San Diego & Riverside Counties| Real Estate Blog

County Properties, we would like to wish you a Happy Holiday season

On behalf of everyone at County Properties, we would like to wish you a Happy Holiday season and a happy new year!

This was certainly a challenging year for our industry, but adversity is what separates leaders from followers.  

We are already seeing signs of recovery and while no one can predict with absolute certainty what 2010 holds, we know that we’re prepared for any change that may come our way. Our team of professional Realtors are ready to serve you with any Real Estate needs/concerns in order to have a smooth and pleasant home buying experience.

Thank you for your continued business and referrals.

 

www,CountyProperties.net

 

www.CountyForeclosures.com

Turnkey Turkey Tips

Oven Maintenance and Energy Saving Tips for the Holidays Simple suggestions for making your baking trouble-free this holiday season ●Check to be sure the oven door gasket is tight. Adjust or replace gaskets as required.  ●If you have a self-cleaning oven, consider using the self-cleaning feature immediately after regular baking when the oven is still hot. Less energy will be required to reach the cleaning temperature. Try not to use the self-cleaning feature too often. ●Preheat ovens only when necessary. With conventional ovens, keep the preheating time to a minimum. Unless you're baking breads or pastries, you may not need to preheat the oven at all. ●Don't lay foils on racks. Food cooks more quickly and efficiently in ovens when air can circulate freely. If possible, stagger pans on upper and lower racks to improve air flow. ●Use glass or ceramic pans in ovens. You can turn down the temperature about 25°F and cook foods just as quickly. ●Do not open the oven door often to preview the food. Each time you open the door the oven temperature drops by 25°F. Watch the clock or use a timer instead.     www.CountyProperties.net

CA State's tax withholding bump-up starts today

TAX CREDIT EXTENDED-It's official
 
President Barack Obama has signed into law the The Worker, Homeownership, and Business Assistance Act of 2009 which extended the tax credit of up to $8,000 for qualified first time home buyers purchasing a principle residents and a $6,500 tax credit to Move-Up home buyers who have owned a home for at least 5 years.
 
It has been extended through April of 2010.  The credit can also be used to help pay for closings costs as well as meet the FHA 3.5% downpayment requiremnets (Consult with one of our Approved Lenders).  The credit can also be used to change your clients paycheck withholdings so that they can save for a downpayment quicker for those conventional loans.  

 State's tax withholding bump-up starts today

Some call it California'scash advance.  Effective today, the amount of state income taxes withheld from California workers' paychecks will increase 10 percent.  That might sound like a tax increase, but state officials insist that's not the case.  Tax experts agree, saying this bump up in withholding taxes gives the state some wiggle room in managing California's treasury in a year that saw a titanic political battle to get a handle on the state's budget.  The increased withholding comes on top of a 0.25 percent state income tax increase and a reduction in the dependent credit, also enacted as part of the state budget.
Essentially, the accelerated withholding program does not generate additional tax revenue. Instead, it front-loads it, bringing cash in more quickly in an effort to keep the state treasury stocked with funds, which is where the "cash advance" tag comes in.  State officials have estimated that the move will generate an additional $1.7 billion in the current fiscal year.  The bottom line is that a worker's total annual income tax bill won't rise, and the amount owed at April 2010 tax time will be adjusted accordingly.

Simply put, if you owe taxes when April 15 comes along, the balance due will be less based on what was withheld from your paycheck in the last two months of the year. If you're due a refund, you can expect a little more.  Taxpayers can evade the accelerated withholding schedules simply by increasing the number of allowances on the withholding forms filed with their employers.  That won't make much difference for the calendar 2009 tax year, but it will have a bigger impact for 2010 and perhaps beyond.

Besides increased withholding, a state income tax increase approved by the Legislature as part of February's budget deal will raise rates by 0.25 percentage points for each tax bracket for the 2009 and 2010 tax years.

Also in the mix: A new tax law lowered the state dependent exemption credit from last year's $309 to $98 for the 2009 and 2010 tax years.

Please consult and verify withyour tax adviser regarding the above tax information.

From Congresswoman Susan Davis to Broker of County Properties

 

November 9, 2009

 

 

Mr. Arnold M. Levine

3111 Camino Del Rio North, Suite 400

San Diego, CA 92108

 

Dear Mr. Levine,

 

Thank you for taking the time to share with me your support for extending the home buyer tax credit.  I appreciate hearing from you on this important issue.

