Shokoofeh Nowbakht

Evaluation of Rental Property
June 2, 2009 · Shokoofeh Nowbakht · 7 Comments

for-rentHow do you evaluate a rental property?
There are many formulas to calculate different income ratios, various expenses and taxes you incur as a landlord. The first thing you should pay close attention to is the existing leases. Find out the current rents, the remaining lease terms and the annual increase in rents for every unit. It is very important to determine how these rents compare to the rents for similar properties in the area?    Read more

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Annie Chang

Highlights of the 2009 First-Time Homebuyer Tax Credit
April 16, 2009 · Annie Chang · 5 Comments

tax-credit_faqRecently, I have received many questions from prospective homebuyers about the 2009 homebuyer tax credit bill — which provides $8,000 tax credit to first-time homebuyers for the purchase of their principal residence between January 1, 2009 and December 1, 2009.   I wanted to share with you a very informative FAQ (http://tinyurl.com/b8mysm)from National Association of Realtors (NAR) to address many of your questions and concerns about the details of the bill.

Here are some highlights:

  • You must be a “first-time” homebuyer, which is defined as someone who has not owned a home in 3 years prior to the day of your 2009 purchase.
  • The 2009 tax credit is refundable (i.e. IRS will send you a refund check if your tax liability is less the $8,000).
  • The income restriction for a full tax credit is $75,000 for individuals and $150,000 for married couples.
  • You may receive partial credit for income up to $95,000 for individuals and $170,000 for married couples.
  • The home must be your principle residence and owner-occupied.
  • You do not have to repayment 2009 tax credits; However, if you sell the property within 3 years of the purchase, your are required to pay back the full amount of any credit, including any refund you received from it.
  • You can claim your 2009 tax credit when filing your 2008 tax returns by April 15, 2009.
  • Close of escrow must occur on or before Dec. 1, 2009; if the property is under construction when purchased, you must occupy the home before Dec. 1, 2009.
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Kathy Wall

Real Estate Jargon…What Do All of These Terms Mean?
April 6, 2009 · Kathy Wall · 11 Comments

We Realtors often bandy about tons of real estate jargon.  We talk to our clients and friends about short sales, REO’s, contingency periods, etc.     I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use.   Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary!  Here goes:

Contingency Periods:    We, generally, refer to these when doing our contracts.   As an example, we tell you that you will have a 10 day period to “remove  your property condition contingency” or 20 days to remove loan and appraisal contingencies.   What this really boils down to, is that these are the time frames during which you will have  the right to get your deposit back if  you cancel the contract.   Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud.  Read more

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Annie Chang

How to Lower Your Property Tax?
April 1, 2009 · Annie Chang · 4 Comments

taxcut_proptaxThis is no April Fool’s Day joke!  When home values go south, one positive thing for current homeowners may be the chance to lower their property tax.  You might have seen advertisements that offer to lower your property tax for a fee anywhere from $100-$300…don’t be fooled!!!…Did you know that you can lower your property tax for FREE (or just a small amount for filing fee)?  And, it’s simple to do! 

First, download the property tax appeal application from your county’s tax assessor office (see links below). Print out the form and complete the information about your property.  You will be able to find all of the information needed on your property tax bill.  Some counties websites allow you to submit the form online.   Read more

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Jean Joh

FHA Loans for Distressed Properties?
March 19, 2009 · Jean Joh · 7 Comments

contractorI’m sure you’ve heard by now that FHA loans are making a huge comeback in the mortage arena.  After all, it’s one of the only ways to obtain a loan with a low down payment (only 3.5% which can even be a gift) as well as a less-than-perfect FICO score (currently around 620).  One of the main drawbacks, however, has been that the requirements for FHA loans have been a little more stringent regarding the condition of the property.  This becomes an even bigger problem when you take into account that many of the more affordable homes now are REOs (bank-owned) or short sales, where the property has not been maintained very well.  Well, I just wanted to share with you that THERE’S HOPE!  It is possible to get an FHA loan for properties that are in need of some maintenance.  How?    Read more

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Lee Ginsburg

Housing Stimulus – An Open Letter to the Politicians
February 10, 2009 · Lee Ginsburg · 6 Comments

To Congress Woman Jackie Spier, Senator Diane Feinstein, and Senator Boxer

 

 I am a local realtor specializing in San Mateo and San Francisco Counties.   I do not think the $15,000 Home Buyer Tax Credit in the Economic Stimulus Package is making best use of Tax Payers money.  Read more

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Shokoofeh Nowbakht

Sellers looking at Contract Terms
February 10, 2009 · Shokoofeh Nowbakht · 8 Comments

Buyers and their agents need to be very careful about not only the offer price, but also the terms of the contract. Sellers do not always just accept the highest offer, as one might think.They want to SELL the property and the only way that would happen is Read more

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Terry Birt

Millbrae Community Workshop
February 6, 2009 · Terry Birt · 8 Comments

Last evening I attended a Millbrae NOW Community workshop.  The meeting was open to the public and hosted by our city staff.   The purpose of the workshop was to inform the community of its economic status, and what methods can be used to raise revenue for Millbrae’s’ vital services.

 After hearing all the presentations, the conclusion was that the city does not have enough revenue to maintain its current services and is not building a surplus in our infrastructure which could be a huge liability if there was an emergency. 

They were able to illustrate what cuts have been made by providing data on the sources of revenues and how it is distributed. It was  demonstrated how the city was able to cut costs by sharing services, staff, and program budgets, such as fire and police with other cities, without impacting public safety.  Read more

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