Bill's Blog

Seaside Commercial Opportunity - Great Senior Housing Property

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 13 Aug 2009 18:53:37 -0500

Great Investment..... Great Price! $775,500

5690 sf building 8500 sf lot

Many water credits, MPWMD confirmed .979 acre feet as of 7/15/09. CURRENT LEASE NEGOTIATION PENDING.

Zoning and building are well suited for Senior or Transitional housing project!

Has a seperate living quarters with kitchen and 15 seperate rooms this property has many options...confirm with City of Seaside. Great for Owner user but also . Vacant lot next door not part of property.

Call Bill for more info

For Auto Property Updates via email go to www.TrackingHomes.com

Prices couldn't be better for investors

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 13 Aug 2009 18:20:14 -0500

Here's a home where the rents would cover the cost of investment

1640 Kenneth Seaside Ca 93955

3 beds and 1 bath on a corner lot.

1 car garage, hardwood floors and private back yard with large gate for vehicale access.

$169,500

Call Bill At 831-224-7718

Earn Free Cell Service - New Unlimited Data and Airtime Pre Launch - New Agent Tool - New Everybody Tool

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 02 Jul 2009 04:14:42 -0500

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Some other Tips to Discourage Burglars

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 01 Jul 2009 13:28:30 -0500

Zone burglar systems are good when your home because they can be active in a room you don't frequent while you are in a different part of the house.

Hiding valuables in the bedroom is the first place a burglar will look. Spread out your valuables in unsuspecting places like the garage, freezer or in removeable ceiling tiles or better yet in a safe that is attached to the hosue.

Big dogs unless trained don't make great guard dogs. Get a smaller dog that is yappy and barks a lot will make a difference.

Keep windows clear of large bushes or objects that might hide someone trying to break into your home.

Put motion sensors on lights outside and inside your home. You can also put lights in different parts of your house on timers to switch on and off at different times.

If you are going out of town tell a close friend or neighbor to pick up your newspaper. You never know who will get the info if you tell your newspaper or mail delivery service that you wnat to put a hold on delivery for a week or more.

I hope these tips help you to discourage those out there who take advantage of others. Remember that you'll never think it will happen to you but when it does you'll wish you had taken steps to discourage the invasion on your property. This tips will in no means guarantee that a burglar will not target your property but they will sure help to discourage many of them that would otherwise make an attempt.

Stay safe....

Bill C

To Automate Your Home Search Go To: www.Trackinghomes.com

Home Owner Mistake by Posting Alarm Signs at your Property

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 01 Jul 2009 13:18:31 -0500

Posting alarm signs at your property with details of the company can be a mistake. Think about it a sign identifying the alarm company will give an experienced burglar the information needed to potentially disable your alarm.

All the burglar has to do is buy a diagram of how that particular system is wired and voila he's in.

The solution is to buy a generic sign from a home supply store that simply says, " This House Protected by An Alarm System" As long as it doesn't give specific information it can be a good deterrent.

It can even be a good deterrent even if you do not have an alarm system installed.

Hopefull this will help protect your home.

Bill C.

AUTOMATE YOUR HOME SEARCH AT www.TrackingHomes.com

Housing Snapshot - Monterey County as of June 27, 2009

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 01 Jul 2009 12:58:43 -0500

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Monterey County, CA
Housing Inventory Snapshot June 27, 09
                                                  Average List Price                  Median List Price                Average Days On Market

Single Family under $1M         $454,924                                        $375,000                                          98
Single Family over $1M           $2,942,115                                 $2,077,000                                        133
Condo under $600K                     $307,105                                      $325,000                                         81
Condo over $600K                    $1,034,975                                      $785,000                                      119

MORTGAGE. National Averages (June 27, 09)
30-year fixedRate - 5.48%APR
15-year fixedRate - 5.01%APR
5/1 ARMRate - 4.08%APR -

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.

