Focus on Today Economics and Be Prepared for Tomorrow!

by qinfovio 4. November 2014 16:20

Good afternoon,


I am still discovering and will be experimenting different ways on improving this Weekly Tuesday Talk.


We can really see that our economy is booming by just going to Home Depot. At 10.00 AM in the morning,it is as a “Mad House” parking lot is full. A good tip that I can shared with you is if you are planning on redoing your floor and putting any kind of hardwood floor, be sure to buy few extra boxes and put them aside in your garage.


We installed some bamboo floor in one of our unit less than 4 years ago and they are not the same product carry anymore.It has to be special order and it cost twice much.


It is the same for vents furnace, lighting fixtures and the list goes on; what use to be a quick run to the store turn to be more an up going weeks project.



I learned that the best way to manage my daily life in today’s world is to stay focus on the today economicsand be prepared for tomorrow. I forced myself to be organized by putting all different topics into different draws and step back.


To be prepared for tomorrow, I read and I would suggest 2011 Edition of Aftershock by Robert and David Wiedemer. I followed their instruction by the letter, some were done before I read the book. They tell you the best way to be preparedfinancially, and if they are wrong, you will still ahead of the crowd.


They have a bunch of edition, first one started in 2006 and the predictions were well done. I was able to tell at that time thatsome local peoples around here knew about it. I was very surprised to see MIIS Monterey Institute selling all their housingsat this time, I thought that they were maybe closing or relocating. 



I have been spending recently a lot of time in North Monterey County and the Salinas area. I am meeting some of these brokersthat were doing hundreds of foreclosure at one time, and as now they are starving, some are planning to retired. I kind of tellingthem that the worst part of the storm has not hit us yet and after couple thoughts, I think that I might be better off to learn my wayin the foreclosure market through them.


With one of our recent sale, buyer has come back to me, that he was speaking to friends and mention that we did not askfor termite inspection. My respond was that you have to work on a case by case and adjust with our market.


When you are in a situation of multiple offers, you need to bring a clean offer; meaning no termite inspection, no closingcost paid by sellers.Once you offer is accepted, then you can have a termite inspection and only if it is very bad you can ask somemoney back to fix it.


But do not count too much on it and remember that there are other offers waiting to take your place. 


The money that you will get back, it will need to show that it is for recurring and non recurring closing cost, do not show thatit is for termite. If your lender see it through HUD1 (it is a form where Title Company will show all the in and out money) lenderwill ask to be fix before closing.


On one of my last offer, we ask for both termite and closing cost in the multiple offers situation, and we didn’t make it.


One last word since that we are less than two months from the end of this year, if you plan to get in escrow as seller or buyer,you will have couple weeks left to do it. It is going to be important for your tax. As a seller of investment property, Title Companywill withhold 3.33% of the selling price until you file your tax. So if you close on January 5, 2015, you will not get this money until your 2016 Tax.


And as a buyer, you can have a nice tax right off with all the closing cost that come with your purchase.


Thank you and I will see you next week!


Christian Viollaz
Come Get Your Free Home Evaluation                          BRE #01318338   


11.04.14 NOD Complete Report.pdf (68.31 kb)

11.04.14 REO Third Party Complete Report.pdf (70.48 kb)

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Economics | Real Estate

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