Fremont Real Estate Blog - Realtor for buyer's interested in Schools in Fremont, San Ramon, Pleasanton

New Listing 1404 Xavier Ave. Hayward, CA 94545

Fri, 04 Dec 2009 23:41:51 -0600

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-388-2436

1404 Xavier Ave, Hayward, CA

Beautifully refreshed Large Hayward Home Near Southland Mall

4BR/3BA Single Family House

offered at $480,000

Year Built	1979
Sq Footage	2,249
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	5,250 sqft
HOA/Maint	$0 per month

DESCRIPTION

Regular Sale - (not REO or Short sale) Move-in condition, with new paint inside, new flooring, new baseboards, new toilets, new roof, 5 yr old furnace, section 1 clearance, new stove, some new lights, with easy access to San Mateo Bridge, Hwy 880 and opposite Southland Mall.

Open House 12/5-6 1-4pm

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Family room	- Living room	- Dining room
- Breakfast nook	- Dishwasher	- Stove/Oven
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Sunil Sethi

SUNIL SETHI REAL ESTATE

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Dec 4, 2009, 8:22pm PST

New Listing 35586 Rockland Ct., Fremont, CA 94538

Thu, 12 Nov 2009 00:07:59 -0600

Sunil Sethi | SUNIL SETHI REAL ESTATE | 510-388-2436

35586 Rockland Ct, Fremont, CA

Fremont Niles District, 10 Yrs Old, Detached 5BR/3BA

5BR/3BA Single Family House

offered at $725,000

Year Built	1999
Sq Footage	2,590
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	6,746 sqft
HOA/Maint	$0 per month

DESCRIPTION

Regular Sale (Not a SS or REO).

Open House Sat/Sun 2-5pm (11/15-16).

This is the home you're looking for. It's modern, bright, & spacious, with breath taking views of a Japanese garden and hillside views. It offers hardwood flooring, wall-to-wall carpeting, and a see through gas burning fireplace. Designer paint finish. Ready to enjoy.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Family room	- Living room	- Dining room
- Breakfast nook	- Dishwasher	- Stove/Oven
- Microwave	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Sunil Sethi

SUNIL SETHI REAL ESTATE

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 11, 2009, 8:51pm PST

New Listing at 39865 Cedar Blvd. #342, Newark, CA - 2BR/2BA Condo

Fri, 18 Sep 2009 05:35:19 -0500

Sunil Sethi | Show and Sell Realty | 510-388-2436

39865 Cedar Blvd. #342, Newark, CA

2BR/2BA Condo Newark, Regular Sale, Clean Attractive Unit

2BR/2BA Condo

offered at $225,000

Year Built	1986
Sq Footage	1,071
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Covered spaces
Lot Size	275,300 sqft
HOA/Maint	$301 per month

DESCRIPTION

Regular Sale - (Not a Short Sale or REO). This is interior end unit non the 3rd floor, so you'll get plenty of quiet enjoyment.

Tastefully refreshed, with new: paint, carpet, tile in baths and kitchens, baseboards, toilets, mirrors, bathroom lights. All you have to do is move-in to enjoy. This complex is very popular because of its proximity to South Bay, Penninsula, and East bay, also walk to Challenger School, Newpark Mall, FoodMaxx and many restaurants.
OPEN HOUSE HELD SEPT 19,20 FROM 2-4PM OR CALL YOUR AGENT TO VIEW PROPERTY.

br /> More info at www.sunilsethi.com

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- Hardwood floor
- Tile floor	- Living room	- Dining room
- Dishwasher	- Refrigerator	- Stove/Oven
- Microwave	- Washer	- Dryer
- Laundry area - inside	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Covered parking	- Guest parking	- Clubhouse
- Fitness center	- Swimming pool(s)	- Gated property
- Elevator

ADDITIONAL PHOTOS

Front Entrance	Kitchen
Living room	Master Bedroom
Garden View from LR	Laundry

Contact info:

Sunil Sethi

Show and Sell Realty

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 18, 2009, 2:18pm PDT

Remodeled Rancher in Newark $475,000. Love me Tender, Love me Sweet.