Thanks, Bill

AUTOMATE YOUR HOME SEARCH AT www.TrackingHomes.com

Is KW Profit Sharing Working?

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Mon, 29 Jun 2009 15:24:03 -0500

Looking into the Keller Williams model

I am currently with a 100% commission real estate group but found a group that offers agents the ability to receive 5% on a referred agents deals. Every deal they do you get 5% of it regardless of company profits. Not only that if those agents refer someone to the company you get 5% of all their deals too. It seams like this can really add up. This company is growing and seems to have a great model and agent support.

I like the huge brand of KW and know they have good resources and wanted to hear from other agents that have referred agents into the KW system if they are benefitting from that business?

I am hopeful some agents with teams are making a good income.

Thanks,

Bill C.

(CR#2114)

Loan Modification Fraud - Watch Out Consumers

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Mon, 29 Jun 2009 15:06:09 -0500

June 25, 2009-The California Real Estate Commissioner, Jeff Davi, announced the issuance of a Consumer Alert by the California Department of Real Estate (DRE) warning consumers about loan modification scams and informing consumers of what they can do to protect themselves.

"With so many people struggling to stay in their homes, foreclosure rescue scams have risen dramatically," DRE Commissioner Jeff Davi said. "The Consumer Alert will educate consumers and help homeowners avoid becoming victims to loan modification scams."

With new state and federal programs, as well as new laws and regulations in place, more and more loans are being successfully modified to keep homeowners in their homes. Earlier this week, the California Department of Corporations released the results of its first quarter survey of mortgage servicers, which showed that there have been more modifications during the first three months of 2009 than there were at the same time last year. While it is welcome news that more Californians are remaining in their homes, it is also important for consumers to make sure they understand their options in regards to loan modifications. The Consumer Alert can be a valuable resource, especially since unscrupulous operators are looking to take advantage of vulnerable consumers.

Loan modification scams are worrisome and widespread. Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October the DRE has filed over 200 Desist and Refrain Orders and Accusations involving loan modification scams and the list of offenders continues to grow. A list of the companies and persons the Department has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.

Enforcement efforts are not enough; consumer education is the key to preventing any further fraud. The Consumer Alert contains important information on how consumers can protect themselves against unscrupulous providers who collect advance fees promising financially stressed borrower's relief, but instead, do little or nothing. The alert also provides information on where to report fraud and what resources may be available to victims of fraud to recover losses suffered at the hands of illegal or incompetent operators.

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally. In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with the Real Estate Law.

The Commissioner encourages all consumers to log on to DRE's website at http://www.dre.ca.gov/mlb_adv_fees.html to check out any real estate broker wanting an up-front fee in exchange for loan modification help. Be aware, even real estate brokers with compliant advance fee agreements are prohibited from collecting advance fees for loan modification services involving a property against which a Notice of Default has been recorded.

No person is required to pay a third party for a loan modification. A consumer can simply call his or her lender or use the services of a nonprofit housing counselor. Commissioner Davi encourages consumers to visit the DRE's website for information on loan modifications. "Log on, look ‘em up and check ‘em out" to ensure that a company wanting an advance fee is properly licensed and can legally collect an advance fee before they sign on the dotted line.

For more information, visit www.dre.ca.gov.

TOP REASON WHY A HOME MAY NOT SELL

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Mon, 29 Jun 2009 14:55:34 -0500

TOP REASON WHY A HOME MAY NOT SELL

IMPROPER PRICING
NOT PROVIDING EASY ACCESS
POOR HOUSEKEEPING
FAILURE TO MAKE REPAIRS
POOR STAGING
LACK OF GOOD MARKETING
EMOTIONAL DECISIONS
NOT UNDERSTANDING THE MARKET
UNQUALIFIED PROSPECTS
CHOOSING THE WRONG AGENT OR NOT USING ONE AT ALL!

Sometimes we wonder why our home does not sell and usually your agent will let you know why. If not then maybe the list above can be helpful.

