Isi Wu's Blog

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!

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Good Day my Wonderful Beautiful Bay Area!!…          A physics teacher in high school, once told the students that while one grasshopper on the railroad tracks wouldn’t slow a train very much, a billion of them would. With that thought in mind, read the following, obviously written by a good American ….Good idea … One light bulb at a time . . .

Check this out . I can verify this because I was in Lowes the other day for some reason and just for the heck of it I was looking at the hose attachments . They were all made in China.
The next day I was inAce Hardware and just for the heck of it I checked the hose attachments there. They were made in USA . Start looking …

In our current economic situation, every little thing we buy or do affects someone else – even their job . So,after reading this email, I think this lady is on the right track . Let’s get behind her!

My grandson likes Hershey’s candy . I noticed, though, that it is marked made in Mexico now.. I do not buy it any more.
My favorite toothpaste Colgate is made in Mexico …Now I have switched to Crest. You have to read the labels on everything ..

 This past weekend I was at Kroger. I needed 60 W light bulbs and Bounce dryer sheets . I was in
 the light bulb aisle, and right next to the GE brand I normally buy was an off-brand labeled, “Everyday Value” I picked up both types of bulbs and compared the stats – they were the same except for the price ..
The GE bulbs were more money than the Everyday Value brand but the thing that surprised me the most was the fact that GE was made in MEXICO and the Everyday Value brand was made in – get ready for this – the USA in a company in Cleveland, Ohio…

 So throw out the myth that you cannot find products you use every day that are made right here ..

 On to another aisle – Bounce Dryer Sheets . .. .Yep, you guessed it, bounce cost more money and is made in Canada . The Everyday Value brand was less money and MADE IN THE USA ! I did laundry yesterday and the dryer sheets performed just like the Bounce Free I have been using  for years and at almost half the price!

My challenge to you is to start reading the labels when you shop for everyday things and see what you can find that is made in the USA – the job you save may be our own or your neighbors!

If you accept the challenge, pass this on to others in your address book so we can all start buying American, one light bulb at a time! Stop buying from overseas companies!

(We should have awakened a decade ago .. . .. . . . )

Let’s get with the program . . . .. Help our fellow Americans keep their jobs and create more jobs here in the U . S . A ..

I passed this on ………. Will you ???????

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Hello My Beautiful Wonderful Bay Area ~ How are things going for you today?…  No matter whats going on in our crazy lives… this certainly brings a smile to most everyone’s face… it’s something we all have fond childhood memories of…  One of the most treasured guilty pleasures for most everyone is “ice cream“ !!!… its simply ageless… lots of late nights spent topping off a nice day or evening out, or going for a sweet treat with friends,  or spending time with a loved one or just going for a fun time…  One of my most favorite places to go is a place called Fenton’s … its not just a place for ice cream… its  a “happening” place to be… with darn good ice cream… all kinds… and an “all american” style menu filled with your favorite basic foods nothing fancy… but sure to please those who choose to have a meal before their “very special dessert”…here’s my attempt in sharing the essence of Fenton’s…  enjoy and if you havent been… you must try it at least once in your life!… soooooo soooo yummeeeee…

Clik This >>>>>>>>> >>>>               The Legendary ~ Fenton’s Ice Creamery

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!

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Helllllloooo My Wonderful Beautiful Bay Area!…  Part of all things wonderful here in our neck of the woods… is the awesome music and artistic talent that is seemingly endless and so rich with diversity… we can find music just about anywhere… in many forms and venues… one not quite yet a destination but wonderful quietly kept venue is a place called Zen’s in San Leandro…  known amongst karaoke aficionados as the place to be on certain days of the week to trip the light fantastic and test out your vocal skills…  on the last Saturday of every month there is a live “local” band that performs for your dancing and listening enjoyment… Just this past Saturday we went to see SOB (Same Old Band)… one of the better Top 40 local bands in the Bay Area…. here’s a sampling for you… Enjoy My Friends!…

watch?v=mDwafzUvLlM

Thanks for checking in…

Isi

Isi Wu… the realtor for you

Serving Clients throughout 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 1^st 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…

Helllloooo My Wonderful Beautiful Bay Area!!…  Dim Sum is synonomous to Fun, Good Times, Delicious Food, Variety, Hot Tea and our Wonderful Beautiful Bay Area… or lets say most anywhere where there is a large population of Chinese… As a child growing up in our Wonderful Beautiful Bay Area… my sisters and I looked forward to having our weekly treat of dim sum with our mother… after making the rounds in Chinatown food shopping we got to top off the trip with a meal of dim sum… most dim sum houses are overflowing with folks at noon time… small plates with all kinds of dishes to enjoy!!…  Today… after many many years of  visiting dim sum tea houses throughout the US and the world… one of our very most favorite places is East Ocean Restaurant in the island town of Alameda, CA.

