4 Ways to Take Title of California Property and the Advantages and Limitations of Each

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

4 Ways to Take Title of California Property and the Advantages and Limitations of Each

Today we will be speaking about the advantages and limitations of a variety of ways to take title of residential property under California law. Please remember that the goal of this video is for your own education. We are not dispensing legal advice.

1. Tenancy in Common: This is when title occurs between two or more persons. Interests can be divided equally or unequally, but usually the law specifies that interests are equal. Each co-owner can transfer or mortgage their interest separately.


2. Joint Tenancy: This is when title is between two or more natural persons (meaning that these are not corporations or partnerships which are allowed by tenancy in common). Ownership interest must be equal, and each co-owner may transfer ownership interest separately, but tenancy in common results. A big advantage to this type of title is the right of survivorship, which avoids probate court (probate court is time consuming and expensive).


3. Community Property: Title is shared by domestic partners or spouses. Ownership interest is equal and each partner must consent to transfer or mortgage. Decedents' interest passes to the spouse or partner unless devised by the will or otherwise. There are qualified survivorship rights and tax advantages for the survivor.


4. Community Property with Right of Survivorship: Like the example above, title is shared by spouses or domestic partners. The only difference from community property is that the right of survivorship automatically gives half interest in the property to the surviving spouse.

As you know, we are not attorneys or accountants, and we suggest you consult one or both if you need further explanation on title of real property.

However, if you know anyone thinking about buying or selling real estate in the Los Angeles or Covina area, please let us know and we would be glad to help them out. You can reach us at (626) 414-3597 or email Monica at monica@monicamakesithappen.com.

How to Avoid these 6 Common Home Selling Mistakes

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

How to Avoid these 6 Common Home Selling Mistakes

In accordance with our commitment to educate you about real estate, we are here to talk about 6 common mistakes people make when selling their property. Keep in mind that all of these are totally avoidable - you just need to know about them beforehand.

6 Common Home Selling Mistakes

1.     Overpricing Property: This initial mistake can ruin a perfectly sell-able property. Luckily, Monica has a good handle on Southern California homes and can effectively price yours for a fast sale at a premium price. Always consult a professional like Monica, who has over 14 years of experience.

2.     Inability to show a home: You must make your home available to as many consumers as possible. If you can't show your home to a large audience, then your chances of selling it have already significantly decreased.

3.     You Must Declutter & Depersonalize Your Home: In relation to showing your home, you cannot have clutter or personal items like artwork or posters showing when you are trying to sell it. Neutralize your home so that buyers can imagine themselves inhabiting it. Plus, if you're going to be moving out, it's good to get all the clutter cleared out anyway.

4.     Unpleasant Odors: Once again, aim to have your property as neutral as possible, including the way it smells. Don't smoke inside your home, and avoid cooking fragrant foods like cabbage or curry. Even pleasant smells should be avoided in a home because those carry personality, and you want to aim for neutrality. If you have pet stains or odors, consult a professional service to remove them.

5.     Unwillingness to Negotiate with Buyers: Real estate agents are professional negotiators and they have your best interests in mind with everything they do. No real estate deal goes without a hitch, so expect negotiations, and expect your agent to work in your favor each and every time. Concessions are sometimes necessary for the sale to occur.

6.     Unwillingness to make repairs: If a buyer is making an investment on your property, it is certainly within reason for them to have concerns about repairs. The thing is, you have to choose your battles wisely. Some repairs can be more important than others, and your agent should negotiate and inform you as to which ones are most crucial to sell your property.

Hopefully this information has been helpful for you. If you know anyone that is interested in buying or selling property in the Southern California area, then please contact us and we would be glad to help them out. Give us a call at (626) 414-3597 or email us at monica@monicamakesithappen.com

10 facts you must know about your credit score!

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
10 facts you must know about your credit score!

Welcome to our video blog! In a recent video, we discussed how our lender friends at American Financial Network could help you, our client, with credit repair and restoration. Today, Monica and I wanted to cover the common truths and misconceptions about credit reports. We are offering an “Insider’s Guide” to your credit and in fact, we are going to play the “True or False” credit score game!

1.    True or false: Credit scores are usually not accurate. True; 80% of credit reports have an error or an inaccuracy. This means you should regularly check your credit report!

2.    True or false: Regularly pulling your personal credit report will lower your score. False; soft pulls done by yourself have no effect on your credit score. However hard inquiries done by lenders, possibly for loan approval, will have a negative effect on your credit score. The effect is minimal.

3.    True or false: Higher income = higher credit score. False; income is not relevant to credit scores. Essentially, paying your bills on time is all that matters!

4.    True or false: Credit reports and credit scores are the same. False; there are three major credit bureaus issuing reports. They are Equifax, Experian and TransUnion. Their scores as based on numerous factors and can vary. It is important that you make sure that the data being weighed from these three companies is accurate and the same.

5.    True or false: Debt settlement removes debt from your credit report and fixes bad credit. False; debt settlement does not fix bad credit! Late payments and other negative information can remain on your report for up to seven years from the initial infraction date.

6.    True or false: Cash only payments don’t improve your credit score. True; you can’t build good credit unless you use it and use it wisely! Optimally, you will have a few small loans and credit cards which you can pay off quickly and regularly to maximize your credit rating.

