Archive for the ‘Buyer Specific’ Category

Checklist of Buyer’s Closing Costs

Following is a check list of potential buyer’s closing costs that you should be aware of and budget for:

Nonrecurring Costs:

__ Title insurance (where payable by buyer)

__ Escrow fee (where applicable)

__ Legal fee (where applicable)

__ Abstract of Title

__ Survey fee (where applicable)

__ Loan fee

__ Appraisal fee

__ Tax service

__ Credit report

__ Notary fee

__ Recording fee

__ Pest Control Inspection

__ Home Inspection

__ Document preparation fee

__ Review fee (where applicable)

__ Application fee (where applicable)

__ Underwriting fee

__ Courier fee

__ Verification fee (where applicable)

Recurring Costs:

__ Hazard insurance

__ Trust fund or impound account

__ Prorated taxes (if paid beyond recordation)

__ Prorated interest (if charged in arrears, to end of month; if charged in advance, to date of first payment).

Credits, if any:

__ Prorated taxes

__ Prorated rents, if any

__ Security deposits on hand, if any

For information and assistance on costs related to the purchase of real estate, please log onto my real estate website at

Feel free to share your thoughts by leaving a comment or call me at the office: 760-934-5088.


Home Buyers Pay Attention!!

Home prices have declined approximately 30% from the peak prices several years ago. This is great news for you!! Based on median income figures from the State of California, statewide affordability reached 64% in the second quarter of this year, meaning 64% of California households could afford to purchase and entry-level home in the State.

Additionally, owning a home can be beneficial because if forces the homeowner to “save.” While the mortgage payment may be higher than renting a home or apartment, most renters don’t put that difference into their savings account. That money can be used to upgrade the property and increase the value and comfort of the home.

In Mammoth Lakes, all property types are seeing price reductions. While condominiums/townhomes have seen the greatest reduction in value, single family residence values are also feeling the pinch of the cool economy, hovering 10% unemployment rate and diminished consumer confidence.

If you would like to purchase your first home or take a closer look at the outstanding vacation home opportunities, please log onto my real estate website at

Feel free to share your thoughts by leaving a comment or call me at the office at 760-934-5088.

Housing Recovery Not Helped By New FHA Condo Lending Rules

Earlier this year, the FHA passed a new set of lending guidelines that effectively removed the spot approval process for FHA insured condominium loans.

Before these guidelines where instituted, buyers looking for approval of an FHA insured condominium loan could file documents for each individual unit, with final approval on an individual or per-unit basis.

The new guidelines require pre-approval of the entire building which puts an end to the spot approval process. So, unless the entire condominium project passes the new guidelines, FHA approved loans will not be available to prospective buyers.

In resort areas, like Mammoth Lakes, condominium sales account for a large percentage of marketplace sales. If a condominium project doesn’t pass the new guidelines, anyone contemplating selling their property and sellers with their property currently on the market are going to be affected.

Does it make sense to tighten lending requirements when there is so much inventory on the market nationwide? Doesn’t it make more sense to ease up on lending requirements, particularly for condominiums, so that qualified buyers can clear out the existing inventory?

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

For information on Mammoth Lakes real estate, please log onto my real estate website at

June Mountain Summer Operations

During the Winter, the majority of people who travel to the Mammoth area do so to ski or ride Mammoth Mountain. And that’s okay with most people in June Lake. June Mountain is much smaller than Mammoth, but offers varied and interesting terrain for skiers/riders of all levels without the crowds.

Now that the Summer is here ( finally) June Mountain is open for the first time in years offering scenic rides to the June Meadows Chalet beginning June 25th.

You’ll be able to ride the J1 chairlift from 10 a.m. to 2 p.m. Friday – Monday.

Come enjoy the incredible views of Carson Peak, Mt. Wood, June Lake, Gull Lake and more.

And when you’re done and you’re thinking about how great it would be to own a home in June Lake, be sure to give me a call at 760-934-5088 ( office ) or log onto my real estate website: for active June Lake listings.

Please share your thoughts by leaving a comment.

Resource Depletion, Your Client And What You Can Do About It

Ever look in the mirror after a long day of showing property and think “ Wow, I look and feel tired.”

Well, just imagine how your clients must feel! All the listing information you provided has to be processed, reviewed, discussed, reviewed and discussed again. It can be overwhelming.

And then you have to deal with the financing aspects of purchasing real estate. Do you really think that you could pick the best financing option available for you if you had just finished a long day of touring properties?  Maybe, but maybe not. It would certainly be more difficult than if you were rested and refreshed.

My point is that shopping for a home, choosing between features/ location and then choosing the best financing option can deplete a buyer’s mental resources causing them to make poor decisions.

To avoid this situation, make a to-do list for your buying clients and start by advising them to get prequalified in advance of looking at properties. This way they will know what they can afford and will have the opportunity to study and understand the fundamentals of the mortgage products available to help them with the biggest purchase of their adult lives.