Tue, 01 Sep 2009 17:40:49 -0500

Sunil Sethi | Show and Sell Realty | 510-388-2436

6264 Market Ave, Newark, CA

Remodeled Newark Rancher - You'll love it!!!

4BR/2BA Single Family House

offered at $475,000

Year Built	1978
Sq Footage	1,582
Bedrooms	4
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Regular Sale - Beautifully remodeled single story detached home. You'll love the flooring, the kitchen, the appliances, the baseboards, the custom colors, the mirrored closet doors, the remodeled baths, and the lush lawns in back and front.

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- Tile floor
- Family room	- Living room	- Dining room
- Dishwasher	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Laundry area - garage
- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Family Room

Contact info:

Sunil Sethi

Show and Sell Realty

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 1, 2009, 2:27pm PDT

0.5% down will get you this house. - What a stupid idea!

Tue, 01 Sep 2009 11:19:01 -0500

I was reading John Occhui's post

The Next Wave of Bad Loans - Option Arms

This is not new news; this is a rehash of what has been said about Option ARMS since the beginning. My tag line that I print on my business card and had on my website during the go-go years was, "Friends Don't Let Friends Buy Options ARMS."

I once had a booth at the Fremont Art and Wine Festival, with a big poster with my tag-line, and all the mortgage brokers that passed by laughed because they understood what it meant, but they'd loved the money they were making off option ARMs.

With the exception of the little old blind ladies, there is no sympathy here for borrowers, you were focused on your cash-out and paid no heed to the consequences. If you take a loan with a variable element, you have to be prepared to deal with the variable when it happens.

At an open house last week, a mortgage broker came by all excited because he now was offering an FHA with only a 0.5% down payment. I asked him, if someone can't manage to save 3.5% do you really think they'll be able to manage their money to make the monthly mortgage. He agreed, but continued to try to educate me on the program benefits. Yes, I know it's harder to make money, but please let's not be doing things that will make matters worse down the line.

If they are going to allow people to buy homes with no skin in the game, then they should cap their DTI's to 30%. That would be sensible, but since the same people who ran the banks during the crisis are still running the bank, why should we expect any sensibility from them or the government. Everyone is simply interested in getting their next trick.

New Listing at 40423 Blanchard St, Fremont, CA 94538 OH sun 2-5pm

Sat, 22 Aug 2009 00:36:14 -0500

Sunil Sethi | Show and Sell Realty | 510-388-2436

40423 Blanchard St., Fremont, CA

Recently built custom home in Fremont. Need to Sell.

4BR/2.5BA Single Family House

offered at $600,000

Year Built	2006
Sq Footage	1,791
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	1
Parking	2 Car garage
Lot Size	5,300 sqft
HOA/Maint	$0 per month

DESCRIPTION

Regular Sale - Regular Sale -Recently built Custom Home. Single Story. Fabulous Chef's Kitchen with Viking and Subzero Appliances, Brazilian Cherrywood Floors, Wine Cellar in basement, Hugh attic. Oversized garage door. Tankless water heater. Fire sprinklers. Open House 8/23 2-5pm; 8/29-8/30 2-5pm.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Hardwood floor	- Tile floor
- Family room	- Dining room	- Dishwasher
- Refrigerator	- Stove/Oven	- Granite countertop
- Stainless steel appliances	- Attic	- Basement
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

OTHER SPECIAL FEATURES

- Brazilian cherrywood floors, Chef's Kitchen, Basement Wine Cellar

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Sunil Sethi

Show and Sell Realty

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 21, 2009, 9:13pm PDT

New Listing at 35570 Rockland Ct, Fremont, CA 94536 OH sat/sun 1-4pm

Wed, 12 Aug 2009 20:24:15 -0500

Sunil Sethi | Show and Sell Realty | 510-388-2436

35570 Rockland Ct, Fremont, CA

Young Home in Fremont Niles District, Hill Views.

