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real estate add on fees: California Home Sales Continue an Upward Swing - 12/08/09 10:36 AM
Positive business news comes from California Association of REALTORS, which reported that October 2009 Home Sales Increased as compared with the same period during 2008.

C.A.R. Report highlights:
Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate. Information collected from more than 90 local REALTOR associations statewide.
CA home resale activity increased 1% from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9% compared with the previous month. The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the October pace throughout … (9 comments)

real estate add on fees: First California Stand Alone Mortgage Fraud Bill Passed by Legislature ~ Now on Governor's Desk for Expected Signing Into Law - 09/17/09 01:33 AM
The California State Assembly approved the state's first stand alone Mortgage Fraud Legislation by a 76-0 vote during week of September 11, 2009. 
This bill would establish California's first stand alone mortgage fraud law treating the crime as a felony. 

The California State Senate had earlier approved the measure, SB 239, by a vote of 39-0.
If signed into law by Governor Terminator (We hope and expect that he will sign), this legislation will make it a felony for any person to knowingly make or use any deliberate misstatement or omission during the mortgage lending process, with the intention that it be relied on by a mortgage lender, … (4 comments)

real estate add on fees: Guidelines for Successful Buying of a Foreclosed Property - 08/20/09 09:32 PM
REALTORs and Real Estate Professsionals will tell you that there are important guidelines to follow for successful buying of a foreclosed home or property.
Look at the numbers. It's important to look at anticipated net annual operating income (rent to be received less expenses) from the property (numerator) and compared to the amount you will paying for the property (denominator).  That's CAP rate.  The higher the CAP rate, especially if it is over 6, the better situation for you as owner investor.
Make sure you can afford the purchase. Do you have money on hand for extensive repairs some of these houses need? Do you have somebody to rehab this home?  … (4 comments)

real estate add on fees: How to Get and Use the First Time Homebuyer Income Tax Credit Money - 07/28/09 12:03 PM
How Does the Buyer Use and Take Advantage of the First Time Homebuyer U.S. Income Tax Credit?  See and download form 5405 from IRS website  ~  Form 5405 "First Time Homebuyer Credit" (click here). The credit is for up to $8,000 or 10% of the purchase price of the new home with an $8,000 maximum. For a 2009 purchase the buyer has the option of claiming the credit on their 2008 return or their 2009 return.  This is a fully refundable credit, so there isn't a reason to wait. This IRS form 5405 (click here) is to be filed with form 1040X Amended 2008 US Individual Tax … (3 comments)

 
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Harrison K. Long, business, REALTOR®, GRI, Broker

Irvine, CA

More about me…

Explore Group, Coldwell Banker Previews, Irvine, South OC

Address: 6833 Quail Hill Parkway, Irvine, CA, 92603

Office Phone: (949) 854-7747

Cell Phone: (949) 701-2515

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