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Just released, the First Time Home Buyer Tax Credit has changed.  Yes, already!  The fund, at only $200 million dollars, will not last very long and you had better know the new rules to take full advantage of it.

The $200 million dollar fund  still allows a credit amount of 5%  or a maximum credit of $10,000, whichever is the lesser amount, based on the final sales price.  A very substantial credit!

Previously, the first time buyer was required to have the seller of record sign the tax credit form 3549a  prior to submitting the application for the credit.  However, on June 1st , changes were made for First Time Buyers of previously owned homes.

According to an email I received from Colleen Graves of Lawyers Title in Southern California, a popular Escrow and Title company, chosen by financial institutions selling their bank owned (REO, Foreclosures) properties throughout California,… Read the rest of this entry »

Buying a Home with Resale Value – Part One

Without doubt, the best time to think of selling your San Jose area house is before you buy it.  In fact, there’s a saying in professional real estate circles that, “You make your money when you buy.”  Unlike prior generations, today’s home owners will typically sell their house within five to seven years.  That may seem like a long time in your own personal life, but it is just minutes in the world of  San Jose homes for sale.

Wouldn’t it be nice to go into your purchase with a plan in mind?  Here are a few tips on how to choose a San Jose house for resale value, while also finding a home that you absolutely love.

• Purchase Price. Perhaps the biggest lesson learned from the housing crisis is to not overpay for a house.  This can be tough when you absolutely fall head over heels for a home.  But paying a fair price today means you’ll be able to accept a fair price tomorrow.  So check your emotions at the door, and proceed with your head.  It’s worth taking time to research pricing trends in San Jose area neighborhoods before committing to a purchase you may regret when it’s time to sell.  We have the resources, years of market insight, community knowledge and negotiation skills to ensure all our buyers pay only what they need to for  any San Jose home for sale.

• Location, location, location! Location can either be your best friend or your worst enemy when Read the rest of this entry »

Buying a Home with Resale Value – Part Two

Buying a home in the San Jose real estate market can be a daunting task.  So many questions – How do I get a mortgage? How much can I afford? Will I find a home that fits my needs?  What exactly is PMI?  It can be easy to lose sight of the home’s salability in the future.  The good news is we can help answer all these questions and guide you toward a San Jose home with solid potential resale value.  The following bullets describe some key features to look for when shopping for San Jose homes for sale that will bring the most bang for your buck when it comes time to sell. Read the rest of this entry »

This Video (below) is proof many homeowners in all areas are at risk of scammers, including San Jose homeowners.  When you ask for help selling your San Jose House, remember, if it sounds too good to be true..Then it probably is!

There are no ‘Magic Wand’ solutions if you find yourself against the wall with your mortgage.  Using common sense and a applying pragmatic approach is still the best and most effective way to determine whether you should sell your Los Gatos home or buy a smaller more affordable house in San Jose.

A good rule of thumb is to obtain 3 professional opinions and weigh them one against the other.   The first solution may not be the only solution and… Watch This Video!

You may be thinking of selling your home by downsizing or moving closer to family, well Proposition 60 and Proposition 90 have to be considered too.  Ask your CPA.

California property owners who are over 55 years of age may qualify to transfer the assessed value of their principal residence home sold in one County to their new principal residence they buy in another County.

A copy of the tax bill from the other county and a copy of the applicant’s birth certificate will be required by the County Assessor to be included in the application.

This website provides property tax answers for property owners who are selling and plan to move.

A Copy of the grant deed for the new purchase along with a copy of the closing statement of both the sale and purchase are also required.

Here is a short summary of the eligibility requirements…

• Either the seller, or a spouse residing with the seller, must be Read the rest of this entry »

Wow!  These are my 3 picks of the weekend for Los Gatos Homes for sale.  New Home Buyers will find they have all the best things to offer.

Some lucky folks are going to be new homeowners in Los Gatos!

Great prices and locations are just the beginning.   17250 Pine St.Los Gatos is a short sale,  I know,  Yuk.  Not really!  Look what the fundamentals look like…

Schools: Great!  Location: Great!  Price: Amazing!

Use ‘the proper strategy and be prepared for a few bumps’ is the bargain hunters code. One may be a foreclosure one a short sale, however what would expect a bargain to look like?

Los Gatos is a tough area to find affordable homes and these 3 are a step in the right direction. Preparing for an opportunity equates to good luck, right?

The 2nd homes for sale in Los Gatos is 15175 El Gato and the 3rd house for sale in Los Gatos that I see as a great first time buyer pick is 228 Calle Marquerita.

