Thursday, April 22, 2010

$10,000 California Tax Credit May Go Fast!

The $100 million allocated for California's first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.'s Economics team. California's Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied. However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.

C.A.R.'s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters. It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit. If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above.

Applications for the California tax credit must be faxed to the FTB after escrow closes. The FTB will update its website when the 2010 application form and other information become availablee.

Please consult with your tax advisor for more information.

Search for Homes in LA

Thursday, April 15, 2010

Homes in LA

Is your company relocating to Los Angeles and you need a real estate agent? 

Here is a list of available single family homes for sale in Los Angeles. 

You can instantly view available homes for sale. Visit: Homes.LA

Monday, April 12, 2010

Short Sale Success Secret for Los Angeles Homes

Here is a list of short sale success tips for Los Angeles and the San Fernando Valley...

1.  If you are short selling your home, it's important that you are very cooperative with your real estate agent.  Your agent will need to request documents from you in order to prove to your lenders that you are in a distressed situation.  Time is of the essence!  Better short sale than have your home foreclosed upon.

2. Tell your real estate agent how many loans you have on the home.  It's also important that your San Fernando Valley real estate agent order a preliminary title report just in case there are liens on title that you are unaware of.

3. You will need to list your home on the market in order to find a buyer willing to write an offer.  Once an offer is written, your agent will prepare a short sale package and with your written permission, send over the package to your lenders for approval. 

4. After a few months, the lender will send a appraisal or another real estate agent to perform a broker price opinion (BPO) on the property.  It's important your agent is there to make sure the appraiser can get a clear picture of the home so the home doesn't have any appraisal issues.  Keep in mind to not under-price the home or that buyer is going to be upset they have to pay more!

5. Your real estate agent, that would be me :-) , would have to follow up on a weekly basis for updates and coordinate everything.  If you don't want your house foreclosed on (ruin your credit and chance to buy another house in a few years) listen to your agent.

Above all else, it's important you choose the right San Fernando Valley short sale agent.  That's where I come in!  I specialize in short sale homes and home-owners who are in a financial mess.  No need to panic.  Life is too short.  Give me a call so I can understand your situation and offer sound advice.

Sunday, April 11, 2010

Valley Glen homes - Foreclosures, Short Sales - Bank Owned

Valley Glen Homes

Here is the latest market information for Valley Glen including the number of bank owned and short sale homes for sale.

There is a total of 30 active homes for sale in Valle Glen.  The lowest price home is listed for $175,000 and the most expensive home currently is on the market for $999,999.  A 3 bedroom 2 bath home in Valley Glen generally sells in the high $300,000 to low $400,000.  Homes priced up to $650,000 are selling quickly in Valley Glen.

If you're thinking of moving to Valley Glen, it's important you speak with a Valley Glen real estate agent for an update on market activity in this area of the San Fernando Valley. 

Thanks for reading!

Richard Johnston, ReMax

Tuesday, April 06, 2010

North Hollywood Homes for Sale

North Hollywood Homes for Sale
Real Estate & Market Update

Are you thinking of moving to North Hollywood? North Hollywood is located east of Van Nuys / Valley Glen, and North of Valley Village (part of North Hollywood). Studio City is just south of Valley Village but in reality, North Hollywood borders Studio City and Burbank is on it's east.

Homes located in Valley Village are priced higher than other areas of North Hollywood because of it's close proximity to Studio City.  You can search for Valley Village homes for sale to get an idea on the difference between homes for sale in Valley Village and North Hollywood.

There are currently 137 active homes for sale in North Hollywood.  Active homes are homes which are still available for you to purchase.  Homes labeled as back-up are sold and in escrow.  So if you view a home labeled as back-up, keep in mind the home is sold and the agent is looking for another offer in case the first offer falls-through.

There are 136 home in escrow in North Hollywood.  That's an amazing number but it shows that homes are sold but not closing escrow quickly enough.  In the last three months, only 125 properties have sold.  In the past one month, only 31 homes have actually sold.  Homes generally take 30-40 days to close.  Because of the number of short sale homes, it's taking anywhere from 4-6 months to close. 

Monday, April 05, 2010

Los Angeles Notary

Los Angeles Notary Service - Notary in LA

We recently expanded our professional notary service to cover Ventura County and parts of Los Angeles.
Here are the new areas we provide mobile notary service too.

Thursday, April 01, 2010

Foreclosures and Their Effects on Home Owner Associations (HOA)

As more and more people default on homes, HOA or Homeowner Association's continue to remain under funded as defaulted homeowners cannot pay their fees. Generally speaking people will stop paying their HOA fees before they stop paying their mortgage. As the foreclosure process proceeds, arreared HOA fees can add up for months. As more and more property owners are unable to pay their HOA fees, the association must dip into their reserve account to cover their costs.

Many associations are now facing fast depleting or already depleted reserves. This is a very large problem for existing homeowners and prospective purchasers. To cover their costs, HOA must increase their dues to cover this gap and rebuild their reserve. To further compound this problem, reserves are to be used to cover regular maintenance of lawns, pools, facilities, buildings, etc. But due to fiscal shortages, much needed renovation and maintenance is not being done, leading to mosquito infested pools, non functioning elevators and even power loss in common areas due to unpaid electric bills.

The moral of this article... Be sure to know that the HOA of your new property is in good fiscal health before purchasing.

Written by Default Research Inc.

Richard's Notes: If you're considering purchasing a condo or townhouse in the San Fernando Valley, it's important to work with a knowledgeable real estate agent who will inquire into the health of the association and assessments which may impact you as a buyer in the near future.

Richard Johnston
San Fernando Valley Condos and Townhouses

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