In the wake of Pasadena California IndyMac bank being seized by Federal Regulators today, the question most of us are asking is how safe are our deposits whether we were banking with IndyMac, WAMU, Wachovia, Wells Fargo or any other bank?

A quick background for those of you that are not aware of the situation. IndyMac specialized in what many in the real estate industry called "Liar Loans". If you could breathe and sign your name, IndyMac was glad to lend you money to buy a home whether or not you were financially qualified.

Now... I'm being a bit harsh here, but really risky lending practices did get IndyMac in major trouble and put them in a precarious financial situation.

To help IndyMac along, Senator Schumer (NY) caused an old-fashioned bank run when he wrote a letter to the San Francisco Fed President concerned about IndyMac Bank's ability to weather the storm....then, he made that letter public. IndyMac Bank ceased new loan operations, in an effort to manage the loans they have on their books, on Monday. On Friday, the Feds closed IndyMac Bank down.

Read More: Brian Brady's Mortgage Rates Report - July 14, 2008

IndyMac becomes the largest OTS-regulated savings and loan to fail and second-biggest financial institution to close behind Continental Illinois in 1984, according to the FDIC.

Read More: IndyMac Bancorp is Seized

If you have money in IndyMac, what does it mean to you?

If you visit www.IndyMac.com, you will see that there is a link to the FDIC Website which provides some general information. Here's an excerpt:

Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 866-806-5919 .

If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of IndyMac Bank, F.S.B. This means that you will eventually recover some of your uninsured funds. The FDIC declared a 50% advance dividend for uninsured deposits.

If you have a home equity line of credit with IndyMac, the word on the street is that it has been frozen and will be reviewed on a case by case basis.

Credit lines to commercial construction contractors also will be frozen pending a review, but construction loans made to individual consumers will not be affected.

Customers of IndyMac's reverse-mortgage subsidiary will continue to have access to their funds. Reverse mortgages provide older homeowners with periodic payments or a credit line secured by their homes.

Read More: IndyMac reopens after seizure

How diversified are your bank accounts? Do you have all your accounts in the same bank? Are you over FDIC insured limits?

I was over at Washington Mutual in San Marino earlier today making a deposit. As I was waiting in line, I heard several conversations about FDIC limits. Everyone is nervous, myself included.

There were long lines today on Lake and Walnut in Pasadena as IndyMac customers were trying to withdraw funds. Some stood in line as long as 4 hours per my conversation with a bank representative of Wells Fargo who has been busily opening accounts all day today for IndyMac customers and others who want to diversify their accounts with various banks. By the way, if you were fortunate to get through the long line and have a cashier's check from IndyMac, Wells Fargo is putting a hold on the money to ensure that it clears.

What can you do to protect your money?

1. Don't keep all your accounts in one bank. Even if you are within the FDIC insured limits, how long will it take for you to get your money? Open several accounts in different banks.

2. Make sure that you are under the FDIC insured limits. FDIC stands for Federal Deposit Insurance Corporation. It is an independent agency of the US government. Its purpose is to protect you against the loss of your depoists if an FDIC insured bank or savings association fails.

FDIC insures all deposits including checking, CDs, NOW and savings accounts.

FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, anuuities, or municipal securities, even if you purchased these products from an insured bank.

Basic FDIC Insurance Amount is $100,000.

The basic insurance amount is $100,000 per depostor per insured bank. Certain retirement accounts, like IRAs are insured up to $250,000 per depoistor per insure bank.

Coverage over $100,000.

You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.

The most common ownership categoires are:

• Single Accounts
• Certain Retirement Accounts
• Joint Accounts
• Revocable Trust Accounts.

Call FDIC for more information at 1-877-ASK-FDIC ( 1-877-275-3342 )

You can also calculate your insurance coverage using the FDIC's online Electronic Deposit Insurance Estimator at: http://www.fdic.gov/edie/. Please note, some literature provided by the banks has the estimator at www.fdic.gov/edie. This is not correct. See the link in red above.

Protect yourself with knowledge and keep your money safe!

