Real Estate Information Archive


Displaying blog entries 1-6 of 6


by Carol or Jim Chamberlain

Whether you are a first-time home buyer, or interested in moving from your current home to a larger one, or downsizing, the Southern California Homebuyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day, power-primer on the home buying process, packed with dozens of educational "how-to" seminars designed to help you navigate today's real estate market with confidence and peace of mind.

The next Home Buyers Fair is Saturday & Sunday April 18-19, 2009. For more information go to The Home Buyers Fair is FREE!!!!!!!!!

Clearinghouse For Contractors

by Carol or Jim Chamberlain

Call it a clearinghouse for contractors, but aims to be consumers' one-stop database for contractors of all specialties. Vistors can search by city, Zip code, and specialty-from air conditioning to waterproofing plus vie portfolios of contractors work.

With Chiefmall you can submit your job to all registered contractors you have searched for. Simply complete the form , and they will take care of the rest.

I have not had the opportunity to use this service yet, but I will give it a try in the future.

Mortgage Workout Programs for Homeowners

by Carol or Jim Chamberlain

The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs.  In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.

For an informational chart on existing mortgage workout programs, click here (Word Doc).  The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.

For consumer information sheets containing detailed information on specific programs that REALTORS® can share with their clients, please click on the appropriate link below.
HOPE For Homeowners (H4H)  (Word Doc) 
Countrywide Financial (Bank of America)  (Word Doc) 
Citigroup, CitiMortgage (Word Doc) 
JP Morgan Chase & Co.  (Word Doc) 
IndyMac Federal Bank, FDIC  (Word Doc)

Federal Government Loan Modification (Word Doc)   (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available:
.  Loan number
.  Income information and documentation
.  Most recent mortgage statement
.  Bank statements
.  Letter demonstrating financial hardship

REALTORS® who wish to assist their clients in seeking loan modifications should ensure they are in compliance with California law.  For further information, please visit the California DRE Web site at . REALTORS® also may direct clients to work with a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor.  For a list of HUD-approved counselors in California, visit the HUD Web site at .

Information was provided by the California Association of Realtors web site if you are concerned about clicking on the links above go to or 


Senior Activities in Brea

by Carol or Jim Chamberlain

Through the City of Brea Community Services Department, a series of  free

exercise and craft classes are available at the Brea Senior Center, 500 Sievers

(Brea Blvd. & Elm) and Pioneer Hall (adjacent to the Senior Center). Read

through the weekly schedule to see what interests you. For more information,

call (714) 990-7750. Click here for more information.


by Carol or Jim Chamberlain

Selling a home is like climbing Mount Everest – getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction.

Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — the REALTOR®'s role is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't jeopardized.

Many steps between contract ratification and closing involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction will troubleshoot and keep everyone on track.

Home Selling from A to C (Acceptance to Closing)


Home Sellers

Home Buyers

1. Select an escrow agent.
One of the parties selects an escrow agent. The escrow agent will collect the necessary documentation from each side and will conduct the closing.

1. Deposit earnest money funds.
Earnest money funds are deposited according to instructions, which include who will hold the deposit, whether interest is to be accrued, and conditions of release. These funds are applied to the down payment at closing.

2. Assemble condo or home owners association (HOA) documents.
Sellers who live in condos or in a neighborhood subject to an HOA must provide financial statements and recent reports to the buyer for review.

2. Make the final loan application.
If interest rates are falling and more home owners are refinancing, additional time may be needed to obtain a mortgage commitment. If the property is being financed with a VA, FHA, or other government-backed loan, it will be necessary to obtain copies of correctly filed building permits for all remodeling or additions done since the original construction. Decisions about locking in interest rates can be made at any time after a contract is ratified.

3. Order a preliminary title report.
A title search examines all public records to determine any defects in the chain of title; in other words, to confirm that the seller actually owns the property and has the right to transfer ownership.

