To Find New Ways To Waste Our Tax Dollars????
Another Point-of-Sale Mandate!
AB 2204 (De La Torre), would require lawyers to review every deed, CC&Rs etc, and remove illegal, obsolete and unenforceable restrictions from historic title records in connection with a transfer of property. Guess who pays? You do because AB 2204 would add $500 - $1,000 in costs to transactions and for what.
Existing law already makes any provision in a deed of real property that restricts the right of a person to sell, lease, rent, use, or occupy the property based on race, color, religion, sex, marital status, national origin, ancestry, familial status, disability, source of income, or sexual orientation illegal and unenforceable.
Please contact Senator Sheila Kuehl TODAY to urge her to vote NO on AB 2204.
District Office (Los Angeles)
10951 West Pico Blvd.Suite #202Los Angeles,
(310) 441-9084 Fax: (310) 441-0724
The California Association Of Realtors Opposes AB2204 Because:
Current law already protects buyers and renters from discrimination. This bill ignores multiple existing responses to ancient unconstitutional covenants and deed restrictions (the latest of which was approved only last year), and instead attempts to impose a new program upon real estate transactions and Recorders. Existing mechanisms already deal with the issue effectively.
AB 2204 creates another financial burden for home buyers. Searching and purging old documents will cost literally tens of millions of dollars. These costs will be added to those which a buyer already must pay at closing, when they can least afford it.
AB 2204 would be very costly to counties. L.A. County alone estimates that it will have to read the documents related to 17,000 transactions every month! If there is only a single deed in each of these transactions that needs to be rewritten, it will cost L.A. County at least 27 new lawyers in legal costs alone. However, it is extremely unlikely that these transactions will have only a single document that needs to be rewritten since every deed and CC&R in the chain of title will have to be reviewed. Not every county is as large as L.A., but every county will have the same expensive problem. Counties will undoubtedly try to build the cost into increased recording fees, fees that will be paid by homebuyers.
AB 2204 diverts attention from critical real estate disclosures. Homebuyers are already faced with a daunting stack of disclosures and documents to sign. This bill proposes to add to that burden, but without any legal benefit.
AB 2204 seeks to erase history. Philosopher George Santayana said, “Those who cannot remember the past, are condemned to repeat it.” Rather than pretend that such egregious discrimination never existed by attempting to “sanitize” the record, isn’t it wiser for the record to reflect what happened historically so society can continue to learn from its past mistakes?
Tuesday, August 5, 2008
Friday, August 1, 2008
More importantly, what doesn't it mean? Yes, we are officially in a buyer's market. Typically, when the inventory rises above a six month supply it is a buyer's market. There is currently an eight or nine month supply in the San Fernando Valley. What that DOES mean is that there are lots of homes for buyers to choose from and it does give buyers some advantage in negotiating a good price. What it DOES NOT mean is that the buyer holds all the cards and can walk all over the seller with unrealistic demands. No matter the market the home belongs to the seller and ultimately the seller has the last word.
This can be a real shock to buyers particularily those trying to take advantage of the huge supply of foreclosures. Buying from a bank has its own set of rules and if you are someone that likes to control situations then this is not for you. It is a game of "hurry-up and wait". Lately, I have had buyers write offers on short pays and foreclosures and then call me everyday yelling because the bank has not responded even though I have said over and over again that the bank moves at its own speed and has no attachment to the property. It can take a month or more for a bank to decide whether or not to accept a short pay offer and 80% don't get accepted. There is no one to call and push along, the person that answers the phone at the bank doesn't care if the property sells or not and the listing agent has no control over the speed at which the bank responds.
So, if you decide to take advantage of this market, and it really is the time to buy, understand that not every house on the market is going to be a great deal, that not all sellers are in trouble and HAVE to sell, and that the banks are not easy to deal with. The most common answer you will get from a bank whether you are writing a short pay offer or in escrow and asking for something to be repaired is "NO".
If you would like to learn more about buying foreclosed properties e-mail me now. To view Bank Owned Properties Click here.
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