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Short Sale Tax: What you need to know PDF Print E-mail
Written by Moureen Hardy   
Friday, 01 July 2011 20:33

 

 Short Sale Tax: What you need to know

As  long time California Realtors  who have done quite a few successful short sales over the current Real Estate market downturn as well as the last downturn over a decade ago, one of the things I like to make sure of when I meet a potential client that is looking to do a short sale is to give them a thorough  understanding of how short sales work.

Real Estate short sales can be very complicated transactions. Anyone who actively and regularly participates in short sales knows that almost every single transaction is invariably different.  Each lender has their own set of rules as well as their process on how they go about the short sale process.

Short sale tax is one of the areas in particular that I feel is extremely important to educate a seller on when he or she is considering doing  a short sale.  Different rules apply for short sales of primary residences and investment properties.

If you are  short selling your primary residence,  The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of the debt. The debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale or foreclosure, qualifies for the relief granted under The Act.

Last Updated on Friday, 01 July 2011 20:49
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Written by G.M. Filisko   
Wednesday, 26 January 2011 22:21

6 Tips for Choosing the Best Offer for Your Home

Originally Published: February 10, 2010

Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.

1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process

Last Updated on Monday, 04 April 2011 19:52
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Staging your home to sell PDF Print E-mail
Written by Administrator   
Monday, 12 October 2009 00:00

Home Staging can help you get the highest price when selling your home. Home Staging is nothing but a means of packaging your home to impress prospective buyers. All commercial goods undergo extensive packaging phases before they are exposed to the consumers and produced to the end-users. An attractive packaging material can make an impact on consumers easily. Similarly, Home Staging can help you create a positive impact on your perspective buyers thus getting maximum return on your investment.

Whatever circumstances led you to decide to sell your home; whether the family is shrinking, you need to relocate to a new place due to employment reasons or move up to a bigger home; you will always want to get the highest and best possible price for your property. With that said, Home Staging can help achieve the desired goal. Everything is subject to the effects of time, wear and tear; so is your home.

Last Updated on Monday, 04 April 2011 19:49
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“Consumers Agree-It’s A Good Time To Buy Real Estate” PDF Print E-mail
Written by Moureen Hardy   
Saturday, 02 April 2011 09:33

According to an article with this title published by rismedia.com on March 25th, Americans believe it's a great time to buy a home, and the window of opportunity is short. Even though recent data indicate a slight drop in buying activity, 1.4% drop in Feb 2011 compared to Jan 2011, the general consensus of over 40% of Americans who were recently surveyed is they agree that it is a good time to buy Real Estate. Worthy of notice is Data Quick’s recent article which reveals keen interest from investors in the great values offered by Southland Real Estate. The following quote tells a lot: “Buyers who paid cash accounted for a record 31.7 percent of February home sales, paying a median $200,000. That was up from 30.4 in January and 30.1 percent a year earlier. The February cash level was the highest for any month in DataQuick’s statistics back to 1988.” If investors, and it’s also important to note these are NOT speculators operating on high leverage, are coming in to put their cash where their mouth is.. that is a significant vote of confidence from people who have managed to amass considerable cash in the past. Apparently they have been doing something right. Looking over the past thirty years of historical data, no one can argue with the fact that Real Estate is a cyclical market. Two phenomena have proven to be present in every cycle..

Last Updated on Friday, 01 July 2011 20:52
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FHA Loan pros and cons PDF Print E-mail
Written by Administrator   
Monday, 13 April 2009 19:43
The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody.

What is an FHA Loan?

An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.

Who Can Get an FHA Loan?

Almost anybody can get an FHA loan.

Last Updated on Monday, 04 April 2011 20:05
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"The More You Know"

 

Is This The Right Time To Buy Quake Insurance?

Recent quakes, and their accompanying devastation in Japan, New Zealand, Chile and Haiti have placed earthquake awareness front and center for many Californians. We have had our share of temblors over the years and with “The Big One” predicted to hit within our lifetime, home owners find themselves wondering: Is This The Right Time To Buy Quake Insurance? The answer depends on  several factors such as cost, proximity to fault lines, deductibles etc. The LA Times recently published an article with helpful information on making the decision to buy quake insurance or not. Additionally, other resources can be found at About.com on this article by Michael Meulemans.


As you read the articles you will get insights on the costs, the deductibles and coverage information. The high cost of quake insurance is a drawback for many Californians, especially those who live near the fault lines as insurance companies factor proximity into the cost. There is apparently a good likelihood that a strong earth quake will hit California. What is the amount of loss tolerance that you have?  If you are not sure, it may be worth finding out more. Read the LA Times article and the about.com article and talk with your insurance agent.. before it’s too late.

 

Choosing the right home to purchase


Here are some tips to help determine which house is best for you.
Once you've settled on a couple of preferred neighborhoods for your home search, it's time to pick out a few homes to view. Having a house features “wish list” keeps you focused on which features are most important to you.
When narrowing down your home search, consider the following:

-know what types of home you want to buy
-determine what age and condition of the house you want to buy
-consider resale potentia
-use a features wish list to keep focused
-use a home search comparison chart to keep organized
-act decisively when you find the right home
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©Copyright Moureen and Amy Hardy | Prudential California Realty | California DRE Lic # 01190642 and 01267922 .