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        <title>Real Estate Blog</title>
        <link>http://www.mysantacruzrealestate.com/blog/foreclosure/</link>
        <description></description>
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            <guid>http://www.mysantacruzrealestate.com/blog/get-a-deal-on-luxury-santa-cruz-real-estate.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/get-a-deal-on-luxury-santa-cruz-real-estate.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Get a Deal on Luxury Santa Cruz Real Estate</title>
            <description> <![CDATA[ 
In todays precarious job market, many luxury homeowners are finding they cant afford their massive, custom-designed properties any longer. As the once rich are having to quickly sell or abandon their Santa Cruz real estate, you might be able to snag a good deal on a distressed luxury home.

There are many horror stories associated with short sales and foreclosures, but if you do your research, are patient and can act quickly, you might be able to purchase the home of your dreams. If you want to take advantage of this sour market, then consider the following guidelines &mdash; and happy house hunting! 

&bull;&nbsp;Find an agent who has experience with distressed real estate. Interview Santa Cruz real estate agents to find out their history of dealing with foreclosures and short sales.

&bull;&nbsp;Research comparables. Investigate to make sure its actually a good deal by looking at other luxury homes that have sold in the area. Your agent can give you valuable information on comparables.

&bull;&nbsp;Be patient. Its easy to get anxious when it comes to making such a large purchase, but remember that these properties are in turmoil &mdash; which can take some time to resolve.

&bull;&nbsp;Hire a home inspector. If youre going to be investing big bucks, pay a home inspector up front to check out the home. Just because its a luxury property doesnt mean that it hasnt been neglected for the past couple of years. Youll want to know what kind of damage and repairs youll be dealing with.

&bull;&nbsp;Make an offer quickly. Other potential buyers and real estate investors will be keeping an eye out for enticing properties too, so be ready for competition.

&bull;&nbsp;Have your finances together. Pay as much as possible in cash. It will be more enticing to the lender, who actually makes the final decision on a short sale or foreclosure. 

If you want to purchase luxury Santa Cruz real estate at a great price, consider distressed properties going to short sale or foreclosure. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com, if youre ready to start looking or would like more information. 

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:&nbsp; 

Interview Santa Cruz real estate agents

Short sales

Foreclosures
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            <pubDate>Sun, 16 Oct 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/3-tips-to-get-short-sale-offers-on-your-santa-cruz-home-accepted-by-your-lender.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/3-tips-to-get-short-sale-offers-on-your-santa-cruz-home-accepted-by-your-lender.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>3 Tips to Get Short Sale Offers on Your Santa Cruz Home Accepted by Your Lender</title>
            <description> <![CDATA[ 
When a buyer makes a short sale offer on your Santa Cruz home, its impossible to know for sure if the offer will be accepted by the lender.&nbsp; Even when youve negotiated the offer with the buyer and come to an agreement that meets both of your needs, theres still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Santa Cruz home accepted by the lender:

1.&nbsp;Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:

a.&nbsp;lost your jobb.&nbsp;reduced hours/pay at current jobc.&nbsp;have to move more than 75 miles from home to get a new jobd.&nbsp;death of a borrowere.&nbsp;divorcef.&nbsp;onset of a disabling illness

2.&nbsp;Negotiate with the buyer to exclude terms and contingencies that complicate the sale. Lenders do not like to accept short sales when they include time contingencies or when the short sale is contingent on the sale of another home.

3.&nbsp;Submit paperwork as a complete package. Ask your lender for a list of all documents needed. Fill out the paperwork and collect all other documents required. Make copies of everything. Put together a complete package, including all the documents your lender requested, and only then send the entire package to your lender. If the lender later tells you they cant find a particular document, dont waste your time arguing about it, just resend the information  its easy to do because you already have copies prepared!

If youd like more information on the possibility of selling your Santa Cruz home as a short sale, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Short sale

Hardship letter 

Profit and loss statement
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            <pubDate>Tue, 04 Oct 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/streamlining-short-sales-for-santa-cruz-home-owners-and-home-owners-nationwide.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/streamlining-short-sales-for-santa-cruz-home-owners-and-home-owners-nationwide.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Streamlining Short Sales for Santa Cruz Home Owners and Home Owners Nationwide</title>
            <description> <![CDATA[ 
Just over a year ago, the federal government launched the Home Affordable Foreclosure Alternatives (HAFA) program.&nbsp; It was supposed to streamline the short sale process for Santa Cruz home owners and home owners nationwide.&nbsp; This article provides an update on HAFA.