The business of selling your home is just that ...a 'Business'. If your agent is letting you know what the issues are then you should listen and follow through accordingly if it is feasible.

Your agent is there to help sell your home and they know how to get the job done.

10 Tips to Prepare Your Home For Sale

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Mon, 29 Jun 2009 14:49:59 -0500

Here are some very good and simple steps to take before you decide to put your home on the market. A first impression can really make a big difference to a buyer when they are considering several properties. More so than ever, especially in this market, buyers have so many options. If price is constant you have to find a way to make your home better than the others out there.

1. Thoroughly clean house & windows

2. Paint should look fresh inside & out

3. (Less IS More) Get rid of clutter & bulky furniture

4. Make your front door welcoming w/ mats, flowers etc.

5. Make sure your rooms are spotless always

6. Make sure your closets are tidy ready to be seen

7. Eliminate bad smells with diffusers, flowers & candles

8. Steam clean carpets if needed

9. Have your agent assist you with staging your home prior to pictures

10. For security put away any valuables, medications etc

If you have any questions please call or email me....

Thanks,

Bill Carmichael 831-224-7718 newcenturybill@gmail.com

New Agents Training Options

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Sat, 27 Jun 2009 09:30:02 -0500

There are so many great realty groups out there. I've been involved with several of the biggest franchises in the real estate industry and can say they proved to be beneficial in several ways. The training offered for new agents was always great for newbies but for the experience I had I seemed to always be looking for more.

A big part of belonging to a franchise always included a franchise fee which I was always trying to justify. "Am I getting the direct sales because of this company to justify the added costs from my commission"?

Then switching to groups with high commission returns without franchise fees maed more sense to me but for a new agent those groups didin't offer a good training option. There are numerous f'for profit' training groups out there that are not associated with a franchise that offer a solid base for new agents. I have seen a couple of them and they each offer tools to help a new agent.

In this real estate climate as well as the new wave of technology that so many people are utilizing we need to adjust to find the right fit for our individual needs.

I have come across a new group who are now in over 15 states and growing quickly. They offer a technology package which includes website, email, virtual tours, transaction management software, enhanced listings at www.Realtor.com, training and much more all for a low fee of $30/month. I currently spend well over $400 per month for similar products.

Not only do they offer training for new agents but also a different way to make an income from referring others to the group. There are existing companies which have grown well over the last few years with a similar concept but offer a profit sharing formula where one can earn a piece of reffered agents deals if the company makes a profit that month. This is great but a little different than this new company.

This new group actually offers a residual income by payiong 5% of every deal your referred agents close so if the national average is $6500 per deal and the average agents closes 5-6 deals a year then from that one agent you would actualize a return of almost $2000 from one referred agent. The amazing thing is if those agents you referred also refer agents then you also get a referral fee of 5% on every one of those referred agents.

I think this is the new wave in real estate that is just now starting to swell.

Bill C (ConnectRealty.com #2114 $4 one-time join fee until July 4th, 2009)

Great Carmel California Town Home in Great Complex

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Fri, 26 Jun 2009 17:54:21 -0500

3600 High Meadows Drive, Unit #1

Priced at $615,000

Situated in a very sunny area of Carmel

with easy access to the highway makes this unit a great home or possible rental property. This complex rarely sees units for sale and has an active board in place to maintain the property.

The complex is beautifully maintained with ample

funds for future repairs. This is a Planned Community with monthly fees of three hundred and seventy dollars which

covers the garbage, water, roof, exterior painting and

grounds. The owners own the land the unit is on which

includes the front patio area but not the carport.