Posted By: Irina Netchaev - Pasadena California Real Estate Agent- Irina Netchaev & Associates. Irina and her Team of Real Estate experts work in the beautiful Pasadena California specializing in Pasadena Real Estate, San Marino Real Estate, South Pasadena Real Estate, San Gabriel Real Estate, Altadena Real Estate, Alhambra Real Estate, Monterey Hills Real Estate, Arcadia Real Estate, Sierra Madre Real Estate and surrounding communities.

Pasadena California Real Estate Home Blog is pleased to welcome a guest writer from Ann Arbor, Michigan - Missy Caulk.

Should you buy or rent if you are moving to Pasadena or the surrounding cities in the San Gabriel Valley? We get asked that question frequently.

The answer is "it depends on your individual circumstance".

One of the first things to ask yourself is, How long will you be living in Pasadena?

In the past it definitely made more sense to buy a home, but now it really depends. If you are a Medical Resident working at the Huntington Memorial Hospital and will only be here 3-4 years, then perhaps renting is the best option. Do you have a dog, that needs space to run? All of those personal decisions should enter into your decision.

Here's a mortgage - rent vs. buy - calculator that you can play around with. Put in what it will cost you to rent, and along side of it put it the monthly mortgage payment. You can add in the interest rate you have been quoted, and the cost of selling the house in the year you plan to move.

Home prices have never been better in Pasadena, so if after doing the research you can begin your home search here, to see all the homes on the market throughout San Gabriel Valley. You'll be happy to see the houses with Google Satellite Images, Google maps and multiple photos.

You can also find rentals, listed through the Pasadena area and surrounding cities like South Pasadena, San Marino, Arcadia, Altadena, Alhambra, Sierra Madre, Monterey Hills and more.

Renting vs Buying is a personal decision, and it is always best to speak to qualified professionals about your financial decisions.

Thank you Missy!

READ MORE:  Pasadena real estate update 2012 – see luxury home sales.

Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Are you relocating to Pasadena?  If so, take a look at our 365 Things To Do In Pasadena® .  Call us at 626-629-8439 to schedule a time for your free home buyer or home seller consultation!

To be very honest, the reason for writing this post is because I am a victim of an unscrupulous general contractor who is currently licensed by California State Contractor's Board, operates out of Monrovia California and is continuing to take advantage of consumers.

I am hoping that by sharing my story, you will be able to avoid a similar situation and be smarter in making hiring and payment decisions.
My story begins just like most when I was in the process of getting my house ready for sale.  Prior to putting my San Gabriel home on the market and listing it in our Multiple Listing Service, I wanted to get it painted inside and out, change out some bathroom fixtures, update handles on kitchen drawers and cabinets, change out some light fixtures and do little things here and there to make the house perfect for the new buyers.

At the same time, I also had an investment property that I was getting ready to rent out that needed to be updated - interior painting, a new air conditioning unit installed, fixtures, etc.

We were also buying a new home in San Marino and needed to have work done there.

This General Contractor who shall remain nameless, but whose name implies that he is in CONTROL, was awarded all three jobs.
Well... this guy was totally OUT of CONTROL!

• * There was no oversight at all on 2 of the 3 projects he was hired to manage.
• * Unqualified and unlicensed subcontractors were hired.
• * All deadlines were missed.
• * The delays in these projects ended up costing me a tremendous amount of money due to last minute rescheduling of other service providers and loss of work time between my husband and I.
• * The work that was done was incomplete or sub-standard.
• * Charges were ridiculously inflated because the contractor didn't have time or his computer was down or a zillion of other excuses and didn't put the charges for change orders in writing. Everything was verbal.
• * I learned how to beg and beg and beg and beg....
• * I was totally at the mercy of this guy given the deadlines that needed to be met and the amount of money that was paid in advance for the work to be performed.
• * Come to find out after getting a payment in full from me, this wonderful god-fearing man who attends church on a regular basis decided not to pay his sub-contractors and opened me up to potential Mechanic's Liens.
• * I am getting various phone calls, packages in the mail and people stopping by my house to check if my contractor received his payment from me.
• * Warranty on items like Air Conditioning unit are not honored because the A/C guy didn't get paid. UGHHHHHHH

How did I pick this jewel of a contractor?</strong> He was a husband of a friend.
Lesson #1 - Do NOT hire a friend without checking his references fully!
I've been doing some research to see what steps I could have taken to ensure this didn't happen. So... here's a list I put together that you can use when you're thinking of hiring a contractor.

