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Fremont, CA

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Welcometofremont.com--Our New Home

10-23-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
  • view my blog
  • Office: (510) 742-3212
Before anyone gets too sentimental, welcometofremont.com is a new home for the blog. It's all part of a blog syndicate (blog once and having it populate to different blogs automatically). It's in the rough stages, so needless to say it may take a while before the real content gets published on a regular basis. So far, the blog is mirrored on 3 sites, so a total of 4:





So, I post to one and the all get posted, except for blogger (blogspot). I just can't seem to let it go. It's like an old friend. Bye for now.
Thanks for reading. Why not take some free things back with you? Visit these links below.

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Consider This Proposition--Prop 60, 90 & 110

10-21-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
  • view my blog
  • Office: (510) 742-3212
For the most part, if you are 55 and over, you can have your existing property tax payments carry over to your replacement property. This is mostly for replacing a Alameda County property in Alameda County and a Contra Costa County property in Contra Costa County. The two counties here also cooperate with each other. Other counties participate with each other too, but they are very slim to none.


I carry a Seniors Real Estate Specialist (SRES) designation as do some other real estate professionals. The SRES requires that the agent undergo a certain number of hours and courses geared to helping seniors attain qualified professional help regarding real estate matters. Although I am not a tax professional, and this is by no means tax advice, the courses introduced a few propositions that tend to spill into our line of business. And they tend to be a bit tricky, so please consult a tax professional before considering the move and the benefit.


I recently helped a couple sell and replace an Fremont CA home--Alameda County property with another Alameda County property. In a nutshell, the properties must close escrow the same day--we did. One of the claimants must be 55 or older or disabled (prop 110--is for disabled)--we did have a 55+ claimant. We filled out the forms. We called the tax assessor's office, etc. We were ready.


For reasons beyond the scope of this blog post, our claim was denied, temporarily. We will appeal the case because everything was in place exactly the way we needed it. Basically, the only variant was that the claimant was removed from the purchase contract 1 week later by order of the lender for the purposes of financing only. He was to be added back on title after the close of escrow. Trying to redraw loan documents and have the claimant added as a "non-borrowing spouse" would have cost us the most crucial part of the requirement, and that is closing escrow on the selling property exactly the same day as the replacement property. We did that against many odds. The title thing we had to deal with later. I will keep you posted on the appeal.


Advice to those who are considering the Proposition:
  1. close escrow on the same day
  2. be over 55
  3. all buyers be on the contract if lender likes it or not--be a "non-borrowing spouse" if applicable. DO NOT let the lender push you around AND
  4. remember #1 again.
Please consult a tax professional for further information on Prop. 60, 90 and 110. Here are two good links to get your started.
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So, How Was Your Day Showing Homes in Fremont?

10-20-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
  • view my blog
  • Office: (510) 742-3212
Some Fremont home buyers find me on the Internet. Recently, so did Agnus. She is a senior real estate home buyer who wants a home in Fremont. I met her briefly and had gone over the procedures (in detail) as to where we would meet on Saturday to look at homes for sale in Fremont. We were to meet at 9:00 am sharp where a cute condo for sale in Fremont was located. We had blocked out an hour and a half to view 5 homes so we should have been fine.


I had a feeling that something was going to slow things down when I remembered the last time we had looked at homes in Fremont. We got separated and the last two homes we were supposed to look at were never viewed except by me. Agnus got lost.


The day before we were going to meet, I sent her a Google map, a chronological list of homes to view along with an agenda as to when we were expected to be at any given time. We confirmed the first location and waited for Saturday 9:00am to come. Saturday 9:00am came; Agnus did not. A few minutes later, I called her, and this is how it went:


Me: Hello Agnus... Where are you?
Agnus: I'm at the Home Depot in Fremont.
Me: That's a long way from where you are supposed to be. Did you get the map?
Agnus: Yes, I got it.
Me: So, can you get here soon?
Agnus:I am on my way. How do I get there?
Me: I thought you said you have the map.
Agnus: I do, I just... Well... I got lost.
Me: Okay, we still have time, but we are running late. Just come straight down Fremont Blvd and follow it to Grimmer then go left then right to Osgood and Warm Springs.
Agnus: Oh.
Me: See you in a bit.


15 minutes later


Agnus: (my cell rings) I tried to call you.
Me: What's the matter? Where are you?
Agnus: I know where this is. I used to work here. I'm here.
Me: Oh, you see my red car. I am out in the street waiving my arms. I am in a charcoal grey suit. Are you by the fire station?
Agnus: What fire station? I'm here at KB Homes.
Me: Where is that. That is not around here
Agnus: It's where I used to work.
Me: What is your cross street. The seller has been waiting for us here for over 20 minutes.
Agnus: I'm on Milpitas Blvd.
Me: Oh. Agnus. You passed us. You need to turn around and go north to East Warren.
Agnus: Oh.
Me: Look. I am out on the street waiting for you. Just turn around and drive. Can you please?
Agnus: Oh, okay. I am on my way.
Me: Okay.