Please call for a private showing!

www.BillCarmichael.com

TO AUTOMATE YOUR HOME SEARCH GO TO

www.TrackingHomes.com

10100 Oakshire in Carmel Valley Ranch, Carmel $1.1m 4 bed 3.5 bath

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 24 Jun 2009 16:31:30 -0500

10100 Oakshire, Carmel Valley, CA 93923

4 Bedroom 3.5 Bath 3350 square foot home. Priced well at $1,100,000

Carmel Valley Ranch offers a relaxed lifestyle with so many options within its gates. This private home offers over 3300 sf of luxury living space and a gourmet kitchen to spoil any chef. There is an office and seperate family rm downstairs along with the kitchen and living room with all the bedrooms upstairs. This is a great investment opportunity as well as a great home.

For more info go to www.billcarmichael.com

To Automate Your Home Search Go To : www.TrackingHomes.com

Great Carmel Valley Property $699,900

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 24 Jun 2009 16:23:12 -0500

1 Scarlett Road, Carmel Valley Ca 93924

Great property near mid-Carmel Valley situated on a 1 acre lot with views of Carmel Valley Ranch.

Second master suite with seperate entrance and interior staircase accessing second floor.

Huge amounts of storage under house with potential to increase living area square footage.

Home surfaces are original but in very good condition.

Great price even in this market. $699,900

More Info call Bill Carmichael at 831-224-7718 o at newcenturybill@gmail.com

www.BillCarmichael.com

To Automate Your Home Search Go To : www.TrackingHomes.com

What is the Best International Marketing for Luxury Properties

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 22:00:26 -0500

Does someone have the majic bullet for marketing propeties to the international market?

I know there are so many websites that anyone on the web can access but are there sites utilized that specialize in marketing to international markets.

Some groups use the Wall Street Journal which has their website.

Are there other services that post to multiple international targeted websites?

Thanks,

Bill Carmichael (ConnectRealty.com #2114)

Foreclosure Alternatives Program

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 16:10:17 -0500

Some information recently released and comments by California Association of Realtors and National Assoc. of Realtors

The Obama administration today announced new details under its Foreclosure Alternatives Program (FAP) enabling servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a Making Home Affordable modification but does not qualify or is unable to successfully complete the three month trial period. The program, effective through 2012, requires that prior to proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

C.A.R. is gratified that the administration has recognized the need to streamline the short sale and deeds-in-lieu processes, and has provided viable options to homeowners who have fallen behind on their mortgages but owe more than their homes would sell for in today's challenging market. C.A.R. also appreciates the efforts of our colleagues at NAR for keeping this issue front and center in our nation's capital.

Construction Financing - Is it Available?

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 15:09:25 -0500

YES!!!! Its out there but mostly in the private money market where there are higher rates and fees.

I have worked several times with a group in California that offers a loan at 65% of completed value with rates starting at 12.5%. The fees can add up where the total APR approaches 18% but if the numbers are good on the project and there are not other resources this can make sense.

These are mostly equity based lenders but they do like to work with borrowers who have a good track record which basically means you need decent credit and a good exit strategy.

If you need any information about this Construction Lender please call or respond to the blog.

Thanks,

Bill C

(ConnectRealty.com #2114)

First Time Home Buyer Tax Credit

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 15:01:01 -0500

Here are the basices....as with most items involving taxes please consult your tax specialist.

The Basics: 2009 First-Time Home Buyer Tax Credit

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

WHO QUALIFIES?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009. To qualify as a first-time home buyer the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

WHICH PROPERTIES ARE ELIGIBLE?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single family homes, condos, townhomes, and co-ops.

HOW MUCH WILL THE CREDIT BE?

The maximum allowable credit for home buyers is $8,000. Each home buyer"s tax credit is determined by two factors: The price of the home - the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer's income - single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 - may receive the maximum tax credit.

IF THE BUYER(S)' INCOME EXCEEDS THESE LIMITS, CAN HE/SHE STILL GET A CREDIT?

Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income - over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

WILL THE TAX CREDIT NEED TO BE REPAID?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

TAX CREDIT CAN BE USED ON CLOSING COSTS

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban development on so-called home buyer tax credit loans that was released recently. Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call recently.

As of 2009 this information is valid.

