California Prop 90 Update!
California’s Prop 90 allows a home owner in California to sell their home, buy a replacement property in a participating county, and move a lower prop 13 based tax value from their old home to the new county for the purpose of home tax assessment. It allows the adjusted base year value of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.There are some restrictions like the claimant or claimant’s spouse must be at least 55 years of age. The replacement property must be your principal residence and must be eligible for the homeowners’ exemption.
Participating counties are Alameda, Orange, San Mateo, Ventura, Los Angeles, San Diego, Santa Clara and now, El Dorado County.
There are also purchase price restrictions on the new replacement property. Read more
Baseball’s "Field of Dreams" for Sale
Yes! The baseball Diamond that Universal Studios built in
Dyersville, Iowa is for sale. Please let me know if you have interest. I would love to represent you in the negotiations. Maybe we can arrange to have it moved to San Bruno or South San Francisco.
Follow the link
http://www.telegraph.co.uk/culture/film/film-news/7721998/Field-of-Dreams-for-sale.html
Good News! Good Bay Area Real Estate News!!!
A lot of positive bills, thoughts and activities have been happening on the Bay Area Real Estate Front. I have been trying to write this for a while. Each time I sit down to write there is more I have to add to it. That is a good problem. So exciting! Enjoy the Good News.
Home Buyer’s Delight
You can still get the federal Home Buyer Credit of $8000 for the first time buyer or $6500 for the move up buyer. You must be in contract by the end of April and close by the end of June.
For additional information: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Because California Home Buyers are special Governor Schwarzenegger signed into law a State credit for home buyers. I personally think this program is great. It helps many people purchase their first home and it puts people to work. A Win-Win!!!
Under the provisions, the bill: Read more
What Does Zillow Tell You About Your Home?
Ever since the launch of its website in 2006, Zillowhas increasingly gained its popularity as a convenient tool to look up home values. When I work with prospective buyers or sellers to explain the market value of their homes, I often hear the famous line “but Zillow says…!” followed by “so how accurate is the Zestimate?”
Thanks to Zillow for providing a detailed video of “A Guide to the Zestimate” to explain how the home values are generated. I hope you will find this video helpful!
Posted by Annie W. Chang | www.TalkofRealEstate.com
To Mod or Not to Mod?
I just found out that a friend of mine tried to modify her loan early this year. She contacted a law firm in Southern California, paid few thousand dollars and nothing has happened yet. She was told to stop making mortgage payments on her first and second loans. after 10 months in default, she has received a NOD or Notice of Default. She is now scared and worried that she’ll loose her house. She is now very confused and doesn’t know if she should continue with the loan modification process. She is also thinking about borrowing some money from family and paying all her unpaid mortgages, late fees as well as her property tax so that she can reinstate her loans and save her house.
How HIGH do I go?
I was talking to a colleague today. She said she had a disappointing day yesterday. I asked her what had happened. She explained that her client made an offer on a property. Of course there were multiple offers and their offer was already, what my friend believes, over the market value. The seller which is a bank, or perhaps the listing agent counters the top 2 offers for their highest and best offer. My friend doesn’t want her client to buy this property for more than what it’s worth. But, on the other hand she doesn’t want her client to loose another house to multiple offers, either. She said that she would feel guilty no matter what the outcome. “I know the house will not appraise,” she said. My advice was that she explains everything to her clients and let them make a decision.
It seems like the inventory is low and some listing agents take advantage of the situation and list the properties below market value. This becomes very difficult for the buyers. How high should they offer? How can a regular buyer who is using a conventional loan compete with an investor who is buying properties all cash and waiving all inspections and financing contingencies? Read more
It’s Getting Better All the Time
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!
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

