TEAM EMPOWERMENT MORTGAGE CHATTER: July 21; REALTORS: You’re Invited To A FREE Exclusive Event; Carbon Monoxide Detector Law Now In Effect; More Homeowners Turn To ‘Homesharing’; Real Estate Sales Slump Continues in June

“Our greatest battles are that with our own minds” -Jameson Frank

 

REALTORS: 

FREE EXCLUSIVE SPEAKING EVENT ON MONDAY JULY 25, 2011

SPEAKER: Rick Ruby of The CORE Training, Inc.  (Also Zack’s personal coach for the last 2 years)

TOPIC: “How To Turn Buyers Into Closed Transactions And Exceed Your Goals for 2011”

Click on image for more information and to RSVP TODAY (click on REALTORS tab)! (Due To Limited Seating You MUST RSVP)

Zackry Cooper Website

Rick Ruby Website

The CORE Training, Inc. Website

 

 CARBON MONOXIDE DETECTOR LAW EFFECTIVE 7/1/11

Don’t forget that there is a new carbon monoxide detector law in effect. Please be aware, this can be an additional fee to your borrowers should they need a re-inspection on their appraisals if the home does not have these installed.

This law required detectors to be installed in every “dwelling unit headed for human occupancy.” The California legislature also modified both the TDS (for residential one-to-four unit real property) and MHTDS (for manufactured homes and mobilehomes) to include a reference to carbon monoxide detector devices.

Every owner of a “dwelling unit intended for human occupancy” must install an approved carbon monoxide device in each existing dwelling unit having a fossil fuel burning heater or appliance, fireplace, or an attached garage.

The applicable time periods are as follows:

(1) For all existing single-family dwelling units on or before July 1, 2011.

(2) For all other existing dwelling units on or before Jan. 1, 2013.

(Cal. Health & Safety Code § 17926(a).)

This new law requires the owner “to install the devices in a manner consistent with building standards applicable to new construction for the relevant type of occupancy or with the manufacturer’s instructions, if it is technically feasible to do so” (Cal. Health & Safety Code § 17926(b)).

The following language comes packaged with carbon monoxide (CO) detectors:

For minimum security, a CO Alarm should be centrally located outside of each separate sleeping area in the immediate vicinity of the bedrooms. The Alarm should be located at least 6 inches (152mm) from all exterior walls and at least 3 feet (0.9 meters) from supply or return vents.

Building standards applicable to new construction are as follows (overview summary only):

· Section R315 et seq. of the 2010 edition California Residential Code (CRC) [effective Jan. 1, 2011] (applicable to new one-to-two family dwellings and townhouses not more than 3 stories and also where work requiring a permit for alterations, repairs or additions exceeding one thousand dollars in existing dwellings units):

Installed outside of each separate sleeping area in the immediate vicinity of the bedroom(s) in dwelling units and on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages.

· Section 420 et seq of the 2010 edition California Building Code (CBC) [effective Jan. 1, 2011] (applicable to other new dwelling units and also where a permit is required for alterations, repairs or additions exceeding $1,000 in existing dwelling units):

Installed outside of each separate sleeping area in the immediate vicinity of the bedroom(s) in dwelling units and on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages.

A violation is an infraction punishable by a maximum fine of $200 for each offense. However, a property owner must receive a 30-day notice to correct first. If an owner who receives such a notice fails to correct the problem within the 30-day period, then the owner may be assessed the fine. (Cal. Health & Safety Code § 17926(c).)

The only disclosure obligations are satisfied when providing a buyer with the TDS or the MHTDS. If the seller is exempt from giving a TDS, the law doesn’t require any specific disclosures regarding carbon monoxide detector devices. (See Cal. Civ. Code §§ 1102.6, 1102.6d.)

The Homeowners’ Guide to Environmental Hazards also will include information regarding carbon monoxide.

All landlords of dwelling units must install carbon monoxide detectors as indicated in Question 4. The law gives a landlord authority to enter the dwelling unit for the purpose of installing, repairing, testing, and maintaining carbon monoxide devices “pursuant to the authority and requirements of Section 1954 of the Civil Code [entry by landlord].”

The carbon monoxide device must be operable at the time that a tenant takes possession. However, the tenant has the responsibility of notifying the owner or owner’s agent if the tenant becomes aware of an inoperable or deficient carbon monoxide device. The landlord is not in violation of the law for a deficient or inoperable carbon monoxide device if he or she has not received notice of the problem from the tenant.

(Cal. Health & Safety Code § 17926.1.)

 

READ MORE ON THE C.A.R WEBSITE (Login Required To Read Details)

 

MORE HOME OWNERS TURN TO ‘HOMESHARING’

Home owners looking for additional income are opening up their homes and renting out spare bedrooms to offset mortgage costs, which has made “homesharing” the latest trend catch on in some parts of the country, particularly in affluent areas.

Homesharing “started where it was mostly elderly people living on fixed incomes that needed to rent out a room to supplement their income or they were frail and needed help in the house. So they would offer a lower rent to somebody that would help,” says Jackie Grossmann, a homesharing coordinator in Deerfield, Ill. “But now it’s really moved to boomers, who have lost [their] savings.”

While baby boomers are looking for roommates to help offset the costs of home ownership, the roommates are looking for inexpensive housing in “homesharing” arrangements for any number of reasons, such as job loss, divorce, job relocation, and more.

Some programs have even sprung up to help play matchmaker to home owners and renters. In the high-priced area of Deerfield, Ill., for example, the Interfaith Housing Center of the Northern Surburbs offers the North Suburban Homesharing, a free service that matches roommates looking for inexpensive housing with home owners seeking extra cash.

REAL ESTATE SALES SLUMP CONTINUES IN JUNE

After stumbling in April and May, existing-home sales continued to slip in June compared to the month before, according to the latest monthly report from the National Association of Realtors.

Completed sales of existing single-family homes, townhomes, condominiums and co-ops dipped 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, the report said. Sales fell 8.8 percent compared to June 2010, the scheduled closing deadline for a federal homebuyer tax credit program.

Lawrence Yun, NAR’s chief economist, said in a statement that there was “an unusual spike” in contract cancellations last month.

“The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was canceled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year,” Yun said.

The national median price for existing homes rose 0.8 percent year-over-year last month, to $184,300. Distressed properties, typically sold at a discount, made up 30 percent of sales in June, down from 31 percent in May and from 32 percent in June 2010, the report said.

 

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