Connect Realty - Huge Agent Benefits & Potential Team Building Option

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 13:06:06 -0500

I'm Excited!

I just joined ConnectRealty.com and am acting as an independent contract recruiter to build a team, while in the process of transferring to ConnectRealty.com, Inc.

As a recruiter I will be able to build a team that will create a long term residual income. Once I become an agent there are so many benefits that I am excited about.

My goal is to build a team to offer additional benefits to beyond what ConnectRealty.com provides

Connect Realty offers so much right now but will offer so much more in the near future as their growth increases. As of right now they have over 2114 agents in aobut 15 states. I know since my number is 2114.

My plan is to build a team to counter balance my current 100% commission situation but once I can build a team the total sales should out weigh any loss of commmission on my deals I might experience.

I know of an agent with Connect Realty that has about 60 direct agents he has referred to join the agency and has a total around 130 agents in his referral team that generate income of 5% of each of their deals. I have heard his weekly checks are now sometimes well over $5000. He apparantly brings these checks into his weekly meetings to show potential agents. His case may be extroadinary but I would be happy with a peice of that.

Right now it is $4 to join until July 4th which is when the one-tiem fee will go back to $199. Their technology fee is $30/month.

$30/month Technology Fee Covers:

Website, Email, Enhanced Listing on Realtor.com, Syndication with 50 other websites, Fidelity Transaction Management System, Virtual Home Tours, Virtual Office and more to follow.

All this and the ability to build a team that you can earn commission of 5% per transaction. Not a profit sharing deal like some other groups that will only pay you if there is a profit in the company but 5% on every transaction.

To check out some info and look at Connect Realty Commission and residual calulator go to: http://new.connectrealty.com/Agent_Commissions.php

Any questions please call me, Bill Carmichael, at 877-211-1717 member #2114

Settlement Costs & Credits

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 12:34:39 -0500

Ask your trusted Realtor about Credits for closing/settlement costs.

You can roll those settlement costs into your loan by asking for a credit from the seller. Most banks used to only allow credits to go towards non-recurring closing costs which were everything except Loan payments, Property Tax and Home Owners Insurance.

The average settlement costs for Title Insurance, escrow fees , notary fees and others come to about $3000 on a nationa average but can double with the prorated fees as well as additional loan fees that might be charged.

In California I have done this for several clients. Ask for credits to go towards non-recurring, prepaid items and other various repairs which basically cover all possible fees to buy a home.

Ask your agent if this will work for you.... I only know wht has worked in Monterey, California so consult your trusted Realtor.

Short Sale Vs Foreclosure

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Wed, 17 Jun 2009 12:27:03 -0500

There are many reasons to Short Sale your property instead of just letting it go to Foreclosure. I will list a few below:

1) Save your credit from total destruction:
with foreclosure it is ruined for 10years
with a short sale you might at least be able to rebuild with 2 years or so with solid credit building.

2) If a primary residence the difference from what is owed to what the bank will take may be forgiven by the IRS
It is critical to consult your accountant since there are differences if you refinanced your property during your ownership.

3) If you let your house just go to foreclosure then you might regret not trying to save your credit.

4) By doing a short sale you are also helping to stimulate the economy sooner since a foreclosed home may take longer to come back on the market. This one might be a bit of a stretch but I believe there is validity to it.

Beautiful Horse Property In Carmel Valley

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Tue, 21 Oct 2008 17:37:47 -0500

Go to www.87PasoHondo.com for more info

A Carmel Valley Village Slice of Paradise.
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Price Now including vacant lot next door! $1,196,000
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This Carmel Valley Village ranch style home offers a large gourmet kitchen, great room, upstairs master bedroom suite with its own large living area with views of the river and hills framed by beautiful mature trees.
Stable your horse on the property and ride out the back into Garland Park, a nature preserve, with trails for hiking, mountain biking, fishing and horseback riding.
Mature fruit trees and vibrant drought resistant landscape complete this peaceful place in the year round warm carmel valley sun.
This updated home sites at the end of quiet Paso Hondo, making this the desired type of retreat that will help you feel like your on vacation every day.

