Starting in 2013, there will be a new 3.8% tax that will affect some sellers, not all, of Big Bear real estate. There have been a lot of rumors, many of which are not true, flying around the Internet the past few years about a new real estate tax. Contrary to popular belief, this tax will not apply to all home sales. According to the National Association of Realtors (NAR), this new tax will only affect 2-3% of the home sales. What is the new 3.8% tax law? The law was passed by Congress in 2010 with the … [Read more...]
Your Big Bear Lake Home – Mold and Mildew
October 7, 2012 by Leave a Comment
The recent summer storms and high humidity in Big Bear Lake have created potential breeding grounds for mold and mildew. And there’s no denying that household mold and mildew can be dangerous to our health. In fact, it has been proven to promote asthma, allergies, and colds. Likewise, it’s thought to increase the occurrence of mood swings and depression. Prevention is the best way to eradicate the problem; however, that seems to be the issue with mold — we often don’t know it’s forming until it rears its nasty … [Read more...]
Foreclosures and Short Sales
September 30, 2012 by Leave a Comment
Whether you're attempting to sell Big Bear real estate or you're searching local real estate listings as a potential buyer, it's important to know the difference between a foreclosure and a short sale. Foreclosure is generally a worse outcome than a short sale, if you are the seller, but as a buyer of a distressed property, a short sale is often the more difficult process to negotiate through. Foreclosure for Owner A property that has been foreclosed on means that the owner did make the monthly mortgage payments … [Read more...]
Real Estate Appraisals
September 28, 2012 by Leave a Comment
The Big Bear real estate market isn’t immune to market fluctuations and many sellers are finding themselves in an unhappy but common predicament. They may be in escrow with a qualified buyer but the financing has now fallen through because the appraisal has come in at less than the agreed upon price of the home. This has led to a high number of contract cancellations. The increase in contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting … [Read more...]
Homeowners Insurance
September 12, 2012 by Leave a Comment
Buying a home is likely the biggest purchase you'll ever make. It's important to protect this investment. This is where homeowners insurance comes in. Homeowners insurance provides you with broad coverage for losses that can arise while owning or renting out your home – like damage to your personal property, theft and vandalism, and liability coverage for accidental injury to another person or property. Accidents do happen and you want to be sure you're protected if someone is injured on your property. In the … [Read more...]
Maximizing Your Real Estate Agent
September 10, 2012 by Leave a Comment
CNN Money: “When you go to an open house and meet a real estate agent showing the property, that agent represents the seller's interests. So you might be better off using a buyer's agent whose job is to represent your interests.” Purchasing real estate in Big Bear is an important financial decision. Home buyers will confront complex issues and lots of paperwork. Finding a buyer’s agent with expertise and local knowledge is invaluable. Market knowledge is one of the most important assets a buyer’s agent brings … [Read more...]
Interest Rates May Have Bottomed Out
August 16, 2012 by Leave a Comment
The Big Bear real estate market has been picking up steam lately thanks to the correction in home prices and historic low interest rates. And while many potential home buyers have been waiting on the sidelines for an indication that the market has bottomed out, the recent up-tick in interest rates may be signaling that the time to buy a Big Bear home or investment property is NOW. The most recent “Primary Mortgage Market Survey” by Freddie Mac reports that fixed mortgage rates moved higher following stronger … [Read more...]
Types of Home Loans
July 30, 2012 by Leave a Comment
The dictionary defines mortgage, as “a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms”. There are many features to consider when securing a home loan. You’ll want to consider the size of the mortgage, method of repayment, interest rate and maturity of the loan. Fixed Rate Mortgage 75% of all mortgages are fixed rate, it’s the mainstay of the home loan industry. They’re popular because they’re predictable. Borrowers … [Read more...]
Local Real Estate – Fixer-uppers
July 22, 2012 by 1 Comment
Wikipedia defines a fixer-upper as a “real estate property that will require maintenance or work, though it can be usually lived in as is.” If you’re in love with old homes, the idea can be irresistible. Advantages: Purchase a home in a good neighborhood at a lower price Increase the net worth of your investment Here are our suggestions: 1. Do the math first. Add up the expected expenses of renovation, accurately reflecting the cost of materials and labor. Then subtract the expected value. Experts from the … [Read more...]
Title Insurance
July 19, 2012 by Leave a Comment
Title insurance provides coverage for certain losses in the title that may have occurred prior to your ownership. It protects against claims resulting from various defects such as prior fraud or forgery that might go undetected until after closing, including liens, encumbrances, and defects that were unknown when the title policy was issued and may possibly hurt your ownership or investment. What protection am I receiving with a title policy? A title insurance policy contains provisions for the payment of the … [Read more...]