 

You will be pleased to know that Congress recently passed legislation extending the first-time homebuyer tax credit.  In areas harder hit by the housing crisis, such as San Diego, the credit has been especially valuable.  In fact, nationally, we saw home values actually increase during the month of May for the first time since 2006 - with a .5 percent increase in San Diego.  The tax credit likely helped encourage the turnaround.

 

I joined with a number of my colleagues calling for an extension.  In a letter to Congressional leadership, we highlighted the positive impact of the credit and stressed the need to continue the rebound in the housing market.  Not only is the credit good for the economy, it is also helping families purchase homes.  It only makes good sense to continue the success we have seen with the first-time homebuyer credit.  I'm pleased Congress and the President recognized the need and took action.

 

Once again, thank you for contacting me.  As your representative, I both need and value your perspective.  Please sign up for my E-Newsletter on my website, www.house.gov/susandavis, if you would like to receive monthly updates about what is happening in Congress.

 

 

With warm regards,

SUSAN A. DAVIS
Member of Congress

Pending home sales rose 6.1 percent in September

NAR’s Pending Home Sales Index rose 6.1 percent to 110.1 in September compared with 103.8 in August.  The index now is 21.2 percent higher than its September 2008 reading of 90.9, the largest annual increase on record, and is at its highest level since December 2006 when it stood at 112.8.  The Pending Home Sales Index in the West increased 10.2 percent to 143.8 in September and is 23.7 percent higher than a year ago.

“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” said NAR’s Chief Economist Lawrence Yun. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."

 

At County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click  CountyProperties.net

 

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

First Time and Previous Homebuyer Tax Credit Extended Into 2010!

Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.Please feel free to contact me today for free counseling at (619) 301-0200 or Toll free (866) 825-8124 visit our website, click CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

The history of Halloween

HAPPY HALLOWEEN!

 the history of Halloween!

Halloween has been around since the 1800’s. Halloween has origins in the ancient festival known as Samhain. This festival was derived from Old Irish and means roughly "summer's end.” This was a Gaelic festival celebrated mainly in Ireland and Scotland.

The festival of Samhain celebrates the beginning of the "darker half", and end of the "lighter half" of the year and is sometimes regarded as the "Celtic New Year".The celebration, has some elements of death . The ancient Celts believed there was a border between this world and the Otherworld which became thin on Samhain. This allowed spirits (both harmless and harmful) to pass through. Their family's ancestors were honored and invited home to help ward off harmful spirits. People now believe that the need to ward off harmful spirits is what led to the wearing of costumes and masks. The family’s would disguise oneself as a harmful spirit and thus avoid harm. In Scotland the spirits were impersonated by young men dressed in white with masked, veiled or blackened faces. Samhain was also a time to stock up their food supplies and slaughter their livestock for winter stores. Bonfires also played a large part in the festivities. All other fires were doused and each home lit their hearth from the bonfire. In the flames people would throw the bones of their slaughtered livestock. Sometimes two bonfires would be built side-by-side, and people and their livestock would walk between them as a cleansing ritual.

The term Halloween, is a shortened from version of the original, All Hallows' Even – e'en. This is ultimately derived from the Old English Eallra Hālgena ǣfen. This day is known as "Eve of" All Saints' Day, which is November 1st. A time of pagan festivities tried to force it with the Christian holiday (All Saints' Day) by moving it from May 13 to November 1. In the 800s, the Church measured the day as starting at sunset, in accordance with the Florentine calendar. Although All Saints' Day is now considered to occur one day after Halloween, the two holidays were once celebrated on the same day.

Please visit us at our website at: County Properties San Diego or County Properties Riverside

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

Scary Halloween Short Stories

The legend is that if you sit in three of the graveyard chairs from midnight until one minute after midnight, you will have the ability to see ghosts -- but you will pay with your life. This, however did not apply to three high-school football players on Halloween Night in 1976. They pulled into the graveyard, in the middle of a large, open area. They had heard the legend and decided to try it, but one of them refused to try it. The friend sat down and watched the other boys run from one chair to the other. Then he sensed that something was wrong. They were leaning over to the side with their eyes rolled back, rasping. The boy began frantically screaming for help as his friends kneeled over and grabbed his leg. It is said that the boy also saw spirits for an instant.

The boys died and the survivor never spoke a word. Of course, there were people mourning their loved ones nearby. They witnessed the event and filed a police report detailing what happened. No one really knows what those chairs are, except that they have been there since the town was founded.

Here’s some Halloween Jokes for the Kids

What do skeletons say before they begin dining?
Bone appetite!

What is a ghoul's favourite drink?
Slime juice

What does Mrs Ghost serve for dessert?
Ice scream

What do fishermen say on Halloween?
'Trick-or-trout!'

