CONDO HOMEOWNER ASSOCIATIONS:  RESERVES, INSURANCE AND DELINQUENCIES Because of recent underwriting changes by Fannie Mae (the federally chartered company that buys home mortgages and sells them as securities), lenders are now required to examine an association's finances before making loans.  For loan approval, Fannie Mae requires the following: - Delinquencies. No more than 15 percent of association's dues can be more than one month delinquent. - Insurance. The operating budget provides adequate funding for insurance deductibles. - Reserves. At least 10% of budget is allocated to funding reserves. - Renters. At least 51 percent of the total units in the project must have been conveyed to owner-occupant principal residence or second home purchasers. If an association fails to meet the ... 05/19/2008

Down Payment Assistance using Real Numbersby Hassan NicholásBy request we have been asked to do a demonstration of how using a down payment assistance program could work with alleviating higher costs and narrowing the affordability gap between buyers and home prices.The bottow example uses the County of Los Angeles HOP (Home Ownership Program), ADDI (American Dream Down Payment Initiative), and MCC (Mortgage Credit Certificate) programs to illustrate this concept: HOP offers a deferred loan of the lesser of $90k or 25% of the appraised value in targeted areas, and the lesser of $80k or 20% in non-targeted areas.   ADDI offers the greater of $10k or 6% of the appraised value of the home   MCC offers between 15-20% tax credit, depending on area.   Remember that this is only one possible s... 05/19/2008

Home Buyers appear to be coming back to the market in bigger numbers to take advantage of discounted prices. "Home sales surged 22% in April in Southern California as bargain-hunters bought lower-end homes in areas hardest hit by foreclosures" according to a report by CNN. Sales of new and resale homes and condos reached 15,615 in April, up from 12,808 in March and the highest monthly total since August, according to DataQuick Information Systems. This is encouraging news. Prospective Buyers should no longer procrastinate their buying decision, waiting for the market to bottom. If they can afford to purchase now, they should do so. 05/19/2008

Do you know that when a spouse in a straight marraiage dies, and the property (owned by the two spouses) is valued for Estate Duty purposes, there is what is called a "stepped up basis" which is not applicable in Gay Marriages or Civil Unions. Practically, what this means is that if a property is valued at (for example purposes) at $100,000, and the surviving spouse sells the property the day after the one souse dies, Capital Gains Tax is payable on the difference between the Selling Price and the "stepped up basis". In my example above, if the stepped-up basis goes from $100,000 to $300,000, and the property is sold for $300,000, then no Capital Gains Tax is payable. In a Gay Marraiage or Civil Union (which is not recognized on a Federal level), in the example above, the surviving spou... 05/18/2008

Lupe Soto, Realtor en Espanol (818) 968-3718, COMO VENDER RAPIDO? su casa, condo, townhouse, duplex, unidades en Valle de San Fernando, Valle Del Antelope, Los Angeles County CA.  Lupe vende o renta casas rapido usando la technica de Feng Shui. Consulta gratis! SI USTED DEBE AL BANCO MAS DE LO QUE ESTA AVALUADA SU CASA, USTED TIENE OPCIONES PARA EVITAR FORECLOSURE, VENTA CORTA, SIN COSTO PARA USTEDwww.ShortSaleWithLupe.com (818)968-3718-LupeConsulta Gratis! COMO VENDER SU CASA RAPIDO Y AL MEJOR PRECIO? Probablemente en algún momento de su vida deba vender la casa en la cual Ud vive ahora. Puede ser que por razones de trabajo, estudio, salud o porque deba Ud mudarse a algún otro lugar del país. En esos momentos Ud. quiere vender su casa lo mas rápidamente posible para lo cual deberá real... 05/17/2008

Downtown Los Angeles is changing and to show the world, residential property owners and developers are working together with restaurants, retailers, hotels, bars, nightclubs, museums and art galleries to host Downtown Los Angeles Open House 2008. Contact me if you are interested in any of the properties you see during the open house, 310-285-7515. To read the original article, click here. 05/16/2008

An extract from CNN's News Report: The California Supreme Court struck down the state's ban on same-sex marriage Thursday, saying sexual orientation, like race or gender, "does not constitute a legitimate basis upon which to deny or withhold legal rights." In a 4-3 120-page ruling issue, the justices wrote that "responsibly to care for and raise children does not depend upon the individual's sexual orientation." "We therefore conclude that in view of the substance and significance of the fundamental constitutional right to form a family relationship, the California Constitution properly must be interpreted to guarantee this basic civil right to all Californians, whether gay or heterosexual, and to same-sex couples as well as to opposite-sex couples," Chief Justice Ronald George wrote fo... 05/15/2008

