San Diego Real Estate

100% Commission! Join Our Team! We are looking for a few good men and women!

Abacus Properties Inc. — Mon, 13 Oct 2008 19:28:58 -0500

Real Estate Agents needed for the San Diego Area.
New Agents Welcome!

We are here to service and help you be the best agents in town and at the same time let you keep most of your hard-earned commission!

We offer:
- up to 100% commission
- fees as low as $500 per transaction(plus $105 e&o insurance)
- no franchise fee
- low monthly fee of $29.99
- virtual office, work anywhere
- conference rooms available to meet with clients
- company IDX website
- direct access to broker
- on-going training to keep you up-to-date
- training/mentoring for new agents
- full time or part time

Call Kathy today to JOIN OUR TEAM!

Abacus Properties Inc.
"Always Looking for Great Agents"
(858) 674-6648 office
(858) 583-4631 mobile
http://www.AbacusPropertiesInc.com

slowing down on BPOs

Abacus Properties Inc. — Mon, 13 Oct 2008 17:38:44 -0500

I am experiencing a drastic slow down on BPO orders. I am wondering if this has anything to do with the bail out? Maybe this is only where I am? Probably the banks are still try to figure out the bail out and what they need to do. I would really appreciate your comments and feedbacks.

I hired another new agent today!

Abacus Properties Inc. — Fri, 10 Oct 2008 19:38:16 -0500

Please help me welcome Tracy Luu to our Team! She is a broker/associate. Tracy speaks fluent Vietnamese, Cantonese, as well as Chinese! What a great asset she will be to our company! To contact Tracy, please call Abacus Properties, Inc. at (858)674-6648, or visit our website at www.AbacusPropertiesInc.com.

At Abacus Properties, Inc., customer service is ALSO our #1 priority!

Please help me welcome our newest agent!

Abacus Properties Inc. — Fri, 10 Oct 2008 19:32:08 -0500

I am excited to welcome Hanna kang to our Team! She has been serving the Chinese community in San Diego for a number of years. She is dedicated to providing top service to all her clients! To contact Hanna, please call Abacus Properties, Inc. (858) 674-6648, or visit our website at www.AbacusPropertiesInc.com.

What Can You Deduct When You Own a Home?

Abacus Properties Inc. — Fri, 10 Oct 2008 19:20:40 -0500

For tax purposes, deductions for residential real estate held for personal use generally fall into two main categories:

· costs that can be deducted as expenses from a buyer's or seller's personal income on a tax return
· costs that can be used to alter the basis of the home, with the idea of lowering the capital gains

Note that a second, or vacation, home generally qualifies for all of the same deductions as a principal residence provided that it isn't rented for a significant portion of the year.

Buyers may deduct the following items associated with buying a home as expenses on their personal income tax in the year that they buy the home.

Points-including loan origination fees and loan discounts, provided that the home is your principal residence, the amount is clearly stated on the settlement statement, and the purchase meets the nine criteria for deducting points established by the IRS. (See www.irs.gov/prod/forms_pubs/pubs/p53001.htm for details on these criteria.)

If the buyer doesn't satisfy all of these criteria, points must be prorated and deducted over the life of the mortgage.

Buyers may add the following costs associated with a purchase to the basis of their home. These additions will increase the basis and serve to lower the capital gains liability when the home is eventually sold:

1. Transfer or stamp taxes and recording fees, if paid by the buyer.

2. Title abstracts.

3. Title insurance.

4. Attorney's fees for preparing their documents for closing.

Buyers cannot deduct as expenses on their income tax or add to the cost basis of the home:

1. Fees for an appraisal required by the lender.

2. Rent paid to occupy the home before closing.

3. Cost of credit reports.

4. Loan assumption fees.

During the period of homeownership, owners of single-family homes, condominiums, coops, and other types of property occupied as a principal residence may deduct the following items as expenses each year on their income tax returns:

1. Interest paid on a mortgage loan(s) of $1 million or less taken out to buy, build, or improve a home. If the loan amounts you owe on your first and second home together exceed $1 million, not all interest is deductible. Note that married couples filing separately may each deduct interest on a total mortgage debt of $500,000.

