Anaheim, CA

My CPA has put it all down in one easy to understand briefing. I have attached it as an "informed" professional testimonial for what the new law entails. I am sure many have re-capped it in their own words, but I wanted to get it straignt from a pro who does this for a living. Hope it helps all of you.

FIRST-TIME HOMEBUYER CREDIT UPDATE! November 16, 2009 Dear Robert, We are contacting you today to alert you to a significant change in the First-time Homebuyer Tax Credit that was written into the recently passed Worker, Homeownership, and Business Assistance Act of 2009. Especially as the close of the current tax year approaches, you may want to take certain steps to maximize your tax savings under the new law. We are here to assist you and answer your questions. First-time homebuyer credit: The first-time homebuyer credit is one of the most popular tax incentives in recent years. However, it is not a permanent tax break. It is temporary. Its originally scheduled expiration date of November 30, 2009 prompted Congress to extend and expand it. The new law extends the maximum $8,000 credit for principal residences purchased on or before April 30, 2010. If a taxpayer enters into a binding contract (i.e. enters escrow) before May 1, 2010 to close on the purchase of a principal residence before July 1, 2010, the credit will apply. Members of the U.S. armed forces, foreign service and intelligence community may have additional time to claim the credit if they are serving on qualified official extended duty outside of the U.S. Until now, the credit was limited to first-time homebuyers. The full credit (the $8,000 credit) is still limited to first-time homebuyers. However, some long-time residents of the same principal residence may be eligible for a reduced credit of $6,500. Generally, you must have owned and used the same residence as your principal residence for any five consecutive-year period during the eight year period ending on the date of the purchase of a subsequent principal residence. This provision is intended to help younger homeowners who are trading up and seniors who may be looking to downsize. Another change in the new law is notable in enabling many more taxpayers to take advantage of the credit. Congress raised the income phase-outs for the credit. Previously, the credit phased out for single individuals with modified adjusted gross income (MAGI) between $75,000 and $95,000 and for married couples filing joint returns with MAGI between $150,000 and $175,000. Under the new law, phase out starts for single individuals with MAGI at $125,000 and for married couples filing joint returns with MAGI at $225,000. The homebuyer credit can be very valuable. The credit is also very complex. In addition to the provisions we have described, there are special rules for repayment, new documentation requirements, a purchase price cap, and more. Please contact our office for more details about the credit. Sincerely yours, Michael Silverberg, CFP, EA Coleman Cook, CFP, EA, MBA Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Anaheim Short Sale Another success !!!!!!!!

The seller had owned the home for 14 years and had refinanced multiple times.

He had one loan for $ 490,000

We received an offer for $ 335,000 with in 4 weeks of listing agreement.

The short sale took 5 weeks to get approved by the lender. Then 30 days to close escrow.

1st lender accepted $ 292,800

The bank paid all past due taxes, termite work, escrow, title and commissions.

This seller received a full settlement.

Interested in short selling your home contact Ann Urias with ReMax Homes and Estates Pre-Foreclosure division.

www.orangecountyshortsalerealtor.com for more info.

List with an experienced Orange County Short Sale Realtor.

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San Francisco Chronicle: Legitimized leasebacks picking up momentum
By Carolyn Said
11/11/2009
Last week, Fannie Mae announced its new "Deed for Lease" program, which allows homeowners in default to lease their home from the lender in exchange for signing over their deed. Now housing advocates and some political leaders say the concept should be expanded further. They hope the government will prod banks to follow Fannie Mae's lead, and they propose leases of three to five years followed by the option to buy back the home.

This is not as simple as it seems. Signing up a Deed back to the bank can bring complications, such as living the homeowners open for big liabilities on their mortgage delinquency if they are not able to negotiated a delinquency waiver and have it recorded settle as agree without any recourse in favor of the homeowner. Home owner should seek professional advice before getting in to any lease agreement and signing their Deed.

Would the bank accept a lease option for 3 or 5 years at today's market value????. If they would, why are they not lowering their balance when offering a loan Modification?

Is this another trap for the homeowner? We know that for years the banks have try to get in to real estate and to have control not just on the lending, but also on the sale of your home.

I see this as a way to allow the market to have an up correction while bank's recuperate the property values and foreclose on the homeowners as they get the opportunity.

Why you in the right mine lease a home from your bank after you have sign over the Deed on your property and be compromise for 3 or 5 years just to find out that you steel do not qualify for the purchase price, as most homeowner did not qualify on the original purchase. Yes they did, on a low interest only rate programs, an adjustable interest rates or the famous option payment plan.

This is just another move by Fannie Mae and the housing advocates and some political leaders to continuo to find a correction for their own private interest and having no regards for the citizens.

As Thomas Jefferson ones wrote: The day when the banks control Real Estate the sons and daughter of the citizens will be homeless.

We are fighting over the Health care propose by the Administration, Words in Afghanistan and Iraq, and we are forgetting the one subject that we are losing in our back yard, a word that is been neglected by our politicians that have only one interest, who is going to be the greater contributor to their campaign.

I am not a professional writer or have a great command of the English language but I am so P.... about our current housing situation that helps' me get courage to write as a voice of discontent

Oscar Matamoros

RE/MAX Metro Realty

Anaheim real estateis just getting crazy again - run of the mill 4 bedroom home gets 4 offers in three days and then wants "last and best offers" to choose from. Is this really happening again? Sure is, for the very popular 350-450 thousand dollar range of homes for sale in Anaheim. What happened to the buyers market? Well, the supply has dried up so now all the buyers are fighting over the reachable priced homes in Anaheim. My buyers chose not to participate, but 3 of the 4 others did offer a scecond and last bid. Price went up by 30,000 dollars. This will only stop when we have more inventory to sell - soon to happen I believe.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

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