Earl's Blog

This is for California.  The following is required disclosures that the seller's must provide to the buyers and the timelines.

7 days after the Contract is FULLY executed, Seller MUST give the BUYER the following disclosures.

1.  Transfer Disclosure Statement (TDS)

2.  Smoke Detector Statement

3.  Water Heater Statement

4.  Homeowners Guide to Earthquake Safety & Environmental Hazards

5.  Natural Hazards Zone Disclosure w/Mello-Roos Disclosure

6.  Supplemental Statutory and Contractual Disclosures

7.  Seller Property Questionaire

8.  Statewide Disclosure

9.  Antelope Valley Disclosure

10.  Notice of your "Supplemental" Property Tax Bill

11.  Termite Report

12.  Preliminary Title Report

13.  Any other reports agreed to in the contract

__________________________________________________________________________________________________________

House built before 1960

Residential Earthquake Hazards Report.  Disclosure on the inside back cover of Homeowner's Guide to Earthquake Safety

House built before 1978

Lead-based Paint Disclosure

Seller Assisted Financing

Seller Financing Disclosure Statement

__________________________________________________________________________________________________________

Wood Destroying Pest Inspection Addendum

__________________________________________________________________________________________________________

17 days after Execution of Purchase Contract, Buyer and Seller should:

17th day:  Buyer to produce:  Contingency Removal (CR1)

 18th day:  If you didn't receive CR1 then Issue a Notice to Buyer to Perform

Seller After 24 hours:  If no response, seller has the option to issue:  A Cancellation of Contract and Release of Deposit.

If you have any questions, please contact me. 

Earl "The Pearl" Sorrells

661-400-9485

efsorrells@aol.com

Cal-Vet loans are loans that most veterans who are buying a home in California are eligible for.  These loans are administered by the California Department of Veterans Affairs.  The Cal-Vet funds and services its own loans.  These funds come from the sale of State General Obligation Bonds.

The way the program works: 

A person applies for the Cal Vet loan.  Once approved (approval of borrower and property), the Department of Veterans Affairs buys the property, puts title in their name and sells to the veteran, via a contract of sale.  The VA holds legal title, while the veteran  has equitable title.  Once loan is paid in full the veteran will have legal title.  The veteran must get life insurance and have the VA as the beneficiary.  This way the debt will be paid off , if the vet dies.

Some of the good things about Cal Vet are:

Low interest rate; first time buyers can get an even lower rate; low initial investment of 2-3% usually.; loans up to 322,700; Can use loan again, once paid off; and home and loan protection plans.

The home  and loan protection plans are comprehensive protection plans for a vet and his family.  CalVet recipricants get full replacement cost coverage for their homes, in case of disasters.  Their home is fully protected against floods and earthquake damage.  There is a low $500 on flood claims, and  $500 or 5% of the coverable loss on earthquake and mudslide claims.  The protection also includes fir and hazard coverage.  They get full replacement with low premiums and $250 deductible.  Also, they limited life insurance in an amount to make the principal and interest payments for 1 to 5 years. 

The loan process:

The loan can be processed the the local Cal Vet office or with an approved mortgage broker.  Loan processing has been centralized to provide consistent and timely processing.  Usually it closes with 30 days for receipt of application.

I hope this helps give you a clearer understanding of the Cal Vet program.  It is a great alternative to conventional loans, with great benefits to the veteran.

If you have any questions, please call or email me.

Earl "The Pearl" Sorrells

661-400-9485

efsorrells@aol.com

Mortgage rates fell.  30 yrs fixed is still at 6.74 %.  The rates over last week fell .25%.  Last year the morgage index was 6.91% while 4 weeks ago, we were at 6.61%  The 15 yrs fixed rose to 6.41%. 

The Federal Reserve kept short-term rates unchanged, last week. They also, reported that inflation "improved modestly in recent months."  What has caused this is that the PCE index for May droped to 1.9%.  They want to keep this rate between 1 to 2 %.   It had been above 2 % since March 2004.  This news made bond yields come down thus causing rates to drop with them. 

I was very excited to see this.  Now is the time to get the best deal for a home and the best rate!

If you are looking to buy or sell a home, Let Earl "The Pearl" Sorrells assist you in finding your jewel.

Earl Sorrells

661-400-9485

efsorrells@aol.com

There are two types of nuisances that cause problems with real estate: Private and Public.  What is the difference?  Private ones affect one or a few people, while Public affect allot of people.  Examples of Private ones are:  a neighbors messy yard, junk cars, noisy dog, drug house, etc...  Examples of Public ones are:  A local factory or manufacturing plant, sewer, liquor store, traffic, airport, etc... 

What can be done about these?  They are handled differently.

Private- You first try to talk with the offender and come to a solution.  If this doesn't work, then you can bring a lawsuit against the offender.  You may want to consult a real estate attorney, due to the fact that you have to first prove that a nuisance exists.   The judge can pick several ways to bring forth a solution that fits the best.

Public-  You have to bring forth a lawsuit against the offending party.  These lawsuits usually are done by public officials.  Legal solutions are:  an injunction, an abatement order, settlement, and/ or monetary damages.  You really need to consult an attorney and see what your area and state allow. 

It is really important to become familiar with the neighborhood you are looking to buy in.  Also, it is very important for the seller to disclose things so that the new buyer cannot bring a suit against them for not disclosing. 

Any questions please contact me:

Earl "The Pearl" Sorrells

661-400-9485

efsorrells@aol.com

We all are very busy people in our everyday life.  We have so my people and things demanding our time, pulling us in many different directions.   Our day to day life can be so very hetic. 

How do you relax?  What do you do with your free time?  How do you show your family your love and what do you do with them?  How do you enjoy special time with your spouce? 

How many days a week do you work? 

