Santa Maria, CA

If I had to say three things Santa Maria California was known for it would be strawberries, tri-tip barbeque, and now its wine country:

• Strawberries are honored at the yearly Strawberry Festival. And although the number of strawberry stands has decreased over the years, you can still get some of the best strawberries in the country from Santa Maria fields.

• As for barbeque, well, it took awhile for me to realize that barbeque was a big deal here. My mom is from Texas, and for me barbeque ain't barbeque unless there is sauce on it. Santa Maria barbeque is a different kind of animal. No sauce, red oak, salt and pepper. That's Santa Maria style. Just take a run down Broadway on Saturday or Sunday and follow the smoke and you'll find some. Barbeque lunches and dinners are a fundraising favorite for almost every type of organization in Santa Maria and Orcutt.

• "Wine Country" is a relatively new moniker for the Santa Maria Valley, although the wineries have been here for years. However, after the movie Sideways, our region really began to be known for its grape juice. Now you can't go anywhere in town without hearing about a new wine tasting room or vineyard popping up.

It's been said that "Baseball is America's past time, but Football is America's passion." Do you agree?

I completely agree. Being an avid Football fan in the country gives one permission to emotionally express yourself in fanatical ways, otherwise unacceptable in our jaded, day-to-day culture.

That said, Whose colors and jerseys will you be wearing this Sunday...The Colts or The Saints?? As a Steeler, fan, I am rooting for the AFC COLTS, but those NFC SAINTS have had an AMAZING year, and Santa Maria's very own Mark Brunell has a shot at a Superbowl ring! Mostly, I am looking forward to a GREAT game!!

The California Association of Realtors Housing Affordability Fund announced the creation of a Mortgage Protection Plan for first time home buyers. This program was developed to give first time buyers some incentive to buy homes in an uncertain economy. Although buyers don't seem as if they need any further incentive to buy right now, with bidding wars and multiple offers the usual situation in the Santa Maria and Lompoc markets, when this program was conceived buyers were very hesitant to enter the housing market. So, this program was meant to give some assurance to those on the fence about buying.

Eligible buyers who enter into a contract for purchase after April 2, 2009, and close before December 31, 2009 can apply for the program. It provides limited assistance to buyers who buy their first home and then lose their job. Buyers who have not owned a home in the past 3 years can receive up to $1500 per month for 6 months, and co-buyers are eligible for up to $750 per month, to assist in making mortgage payments. The buyer must be a W-2 employee (not self-employed), the property must be located in California, and the buyer must use a Realtor in making the purchase. Most importantly, the program is completely free, and Mint Properties assists its eligible buyers apply for the program.

Update 12/15/09 - this program has been extended through 2010.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

Short sales are not typical sales by any stretch of the imagination. In a short sale, the seller asks the bank to allow a sale even though they owe more on the mortgage than the property is worth. Accordingly, the seller is not permitted to take any proceeds from a short sale. In a "normal" sale, sellers have a vested interest in getting the highest price for their home. A higher offer means a bigger net for the seller.

In a short sale situation, sellers tend to be more concerned with relieving their financial pressure by finishing the short sale, rather than obtaining the highest possible offer. Indeed, since some banks take 2 -4 months to process a short sale, just getting to the finish line with any interested buyer is quite an accomplishment. However, short sale sellers should still be concerned with obtaining the highest price for their property for the following reasons:

1. The bank may not accept a low offer. Presenting a low offer may delay the short sale's completion, If you submit too low of an offer to the bank for consideration, they may simply reject that offer, close the file and require you to start the process all over again with a new offer. That may mean beginning a 3 month process all over again. Or, if you are close to the auction date, they may choose to simply foreclose. The bank will order a broker price opinion and/or an appraisal to determine the market value of the property, they will not simply accept the offer you submit. So, it is important that the offer represent the market price for the property.

2. You could be responsible for the deficiency. The deficiency amount is the difference between the amount owed on the mortgage(s) and the amount that lender received in the short sale. So, if $500,000 is owed on the property and only $250,000 can be obtained in a sale, the deficiency amount would be $250,000 plus the transaction costs of selling, including commissions. Sellers should keep in mind that not every bank will forgive the deficiency with a short sale. Indeed, some will explicitly reserve the right to pursue the deficiency amount, leaving the short sale seller to negotiate a settlement with the bank, or in some cases with a collection agency. The bigger the deficiency, the more you will owe and the higher the settlement amount will probably be.

3. Tax debt forgiveness is limited. You may be responsbile for taxes on the amount of the loan that was forgiven. Under the Mortgage Forgiveness Debt Relief Act of 2007, federal tax forgiveness is limited to $250,000 for one person (or $500,000 for married joint filers). Deficiency amounts exceeding those limitations would be subject to federal tax. In addition, if the home you are short selling is not your personal residence, you may be subject tax on the entire deficiency (or forgiven amount). The larger the deficiency, the more tax liability you may have.

I specialize in helping people buy and sell short sale properties. If you are considering a short sale of your property, please feel fee to give me a call at (805) 878-9879 and set up an appointment for a consultation.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

* Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement - this blog does not offer legal and tax advice.

Here is my system for quick and simple end-of-year tax filing. Using this system, I have current profit-and-loss calculations available at any time. As a big bonus, I complete my bookkeeping by December 31st each year — my business deductions are ready for my accountant to prepare my tax return early!

When you have a simple system and make a good habit of sorting frequently, you will feel less stressed, less overwhelmed, and much more productive. Not to mention that you’ll probably save a few hours each week by NOT having to search for “lost” stuff! Any time you need something important, it’s right there at your fingertips.

A. Incoming Sorting System

B. Daily Working Files

C. Working Files – in File Cabinet

D. Reference Files – in File Cabinet

E. Archive files – Boxed Up in Storage

Stay tuned for a blog on each of the above categories! Invaluable tips for getting & staying organized.

Regina P. Brown
Broker, Realtor®, e-Pro
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice

Text copyright © 2010 R.P. Brown, All Rights Reserved