17th annual Studio Arts Festival

The Irvine Fine Arts Center will host the 17th annual Studio Arts Festival on Saturday, June 4 from 9 a.m.-5 p.m.

The Festival will showcase more than 100 local artists and more than 1,000 original works of art spanning across a variety of mediums including ceramics, sculpture, jewelry, painting, photography, textiles and glass. The Festival will also feature live music, food, art demonstrations, and the "crowd favorite" - ice cream sundaes sold in handmade ceramic collector bowls.

Admission and parking are free. Event proceeds benefit special projects and programs sponsored by the Irvine Fine Arts Center. The Irvine Fine Arts Center is located at 14321 Yale Avenue, Irvine. For more information, visit irvinefinearts.org or call 949-724-6880.

For other Irvine information, see http://tiny.ly/vCzJ

Appraisals: Why You Must Now Sell Your House Twice.

In today’s market the appraisal is more important than ever and in many cases it can be a deal breaker. It’s critically important that there is a plan in place to justify your selling price so that you can close your transaction smoothly. Our friends at Keeping Current Matters talk about the situation and how now with Appraisals: Why You Must Now Sell Your House Twice.

Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges in the country, we can’t really blame them. The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan.

However, this does not just involve the borrower buying the property.

The second way a bank can protect their investment in the mortgage is to make sure that the collateral backing that mortgage is secure. That is where the appraisal comes in. The bank wants to make sure that, should the buyer not be able to make their payments, the house they will be forced to take back will sell for an amount at least equal to the balance left on the mortgage. For that reason, the banks seem to be getting more conservative with appraisals also.

This past week, the National Association of Realtors (NAR) released their
Existing Homes Sales Report. In that report, they said:

“11 percent of Realtors® report a contract was cancelled in April from an appraisal coming in below the price negotiated between a buyer and seller, 10 percent had a contract delayed, and 14 percent said a contract was renegotiated to a lower sales price as a result of a low appraisal.”

One out of four real estate transactions was either cancelled (11%) or renegotiated to a lower sales price (14%) because of a low appraisal!!

Bottom Line

Every house now has to be sold twice: first, to a potential purchaser and then to the bank appraiser. And, it seems that the second sale may be the more difficult of the two. Sit with a local real estate professional and make sure you put together a plan for both sales.

He didn't look like an agent so I called the police!

OK, there I was at my Broker Preview, wiping down the granite countertop where someone had dropped a piece of California Roll, and he walked in.

As usual, I said "Welcome", and "Come on back for refreshments", but this was before I had turned around and had a look at my latest visitor.

The first thing I noticed, was that his fly was undone. If this was the only odd thing about him, I wouldn't have been at all concerned, but he was wearing a faded pair of denim jeans, and a worn canvas jacket - not the kind of attire that an agent previewing a home usually wears.

On the other hand, I thought to myself, this is Southern California, and it's not like he has a client with him. Perhaps he was working from home
today, and just wanted to preview the home, (and sample some of the seared tuna sashimi or crab roll I had carefully laid out).

Things got a little, weirder. He didn't say a word, as he strode into the kitchen. I handed him the Agent MLS printout of the home, and asked him to drop a business card in the bowl. Still... not a word.... and no card either.

I had sent Mike, (my hubby), for more ice, and by this time, I wished I hadn't.

Irvine is a diverse community, so I rationalized again. Perhaps he doesn't speak English.
(I know, I know. Even if you don't speak English, you know how to say "hi", right!)

So unless he had speech issues, he wasn't an agent - the California Real Estate exam has to be taken in English.

Then he faced the living room & stretched his arms out, as if mentally measuring the room, before heading towards the staircase leading to the upstairs.

"OK", I said to myself, "Enough with giving this guy the benefit of all my doubts!". I headed him off at the bottom of the stairs and said "Sorry, the sellers asked that no-one go upstairs." Well, don't laugh - I was getting concerned by then. If I had a little more time I would thought of something else to say. Also, I wasn't about to let My Weird go upstairs on his own, and I didn't want to be upstairs alone with him either.

I was hoping like H E double-toothpicks that another agent would come in, and then he turned around and headed out the door.

Whew!

I followed him out to the street and saw that he had got on his BICYCLE and had ridden to the house next door. I watched as he opened the gate next door, and walked right into their back yard.



And THAT'S when I called the Irvine Police Department. "Was this an emergency?"
the operator asked. I told her that I didn't THINK so, but thought what if he surprised the neighbor's daughter sunbathing on their PRIVATE lawn, or what if a hundred other scenarios took place? I asked that she send a car over as soon as possible, and then described the man as best I could.

THEN my husband arrived with the extra ice I needed!

We watched the man cycle slowly away.

Two Irvine 5-0 officers arrived within minutes and started looking around. I don't think they ever found him.

I know some of you are thinking I was making a fuss about nothing, but we are talking about Irvine
here - voted by the FBI as the SAFEST CITY IN AMERICA. And not just Irvine. This happened in WOODBRIDGE. This kind of thing just does not happen in Woodbridge, (until now).

My advice to (especially female), agents, is NOT to be alone if possible. Yes, we all know that for Open Houses, that's old advice, but I was at a Broker Preview. I went online and ordered some Pepper Spray for NEXT TIME!