COLDWELL BANKER C EL MONTE REALTY · - REAL ESTATE MAILBAG/Benny Kass • Send questions for this column to benny@inman.com. In escrow we trust? 4/ -..I-- '....Fl · 1 1--;·,2V'osm B»r----·* i.- 'Fli-1 3 :t CARMEL PRICE REDUCTION! This home has it all and is in a choice location near shopping, the Carmel Mission and beach. Rich in colorful detail, this remodeled three bedroom home is full of natural light, has beauti- ful hardwood floors, granite kitchen counters and more! It is a must see and the price is now $759,000.00. Seller will consider all offers! ·*. -p·.... ... ..... i... - .. 21/WAk/t ./ E i :El..../* Il ipi + -:g,m,*31 OPEN SATURDAY 12-2 5 Calle de la Paloma, Carmel Valley This peaceful setting of nearly a full acre offers a charming two bedroom log cabin. Two additional out build- ings could be an art studio, medita- tion space, or...?? Meander the stone walkways of this serene retreat and enjoy the tranquility of this special property. Reduced to $419,000. ... 3148th Street, Pacific Grove You will be astounded by the bay vi-, the Penthouse setting of this mode i, ...... man style home. The property I as been completely remodeled top to botum with no expense spared. This property features a 3 bedroom 2.5 bath main house of 2002 square feet. In addition the legal I bedroom, I bath guest quarters is complete with kitchen and updated bath. $ 1,795,000. -· al * 2le. 0 Ann Freentan 594-5939 www.ReaIEstateAnn.com Julie Vivolo 1 Davis I 594-7283 www.julievdavis.com Porteous 277-2380 www.toddporteous.com -. Kassisa Benny L Practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be sub- mitted to benny@inman. com. SOME WORRY DISCLOSURE PRACTICE COULD LEAD TO ID THEFT DEAR BENNY: In the recent purchase of my first home, I was shocked when presented with a completed form titled "Seller's Affidavit of Nonforeign Status" and asked to initial said form to acknowledge its receipt. What bothered me was that I was being made privy to the sellers' Social Security numbers on the form. In addition, I was presented with this completed form not once, but twice: once while signing a stack of dis- closure statements with my agent, and again, several weeks later, during closing at the escrow office! Both my agent and the escrow ofice attempted to placate my concerns when I voiced them. In today's age of rampant identity theft, I'm surprised to learn the real estate industry can be so careless. Please tell me this is not common practice. -Kevin DEAR KEVIN: The document you ques- tioned is called a FIRFIA form. Thatts an acronym for the Foreign Investment in Real Property Tax Act of 1980. Back then, Congress was concerned that rich for- eigners - from countries such as Japan, Germany or Saudi Arabia - were selling properly here in the United States, and not paying the appropriate capital gains tax. So, if the seller is a non- U.S. citizen, and the resi- dential property sells for more than $300,000, this form must be used and for- warded to the Internal Revenue Service. My office conducts settle- ments here in the District of Columbia and in Maryland. I checked with the person in charge who showed me the form we use. It is a sell- er's affidavit, signed only by the seller, certifying that he/she/they are not foreign nationals. Yes, the Social Security number is on that form, but the buyers in my office do not see that form. I am not familiar with how other settlement and escrow companies handle this issue. I do, however, agree that there is too much disclosure on the legal doc- uments used when buying and selling a house. Social Security numbers used to be on deeds of trusts (mort- gages), which becomes a public document. Hopefully, that practice has stopped. DEAR BENNY: Almost six months ago, we made an offer to buy a condominium. Our real estate agent called it a "clean deal," as we are pay- ing cash and all closing costs. Our offer was less than the amount the seller owes on his mortgage, so I assume this is called a "short sale." Our broker has called the listing agent and I have called the lender's bank to try to find out when they will respond to our offer. That lender says they can- not discuss this with me for legal reasons. My wife and I are anx- ious, as we really want to buy a home and settle down. Didn't our president get a new law enacted that is forcing the banks into a more prompt reply situa- tion? I heard that they must respond within 90 days. Is there anything we can do·to expedite this? -Bob ws from 1 californiamoves.com Courtney Golding Jones 83 1.233.4839 DEAR BOB: Yes, back in