How does HAFA benefit Santa Cruz home owners?

Home owners who dont qualify for a loan modification can apply for a short sale through HAFA.&nbsp; If the home owner qualifies for a HAFA short sale, the difference between the sale price of the house and the loan balance is forgiven.&nbsp; In addition, HAFA offers qualified home owners $3,000 for moving expenses.

How well is HAFA working?

From April, 2010, to December, 2010, HAFA had disbursed just $9.5 million of the $4.1 billion in its budget.&nbsp; And, through May, 2011, only 8,541 HAFA short sales had been completed.

However, HAFA short sales have increased.&nbsp; There were only 320 HAFA short sales pending in September, 2010. Now, there are 18,000 pending nationwide.

What went wrong with HAFA?&nbsp; 

Because the loan balance is forgiven with HAFA short sales, lenders cannot collect that amount.&nbsp; Lenders can collect the loan balance on short sales that go through them, so the majority of short sales are still handled by individual lenders programs.&nbsp; Although HAFA provides a $1,500 incentive to the lender, it isnt enough to entice them to go along with the program. 

Whats next for HAFA?

The HAFA program expires at the end of 2012, and by then, the U.S. Treasury hopes to have a model process with uniform documents that banks could use to speed the process and avoid greater losses that come with foreclosure.&nbsp; In the meantime, changes are being made to HAFA to ease eligibility requirements.

If you have any questions about selling your Santa Cruz home, whether through a regular sale or a short sale, please give me a call at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Short sale 

HAFA

How does HAFA benefit Santa Cruz home owners
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            <pubDate>Sat, 27 Aug 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/real-estate-investing-buying-santa-cruz-foreclosures.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/real-estate-investing-buying-santa-cruz-foreclosures.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Real Estate Investing:  Buying Santa Cruz Foreclosures</title>
            <description> <![CDATA[ 
According to a nationwide survey from Move, Inc., real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years.&nbsp; If youre one of those soon-to-be real estate investors, you may want to consider buying Santa Cruz foreclosures.

Here are a few tips to help you get the best buy:

&bull;&nbsp;Dont judge Santa Cruz foreclosures by their appearance.&nbsp; A million dollar mansion may have a beautiful fa&ccedil;ade but may be hiding extensive termite damage to its foundation.&nbsp;&nbsp; On the other hand, a fixer-upper may look rundown but may have excellent structure and can be fixed up easily for a fairly small amount.&nbsp; Always get a professional home inspection to determine exactly what youre buying. 

&bull;&nbsp;Dont focus on sales price alone.&nbsp; You still need to take into consideration the location, school districts, crime rates, and price for repairs.

&bull;&nbsp;Work with a real estate agent.&nbsp; You knew this one was coming, didnt you?&nbsp; But its true.&nbsp; Because real estate agents are knowledgeable about the market, they frequently know about local properties that are nearing foreclosure before the average buyer. They also know the Santa Cruz foreclosures to stay away from and those that are true diamonds in the rough.

&bull;&nbsp;Dont buy in a neighborhood with a lot of foreclosures.&nbsp; Youre looking for an investment that is going to increase in price sooner rather than later, so move on to another neighborhood where the real estate market is doing better.

&bull;&nbsp;Think like a real estate investor.&nbsp; Theres a lot of money at stake here, and you cannot allow emotions to get in the way.&nbsp; Do the math and your research to figure out if this is a good financial choice for you, not whether or not you like the house.&nbsp; 

Whether youre a real estate investor looking for a foreclosure or a traditional property to purchase, I can help you find it and get it at the best price and terms.&nbsp; Give me a call today at 831-662-6522 or email me at Lauren@LaurenSpencer.com.

For more information, please visit my website at www.MySantaCruzRealEstate.com.
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            <pubDate>Sun, 26 Jun 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/answers-to-your-questions-about-purchasing-santa-cruz-homes-for-sale-now.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/answers-to-your-questions-about-purchasing-santa-cruz-homes-for-sale-now.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Answers to Your Questions about Purchasing Santa Cruz Homes for Sale Now</title>
            <description> <![CDATA[ 
The real estate market is flooded with homes for sale.&nbsp;&nbsp; Interest rates are at an all time low on fixed rate mortgages.&nbsp; And, terms for acquiring a home loan are still fairly open.&nbsp; This is expected to change and possibly soon, which means now is prime time to buy Santa Cruz homes for sale.