2. Late payment charges on mortgage payments

3. Real estate taxes paid on the home in the year they are paid

Homeowners may not deduct:

1. Homeowners association dues or assessments.

2. Premiums for fire or homeowners' insurance. (Note that this is often included in the monthly house payment.)

At the time of the sale, the sellers may deduct the following expenses from their income taxes:

1. Any reserved real estate taxes credited to the buyer at closing. However, these deductions can't be taken until the year that the property taxes are actually paid to the taxing body.

2. Any mortgage interest paid for the portion of the year that the house was owned.

3. Any remaining, undeducted points for the satisfied mortgage.

In calculating the capital gains resulting from a sale, the sellers may add the costs following items to their existing basis:

1. Transfer or stamp taxes and recording fees, if paid by the seller.

2. Recording fees, if paid by the seller.

3. Attorney's fees for preparing their documents for closing.

4. Real estate commissions paid to a broker and sales associates.

5. Money spent to repair the house prior to sale, if spent within 90 days of the sale.

Tax laws can change frequently. Always consult an accountant or tax attorney if you have questions on real estate tax issues.

For all your real estate needs, contact us at Abacus Properties, Inc., where customer service is our priority!

Kathy Low/Broker

Abacus Properties, Inc.

(858)583-4631

www.AbacusPropertiesInc.com

Halloween will suck this year...

Abacus Properties Inc. — Fri, 03 Oct 2008 20:12:48 -0500

San Diego Home Buyer's Guide to Escrow...Who pays for what?

Abacus Properties Inc. — Mon, 29 Sep 2008 15:28:05 -0500

Here are the traditional distribution of expenses associated with a purchase of real estate. However, many of these items can be negotiated by both parties at the time of the offer, excluding some expenses required by the lender to be paid specifically by seller.

Buyers typically pays for:

Escrow fees
Document preparation(if applicable)
Notary fees
Recording charges for all documents in buyer's name
Termite inspection(according to contract)
Tax proration(from date of acquistion)
All new loan charges(except those required by lender for seller to pay)
Interest on new loan from date of funding to 30 days prior to first payment date
Assumption/Change of Records fees for take-over of existing loan
Beneficiary Statment fee for assumption of existing loan
Inspection fees(roofing, property inspection, geological, etc.)
Lender's policy
Fire insurance premium for first year

Seller typically pays for:

Real estate commission
Escrow fees
County documentary transfer tax
Homeowner's transfer fee
Applicable city transfer/conveyance tax
Document preparation fee for deed
Any loan fees required by buyer's lender
Payoff of all loans in seller's name
Interest accrued to lender being paid off
Statement fees, reconveyance fees and any prepayment penalties
Termite inspection and termite work(according to contract)
Home warranty
Any Judgements, tax lien, etc. against seller
Tax proration
Any unpaid homeowner's dues
Recording charges to clear all documents of record against seller
Any bonds or assessments
Any and all delinquent taxes
Notary fee - escrow fee
title insurance premium: Owner's Policy

If you are relocating to San Diego, Call our Team at Abacus Properties, Inc. to assist you in finding your dream home! Call Kathy TODAY to start your home search!

Kathy Low

Broker

Abacus Properties, Inc.

(858) 583-4631

www.AbacusPropertiesInc.com

Home Seller's Guide to Listing...Ready for Listing Checklist

Abacus Properties Inc. — Mon, 29 Sep 2008 15:23:44 -0500

Landscaping

Lawn in good condition
Hedges trimmed
Yard cleared of leaaves & papers
Fence in good repair

Home Exterior

Painted & repaired
Doors work easily & silently
Doorbells operating
Driveway free of grease

Garage

Doors work easily & silently
Workbench & tools neatly arranged
Floor cleaned & in good condition

Living Room

Walls & ceiling freshly painted or cleaned
Curtains clean & in good condition
Carpeting clean & in good condition
Windows clean

Kitchen

Range & oven clean
Sink clear of dishes
Cupboards neat
Faucets in good repair
Windows clean
Walls & ceiling freshly painted or cleaned

Bedrooms

Walls & ceiling freshly painted or cleaned
Beds made & toys put away
Closets neatly arranged
Cutains clean & in good condition
Windows clean

Bathrooms

Floors cleaned & in good condition
Lavatory & commode clean
Shower & tub clean & in good condition
Faucets in good condition

If you are thinking of selling your home, let our Team at Abacus help you get the best possible price at the least time for you!