5BR/3BA Single Family House

offered at $725,000

Year Built	1999
Sq Footage	2,674
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	7,090 sqft
HOA/Maint	$0 per month

DESCRIPTION

Regular sale (not SS or REO). Spacious, beautiful, updated, and ready to move-in. Views of hills, hardwood floors, high-end stainless appliances, granite countertop with full height back splash, Berber carpet, dual zone AC, custom drapes. Close to BART, Dumbarton, Hwy 880. OH Aug 15.16.23 1-4pm

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Dining room	- Breakfast nook	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Laundry area - inside
- Balcony, Deck, or Patio	- Yard

OTHER SPECIAL FEATURES

- Hill views

- waterfall

- waterfountain

- Fremont Niles District

ADDITIONAL PHOTOS

Family room	Photo 1
Living Room	Kitchen
MasterSuite	Water Fountain

Contact info:

Sunil Sethi

Show and Sell Realty

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 12, 2009, 5:18pm PDT

New Listing at 6108 Rockrose, Newark, CA OH sat/sun 1-4pm

Fri, 31 Jul 2009 21:51:06 -0500

Sunil Sethi | Show and Sell Realty | 510-388-2436

6108 Rockrose Dr., Newark, CA

Beautifully Remodelled Home in Newark's Mowry West Neighborhood.

4BR/3BA Single Family House

offered at $500,000

Year Built	1969
Sq Footage	2,072
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	7,038 sqft
HOA/Maint	$0 per month

DESCRIPTION

Regular Sale (not an REO or Shortsale). You be dealing with humans. This beautiful, spacious home located near Newpark Mall (Macy's, Target, JCPenny), restaurants, Dumbarton Bridge, Highway 880, is great for a large family or folks who like to entertain. It offers an expansive living and family rooms. The owner recently remodeled the kitchen changed the flooring in the family room, added new baseboards, painted the interior, changed lighting, added some new appliances and more. Check out the pictures and then visit the property. Offers are due on August 10 6pm.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Tile floor	- Family room	- Living room
- Dining room	- Breakfast nook	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Laundry area - garage
- Balcony, Deck, or Patio	- Yard	- Swimming pool

ADDITIONAL PHOTOS

Living Room	Front View
Family Room	Kitchen
MasterSuite	Backyard

Contact info:

Sunil Sethi

Show and Sell Realty

510-388-2436

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 31, 2009, 6:33pm PDT

How to Lower your MAGI to get the most of the $8000 Home Credit

Thu, 30 Jul 2009 18:07:41 -0500

A client was asking my how they could reduce they MAGI (modified adjusted gross income), below the $150,000 threshold for Married Filing Jointly.

The answer was I don't practice as a CPA anymore. Having said, that I was still curious, so the the only way to reduce MAGI which is AGI (line 37 on the bottom of page 1 of the 2008 form 1040) is to reduce taxable income (defer income or increase 401k withholding) or increase the deductions to get to AGI (which are IRA, SEP and Health care account deductions).

Take a look at the 1040 Form

Or one could choose to quit working or take some unpaid time off - hey it's worth considering.

If anyone other ideas, please do share.

FAQ on the $8000 credit.

Idiot buyer's being led by agents without sense

Tue, 21 Apr 2009 16:44:13 -0500

Lately every home I bid on has been getting mulitple bids and going over asking. And they're not all REOs, in fact the last two were regular sales in Newark, CA.

I bid on a duet in Newark recently and it got 7 offers, and looks to have went over asking, which was $25k over the last closed of the same unit. It's nuts to chase up a house in this environment.

Also a entry level detached home in Newark got 33 offers with the high about $50k over asking. Also nuts. Again these were regular transactions.

