Posted by JAM/CA on 2/2/12 9:18pm
Msg #410701

PCOR Question

Does anyone know the reason, this two page document ask for the condition of the property on the second page? First time I've been asked in 8 years and wanted to get the answer in case it comes up again.

Reply by Lee/AR on 2/3/12 7:35am
Msg #410720

PCOR? Rings no bells with me

I've seen just a blurb on a few Rev. Mtg. apps asking ME about property condition, obvious flaws. But, other than that, I don't know what you're talking about.

Reply by GWest on 2/3/12 8:11am
Msg #410723

Re: PCOR? Rings no bells with me

Preliminary Change of Ownership form (California form required to be completed whenever there is a transfer of title)

Reply by GWest on 2/3/12 8:04am
Msg #410722

This form is used to assess the taxes on the new home. It was explained to me at one time that if the buyer checks poor, the county will we aware that work will be done and the assessed value could then be increased, therefore allowing them to increase the property taxes.

The law in California is that property, when transferred will be assessed at 1% of the value (not the purchase price, as many homeowners believe). In the County I live in, they actually come out after close and make their own tax assessment. Many new homeowners that buy foreclosure properties at low prices are surprised when the County assessed the property at a higher rate than what they paid at close. Counties are loosing a lot of revenue due to the low taxes and this is one way they try to bring up the tax amount.

Reply by JAM/CA on 2/3/12 10:59am
Msg #410739

Thanks so much GWest :) n/m