Happy Mothers Day! To all my friends and their Mothers! HAPPY MOTHER'S DAY M is for the miracle of being O is for its origin in love T is for the tenderness of seeing H is for a home no wind can move E is for the ecstasy of living R is for the recklessness of giving! Sunday, May 11, 2008 Lupe Soto, Realtor | Successfully Negotiating Real Estate with Unmatched Dedication! Dir 818-968-3718 | Email | Website 05/11/2008

Burbank Real Estate, San Fernando Real Estate, Antelope Valley Real Estate by Lupe Soto, Feng Shui Realtor 818-968-3718Happy New Moon in Taurus as of Monday 05/05/08, 5:19am PST. Wishing you a motivated day!.  Inspired by Ralph Ralston from Daily Motivator.  What's now Before you rush away from this moment, take a look around and see its beauty. Instead of worrying about what's next, see the immense value that's already yours in what's now. Savor the time you're in and the place where you are. Appreciate all that you have instead of being obsessed with how to get more. You are already wealthy beyond all measure. Open your eyes to now, open your heart to purpose, and experience in rich detail the miracle that is your life. There's nothing to be gained by racing furiously away from this m... 05/06/2008

San Fernando Valley Realtor, Lupe Soto loves and knows San Fernando Valley Real Estate very wellIf you're relocating to San Fernando Valley (Los Angeles County, CA) and want to know the best areas to own a home or condo, the list below will guide you, feel free to CONTACT LUPE, SAN FERNANDO VALLEY REALTOR, Bilingual Realtor Spanish/English for all your relocation needs, whether you are buying, sellling, leasing or thinking about short sale, your answers are just a call or click away! FIND your next Chic Condo, Divine Townhouse or Stunning Home, easily & quickly,VISIT VIDEO BLOGhttp://www.YouTube.com/LupeSotoRealtor  It is easy to CONTACT LUPE, click here or CALL LUPE for faster service (818)276-6882or visit www.HomesWithLupe.com source: ValleyofthestarsThe best areas in the San Fernando... 05/04/2008

I am surprised that so many Buyers and Sellers allow their Agents to recommend "In-House" service providers like Mortgage Brokers and Escrow Companies. Despite the disclosures that Brokerages provide to inform clients that the Real Estate Brokerage has a financial interest in the service provider, I believe that clients would be better served using truly independent service providers. I prefer using service providers who stick to one business, and one business only. Referrals and working relationships are key to success in our industry, but there should never be an actual or even perceived conflict of interest. I'm interested as to what fellow Agents, Brokers & Buyers and Sellers have to say about this. 05/04/2008

Lupe Soto, Burbank Realtor, Burbank Real Estate, Burbank Homes for Sale, San Fernnado Valley Real Estate (818)968-3718 For centuries farmers have known to plant their crops by the cycles of the Moon.  The Moon moves rapidly through the constellations of the zodiac, and aligns with the Sun (conjoins) once approximately every twenty-nine and a half days.  This is called the New Moon, and is that period of time where we cannot see the Moon in the night sky.  The New Moon is the time that promotes all forms of growth .  Anything initiated on those days will be met with rapid growth : a business venture, a relationship, a creative project. The New Moon is fruitful for strong new beginnings.  Each month we will have a New Moon and the opportunity to benefit from its power!   NEW MOON REMINDER... 05/04/2008

Davis-Stirling Act - As a Director on a Board of a Homeowner Association I am frequently asked about "delinquent assessments" and what the Board can do on behalf of the HOA to encourage prompt payment by its members. If an assessment is delinquent, the Association may recover all of the following: 1.  A late charge not exceeding 10 percent of the delinquent assessment or $10.00, whichever is greater, unless the declaration specifies a late charge in a smaller amount. 2.  Interest on all sums imposed in accordance with this section, including the delinquent assessments, 3.  Reasonable attorneys' fees and costs incurred in collecting the delinquent assessment. As provided for in the California Civil Code (and Davis-Stirling Act), regular and special assessments are delinquent 15 days afte... 05/02/2008

ITIN loans, ITIN Prestamos SIN SEGURO SOCIAL en Burbank, North Hollywood, Valle de San fernando, Antelope Valley con Lupe Soto, Miembro de NAHREP National Association Hispanic Real Estate Professionals. *****LAMENTO INFORMARLES QUE PRESTAMOS CON ITIN ESTAN SUSPENDIDOS HASTA PROXIMO AVISO****Lamentamos cualquier inconveniente, Agosto 2009 Si desea aplicar para un prestamo con ITIN# Loan with ITIN # en:  Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van N... 04/29/2008

