There are several new lawsthat have been enacted for 2011 that you should be aware of as a property owner. Whether your real estate holdings include only your personal residence or you are a landlord with several properties, the following are just a few new real estate laws for 2011:

SHORT SALE DEFICIENCY JUDGMENTS PROHIBITED: SB 931

This new law prohibits a lender holding a first deed of trust (purchase money or refinance) for a dwelling of 1-4 units to demand a deficiency judgment (unpaid balance due on the loan) from the trustor or mortgagor (owner) who sells the dwelling for less than the remaining amount of the indebtedness due at the time of the short sale to which the lender has consented in writing.

However, if the owner commits either fraud with respect to the short sale, or waste (ie damage) with respect to the secured real property, then the lender may seek monetary damages and use existing rights and remedies against the owner or any third party for fraud or waste.

LANDLORD RESPONSIBILITIES TO SERVICE PROVIDERS: HR 5297

  H.R. 5297 includes an expansion of the 1099 reporting related to a trade or business. Starting Jan. 1, 2011, any person who receives rental income must provide a Form 1099 for all payments of $600 or more made to service providers such as plumbers, carpenters, yard services and repair people. The purchase of goods is not included within the reporting requirement. The Form 1099 is provided to the IRS and to the service provider. The new requirement applies to both residential and commercial property.

CARBON MONOXIDE DETECTOR INSTALLATION: SB 183

This law enacts the Carbon Monoxide Poisoning Prevention Act of 2010.  The law requires a carbon monoxide device (battery or hard-wired) to be installed in a "dwelling unit intended for human occupancy."  A violation is punishable by a maximum fine of $200 for each offense.  Owners of residential rental property must also comply with this law.  Tenants are responsible to notify the owner of an inoperable or deficient carbon monoxide device.

Installation Time Period:

• On or before July 1, 2011 for existing single-family dwelling units
• On or before Jan. 1, 2013 for all other existing dwelling units

CLICK HERE FOR A DETAILED LIST OF ALL 2011 REAL ESTATE LAWS

COASTAL SAN DIEGO PROPERTIES

Check out this short sale that clients of mine just closed on for $362,000! They utilized FHA financing and received $5,800 closing cost credit from the short sale lender!

The home is approximately 2,400 square feet with gorgeous panoramic views from the mountains to the east to the ocean!

Tisha Carney

www.tishacarney.com

tisha@tishacarney.com

619-889-7750

COASTAL SAN DIEGO PROPERTIES

Check out this Short Sale for sale in Spring Valley!

This 4 bedroom, 3 bath home has gorgeous views and is priced at $249,000! Located in Dictionary Hill, the home has two decks and a large rear yard.

COASTAL SAN DIEGO PROPERTIES

In today’s market place short sale listings are prevalent. The process of purchasing a short sale property is very unique and the key factor is for you to have patience throughout the process. It is absolutely crucial that you have an experienced real estate team such as us guiding you throughout the entire process.

The good part is that buying a short sale these days is a lot smoother as compared to recent years. In general the banks are cooperating and making decisions faster. Our team has assisted many home owners with purchases of short sale properties and we know what it takes to negotiate the best deal for you.

Short sale properties are generally listed at a price that is below the fair market value. Typically only one offer is accepted by the seller of the property and the listing agent then must submit the offer directly to the bank in order to obtain the short sale lender’s approval.

Once we submit an offer to purchase a short sale property to the listing agent, it can take anywhere from 30-90+ days for the short sale lender to respond to the offer. After this point, it is common for negotiations with the bank(s) to take anywhere from another 14-30 days. If there are two lien holders on the property such negotiations are more complicated and may take additional time.

We have helped many of our clients get fabulous deals by purchasing short sale properties.

Let's Get Started!

Are you ready to schedule your home buying initial consultation?  If so, contact us today and together we will review your needs and your budget to help you find the home for you!

COASTAL SAN DIEGO PROPERTIES