This new California law (SB 931) was signed by the Governor on September 30th, which takes affect from the beginning of January 2011. According to this law, any first mortgages that accept a short sale cannot obtain a deficiency judgment against a seller, whether it is owner occupied home or non-owner occupied owners.                                                                    

So, the good news is that for owner occupied owners and also investors who own 1-4 units, now they don’t have to worry whether lender will come after to collect the remaining balance.

Now, here’s the great news – This law applies to all type of first loan whether it is a purchase money loan or refinanced loan. If a lender agrees to a short sale on first mortgage then that lender must accept the sale proceeds as their full payment and fully release the seller from any deficiency.

“SECTION 1. Section 580e is added to the Code of Civil Procedure, to read:

580e. (a) No judgment shall be rendered for any deficiency under a note secured by a first deed of trust or first mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. Written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the
remaining amount of the indebtedness on the first deed of trust or first mortgage. (b) If the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures the first deed of trust or first mortgage, this section shall not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any third party for fraud or waste. (c) This section shall not apply if the trustor or mortgagor is a corporation or political subdivision of the state.”

It is always highly recommend that you ask your CPA or get legal counsel on tax consequences of a short sale.

If you need help selling your home, please contact:
Caroline Barooshian, Realtor/Broker Cell 909-200-9280 
Email: sales@daycreekrealty.com
Day Creek Realty, we know real estate!

Always go the extra mile and call the school district to make sure that the house you are going to make an offer on is in the district you want it to be. 

Here are a few links that might be useful to you.

CLICK here for SCHOOL RANKINGS

CLICK here for SCHOOL and COMMUNITY Information

CLICK here for NCES Nationl Center for Education Stats
NCES is the primary federal entity for collecting and analyzing data that are related to education in the United States and other nations.

COMMUNITIES…

 CLICK to open city websites (opens in a new window)

• Chino
• Chino Hills
• Claremont
• Covina
• Diamond Bar
• Fontana
• Glendora
• La Verne
• Montclair
• Ontario
• Rancho Cucamonga
• San Dimas
• Upland
• Walnut

I hope you found this post useful! If you need help finding or selling your home, please contact:
Caroline Barooshian, Realtor/Broker Cell 909-200-9280 
Email: sales@daycreekrealty.com
Day Creek Realty, we know real estate!

Let me know how I can help you.  I can set up so you get daily property flyers that meet your specific search criteria. Caroline Barooshian-Realtor/Broker Cell 909-200-9280 Email  sales@daycreekrealty.com

Six Week Checklist for a Good Move

Six Weeks Before Move:

• Call for moving estimates.
• Call the Chamber Of Commerce and Visitors & Convention Bureau in your new town and get their new resident information packages.
• Inventory all household items to be moved, and start packing NOW!
• Remove all items from basement, storage sheds, attics, and plan a garage sale or charity donation for all items you don’t want to move.
• Start using things up that you can’t move, like cleaning supplies and frozen food.
• Discuss tax-related moving expenses, liabilities, and deductions with your tax advisor.
• Make a list of all people/organizations to contact about change of address.
• Complete U.S. Postal Service change of address forms and mail them to all applicable publications, stores and organizations.
• Get copies of (or arrange for transfer at both ends of move) all school, medical, dental, veterinary, legal, and accounting records.
• Contact insurance agents to transfer or cancel coverage.
• If it’s a company move, check with your employer to find out what moving expenses they cover.
• Get a mail subscription for the local paper in your new location to familiarize yourself with the new community, its activities and issues.
• Locate and obtain all automobile licensing and registration information.

