Michele Reynoso’s Blog

Anytime a property is purchased and then resold in less than 90 days, and the buyer is getting an FHA loan, the transaction must meet the following criteria as of 1-1-2011  RPM Bank will allow for the resale of properties less than 90 days from the date the currentseller acquired the property, but only on loans where the resale price is less than 20% above the seller’sacquisition cost. Loans where the resale price is greater than 20% are not eligible and there will be noexceptions, even based on documented improvements. The 90 days is calculated from the date the sellertook title to the date of the new purchase contract. If the resale occurs within 90 days the followingrequirements must be met:  ¢ Must be an arms length transaction with no identity of interest between buyer and seller or other partiesparticipating in the sales transaction. To make this determination the following applicable steps should be performed:  ¢ Verify that Seller is in title as indicated on the Appraisal and no apparent family or business relationship existsbetween the parties to the loan or sales agreement.¢ LLCs, corporations or trusts as sellers must have been established and operated in accordance with applicableState and Federal law. Lenders must document the validity of the seller. Business licenses, State Department ofCorporations status, and Attorney Opinions are examples of acceptable documentation.¢ No pattern of previous flipping exists such as multiple transfers of title within a 12 month timeframe asindicated on the chain of title on the Appraisal. The appraisal is required to show a 3 year history of ownership.¢ Document that property was marketed openly and fairly through an MLS, an auction, For Sale by Owner ordeveloper. Note: sales contracts which have been assigned to the current buyer are not allowed.¢ The increase in value must be supported by the Appraiser with supporting comments and documentation included asfollows:¢ Appraiser must indicate the seller completed legitimate renovation, repair and rehabilitation work on thesubject property to substantiate the increase in value.¢ If the work was not performed, appraiser must provide appropriate explanation of the increase in value sinceprior title transfer. This should include an analysis of the market difference occurring between distressed sales

and typical arms-length market sales.

Michele Reynoso, Realtor 01700061 Making Dreams a Realty!

For Further Questions  Contact MicheleReynoso@kw.com    

   
California’s  please be extremely cafeful driving and  pay close attention to the rules of the road!
 
          Traffic Ticket Fines (Effective 01/06/2011)
 
VC 12814.6    $214           Failure to obey license provisions.
 
VC 14600(A)     $214         Failure to notify DMV of address change within 10 days
Note: The fine may be reduced with valid proof of correction.

VC 16028(A)     $796         Failure to provide evidence of financial responsibility (insurance)
Note: This fine may be reduced with proof of insurance on or after the violation date.  VC

21453(A)     $436         Failure to stop at a red signal.

VC 22349           $214        Unsafe speed,  1 to 15 miles over the limit.
 
VC 22350           $328         Unsafe speed, 16 to 25 miles over the limit.
 
VC 22450           $214         Failure to stop at a stop sign.
 
VC 22454(A)      $616        Passing a school bus with flashing red signals.
 
VC 23123(A)      $148        Driving while using a wireless phone not hands free, first offense .
 
VC 23123(B)      $256        Driving while using a wireless phone not hands free, each       subsequent offense.
 
VC 23123.5        $148        Driving while using a wireless device to send, read or write text.
 
VC 23124            $148       Minor driving while using a wireless phone.
 
VC 22500            $976       Parking in a bus loading area.
 
VC 22507(A)       $976       Violation of disabled parking provisions, first offense.
 
VC 22507(B)     $1876       Violation of disabled parking provisions, second offense.
 
VC 26708            $178        Unlawful material on vehicle windows.
 
VC 27150            $178        Adequate muffler required.
 
VC 27315            $148        Mandatory use of seat belts.
 
VC 27360            $436        Mandatory use of passenger child restraints.
Note: This fine may be reduced by completing a court authorized child seat diversion program ..
 
VC 27400            $178        Headsets or Earplugs covering both ears.
 
VC 27803            $178        Violation of motorcycle safety helmet requirements.
 
VC 34506            $616        Commercial Driver – Log book violation.
 
VC 4000              $256        No evidence of current registration.
Note: The fine may be reduced with valid proof of correction.  

VC 4159              $178        Notify DMV of change of address within 10 days.
Note: The fine may be reduced with valid proof of correction.
 
VC 5200             $178         Proper display of license plates.
Note: The fine may be reduced with valid proof of correction.
 
VC 9400             $178         Commercial weight fees due.  

   
California’s  please be extremely cafeful driving and  pay close attention to the rules of the road!
 
          Traffic Ticket Fines (Effective 01/06/2011)
 
VC 12814.6    $214           Failure to obey license provisions.
 
VC 14600(A)     $214         Failure to notify DMV of address change within 10 days
Note: The fine may be reduced with valid proof of correction.  VC 16028(A)     $796         Failure to provide evidence of financial responsibility (insurance)
Note: This fine may be reduced with proof of insurance on or after the violation date.  VC 21453(A)     $436         Failure to stop at a red signal.  VC 22349           $214        Unsafe speed,  1 to 15 miles over the limit.
 
