Homestead: Protecting Your Home From Creditors

From California's earliest days of statehood, the state constitution has provided that "the Legislature shall protect, by law, from forced sale a certain portion of the homestead and other property of all heads of families." Article 20, Section 1.5. Consistent with this mandate, the Legislature has passed laws that protect homeowners in two ways: through an automatic homestead exemption, and by allowing homeowners in certain circumstances to declare a homestead. The homestead law is of particular interest now because the Legislature amended the homestead laws effective January 1, 2010 to increase the amounts protected under the law.

More Houses Hitting the Market - Good for Buyers & Sellers

Sales of previously owned homes jumped 5.1% from April to a seasonally adjusted annual rate of 5.35 million, the NATIONAL ASSOCIATION OF REALTORS® said Monday.

Visit Gerry Moylan's real estate website by clicking here

Getting a Mortgage May Be Easier Than You Think

Some lenders over the last couple years have eased requirements to get mortgages, but most Americans still think getting a loan is very difficult, according to a survey released Tuesday by Wells Fargo WFC -1.13% Home Mortgage and Ipsos Public Affairs.

HEY, SELLERS, GET OFF THAT FENCE

The Los Angeles real estate market is really peaking right now. The low inventory of homes on the market is causing multiple offers from the fierce competition amongst the huge number of buyers out taking advantage of the low mortgage interest rates.

But this will not last. Word is spreading to homeowners who have been on the fence about selling and who now want to enter the market because of the record-breaking sales. This will cause an increase in supply and diminish demand.

As quickly as we have seen this market skyrocket over the last couple of months, things could slow down and prices could level off and very likely even take a dip. This is your opportunity to cash in on your investment. Sellers are breaking records with home sales and surpassing the market highs of 2008 before the real estate bubble burst.

Opportunity is ringing your doorbell. Call me if you'd like to discuss selling your home. 323-528-9989.

Visit Gerry Moylan's real estate website by clicking here

TO BUY OR NOT TO BUY EARTHQUAKE INSURANCE - THAT IS THE QUESTION

In a recent LA Times piece, the very common question from condo owners (and single family owners as well) came up. Is it worth it to buy earthquake insurance? Take a look at this...

Question: I'm president of a 44-unit homeowner association in the Torrance area. Every year we purchase earthquake insurance, which carries a 20% deductible and a premium for each owner of about $350 a year on a $12-million policy for the association. Many owners don't want to pay the premium, preferring no earthquake insurance because the deductible is so high. I calculate that each homeowner would have to come up with about $54,500 as a deductible before insurance kicks in. In the event of a catastrophic earthquake, I'm not sure owners will be able to come up with such large deductibles. How can we handle this?

For some of you, the answer will make your stomach turn... READ MORE HERE

Visit Gerry Moylan's real estate website by clicking here

The See-Saw Home Buyer Who Will Never Buy A Home

As a Realtor, I meet all types of buyers. There are the ones that are scared to death of the process. There are the ones who are fearless. And then there are the in-betweens. I can counsel all three types to a successful conclusion. Meaning, they will buy or sell a property, once I explain the process and walk them through the steps of placing an offer, getting accepted and into escrow, inspections, and finally closing escrow and handing them the keys.

But then there is the see-saw buyer. One day they are up and excited to buy a new home, the next they are down and finding every reason under the sun to not move forward on a home purchase. You don't want to be the see-saw buyer, because the see-saw buyer will NEVER buy a home. The see-saw buyer will talk themselves out of buying a home every time they begin the process (the telltale sign of a see-saw buyer is one who has gone through the process of searching for a home with one or more Realtors prior to meeting their current agent). I don't want to work with a see-saw buyer, because they will NEVER buy a home.

What is a see-saw buyer? You ask.

Home Sales Vault to 18-month High as Supply Improves

As a sign of strength in the housing market ahead of the spring selling season, U.S. home re-sales surged to their highest level in 18 months in March as more homes came on the market.  Existing home sales increased 6.1 percent to an annual rate of 5.19 million units in March, the highest level since September 2013. The percent rise was the largest since December 2010. Last month's sales outpaced economists' expectations for a 5.03 million-unit rate. Source: Reuters
Read the full story

Visit Gerry Moylan's real estate website by clicking here