What is a Seller’s Affidavit in a Real Estate Transaction

sellers-affidavit

Seller’s Affidavit Of Non-Foreign Status And Qualified Substitute

Both the Federal Government and the State of California want to know if a seller of real property is a foreign national and, in the case of the State, if the seller will live in California. Reason: you guessed it, they want capital gains taxes if they are due following the sale of a principal residence and even investment property.

A form was created many years ago on which appear a number of questions of which a Seller must answer no more than two. The form is termed Seller’ Affidavit of Non-Foreign Status. Both State and Federal law require that it be signed by the Seller of a principal residence. One problem with the form is that it calls for the insertion of the Seller’s Social Security number. It is fair to say that such a form, passing as it does from Seller to agent to agent’s Managing Broker and occasionally from there to a lending or title institution, the Social Security number can be in danger of falling into the wrong hands. Since the laws require the inclusion of the Social Security number in the Affidavit, but the Affidavit is prospectively insecure, a second form was created: the Qualified Substitute form.

A Seller is wise to sign the Affidavit (required) and the Qualified Substitute form. A Qualified Substitute in general practice is an escrow holder. The escrow holder will, in the course of interviewing a Seller, obtain and retain the appropriate Social Security number.

As with so many circumstances in which a second document has been created to correct a shortcoming in the first, there has been confusion about whether the Qualified Substitute may be used on its own and the Affidavit ignored. The answer as been a resounding “NO”.

It is possible that a sophisticated escrow holder will, when securing the Social Security number from a Seller will also provide that Seller with the multiple-choice questions asked of the Affidavit, but such escrow holders are the exception, not the rule.

Since the laws requiring the Affidavit are directed at the Seller and the Seller only, ordinary prudence suggests that you should tell your agent that you wish to sign both documents, leaving the Social Security number off of the Affidavit.

Fullerton Housing Looks Promising

Fullerton Realtor Diego Loya

Home Living Report – Fullerton, CA Real Estate News by Diego Loya

The Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices.

It’s tempting to confuse market normalization with a possible slowdown. But those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That
means investor activity – which accounts for a substantial market share – is moderating. That’s not to say that rates and prices aren’t still attractive to owner occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.

  • New Listings were down 13 percent for single family homes and 25 percent for condos and townhome properties.
  • Pending Sales decreased 16.9 percent for single family homes and up 31.8 percent for townhouse-condo properties.
  • The Median Sales Price was up 21.4 percent to $563,500 for single family homes and down 12.3 percent to $315,000 for condos and townhome properties.
  • Months Supply of  Inventory was a positive up 4.5 percent for single-family homes but down 22.2 percent for townhouse-condo units.

The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we’ve now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There’s still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”]

*Data from PWR and includes Orange County and some surrounding areas.

Current Fullerton Homes For Sale

(Contact us a specific type of property you are looking for)

[idx-listings community=”Fullerton” statuses=”1″ propertytypes=”516″ orderby=”ImprovedSqFt” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Where is Orange County Housing Headed

Home Living Report – Orange County, CA Real Estate News by Diego Loya

Orange_CountyThe Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices. It’s tempting to confuse market normalization with a possible slowdown. But those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That means investor activity – which accounts for a substantial market share – is moderating. That’s not to say that rates and prices aren’t still attractive to owner occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.

  • New Listings were down 0.9 percent for single family homes and up 7.3 percent for condos and townhome properties.
  • Pending Sales increased 1.1 percent for single family homes 4.3 percent for townhouse-condo properties.
  • The Median Sales Price was up 22.5 percent to $539,000 for single family homes and 22.1 percent to $348,000 for condos and townhome properties.
  • Months Supply of  Inventory was flat for single-family homes and up 22.2 percent for townhouse-condo units.

The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we’ve now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There’s still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”] *Data from PWR and includes Orange County and some surrounding areas.

Current Orange County Homes For Sale

(Contact us a specific type of property you are looking for) [idx-listings county=”Orange” minprice=”400000″ maxprice=”600000″ minbeds=”3″ maxbeds=”6″ statuses=”1″ propertytypes=”516″ orderby=”Price” orderdir=”ASC” count=”12″ showlargerphotos=”true”]

A Normal Orange County Real Estate Market 2014

Orange County Real Estate Report February 2014 by Diego Loya

Home Living Report – Orange County, CA Real Estate News by Diego Loya

The Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices.

The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace. That’s not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.