Yes interest rates are low, and prices have come down, but the lack on inventory in Fremont, Newark, and Union City is temporary is making buyers behave irrationally. Similar to how they behaved in 2003-2005.

More homes will be coming on the market, especially in the low end, so be patient. Don't Panic!!!

There will be plenty of homes for everyone to get into at reasonable price.

Should you buy today or wait for further decreases in home pricing

Wed, 25 Feb 2009 18:39:27 -0600

A client I worked with this last weekend, got me to thinking about how I should look at this problem. It's all going to boil down to what you think will happen with:

Your income stream (job security, ability to get another job, if your company decides it needs to downsize, etc.)

Mortgage Interest Rates

Property Values

Obviously, renting is the safer, securer option for you right now, but the benefit of owning is that you fix your housing costs (since a 30 yr mortgage is major component of your home ownership costs, taxes are limited to increasing at 2% (California's Proposition 13), and insurance rates have actually come down the last 2 years).

I don't think pricing will move up the next year. However we don't know where interests maybe. One concern out there is that interest rates will be higher in the future because of money the government is printing right now will cause inflation.

So the big benefit of buying today is that rates are low, and pricing is also very good. Take a look at Table 1

Table 1 - Impact to Monthly Mortgage with 1% increases to the Interest Rate

Today you can get a rate in the low 5%. At 5.25% your monthly mortgage would be $1,987.93. If rates increased by 1% in the future, and your monthly pmt would increase by $361/month or 18% over today's rate. Column 3 assumes that rates increases by 2% in the future, in which case your monthly payment increases by $468/mth or 23.5% over the rate offered today.

To see how much home prices would have to drop if rates were to increase to keep you at parity, look at Table 2.

Table 2 - Drop in Home Prices required to Offset a 1% increase to the Interest Rate

So in this example home prices would need to drop 10% or 38,000 to keep the mortgage pmt the same you would get by buying today at $360,000 at a 5.25% rate.

I hadn't done this calculation until just now, but it is interesting. I do believe that rates will rise in the future by a 1% because of inflation, however, I'm less certain that home prices will drop another 10%. It's all going to boil down to how bad this recession becomes. If the stimulus kicks in and American ingenuity comes into play like it did after the dot=com bubble collapsed, then don't be surprised if these media outlets all of a sudden start writing about how GDP growth and job gains.

Hope you find this information useful. Good luck in your home buying!

Sunil Sethi
http://www.sunilsethi.com/

California Adopts some Federal Debt

Thu, 09 Oct 2008 11:24:29 -0500

Debt Relief Income Exempt from California State Income Tax:

This will be welcome relief for those taxpayers who had relief of debt in 2007 & 2008. If you've already filed your tax return, there are options to file an amended return. Given that the federal provisions were recently extended to 2012, California legislatures are being short sighted, and creating unnecessary anxiety for taxpayers who will be recognizing relief of debt from 2009 to 2012. Details on Senate Bill 1055

summary:

The California mortgage forgiveness debt relief law is effective immediately. It is similar to federal law, but with important differences.

The California law covers qualified debt forgiven in 2007 and 2008, and it:

Limits the amount of qualified principal residence indebtedness to $800,000 for taxpayers who file as married/registered domestic partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately.
Limits debt relief to $250,000 for taxpayers who file as married/RDP filing jointly, single, head of household, or widow/widower, and to $125,000 for taxpayers who file as married/RDP filing separately.

The federal law covers qualified debt forgiven from 2007 through 2012,¹ and it:

Limits the amount of qualified principal residence indebtedness to $2,000,000 for taxpayers who file as married filing jointly, single, head of household, or widow/widower, and to $1,000,000 for taxpayers who file as married filing separately.
Does not limit the debt relief amount: it only limits the indebtedness amount used to calculate the debt relief amount.

inflate a BPO - lose your license

Thu, 09 Oct 2008 11:04:19 -0500

Just saw this sent out by CAR:

DRE Can Discipline Licensee for Inflating BPOs:Beginning on January 1, 2009, the DRE can suspend or revoke a real estate license if the licensee generates an inaccurate opinion of value (Broker Price Opinion or BPO) for a short sale of residential real property to manipulate the lender to reject the short sale or to acquire a financial or business advantage, such as obtaining a listing agreement. This new rule aims to preclude a self-serving agent from inflating a BPO in hopes that the lender will reject the short sale, foreclose on the property, and give the BPO agent an REO listing. Senate Bill 1737.