VC 22350           $328         Unsafe speed, 16 to 25 miles over the limit.
 
VC 22450           $214         Failure to stop at a stop sign.
 
VC 22454(A)      $616        Passing a school bus with flashing red signals.
 
VC 23123(A)      $148        Driving while using a wireless phone not hands free, first offense .
 
VC 23123(B)      $256        Driving while using a wireless phone not hands free, each subsequent offense.
 
VC 23123.5        $148        Driving while using a wireless device to send, read or write text.
 
VC 23124            $148       Minor driving while using a wireless phone.
 
VC 22500            $976       Parking in a bus loading area.
 
VC 22507(A)       $976       Violation of disabled parking provisions, first offense.
 
VC 22507(B)     $1876       Violation of disabled parking provisions, second offense.
 
VC 26708            $178        Unlawful material on vehicle windows.
 
VC 27150            $178        Adequate muffler required.
 
VC 27315            $148        Mandatory use of seat belts.
 
VC 27360            $436        Mandatory use of passenger child restraints.
Note: This fine may be reduced by completing a court authorized child seat diversion program ..
 
VC 27400            $178        Headsets or Earplugs covering both ears.
 
VC 27803            $178        Violation of motorcycle safety helmet requirements.
 
VC 34506            $616        Commercial Driver – Log book violation.
 
VC 4000              $256        No evidence of current registration.
Note: The fine may be reduced with valid proof of correction.  

VC 4159              $178        Notify DMV of change of address within 10 days.
Note: The fine may be reduced with valid proof of correction.
 
VC 5200             $178         Proper display of license plates.
Note: The fine may be reduced with valid proof of correction.
 
VC 9400             $178         Commercial weight fees due.  

Listened to  a presention  for the developement  of the  corner of  2nd Street & Pacific Coast.

The plans include  multiple amenities Retail Shops, Coastal Science Center,  Community Theater, Restaurants with a Terrace, a Boutique Hotel and Residential Lofts/Condos.  A beautiful new look on the  corner of Long  Beach, California.   I  welcome you to take a look  www.secondandpch.com  

See our city grow!!

Laura Jones, Chicago Title wrote this January 2011

For almost a decade now, every time we talked about real estate we immediately  discussed money. We didn™t talk about the value of a home but instead about the price of the house. We didn™t worry about a roof over our heads but instead the ceiling on our interest rate. We didn™t care as much about where we raised our family as we cared about how much we increased our  family™s net worth.That will change in 2011. We believe very strongly that real estate will return to what it has been for the 200+ year history of this country: a place for us and our families to live comfortably.  It  will  also prove to be a great long term investment as it always has been.Our parents and our grandparents didn™t buy their homes as a short term financial investment. They bought it so they had a place of their own to come home to at the end of the day; a place to raise their family; a place they could feel safe.Sure they dreamed of a ˜mortgage-burning™ party. They realized it was a form of forced savings. They were taught that, if they paid their mortgage every month, they would wind up with a little retirement account decades later.And, they realized that wouldn™t happen if they rented.However, in the last decade, we somehow forgot that the financial aspect was the serendipity not the major reason to buy. We believe that 2011 will be the year that people return to the historic reasons  families  purchased a home. This is the year when we again remember that homeownership is a major part of the American Dream.What about the challenges to a housing recovery? Let™s look at them.

Laura Jones is a great writter who can sum up the outlook in  one page. I wanted to share her thoughts as I enjoy receiving them

I have a friend who has written a blog about Kristen a fictional character and I think it is brillant!   I encourage you  to begin from the beginning of January 2010.   Get to know Kristen as the Maniac and enjoy her journey through life.    This is a splended Blog.  I like the fairy wedding gown, which one do you like?   Let me know what you think of Kristen?

http://kristenacthemaniac.blogspot.com/

Welcome to Michele Reynoso’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Long Beach.

<!– Facebook Badge START –><a href=”http://www.facebook.com/pages/Long-Beach-CA/Michele-Reynoso-Real-Estate/118752928137808″ title=”Michele Reynoso Real Estate” target=”_TOP” style=”font-family: &quot;lucida grande&quot;,tahoma,verdana,arial,sans-serif; font-size: 11px; font-variant: normal; font-style: normal; font-weight: normal; color: #3B5998; text-decoration: none;”>Michele Reynoso Real Estate</a><br/><a href=”http://www.facebook.com/pages/Long-Beach-CA/Michele-Reynoso-Real-Estate/118752928137808″ title=”Michele Reynoso Real Estate” target=”_TOP”><img src=”http://badge.facebook.com/badge/118752928137808.1584.971036746.png” width=”120″ height=”247″ style=”border: 0px;” /></a><br/><a href=”http://www.facebook.com/business/dashboard/” title=”Make your own badge!” target=”_TOP” style=”font-family: &quot;lucida grande&quot;,tahoma,verdana,arial,sans-serif; font-size: 11px; font-variant: normal; font-style: normal; font-weight: normal; color: #3B5998; text-decoration: none;”>Promote Your Page Too</a><!– Facebook Badge END –>