7.    True or false: Closing your credit accounts will improve your credit score. False; closing your accounts lowers your disposable income to creditors. You never want to lower your credit utilization by cancelling credit cards!

8.    True or false: Smart handling of your bank account will not reflect on your credit score. True; this data is not reported to the bureaus and has no impact on your credit score.

9.    True or false: Disputing accurate, but negative, information is possible. False; you only have the ability to dispute mistakes. Valid disputes will result in the removal of inaccurate information from your credit report.

10.    True or false: Missed payments not reported to credit bureaus won’t affect your credit score. False; any and all missed payments will eventually be reported provided you take care of the liability in a timely fashion.

As always, if you know someone in your social circle that is looking to buy or sell real estate, connect with us today. Remember, Monica makes it happen!

Are you ready for a faster and simpler way to sign real estate documents?

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

Are you ready for a faster and simpler way to sign real estate documents?

Hello, it’s Jay Campbell! Monica unfortunately cannot join us today because she is out there “making it happen” as always. As the resident digital media ninja, I want to discuss the digital signing document tool we utilize, DocuSign. Did you know with DocuSign, you can sign most real estate documents from the easy and comfort of your mobile phone, tablet device or computer?

Imagine sitting with us for ten minutes while we draft up your residential purchase or listing agreement and with the push of a button, we can send your document to your email via DocuSign so you can sign, initial and approve on the spot! Think of all the time and money you will save without having to print page after page of real estate documents. When you use the Monica Diaz Team, you will have the option to use DocuSign to make this entire process much easier on you!

Most of our clients shun the use of personal computers, especially when it comes to signing documents. DocuSign truly eliminates that fear with its simplicity and ease of use. Why waste time print out hundreds of pages of paper when you can just point and click your digital signature? Why not let us minimize your stress and anxiety?

It is important to note that not all real estate documents can be signed digitally. Certain escrow documents and trust paperwork still require a hard copy, paper signature. Rest assured, our team will guide you every step of the way to make sure this happens.

As always, if you or anyone you know is interested in buying or selling real estate, don’t hesitate to connect with us. Remember, Monica makes it happen!

Is Bad Credit Preventing You From Owning a Home?

Is Bad Credit Preventing You From Owning a Home?

Welcome back to the Monica Diaz Team video blog. Today we have Megan Halpin of Cove Financial with us. She’s here to tell us about a wonderful program available to anyone who is experiencing a ‘financial hiccup’.

What is Cove Financial’s Rent-to-Own program? 
Cove Financial’s Rent-to-Own program is unlike any other. There are a lot of different reasons why someone may have a poor credit score and we don’t want that to affect your chances of owning a home.

Through this program we give these families the opportunity to rent their home until they qualify for a standard mortgage.

Who qualifies? 
With this program we accept credit scores as low as 550. We just require that you have a 5% deposit. The great news is that 5% doesn’t have to be seasoned; you just need it once an offer is placed on a home.

You also need to have proof of income. This program is meant to help you until you can qualify for a standard loan. To do that, you need a steady income and to be able to rebuild your credit score.

How does it work? 
The application process takes about 2-3 days. Once you have been approved you are allowed to go and pick the home of your dreams.

Just one of the unique things about Rent-to Own is we don’t pick the home for you, rather we allow you to choose a home from $100,000 - $1 million.

Once you have found that home Cove Financial purchases the home. You are leasing the home until you qualify for a mortgage and can pay off the property.

The closing process takes about 21 days or less on average. In fact, just the other day we closed a home in just three days!

How much does it cost? 
As mentioned before, you do need a 5% deposit as well 3% to Cove Financial. The only other fee is the $995 application fee. This is a chance for you to get back into home ownership.

If you are interested in learning more about Cove Financial’s Rent-to-Own program, give Megan a call at 310.351.9942

Don’t miss out on this wonderful opportunity. Build your credit and get the home of your dreams.

If you or anyone you know is looking to buy or sell, send them our way because remember, the MONICA DIAZ TEAM MAKES IT HAPPEN!

Meet The Monica Diaz Team

Welcome back! 2013 was a great year for The Monica Diaz Team and we can't wait to continue to serve you this new year. That's why I wanted to introduce the team to you!

Lucia Lopez is our executive assistant. She handles all the open escrows, the paperwork and closing the files. She makes sure nothing falls through the cracks!

Oscar Pinto and Justin Lopez are our Buyer's Specialists. If you need a home, they make it their #1 priority to find you one that fits all your needs.

We are The Monica Diaz Team and we look forward to helping you with all your real estate needs this next year. We wish you happy and prosperous 2014. And remember, The Monica Diaz Team makes it happen!

Our Attitude of Gratitude

The new year is just days away. As we get ready for 2014 we couldn't help but reflect upon 2013. A year ago, we partnered up with a common goal of creating a one-of-a-kind real estate experience for you.

Because of you, we have made incredible leaps. Your support, your business and your referrals have taken The Monica Diaz Team to a whole new level. We can't begin to tell you how grateful we are for you. From the bottom of our hearts, THANK YOU!

We also wanted to wish you a wonderful and safe holiday season. We hope you take this time to be grateful for everyone and everything in your life.

If you have any questions, don't hesitate to give us a call. We want to be your real estate resource! Get ready for 2014; it's going to be another great year because remember, MONICA MAKES IT HAPPEN!