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For those people who closed escrow after November 6, 2009, there has been a delay in being able to file and receive the tax credit. That is because there will be a new form to complete and the form has not yet been released. The problem arose because the rules changed and now a homeowner who has been in a home for 5 of the last 8 years who sells and buys another primary home is eligible for a $6,500 tax credit. Additionally fraud became an issue with people claiming the tax credit who did not buy a home. So additional documentation is now required to prove a person bought a house and it is the primary residence. Because of the additional documentation required, a person will not be able to electronically file his or her taxes as well. So--we wait for the new tax credit form and instructions.....
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The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6. The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline. It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years. First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
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 Me & Z's is a fabulous, fresh Mexican restaurant with a clean, inviting atmosphere and a nice outdoor deck. Your meal begins with homemade chips and salsa and, to our surprise, a cup of delicious soup. A different type of soup is served each day. All the entrees come with beans and rice and your meal culminates with complimentary dessert: a plate of vanilla ice-cream topped with strips of cinnamon crisps and caramel sauce drizzled over all. The food is just delicious and this is a "must go to" restaurant whether you're visiting the area or you live here!
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Nice Mobile Home That Needs To Be Moved
• 1,245 sq. ft., 2 bath, 2 bdrm single story -  MLS® $39,900 Nipomo, San Luis Obispo County - This is a nice Fleetwood mobile home that has hardly been lived in! The land is not included and the mobile must be moved to a park or another property. The features include a wood burning fireplace, bright and open kitchen, a den or office off the living room, inside laundry room, all appliances and a jetted tub in the master as well as a separate shower. Property information
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On Friday HUD announced that FHA approved lenders can develop bridge loans for 1st time home buyers to use the $8,000 tax credit for closing costs, buying down the interest rate or putting down more than the required 3.5% down payment. It can not be used for the 3.5% down payment; however there are other sources for the down payment including state and local government programs, non-profit programs and gifts from parents and employers.
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Well Maintained Home!
• 1,240 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $329,900 South Grover, Grover Beach - Beautiful and meticulously maintained home with many upgrades within past 3 years including paint, flooring, appliances, water heater, roll up garage door, faucets, lighting and surround sound in living room. Outside, new stamped concrete, natural stone planter boxes and speakers make a wonderful outside living area. There is a nice grassy area and a peek of the ocean from the master balcony. Also there is 1 bedroom and bathroom on the main level. Property information
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Here are some good spring maintenance ideas! - Clean showerheads and faucet aerators.
- Clean and seal tile grout.
- Clean the clothes dryer exhaust duct and space under the dryer. This prevents lint from accumulating and reduces the risk of fire.
- Inspect washing machine hoses and replace when they show signs of wear or leakage.
- Inspect deck or patio for deterioration and safety hazards. Repair loose boards, protruding nails or other safety issues.
- Keep a multi-purpose fire extinguisher handy and ready for use.
- Wash the exterior of your house using ordinary garden hose pressure and a mild detergent.
- Caulk exterior joints around all windows and doors.
- Change air conditioner filters.
- Have a certified chimney sweep inspect and clean your chimneys.
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When talking with sellers we find that many are hopeful that prices will go back up but it’s highly unlikely. What happened in the past was the perfect storm for a housing bubble that will likely never happen again in our lifetime. Here are a number of reasons why it happened and almost certainly why it will not happen again.
1. Unregulated loans were granted to people who had no ability to pay for them. Stated loans were made where a person could get a loan based purely upon their credit score with no visible proof of income. Adjustable loans were available that would cap at high interest rates but allow a buyer to get into a more expensive home initially at a low payment. The availability of funds to potential buyers who could not have qualified for a loan grew larger than at any time in history. The increase in the total purchasing power of prospective homeowners drove market prices up with appreciation rates never before seen.
2. Homeowners became investors. With the rapid appreciation of real estate homeowners decided to become investors attempting to build personal wealth by purchasing second and third homes that may or may not have been generating cash flow all the while betting their financial futures on continued real estate appreciation. In 2005 the National Association of Realtors reported that 40% of home purchases were investment or second homes. It caused a boom in the new construction markets especially in high appreciation areas. A person could buy new construction, wait for it to be completed and then upon completion sell it at a tidy profit.
3. Tax free capital gains up to $500,000 for married couples and $250,000 for singles every two years allowed people to continually buy and sell without paying tax on the gain. If you need to sell a home, the wait for prices to go back up could be a LONG wait! The good news is that if you're buying a home or selling and buying another home, home prices are better than they've been in several years and interest rates are LOW!
