Lisa Wiseman

I will be participating in the annual RSVP (Realtor Service Volunteer Program) the week of May 4th.

If you or someone you know could use some assistance with tasks such as:

Flipping mattresses
Cleaning windows
Yardwork
Replacing light bulbs and batteries
General organizing
Other light chores

Please let me know!(408) 591-7778

Me helping out during last year's event:

Not so good new for home owners who have purchased in the last few years, but good news for buyers. Affordability is higher than it's been in a decade.

Located in San Jose's Almaden Valley bedside community (75 min.south of San Francisco and Monterey), at one time the 2nd largest Quicksilver producing mine in the world, active for over 125 yrs. Over 83 million pounds of quicksilver was produced for everything from Civil War explosives to Victorian wine glass, to 20th century battery cells and thermometers.Prior to this, the area was used by the Ohlone Indians for the deep red mercury-bearing rock, Cinnabar.But enough of the park's history! This diverse county park, located in Silicon Valley boasts 4147 acres, miles of hiking (part of The City of San Jose's Healthy Trails Initiative), biking and horse trails, a mining museum, a variety of plants and animals, and fabulous views of Almaden, Silicon Valley, Loma Prieta, Mt. Hamilton,Mt. Umunhum.Having this treasure within minutes of your backyard is only one of the benefits to moving into this desired community.

The largest Whole Foods in the South Bay is expected to open in the first quarter of 2009!

The average sales price for Almaden single family homes in the past 3 months was $1,040,704

Fannie now allows investors to hold up to 10 mortgages and get Fannie Mae backed loans. The limit had been previously reduced to 4.

It's a good move - investors account for at least 22% of the market, and 75% of their purchases are single family homes, condos, and townhouses - so they can clear up some of the inventory.

If your Purchase Offer includes a credit from the Seller, and you are planning to pay points to buy down the rate, (there's never been a better time to pay points, because the rate reduction one will receive has rarely if ever been greater than it has been lately. Whereas a point may have bought down the rate a 1/4% to 3/8% in the past, now it's buying that rate down 5/8% to 7/8%).

MAKE SURE TO DESIGNATE THAT THE CREDIT IS FOR PAYING THE POINTS, IN ADDITON TO (or RATHER THAN) THE CLOSING COSTS on the Purchase Contract! Why? Because Points, REGARDLESS OF WHO PAYS THEM, can be written off by the buyer in the year in which they are paid (Tax Year of Close of Escrow date).
Example:

Your Purchase Offer provides for a $15,000 credit from the Seller, $7500 of which will be used to buy down the interest rate. DON'T put, "$15,000 Seller Credit to pay Closing Costs". Instead, put "$15,000 Seller Credit to pay $7500 in Loan Discount Points, and $7500 in Closing Costs". This provides the Buyer concrete proof that $7500 is going to pay points, so they'll have a paper-trail to prove that write-off.

Excellent for a First-Time Homebuyer who is also receiving the $8000 Tax Credit this year! In the example above, assuming a 33% tax bracket, a $7500 write-off would provide for a $2500 reduction in taxes, resulting in a total of $10,500 dollars of tax credit this year for a First-Time Homebuyer!

Sage advice from a saavy mortgage advisor I work with. Contact me if you'd like more information