Call TODAY to get a free Market Analysis!

Kathy Low

Broker/Team Leader

Abacus Properties, Inc.

(858)583-4631

www.AbacusPropertiesInc.com

Escrow 101 - Closing Costs

Abacus Properties Inc. — Mon, 29 Sep 2008 15:19:48 -0500

This list will give you an idea of what items are typically included in closing costs(not the specific amounts, as fees can vary). The buyer and seller may negotiate "Who Pays What", but once the contract is signed, instructions cannot be changed unless mutually agreed upon by all parties in writing.

Real Estate Commission

If the property is listed or sold by an agent, there will be commission(s) to calculate.

Taxes

The seller is required to pay the property taxes through the last day of ownership.

Homeowner Insurance

The buyer will purchase a fire and hazard insurance policy. Frequently the lender requires the first year's insurance premium to be paid at close of escrow.

Assessments and Liens

Assessments or liens against individuals and/or the property must be paid off before the close of escrow. The title company will normally show much of this information in the Preliminary Report or Commitment and the escrow officer will work with the appropriate parties to clear up any problems so that the escrow my close.

Escrow Fees and Title Insurance

Depending upon the customs of the area, the seller or the buyer can pay the title insurance fee that is referred to as the owner's(or homeowner's) policy. The owner's policy covers the new owner's interest and "title" to the new property. The buyer typically pays for the "lender policy" that will cover the new lender's interest in the "title" to the property. "Who Pays" the escrow fee is frequently dictated by county or regional custom, but is generally split between the buyer and the seller except on certain types of government loans.

Inspections and Other Fees

Attorney's fees
document preparation fees
loan fees
notary fees
pest inspection
tax service fees
deed recording charges
home warranty
natural hazard disclosure report
pest correction costs
special courier or delivery fees

Thinking of buyer or selling your home? Let our Team at Abacus Properties, Inc. serve you! Call TODAY!

Kathy Low

Broker

Abacus Properties, Inc.

(858)583-4631

www.AbacusPropertiesInc.com

Does my buyer have to pay tax on the rebate I gave him?

Abacus Properties Inc. — Wed, 24 Sep 2008 20:04:35 -0500

I have always been told, by my CPA that my company has to issue 1099s to buyers who received rebates from my agents. However, today, one of my agent told me the IRS has ruled that buyers do not have to pay tax on credit or rebate from their broker when purchasing a home.

Until I get the gree light from my CPA, I will continue to issue 1099s when my agents give rebates to their clients. It is up to the buyers to report the rebates, or not.

Can anyone out there clarify this? Thanks.

San Diego Home buyer's guide to Escrow...Who pays for what?

Abacus Properties Inc. — Mon, 22 Sep 2008 20:34:19 -0500

Buyers typically pays for:

Escrow fees
Document preparation(if applicable)
Notary fees
Recording charges for all documents in buyer's name
Termite inspection(according to contract)
Tax proration(from date of acquistion)
All new loan charges(except those required by lender for seller to pay)
Interest on new loan from date of funding to 30 days prior to first payment date
Assumption/Change of Records fees for take-over of existing loan
Beneficiary Statment fee for assumption of existing loan
Inspection fees(roofing, property inspection, geological, etc.)
Lender's policy
Fire insurance premium for first year

Seller typically pays for:

Real estate commission
Escrow fees
County documentary transfer tax
Homeowner's transfer fee
Applicable city transfer/conveyance tax
Document preparation fee for deed
Any loan fees required by buyer's lender
Payoff of all loans in seller's name
Interest accrued to lender being paid off
Statement fees, reconveyance fees and any prepayment penalties
Termite inspection and termite work(according to contract)
Home warranty
Any Judgements, tax lien, etc. against seller
Tax proration
Any unpaid homeowner's dues
Recording charges to clear all documents of record against seller
Any bonds or assessments
Any and all delinquent taxes
Notary fee - escrow fee
title insurance premium: Owner's Policy

If you are relocating to San Diego, Call our Team at Abacus Properties, Inc. to assist you in finding your dream home! Call Kathy TODAY to start your home search!