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If buying a foreclosure property appeals to you because of the low price but you don't have the money to fix it up to move into it, consider the FHA Streamlined 203K loan. The loan allows you to finance improvements/upgrades up to $35,000 into the mortgage loan. It can be used for roofs, air conditioning and/or heating systems, window and door replacement, painting, flooring, appliances, electrical and more. As with all FHA loans, it has to be owner occupied. You cannot receive cash back but if there are funds not used, it would be applied to the principle mortgage balance. If this is a program that interests you, give us a call or email us!
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This program is offered by the California Association of REALTORS Housing Affordability Fund (CARHAF) to help build confidence in the purchase of a home and to reduce the fear of foreclosure due to job loss or accidental death or disability. The program is for first-time homebuyers (one who hasn't owned a home for at least 3 years) and allows those who lose their jobs or become accidently disabled to receive up to $1500/month for up to 6 months to help make their mortgage payments. A qualified co-buyer can also participate for a reduced monthly benefit of up to $750/month for up to 6 months in the event of job loss or disability. The program also offers a one-time $10,000 accidental death benefit. The best part of all: it costs the buyer nothing for the first year. One must open escrow by 4/2/2009 and close by 12/31/2009 and the home must be a primary residence in California. One must also be represented by a California REALTOR who will submit the completed application to CARHAF on the home buyer's behalf . The buyer must be a W-2 employee (not self-employed), not a temporary or seasonal worker, not an educational employee on a scheduled break, and one may not work for their immediate family. There are no income or home price caps under this program. There are some exclusions and also more information about the program--please call or email us and we will gladly answer your questions or send you more information.
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If a person feels they could benefit from the new Make Home Affordable Plan to modify their loan, here is a list of items they will need: * Information about your first mortgage, such as your monthly mortgage statement. * Information about any second mortgage or home equity line of credit on the house. * Account balances and minimum monthly payments due on all of your credit cards. * Account balances and monthly payments on all your other debts such as student loans and car loans. * Your most recent income tax return. * Information about your savings and other assets * Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources. * It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable. To see if you or someone you know can be helped by the program, go to www.makinghomeaffordable.gov. Help is free so beware of foreclosure rescue scams. In the event that you can't be helped by the modification or refinance program and you need to sell your home, call us or email us for help. With a short sale the lender agrees to a short payoff and the commissions and closing costs are essentially paid by the lender.
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This information is from the FTC: The FTC is warning consumers that they could get stung by an economic stimulus scam. The scams come in different forms. Right now, on the Web and in e-mail, scammers are telling consumers they can help them qualify for a payment from President Obama's economic stimulus package. All they have to do is provide a little information or a small payment. E-mail messages may ask for bank account information so that the operators can deposit consumers' share of the stimulus directly into their bank account. Instead, the scammers drain consumers' accounts of money and disappear. Or bogus e-mail may appear to be from government agencies and ask for information to "verify" that you qualify for a payment. The scammers use that information to commit identity theft. Some e-mail scams don't ask for information, but provide links to find out how to qualify for funds. By clicking on the links, consumers have downloaded malicious software or spyware that can be used to make them a victim of identity theft. "Web sites may advertise that they can help you get money from the stimulus fund. Many use deceptive names or images of President Obama and Vice President Biden to suggest they are legitimate. They're not," says Eileen Harrington, Acting Director of the FTC's Bureau of Consumer Protection. "Don't fall for it. If you do, you'll get scammed." Some sites suggest that for a small sum of money - as little as $1.99 in some cases - consumers can get a list of economic stimulus grants they can apply for. But two things can happen: the number of the credit card the consumer uses to pay the fee can fall into the hands of scam artists, or the $1.99 can be the down payment on a "negative option" agreement that may cost hundreds or thousands of dollars if the consumer does not cancel. "Consumers who may already have fallen for these scams should carefully check their credit card bills for unauthorized charges and report the scam to the FTC," Harrington said. The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics. MEDIA CONTACT: Office of Public Affairs202-326-2180
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We can help you or someone you know avoid foreclosure, particularly if the loan cannot be modified or refinanced because values have gone down too much. As Certified Distressed Property Experts, we can give you the expertise necessary to save your credit, relieve the uncertainty and, most of all, help your family. We specialize in short sales and distressed properties and can assist both buyers and sellers. A short sale can be accomplished even before you've missed a payment if you have a hardship including losing a job, transferring to a new job which requires you to move away, divorce, death and many other scenarios. If you are in a difficult situation, and if the new "Make Home Affordable" plan is not a solution for you, and you need to sell your home, call us for more information. Commissions and closing costs are paid by the lender and not the seller so there is no added burden to the seller. Give us a call or email us and ask for the Foreclosure vs. Short Sale Chart that explains why a short sale is so much better for a person than a foreclosure and what the consequences are for each scenario.
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