10 minutes later, Agnus drives up to the security gate from Warm Springs Blvd. (busy street). You know the kind of gate that if it is half way closed or open that it will still open again if you trigger the switch for outside or inside? Well, Agnus stopped well before the trigger and waited. She was half way out onto Warm Springs Blvd. and half way into the drive way. I for one had waited long enough at that point, so I had to use miming gestures for her to move forward in order for the gate to open again before it closed up. It turns out, she did not understand the international mime language of "hurry up and just go." It varies from country to country but for the most part it is usually indicated by frantic waiving of the arms while the hands point erratically forward. Miraculously, either she got the message, or my yelling, "GO!-GO!" did the trick. She drove into the complex.


After we viewed the first property 45 minutes late, I decided it was time that she no longer followed me, but rather I drive. When we miraculously convoyed to the next stopping point, I gestured for her to get in my car and that we would go together. She said, "no way." Taken aback a bit, I asked why. She said that she had just driven through a red light and been in horrible car accident the week before and totaled her other car and that this car she was driving now was a loaner. She said I would have to ride in her car. I gulped, hesitated then reluctantly got in with all my stuff.


I had to show five properties, and I've been pretty good at estimating over the years, so the rest of the appointment should have taken one hour and fifteen minutes max. Five hours later and recovering slightly from motion sickness, I helped her to write an offer on a property. A short sale property in Fremont.
Over the course of the day, we got honked at three times, missed a green light. (not going while it turned green) and all the while I wondered. Just plain wondered.


I lived to tell the tale and we are supposed to go look again at more properties soon. I'm driving.
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Bay Area Commission Rebate Tax Questions

10-20-09
HR Dadgar
HR Dadgar: Real Estate Brokerage in Fremont, CA
  • view my blog
  • Office: (510) 395-1267
  • Mobile: (408) 886-0124

Bay Area Commission Rebate

First of all I am not a CPA and I advice everybody to investigate what I am going to say here.

This is no legal or tax advice. I am a real estate broker and as such I can not give legal or tax advice

How much tax should I pay when I receive a Cask Back from a Broker or Real Estate Agent?

This question is normally asked by buyers who are about to get a cash back in escrow.

The answer is zero percent, but you can do it two ways. The hard way and the easy way.

Let's start with the easy way.

The easy way is to make your agent write it on the offer or purchase contract something in this formate:

Buyers will get $15,000 dollar cash back within the escrow.

The money you will get from your agent will be used to pay your closing costs and reduction of the purchase price.

Because you will not get paid outside the escrow, you will not get a 1099. If you do not get a 1099 then you most probably do not have to explain anything to IRS about this money. Everything is crystal clear. You get a price reduction from the seller in form of Commission Rebate from your agent. Seller paid a commission to your broker, thus his profit from the sale is decreased. You got this commission money from your Real Estate Broker, but this money is spend to get a better price for the house.

The hard way to do the same thing is to force your broker to pay you outside the escrow. Suddenly everybody have to explain themselves to IRS.

Title company issued a check to your broker for full amount and when the broker issue a check to you as cost of sale it might raise some questions with IRS.

Also you as buyer will get a 1099 and have to ask your CPA to explain to IRS that this money is really a reduction of sale price and not an income.

So let's keep things simple. Let's keep all the Cash Back, Commission Rebates or Buyers rebate within the escrow, to make life easier for everybody

Broker of American Dream Realty

HR Dadgar

Bay Area Buyers' Rebate

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Fremont Bank In Centerville--Will They Do It Again?

10-16-09
Jeff Pereyda Fremont-Newark-Union City Homes for sale
Jeff Pereyda Fremont-Newark-Union City Homes for sale: Real Estate Brokerage in Fremont, CA
  • view my blog
  • Office: (510) 742-3212
Last month one of our Fremont CA home-buyers found us on our website and after talking some things over with me, hired us to buy and sell their home. She is very happy with our services click here (then click Keniki). She wanted to use Fremont Bank for the purchase. She knew the reps there and naturally felt more comfortable in doing so. I would too.
It is still unknown to everyone as to why, but on three separate instances, Fremont Bank acted strange to put it mildly. Events 1-3 are completely true.
  1. During the home buying process, they asked the buyer to come to the office and sign their "refi documents." They did not know it was a purchase loan. Seems harmless on the front, but one of the revered real estate preambles is, "Time is of the essence." So, it freaked some people out. Yours truly was no exception.
  2. Later, they then asked the buyer to come in and sign the loan documents. According to them, it had to be done right away. The buyer rushed over from work and showed up 10 minutes to closing. Breathless, they asked for the documents, but no one from the bank knew what they were talking about.
  3. The next day, they received another call saying that they found the documents. They were on the desk the whole time. They needed to come in and sign right away.
Fremont Bank's closing costs were great, hardly anything at all when you compare, but at what cost was it to the buyer's well being. It's a good thing my buyer was quick thinking and dealt with stress extremely well while Fremont Bank dropped the baton, so to speak.
I now have another buyer who wants to use Fremont Bank for her home purchase in Fremont. I expressed some concern and explained the story to the new buyer. This was all done from an objective point of view, and I only recited facts. Her decision is to move forward with Fremont Bank. Let's hope the baton is passed successfully this time.
Thanks for reading. Why not take some free things back with you? Visit these links below.

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