  • New Listings were up 0.3 percent for single family homes and up 8.2 percent for condos and townhome properties.
  • Pending Sales decreased 10.4 percent for single family homes 2.2 percent for townhouse-condo properties.
  • The Median Sales Price was up 21.5 percent to $522,000 for single family homes and 24.1 percent to $335,000 for condos and townhome properties.
  • Months Supply of  Inventory decreased 9.1 percent for single-family homes and up 16.7 percent for townhouse-condo units.

Given how far the market has come, it’s a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh competitive market analysis might be a good idea. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014. Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Job growth is still fundamental and is likely to dominate this election cycle.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”]

*Data from PWR and includes Orange County and some surrounding areas.

Current Orange County Homes For Sale

(Contact us a specific type of property you are looking for)

[idx-listings county=”Orange” minprice=”275000″ maxprice=”3000000″ minbeds=”3″ maxbeds=”15″ statuses=”1″ propertytypes=”516″ orderby=”DateAdded” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Home Prices Steady Climb in 2014

Diego Loya Home Living Orange County Real Estate Report 1-2014

Home Living Report – Orange County Real Estate News by Diego Loya

The Orange County Real Estate market in 2013 has some big gains. Homes increased to it’s highest levels since 2007. A more stable and normalized market will continue in 2014 where home prices will stay strong and the buying market will stay fierce. Although there will be more homes for sale, the buyer’s appetite will be greater.

In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.

  • New Listings were down 17.1 percent for single family homes and 1.9 percent for condos and townhome properties.
  • Pending Sales decreased 9.0 percent for single family homes and 0.3  percent for townhouse-condo properties.
  • The Median Sales Price was up 23 percent to $530,000 for single family homes and 28.8 percent to $335,000 for condos and townhome properties.
  • Months Supply of  Inventory decreased 21.7 percent for single-family homes and flat for townhouse-condo units.

Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve’s long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”] *Data from PWR and includes Orange County and some surrounding areas.

[idx-listings county=”Orange” maxprice=”120000000″ minbeds=”3″ maxbeds=”15″ statuses=”1″ propertytypes=”516″ orderby=”LastUpdated” orderdir=”DESC” count=”15″ showlargerphotos=”true”]

Orange County Home Prices Start to Level Off

Home Living Report – Orange County Real Estate News by Diego Loya

Home prices in Orange County have leveled off some for a couple of reasons. One, there is just less demand. Earlier this year there was a flurry of buyers looking to purchase a home but there are less buyers right now looking to buy. Two, there’s more homes for sale. Even though there isn’t a huge amount of new listings for sale, that 2 plus percent last month does make a difference.

Do you hear that? Hummmmm. That’s the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn’t what it could be, but it’s sufficient for now.

  • New Listings were up 2.6 percent for detached homes and increased 26.6 percent for attached properties.
  • Pending Sales decreased 2.5 percent for single family homes but increased 3.7 percent for townhouse-condo properties.
  • The Median Sales Price was up 22.2 percent to $525,000 for detached homes and 31 percent to $330,000 for attached properties.
  • Months Supply of  Inventory decreased 32.4 percent for single-family units and 17.9 percent for townhouse-condo units.

There’s some evidence that it’s not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there’s a fresh crop of buyers looking for a bigger space to raise their own little darlings.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”] *Data from PWR and includes Orange County and some surrounding areas.

[idx-listings linkid=”259281″ count=”15″ showlargerphotos=”true”]

Real Estate is Hot Hot Hot in Orange County, CA

Helpful Tips For Home Buyers          Helpful Tips For Home Sellers

As potentially the brightest sun in the current economic recovery, housing  activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, which will help replenish neighborhoods with new listings.

  • New Listings were down 2.3 percent for detached homes but increased 24.1 percent for attached properties.
  • Pending Sales increased 9.7 percent for single family homes and 19.7 percent for townhouse-condo properties.
  • The Median Sales Price was up 25.0 percent to $525,000 for detached homes and 29.3 percent to $336,500 for attached properties.
  • Months Supply of  Inventory decreased 56.1 percent for single-family units and 55.6 percent for townhouse-condo units.

The economy – which generates the jobs that fuel housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 percent again but are not likely to reach 3.3 percent again.

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Orange County Homes For Sale

(Contact me if you are searching for a specific property or property type – 714.989.6040)

[idx-listings county=”Orange” minprice=”400000″ maxprice=”33000000″ minbeds=”4″ maxbeds=”9″ statuses=”1″ propertytypes=”513″ orderby=”DateAdded” orderdir=”ASC” count=”15″ showlargerphotos=”true”]

Rate of Brea Homes Selling Keeps Increasing

Home Living Real Estate Sells Your HomeA renewed urgency has overtaken California real estate, particularly in Orange County and cities such as Brea. Virtually every major factor is up compared to the previous year. And the frequency of home sales in Brea, low inventory and decreased number of foreclosure sales continue to heat up the buying frenzy, which will only pick up even more speed in 2013. Record lows in interest rates and mortgage borrowing promise to keep a surging California real estate market soaring in the new year. Such attractive rates will not only spur new inventory to be placed on the market but also invite more buyers and sellers who have been waiting for signs of a revitalized real estate market before entering the fray.