I had no idea that agent's were behaving so unethically to get a listing. You'd think the bank would be smart enough to give the listing to an agent other than the one that did the BPO. I thought all the fly-by-nighters had left the industry. I guess not. I hope the agent that just performed a BPO on my listing was honest.

20 workings days left to refinance or buy at the higher conforming limit of $729,750

Mon, 06 Oct 2008 16:23:54 -0500

Conforming Jumbo CHANGE on 12/1/08

October 6, 2008

The maximum conforming-jumbo limit for California officially changes for Fannie and Freddie on 1/1/09 to $625,500, however just recently I've learned that the banks will not fund any loan over $729,750 after 12/1/08.

If you loan is greater than $625,500 and you can't pay it down before your lock expires, you should consider completing a refinance into a 30 yr fixed ASAP. It'll take at least 30 days to process the loan as the lines get longer, so start the process today.

Here are some pricing scenarios:

Scenario 1: $729,750 loan amount, Loan to Value 80%, FICO 720, on a no-closing cost 30 yr fixed:
Rate 6.625% APR 6.625%

Scenario 2: $729,750 loan amount, Loan to Value 75%, FICO 720, on a no-closing cost 30 yr fixed:
Rate 6.250% APR 6.250%

Scenario 3: $729,750 loan amount, Loan to Value 60%, FICO 700, on a no-closing cost 30 yr fixed:
Rate 6.125% APR 6.125%

Call me to discuss your scenario.

Remember rates are constantly changing, if you find something you like act on it.

-sunil

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

Tue, 30 Sep 2008 16:51:11 -0500

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

I've read the press release on number of newsites but there's no meat in the press release. This is it:

"The bill provides the Department of Insurance with significant new power to regulate marketing practices in the title insurance industry. In particular, the bill creates the first program in the country to register and regulate title company sales representatives."

So I'm guessing the female reps will be forced to wear looser clothing and get breast reductions. And I assume the back rubs will go away as well. I'm sure in the end this will help reduce the cost of title insurance somehow.

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

Tue, 30 Sep 2008 16:48:05 -0500

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

I've read the press release on number of newsites but there's no meat in the press release. This is it:

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

Tue, 30 Sep 2008 16:43:19 -0500

Title Insurance Bill Signed Into Law by Governor Schwarzenegger

I've read the press release on number of newsites but there's no meat in the press release. This is it:

You Decide the What How You Want the Market to Be Tomorrow

Thu, 25 Sep 2008 16:09:13 -0500

I first read this story probably around 1988, and I've seen various versions of this but the message is the same. Most stories will end with "The Moral of the Story is..."

A Man lived by the side of the road...and sold hot dogs.
He was hard of hearing, so he had no radio. He had trouble with his eyes, so he had no newspaper. But he sold good hot dogs.
He put up a sign on the highway, telling how good they were. He stood by the side of the road and cried, "Buy a hot dog, mister!" And People bought.
He increased his meat and bun order, and he bought a bigger stove to take care of his trade. He got his son home from college to help him. But then something happened. His son said, "Father, haven't you been listening to the radio? There's a big Depression on. The international situation is terrible, and the domestic situation is even worse."
Whereupon the father thought, "Well, my son has gone to college. He listens to the radio and reads the newspaper, so he ought to know." So, the father cut down on the bun order, took down his advertising sign, and no longer bothered to stand on the highway to sell hot dogs.
His hot dog sales fell almost overnight. "You were right, son", the father said to the boy. "We are certainly in the middle of a Great Depression."

