C.A.R. Meeting

On Thursday I attend the California Association of REALTORS® Business Meeting in Monterey.  We left San Luis Obispo at 5:30 a.m. arriving in at 8:30 just enough time to locate our first meeting.  I attended the Real Estate Finance Committee Meeting where we listen to speakers and members express their opinions on each subject.  I learned that in the City of Chula Vista fines are being assessed at $1000.00/day on properties that are in foreclosure or abandon.  The lender has already lost money on their investment and does not want or refuses to pay the fines and if the buyer is unaware they could end up paying the fine or the agents might be required to pay the fine.   Fines could have been in the $20,000 range.

Another note regarding abandon homes is that people leave their pets unable to take them with them for one reason or another.  If an animal is left behind and a REALTOR® discovers them they are responsible for the care of the animal until Animal Regulation or the Humane Society can pick the animal up.  IF the animal is dead you cannot touch or remove it because it is now a ‘crime scene’ and the homeowner can be fine and receive jail time.  The agent is required to call the police and Animal Regulation.

Buyers who buy Short Sales or Foreclosures will be paying a property tax bill based on the original assessment.  Buyers will receive a credit but it might be easier to go to your local tax assessor’s office and notify them of the change of ownership and purchase price shortly after your escrow closes.

The purpose of these meetings for REALTOR® members is to keep us informed of new state laws & procedures so we can serve our clients better.  Knowledge is not only the key to success but to a better escrow and a satisfied client.

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