What is a reverse mortgage?

February 8, 2012 · Dean Rizzi · Comment here

A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in home health care, or other needs.

With a reverse mortgage, the payment stream is “reversed.” That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home or “age in place” and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps. Read more

‘Tis the Season for Tax Breaks

February 6, 2012 · Mark Hasha · 2 Comments

     With April 15 rapidly approaching many are working hard to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to them.
   Real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one’s taxable capital gain by the amount of the selling costs. That could result in a big savings depending on the final sale price.
Interest that is paid on a mortgage is also tax-deductible, within limits. A married couple filing jointly can deduct all their interest payments on a maximum of $1 million in mortgage debt secured by a first or second home.
   Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.
    One deduction that many buyers often overlook is points. Points or origination fees on a home loan that were paid during the purchase of a home are generally tax-deductible in full for the year in which they were paid.
     Refinanced mortgage points are also deductible but only over the life of the loan – not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.         Read more

Top 5 Reasons to Buy a House in the Bay Area in 2012

January 30, 2012 · Karin Cunningham · 2 Comments

1. Prices are down!

2. Interest rates are a low 4% and below. With interest rates low and prices down, people who have had the same income for the past 2 years can qualify for home loans easier.

3. FHA loans requires only 3.5% down.

4. The Bay Area is the leading real estate market next to New York. There is always a demand for housing here whether it’s San Francisco, San Mateo County, Marin, or East Bay. If you buy in 2012 and hold on to your property you may prosper in the years to come!

5. It’s a great rental market! If your desire has always been to invest, you won’t have trouble finding renters in 2012.

Karin Cunningham

www.KarinCunningham.com

www.FaceBook.com/SanBrunoLife

650-438-3504

After Christmas Sale, – Bay Area Homes up to 60% off

January 29, 2012 · Lee Ginsburg · 2 Comments

That is a big statement. Macy’s, Target, Wal-Mart and all most other stores put their products on “After Christmas Sales”. Home Sellers in San Bruno, South San Francisco, and all over the San Francisco Bay Area have put their products on the “After Christmas Sale”

I have randomly selected two recently sold homes to use as an example.

3691 Exeter Dr., a 3BR/2Ba. San Bruno home just sold on Jan 18, 2012 for $452,000 it also sold on May 9 2003 for $600,000. That results into a 36% savings in monthly payments. Look at the numbers.

3875 Carter Drive, #106 a 2Br/2Ba. Condo in South San Francisco sold on Jan 4, 2012 doe $277,000 and in April 25, 2006 it sold for $550,000. A 59% savings. Look at the numbers.

As you look at the numbers please note the lower down payment required, and the lower property tax. Both due to the lower home price. You save all around. Numbers are deemed reliable but not guaranteed.

	3691	Exeter Dr.	San Bruno	3875, #106	Carter Dr	SSF
	2012	2003	Difference	2012	2006	Difference
Purchase Price	$452,000	600,000	25%	277,000	550,000	50%
Down Payment	90,400	120,000		55,400	110,000
Loan	361,600	480,000		221,600	440,000
Interest Rate	4.25	5.75		4.25	6.5
Principal and Int.	1726.	2801		1090	2781
Property Tax @1.1%	415	550		254	504
Monthly Payment	2140	3351		1344	3285	59%

I selected these properties randomly. You might find savings greater or lesser. I want to point out to you by using real numbers the “Perfect Storm” has arrived; Low interest rates and low home prices. In the past if rates went down prices would go. This is an opportunity of a lifetime. If the I Pad was on sale like homes are on sale you would be on line at 4AM. For all of the potential buyers waiting for the right time, this is your wake up call. The time is right. Ken Rosen of the Fisher Center at UC Berkeley says “This is the best time to buy a home in 30 years”

Considering buying or want to learn more call your favorite Realtor or come to my Free Home Buying Seminar. Click here for more info and registration.

“It is Better To Own Real Estate and Wait, Than Wait To Own Real Estate”

www.LeeSellsMore.com

San Bruno Eye Sore is about to Go

January 15, 2012 · Lee Ginsburg · 2 Comments

The Treetops apartments on Skyline and Sharp Park broke ground for renovation. (It’s about time)

I thought you would be interested.

7 years after being closed down, renovation will begin and is scheduled to be completed by summer of 2013.

for more information Click Here

http://www.mercurynews.com/san-mateo-county-times/ci_19731829

The San Bruno Ave. Caltrain Grade Separation Project is moving along. Can’t wait for completion.

Completion is scheduled for the end of this year. We’ll see.

for more information Click Here

http://sanbruno.ca.gov/pw_proj_current.html#streets

I will be hosting a Home Buying Seminar. If you are in thinking about buying I think you will find it quite helpful.

for more information Click Here

http://leesellsmore.com/RealtorWebPage?custompage_id=1567686030

Lee Ginsburg
Prudential California Real Estate
www.LeeSellsMore.com

What If My Offer Is Rejected?

January 10, 2012 · Bernadette Ramirez · 4 Comments

Oddly enough, I get asked this question most often before clients write offers. This usually goes along with the fear of commitment or loss. Either way, clients are usually inquisitive of this before even writing an offer or deciding on what terms to offer.

If your inquiring about rejection before you write your offer, you should ask yourself how that would make you feel? Is this property your dream home, starter home, vacation home, investment? I think depending on where your interest lies with investing in that particular property will then come the answer to your question, “what next”?

If the outcome is not what you predicted or wanted then maybe you should ask your realtor why; what was the seller looking for in an offer? How can I learn from this to increase my chances of acquiring my next property of choice? Of course the best advice comes from those with their hands in the market every day so to speak! So….. don’t be afraid to ask your favorite realtor here at Prudential in San Bruno, ” WHAT SHOULD I DO?”

Lets get your best offer in first, then and only if we have to, will we deal with rejection TOGETHER:) Otherwise, BEST OF LUCK with your offer!

Bernadette Ramirez
Prudential California Realty
I WORK FOR YOU!
You can reach me @ 650-871-3639

It’s a Buyers’ Market for Real Estate Investors, too

January 3, 2012 · Mark Hasha · 5 Comments

Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.
In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don’t trend in the same direction, have triggered a buyer’s market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.
While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles. Read more