Evaluation of Rental Property

June 2, 2009 · Shokoofeh Nowbakht · 7 Comments

for-rent How 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

How much under the list price can I offer?

May 21, 2009 · Adam Chinn · 6 Comments

This is a question I am asked quite often. Many people get their real estate news from what they hear on the radio, watch on tv, or read in newspapers. What many do not do is actually speak to the people who are in the business and have up to date information on the current market. Although I encourage my clients to ask any questions that comes to mind, it is my job and responsibility to explain to them what I have experienced in the market and where I think it will go from here. Of course, I can not predict the future, but if the facts are studied, trends can be found. I feel it is very important that I educate my clients on the current market, so that we can work together to accomplish the common goal. Read more

It’s Getting Better All the Time

May 18, 2009 · Dean Rizzi · 7 Comments

It’s Getting Better All the Time

Federal Reserve Chairman Ben Bernanke has forecast an end to the US recession, which he believes will be kaput before 2010. Bernanke also told the Congressional Joint Economic Committee that the collapse in the housing market, which began three years ago, may have bottomed out, something we’ve been saying for the past month. Read more

What a Way to Get Your Down Payment!

May 13, 2009 · Annie Chang · 6 Comments

More good news for prospective homebuyers! The following article is taken directly from the latest news came out of National Association of Realtors®.

Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. Read more

Home Buying is a Team Work

May 4, 2009 · Shokoofeh Nowbakht · 7 Comments

key Just wanted to share an experience. One of my clients is getting a VA loan to purchase a house. Even though it has been taking longer than we had originally anticipated, it has genuinely been a teamwork all the way through. Buying a house requires all players to work together so that everyone wins at the end. The game started with my client choosing a great mortgage officer and getting preapproved. We then found a house he liked and made a good offer. My client offered the asking price. Did I mention Read more

Highlights of the 2009 First-Time Homebuyer Tax Credit

April 16, 2009 · Annie Chang · 5 Comments

tax-credit_faq Recently, 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.

How to Lower Your Property Tax?

April 1, 2009 · Annie Chang · 4 Comments

taxcut_proptax This 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

My Happy First Time Home Buyers

March 22, 2009 · Shokoofeh Nowbakht · 4 Comments

I went to visit my clients who just bought their first home 2 weeks ago. They had bought new dining set, living room set, and a flat screen TV over the fireplace. They were very happy and their little toddler boy had the greatest time running around the house, climbing over the couch and the dining table. He hugged me so many times and blew kisses at me. I enjoyed watching them. We were so used to meeting several times every week especially since the loan was getting approved and funded, that it was hard to say goodbye.

I’m going to miss not seeing them as often.