Don't Do It Backwards! Get Your Lender Letter First!

If you're like most home buyers, the fun part comes first. Find the home, right? WRONG! I get dozens of calls a week from homebuyers (even savvy ones) who have found a home and want me to show it to them...today! The problem? Even if it is their dream home, we can't submit an offer UNTIL we have their lender preapproval letter in hand. There is simply too much competition, and the market is moving way too fast to allow the time to set up your financing after you've found the home. You want to position yourself to actually BUY that home, don't you? Well, let's put the steps in the right order. By the way, this actually applies to seasoned home buyers as well. Gone are the days where "I'm not worried about my financing." Well, the seller is! So, check out this video, call one of the lenders at the bottom of the page TODAY, and let's go find your dream home! The result? Hassle free home shopping KNOWING you can have the home you want!

CA Forgives Tax Debt for Short Sale Debt Forgiveness

The article below is courtesy of California Assn. of Realtors. Great news for anyone facing a short sale! There are some stipulations so ALWAYS check with your tax advisor before entering a short sale!

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

First Time Home Buyer's Tax Credit Chart for April 2010!

The top question on everyone's mind...how do I take advantage of the potential $18,000 first time home buyer's tax credit available this month only. Also, did you know a current home owner can buy a newly constructed home and also receive up to $16,500? The amounts are based on a percentage of the purchase price. The combined tax credits expire April 30, 2010, and you must be in escrow by that date. The chart is below.

There's some free money here folks...call me!


Click here for the 2010 chart!

$18,000 First Time Home Buyers Tax Credits for Month of April Only!

Hello potential home buyers...it's the perfect storm for one month only--April 2010! Jump in and realize $18,000 in tax credits. See the stipulations below and CALL ME TODAY! Let's grab your dream home AND $18,000 in tax credits!!


$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws. C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.