Hellloooo My Wonderful Beautiful Bay Area!!… How many of you have gone through the home buying process and gone to the title company to sign off your loan documents and actually experienced waiting the day or two before your home finally became officially yours??… For those of you who have never gone through the process here’s a glimpse of what actually happens when you go to sign off your closing documents just prior to your home loan funding and recording at the County Recorder’s Office and getting your keys to your new home!… the following video is an actual signing for one of my clients (who happens to be just 23 years of age, who purchased her first home without any financial help from her parents… (I want to make clear that this example is one that is happening much more frequently than ever before … and I want to emphasize that anyone I mean anyone no matter how young or old can achieve homeownership if the desire is there…)
I hope this will enlighten you and give you extra insight as to what happens towards the end of a transaction in escrow… By all means please feel free to contact me with any questions you may have… it will be my pleasure to assist you…
Maddi is now a very happy and proud homeowner and I’m very honored to have represented her!…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay…
Greetings My Wonderful Beautiful Bay Area!!… Today I want to revisit what can happen to you if you enter into a Short Sale or if the Bank Forecloses on your property and sells it.
There is NO FREE LUNCH when it comes to the IRS… whenever your home is sold… whether by regular conventional means or if you sold your home at a loss and you paid the difference or by short sale approved by the Bank or involuntarily by foreclosure… be warned you may be subject to taxes!
It doesn’t seem fair and what’s worse… you may not even find out that you owe taxes until the day you open your mail and find a 1099.
The IRS has tax rules for foreclosures or repossessions by lenders of homes belonging to owners who have fallen behind on their mortgage payments. There can be severe and unexpected tax consequences for any owner who simply walks away just because he or she has little or no equity and the lender takes over and sells the property. When a mortgaged property is foreclosed or repossessed and the bank re-acquires it or the bank knows the owner abandoned the property… the bank will send Form 1099 to the owner and the IRS… it will include the foreclosed bid price, the actual debt (loan) amount and the amount short of the debt amount… that amount will be taxed as ordinary income… the same as for your salary.
Sellers of residences acquired within the past two years or so are going to incur losses. Even assuming no price declines, losses will result because of expenses for real estate brokers, lawyers and the like. Sellers will not be able to deduct those losses… it makes no difference that they are forced to sell because of ie)… job changes or health reasons.
** There’s also information floating around that Banks where distressed properties have overtaken the area in certain markets…are taking steps where even after they approve and close a property for short sale… they will be actively tracking the owner of that short saled property over the next 6 years… during that time if their credit rating goes up and if they attempt to purchase another home they will be pursuing them for the “short amount” they lost when they approved that person’s short sale 6 years prior… This bit of information is not fact – as of yet here in California… yet people… Everyone please do everything you can to protect yourselves BEFORE A FORECLOSURE OR SELLING… PLAN AHEAD… especially before attempting to sell on a short sale or going through a foreclosure… please get legal and tax advice… do the planning BEFORE ITS TOO LATE!!…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay!
Hello My Beautiful Wonderful Bay Area… Its just a fact these days… many many people are in need of a way to earn some money for food, shelter and basic necessities… I happened to come across this article and thought it might be helpful and might shed some great ideas to keep going… at the bottom of the 24 ideas are various comments made by readers… pros and cons to ideas suggested but give it a whirl and check it out… Please share with others if you find it helpful…
http://bit.ly/bDcUW7
I wish everyone a way to find some sunshine in their lives…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay!
Good Morning My Wonderful Beautiful Bay Area!!…. There’s just something to be said about working with clients who pay attention to their purchase and any legislation that might affect their transaction…
First thing this morning received a call from a client in escrow… he just heard on the news that there may be another $10,000 tax credit for 1st x homebuyers specific to the State of California… was this true and could we get included??…
Personally I hadn’t heard so after checking with my local board, CAR, other sources including CAR Legal… IN CASE YOU HAVENT HEARD … there is indeed an extension that will go into effect sometime in May of this year which will give first time homebuyers an additional $10,000 tax credit from our great state of California! In addition to the $8,000 tax credit from the federal government… if your buyers are in contract by April 30… This piece of legislation is very very good news !!… we’re advised to wait a few days for the details to come out…
Keep checking in… Will post updates as more details roll out…
Hope this news comes in handy for you… It’s a bright sunny day… Cheers Everyone!!