It is owned and operated by a family of sisters… all of whom focus on welcoming everyone who come to dine… It is by far one of the very best places to enjoy dim sum and always always served with a smile….  The mark of any great place to eat is not only the loyalty of its customers but its staff… the staff at East Ocean have been there many many years… there is a devotion to the business and to the people they serve… My husband and I have been loyal customers there for at least 17 years… the food is always fresh and always always served with a smile…  and the price is reasonable… if you’re ever in the mood to have Dim Sum served with lots of smiles… try East Ocean Restaurant.

When you go look for Millie or any of her sisters who will always greet you with a smile and a chat…

 

Hellooooo My Beautiful Wonderful Bay Area!!…  Have been thinking about you lots… however my schedule became just a bit much with ‘To Do’s” lately…  Sunny bright days have been shining down upon us and I for one… feel re-energized!!…  rays of sunshine beaming down upon us does have that certain power it brings… Happy Just Happy Happy Days!!… Spring is just around the corner!

The days are passing by quickly … those of you still pondering whether to get into the home buying market your wonder days are slowly diminishing… you still have TIME TO GET INTO CONTRACT BY APRIL 30… (in order for you to qualify to get up to $8,000 in tax credits)… but you must be in contract by April 30!!… You still have time but times a wasting… Get Going Now!!… FHA interest rates are rumored to be heading upwards and the requirement minimun of 3 1/2% Down to get into a house is fast going to be a thing of the past… rumor is… its going to be a minimun of 5% down… Better let your fingers do the walking and get qualified NOW….

Please enjoy some of the scenes down at Jack London Square Farmer’s Market on any given Sunday… (one of my most very favorite things to do)…

Thanks for checking in… Your comments are always welcome…

Isi

Isi Wu… the realtor for you…

Serving clients throughout the Eastbay

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Hellooooo to You My Beautiful Wonderful Bay Area…  Have you ever heard of Palomares Hills or Five Canyons??… What part of our beautiful wonderful  bay area would you say these two areas are located?… Both of them definitely sound like they would be in the hills somewhere… which could be in any number of locales throughout the San Francisco Bay Area… Go Ahead Take a Guess!!…

I have heard that Palomares Hills and Five Canyons are good areas ~ Can you tell me more?  Asked by Doug …

Hi There Doug… Palomares Hills & Five Canyons are both hugely popular masterplanned communities… There was one major developer/builder for Palomares Hills… this community sits at the eastern end of Castro Valley and has long been considered one of the premier communities in Castro Valley… the older homes begin at the bottom of the hill as you drive up the hill the homes are newer… there are duets, townhouse, single family residences throughout the community, each section possess certain amenities specific to that area… there are multiple community pools, a widely used tennis court area with various local tennis clubs using the facilities, a main clubhouse and swimming pool and schools for the children…there is a multitude of floorplan configurations, many with valley views and pano views.. many people know this community for its red tile roofs and the huge section of hill its built on … with its own fire station… another distinction is there’s one way in and same way out.

Five Canyons is another premier community but the difference is there were multiple developers and builders involved in the building … specific names for each mini community within … you’ll find the homes vary in workmanship and quality specific to the builder…it is newer than Palomares… Again there is a multitude of floorplans and amenities… Huge Huge main pool and various others throughout… neighborhood play areas and walking paths… prices can go up to multi-million dollar range… some of the homes at the top end of the hill possess much more square feet than Palomares homes. At Five Canyons there is a front way in and out and back way in and out.

Both communities appeal to young families, larger families, empty nesters, professionals and retirees who prefer the master planned community lifestyle and the amenities that are offered… and of course they prefer hillside living away from the hustle and bustle.

If you’d like more input I’d be happy to oblige.
Thanks for your inquiry…

Thanks for checking in… your comments are always welcome…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…