First Home - California

Jueves, 2 de mayo de 2024

Fecha del episodio: jueves, 2 de mayo de 2024

Únanse al Departamento de Bienes Raíces (DRE) de California para conocer una historia real sobre estafa y fraude inmobiliarios, así como consejos para la protección del consumidor. En este episodio:Tratos deshonestos,les contamos un caso lleno de engaño y malas acciones premeditadas que ocurrió en el sur de California en un periodo de dos años. Justo cuando los posibles compradores de viviendas pensaron que sus depósitos de arras estaban en buenas manos y asegurarían la compra de una vivienda, comenzaron a darse cuenta de que algo no andaba bien. Nos acompaña una investigadora especial del Departamento de Bienes Raíces quien nos contará la historia de cómo una agente inmobiliaria estafó a más de cien compradores de viviendas confiados, compartirá información sobre las investigaciones del Departamento y consejos con respecto a cómo los consumidores se pueden proteger durante las transacciones inmobiliarias.

Se cubrirán los siguientes temas:

• Depósitos en garantías controlados por agentes inmobiliarios
• Depósitos de arras
• Consejos y avisos importantes sobre el proceso de compra de vivienda
• Cómo presentar una queja ante el Departamento de Bienes Raíces de California

Nuestra invitada para este episodio:Veronica Kilpatrick, Gerente de distrito/Investigadora especial supervisora II de DRE- San Diego

Se recomienda la discreción del oyente: Este episodio del pódcast incluye ejemplos reales y algunos términos específicos de un caso anterior de ejecución de bienes raíces que involucra fraude. Para leer el expediente completo del caso de ejecución, visite: https://tinyurl.com/4h2vepfj

Episode Date: Friday, April 12, 2024

Join us, the California Department of Real Estate, for a true story of real estate fraud and deception, along with consumer protection tips. In this episode, Dishonest Dealings, we take you through a case full of misrepresentation and calculated wrongdoings that took place in Southern California across two years. Just when prospective homebuyers thought their security earnest money deposits were in safe hands and would secure a purchase of a home – they began to realize something was not right . We sit down with a Department of Real Estate special investigator who will tell us the story of how one realtor defrauded more than one hundred unsuspecting homebuyers, share insight into the Department’s investigations, and provide tips on how consumers can protect themselves during real estate transactions.

Topics covered include:

• Broker controlled escrows
• Earnest money deposits
• Important tips and reminders about the homebuying process
• How to file a complaint with the California Department of Real Estate

Our guest for this episode: Veronica Kilpatrick, DRE District Manager/Supervising Special Investigator II - San Diego

Listener Discretion Advised: This podcast episode includes real examples and some case-specific language of a past real estate enforcement case involving fraud. To read the full enforcement case file, visit: https://www2.dre.ca.gov/hearingfiles/H41332LA_200203_P.pdf.

In this episode we talk about how escrow works. When you’ve made a final offer on a home and reached an agreement with the seller, you start the escrow process in which a neutral third party manages funds and assets, and ensures all conditions of the sale are met before the property changes hands.

Topics covered include:

• When escrow officially starts
• The mindset a first-time homebuyer should have during escrow
• Who is responsible for identifying an escrow company to use, whether a homebuyer can choose the escrow company, and who contacts the escrow company to open an account
• What title search and title insurance are
• What kind of contact the homebuyer can expect to have with their lender
• Whether it’s common for sellers pay for a home warranty for the first year
• What happens at document signing

Our Guest:

• Lynn Bishop, Escrow Officer at Placer Title Company

In this episode we talk about how home appraisals work. In California, real estate appraisers are regulated by the Bureau of Real Estate Appraisers (BREA), and today we’re joined by BREA’s Bureau Chief Angela Jemmott.

Topics covered include: • What an appraisal is, why it’s needed, and who pays for it • Whether homeowners can choose the appraiser • What an appraiser does during an appraisal • What an appraiser is looking for to determine a home’s value • What it means if a home is appraised for less than paid for • What a homeowner can do if they disagree with an appraisal • Whether a homeowner can pay for their own appraisal • How to get a real estate appraisers license • The different levels of appraisers and their differences • Common reasons consumers file complaints with BREA

Our Guest: • Angela Jemmott, Chief of the Bureau of Real Estate Appraisers

In this episode we talk about what’s likely the most complex and most important part of the homebuying process.

Topics covered include:

• The legal paperwork you’ll need to review and sign before buying a new home.
• The information that needs to be disclosed to you before a sale.
• The mindset a homebuyer should have when approaching disclosure documents.
• The different types of disclosures – such as the Real Estate Transfer Disclosure Statement (TDS), Mello-Roose Districts, Bond Assessments, Natural Hazard Disclosures.
• The other reports homebuyers will receive – such as the Preliminary Title report and a public report.
• The financing paperwork you’ll receive – such as the Loan Estimate and Closing Disclosure.

Our Guest:

• Kevin Burke, Licensed Real Estate Broker and teacher of Real Property Law

In this episode we talk about one of the most stressful and exciting parts of the homebuying process, making an offer on a home.