Your comments are always welcome!!…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay…
HELLOOOOO My Beautiful Wonderful Bay Area!!… My Goodness December is upon us… the last month of the year!!… we have about two weeks before the main event… are you ready?x/:@?!!?… along with all the merriment and festivities… in the spirit of the season we will give, share and extend a hand when possible… if you’re considering donating some of your hard earned money… evaluate the charity of your choice… go to “Charity Navigator” at http://bit.ly/72XzNB…
Thanks for checking in… your comments are always welcome…
Come back and visit all the time!!…
Isi
Isi Wu… the realtor for you…
Serving Clients All Over the Eastbay…
Greetings and Happy Happy Monday to You My Beautiful Wonderful San Francisco Bay Area… Hallelujah Hallelujah… the recent extensions for the up to $8,000 tax credits will certainly encourage first time homebuyers to become proud homeowners… but did you know there are other incentives established in various cities throughout our beautiful Bay Area? Cities that participate have their own set of requirements and money allotments to help low and moderate-income households receive extra monies… to assist them in buying their first home… some of the cities will also allow folks who have previously owned homes within a certain time frame to apply … (each city has their own set of rules and guidelines, each city has different maximum amounts of money they will award each applicant and each have their own repayment plans … all depending on need… keep in mind its usually first come first serve until all the allotted amount of monies are used up… you will be required to attend workshops and attend a seminar or two to get into the program… all designed to inform and educate about the process)…
Lots of people have no idea these programs exist or they cant believe they exist.
Lets take the City of San Leandro as an example… when you attend a city run First Time Homebuyer Seminar you will learn ways to get up to $65,000 in home purchasing assistance!!… Over the past 2 years some 20 San Leandro households have made their first home purchase through this program.
San Leandro offers down payment loans up to $30,000 at 3% interest for 20 years. No payments are due for 5 years, nor does any interest accrue during that period. In addition the Federal Home Loan Bank WISH Program may also contribute $15,000, which is forgiven… you never have to pay that amount back. On top of this, the California Housing Finance Agency may lend an additional 3% of the purchase price… which is deferred for 35 years… and with the new extended federal tax credit of $8,000… makes this a huge opportunity for those who qualify for the help!!… San Leandro’s program allows a maximum of $75,000 for 1 person to earn in wages & $85,700 for a 2 person income per year… Buyers must also provide at least a 3% down payment… the home must be purchased in the city limits… more detailed information will be given at the seminars. You may download the city’s First Time Homebuyer Brochure in several languages at…
http://bit.ly/gddxt
Please pass this information on to those who can use it and most definitely look into cities you’re interested in… just google City of _______________________…
This is a wonderful thing…
As always… Thanks for checking in… your comments are always welcome…
Come back and visit all the time!!…
Isi
Isi Wu… the realtor for you…
Serving Clients All Over the Eastbay…
Great News Everyone… the First Time Homebuyer Tax Credit due to expire the end of November has been extended and expanded!!… This is awesome… Here’s another chance to get that extra boost and get that home you’ve been wanting in one of the Beautiful Cities in the San Francisco Bay Area… Please spread the word to everyone you know who can use this extra incentive… H-E-L-P is still here!!…
- It appears that the ‘tax credit’ for $8,000, which is due to expire Nov 30th will be extended. The Wall Street Journal reports today that:
- $8,000 first time home buyer will stay til July 1, 2010.
- Existing homeowners will get a credit for up to $6500 on buying another home if you have been in your home at least five consecutive years. This does not apply to investment property.
- This is great news for the move up housing market.
As always… would love to hear back from you… I welcome your feedback… Lets Start a Dialogue!…Save Me in your Favorites and come back and visit all the time!!…
Thanks a Bunch for your time today…
Isi Wu… the realtor for you…
Serving Clients All Over the Eastbay…
I’m sure the thought has entered our minds… just when the “bad guys” were going to pop into the picture… in the rush to save their homes and reaching out to those “legal eagles” who have made themselves available to the homeowner in trouble… Consumers Beware…
The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.
Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for REALTORS® and their clients to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395
1. The American Recovery and Reinvestment Act of 2009 authorizes a tax credit-set to expire in the fall-of up to $8,000 for qualified first-time homebuyers purchasing a principal residence.
2. Builder incentives are aplenty; from including upgraded features to generous financing assistance (keep an updated list handy!)
3. Your chance to move into the school district or neighborhood of your choice has never been better than now.
4. You can take advantage of historically low interest rates on mortgages. Today’s rates are some of the lowest seen in the past (30) years.
5. You have lots of inventory to choose from – take your pick from single family homes, condominiums, garden homes, gated communities, upscale homes, homes on the golf course, and many others.
6. If you are currently renting, a mortgage payment could be lower than your monthly rent, plus you could be building up equity and getting a tax deduction in the process.
For all you buyers in Northern Calfornia who want to purchase a Bank Owned or Short Sale property:
1. Please do not believe what you hear or read from the Media.
2. Please listen to the advice of your Realtor.
3. Please believe us when we say the lenders are not willing to give away the properties.
4. Please understand that that the lenders are taking anywhere from 30 to 50 per cent loss on the home.
5. Please understand for the most part the lenders will not take less than listed price.
6. Please understand that when the property is in great condition and in a good location that the there will be multiple offers.
7. Please understand that when there are multiple offers, you need to offer more than listed price.
8. Please understand that real estate in the long run has always gone up in value.
9. Please understand that interest rates will not remain low forever and now is the right time to buy.
10. AND finally, Please understand that there are not any deals!… The deals are here right now!… Homes are ON SALE right now!!!
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