Four Weeks Before Move:

• Get an itemized list of all moving related costs and review with mover, including packing, loading, special charges, insurance, vehicles (if needed), etc.
• Contact all current and new location utility companies (gas, water, electric, cable TV, phone & trash collection) to set connect/disconnect dates. Remember to keep current utilities hooked up until move day.  Make arrangements for relocation of pets and plants.
• Move valuables to safe deposit box to prevent loss during move.
• If you are packing yourself, acquire packing materials/boxes and pack items you won’t need for the next month.
• If professional mover is packing your goods, schedule packing day(s) 1 or 2 days before move.
• Prepare any mowers, snow blowers, boats, snowmobiles (or other vehicles you won’t be using before the move) for the move by servicing and draining gas and oil, to prevent a moving van fire.
• Repair, send out for re-upholstery, or clean furniture, drapes, carpeting as needed.

Three Weeks Before Move:

• Make travel arrangements for family for moving trip, allow for unexpected delays and cash needs that often occur in moves and house closings.
• Collect all important papers (insurance, will, deeds, stocks, etc.).
• Arrange to close all local bank accounts and open new ones in new location.

Two Weeks Before Move:

• Prepare auto(s) for trip to new home. Check tires and have vehicles serviced.
• Terminate newspaper and other delivery services at old address.
• Give away all plants you don’t intend to move.
• If you’re moving out of a building with elevators, arrange with management for use of elevators on move day.
• Schedule for appliance disconnects on moving day or the day before the move, if necessary.
• Contact your moving company counselor to review and confirm all arrangements for your move.
• Withdraw contents of any safe deposit boxes, return library books & rental video tapes, pick up any dry cleaning, etc.
• Prepare specific directions to your new home for your moving company, including your travel itinerary and emergency numbers.

One Week Before Move:

• Defrost refrigerator/freezer.
• Plan simple meals for moving day to avoid using appliances.
• Make plans for care of small children on moving day.
• Transfer or withdraw all funds from local banks.
• Separate cartons and luggage items you need for personal travel so they don’t get packed on the truck.
• Pack a box of items you will need immediately upon arrival at your new home and have movers put this box on last (clearly mark box as PACK THIS LAST or UNPACK THIS FIRST) or take it with you.
• Have appliances disconnected and prepared for move.
• Set aside one room for packers and movers to work in freely.
• Arrange to have utilities turned on at new home.
• Notify friends and neighbors of new address and phone number (if available).
• Fill any necessary prescriptions, medications needed for the next two weeks.
• Set aside manuals and instructions for your current home for new owner.
• Do NOT disconnect your telephone until the day after loading.

Moving Day:

• Plan on spending entire day at house with movers. Don’t leave until movers have gone.
• Record all utility meter readings (gas, electric, water).
• Stay with moving van driver to oversee inventory of goods.
• Give moving van driver directions to new home and numbers where you can be reached prior to delivery.
• Get routing information from moving van driver.
• Review carefully and sign bill of lading and inventory, and keep your copy in a safe place until all charges have been paid and all claims (if any) have been settled.
• Make final walk-through of house, including basement, attic and closets, to make sure it’s empty.
• Lock all windows and doors, and drop off keys with Realtor, neighbor or new owner.

I hope you found this post useful! If you need help finding or selling your home, please contact:
Caroline Barooshian, Realtor/Broker Cell 909-200-9280 
Email: sales@daycreekrealty.com
Day Creek Realty, we know real estate!

However, it is very important to ask your agent to specify in an addendum or the purchase contract the model, color, make of the refrigerator and the location, i.e, located in the kitchen or in the garage with all parties in the transaction having signed and agreed to the terms. 

Many times if items are not specified clearly and agreed by all parties, it is an unpleasant surprise to find a different refrigerator in the house when you are moving in.

Final walk thrus are essential however save yourself a headache and put everything in writing.  At Day Creek Realty we go all the way out to protect our buyers and sellers so everyone has a good and pleasant buying and selling experience.

I hope you found this post useful! If you need help finding or selling your home, please contact:
Caroline Barooshian, Realtor/Broker Cell 909-200-9280 
Email: sales@daycreekrealty.com
Day Creek Realty, we know real estate!