Category Archives: Buyer Updates and News!

HomePath Loans explained! Little used-but MUCH overlooked Loan Program! Must be a Fannie Mae Loan!

Here’s a link to our HOMEPATHinformation. The HomePath loan has many, many great features. Trying to buy a condo but found out the Home Owner’s Association Certification, needed for most loans, does NOT pass your lender’s requirements? Then ask if the current loan, if the property is a bank owned foreclosed upon property or “REO”, has a Fannie Mae loan. If so, the property will qualify for the “HOMEPATH” loan–HOA Certificate NOT needed, 3% down! This also applies to any foreclosed upon home which has a “Fannie Mae” loan! Very cool. Give Allison Norman a call and she can fill you in on all the details! 707-799-3617

Timing of Tax Credit extension has me scratching my head! This will get us through the Winter!

Extension of $8,000 First Timer Tax Credit plus new $6,500

I find it very interesting the new time line for extension of the First Time Home Buyer $8,000 Tax Credit. The new “drop-dead” date will be April 30th. One congressman noted you have to make these “time sensitive” so they create a bit of urgency. I agree. The April 30th expiration date though coincides with the beginning of our “prime time” the spring home buying marketplace. Some conclusions from this date are interesting to note: Continue reading Timing of Tax Credit extension has me scratching my head! This will get us through the Winter!

$8,000 New Home Tax Credit Extended to NEXT April! Yippee!

Great news as the two houses of the people; the Senate and now the House of Representatives, have sent to President OBama, for his signature, the extention of the Home Buyer’s Credit PLUS they added MORE money for you repeat buyers!! Read on! This is courtesy of RISMEDIA.

RISMEDIA, November 6, 2009—After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. Continue reading $8,000 New Home Tax Credit Extended to NEXT April! Yippee!

IRS Publications–Find out before you act! “Moving Expenses”,”Bankruptcy”,”Debt Cancellaion” Here’s a list!

The Internal Revenue Service publishes a number of real estate publications. They are listed by number:
* 521 “Moving Expenses”
* 523 “Selling Your Home”
* 527 “Residential Rental Property”
* 534 “Depreciation”
* 541 “Tax Information on Partnerships”
* 551 “Basis of Assets”
* 555 “Federal Tax Information on Community Property”
* 561 “Determining the Value of Donated Property”
* 590 “Individual Retirement Arrangements”
* 908 “Bankruptcy and Other Debt Cancellation”
* 936 “Home Mortgage Interest Deduction”

These publications are available for free online or by calling (800) TAX-FORM.

Pt II–Winter Buying! Don’t Stop Now! The deals are lurking in the “Dead” of Winter!

Fall is here and Winter’s cold breath not too far away with the first day of Winter coinciding with Halloween! October 31st! Our Buyers are now asking us?  Should we keep looking for Homes DURING winter and WHY?

 Now I know some of you back East have homes obliterated by snow for many months of the year. I’m out here in the greatest state of sunny California! We play golf every day of the year! (No hate mail from Wisconsin golfers please!!) But we have fierce winter rains, wet months, muddy, mucky conditions when some houses just don’t SHOW their collective best! So WHY WOULD a homebuyer keep looking into the dead of winter? Here are MY reasons: Continue reading Pt II–Winter Buying! Don’t Stop Now! The deals are lurking in the “Dead” of Winter!