• * Hire only licensed contractors and check their status with California Contractors State License Board at 1-800-321-2752
• * Get a minimum of three references. Go out and take a look physically at thier past work.
• * Get at least three bids.
• * Get a written contract and don't sign anything until you completely understand the terms.
• * Never pay more than 10% down or $1,000 whichever is less.
• * Don't let your payments get ahead of their work. Keep records of payments.
• * Don't make a final payment until you're satisfied with the job.
• * Don't pay cash.
• * Keep a job file of all papers relating to your project.

To avoid Mechanic's Liensfiled against your property, Contractors State License Board suggests the following:

• * Make sure your contractor hires only licensed subcontractors, and check their licenses, too
• * Check up on your prime contractors reputation for payment and lawsuits at the local courthouse, suppliers, and subcontractors;
• * Get a list of all subcontractors, laborers, and materials suppliers to be used by your prime contractor.
• * The simplest way to prevent liens is to pay with joint checks.
• * Compare the contractor's bill for materials or labor, compare it to the schedule of payments in your contract and the Preliminary 20-Day Notices
• * Make sure that work was done as described
• * Make out the check to both the contractor and the supplier, or subcontractor.
• * Both parties will have to endorse the check, which will ensure that the subcontractors and suppliers get paid.

And, finally:
* Before making final payment, make sure that you get a signed conditional release from all possible lien claimants. You can download a copy of a lien release here.
* After you pay, the contractor should get you an unconditional release signed by each of the claimants paid for the portion of the work being released. Make sure that the actual claimant signs the unconditional release.

By law, you may withhold the next payment until you get the unconditional releases for the previous payment.

File a Notice of Completion with the County Recorder's office</strong> after work is completed, you can reduce the amount of time a contractor, subcontractor or supplier has to record a claim.

This Notice reduces the amount of time a contractor has to record a mechanic's lien from 90 to 60 days, and reduces the time a subcontractor or materials supplier has to record a mechanic's lien from 90 days to 30 days.
The Notice of Completion form may be obtained through your County Recorder's office or a stationary or office supply store that stock legal forms.

Good luck in hiring a contractor and please follow the steps outlined above to save yourself a lot of aggravation and headaches.

If you are living in South Pasadena or are thinking about relocating to South Pasadena, you've come to the right place.

This post will be updated monthly, around the first week of the month, for the previous month and will give you key real estate market indicators for South Pasadena California. Bookmark this page and visit it each month to see how South Pasadena homes and condos are faring in today's real estate market.

If you are already a South Pasadena homeowner and would like to get a monthly email sent to you with real estate activity around your South Pasadena home, please click here and order your real estate monthly market report. You will not be contacted by me or anyone on my team and the information will be generated automatically via email based on the criteria that you list.

If you are seriously considering selling your South Pasadena home and would like a private consultation, please contact me at 626-627-7107 or Irina@Irina4RealEstate.com.

South Pasadena Real Estate Market Report for the month of June 2008:

South Pasadena Real Estate Market Report for the month of May 2008:

Posted By: Irina Netchaev - Pasadena California Real Estate Agent - Pasadena Views Real Estate Team. Irina and her team of Real Estate experts work in the beautiful Pasadena California specializing in Pasadena Real Estate, San Marino Real Estate, South Pasadena Real Estate, San Gabriel Real Estate, Altadena Real Estate, Alhambra Real Estate, Monterey Hills Real Estate, Arcadia Real Estate, Sierra Madre Real Estate and surrounding communities.

(626) 629-8439

If you are living in Altadena or are thinking about relocating to Altadena, you've come to the right place.

This post will be updated monthly, around the first week of the month, for the previous month and will give you key real estate market indicators for Altadena California. Bookmark this page and visit it each month to see how Altadena homes and condos are faring in today's real estate market.