To help you with this process, here are answers to four of the most popular questions Ive recently received from home buyers:&nbsp; Q:&nbsp; Where can I find the best deal on Santa Cruz homes for sale?A:&nbsp; The answer is almost anywhere.&nbsp; Because homes are sitting on the market for a long time, most homeowners are more willing than ever to negotiate.

Q:&nbsp; What about buying new construction?A:&nbsp; The option for new construction is open to more people than ever before.&nbsp; Builders are offering extended home warranties and many upgrades to help move their inventory.&nbsp; Some builders now offer financial assistance to reach an even larger number of buyers.&nbsp; 

Heres the number one tip to get the best deal in new construction:&nbsp; Before starting your search for new construction, hire a real estate agent.&nbsp; Your real estate agent can negotiate the best deal for you, even in new construction.&nbsp;&nbsp; Be sure to visit new construction with your agent so the builder knows youre represented.&nbsp; This representation costs you nothing and can save you a lot of money.

Q:&nbsp; Should I look at short sales and foreclosures for my best deal?A:&nbsp; Not really.&nbsp; Although there are good deals to be found, the time and effort involved in purchasing short sales and foreclosures can be a huge negative.&nbsp; Negotiating with a homeowner can be much easier than trying to negotiate with a lender for the short sale or foreclosure.

Q:&nbsp; Should I wait for home prices to go even lower?A:&nbsp; Definitely not.&nbsp; Prices of Santa Cruz homes for sale have come down from a few years ago and are much more stable and accurate.&nbsp; The days of inflated home prices are long gone.&nbsp; This does not mean that homes will not increase in value.&nbsp; It only means that they will do so at a rate that should prevent the upside-down mortgages that some people are facing today.

This is a prime time to purchase a home.&nbsp; With the large number of homes on the market, you are certain to find one to call home.&nbsp; Let me help you in your search.&nbsp; Call me today at 831-662-6522 or email me today at Lauren@LaurenSpencer.com.

For more information, please visit my website at www.MySantaCruzRealEstate.com.
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            <pubDate>Wed, 08 Jun 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/finding-the-best-buys-in-todays-santa-cruz-real-estate-market.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/finding-the-best-buys-in-todays-santa-cruz-real-estate-market.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Finding the Best Buys in Today's Santa Cruz Real Estate Market</title>
            <description> <![CDATA[ 
The Santa Cruz real estate market is still a buyers market which means, as a buyer, you can get a good price on a home.&nbsp; However, if you know what to look for, there are properties on which you can get a great price.Here are three areas of the Santa Cruz real estate market that generally offer the best prices:

1.&nbsp;Homes that have been on the market for several weeks (or months!) -&nbsp; Have your real estate agent send you homes that have been on the market for several weeks or months.&nbsp; These property owners are more motivated to sell than the owners of newly listed homes.&nbsp; Theyre more willing to negotiate for lower prices or even give you extras such as home warranties or paying a portion of your closing costs.

2.&nbsp;Bank owned properties.&nbsp; Bank owned properties (also known as Real Estate Owned or REOs) are homes that go back to the mortgage company after an unsuccessful foreclosure auction.&nbsp; Like foreclosures, these properties can take longer to close, but the savings can be well worth the extra time.&nbsp; Your Santa Cruz real estate agent can help you understand the pro's and con's with this type of purchase.

3.&nbsp;&ldquo;As is&quot; properties.&nbsp; A property listed &ldquo;as is&rdquo; means the seller is not willing to fix anything and will not negotiate a price reduction based on needed repairs.&nbsp; However, if youre willing to put some money and elbow grease into the property, this could be your opportunity to get more home, in a better location and at a price you can afford.&nbsp; Renovations can be done over time.&nbsp; The lower mortgage payment could save you more over the years than the renovations will cost.&nbsp; Your Santa Cruz real estate agent can help you indentify the renovations that will have the best return for your investment.

If youd like help finding the best buys in todays Santa Cruz real estate market, give me a call today at 831-662-6522 or email me at Lauren@LaurenSpencer.com.

For more information, please visit my website at www.MySantaCruzRealEstate.com.