Your relationship with your client’s will be more significant because you took the time to see them as human beings with fears, feelings and concerns. By prioritizing their tasks, you streamline the buying process into manageable activities making it less emotionally taxing, intimidating, easier to understand, and a much more enjoyable experience.

People need our utmost care and good faith, full disclosure and undivided loyalty when buying or selling real estate.

For information on my professional real estate services, please log onto my real estate website at

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088

Short Sale Strategy For Buyers

In a Short Sale, the seller owes more on the mortgage than the property is currently worth. The sale of the property involves an approval process with the seller and lender. Initially an offer is presented to the seller for review. If accepted, it is then passed on to the lender for review and approval. The lender needs to determine whether or not they’re willing to accept a loan payoff for less than what is owed on the loan note.

This situation gets more involved if the seller has multiple loans on the property. The junior lien-holder has to be willing to accept a loan payoff amount from the senior lien-holder within a certain amount of time. If the junior lien-holder doesn’t respond in a timely manner, the loan may be sold or the senior lien-holder offer may expire.

Needless to say, there are lots of working parts that need to cooperate for a short sale transaction to be successful.

To stack the odds in your favor, here are a few tips to assist you before and during your negotiations:

  • Work with a Realtor. Preferably someone who has experience in successful short sale transactions from the buying side. Tap into your Realtor’s knowledge, experience and expertise to set your expectations, goals, time-lines and follow up.
  • Do Your Homework. Be sure you’re prepared for homeownership. Understand your financial obligations and be accountable.
    Review archived articles on buying short sale properties. Log onto the California Association of Realtors (CAR) website ( ) and the National Association of Realtors (NAR )website

( ) for such articles.

  • Make Your Offer Easy To Accept. Since the lender has the ultimate responsibility to accept your offer, demonstrate from the get-go why you should be considered. Come in with a good price, include a pre-qualification letter, a higher good faith deposit, pay for the Natural Hazard disclosure/ Home Warranty and consider other terms that will favor the lender. Remember, you’re getting a great deal on the property. Paying for reports and services that are normally paid for by the seller is a small price to pay to get your dream primary residence or vacation home.
  • In Real Estate, Timing Is Everything. Communicate with your Realtor and understand the timing aspect of a short sale transaction. Lien-holders are swamped with short sale requests. Before they can agree to anything, lien-holders need to do their own due diligence and review the seller’s financial position, get additional Broker Pricing Opinions (BPOs) to confirm value, review offer terms and more. Once approved, the pace quickens because the short sale approval usually expires within a few weeks and as a buyer, you have to be prepared to respond.
    • Obtain a Conditional Pre-Approval. If you’re committed to the property, don’t just wait for the lien-holder to approve your offer. Negotiate with your lender to get a conditional pre-approval, without the up-front fees, and cut down the amount of time and tasks necessary to carry out your buyer financial obligations. You can also order a Credit Report and Home Inspection.
    • Keep Sight Of Your Goal. Planning, patience and communication with your Realtor will go a long way toward the successful completion of your short sale purchase.

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

For information on Mammoth Lakes real estate

(including short sales and REO’s) please log onto my real estate website at

Good Luck!!


A studio, one bath condominium listing of mine ( MLS 102410) is now pending. The list price was $99,900 and it is a Short Sale. So, it may take some time to close, but a lucky couple is getting a great deal on a condominium in Mammoth Lakes- home of Mammoth Mountain Ski Resort. For more information on “Best Buys in Mammoth” please log onto my real estate website at

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

Today Is Realtor Caravan In Mammoth Lakes

Every Thursday, new listings are introduced to the local market via Realtor caravan.

Realtors get a chance to tour listings, chat with the listing agent, take pictures and update their clients on the new inventory coming onto the market.

Today there are nine new listings: four condominiums, three townhomes and two single family residences.

This time of year, people who have been thinking of selling their residence will put it on the market when tourism is at its’ peak in the Eastern Sierra. If the residence doesn’t sell by late October, the seller will put the property into the local rental inventory to earn income during the Winter months.

Here’s an overview of the new inventory:

  • MLS 102531 Condo at Sierra Megeve. 2bed, 2bath, 2 assigned underground parking spaces. Monthly HOA of $850. Approximately 1120SF. List price: $445,000
  • MLS 102554 Condo at 1849II. 2bed, 2bath, no garage. Monthly HOA of $511. Approximately 1050SF. List price:$379,000
  • MLS 102543 Condo at Chateau de Montagne. 3bed, 2bath, attached one car garage. Monthly HOA of $550. Approximately 1551SF. List price: $375,000
  • MLS 102547 Fractional Share Interest in a Condo at Juniper Springs Lodge. 1 bed, 1bath, one assigned space in garage. Monthly HOA of $321. Approximately 560SF. List price: $139,000
  • MLS 102529 Townhome at Snowcreek phase V. 2 bed, 2bath, attached one car garage. Monthly HOA of $591. Approximately 1395SF. List price: $475,000
  • MLS 102501 Townhome at Snowcreek phase V. 2 bed, 2bath, attached one car garage. Monthly HOA of $526. Approximately 1395SF. List price of $514,500
  • MLS 102552 Townhome in Snowcreek phase V. 3bed, 3bath, attached one car garage. Monthly HOA of $541. Approximately 1457SF. List price of $565,000
  • MLS 102544 Single Family Residence in Majestic Pines subdivision. 3bed, 3bath, attached 2 car garage. Residence is approximately 1950SF. Lot is approximately 7841SF. List price of $575,000
  • MLS 102538 Single Family Residence in Sierra Valley Estates I. 2bed/loft, 1.5bath. No garage. Residence is approximately 1200SF. Lot is approximately 5000SF. List price of $344,000

For more information on these listings and all other properties listed for sale in Mammoth Lakes, please log onto my real estate website at

Feel free to share a comment or call me at the office: 760-934-5088

Memorial Day Weekend In Mammoth

While the week leading to Memorial Day Weekend was cold and snowy, the expectation is that the weather is going to cooperate and bring us warming temperatures to enjoy. Just to be on the safe side, though, bring your jacket, hat and gloves!

There are a number of local events to enjoy:

  • Mule Days Celebration in Bishop. If you haven’t been, go. A lot of fun for everyone!! It’s the largest and most famous yearly event in Bishop. Over 30,000 visitors come and enjoy the parade, rodeo, packing competition, roping, food, entertainers and other festivities. The location for the rodeo is at the Tri-County Fairgrounds. The phone number is 760-872-4263. The website is
  • At the Village at Mammoth festivities start today at 4pm with the Mammoth Green Team. On Saturday May 29th and Sunday May 30th at 4pm come listen to “Nuthin Fancy” ( Lynryd Skynrd Tribute Band ). There will be tent sales, at the Village, and throughout the Town all weekend. For  more information, log onto
  • Convict Lake Memorial Day BBQ & Music from Saturday May 29th – Sunday May 30th . Enjoy the beautiful location, gourmet food and live music.
  • Mega Memorial Weekend Party at Mammoth Mtn. from Saturday May 29th – Sunday May 30th. The lifts open at 8am and the party begins at 11am. For more information, log onto You can also call 760-934-2571.
  • Realtor Open Houses. I will be hosting an open house on Saturday May 29th-Sunday May 30th from 1-4pm ( each day) at 529 Golden Creek Road in Snowcreek phase IV. This is a three bedroom/loft, 2.5 bath townhome listed for $720,000. Please come for a tour. There will be other open houses throughout the town for your convenience.

For more information on Mammoth Lakes real estate, please log onto my real estate website at

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.

Welcome to May-uary!!

By the weather we’ve been having recently you’d swear it was February instead of May. Today, the 26th, the mountain was covered in clouds, big winds in town and cool temperatures throughout the day.

That being said, it’s still May and we’re moving forward with annual events:

  • The Whitmore Pool opening is scheduled for Saturday June 19th starting at noon.
  • Final registration for Mammoth AYSO soccer is Thursday May 27th at the Mammoth Lakes Library from 4pm-6:30pm. You can also log on at or call the AYSO Commish: Stuart Brown at 760-914-4450.
  • The High Sierra Triathlon Club is hosting a “Change A Flat” clinic May 27th at Brian’s Bicycles & Cross-Country Skis beginning at 5pm.
  • The Mammoth Snowboard and Freeride Ski Team is offering the last camp, this Spring, this weekend May 29-31. Contact Ben Wisner at or call 760-934-2571 ext. 3144.
  • On Sunday May 30th the Eastside Velo will be hosting the North County Ride. The ride starts at 10am and ends at 3pm. The ride goes out to Hawthorne, Nv. ( 55 miles one way ) and back. The ride start is at the Mono Lake County Park, just off Hwy. 395, North of thee Mono Inn.

Log on to for more information.

Now, how about some information on real estate. On Monday I summarized the residential/commercial listings in Mammoth Lakes.

Since Monday, we have had 20 new listings, 9 price changes and 9 closed escrows. Not bad for two days!

Of the 20 new listings, 14 are condominiums and the balance are single family residences.

Of the 14 condominiums, 5 are distressed sales and of the single family residences, 1 is a distressed sale.

Regarding the price changes, five are for condominiums, two are for single family residences, one for a mobile home, one for a manufactured home and one for a lot.

The 9 sales included four condominiums, one townhome and four single family residences. Of these sales, one condominium, one single family residence and the townhome were distressed property sales.

Every Thursday we have our local Realtor caravan and tomorrow there are 10 condominium/townhomes and 5 single family residences on tour.

For more information on the Mammoth Lakes real estate market, please log onto my real estate website at

Please share your thoughts by leaving a comment or call me at the office: 760-934-5088.