November 16th, 2009 -- Posted in Real Estate |
When you start the process of buying a house or other type of real estate, you will no doubt hear deposits “earnest money terms” (EMD). So what exactly is an EMD?
An EMD becomes relevant when you are ready to make an offer on the property. In most states, Real Estate Agent you are preparing bids on your behalf. offers usually take the form of a written contract submitted to the seller through their agent.
In addition to offering documents, sellers typically expect an EMD. EMD is a monetary deposit made by check to show the seller that you are a serious buyer. In some areas the country, only a photocopy of the check is submitted with the offer, and check out the original submitted to the appropriate agencies if the offer is accepted. Ask Your Real Estate Agent to clarify how deposits are handled in your area countries.
checks are usually made to independent third parties-such as the Title Company, Escrow Company, Real Estate Attorney or your Real Estate Broker. Ask Your Real Estate Agent to clarify who will hold the EMD.
The number of traders expect EMD varies by region. EMD amount is based on custom and habit to an area, but is generally from 1% to 2% of the purchase price. In a competitive market where demand exceeds the supply of homes, some buyers may offer higher EMD than expected to impress the seller of their intentions. In determining the amount of your EMD, check with the Real Estate Agents and balance the need to demonstrate your seriousness, good business practices to minimize the amount of the deposit.
The EMD is usually applied to reduce the purchase price of property or to cover closing costs, as you dictate. For example, if you buy a property worth $ 300,000 and you give EMD amounting to $ 3,000, then the remaining balance owned on the closing was $ 297,000 (plus closing costs). Or, you may direct that the EMD be applied toward closing costs.
After the contract apply to the purchase is made, an independent third party is usually held the EMD to the relevant purchase is completed or canceled. At this point, that money belongs jointly to both sellers and buyers.
In cases where you make an acceptable bid, but later decided to cancel the offer, the requirements specified in the contract (or state law) will determine if, and under what circumstances, EMD returned to you. Keep in mind that you may loose your deposit if you are not in accordance with the terms of your contract. Real Estate Agent you can give you information about how EMDs dealt with if the contract is canceled.
Because state laws vary by region and practices can differ even within the same country, be sure to consult with your Real Estate agent about the rules that apply to EMDs in your area countries. You also must realize that the EMD is not associated with a down payment you make to your home loan.
November 15th, 2009 -- Posted in Real Estate |
On August 15, 2006, the US Census Bureau released its annual statistics for various communities. The data for San Diego County revealed some significant shifts from 2000 to 2005 in terms of the total population in San Diego, the percentage of males to females, percentage of people at various ages, and the racial composition of the County.
POPULATION SHIFTS
Total Population = 2,813,833 (CY 2000) vs. 2,824,259 (CY 2005) = 0. 4% increase
Of the total population, there were shifts in the percentage of males to females.
Males = 1,415,097 (CY 2000) vs. 1,400,199 (CY 2005) = 1. 1% decline.
Females = 1,398,736 (CY 2000) vs. 1,424,060 (CY 2005) = 1. 8% increase.
AGE CHANGES
The percentage of people at various age also changed during this time period.
Median Age = 33. 2 years (CY 2000) vs. 34. 4 years (CY 2005) = 3. 6% increase.
Population Under 5 Years of Age = 198,621 (CY 2000) vs. 221,575 (CY 2005) = 11. 6% increase.
Population Under 18 Years of Age = 2,090,172 (CY 2000) vs. 2,067,282 (CY 2005) = 1. 1% decline.
Population 65 or Older = 313,750 (CY 2000) vs. 310,836 (CY 2005) = 0. 9% decline.
RACIAL COMPOSITION
Of individuals who defined themselves as belonging to one-race, the following statistics were provided:
Total Number of “One-Race” Individuals = 2,681,866 (CY 2000) vs. 2,730,721 (CY 2005) = 1. 8% increase.
Individuals who defined themselves as belonging to one-race, were further categorized as follows:
White = 1,871,839 (CY 2000) vs. 1,927,166 (CY 2005) = 3% increase.
Black or African American = 161,480 (CY 2000) vs. 140,181 (CY 2005) = 13. 2% decrease.
American Indian and Alaska Native = 24,337 (CY 2000) vs. 19,902 (CY 2005) = 18. 2% decrease
Asian = 249,802 (CY 2000) vs. 295,926 (CY 2005) = 18. 5% increase
Native Hawaiian and Other Pacific Islander = 13,561 (CY 2000) vs. 12,704 (CY 2005) = 6. 3% decline.
Other Race = 360,847 (CY 2000) vs. 334,842 (CY 2005) = 7. 2% decline.
Of those individuals who defined themselves as belonging to “two-races”, the following statistics were provided:
Total, Two -Race Individuals = 131,967 (CY 2000) vs. 93,538 (CY 2005) = 29. 1% decline.
Hispanic or Latino (of any race) = 750,965 (CY 2000) vs. 843,901 (CY 2005) = 12. 4% increase.
SHIFTS IN HOUSEHOLD CHARACTERISTICS
Total Household Population = 2,716,820 (CY 2000) vs. 2,824,259 (CY 2005) = 4% increase.
Average Household Size = 2. 73 (CY 2000) vs. 2. 71 (CY 2005) = 0. 7% decrease.
Average family size = 3. 29 (CY 2000) vs. 3. 33 (CY 2005) = 1. 2% increase.
IMPLICATIONS FOR SAN DIEGO REAL ESTATE
If you are interested in buying San Diego real estate, homes, condos or townhouses for sale, then the above information may be useful to you. The information above can help you understand demographic and population shifts that impact supply, demand, and price of real estate and homes for sale in San Diego.
San Diego is one of the most popular areas in the Country because of its moderate climate. In fact, the year-around average weather in San Diego is around 70 degrees Fahrenheit.
San Diego real estate is also popular because of its proximity to the Pacific Ocean, mountains and the US-Mexico border. Bordered by Orange County and Riverside County to the north, and the Mexico to the south, San Diego real estate has hundreds of beachfront properties for sale.
San Diego is the sixth most populated County in the Nation. With this many people, buying real estate in San Diego can be a competitive process depending on the supply and demand of real estate and homes for sale at a particular time.
While interest rates are still relatively low and supply relatively high, buyers at this time may find San Diego real estate a good value.
Those who purchase San Diego real estate enjoy year-around perfect weather, easy access to the Mexico border, a thriving job market, and the pleasures of living close to an ocean.
Whether you are interested in boating, fishing, golfing, tennis or other hobbies, residents and visitors who own San Diego real estate have access to all these activities and more.
Please visit the Census Bureau’s web site for detailed demographic information about San Diego County. The Census Bureau provides key statistics for various communities in its annual American Community Survey (ACS) report.