&nbsp;
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            <pubDate>Fri, 13 May 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/santa-cruz-homes-hope-to-avoid-foreclosures-winter-shadow.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/santa-cruz-homes-hope-to-avoid-foreclosures-winter-shadow.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Santa Cruz Homes Hope to Avoid Foreclosure’s Winter Shadow</title>
            <description> <![CDATA[ 
Just like we hope Punxsutawney Phil avoids his shadow on Groundhog Day, across the country, homeowners hope to avoid the long winter of foreclosure madness and finally see the light of spring. 

For the past three years, the economy has forced more and more Santa Cruz homes into foreclosure.&nbsp; With layoffs, hiring freezes and pay cuts, owners once-secure Santa Cruz homes can be put into a precarious predicament. If you find yourself in a place where you cant pay your mortgage, know that there are options other than just letting foreclosure take hold. Here are a few strategies for holding on to your house or getting the most from it

o&nbsp;Refinance your loan  Talk to your lender to find out if you can refinance your loan at a lower rate &mdash; your monthly mortgage payments could become much more manageable.

o&nbsp;Sell the property  While your home might not have appreciated as much as youd hoped, at least youll get your finances under control and reduce your stress.

o&nbsp;File for bankruptcy  You can halt an imminent foreclosure by filing for bankruptcy. An automatic stay will be granted, and while this doesnt guarantee that homes are safe, it does give owners precious time.

o&nbsp;Discuss a deed in lieu of foreclosure  Make a trade with your bank &mdash; it gets the deed to your property if youre absolved of all debt owed on the home. This is especially advantageous if you owe more than what your house is worth.

o&nbsp;Ask for forbearance  If your lender agrees to forbearance, they are giving you a grace period to catch up on all your bills without threatening foreclosure.

If you receive a notice of default, dont immediately give up! Theres still time for you to get your finances under control or at least reclaim some of your equity. 

Hopefully, spring will bring brighter prospects for Santa Cruz homes.&nbsp; 

If you need to sell your home, I can help.&nbsp; Give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.&nbsp; 

For additional information please visit www.MySantaCruzRealEstate.com

Links:

Groundhog Day

Automatic Stay

Deed in Lieu of Foreclosure&nbsp; 

&nbsp;
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            <pubDate>Fri, 18 Feb 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/5-steps-to-rebuilding-your-credit-after-a-santa-cruz-foreclosure.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/5-steps-to-rebuilding-your-credit-after-a-santa-cruz-foreclosure.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>5 Steps to Rebuilding Your Credit After a Santa Cruz  Foreclosure</title>
            <description> <![CDATA[ 
When you go through a Santa Cruz&nbsp; foreclosure, your credit score drops considerably. The good news is that you can rebuild your credit.&nbsp; Here are a few tips to help:

1.&nbsp;Create a budget. A budget lets you see exactly how much money you have to spend each month. It also helps you track where you spend your money. Put together a budget that fits your lifestyle and then stick to it.

2.&nbsp;Build an emergency fund. You never know when an emergency will happen. When youre prepared for a financial emergency, youre better protected from financial problems.

3.&nbsp;Repair your credit.&nbsp; Review your credit reports from all three credit bureaus.&nbsp; Dispute any errors you find.&nbsp; Removing errors from your credit reports help improve your credit.

4.&nbsp;Establish new credit. This can be tricky after a Santa Cruz&nbsp; foreclosure. New credit will give you a chance to prove you can manage debt. However, you certainly dont want to find yourself owing more than you can possibly pay. If you can get a traditional credit card, your interest rate will be very high, so choose and use your credit cards wisely. An alternative is to apply for a secured credit card, which requires that you put money down as a deposit before credit is extended to you. Use your card regularly but lightly, and you will see your credit start to improve as you make consistent payments.

5.&nbsp;Have patience. It takes time to rebuild your credit. Dont expect your credit score to be in the good or excellent range within weeks or even months after your Santa Cruz&nbsp; foreclosure. Its going to stay on your credit report for seven years, so theres no need to rush.

A foreclosure is not the end of the world. Let me help you plan for and find your next home so it fits your budget. Give me a call at 831.662.6522 or for additional information visit my website at www.MySantaCruzRealEstate.com.

Links:

Build an emergency fund

Repair your credit 

All three credit bureaus 

&nbsp;
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            <pubDate>Sat, 08 Jan 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/foreclosures-in-santa-cruz-a-great-investment-or-bad-disaster.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/foreclosures-in-santa-cruz-a-great-investment-or-bad-disaster.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Foreclosures in Santa Cruz:  A Great Investment or Bad Disaster?</title>
            <description> <![CDATA[ 
With all the talk of the great deals you can get on foreclosures in Santa Cruz, you may be tempted to step into the investment market. Or, you may get the idea that buying a foreclosure is your best bet for a great deal on a home. Well, its possible, but remember that the foreclosure market is full of perilous pathways and competitive investment pros who know what theyre doing.

