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Archive for the ‘Uncategorized’ Category

How much will a speeding ticket cost in California?

Posted by SellThatHouse.net on August 4, 2009

caught-speeding-54101

Not proud [forgive me Lord!]

Now that I have first hand knowledge I can confirm the 1-15 m.p.h. over the limit [70mph in a 55] scored me a $202 ticket.  Beauty and I’ll take it since 1]  it was in a construction zone, 2] I was probably going closer to 75, and 3] let’s face it, how often SHOULD we all get tickets and are never caught?

That’s what I thought too…

Best Answer – Chosen by Voters

The statewide schedule calls for a fine of $266 for 16-25MPH over the CVC § 22349(a) speed limit. Monterey County will be within a few dollars of this amount. If you are eligible, traffic school will cost a bit more, but keep it off your record. That is too bad you were going 81MPH since 1-15MPH over the speed limit is a $146 fine.

How much will a speeding ticket cost in California?

I was pulled over and clocked going 81 in a 65 zone in Monterey County (I live in Sonoma County though if that makes a difference). About how much should I expect my ticket to cost me? (I’m not planning on contesting it). Also, I was driving another persons car at the time I got pulled over (I used my insurance and license and showed the cars registration, obviously), will my citation notice thing come to my home address or to the person the car is registered to?

Thanks!

  • 9 months ago

Additional Details

lol, it does sound like I’m trying to buy a speeding ticket (which no one wants to do). Let me rephrase my question here since I can;t change it now. How much will I have to pay after getting a speeding ticket in California?
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Apartment seller hit with big loan fee

Posted by SellThatHouse.net on July 29, 2009

July 9th, 2009 04:35pm

Apartment seller hit with big loan fee

By Annette Cooper

It’s common knowledge that the financial markets and the entire banking industry have been in a state of upheaval and turbulence. Regulatory forces are “circling this wagon” with ardent zeal to try to restore some kind of order to this lending environment chaos.

One area that appears to have slipped through the cracks is the world of pre-payment penalties for commercial loans. I ran into a situation recently that I think bears thorough examination and scrutiny.

Currently, the law specifies that a pre-payment penalty for a commercial loan may be considered “onerous” if it “shocks the conscience of the community.”

I wonder what that means. You be the judge of a current situation.

I have a client who had a $450,000 note against a small apartment complex that had a valuation of approximately $1.1 million. The note had originated approximately one and a half years ago, and the client needed to sell the complex for health reasons.

When the escrow was about to close, she was informed by the lender that her pre-payment penalty was more than $220,000, almost a 50 percent penalty. My client had no idea that kind of onerous penalty was a condition of the loan.

When she asked the original loan broker about this penalty, he insisted it was a mistake.  As it turns out it wasn’t a mistake but the fallout of a deceptive murky “lock-out” clause that allowed the lender to re-coup all the interest in that loan had it come to full maturity.

My client was under the impression that the pre-payment penalty was approximately 5 percent of the balance of the loan at the time of the pay-off and did not understand the terms and conditions contained in a “lock-out” clause. Obviously neither did the loan broker.

There appear to be plenty of rules and regulations that govern single-family home lending, but little oversight for loans that impact four units and more and the commercial lending industry.

It is incumbent upon all investors/owners to make sure they understand all the clauses contained in a new loan and not rely on the word of the loan officer.

In the case I’ve outlined here, there was a discrepancy/omission in the actual document between the loan summary abstract and the interest re-cap/lock-out clause. I would urge anyone in the market for new financing to be extremely prudent in making sure they understand the terms and conditions of a loan and to take extreme precautions to digest all the implications of paying off the note early.

In addition, I believe there should be the same or similar protections for commercial borrowers as there are for residential borrowers, and murky, confusing lending documents should at least be consistent and clear so the average owner/borrower has a chance to understand the depth of the obligations they are assuming.

Does a pre-payment penalty of $220,000 on a $450,000 note shock the conscience of our community? Let me know your thoughts. It’s hard to stand by and watch someone so thoroughly taken advantage of.

Annette Cooper is a senior real estate adviser for Santa Rosa-based Keegan & Coppin, acooper@keegancoppin.com, 707-528-1400.

Tags | Category Commentary, Commercial Real Estate, Construction, Guest Columnists, Residential Real Estate

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Comments

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Unbelievable! Shocks my conscience, and everything else I own. I feel pre-payment clauses will work there way back in to residential lending eventually as lenders will be looking at any way possible to recoup the losses they brought upon themselves during the run up, post Glass-Steagall repeal. Good luck to us all…

David Thomas, Realtor® – Quality Service Certified Top 300 “Best of the Best” agent since 2006
Century 21 Bundesen
Web: http://www.SellThatHouse.net
Blog: https://sellthathouse.wordpress.com
Email: SellThatHouse@Century21.com
Ca. Dept of Real Estate: #01290314

by David Thomas

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A Seller Decides To Keep A Buyer’s Life Savings

Posted by SellThatHouse.net on June 22, 2009

A Seller Decides To Keep A Buyer’s Life Savings

Wednesday June 17, 2009
A Seller Decides To Keep A Buyer’s Life Savings is a sad blog post to say the least. There’s a video of the news story there as well. It’s set in the New York City area, and no mention is made of Realtors in the story, only attorneys.When a lender learns a coop building is on leased land, the loan is denied to the buyers. The seller keeps $26k+ in deposit as down payment, relying on the clause that allows them to do so because the buyers had a “commitment letter” from the lender. Read the post and watch the video for the whole story.

In my area, there is a condo project right in the heart of the tourist and old town district. Every time a unit is listed, I get inquiries from my web site because the units are priced low for that area. It’s because they’re on a land lease, and at this time, the lease runs out in 11 or so years. Every inquiry gets an email from me right away disclosing this fact. I have yet for a buyer to pursue one of these units after this email.

It’s too bad that this buyer couple didn’t have someone looking out for their interests. New York real estate transactions usually are handled by attorneys I’m told. It appears this couple weren’t using one early in the process. Whether it would have made a difference is open to question.

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25% of Sellers Reduce Asking Price

Posted by SellThatHouse.net on June 20, 2009

Daily Real Estate News | June 8, 2009

Sellers have dropped their asking prices on 25 percent of homes listed for sale on Trulia.com, according to a report the online real estate company released last week.

The average price-reduced home has seen a listing price cut of 10.6 percent.

Not only are cities with lots of foreclosures hard hit, but traditionally strong markets also are among those with large-percentage price reductions.

Among the 50 largest U.S. cities, the 12 locales with the largest percentage of price reductions are:

1. Jacksonville, Fla. – 36 percent
2. Tucson – 32 percent
3. Boston – 32 percent
4. Los Angeles – 32 percent
5. Columbus, Ohio – 31 percent
6. Dallas – 31 percent
7. Honolulu – 31 percent
8. Minneapolis – 31 percent
9. Austin – 30 percent
10. Washington, D.C. – 30 percent
11. Baltimore – 30 percent
12. Las Vegas – 30 percent

Source: Trulia.com (06/05/2009)

http://www.realtor.org/RMODaily.nsf/pages/News2009060803?OpenDocument

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