Topics covered include:

• The mindset a first-time homebuyer should have about making an offer
• What’s an earnest money deposit, how much should you put down for this type of deposit, and what are the advantages/disadvantages of putting down more or less than that amount?
• The advantage of not selling a home before buying a new one
• The types of contingencies are involved in offers
• After successfully bidding on a home, how long it should take to close escrow
• The pluses/minuses of renting back to the seller after you buy a home
• If there are any contingencies a first-home buyer should think about waving
• What the process of making an offer looks like, including timelines the steps should take
• What happens when there are multiple offers to buy a home
• What the terms “best and final” really means
• What the term “escalation clause” means
• Should the first-time homebuyer make bids on multiple properties at the same time
• What’s a “love letter” or “offer letter” and why there’s risk in sending one
• Tips on how to survive the stress and emotions of making an offer

Our Guest:

• Mike Shenkman, Licensed Real Estate Agent and lecturer at Department of Urban Studies and Planning at U.C. San Diego

Other Resources

Love Letters / Offer Letters

• New York Times https://www.nytimes.com/2021/12/17/realestate/you-love-that-house-but-should-you-write-a-love-letter.html
• Orange County Register https://www.ocregister.com/2021/03/11/do-homebuyer-love-letters-violate-fair-housing-laws/
• CBS News https://www.cbsnews.com/losangeles/news/no-more-love-letters-to-home-sellers-calif-realtors-advise/
• CNN https://www.cnn.com/2021/05/19/homes/love-letters-from-home-buyers/index.html
• Money https://money.com/home-seller-love-letter/
• National Association of Realtors https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters

There are a lot of professionals who are going to be involved in your home purchase. But, none is going to be more important to you than the one we talk about in Episode #105. This episode covers how to find a real estate agent.

Topics covered include:

• The difference between a real estate agent and a realtor
• Typical responsibilities handled by a buyer’s real estate agent
• How a buyer’s real estate agent gets paid
• The types of real estate licenses in California
• What educational experience a licensed real estate agent must have
• What else does someone need to do before they can get a California real estate license
• How does a homebuyer start their search for a real estate agent
• How important is it for an agent to have knowledge about the specific area where you want to buy a home
• How important is it that an agent does a lot of advertising
• What are the pluses and minuses of working with a large real estate brokerage versus a small real estate brokerage
• What question does an agent wish more first-time homebuyers asked
• What does it mean to you when the your agent and the seller’s agent both work for the same broker?
• What happens if your agent also represents the seller
• What types of problems can lead a new homebuyer to filing a complaint with the Department of Real Estate

Our Guests:

Chika Sunquist, Department of Real Estate’s Assistant Commissioner overseeing Enforcement

Mike Shenkman, Licensed Real Estate Agent and lecturer at Department of Urban Studies and Planning at U.C. San Diego

Other Resources:

Verify a Real Estate Agent’s License: https://www2.dre.ca.gov/PublicASP/pplinfo.asp

DRE’s First Home – California Website: https://dre.ca.gov/FirstHomeCalifornia

DRE Contact Center: (877) 373-4542 (Monday-Friday, 8:00 a.m. - 5:00 p.m.)

California Association of Realtors: https://www.car.org

In Episode #104 we take a deep dive on all the assistance programs available to first-time homebuyers here in California. A representative from the California Housing Finance Agency (CalHFA) joins us.

Topics covered include:

CalHFA Down Payment Assistance Programs

• MyHome Assistance Program
• California Dream for All Shared Appreciation Loan Program

Please note: On October 13, 2023, Eric Johnson from CalHFA released a video with the latest on the Dream For All shared appreciation loan program and address some of the misinformation that has been shared and posted about the program’s return. Watch the video at: https://www.youtube.com/watch?v=biT21WUCbII.

CalHFA Government Loan Programs

• CalHFA FHA Loan Program The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30-year fixed interest rate first mortgage.
• CalPLUS FHA Loan Program The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30-year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
• CalHFA VA Loan Program The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.
• CalHFA USDA Program The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.

CalHFA Conventional Loan Programs

• CalHFA Conventional Loan Program The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
• CalPLUS Conventional Loan Program The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Other CalHFA Programs

• Section 184 Indian Home Loan Guarantee Program Members of federally recognized tribes can take advantage of CalHFA financing no matter where they choose to live in California! Combine with grants, gifts or tribal assistance to maximize your homebuying power.
• Limited 203(K) Option Program that allows homeowner with CalHFA mortgage to roll up to $35,000 in repairs into mortgage payment.
• Free Housing Counseling Program Through CalHFA’s NMS Housing Counseling Program, a network of HUD-certified housing counselors across California provide free, confidential education and connections to resources. By contacting a HUD-approved housing counseling agency, you will speak with a counselor who is specially trained and certified by the U.S. Department of Housing and Urban Development to help you assess your financial situation, evaluate options and find programs and resources to help keep you on track, orget you back on track.

Our Guest:

Eric Johnson, California Housing Finance Agency (CalHFA)

Other Resources:

DRE Website: https://dre.ca.gov/FirstHomeCalifornia

Episode #103 gives you a close-up look at how down payments work.

A National Association of Realtors survey in 2021 found that 29% of first-time homebuyers said the down payment was the most difficult step in the home buying process.

Topics covered include:

• Why your down payment is important to you
• Why it’s important to your bank
• Why it’s okay if you aren’t able to put down 20% as a down payment
• What are the rules for using a financial gift from your family to help with your down payment
• What’s a good faith deposit and how does that work into your down payment
• A brief look at some of the first-time homebuyer programs available in California, which will be the deep dive we take in the upcoming Episode #104.
• Plus, some tips that might help you in your efforts to save money for your down payment

Guest:

Mike Shenkman, Real Estate & Mortgage Expert, lecturer in the Urban Studies and Planning Department at University of California, San Diego.

Other Resources:

DRE Website: https://dre.ca.gov/FirstHomeCalifornia

We take a deep dive into home mortgages. This includes conventional, FHA and VA mortgages, as well as fixed-rate, adjustable-rate, and interest-only. We also discuss the difference between interest rate and annual percentage rate, pre-qualified and pre-approved, what's an amortization school, what's an impound account, how a mortgage buy down works, and what happens if your new home is appraised for less than the price you're paying. Plus, an overview of first-time homebuyer programs.

More at: https://dre.ca.gov/FirstHomeCalifornia