Cliff's Notes…on Real Estate

Foreclosures are down by over 2% for the month of June. This could be a good sign if it continues.

With these new developments now may be a great time to get off the fence and buy your new home.

Once the banks see stabilization in the housing market you are going to see upward movement on interest rates.

Last week interest rates went up .25%. That may not seem like a lot but over a 30 year period it is a lot!

If you want to know; how to find bargain properties at rock bottom prices click this link.

If you already own a home and want to know; 7 ways to increase your homes value for under $100.00 click this link.

If you are facing a foreclosure and want to know; the 5 fastest ways to stop foreclosure in 48 hours or less click this link.

Enjoy the weekend and the heat. What a wonderful summer day.

Tags: banking, buy a home, Buyers Tips, Foreclosure, homes for sale, Real Estate Market Trends, Redwood City, san mateo county, US economy

Redwood City, CA: Want to know all the current trends and conditions in your neighborhood in San Mateo and Santa Clara counties?

Just go here and look at all the graphs and data for your own neighborhood from the drop down arrow sections.

It’s Fun, Easy, and FR33!

Enjoy.

Tags: ALL neighborhoods, Buyers Tips, fyi, homes for sale, Real Estate Market Trends, Redwood City, san mateo county, Santa Clara county, sold

Redwood City, Ca: Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified principal residence, borrowers now will be exempt both from federal and state income tax consequences. The tax exemptions apply, with certain restrictions, to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

More details:

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board‘s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:

. Homebuyer Tax Credit Chart 2010.
. Internal Data Exchange (IDX).

Tags: Cliff Keith and Team, Foreclosure, government, Redwood City, Short Sale, Taxes

Well folks, it looks like at the end of the month, March 31, 2010, the Federal Reserve is going to stop buying mortgages backed securities. This translates to you and me: higher interest rates. If they inch up over 1% hold on tight because we could be headed towards the steepest roller coaster ride yet.

On the other hand if that happens look for the government to step in and start buying again. It will show them that they need to spend more than the 1.25 Trillion Dollars that they have already spent. BTW that’s yours and my money they are spending.

Problem is some damage will be done that could have been diverted if we start doing some smart things. You know things like transparency of lenders along with accountability to include halting those heafy bonuses they give each other. Let’s fix the process first guys and gals uh?

Recommendation: Buy your home or refinance your mortgages TODAY!

TIPS on buying a home: http://www.WoodsideRealEstate.com Please log in and click the the buyers’ button.

Tags: banking, cliff keith, finances, government, national debt

10 cheap ways:

1. Paint the façade of your home including your front door.
2. Trim the plants and plant seasonal flowers.
3. Paint the inside of your home with neutral colors
4. Don’t forget all the flooring, replace, repair, or buff out.
5. Make major repairs, roof, pest report, property inspection recommendations
6. Buy a HPP (Home Protection Plan) so all systems are covered when you move
7. Make energy-efficient improvements and possibly get a tax credit
8. Replace light fixtures with modern ones and low energy bulbs
9. Buy a new stove for the kitchen
10. Replace the bathrooms: fixtures, shower heads, toilet seat, towels, and hand cloths

It should go without saying the homeowner should to a super through cleaning job and get rid of all dust, dirt, cobwebs, mold and any smells from pungent cooking odors, pet smells, or mildew.

There is nothing like a bright, fresh open air feeling to bring the buyers calling. Only caveat is to do these before you allow a prospective buyer in your lovely home.

For other informative pamphlets click here now

Tags: 10 cheap ways to boost your selling price, agent, cliff keith, Cliff Keith and Team, cliffnotesonrealestate.com, home for sale, homes, houses, re/max, Real Estate, realtor, Redwood City, Redwood Shores, residential home, san mateo county, Taxes, US economy