And even if inventory remains low, demand shows no sign of slowing down, especially in Orange County and cities like Brea. Nationwide, it seems that home buying interest has regained momentum but California specifically seems to be growing by leaps and bounds:

  • Overall home buying has increased over 10%
  • New home sales grew by 25% compared to the previous year
  • The median price for homes has surged by nearly 12%
  • Single-family residential construction has picked up by 43% while new apartment builds have grown by 19%

Lastly, prices continue to rise and that should prompt home owners who have been holding onto inventory to place their properties on the market. This increase in supply can only motivate would-be investors waiting for a more promising outlook.

In short, considering any of the number of Brea homes for sale will be an intensive process requiring patience and in-depth research. Partnering with an informed ally will be of the utmost importance. I’m here and ready to help just as I’ve helped hundreds of other buyers looking for luxury real estate in Brea. I’m eager to get you started on your journey. Give me a call today.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea within the Multiple Listing Service  HERE

[idx-listings city=”Brea” minprice=”300000″ minbeds=”3″ statuses=”1,2″ propertytypes=”516″ orderby=”Price” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Brea Property Values On The Rise as 2013 Begins

Brea Home Values RiseBrea property and homes across Orange County are selling at their greatest since the collapse of the real estate industry in the mid-2000s. The overall number of homes purchased surged by 25% in November 2012 compared to the previous year, evidence that the local housing market is not only rallying by accelerating as we enter 2013. This increase in activity, combined with low inventory, has put valuations on a northward track. DataQuick Information Systems, which tracks real estate trends, also reported that the median housing price for Orange County increased an average of $50,000, over 12% in the same year-over-year comparison.

Numerous market indicators suggest that the frequency of real estate purchases in Orange Counties and areas like Brea are picking up pace, notably:

  • November was the tenth consecutive month where more property was purchased year over year
  • The rate of sales continue to climb in spite of a derth of inventory as reported by www.ReportsOnHousing.com
  • The median house price in Orange County has only crested $450,000 twice since the real estate market dropped and both occurrences were in 2012, in June and October

And the low inventory of Brea homes for sale and rising prices have done nothing to discourage buyers from entering the housing market for the first time or purchasing investment property. Such strong, positive rates of change suggest that Brea will continue to grow in the next twelve months as it has done in the previous twelve to eighteen. If you are considering buying real estate in the Brea area, you should align yourself with a realtor who knows the area to help find your way through a landscape of competitive bids and hard-to-find properties.

I’ve been serving Brea luxury real estate for many years and would love to hear from you. Drop me a line today so we can begin the discussion.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea within the Multiple Listing Service  HERE

[idx-listings city=”Brea” minprice=”850000″ minbeds=”4″ statuses=”1,2″ propertytypes=”516″ orderby=”DateAdded” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Brea Housing Inventory Plummets

Available Homes For Sale in Brea Drop

Brea Low InventoryThe available active homes for sale in the city of Brea have dropped off dramatically. Since Summer 2012 active homes for sale in Brea have dropped almost 50%.

This drop off has been quite painful for buyers looking to buy in Brea as they have struggled month over month to get their offer accepted by a home seller as the competition has been great.

For the home seller, times couldn’t be better. Higher home prices as well as even higher buyer offers have had home sellers smiling all the way to the bank. There has been a rapid drop in inventory levels across Brea. Simply, as the number of available homes goes down, prices increase – simply due to demand.

The drop off in homeowners deciding to put their home for sale can be due to several factors, the typically slow winter season, past elections and the fiscal cliff worries.

Fantastic News for Homeowners

Homeowners, turn lemons to lemonade.

If you have been considering selling your home. There has been no better time in recent memory to put your home for sale. Conditions are great to sell your home at top dollar. Buyers will be knocking down your door to accept their offer and will do just about anything to get it. As the past two years have been a ripe buyers market, it is now the turn of the seller to take advantage of these times.

Contact me for a personalized property evaluation for Free with no obligation. (714) 989-6040. diego@ehomeliving.com.

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Homes For Sale in Brea

Currently actives homes for sale in the city of Brea

See what homes are selling for in your Brea neighborhood: Brea Neighborhoods For Sale

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