If you are already an Altadena homeowner and would like to get a monthly email sent to you with real estate activity around your Altadena home, please click here and order your real estate monthly statistical and trending report. You will not be contacted by me or anyone on my team and the information will be generated automatically via email based on the criteria that you list.

If you are seriously considering selling your Altadena home and would like a private consultation, please contact me at 626-627-7107 or Irina@Irina4RealEstate.com.

Read More: Altadena Real Estate Market Report August 2008

Altadena Real Estate Market Report for the month of June 2008:

Altadena Real Estate Market Report for the month of May 2008:

Posted By: Irina Netchaev - Pasadena California Real Estate Agent - Pasadena Views Real Estate Team. Irina and her Team of Real Estate experts work in the beautiful Pasadena California specializing in Pasadena Real Estate, San Marino Real Estate, South Pasadena Real Estate, San Gabriel Real Estate, Altadena Real Estate, Alhambra Real Estate, Monterey Hills Real Estate, Arcadia Real Estate, Sierra Madre Real Estate and surrounding communities.

(626) 629-8439

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals" by area on a monthly basis right here for your review.

What is a "Dusty Deal" list? It is a list of real estate for sale including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were over priced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

READ MORE: Dusty Deals List for July 08 - Pasadena, Alhambra, South Pasadena, Monterey Hills, Altadena, Sierra Madre, Arcadia and San Marino

So here's a list of homes for sale in San Marino that have been on the market for over 100 days:

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

If I can be of any assistance with your San Marino Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals" by area on a monthly basis right here for your review.

What is a "Dusty Deal" list? It is a list of real estate for sale including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the seller has been actively marketing their homes for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were over priced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

So here's a list of homes for sale in Alhambra that have been on the market for over 100 days:

As you're going through the list, please look at the last column titled DOM (Days on the Market). This will tell you how many days these homes have been on the market.

If you are interested in getting more information about any of these home listings, please call me at 626-629-8439 or email me.

I just came back from San Marino's Lacy Park after saving a nice spot for this evening's fireworks celebration. We got there around 7:55 am and the line was one of the longest that I've seen over the years. It was snaking all the way around Virginia Road.

READ 2012 4th of July Celebrations by clicking here!

READ MORE: Lacy Park - A Hidden Treasure

The first person in line waiting for the gates to open at 8 am was Steve Morgan. He got there at 5 am to get his coveted spot for this evening's festivities. I was very lucky this morning because a friend of mine was there at 7:15, patiently stood in line and was able to save my family a spot right next to his under the Eucalyptus tree on the North side of the park. Lesson learned: Have lots of friends!

The gates were opened at 8 am and everyone calmly walked into the park and then just as calmly - NOT! - picked up speed on their way to their favorite spot.

Honestly, if you get to Lacy Park a bit after 8 am, you'd be okay as well. There were plenty of nice spots available still.

Here are some of the pictures that I took of Lacy Park this morning:

Derek Barker was there collecting signatures from San Marino home owners for his Eagle Scout Project. He is taking on the challenge of creating a Dog Park in San Marino's Lacy Park. Derek needs to collect 1,200 signatures and hopes to have the Dog Park on the East side of the Park not too far from the tennis courts. His idea is to have the Dog Park separated for small and large dogs.

If you are a San Marino resident and want to support Derek in this initiative, please email me at Irina@Irina4RealEstate.com so that Derek can collect your signature. He needs our support!

IF YOU HAVE ANY PHOTOS THAT YOU WOULD LIKE TO INCLUDE IN THIS POST, PLEASE EMAIL THEM TO ME AND I'LL ADD THEM HERE!

Posted By: Irina Netchaev - Pasadena California Real Estate Agent - Pasadena Views real estate team. Irina and her Team of Real Estate experts work in the beautiful Pasadena California specializing in Pasadena Real Estate, San Marino Real Estate, South Pasadena Real Estate, San Gabriel Real Estate, Altadena Real Estate, Alhambra Real Estate, Monterey Hills Real Estate, Arcadia Real Estate, Sierra Madre Real Estate and surrounding communities.

(626) 629-8439