Do you take vacations?  Where do you go? 

I love Tahoe.  I, also, love Hawaii.  I am looking for great ideas to do with my wife.  I want her to know she is my queen.  I appreciate all the ideas you have.  Thank you. 

My wife and I just started a new program that I was a little apprehensive about.  As you know, I need to get myself back into shape.  I have been working on it for the last 2.5 weeks, by going to the gym and semi watching what I have been eating,(my problems is bread and deserts).  I have gotten myself going to the gym for an hour on Mon, Wed, and Fri.  I have been using the treadmill, stationary bike, and several different upper body exercises.  I have seen a little difference, since I have been back.  But my eating still needed to be worked on.  My wife signed us up for KimKin.  It is a no to low carb plan, that incorporates allot of protein.  Yesterday was our first day.  Last night my wife made one of the meals.  OMG.  It was great!!!  It was a Turkey, zuccini lasanga.  You may want to check out this site.  My wife has lost 5 lbs thus far, (most of this was probably water, even though she drinks allot of water. )  Today, we had 2 eggs and lean ham.  I am looking forward to a great future now.  I am sure my great grandfather is looking down upon and saying, "finally, now you get it."  He lived almost 102 years, by taking care of himself.  He lived on his own until just after his 101st birthday, when he took a fall, while on his two mile walk. 

Go check out the KimKin plan.  You will be glad you did. 

Today, homes are taking allot longer to sell, then they did last year.  This is mostly due to the influx of home inventory from the last few years.  This gives buyers a larger selection to choose from.  They can hold out longer to get more of what they want, and not really worry about prices going up on them as was the cause in 04 and 05.

However, if buyers are looking for the perfect house, will they ever find it without building it themselves?  Probably not.  You will find things you like in one and then things you like in another.  Each home will also have things you don't like.  Houses, in general, are made for mass appeal to make them more marketable.  So, instead of trying to find the "perfect" home, you may need to be open to not getting all of your wants.  Make a list of everything you want in a home.  Then make the list into "must haves" and "like to haves".  This way you can go by your list and see what is truly important to you.  This will give you a clearer vision when looking at homes. 

You need to be ready for the house that best meets your needs.  You never know when that will be the house that gets multiple offers.  If you have your list, this will help you speed up your choice and give you more negotiating power, because you didn't wait until they got more offers then just yours.  Besides, this will make it less nerve racking and make your home buying experience a great one, as it should be. 

Have an open mind when looking at homes.  Maybe you want a certain space for something, but another space may work just as well for your needs.  As long as the cost to change the space isn't too high and become something that you can't do because you didn't figure in the cost to do it.  Look at the whole picture. 

I hope this helps in your house looking.  Any questions, please contact me.

Earl "The Pearl" Sorrells

661-400-9485

efsorrells@aol.com

This is for Southern California (June 07)

Los Angeles county sold 7580 homes as opposed to 11234 sold in June of 06.  This is a 32.5 % drop.  However, the median price was 545000, a raise of 4.8% from last year. 

These numbers are followed by:

Orange County- 2641 this year down 30.6% from last year; Riverside- 3359 down 47.2%; San Bernardino- 2190 down 50.1%; San Diego-3510 down 22.6%; and Ventura-886 down 27.8%.  Overall So. California sold 20166 down 36.2 %, but the median price was up 2.4%

Let Earl "The Pearl" Sorrells help you find you jewel.

Earl Sorrells

661-400-9485

efsorrells@aol.com

Yes, we have a new addition in the AV.  It is our forth Super Walmart.  This is is on Valley Central Way and Lancaster Blvd.  It is just shouth of the original California Walmart.  The old is was the first Walmart in California, built in 1990, and was the 1440th in the US.

At 7:30 Wednesday morning, July 18th, the 216,595 sq ft supercenter opened.  This is the 27th Supercenter in California.  (wondering why out of 27 do we (the AV) have 4- we must be special).  They are planning on another at 60th W and Ave L, but there is big oppostion to this.  It is next to the Quartz Hill High, and people are worring about the traffic and what it will do to the new houseing all over that area.  They (the city) are also looking at a proposed Super Tagert cadicorner to this location.  Our area has 446000 people, which is 1.5 % of California population, and we will have, possibly, 5 Supercenters, which is 17 % of those in California.  

It is also, filling an employment need. OVer 4000 people applied and they have 700 working, (320 came from the now closed, Discount store. 

It think this is a great sign that the AV is a great place to invest.  We are still growing and very afforable, compared to the rest of the state.  The AV is the place to be. 

If you have any questions, or are looking for a Realtor with your needs in mind, let Earl "The Pearl" Sorrells help you find your jewel.

Earl "The Pearl" Sorrells

661-400-9485

efsorrells@aol.com

My wife called me Saturday afternoon, while I was at the JOB and she said that a plane landed on a house in Rosamond.    I decided to go by there after I got off. (this was at 6:30)  Sure enough, I rounded the corner and the road was blocked.  I went to a different enterance and saw a small plane standing on one wing, leaning on the corner of a house.  It is a site I hope to never see again.  The plane was mostly in tact, except for the missing wheel, cockpit glass, and portion of wing. 

This was a small two person, home built plane.  This happened near the Rosamond Skypark airport.  The pilot survived with only minor injuries.  The plan is a two seat, 1200 pound, Zodiac kit plane.  This plane had been flown a total of less than an hour. 

Only the roof looks like it got damage, but the plane was a total loss. 

We have had a couple of other plane crashes in Rosamond since I moved here in 99, but I never did see one.  I am glad it wasn't worse.  

I wonder what the disclosures would have to be on this one.  lol 

There is a picture of this in the July 15 eddition of the AV press.  I will try to get it on here.  My pics didn't turn out well.