Your Home Team

Abacus Properties, Inc.

(858) 583-4631

www.AbacusPropertiesInc.com

Welcome Kathy Foley to our Team!

Abacus Properties Inc. — Wed, 17 Sep 2008 18:52:11 -0500

Please help me welcome Kathy Foley to Abacus! Kathy Foley has been successfully helping families in San Diego buy and sell homes for many years and she will be a great asset to our Team! Her expertise extends from the I-15 corridor to the coast. Her knowledge of the San Diego market as well as over-the-top customer service will be a delight to her clients, both past and new.

I just signed up with Res.net

Abacus Properties Inc. — Tue, 16 Sep 2008 22:46:24 -0500

I have been really weary about REO sites that require you to pay. After a long period of observation, I have decided it is probably wise to spend $250 to sign up with Res.net. Seems to me a lot of lenders use them for their REOs. I would like to hear your thoughts and feedback on Res.net as well as other sites that promise REO listings.

List of REO/BPO companies

Abacus Properties Inc. — Mon, 15 Sep 2008 21:42:52 -0500

I have compiled a list of 70+ national asset management companies who are looking for local professionals to list bank-owned properties and complete BPOs. This list provides direct links to sign up with them online. This will be a only list you need to break into the industry, or, add to your REO business.

I know you can surf the web and get the same info...BUT WHY WASTE TIME! I HAVE DONE ALL THE WORK FOR YOU!

Cost for the list is $29.99

Please email me if you are interested. I will send you an invoice. Once I receive payment(you can pay by credit card online), I will email you the pdf file.

Occupancy checks scare me...

Abacus Properties Inc. — Mon, 15 Sep 2008 20:06:23 -0500

I believe the one thing that really scares me about REOs would be doing the initial occupancy checks. You never know who or what you are dealing with behind those doors.

All for you experienced listing agents out there, how do you accomplish this time and time again? Do you do it yourselves, or hire someone?

20,000 points!

Abacus Properties Inc. — Mon, 15 Sep 2008 19:59:29 -0500

I am please to annouce that I am over 20,000 points!!!

Well, this is the post that will bring me over the 20,000 mark!

Yes, I am only posting this to get over 20,000 points!

I must say I am addicted to AR. And I have received a couple of buyer leads and one agent today looking for a broker!

I need help...What is a retro BPO?

Abacus Properties Inc. — Mon, 15 Sep 2008 19:53:46 -0500

I just got 2 orders for retro/historical BPOs. First of all, I would like to know why lenders and AM ask for them? They are looking for values back in 2005. I assume I have to go back in time and pretend I am pricing the homes in 2005.

I know appraisers do this for cases where a spouse passed away and they need to get a step up value when the surviving spouse sells the home.

One good thing is they do not require any photos...so no driving.

If any of you have done these BPOs, please give me some advise. Thanks

BPO company that pays really fast!

Abacus Properties Inc. — Mon, 15 Sep 2008 19:49:16 -0500

I have just done my first BPO for RRReview and I got paid within a week! That's a breath of fresh air when all the other companies I work for pay in 30 days. A catch though, they only pay $40 for exterior BPOs. I just finished an interior BPO for them where initially they offered me $65, I countered them at $75, but they said they could only pay me no more than $70, which I accepted. Another good point about RRReview is they don't blast orders, those orders were actually assigned to me. I probably won't do any orders that require me to drive far, but their fast payment is awesome!

Please share if you know any other good comapnies out there.

Million dollar listings

Abacus Properties Inc. — Sat, 13 Sep 2008 20:26:14 -0500

I am hooked on this new TV show on Bravo, Million Dollar Listings. It's about 3 yound Los Angeles agents, in their 20s, selling million dollar homes in Bel Air, Malibu, nothing below 3 million. They face the same problems and challenges as your average agent. And it is heart warming to see they face the same problems and challenges as your average agents.

