The Wallace & Kelly Real Estate Blog » Real Estate

Homes of the future…..? Really?!

Mike — Wed, 12 Oct 2011 22:17:09 +0000

Just read this and couldn’t stop myself from sharing… I am thinking that unless you are lucky enough to be one of the elite, you will be living in a typical non futuristic home. This kind of writing reminds of all those Popular Mechanics Magazine’s I read as a kid in the 60′s….. Fun article none the less.

Kelly…

Special Rules for Members of the Military

Mike — Mon, 12 Apr 2010 18:16:57 +0000

Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

“Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Thank you Carla with Primelending for the information….

Kelly…

California New Home Tax Credit

Mike — Tue, 30 Mar 2010 16:30:36 +0000

There is a bit of a buzz going round the office and FaceBook about the new home buyer tax credit. Some people think you qualify if you buy a resale home some people are getting it confused with the federal tax credit for first time home buyers and most recently the credit for move up buyers or how we say in the office…..Buyers Well here is a handy dandy little link to the California New Home Tax Credit, which should clear everything up. Oh don’t go to the link until after 5:00 pm today California time, they are some busy people at the State Franchise Tax Board.

Kelly…

Be proactive. Before it’s too late

patrick — Mon, 22 Mar 2010 13:36:37 +0000

The time is now to be proactive, more than ever before. If you’re having trouble making your mortgage payments, then contact your bank (if they haven’t already contacted you) to make “arrangements”. The government has given the banks the directive to work with their borrowers and not just skip to the final step (foreclosure). These directives have come in the form of “loan modifications” and “short sales”. I know I know, you’ve all heard the stories that these take for ever and they never get closed. That was true in the past but most (not all) of the banks have actually hired and trained people to handle these transactions now. And the banks are calling on their delinquent borrowers and getting the process started so when you do get a buyer for your home (should you decide to sell), the process is well under way. The one thing I caution homeowners about is using one of the banks “suggested” real estate agents. You have no history with them and this is where you need to say “thanks” but “no thanks”. Call your REALTOR and keep control of the process. Someone you know and trust. If you don’t know a real estate professional personally, ask a friend, relative, or neighbor. It’s good to get a referral so you can rely on their knowledge and expertise. Don’t go into the short sale process blindly. Please contact either one of us if you have any questions on this complex subject.

wallace…

Selling your home at the highest price in a stinky economy…

Mike — Fri, 19 Mar 2010 15:59:07 +0000

Well, I have to say that if you are an actual “REAL” seller, meaning not a bank or a short sale, you know someone with equity and their name on the deed? Here are a few tips to help you get your home sold quickly and at the highest possible price that your market will allow. Clean, Clean, Clean and when you think you’ve cleaned everything clean some more. Look at the front of the home with a discerning eye and fix that loose fence board or replace that rusted out light fixture. Freshen up the front door with a new coat of paint or varnish, plant some flowers and inside get rid of that smell. And after all that if your home has not sold in the time you allotted and at the price you had hoped, Guess what? You hoped too high…. Reduce the price.

Kelly…

Happy St. Patrick’s Day!!!

Mike — Wed, 17 Mar 2010 14:50:52 +0000

Happy St. Patrick’s Day, Celebrate Responsibly….

Going Green

Mike — Tue, 16 Mar 2010 20:48:47 +0000

How many knew or know or remember that there is a tax credit for those homeowners who turn their homes into a more energy efficient home? Check this out…

Kelly…

Generation Y and the checking account….

Mike — Fri, 12 Mar 2010 16:38:16 +0000

It has come to my attention in a fun and interesting way that some of the Gen Y’ers have checking accounts but they don’t necessarily have checks. I sat down with a client last night and we put pen to paper to make an offer on a wonderful home around the corner from his parents house and when I asked him for an earnest money deposit, his question to me was… “it has to be a check?” Wow, I thought for a second and realized what a great question and answered, well….uh yes I suppose it does. To which he replied ” I have never written a check before” You see he pays either online or with a swipe of his card.

Is generation Y the beginning of a paperless society? Will this old fart see a world convert to only plastic currency? Interesting.

Well, until then, when you go to buy a home kids, you still need checks.

Oh, don’t reply that we can accept jewelery, boats, planes, trains and automobiles

Kelly…

It may be a scam if…

patrick — Fri, 05 Mar 2010 17:10:34 +0000

When ever there’s an economic downturn, the scam artists come out of the woodwork. Well guess what? They are here and they are here in full force. If you’re having trouble making your mortgage payments, and/or if you’re already in foreclosure, here are a few tips to remember if you get a phone call or if someone shows up at your front door and they say they “want to help”. That’s your first clue that something is amiss. If they say they can “stop your foreclosure”. DON’T believe them. (Only the bank can do that). If they say”they will buy your property”, You can believe them, but DON’T trust them.(They will only purchase your property if it’s well below markt value. Well…anyone will do that. If they say you should “sign your property over to them”. Don’t trust them. Call someone, anyone,Your CPA, Your attorney, Your REALTOR…Anyone, Someone.. Just DON’T trust them..And last but not least… If they say to “make your monthly mortgage payments to them”. Either hangup the phone or gently SLAM the front door.

wallace…

Appraisals and the Catch 22

Mike — Tue, 02 Mar 2010 16:28:52 +0000

So, the other day at the marketing meeting I was bemoaning the trials and tribulations of a certain transaction with yet another appraisal gone bad and a very reputable appraiser in town who was eaves dropping asked if he could interject some of his experiences. Well, being the perfect gentleman that I am I said absolutely please enlighten us. Boy, oh boy…. He Did!!!!

He went on to tell us that the very same large financial institutions that own most of the inventory we mice are scurrying to sell has delivered down to the appraisal department or their HVCC management company a commandment to undercut the market value by 10-15%.

Wow!!!! We all say as we stand in utter disbelief. That declaration got the minds rolling and we stood around for the next few minutes comparing notes from our previous escrows gone awry and low and behold if that dude wasn’t absolutely right on mark.

I just don’t want to believe it…. Why would the seller of property want the appraisers to come in below market value? Uh, I am beginning to feel like the super computers Captain Kirk used to destroy with his keen sense of logic, thanks to Spock.

Kelly…