May of this year - and then again in October - the Treasury Department (along with the Department of Housing and Urban Development) announced programs designed to expedite the short-sale process. By way of background, a short sale is one where the bank allows its borrower to sell their house for a price that is less than the out- standing mortgage. Up until a year or so ago, no one ever heard of short sales; banks preferred to fore- close rather than take a loss on the mortgage - even though the bank often lost more when they foreclosed on the home. But within the past two years, short sales have become very popular, but not without problems. Banks have become notori- ous in delaying the process for months before they give an answer. The Treasury Department has announced that lenders (or those who service mortgage loans) may receive "incentive com- pensation" of up to $1,000 for successful completion of a short sale. Additionally, borrowers may also receive compensation of up to $1,500 to assist with reloca- hon expenses. And T----y has promised to streamlined and dized documenta- :luding a short-sale ent, which is d to speed up the ite, however, no cuments have been ed, and banks are : the pleas from 7 to complete the within 90 days. are some sugges- [) banks will talk their borrowers, Please see Mailbag page 6 DANLEY & GOLDING JONES 11 CdbUl publish standar €¥tdat & €,dAUWVI, 04, *14 )6#VU, tion, inc agreem designe I I,*- -i IOM *645#vil,Ii,Iii process To de F A01N New listing! such do 95 San Clemente Ave, South Salinas publishi ignorini 3 bedroom, 1.5 bath, corner lot Treasui Offered at $335,000 , Q, *,ti.0-27, process Here Sotheby& 4 tions: (1 INTERNATIONAL REALTY Christina Danley 831.60 1.5355 00 only to 1 2 The Monterey County Herald • Real Estate Guide, Friday, December 18, 2009 - -r--r---- 0Avenue,Carmel|Karent#;-- OPEN SUNDAY 1 -3 Carmel charm with hardwood floors, 1 Calley 9(/iC French doors off living room and bed- rooms, fireplace and formal dining area. 809-0532 Large brick patio & deck, great house for entertaining. Perfect first home or weekender. Large finished basement www.KarenCalley.com with lots of light. WOW $549,000! a , OCR Text: COLDWELL BANKER C EL MONTE REALTY · - REAL ESTATE MAILBAG/Benny Kass • Send questions for this column to benny@inman.com. In escrow we trust? 4/ -..I-- '....Fl · 1 1--;·,2V'osm B»r----·* i.- 'Fli-1 3 :t CARMEL PRICE REDUCTION! This home has it all and is in a choice location near shopping, the Carmel Mission and beach. Rich in colorful detail, this remodeled three bedroom home is full of natural light, has beauti- ful hardwood floors, granite kitchen counters and more! It is a must see and the price is now $759,000.00. Seller will consider all offers! ·*. -p·.... ... ..... i... - .. 21/WAk/t ./ E i :El..../* Il ipi -:g,m,*31 OPEN SATURDAY 12-2 5 Calle de la Paloma, Carmel Valley This peaceful setting of nearly a full acre offers a charming two bedroom log cabin. Two additional out build- ings could be an art studio, medita- tion space, or...?? Meander the stone walkways of this serene retreat and enjoy the tranquility of this special property. Reduced to $419,000. ... 3148th Street, Pacific Grove You will be astounded by the bay vi-, the Penthouse setting of this mode i, ...... man style home. The property I as been completely remodeled top to botum with no expense spared. This property features a 3 bedroom 2.5 bath main house of 2002 square feet. In addition the legal I bedroom, I bath guest quarters is complete with kitchen and updated bath. $ 1,795,000. -· al * 2le. 0 Ann Freentan 594-5939 www.ReaIEstateAnn.com Julie Vivolo 1 Davis I 594-7283 www.julievdavis.com Porteous 277-2380 www.toddporteous.com -. Kassisa Benny L Practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be sub- mitted to benny@inman. com. SOME WORRY DISCLOSURE PRACTICE COULD LEAD TO ID THEFT DEAR BENNY: In the recent purchase of my first home, I was shocked when presented with a completed form titled "Seller's Affidavit of Nonforeign Status" and asked to initial said form to acknowledge its receipt. What bothered me was that I was being made privy to the sellers' Social Security numbers on the form. In addition, I was presented with this completed form not once, but twice: once while signing a stack of dis- closure statements with my agent, and again, several weeks later, during closing at the escrow office! Both my agent and the escrow ofice attempted to placate my concerns when I voiced them. In today's age of rampant identity theft, I'm surprised to learn