3. Order the home appraisal.
Lenders require an appraisal before committing to a loan. Appraisers compare the features and condition of a home to similar properties to arrive at a dollar figure for its value.

4. Request a satisfaction letter from present lender.
Total amount due on any existing mortgages must be provided in advance of settlement.

4. Arrange the property survey.
A survey determines the boundaries of the property, its location, and the size and shape of any buildings on the lot. The survey also identifies any existing easements or encroachments.

5. Coordinate home appraisal and inspections.
Arrangements for access to the property must be made for the lender's appraisal and any inspections as specified in the contract.

5. Order inspections.
Inspections may include those for home condition, radon, lead, earthquake, and termite infestations. Inspections should be ordered as soon as the contract is ratified so there is time to remedy any problems or renegotiate terms. REALTORS® have established relationships with inspectors and contractors to help ensure that their transactions get priority in busy times.

6. Arrange final utility readings and payments.
When bills are prepaid, payments will be prorated at settlement between buyer and seller.

6. Verify employment and financial information.
Lenders will require buyers to verify employment and financials before committing to the loan to ensure that there have not been significant changes since the process began.

7. Obtain home warranty policy (if applicable).
If a seller has offered a home warranty policy, he or she must obtain this policy before closing.

7. Purchase homeowners' and hazard insurance.
Homeowners' and hazard insurance is required by lenders; in some areas, flood insurance is also required.

8. Complete repairs.
If the sellers have agreed to make repairs as a result of a home inspection, these must be completed. If repairs require a building permit, sellers must apply for one as soon as possible, because this could delay closing.

8. Obtain title insurance.
Title insurance can help ensure that title defects will not make a property unsaleable in the future because of:

  • Forged documents
  • Undisclosed heirs to the property
  • Mistaken legal interpretations of wills or trusts
  • Misfiled documents — deeds, liens, mortgage satisfaction documents
  • Confusion caused by similarities in names
  • Incorrect marital status
  • Mental incompetence

9. Have an attorney prepare the deed.
The deed is the document by which the owner transfers title to the property.

9. Secure a loan commitment.
Lender notifies escrow agent of commitment and confirms settlement date.

10. Arrange for payment of transfer taxes.
Most states require a tax on transfer of property. This expense is most often the responsibility of the seller. Cities and local municipalities may also charge transfer taxes.

10. Transfer utility accounts.
Utilities should be transferred into the buyers' names as of the date of settlement.

11. Complete the final walkthrough.
Buyers walk through the property with their REALTOR® shortly before closing to ensure that the property is being delivered in the condition agreed to in the contract.


Time Estimates for Delays

When things go wrong, closing can easily fall behind. Here's how much time to expect on particular delays:

One-Week Delays

Buyer submits incorrect information to lender.

Source of downpayment changes.

Escrow fails to notify parties about missing documents.

Principals leave town without signing all necessary papers.

Unknown defects are discovered in the property.

Last-minute liens discovered.

Cloud on title.

Move-out date changes.

Two-Week Delays

Lender decides at the last minute it doesn't approve of the borrower or the property.

Lender raises interest rates.

Lender requires last minute reappraisal or repairs.

Appraisal too low.


Home Heating System Cost Calculator

by Carol or Jim Chamberlain

This calculator lets you compare the costs of your current home heating system with the savings offered by newer equipment and other sources of energy. It is for homes using one heating source: electricity, natural gas, propane or oil. The results should be used only as a guide. For a detailed evaluation, consult a heating contractor or other qualified professional.

The calculator requires that you enter the following information:

  • Current cost of fuel for space heating (fuel cost per unit)
  • Current cost of fuel for hot water (fuel cost per unit)
  • Total annual heating costs (based on your fuel bills)
  • Price of purchasing new heating or hot water equipment (including installation and taxes)
  • Value of any rebate or incentive received for purchasing new equipment

Click here to go to the Natural Resources of Canada website


Displaying blog entries 1-6 of 6

Contact Information

Photo of Carol and Jim   Real Estate
Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821

Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143