I wonder if any of you out there also watch the show? What do you think?

National Valuation Service

Abacus Properties Inc. — Sat, 13 Sep 2008 19:52:56 -0500

I just signed up with National Valuation Service. Can anyone tell me if they are easy to work with, if they pay on time? Do they give out REO listings or are they just a "mill"? How much do they pay for BPOs?

I try to spend some time every week to sign up with new asset management companies. Hopefully this will pay off in the near future.

100% Commission! Join Our Team! We are looking for a few good men and women!

Abacus Properties Inc. — Sat, 13 Sep 2008 19:36:46 -0500

List of REO/BPO companies

Abacus Properties Inc. — Fri, 12 Sep 2008 19:52:29 -0500

I know you can surf the web and get the same info...BUT WHY WASTE TIME! I HAVE DONE ALL THE WORK FOR YOU!

Cost for the list is $29.99

Please email me if you are interested. I will send you an invoice. Once I receive payment(you can pay by credit card online), I will email you the pdf file.

My goal for 2008...less than 3 months to go!

Abacus Properties Inc. — Fri, 12 Sep 2008 19:12:23 -0500

Believe it or not, 2008 is almost over! With less than 3 months to go, my goal is to hire 7 more agents. I need all the help I can get from my fellow rainers! Because of the depressed market, it's been really hard hiring agents, especially good agents!

Brokers, what are you doing that is working?

Agents, what are you looking for in a broker? I know change is not easy, but what motivates you to actually take the move?

Favourable court decision for Realtor

Abacus Properties Inc. — Fri, 12 Sep 2008 10:44:14 -0500

This just came to my attention after I posted about whether agents use the Buyer Broker Agreement.

California appellate court enforced a real estate broker's right to compensation under C.A.R.'s buyer-broker agreement.

Schaffter v. Creative Capital Leasing Group, essentially involved a buyer who, in 2002, entered into C.A.R.'s buyer-broker agreement, which was a precursor to the current Buyer Representation Agreement-Exclusive (Form BRE). The agreement obligated the buyer to compensate the real estate broker upon entering into 16 contracts to purchase new units in certain condominium developments. The buyer closed escrow on eight of these transactions and defaulted on the others, yet failed to pay the broker the compensation as promised. For the eight defaulted transactions, the buyer and seller mutually agreed to return all but $1,000 of the buyers' deposits to the buyer.

The broker in this case sued the buyer for the unpaid compensation for all 16 transactions. C.A.R. submitted an amicus curiae or "friend of the court" brief in support of the broker's position. The buyer, however, argued that the mutual agreement between the buyer and seller to unwind the transactions extinguished the buyer's obligation to pay the compensation. The court disagreed. The court observed, "As CAR explains in its amicus brief, the 'default' provision of the Buyer Broker Contract recognizes that when a buyer defaults under a purchase agreement, it would not be fair to deny the broker the right to be paid for services rendered under the Buyer Broker Contract." The court also stated, "The seller's post-default conduct is, of course, immaterial to determining whether the buyer defaulted." The court awarded the broker the compensation owed for all 16 transactions, plus attorneys' fees and costs.

Way to go!

Looking for GREAT AGENTS to JOIN OUR TEAM!

Abacus Properties Inc. — Sat, 06 Sep 2008 19:13:23 -0500

Our company philosophy is: "Agents are the talents. Agents are the bosses. We are dedicated to providing superior service, training and care to our TEAM members, so that our Agent Team can in turn provide over-the-top customer service to the clients."

Since we believe our Agents make the company, our Agents makes 100% of their hard-earned commission.

Whether you are an experience Agent, a new Agent, or just thinking of getting your real estate license, we can help you be the best Agents in town.

We want to cultivate long and profitable relationships with our TEAM.

Please contact our Team Leader, Kathy, to JOIN OUR TEAM!

www.AbacusPropertiesInc.com

Abacus Properties, Inc.

(858)674-6648 office

(858)583-4631 mobile