the real estate industry can be so careless. Please tell me this is not common practice. -Kevin DEAR KEVIN: The document you ques- tioned is called a FIRFIA form. Thatts an acronym for the Foreign Investment in Real Property Tax Act of 1980. Back then, Congress was concerned that rich for- eigners - from countries such as Japan, Germany or Saudi Arabia - were selling properly here in the United States, and not paying the appropriate capital gains tax. So, if the seller is a non- U.S. citizen, and the resi- dential property sells for more than $300,000, this form must be used and for- warded to the Internal Revenue Service. My office conducts settle- ments here in the District of Columbia and in Maryland. I checked with the person in charge who showed me the form we use. It is a sell- er's affidavit, signed only by the seller, certifying that he/she/they are not foreign nationals. Yes, the Social Security number is on that form, but the buyers in my office do not see that form. I am not familiar with how other settlement and escrow companies handle this issue. I do, however, agree that there is too much disclosure on the legal doc- uments used when buying and selling a house. Social Security numbers used to be on deeds of trusts (mort- gages), which becomes a public document. Hopefully, that practice has stopped. DEAR BENNY: Almost six months ago, we made an offer to buy a condominium. Our real estate agent called it a "clean deal," as we are pay- ing cash and all closing costs. Our offer was less than the amount the seller owes on his mortgage, so I assume this is called a "short sale." Our broker has called the listing agent and I have called the lender's bank to try to find out when they will respond to our offer. That lender says they can- not discuss this with me for legal reasons. My wife and I are anx- ious, as we really want to buy a home and settle down. Didn't our president get a new law enacted that is forcing the banks into a more prompt reply situa- tion? I heard that they must respond within 90 days. Is there anything we can do·to expedite this? -Bob ws from 1 californiamoves.com Courtney Golding Jones 83 1.233.4839 DEAR BOB: Yes, back in May of this year - and then again in October - the Treasury Department (along with the Department of Housing and Urban Development) announced programs designed to expedite the short-sale process. By way of background, a short sale is one where the bank allows its borrower to sell their house for a price that is less than the out- standing mortgage. Up until a year or so ago, no one ever heard of short sales; banks preferred to fore- close rather than take a loss on the mortgage - even though the bank often lost more when they foreclosed on the home. But within the past two years, short sales have become very popular, but not without problems. Banks have become notori- ous in delaying the process for months before they give an answer. The Treasury Department has announced that lenders (or those who service mortgage loans) may receive "incentive com- pensation" of up to $1,000 for successful completion of a short sale. Additionally, borrowers may also receive compensation of up to $1,500 to assist with reloca- hon expenses. And T----y has promised to streamlined and dized documenta- :luding a short-sale ent, which is d to speed up the ite, however, no cuments have been ed, and banks are : the pleas from 7 to complete the within 90 days. are some sugges- [) banks will talk their borrowers, Please see Mailbag page 6 DANLEY & GOLDING JONES 11 CdbUl publish standar €¥tdat & €,dAUWVI, 04, *14 )6#VU, tion, inc agreem designe I I,*- -i IOM *645#vil,Ii,Iii process To de F A01N New listing! such do 95 San Clemente Ave, South Salinas publishi ignorini 3 bedroom, 1.5 bath, corner lot Treasui Offered at $335,000 , Q, *,ti.0-27, process Here Sotheby& 4 tions: (1 INTERNATIONAL REALTY Christina Danley 831.60 1.5355 00 only to 1 2 The Monterey County Herald • Real Estate Guide, Friday, December 18, 2009 - -r--r---- 0Avenue,Carmel|Karent#;-- OPEN SUNDAY 1 -3 Carmel charm with hardwood floors, 1 Calley 9(/iC French doors off living room and bed- rooms, fireplace and formal dining area. 809-0532 Large brick patio & deck, great house for entertaining. Perfect first home or weekender. Large finished basement www.KarenCalley.com with lots of light. WOW $549,000! a , Heritage Society of Pacific Grove,Historical Collections,Names of People about town,S through T File names,Savage,SAVAGE_002.pdf,SAVAGE_002.pdf 1 Page 1, Tags: SAVAGE_002.PDF, SAVAGE_002.pdf 1 Page 1