Luis Cano's Monterey County Real Estate Blog

MISTAKE NO. 10 … Not purchasing a home protection plan

HERE’S HOW TO AVOID IT … This is essentially a mini insurance policy that usually lasts one year from the date of the sale. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to your agent to help you find the protection plan you need.

MISTAKE NO. 3  Not knowing the cost involved.

 HERE’S HOW TO AVOID IT  …  Early in the buying process, ask your real estate agent or mortgage representative for an estimate of closing costs. Title insurance and lawyer fees should be considered. Pre-pay responsibilities such as homeowner’s association fees and insurance must also be taken into account.                                                                                                                                                                                                                         

Remember to examine your settlement statement prior to closing.

 

I got a couple of phone calls from past clients in the last 30 days, with questions about their mortgage payment increasing. On one, the reason was a Protection Plan He got for free for the first year, but after the first year, it would cost $78, + a Month. He called the lender to cancel it, and that is over. On the second we are still trying to find out why it went up by $8.00 Dollars. Worth noting that it is with the same lender (Bank of America)
If you have a similar experience, we would like to hear it!

A quick review of January: New Listings 468, Current inventory 1433, Closed Sales 231, Days on The Market 69, Average Sales Price $390,863. Median Sales Price $250,000. Percentage of List Price Recieved 97.56%. Total Sales Volume $90,289.461. and all this happened in January 2010.

Until February, I will try to simplify it.

Thanks,

Luis