So what's the moral of the story:
a. never listen to what the media says about the economy
b. never listen to someone whose been to college
c. your beliefs, create your reality

Today when I tell people I do real estate, they ask me, "so are you doing okay?" And I tell them, I'm doing great. I advised my clients with the same care I would give to my children, parents, and other family members in buying, selling or financing their property. I err on side of being cautious and I keep a positive attitude since I know tomorrow will be better than today. As a result, my continue to get high-quality referrals.

SENATE PASSES BAUCUS-GRASSLEY CLEAN ENERGY Bill

Wed, 24 Sep 2008 12:08:39 -0500

Senate Approves $18B for Renewable-Energy Tax Credits
highlights are:

AMT Patch. Currently, a taxpayer receives an exemption of $33,750 (individuals) and $45,000 (married filing jointly) under the AMT. Current law also does not allow personal credits against the AMT. At the end of last year, H.R. 3996 increased the exemptions to $44,350 and $66,250, respectively, and allowed the personal credits against the AMT to hold the number of taxpayers subject to the AMT at bay. The provision expired December 31, 2007. The proposal increases the exemption amounts to $46,200 (individuals) and $69,950 (married filing jointly) for 2008. The proposal will also allow the personal credits against the AMT. The estimated cost of this proposal is $61.817 billion over ten years.

Qualified Tuition Deduction. The Economic Growth and Tax Relief Reconciliation Act
(EGTRRA) created an above-the-line tax deduction for qualified higher education expenses. The maximum deduction was $4,000 for taxpayers with AGI of $65,000 or less ($130,000 for joint returns) or $2,000 for taxpayers with AGI of $80,000 or less ($160,000 for joint returns). This deduction expired on December 31, 2007. The proposal would extend the deduction to the end of 2009. The estimated cost of this proposal is $5.333 billion over ten years.

Additional Standard Deduction for Real Property Taxes. The Housing and Economic
Recovery Act of 2008 added a real property tax calculation to the standard deduction for
taxpayers who do not itemize. The real property tax deduction is the lesser of the amount
allowable as a deduction of State and local and foreign real property taxes, or $500 ($1,000 in the case of a joint return). The provision expires at the end of 2008. The proposal extends the provision to the end of 2009. The proposal is effective on the date of enactment. The estimated cost of the proposal is $1.495 billion over ten years.

Enhanced Charitable Deduction for Qualified Computer Contributions. The bill would extend for two years, through 2009, a provision that encourages businesses to contribute
computer equipment and software to elementary, secondary, and postsecondary schools by allowing an enhanced deduction for such contributions. The proposal is effective for
contributions made during taxable years beginning after December 31, 2007. The estimated cost of this proposal is $356 million over ten years.

Child Tax Credit. Currently, a taxpayer receives $1,000 tax credit for each qualifying child
under the age of 17. If the amount of a taxpayer's child tax credit is greater than the amount of the taxpayer's income tax, the taxpayer may receive a refund if the income threshold is met. EGTRRA set the income threshold for child tax credit refundability at $10,000 (indexed). The threshold for 2008 is $12,050. The proposal lowers the refundable threshold for the child tax credit to $8,500 for the 2008 tax year. The proposal is effective for tax years beginning after December 31, 2007. The estimated cost of the proposal is $3.129 billion over ten years.

Modification of Penalty on Understatement of Taxpayer's Liability by Tax Return
Preparer. The proposal changes the standards for imposition of the tax return preparer penalty. The preparer standard for undisclosed positions is reduced to "substantial authority." The preparer standard for disclosed positions is "reasonable basis." For tax shelters and reportable transactions to which section 6662A applies (i.e., listed transactions and reportable transactions with significant avoidance or evasion purposes), a tax return preparer is required to have a reasonable belief that such a transaction was more likely than not to be sustained on the merits. The proposal is effective for returns prepared after May 25, 2007. The estimated cost of the proposal is $22 million over ten years.