As a Los Angeles Condo Specialist I'm always interested in the highest priced condos for sale in different cities across the country. As at today's date, I've found a few eye-popping Listings in Los Angeles that boggles the mind but definately makes for interesting conversation. $27,000,000 - A two story Penthouse in Century City. It's advertised as a 5 Bed 7 Bath unit measuring over 8700 sq ft. $15,250, 000 - Another Penthouse in Century City. This condo is advertised as a 3 Bed 4.5 Bath unit measuring over 6000 sq ft. $11,500,000 - A palatial looking 3 Bed 5 bath Penthouse on the prestigious Wilshire Corridor in Westwood. $6,800,000 - This luxurious beachfront Penthouse is situated in Marina del Rey and features 4 Beds and 4.5 Baths measuring over 4500 sq ft. $5,900,000 - Is the Listi... 04/29/2008

California Earthquake Authority Admitted Carriers: An "admitted carrier" is an insurance company that has submitted its insurance rates to California's Department of Insurance for approval. Once approved, the carriers are required to use those rates with all customers equally. The Department also review the carrier's investments and reserves to make sure they are adequate. Admitted carriers are backed by California's Insurance Guarantee Association (CIGA). In the event the carrier goes bankrupt, the CIGA covers claims up to the insured's policy limit or $500,000, whichever is lower. Non-Admitted Carriers: Non-admitted carriers, also called "surplus lines," are licensed to do business in California. They are required to go through an approval process with California's Department of Insu... 04/29/2008

Davis-Stirling Act - Agents and Buyers are urged to read and make enquiries about an HOA's CC&R's (Declaration of Covenants, Conditions & Restrictions), Bylaws and Rules & Regulations before removing contingencies in transactions. The HOA Documents - which are governed by The Davis-Stirling Act, part of the California  Civil Code - control how the HOA operates and all information should be discovered BEFORE finalizing the transaction (Examples include restrictions on Pets, Remodeling, Moving-in and Moving-out deposits). 04/29/2008

2017 SHORT SALES DO CLOSE in Los Angeles, San Fernando Valley, Santa Clarita, Palmdale Lancaster in Southern CA   (Hablo Espanol)    Lupe Soto, Short Sale Negotiator, Short Sale Specialist license DRE# 01380599(818)276-6882 SHORT SALES DO CLOSE with Lupe Soto Short Sale Negotiator serving Burbank & San Fernando ValleyNO COMMISSION FROM SELLER. Seller lender will pay all closing costs.  Embargo vs Venta Corta? permitame explicarle, learn how a SHORT SALE can help you avoid foreclosure. Let me explain YOU the process, the effects it can have on you and your family and to help you determine if you qualify for a SHORT SALE. FREE Loan Modification Help in Los Angeles, CA before you consider short sale, Short Sale Alternatives to Foreclosure call Lupe today serving Los Angeles, San Fernando V... 04/28/2008

I AM QUOTED IN THIS ARTICLE WHICH WAS RECENTLY  PUBLISHED IN THE DAILY NEWS.  Getting ready to purchase a home? Ready to re-model or add on to your existing home? If you live in the City of Los Angeles and answered, "yes" to any of these questions then this may come as a big surprise for you! The Los Angeles City Department of Public Works Bureau of Engineering has adopted policy requiring the homeowner to pay for and provide a video inspection of the main lateral sewer line when an application for a building permit is made on any structure built prior to 1965. The lateral is the portion of the property's main sewer line that connects the property to the city sewer pipe. The homeowner must provide video documentation of the sewer line for the city inspector to review so the city inspect... 04/24/2008

Burbank Real Estate, San Fernando Valley Real Estate, Palmdale & Lancaster Real Estate by Lupe Soto, Realtor (818)968-3718. Se habla espanol.For those homeowners that have not paid property taxes before 04/10/08 in Los Angeles County. Please give the Tax Assessor a call regarding a 5-year repayment plan and how to qualify. I encourage everyone to contact them monday to friday and do not hesitate to call and ask about this option.  1-888-807-2111, please read more below. LOS ANGELES COUNTY TREASURER & TAX ASSESSOR WEBSITEINFORMACION EN ESPANOL. Si tiene alguna duda, llame a Lupe, Agente de Casas al 818-968-3718 y con gusto le dare mas orientacion.Para aquellos duenos de propiedades que no pagaron su taxes de propiedad el pasado 04/10/08. Por favor consideren llamar a la oficina del Tax A... 04/23/2008