyd we are being given many opportunities to learn the requirements and nuances that owning property in Mexico bring about.
U.S. taxpayers are required to file certain reports with the U.S. government if they own property in Mexico, have a business in the country, or are shareholders in Mexican corporations Uncle Sam, U.S. tax watchdog, has instituted a voluntary disclosure program for those people who may have omitted reporting in the past. This program is designed to limit penalties that may be imposed on those U.S. taxpayers who have failed to make the required declarations previously.
A tax specialist, familiar with the law and reporting requirements in both the U.S. and Mexico can provide details. However, the most common issues that need to be addressed are the following:
Property owned in a Mexico Bank trust (fideicomiso): Under Mexican law, any residential property located in therestricted zone when foreigners are involved, must be placed in a Mexican bank trust, fideicomiso. Therestricted zone is an area 50 kilometers (approximately 30 miles) wide along all the Mexico real estate coastlines and 100 kilometers (approximately 60 miles) from the Mexico U.S. and Mexico-Belize borders
Under the U.S. regulation section 6048 (b) Taxpayers must report ownership interest on Form 3520-A yearly and on form 3520 initially and if there are any changes The penalty for failing to file these information returns is five percent of the gross value of trust assets determined to be owned by the U.S. taxpayer.
Bank and Financial Accounts: U.S. taxpayers must annually report direct or indirect financial interest in a financial account that is maintained with a financial institution located in a foreign country if, for any calendar year, the aggregate value of all foreign accounts exceeded $10,000.00 USD at any time during the year. This report of Foreign Bank and Financial Accounts is commonly known as an FBAR, and the penalty can be as high as the greater of $100,000. USD or 50% of the total balance of the foreign account if the failure is deliberate omission (Sec.31 U.S.C. 5321(a)(5) Nonwillful violations are subject to a civil penalty of not more than $10,000.00 USD.
Shares of Stock or Interests in Mexican Corporations and/or partnerships: Generally shareholders or partners with a 10% or greater interest in the partnership or corporation must inform the IRS of same through Forms 5471 or 8865 Failure to file can be quite costly.
As in most countries the U.S. tax regulations are complicated, especially when dealing with properties or assets located outside the United States. Accountants, tax advisors and tax preparers do not always know the rules regarding filings for international assets nor the ramifications of failure to file. For this reason it is highly important that the US taxpayer consult with experts in these bi-national transactions.
TAX OBLIGATIONS IN MEXICO:
Any foreigner with real property or business income in Mexico must also plan to pay taxes in Mexico. The good news! When paid with the proper receipts, certain of these taxes can become a CREDIT or a DEDUCTION in the country of tax residence!
For example:
Mexico Property Taxes: Whether in the La Paz real estate market, in Cancun, or in Huatulco, taxes are due and payable every two months, or can be paid in one annual payment, usually with a substantial discount, during the first two months of each calendar year Property taxes are based upon the value declared by the property tax office where the property is located and are generally relatively low in comparison with rates in the U.S. and Canada.
On-going taxes on business income: If you have a Mexican corporation or partnership, no matter what the activity, a monthly declaration must be filed for IVA taxes (Added Value Taxes) and for Impuesto Sobre La Renta which, in this case, is more like an income tax. A local Mexican accountant should be hired to review the accounting procedures and to prepare and file the monthly declarations. The monthly tax payments are generally considered as provisional and an annual declaration will show either a refund or a payment due These taxes can also be a credit or a deductible expense in a home country, depending upon how the companies are established. An attorney-accountant with international expertise in this will be an important advisor to help avoid double taxation on profits.
Impuesto Sobre La Renta when a property is sold: is a capital gains type of tax. For foreigners who are tax residents of another country, the tax is calculated in two ways:
1. It is a flat amount of the total selling price; without deductions, or
2. It is a percentage of the difference between selling price and the tax basis shown in the seller s deed, less allowable deductions.
The Notary Public should also provide the seller with a copy of the tax payment for use with the tax authorities in seller s tax residence country.
Impuesto Sobre La Renta when income is received from a rental of Mexican property:
All income received from Mexican property is taxable in Mexico, regardless of the nationality of the owner Thus, the US or Canadian citizen who rents a condominium or home regularly, or occasionally, through a property manager or via internet, is obligated to file declarations MONTHLY. Failure to declare income can cause very high penalties. The good news taxes paid are credits or deductions in taxpayer s home country.
"Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"
Thomas Lloyd, graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. Mexico
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Last year I worked with a military family that really struggled to get an offer accepted. With every offer we made, they were just not the offer sellers were looking for. Too many cash buyers or conventional financing were a little more desirable than 100% financing on a VA loan. Even though we wrote offers 
above asking price (when value allowed) and closing costs to be covered by the lender. It was quite a struggle.
We looked at everything. From dumps to beauties, some in areas they did not really want to live. I really went to bat for them on every deal. I loved these guys and wanted them in a home! As did they! FINALLY we found a corporate owned home, the day it went on the market and we made a really good offer! IT WAS ACCEPTED! We closed in less than 30 days and voila! They had their new home!
They were so excited and immediately went to work on making it home. It needed a little work, but they were both willing to put their hands, their friends hands and their families hands to work for them! New paint inside (although it had just been painted!) new appliances, new couch and all! (Hey, one of the 
benefits of being in the military is the commisarry!)
Throughout the process, I have been kept in the loop. Updates regularly of what they have done, what they were going to do next. It is soooo rewarding to have helped this family find this house and be a part of the transformation from house to home.
I received a call yesterday from The Happy Homeowners asking me to come see the (mostly) completed transormation. Of course, I drove over, pulled in front of a totally different, beautiful home! From the new exterior paint, new window trim, new garage door and opener to the amazing interior changes, I was so excited for them! The joy and pride of showing me their home reminded me why I do this! I love my job! 
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Storm Watch San Diego. Not something we are used to hearing in America's Finest City. When our average temperature is 70 and Sunny, hearing that we are in for the worst weather in years takes us by surprise!
This morning the National Weather Service has issued a Hazardous Weather Watch for Southwestern California. Beginning Monday, we are expected to see up to 15 to 25 inches of rain and snow in the 
mountain areas and wind gusts up to 60 mph in our inland valleys. The snow level will drop from 7000 feet Monday to as low as 5500 feet by Thursday.
With this type of downpour expected, please watch for hazards throughout the county. With the areas struck by wild fires being the most dangerous. We are likely to see flash floods and dangerous mud flows during this time.
Remember to drive safely in this weather and to avoid driving through the flooding streets, especially in Mission Valley! It never fails someone gets stuck 
there! Prepare your property for the storm by taking advantage of the county's free sand bagsthat will help prevent damage to your property from the erosion and excess water.
If you find yourself in a bad situation during this storm and do not know where to turn, don't forget about the great resource of 211 San Diego. Just dial 211 from any phone and you will speak to a specialist trained to assess your situation and connect you with the correct agency to help your specific situation. During a disaster, 211 San Diego is a great resource for San Diegans in need. They work directly with the County of San Diego's Office of Emergency Services to provide information to our community. You can also see them on the web at www.211sandiego.org
Stay dry, but more importantly, Stay Safe!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Storm Watch San Diego. Not something we are used to hearing in America's Finest City. When our average temperature is 70 and Sunny, hearing that we are in for the worst weather in years takes us by surprise!
This morning the National Weather Service has issued a Hazardous Weather Watch for Southwestern California. Beginning Monday, we are expected to see up to 15 to 25 inches of rain and snow in the mountain areas and wind gusts up to 60 mph in our inland valleys. The snow level will drop from 7000 feet Monday to as low as 5500 feet by Thursday.
With this type of downpour expected, please watch for hazards throughout the county. With the areas struck by wild fires being the most dangerous. We are likely to see flash floods and dangerous mud flows during this time.
Remember to drive safely in this weather and to avoid driving through the flooding streets, especially in Mission Valley! It never fails someone gets stuck there! Prepare your property for the storm by taking advantage of the county's free sand bagsthat will help prevent damage to your property from the erosion and excess water.
If you find yourself in a bad situation during this storm and do not know where to turn, don't forget about the great resource of 211 San Diego. Just dial 211 from any phone and you will speak to a specialist trained to assess your situation and connect you with the correct agency to help your specific situation. During a disaster, 211 San Diego is a great resource for San Diegans in need. They work directly with the County of San Diego's Office of Emergency Services to provide information to our community. You can also see them on the web at www.211sandiego.org
Stay dry, but more importantly, Stay Safe!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
Please feel free to subscribe to my blog or contact me at 619-838-4408.
Stephanie Reynolds
Colleen Mitchell (619)261-9092