MURRIETA/TEMECULA/MENIFEE CA. REAL ESTATE - CAMERON WILSON

 Real Estate transactions are  complicated with much information being exchanged between the involved parties. Every buyer will be required to get a loan, other than cash purchases, and as we all know much information will be needed. Credit reports will be pulled, bank account balances will be verified and tax returns will be looked at. This is necessary to obtain a loan and you will be safe giving this to your lender.

 The problems can arise with other aspects of the transaction in my opinion. I haven't seen any bad things take place in the transactions I have been involved with but one can never be too careful. Identity theft is a problem in today's world and we all have heard horror stories of people who have fallen victim to it. Real Estate has not had a problem as far as I know and we all should watch out and protect our clients as it's our responsibility.

 Every buyer will be writing a check for their Earnest money deposit and a copy will be sent to the listing agent. Just this week I received three offers on one of my listings and each agent sent the offer along with a copy of the check. Something I always do with my buyer clients checks before sending the offer is to make a copy of the check and then use a black marker to cover the account number and routing number before I send the copy to the listing agent, None of the agents choose or thought to do this so I blacked them out on my copies.

 Another offer came in on a different listing of mine for all cash. The agent sent a copy of the check as well as proof of funds to show the buyer had the money to close the purchase. The proof of funds was two separate bank accounts and each statement showed the account balance along with the account number and the buyers name. The account number is not needed and I do not feel comfortable having that info in my office so I blacked it out.

 Real Estate offices by and large are safe and the agents do a great job of protecting consumers information. My concern comes in when sending offers, and information, is I don't know who has access to other offices. I don't know their cleaning crew and who may have a key to get in or heaven forbid a thief breaks in. Call me paranoid but please call me cautious when it comes to my clients.

 When it comes to Real Estate it seems everyone has an opinion or question. In today's market almost every day on TV, the Internet or in the newspaper you will get the opinion of a so called expert as to what's going on with the market and what the future holds. The experts hold their opinion as the Gospel Truth but in the scheme of things it's only an Opinion.

 With so many different talking heads people throwing their so called expertise into the mix it's no wonder the consumers are confused. Last week on TV I so a reporter in a neighborhood with some foreclosures, REO, make a totally unfounded statement. She stated that one street in particular was going down by 6% every time a property sold. There were no statistics provided to prove the statement but she concluded that the area would go down another 18% real quick as there were three foreclosure properties on the market. Must be new math because in the Murrieta, Temecula and Menifee areas the market is stabilizing.

 This past Saturday I held an open house on one of my Real Estate Owned, REO, listings in Wildomar. There was a total of 22 people come through the home, as it's very clean inside and out, and what I heard from the majority of them was total confusion as to the future of the market. Three folks in particular asked me what I saw in My Crystal Ball, as to when the market would turn around. Each of them are homeowners and they wanted to know when the values would go up again. All real estate markets are skewed in the sellers favor as it's only a good market when the values are rising according to the so called experts of the media.

 Personally I disagree that this is not a Good market. If you are a buyer it is a Good Market. Prices have come down dramatically and interest rates are low. When I bought my first home in 1978, OK I'm getting old, my interest rate was 10% FHA and today it's around 6%. That's still a good rate and now many first time buyers are able to purchase a home and with the $8000 dollar tax credit it may be one of the best times in history to buy a home.

 Since my crystal ball is dusty because of the changes that are taking place with the economy and the real estate market plus the bail outs I only know one thing for sure. If the government keeps printing money we will see interest rates rise due to inflation as the dollar loses value. It happened in the early 1980s and it may do the same in the near future. The result will be the home prices may fall but with higher interest rates the home buyers will be knocked out of the market.

 If you are considering buying a home please consult with local Professionals, Realtor, loan officers and your accountant to see if this is a good time fot you.