Where do spooks go to post a parcel?
The ghost office.

What did the vampire say to the Invisible Man?
'Long time, no see!'

Why is Dracula so unpopular?
Because he's a pain in the neck!

What runs around a cemetery but doesn't move?
A fence!

What did the mother ghost say her children?
'Don't spook until you're spooken to.'

Please visit us at our website at: County Properties San Diego or County Properties Riverside

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

County Properties new business partner from Bank of America Home Loans

We are proud to announce County Properties new business partner Rose Batacan a loan officer with Bank of America Home Loans.  Rose has over 22 years experience in real estate lending. Having worked in so many different capacities has provided Rose with the experience and know how that allows her to help borrowers of all levels buy a home or refinance with confidence.  

 

Contact:

Rose Batacan
Bank of America Mortgage Loan Officer
3400 Central Avenue, Suite 300
Riverside, CA 92506

Direct: (858) 926-9245
Fax: (866) 905-3546
click here to contact Rose
 
Welcome to Bank of America Home Loans, my name is Rose Batacan. As a Mortgage Loan Officer, I have a wide range of mortgage choices, competitive rates and flexible terms and conditions, as well as online tools, so you can find the mortgage solution that best fits your needs. You can Pre-Qualify online in minutes.

 During my 22 years of experience in the mortgage industry, I have shared my expertise to personally assist numerous families with responsible and affordable home financing. I have an extensive background assisting first time homebuyers, high net worth borrowers, low-to-moderate income borrowers, self-employed borrowers, investment borrowers and our local heroes: Police, Firefighters, Teachers and Medical workers and a great deal of experience in:

  *Affordable mortgage lending

  *Conventional loans

  *Government lending

  *Non-conventional "Jumbo" lending

I contribute my time to the community by supporting: Special Olympics and Housing Agencies.

 

Integrity is the cornerstone of my business. I believe a mortgage should be about building relationships, and helping my customers achieve their home financing goals, not just a transaction. As a Bank of America Mortgage Loan Officer, I take a consultative approach to the home loan process by customizing each home financing solution to help customers achieve their home financial goals. Many loan officers can get you a loan. My mission is to get you the right loan.

 

If you would like to get information from County Properties, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property, please visit our website at: County Properties San Diego or County Properties Riverside

OBAMA ADMINISTRATION ANNOUNCES $60 MILLION IN HOUSING COUNSELING GRANTS

OBAMA ADMINISTRATION ANNOUNCES $60 MILLION IN HOUSING COUNSELING GRANTS TO NEARLY 500 NATIONAL, STATE AND LOCAL AGENCIES

HUD to provide $60 million in housing counseling grants

The U.S. Dept. of Housing and Urban Development (HUD) announced this week it will issue $60 million in housing and counseling training grants to assist families in becoming first-time homeowners and remaining homeowners after their purchase.

Grant recipients will help home buyers and homeowners realistically evaluate their readiness for a home purchase, understand their financing and down payment options, and navigate the home-buying process.  Recipients also will offer foreclosure-prevention counseling to current homeowners.

 

Neighborhood House Association

San Diego, CA

The Neighborhood House Association has been a HUD-approved counseling agency since 1973 and has provided housing counseling services for over 36 years. NHA‘s Housing Counseling program provides homebuyer education, and pre-purchase, delinquency/default, non delinquency post purchase, rental, and reverse mortgage (HECM) counseling. NHA has a primary focus on a variety of one-on-one counseling services. NHA‘s staff is culturally diverse and has the capacity to serve both English and Spanish speaking clients. NHA concentrates services to minority and bilingual clients throughout San Diego County, including those that have been victimized in the current housing market. For additional information, the Neighborhood House Association‘s website address is: http://www.neighborhoodhouse.org

Springboard Non Profit Consumer Credit Management Inc

Riverside, CA

Springboard was founded in 1974 with a mission to help strengthen communities and improve the lives of Americans by offering consumer credit counseling services that promote financial literacy, homeownership and a healthy economy. As a HUD approved Multi-State Organization, Springboard offers quality bilingual services at locations throughout Southern

California, the Central Valley, Arizona and Nevada. Springboard provides credit counseling, debt consolidation/bankruptcy counseling, homebuyer education, loan document review, reverse mortgage, and mortgage default/delinquency counseling. For additional information about Springboard and the services they offer, visit: www.credit.org

At County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Please feel free to contact me today for free counseling at our website, click.  County Properties San Diego or County Properties Riverside

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.