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Seller motivated Bring Offers!
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Ask Bill how you can earn up to 200,000 in AirMiles with your closed real estate transactions!

HR 3648 Mortgage Forgiveness Debt Relief Act of 2007

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 21 Feb 2008 14:48:56 -0600

H.R. 3648 Mortgage Forgiveness Debt Relief Act of 2007

To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

12/20/2007--Public Law. (This measure has not been amended since it was passed by the Senate on December 14, 2007. The summary of that version is repeated here.)

Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer. Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent. Extends through 2010 the tax deduction for mortgage insurance premiums. Sets forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or (2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders. Allows members of a qualified volunteer emergency response organization (i.e., an organization that provides firefighting and emergency medical services) an exclusion from gross income for state and local tax benefits and for certain payments for services. Terminates such exclusion after 2010.

Allows certain full-time students who are single parents and their children to live in housing units eligible for the low-income housing tax credit provided that their children are not dependents of another individual (other than a parent of such children).

Allows a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met. Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed. Limits disclosure of tax return information that includes individual taxpayer identify information.

Imposes an additional penalty on S corporations for failure to file required tax returns.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

My Experience with Short Sales & Summary or Required Documentation

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 21 Feb 2008 13:46:01 -0600

I am currently invovled with several properties that are considered short sale properties. Because the debt on the house is higher than the market value and the owners are having trouble making their payments the lenders might consider taking less than what is owed on the property. Sometimes the bank will wait for the property to go to foreclosure if low offers are coming in during the short sale listing period.

These short sales can be complicated and take a lot of time preparing documentation and communicating with the banks involved. Each bank has its own set of documents it requires but for generality purposies here is a list that might be asked of a seller and buyer:

Seller: Buyer:

Fully executed purchase contract Purchase Contract

A Hardship/ explanation letter Pre-Approval Letter

2 years w-2's

last 2 months bank statements

last 2 paystubs

Tally of closings costs and settlement statement

Listing agreement

Broker Price Opinion or Comparative Market Analysis

Ususally a full package is required prior to sumission or the waiting period will likely be extended. Part of my job is to see that all these documents are complete and the lines of communication with the banks are open and clear.

Sometimes properties have more than one loan which can comlicate the process by negotiating with both banks to find a happy medium with everyone.

This Short Sale Market will likely be with use for severall years so it is a good time for buyers to capitalize on some affordable housing.

Please calll with any questions you may have or if you would like to meet about your real estate needs.

Definition of Short Sale

Bill Carmichael (NEW CENTURY REAL ESTATE GROUP, inc) — Thu, 21 Feb 2008 13:34:19 -0600

Short sale (real estate)

From Wikipedia, the free encyclopedia

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In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.
In short; A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
Lenders have a department (typically called a loss mitigation department) which processes potential short sale transactions. Typically, Lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located. Lenders have to approve of any buyer's or listing agent's commission in advance, a primary reason for non-brokered short sales with a specialist or facilitator to save on the margin. Many of these facilitators work with a private lending party for their financing, such as a partner or syndicate.
Lenders have a varying tolerance for short sales and mitigated losses. Some lenders do not allow any short sales; the majority have a pre-determined criteria for such transactions. Other distressed lenders may allow any reasonable offer subject to a loss mitigator's approval. "Red tape" is very common in short sales, similar to REO and HUD properties, requiring potentially multiple levels of approvals and conditions. Junior liens, such as second morgagees, HELOC lenders, and HOA (special assessment liens), may need to approve of the short sale. Frequent objectors to short sales include tax lieners (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even unrecorded) and mechanic's lien holders. It is possible for junior lienors to prevent short sale.
While it is frequent if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lienholder that is nont a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating the zero balance and settlement option on the mortgagor's credit report, or even flat refuse to do so "due to their financial loss."
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