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Showing posts with label Yorba Linda. Show all posts
Showing posts with label Yorba Linda. Show all posts
Monday, February 22, 2016
Monday, June 7, 2010
PRESIDENT SIGNS FEDERAL TAX CREDIT EXTENSION
President Obama signed a bill extending and expanding the Federal Tax Credit for Home
Buyers. The bill now includes current homeowners.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Saturday, November 7, 2009
EXPECT SHORT SALES TO COMMAND MORE OF THE SALES IN 2010
Some banks have finally figured out that they can save approximately $40,000 in holding and maintence costs if they allow a property to sell “short” (the sales price is less than the loan or loans owed against it), than if they let it go to foreclosure. There have been many obstacles that have hindered lenders from doing this sooner, namely the various moratoriums against foreclosures, investors that have been unwilling or unable to accept discounted amounts, loan packages with scattered beneficiaries, and the biggest culprit, the borrower attempting to get a loan modification. Expect some of these hindrances to be cleared away in 2010. Many properties have languished for months and months, as homeowners live payment free while negotiating a modification. See the next article for more information on that. Suffice it to say that this process will be streamlined and more short sales will begin to happen. This is good news for the inventory, but will be more of a challenge to close escrow because all the liens, judgments and taxes must be paid or negotiated for a release on this specific property.
(Property taxes are never negotiated; they must be brought current by someone.) These can be very complicated transactions and require skill and knowledge.
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