Thursday, December 17, 2009

California Condos

If you have been house hunting recently for foreclosed bargains, chances are you have probably had competition. Everyone is coming out of the woodworks in invest in real estate that is going for a bargain price.
However, if you have the right credit score, a pre-qualification letter and downpayment in the bank, you will definitely be considered a serious buyer. And, the truth is this IS the right time to invest in real estate for a first time or a seasoned buyer.
A popular choice is condos and townhomes in California. Despite HOA and Mello Roos, they are still very popular with yuppie couples, small families and for 'renting' income. Another reason for the growing popularity of these California condos is the price. It is so much more affordable then buying a single detached home in California, even when you count the HOA.
Still, it is always advisable to do your own research and gain some knowledge by checking out blogs, talking to realters and those who are buying or selling condos before making a decision.
Many real estate consultants help people make the home buying process easy. The sales consultants can help you select the perfect condominium in California. They can assist with the interior finishes, assist you in finding a lender, and walk you through the mortgage approval process. In fact, the investor is shown the condos 'online' and once shortlisted, they can be shown the property and subsequently all the documents and legal papers.
Owning a good California condos home has many advantages. Community facilities like spa, gymnasium and swimming pool are usually included as part of the package. Some condo community even offer a Movie Theatre, DVD library, yoga and aerobic classes and kids storytelling. With the luxury upgrades, you get the luxury of staying in a resort like apartment, which normally is not affordable for many. Some offer a private children's park and play area. California condos also offer a feeling of community living. For many, buying a condominium is a great way to transition from renting to owning

Buying California Condos

The state of California has the largest population in the US. It has eight of the top 50 most populated cities in the US. It includes popular cities like San Diego, Los Angeles, San Jose and San Francisco, Long Beach, Fresno, Sacramento (capitol of California), and Oakland along with Rancho Santa Margarita, San Luis Obispo, Santa Barbara, Santa Clara, Pleasanton, Stockton and Pasadena. US and especially California, is becoming a choice of many for settling down these days. If a person is considering moving to the state of California and investing in buying California condos, it is better to review the complete information about the state before investing in real estate there.

The roughly estimated population of California was around 36, 457, and 549, in the year 2006 that reflected a jump of approximately 7.6% since the 2000 census. California has grown and seen a lot of development during this period. This is easily visible in the California real estate statistics also. In 2005, there were around 12,989,254 housing units, which showed an increase of 6.34% from 2000.This clearly shows the boom in the real estate market too. Now since owning a house has become quite easy and affordable, most people are opting to buy one. There are many reasons for people to choose the state of California as their home and showing interest in buying California condos.
California has a very diverse economy. It has very good scope for both businessperson as well as service man. The reason for this city being popular is that it always looks lively and there seem never a dull moment there. Its climatic conditions are also good. It also has very good scope for its domestic industry. There are only seven other countries that have a gross domestic product larger than California’s. It has no match in Entertainment, Aerospace, Agriculture, Technology, and Wine Production. Central California, which is the home of the California Central Valley, is the agricultural center for the state and nearly one-third of the nation’s food is grown here. California has many popular tourist attractions also, from the San Diego Zoo, to Anaheim’s Disneyland, to the Golden Gate Bridge in San Francisco, to the wine-tasting country in Napa Valley, and also the Pacific coastline.. If you own a condo in California, then you can rent it out to the tourist ensuring a sure income for yourself. If you are a interested in sports, California has many professional sports clubs, including 3 national football league teams, five major league baseball teams, four national basketball association teams, and three national hockey league teams. A person investing in real estate will definitely consider a few things before investing like good connectivity to the place, active outdoor lifestyle, good climate, and future increase in the value of their real estate property. Whether it is an active outdoor lifestyle, or a chic, urban experience you are looking for, you will find a place for everything there in California. For-www.newcondosonline.com

California Condo Contract Cancellation Law

Usually in California, the people who think of investing in the California condos have to put around 1% of the purchase price down in escrow and the rest at closing. However, if due to some reason they decide not to go ahead and close the deal, they will probably lose the escrow money. The exception may occur if the condo has some 'damage' or termite issue hunted down by the home inspector and you are not willing to spend that. All of this of course depends on your original contract.

There are Californian laws protecting buyers of new California condo units. So, for someone who decides to invest around 1% escrow deposit on a $600,000 condo and then due to some cause decides not to finalize the deal, then they lose their $6000 unless their agent can come up with a great reason. However, if you put 15% down, chances are you will get everything back but the 3%.

Usually, as per the law the buyer should inform the seller and the escrow company as soon as possible of his intention, and make a properly formatted demand for most of his deposit back. This is the point when the clock starts ticking for the developer. If the developer follows the proper legal procedure and proves that the buyer’s default is more than 3% he might be able to keep more than the standard 3%, but for that the developer has to first send the defaulting buyer certain financial documents showing why it is entitled to more than 3%. The deadline to do all this procedure for the developer is quite limited.
A wise condo buyer along with the help of a good lawyer will then review these documents and if feels that the developer is trying to keep more of the deposit, can challenge the documents if necessary. He can then file a response disputing the developer’s calculations if there are any flaws or questionable assumptions. The California condos buyers’ lawyer can also demand through the court the developers’ internal financial data to dispute to verify the developer’s information, as well as file subpoenas demanding employees of the developer submit to depositions.