Expansion of Hope Scholarship and Lifetime Learning Credit. Current law allows a Hope Scholarship Credit in the first two years of post-secondary education equal to 100% 13 of the first $1,200 of qualified tuition and related expenses, and 50% of the next $1,200 for a maximum credit of $1,800. There is also a Lifetime Learning Credit available to students enrolled in one or more courses at the undergraduate or graduate level (whether or not pursuing a degree), equal to 20% of the first $10,000 in qualified tuition and related expenses. The proposal doubles the Hope Credit dollar amounts so the maximum credit would be $3,000, and doubles the Lifetime Learning Credit percentage from 20% to 40%, for a maximum Lifetime Learning Credit of $4,000 for students attending undergraduate or graduate institutions in the Midwestern disaster area. Room, board, books and fees would also be considered qualified expenses. This proposal applies to tax years 2008 and 2009. The estimated revenue loss of this proposal is $121 million over ten years.

Plug-in Electric Drive Vehicle Credit. The bill establishes a new credit for plug-in electric drive vehicles. The credit for passenger vehicles and light trucks ranges from $2500 to $7500. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the total number of qualified plug-in electric drive vehicles sold in the U.S. exceeds 250,000. The credit is available against the alternative minimum tax (AMT). The estimated cost of this proposal is $758 million over 10 years.

Bicycle Commuters. The bill allows employers to provide employees who commute to work by bicycle limited fringe benefits to offset the costs of such commuting (e.g., storage). The estimated cost of this proposal is $10 million over 10 years.

Fannie Mae's Advice to customers struggling with their mortgages

Tue, 23 Sep 2008 16:14:25 -0500

See Below.

Helping You to Help Your Customers

As a mortgage broker, you are a trusted advisor to your customers. When customers turn to you for questions about refinancing because they are struggling with their mortgage payments - you need solutions.

There are many options available and that's why Fannie Mae wants to help you stay informed.

The first thing to do is to submit their application through DO® to see if they may be eligible for refinancing. If refinancing isn't an option, here are some other ways in which you can help.

•· Encourage your customers to contact the mortgage company that is servicing their loan. Mortgage servicers have many options to help customers and making contact is the first step. Click here to view some of the typical work out options.

•· Check out www.HomePath.com - this site provides useful links and information on who to contact and what information customers should have available

•· Homeowners may also get help by calling the Homeownership Preservation Foundation at 1-888-995-HOPE or search online to find a local counselor

For additional resources, such as non-profit organizations and foreclosure prevention tips, please click here

BART- can't figure out how to alleviate the additional traffic

Tue, 23 Sep 2008 10:52:47 -0500

Bart is considering putting in place a surcharge for travel during peak hours. That's going to really piss-off a lot of riders. The goal is to get more people to ride. Taxing riders will only dissuade them from riding. If you want to alleviate traffic at peak times, than instead offer discount to those who travel-off peak. it will encourage existing riders to change their patterns but also encourage other groups ride.

new Fannie Me guidelines

Mon, 22 Sep 2008 18:09:27 -0500

Fannie Mae has announced changes to their underwriting guidelines, refinance seasoning

requirements, multiple mortgages to the same borrower and the manner in which borrowers are qualified when purchasing a new principal residence when their current principal residence is pending sale.

Seasoning Requirements - Fannie Mae has established seasoning requirements for refinance transactions that mirror those of Freddie Mac. Properties owned less than 6 months preceding the application for refinance are ineligible for cash out refinance transactions. The ownership date is considered to be the date of the deed of the current mortgage.

No Outstanding Liens - For properties purchased between 6 -12 months preceding application date the LTV must be based on the lesser of the original sales price or current appraised value. Properties purchased more than 12 months prior to application date may use the current appraised value.