Whether youre considering purchasing foreclosures in Santa Cruz as investments or as your personal residence, here are a few tips that will help you get a great investment and avoid a bad disaster.

&bull;&nbsp;Gather a Team of Professionals:&nbsp; Your team of professionals should include a home inspector, a real estate agent and an appraiser.&nbsp; You may also want to include a professional repairman, if youre not handy. With foreclosures, you often have to be ready to move on the home immediately, so establish relationships with these professionals ahead of time. 

&bull;&nbsp;Buy a Pre-foreclosure:&nbsp; According to the experts, pre-foreclosure is one of the best times to buy. The seller will probably be more willing to accommodate you because they want to avoid ruining their credit. Which means youll have a much better chance of getting a good deal  something more than the seller owes the bank, but less than market value.

&bull;&nbsp;Skip the Auction:&nbsp; While going to foreclosure auctions is another possibility, it isnt for the beginning investor. You may find that youve done a whole bunch of research for nothing, because the auction was cancelled. You may end up with a trashed property because the previous owners didnt want to move, or because the house has been empty for a long while.

&bull;&nbsp;Be Careful Buying Bank-Owned Properties:&nbsp; This option is seldom as great as it sounds. Not all banks price homes at fair market value. Many of them are trying to get their money back, which, with current depreciation, could be much more than the home is currently worth.

If youre considering buying foreclosures in Santa Cruz as an investor or a homebuyer, I can help.&nbsp; Call me today at&nbsp;831.662.6522 or email me at&nbsp;Lauren@LaurenSpencer.com or&nbsp;visit my website at www.MySantaCruzRealEstate.com&nbsp;for more information.

Links:

Home inspector

Buy a pre-foreclosure

Buying bank-owned properties

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            <pubDate>Sat, 16 Oct 2010 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/buying-a-santa-cruz-home-and-wondering-about-a-home-warranty.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/buying-a-santa-cruz-home-and-wondering-about-a-home-warranty.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Buying a Santa Cruz Home and Wondering About a Home Warranty?</title>
            <description> <![CDATA[ 
Is a home warranty necessary when you buy a Santa Cruz home? Isnt it just an extra expense added on to an already expensive purchase? Not exactly. There are a few things to consider before deciding yes or no. 

Type of HomeFor example, the type of home you plan to buy makes a difference:

&bull;&nbsp;Are you buying a newly constructed Santa Cruz home? Any newly built home should already be covered by the builder warranty, at least for a specific timeframe. &bull;&nbsp;Are you buying an older home? If so, a warranty might be the right thing to have.&bull;&nbsp;Are you buying a foreclosure? In this case, a home warranty is an excellent idea.

Homeowners Insurance vs. Home WarrantyHomeowners insurance is different from a home warranty.&nbsp; Insurance covers the home if theres a natural disaster, fire or theft. On the other hand, a home warranty typically covers:

&bull;&nbsp;Air conditioning&bull;&nbsp;Plumbing&bull;&nbsp;Heating&bull;&nbsp;Wiring&bull;&nbsp;Dishwashers&bull;&nbsp;Stoves

As with most contracts, its important to read the fine print of any home warranty before buying. Some may only cover an appliance if you pay an extra premium. As well, things like air conditioners may be pro-rated, where the payable amount is based on how old the unit is. 

To Buy or Not to BuyFirst, consider asking the seller to include a home warranty as a buyers incentive. If not, then take into account whether youre an experienced handyman. If you arent, buying a policy may be the best choice.

On the other hand, if you do get a home warranty, make sure you know exactly what that policy covers and provides. Like any other company, home warranty companies range from good to bad.&nbsp; And note that, for the most part, theyll try to repair rather than replace. 

Only you can determine whether a home warranty policy for your new Santa Cruz home is best for you. For many, however, it gives a certain sense of safety and security from unexpected expenses.

If youre looking for a home to buy (with or without a home warranty), I can help. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com or visit my website at www.MySantaCruzRealEstate.com for more information.

Links:

Newly built home

Homeowners insurance

Home warranty
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            <pubDate>Sat, 18 Sep 2010 23:01:00 -0700</pubDate>
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