As there are signs of recovery in the Real Estate Market in Ramona and San Diego County, there are also areas of concern. The roller coaster ride is not over quite yet.
CLICK HERE FOR SIGNS YOUR VALUE MAY GO DOWN.

by: Regina Flores RE/Max Direct #(760)788 0721
So let’s face it this Real Estate Market looks like it is here to stay for awhile. If you are a buyer, chances are you will be looking at bank owned and REO homes. Why not, there are some great deals! But some may be too good to be true. Buyer Beware:
#1: BANKS ARE EXEMPT FROM DISCLOSURES:
Not all, but the most crucial disclosures in my opinion, i.e. Transfer Disclosures etc..What this means to you the buyer is that since the bank did not live in the home, they don’t have to tell you what may have occurred in the home. A seller owned home would have to fill out the disclosures telling you about home insurance claims, lawsuits, neighbors, water leaks and all that good stuff we want to know about when buying a home. So do your due diligence and have the home inspected thoroughly. You can have additional inspections like electrical, roofing, geological and more. Just be sure to satisfy self, bank will not. A buy on these homes can be risky because many issues remain unseen such as cracked slab, water leaks, mold, soil, flooding etc.
#2: HOME IS SOLD “AS IS”:
In most cases you will be given the front door key, and that’s pretty much it because that is all the bank may have when home went through the foreclosure. In most cases there are NO warranties or information regarding appliances or other items in the home that a normal seller would have given you. Typically the bank will not do repairs either so you may have repair costs going in.
#3: YOU CAN STILL ASK:
Although the home is sold “AS IS” you can still ask for items or repairs you feel are safety related or important to you. It’s worth asking, the bank can always say “no” but sometimes they are reasonable and agree to carpet, closing costs, termite repairs etc…Just don’t get too crazy, remember the bank has done their homework and comps, they generally list the home competitively, which is why they go so fast in the market. And you may be competing with other offers so make it your best offer.
These are my top three. But there are many other things you should know click on my Ramona Real Estate Resource Center for more:
or click on MY FIRST TIME BUYERS INFO CENTER.

copyright reginaflores-2009

As we have seen recently, it’s important to realize there are no guarantees in the Real Estate Market. CLICK HERE FOR ENTIRE ARTICLE.

Here is a good article on ways to cut your Property Taxes. CLICK HERE FOR MSN ARTICLE.

In the Ramona REAL ESTATE Market there are still many forms of home sales and This is a common question I get whether I am selling a Foreclosure, Short Sale or REO….will I be taxed? Each situation is unique and you should always consult with a Real Estate Attorney to review all possible exit strategies. For IRS Guidelines on the MORTGAGE FORGIVENESS DEBT RELIEF ACT click HERE to visit IRS.gov for your answer.

With looming REOS, bank owned and distressed homeowners still out there in Ramona and San Diego, Will Foreclosures continue to outpace home sales into 2010 in SD County? READ ON.

CHECK OUT ALL THESE OPTIONS before Foreclosure.

Q & A’s about Foreclosure.

If country life be healthful to the body, it is no less so to the mind.
– Giovanni Ruffini

When buying a FORECLOSURE, remember the bank is exempt from Mandatory disclosures. So do your due diligence with a good Home Inspection. READ ON FOR BUYING FORECLOSURES.