Properties Listed for Sale - The maximum LTV for cash out refinance transactions on properties that were listed for sale within the last 6 months is limited to 70%. Evidence that the property was taken off the market must be in the file. For no cash out transactions, the LTV remains the same as current policy if the borrowers confirm their intent to occupy the property as their primary residence and provide a confirmation of the listing withdrawal.

Continuity of Obligation - Refinance transactions that include a borrower that is on title, but not currently obligated on the note being satisfied may now be treated as either a cash out or no cash out transaction, depending on the program guidelines. Continuity of obligation exists if the borrower has been on title and residing in the property for the 12 months preceding application, and has either paid the mortgage for the past 12 months, or can evidence a relationship with the current obligor. Property in an LLC - continuity of obligation also exists if the title to the property was held in the name of an LLC, as long as the borrower was a member of the LLC prior to transfer of title. Title must be in the name of the borrower at the time of application. Transfer of ownership from a corporation does not constitute continuity of obligation. Guidelines for transfer of ownership through divorce or inheritance remain the same as current policy. Where no continuity of obligation exists, but the borrower has been on title for at least 6 months, the maximum LTV is limited to 50% and is based on the current appraised value.

Multiple Mortgages to the Same Borrower - For loans on second homes or investment properties, the limit on the number of properties that the borrower has either joint or sole ownership in is being reduced from ten (10) to no more than four (4) financed properties. LAST DAY TO REGISTER LOANS WITH 4+ PROPERTIES IS SEPTEMBER 26th!

Principal Residence Pending Sale - If the borrower is purchasing a new primary residence and their current residence is listed for sale, the borrower must be qualified using both the current and proposed mortgage payments, and the borrower must have 6 months reserves for both properties. Only 2 months reserves is required if the borrower can evidence at least 30% equity in the residence being sold. The borrower may be qualified using only the proposed payment if they can provide evidence that the property is under contract for sale and that there are no financing contingencies remaining. The minimum reserve requirement does not apply to loans underwritten through DU. DU will determine the amount of reserves required.

Short Term Refinance - A refinance that combines a first mortgage and a non purchase subordinate lien into a new first mortgage is considered a cash out transaction. Any refinance of that mortgage within 6 months will also be considered a cash out transaction.

Dublin - New Devlopment - Cantara at Positano

Mon, 22 Sep 2008 16:35:04 -0500

I toured the just released models at Cantara and Positano. I Liked model Two, Four and Fice.

Two is 2242 sqft 3BR/3BA starting at $714K or $319/sqft.

Four is 2642 sqft 4BR/3BA starting at $768K or $287/sqft

Five is 3027 sqft 3BR/3BA sarting at $817k or $269/sqft - what's unique about this property is the 3rd story retreat above the master bedroom. as you enter teh bedroom, there's a grand staircase on the left which taeks you to this amazing retreat. I could see it as a home office, a romantic get away, a family room, or the concubine chambers (just kidding). Very cool. depending on the lot, could offer an amazing view.

Dublin - New Devlopment - Cantara at Positano

Mon, 22 Sep 2008 16:29:50 -0500

I toured the just released models at Cantara and Positano. I Liked model Two, Four and Fice.

Two is 2242 sqft 3BR/3BA starting at $714K or $319/sqft.

Four is 2642 sqft 4BR/3BA starting at $768K or $287/sqft

Five is 3027 sqft 3BR/3BA sarting at $817k or $269/sqft - what's unique about this property is the 3rd story retreat above the master bedroom. Very cool. depending on the lot, could offer an amazing view.

Fremont Proposal targets 'monster' homes

Mon, 22 Sep 2008 16:12:58 -0500

Fremont Proposal targets monster homes

the city councill will be voting on a ban to developing "monster homes on Tuesday at 7pm at City Hall. Homes with predominantly single story homes will have the chance to block construction of two-story homes adn additions for as long as 7 years. This is a big issue for the Glenmoor and Mission Ranch community, where existing owners want to preserve the look and feel of their neighborhood.