Searching for a Los Gatos foreclosure?   This one has a great price for a Los Gatos house and a huge yard of over 13,000sq ft.   Your own little orchard!

Buying a Los Gatos foreclosure like this, while taking advantage of the Home Buyer Tax Credit, is a winner all around.

See all the Pics Virtual tour and more for this Los Gatos Foreclosure (REO)

foreclosure related articles…

• Citi Announces Pilot Program to Avoid Foreclosures (dailyfinance.com)
• Foreclosures Fall 10% in January, But Remain 15% Higher Than a Year Ago (dailyfinance.com)
• Should You Ditch Your House? (cbsnews.com)
• Foreclosures will hang around (fresnobeehive.com)

Buying a short sale can feel like riding a rollercoaster or worse,  falling out of one?  Scary if you don’t know the short sale process!

Actually, rollercoasters scare the dickens out of me.  I like the idea of knowing what the outcome of something is going to be.  This is where buying a shortsale and riding a rollercoaster  share a similarity.  You never know what’s next!

They are both exciting and both can be frightening.

Changing the course of a rollercoaster, to reduce the scare factor, is impossible, however  you can make that rollercoaster short sale purchase like a ride on the Teacups at Disneyland.

The Teacup ride strategy to short sales should go like this….

• Screen properties for their potential to gain a short sale approval.
• Commit to the process.
• Prepare for a flexibility.
• Hire a Realtor proficient in Distressed Properties and Short Sales.

I think I like tea.

• Screening the properties, for their ability to gain a short sale approval, is a bit like having to do the maintenance inspection to be certain the rollercoaster is safe before you squeeze yourself into the seat.

Just last week I showed a very nice short sale house and the listing agent said they had a 3rd party negotiator. I thought.. great!  Only to learn the agent would not disclose the 3rd party.   Big red flag!   Obviously a ruse that would come back and make the buyer spill their tea.

You need to learn how many banks are holding the mortgage lien(s), which bank(s) and how far upside down are the current owners.   What is the mindset of the seller… Angry, Relieved?   Using these factors  an equation can be arrived at to grade short sales.

Committing to the process is as simple as buckling into the seat.  Once you have screened out the bad properties be prepared for surprises and commit to finding resolutions and making compromises .   Be certain this is what you want to do before you move forward and commit yourself  to the entire process.

Preparing for flexibility simply means you should not set a date certain to move from your current residence.  This is especially important if you are employing a moving company.

You wouldn’t plan to eat lunch at 12 noon and then ride a rollercoaster.  You would leave your lunch plans flexible to prevent a big mess.  Be flexible.

Select a range of dates for your move and make allowances with your landlord or your current home sale.  This will save a ton of stress and related problems.

If you have hired a competent lender you will have additional flexibility in your loan terms, loan lock and room to increase your approved loan amount should it become necessary to pay unforeseen expenses.  A huge problem with short sales in San Jose.

Hiring a multiple listing Realtor, who has extensive short sale experience, is what most buyers fail to do and learn of their error far too late to overcome their mistake.  Kind of  like getting on a broken rollercoaster.

If your short sale of choice is listed with an inexperienced agent,  it will make little difference how good your Realtor is.  This is a huge factor in any short sale equation.

Your Realtor should also have experience in working with a number of different banks,  have proven skill overcoming pitfalls and implementing solutions for those that are unexpected.    Successful short sale listing and selling experience is an absolute must!   If one  says to you  ” I can do it,  it’s easy.”…

….Find another amusement park.

Knowing what documentation to ask of the listing agent, to give you confidence you have committed to the right home purchase, and providing you with a  clear understanding of the progress of the sale, is an important part of your Realtor’s job.

Without this level of  experience and clear communication you will feel like you are on a non-stop rollercoaster.

So what will it be, an exciting ride on the Teacups or a risky rollercoaster ride?

Here is a long list of short sale FAQs and tips to hire a multiple listing realtor.

You’ll find the following Los Gatos property a great value.   An affordable short sale house in Los Gatos….

17250 Pine St, Los Gatos

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• Why 2010 Could Be the Year of the ‘Short Sale’ (blogs.wsj.com)

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An attractive short sale Home for sale in Los Gatos is getting a lot of attention this week.   When a Million Dollar property is listed for under $800K that will happen.  Above Hi 17 the noise may be an issue for some or the old oil heating system, but a great price nonetheless.  Built in 1915 the character is built in.

first time buyer credit

Gov short sale guide