California Buyers and Natural Hazards Reports
As part of your due diligence when buying Carlsbad real estate (and throughout San Diego County) you have the opportunity to review a natural hazards report that is typically paid for by the seller and provided to you by companies like Property ID.
The Mandatory Residential Disclosure Report is a weighty document that provides information about the Carlsbad home you are trying to buy with regard to the presence of any natural hazards and other conditions that might impact the property, and possibly your decision to buy it. These include (among other things):
Flood hazard zones
Dam Failure Inundation
Fire Hazard
Earthquake fault Zones
Landslide Inventory
Tsunami Hazard
Radon Gas Potential
Naturally Occurring Asbestos
There are also government environmental hazard reports/information guides and the earthquake safety report that are part of this disclosure. You can view (and download) these reports if you are interested:
Residential Environmental Hazards Report and Information Guide
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2007 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
Using GIFT MONEY for a Downpayment
A large number of buyers these days, especially in more expensive housing markets like Carlsbad (and Southern California in general), are struggling to purchase homes. A major issue is the downpayment.
Part of the problem is the changing requirements by the mortgage companies that make 100% financing hard to find, and not available in many cases. Even if you can afford to make monthly payment, without a downpayment your options may be pretty limited.
Coupled with that is the reality that many buyers, especially first time buyers, do not have much of a down payment (10% for a starter home in our area is $50K, but in some very different housing markets you only need $10K). And if you are putting less than 20% down you will be required to have mortgage insurance which adds even more to the costs.
One solution for some folks is GIFT MONEY. Buyers can take advantage of gift money from parents or other relatives to be used for their down payments. Givers can provide up to $12,000 without tax implications (I advise checking with a local accountant or tax professional to see about any restrictions or requirements), but there is no limit to HOW MUCH you can receive as gift money and use for a purchase.
You will need to provide NOTARIZED letters regarding the gift (from each of the givers) stating that the money is a gift. Check with the lender you are working with to see if there are other requirements, and how to best structure the right loan program for YOUR situation.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2007 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
What You Can Learn from Reading Blogs
As a first time buyer you are likely spending a great deal of time on the Internet. If not, you are in the small minority who aren’t.
In all likelihood you are searching for homes on-line in the areas that interest you. As you are probably discovering, this is great way to get to know more about the housing market since there are lots of listings on-line.
The other focus may be on finding a real estate agent to help you with your home search when you are ready. Again, the Internet is a terrific place to gather the information you need so you can make an informed decision.
I wrote an article just the other day about the importance, and value, to consumers of reading blogs by agents, and the advantages of working with an agent who is blogging.
To learn more, read 9 Advantages of Working with a Real Estate Professional Who Blogs.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2007 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
