Debbie Brodie’s Chico Real Estate Blog

Title companies have long provided information of public record to Realtors and homeowners at no charge. No more, according to this update from the California Association of Realtors. 

My concern: without easy access to this information at the time of listing a property, buyers and sellers will find more errors and surprises after a price is negotiated.

A Preliminary Title Report will still be  generated during escrow, at a cost. Now there may be a cost for the information generated prior to an escrow.

Effective immediately, title companies may be eliminating much of the information they provide on property profiles.  The California Department of Insurance recently issued a letter taking the position that title companies may only give the following information on property profiles:

• Names of owners of record of a specified real property;
• Description of real property; and
• Property characteristics as defined under section 408.3 of the California Revenue and Taxation Code, which means year of construction of improvements, square footage, number of bedrooms and bathrooms, number of units, acreage, and other attributes or amenities (such as swimming pools, views, zoning classification or restrictions, and use code designations).

REALTORS® will likely encounter a title company’s refusal to provide free of charge any other information, such as recorded documents, sales comps, tax bills, or demographics.  This type of information is still available through other sources, such as county recorder’s offices, tax assessor’s offices, and governmental and public record websites and private services for a fee.  

Clients may also have their own copies of some of the documents. 

As the Fourth of July approaches, I appreciate Chico even more. Everywhere I turn, friends are asking about my plans and excited to share theirs. What a great sense of community!

Chico has it’s traditions. The day-long event at One Mile in Bidwell Park  starts with a pancake breakfast, and is filled with patriotic music, booths and fun. The best part- the park is filled with Chico people!

Later there are races and fireworks at the Silver Dollar Speedway. 

The Chico Outlaws will be having their fireworks display early, on July 3rd.

It seems everyday I drive to work one more roundabout shows up on the route. Yesterday, an older gentleman attempted a left turn in a roundabout by driving the shortest distance. He went left. Makes sense, right?  But no, in a roundabout, you would go right to go left. Well, right, then curve left, then go right onto your destination street.

It will take some gettting used to.  I have seen a few extra car parts on the road to prove that not everyone is getting the hang of it yet.

Tips for motorists navigating roundabouts
Taken from the Department of Motor Vehicles’ California Driver Handbook

When you approach a roundabout:

• Slow down as you approach the intersection.
• Yield to pedestrians and bicyclists crossing the roadway.
• Watch for signs and pavement markings that guide you or prohibit certain movements.
• Enter the roundabout when there is a big enough gap in traffic.
• Drive in a counterclockwise direction. Do not stop or pass other vehicles.
• Use your turn signals when you change lanes or exit the roundabout.
• If you miss your exit, continue around until you return to your exit.

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California’s new 90 day foreclosure moratorium may have little effect. 

It was created as an incentive for lenders to establish comprehensive loan modification programs. Once the lender has this in place, they can be exempt from this requirement!

Here is more from the California Association of Realtors:

Q 83. What, in a nutshell, is the new law extending the foreclosure process by 90 days?

A Under the new California Foreclosure Prevention Act, lenders foreclosing on certain loans are prohibited from giving a notice of sale until the lapse of at least 3 months plus 90 days after the filing of the notice of default (see Question 88).  A loan servicer can obtain an exemption from this requirement by demonstrating that it has a comprehensive loan modification program.

Q 84. What is the purpose of this law?

A  The purpose of this law is to try to stem the tide of foreclosures and their adverse consequences by providing additional time for lenders to work out loan modifications with borrowers as well as creating an incentive for lenders to establish comprehensive loan modification programs

With the new programs the lenders will look for alternatives to foreclosure, such as work outs and short sales.

Many of the new statutes regarding foreclosures and short sales are directed at owner occupants. The goal of the government is to find ways to keep people in their homes.

For those of you who have rental properties that are “upside down” you made want to take extra caution when considering what to do.  A conversation with a CPA is a must, and possibly an attorney.

Keep in mind a short sale is a negotiation. Some banks were limiting conversations to owner occupants that were behind on payments.

Now, many banks are changing the way they handle short sales. They are looking more at what makes sense to them. Investors are being included, even those that are current on payments.

If you have been denied in the past, you may want to give it another try. Including a Realtor in the negotiations may help, especially if they have successfully negotiated other short sales.