Melissa's Blog

Proposition 90: Homeowners Exemption Age 55+.  It’s a “property tax incentive to move”.  The main qualification of this proposition, however, is that you already own a home…it allows a homeowner 55+ to transfer the assessed value of their home to a new home and pay taxes based on the assessed val...

Housing Market Conditions Favor Homebuyers Home price affordability has improved dramatically...53.8% of all new and existing homes sold during the first 3 months of 2008 were affordable to families earning the median household income of $61,500.  Three factors combined to substantially increase...

If you buy a second home now for retirement later, you could give yourself a hedge against home price hikes as well as a relatively low-cost retirement shelter with an equity cushion.  That assumes during ownership you can find tenants who'll pay enough rent to cover your investment costs.  The u...

Proposition 8 - What is it? In 1978, California votes passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value."  A decline-in-value occurs when the current market value of your property is less than the curre...

I really love this house, but it needs work...    The FHA 203(k) loan allows the buyer to finance the cost of improving an existing 1-4 unit property into 1 loan at a long term fixed or adjustable rate.  The mortgage amount is based on the projected value of the property with the work completed ...

REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a bank or lender is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs...

My parents have their Hermosa Beach home on the market and recently had an interesting offer come their way.  Understandably in this current market people are finding creative ways to buy and sell real estate, but this "creative" offer struck me as an old fangled way around fraud. The buyers were...

As part of the government stimulus package the new FHA loan limits will increase from $362,000 to $729,000 for LA and Orange County.  What this means to buyers, and those who may be sitting on the fence, is that 2008 is the time to buy.  Interest rates remain low, and this stimulus package is TE...

Here is another hurdle we young professionals struggle with in this business - a return on our SOI.  I don't know about the rest of you out there, but here is my predicament: my SOI is best described as my peers and family.  I am 28, female, single, and have been in real estate 2 years.  I consid...

Acceptance:  The date when both parties, seller and buyer, have agreed to and completed signing and/or initialing the contract. Adjustable Rate Mortgage:  A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest...