Federal Tax Credit

If you’ve been thinking about buying your first home, or make your first home purchase since 3+ years ago…This is your year!  With interest rates lower than 5% in many cases, and prices down – the Federal government has a temporary tax credit available for sales completed Jan. 1, 2009 through the end of December 2009.  It is equal to 10% of  the purchase price, with a maximum credit of $8,000.

 

Claim the credit on your federal tax return to reduce the tax liability or get a refund check if it exceeds your taxes owed.  It’s important to know that there are guidelines regarding your income…You are eligible for the full tax credit with an adjusted gross income up to $75,000 ($150,000 if filing jointly);  Up to $95,000, the tax credit is adjusted down and is not available if your income is over $95,000.

 

If  you stay in the home a minimum of three (3)  years the tax credit does not have to be repaid, however, if the home is sold prior to that, the full amount is due on the sale.

 

These terms apply to the Year 2009 Federal tax credit only and as always be sure to seek the advice & confirmation of these details from your tax/legal advisor.

 

Contact me to help you find the best home value and to explore the Tax Credit further.

 

Remember that my business is based on your referrals, which I greatly appreciate.

 

 

My Real Estate Business This Week

We work with what we have and for me this can mean so many things.  Today I have an opportunity to share an insight into my real estate business…

 

We are in the midst of challenging times for marketing properties, so I have decided to use this platform to tell you a little bit about the homes I am featuring for sale or lease.

 

 

10326 ALMAYO AVE. #204 – CENTURY CITY/RANCHO PARK

 New Lease Listing – $2600 MONTH

 

Wonderful updated 2 bedroom condo – adjacent to Century City, Rancho Park, Centrally located to reach all of the Westside, close to transportation, restaurants, Park, shopping, not to mention Beverly Hills, Westwood…etc! Check out the virtual tour & photos

 

6000 CANTERBURY #D314 - CULVER CITY 

We have an accepted offer, and getting ready to close escrow!!

 

$284,000 – Upgraded 1 bedroom condo, top floor with tree top views; Remodeled with appliances, bamboo floors, recessed lights, fixtures, and more.  The seller’s have many reasons they’ve been happy at the Pines. They are now ready to move on and will consider all offers.  Click here for photos/virtual tour

 

 

125 S. ELM DRIVE  #201, BEVERLY HILLS LEASE 

$3,400 Monthly Rent -  Long Term preferred

 

Nothing like it at this price!  Best Beverly Hills location - just south of Wilshire and within a few blocks Beverly Drive, Rodeo Drive – the best of upscale shopping, restaurants, etc. Elegant 2 bedroom + den condo, in small building, beautifully  renovated in 2008. Gourmet kitchen, plantation shutters throughout, crown moldings and so much more. Everything is like new! Click here for photos/virtual tour

 

If you or someone you know would like more information about any of these properties, contact me. 

 I appreciate your loyalty & referrals.

Thank you for letting me share what I have & what I am working on today

 

 

 

 

Financing Your Home Sale or Purchase

Financing a home sale “today” seems to be a real challenge, however, there are some alternatives worth considering.      

     **It’s important that you seek the advise of your financing/tax specialist**

There was a time in the early ‘80s when interest rates were ranging from 13 – 18 % and   conventional loans were also hard to come by.  We sold our listings with Seller financing.  It can be done as the 1st trust deed or as a second trust deed behind a “lenders” 1st position. 

When Seller is willing to carry a 2nd TD – the Bank/Lender is going to require that the terms are structured for a minimum of five (5) years.  Terms can then be set to one of many ways – Interest can be simple interest at a rate offering a good return with the balance due in five years, Pre determined pay down amounts can be setup for once a year, twice a year, 4 times a year, etc.

The seller can consider the interest payments, an addition to the sales price.  For the buyer, the fees will typically be much lower than they would with the bank.

These are some concepts to get you thinking with an open mind of the possible options that may make the difference in a successful sale or purchase of your home.  The idea is to think of other ways to sell/buy a home when prices are looking good, and yet the conventional loans are difficult to find.

     **Please be sure to check with your personal finance/tax specialist**

Moving In The Right Direction One Step at a Time

When I first started real estate some years ago (like 1979!) I was taught some very basic premises, that I use to this day.  When I side step or try to bend my own rules – there is usually trouble.  I know I have a great committed client, when they follow the necessary steps to keep their transaction moving in the right direction.

First, it is imperative, that I sit down with my potential buyers and we have a discussion, about your expectations, what is important, setting priorities, and then  I talk about my background & experience in RE sales, What I will do for you, to keep you on MLS alert for all new listings & price changes matching your criteria.  It is important for me to educate my clients on what happens when we find the right home and remind them that the first thing they need to do, if they haven’t already done it, is to contact a lender of their choice to be pre approved.   I am always glad to offer several lender referrals.   So when we find the home of their choice, and present our offer, we are prepared, pre approved and ready to move forward.  With the accepted offer the work begins. 

Second, One Step at a Time, works best for me, rather than spinning our wheels trying to anticipate what might happen down the road, I believe in taking one step at a time & keep everything moving in the right direction. 

Third,  at the same time keeping our focus on the BIG Picture – a smooth and successful transaction close, with all parties happy!   Most things work out the way they should, and getting past the “small battles” as they come up, (and I promise you they will!), moves us closer to our Happy Ending!!  Mine & yours!

Over and above all I have a smile in my voice & on my face – because I love what I do!

So have a happy day and remember to contact me  when you or someone you know is considering buying or selling real estate property in the Los Angeles/San Fernando Valley areas - I committed to putting a smile on your face!

 

Help for Homeowners Facing Pre-Foreclosure

In California the Department of Real Estate put out an article that homeowners facing pre foreclosure/Notice of Default need to be made aware that they are easy targets by third party companies who ask for advanced payment to help the homeowner workout loan modification with their lender.  California Civil Code Section 2945, regulates “foreclosure consultants”, which would be anyone who considers themselves to be defined as a “foreclosure consultant”, including a real estate licensee.  The code forbids them from collecting any fees in advance for services they may offer Homeowners if a Notice of Default has been recorded against their property. With a Notice of Default issued by a lender, Homeowner should be warned to not pay advance fees for help offered by third party companies.

Homeowners should be advised to seek out the non-profit agencies that can assist these homeowners without charging a fee and real estate brokers who can represent the homeowner for a fee paid after they have completed their work.  There are programs that will go in effect the  middle of October - There is Hope! 

Something to celebrate!

 

It’s 158 years since California became the 31^st state of the union.  Members of the California State Capitol Museum, are celebrating Admissions Day with a public celebration on the lawn of the Capitol building, serving cake & ice cream to all visitors. Wandering in the halls and around the grounds are ladies dressed 1850’s period costurmes  This seems pretty tame compared to the wild parties they supposedly had back in 1850.

 

Santa Monica is gearing up for the 100 year celebration of the Santa Monica Pier, originally built in 1909.  The Pier & beach area have been under renovation including the new “green” ferris wheel and the much anticipated “Sand Tram” set to open in 2009, a vehicle powered by natural gas, will transport beachgoers across the sand to the pier and other locations,  including the soon to be completed Annenberg Beach House.

 

Who hasn’t had the dream to sleep in a castle?  I have heard that the evening tour at the Hearst Castle offers a different beautiful side to this magnificent castle & sensational sunset views.  Thanks to a non-profit group, you may now have your chance!  As a fundraiser to restore the vast art collection – you can go to eBay and join in on the auction to spend an overnight stay at this historic castle for one lucky couple & the opportunity to dine there with eight of your best friends.    

 

I love happy celebrations & if I can’t be there – Then to read about them & enjoy the photos, is the next best thing.   We really don’t have to go far from Los Angeles to enjoy celebrations and good times year round.  That’s why I love LA!

 

Have fun and keep smiling.

Stuff Going On In and Around L.A>

Living in Los Angeles, reading local stuff, I come across some interesting and sometimes entertaining news/highlights to share.

1. Maybe I’m a little naive, it never occurred to me that some cities using the red light cameras might even consider adjusting the timing change from yellow to red! Apparently that helps to boost the profit… but wait – I thought we were in this for safety at our intersections.
2. The feuding continues between Los Angeles and San Francisco – Apparently research on this one has been going on for a quite a while – Which city was the First to introduce/invent the Fortune Cookie? I found each city’s beginning story interesting. I wonder if they will ever resolve this one?
3. With gas prices rising what seems to be daily, it makes sense that the MTA needs to come up with a rapid transit system on the Westside, making a decision sooner than later!
4. Speaking of Gas prices, Have you considered “vacationing” close to home – check out this post for some great sightseeing ideas & places right here in and around my favorite city L.A.
5. Remember that “DWT” – is coming up fast…July 1, to be exact! Safety first and dodge the ticket violations by checking out some options for safe Driving While Talking!
6. One man’s dream and passion for protecting rare Gibbons, is being disrupted by encroaching development that is creating an unhealthy environment for their survival & procreation!
7. Did you realize that Craigslist is by far one of top sites for online classified ads. They have become a major force with realtors advertising their properties. Guess who couldn’t compete…