What Castaic home owners are eligible?

• The home buyer must be a California taxpayer.
• There is no limit on the income of the home buyer.
• The program is available to both existing homeowners and first-time home buyers.
• Current homeowners are eligible only if they buy a newly-built home.
• First-time home buyers are eligible whether they buy a newly-built or existing home.
• To be a first time home buyer, you cannot have owned a home anywhere in the world during the three years prior to buying your new home. If you're married, that applies to your spouse as well

How much can Castaic home buyers save?

• The tax credit is worth up to 5% of the purchase price of the home, or $10K, whichever is less.

How do buyers of Castaic Ca. Real estate receive the tax credit?

• The payment is credited against the home buyer's annual CA state income tax.
• The total payment will be spread evenly over three years.
• If you qualify for the full $10K, you'd get up to $3,333 per year - but only if you pay at least that much in annual CA state income tax.
• If your CA state income tax is $4,000 a year, you get a $3,333 credit against that amount, effectively lowering your state income tax to $667.
• If you owe less than $3,333 per year in CA state income tax, you'll receive a tax credit only for that amount. The extra will not roll over into the following year's payment.
• The credit will begin to be applied to the tax year in which the home was purchased. If you buy your home in 2010, the tax credit will begin to be applied against your 2010 taxes.
• You cannot apply the tax credit to your 2009 taxes, even if you file your 2009 taxes after you purchase your home

How long to Castaic home owners have before it expirers?

• Buyers of existing homes must close escrow between May 1 and December 31, 2010 .
• Buyers of new homes can either:
• Close escrow between May 1 and December 31, 2010 , or...
• If they are unable to close escrows during that time, they can reserve a credit by entering into an enforceable contract between May 1 and December 31. They must then file the proper paperwork with the tax board and close escrow by August 1, 2011 .

Castaic home owners beware don't count on any further extension of the home buyer tax credit if you plan on buying some Castaic Real estate. The credit expires at the end of April.

Congress initially passed a $7,500 tax credit for first-time home buyers two years ago. The credit had to be repaid over 15 years, and last spring, Congress extended the credit, expanded it to $8,000 and waived the repayment provisions. The extended credit had been set to expire in December 2009, and Congress extended it once more last fall. Also, a separate $6,500 tax credit was created for home buyers who already own a home.

Luckily home buyers in Castaic the California's legislature has created a separate $10,000 state tax credit.

But industry groups now say that the tax credit has run its course. "It's time for the housing market to stand on its own two feet," says a spokesman for the National Association of Realtors. A spokesman for the National Association of Home Builders says the group isn't "actively asking for an extension at this time."

Castaic home buyers who are close to a deal still have until next Friday to sign a contract to stay eligible for the credit. Contracts signed by April 30 have until the end of June to close.

The expiration of the tax credit will represent the removal of the second major government support to the housing market in as many months. So far, the mortgage market hasn't experienced any major hiccups Castaic short sale, foreclosure, and bank owned property are still selling in multiple offer. For more information on Castaic homes for sale please go to http://www.two4onehomesforsale.com/ .

  Great news for Castaic home owners who have sold their homes through short sale.    

 According to the California associations of realtors homeowners will no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Made law yesterday, Senate Bill 401 allows tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, the California exemption is up to $800,000 and forgiven debt up to $500,000. "Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to pay off a previous loan that would have qualified. The tax breaks apply to debts discharged from 2009 through 2012. Castaic Californians home owners who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets. For more information go to http://www.two4onehomesforsale.com/   or give us a call.

Loan modifications that could make a difference to Castaic homeowners.

            Bank of America announced last week that it would begin cutting loan balances for distressed mortgage borrowers, it marked a sea change in the way lenders deal with seriously delinquent loans.

            Until now, big lenders and servicers, have only given principal reductions to a very small number of borrowers.

            But know there is a new kind of mortgage servicer, a specialty servicer, that is seeing success in avoiding foreclosures. They handle the worst-of-the-worst, loans at least 90 days late, and they commonly offer principal reductions.

            Of course, few mortgages end up in the hands of these servicers, and whether yours lands with one is really just the luck of the draw. But more loans are going 90 days late, and so business is booming.

What are servicers?

            Unlike the person who owns your mortgage, either the bank (rarely) or a group of investors (more common), mortgage servicers are the companies that handle the day-to-day administration of mortgages. They collect payments, maintain escrow accounts and confront borrowers about late payments. They also initiate the foreclosure process when borrowers default.

            Most servicer operations were set up in better times, when nearly everyone paid their loans regularly. But when the foreclosure crisis hit, they had to scramble to keep up with the added workload of managing non-performing loans.

           You must real know your stuff to get loan modification or short sales excepted on your Castaic, Ca. home by these services. Two 4 One Real Estate of Santa Clarita we have been very successful in helping Castaic home owners and resident of Santa Clarita. Our longest approval has been 27 days unheard in our industry. If you or someone you know is in trouble with their home please give us a call. http://www.two4onehomesforsale.com/

We were able to get short sale approval on this Castaic short sale in 27 days.  This is the longest time it has ever taken us to get approval. If you know some one who needs to sell their Castaic home quickly please give us a call. We make buying a selling homes in Castaic, Ca. as easy as is can be. This Castaic home was a magnificent single story 4 bedroom, two car garages plus bonus room, extra large kitchen, fantastic master bedroom with large bath tub. Great floor plan, lots of fruit trees and great landscaping. Upgraded windows and is very close to Castaic Lake. This is a great piece of Castaic real estate. For more information on Castaic real estate please go to http://www.two4onehomesforsale.com/ .

Property Information for 27585 Ruby Ln 

Great location, close to castaic lake. Come see this lovely landscaped stonegate home. Big master bedroom with walk in closet with large master bathroom. Water is included with your homeowner dues at only $132.00 per month. Comm. Pool/spa/clubhouse/work-out room,rv lot. Please call agent to see the home.

For more information on this listing please go to http://www.two4onehomesforsale.com/ .

  Governor Signs Home Buyer Tax Credit Legislation into Law

  Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

   Eligible taxpayers in Castaic and Santa Clarita Ca. who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years. For more information of homes for sale please go to http://www.two4onehomesforsale.com/ .

Home sales in the Santa Clarita Valley were down in November, due to lack of inventory and bidding wars!

Listings dropped 45 percent from November 2008 to a total of 818 active listings at the end of last month, according to the Southland Regional Association of Realtors.

There are home out there in all price ranges the problem is getting loan approved. The economic bail out gave billions to the bank who were suppose to lender the money to home buyers to purchase homes. Instead they have made very difficult to give a loan kept of the bail out money. Lenders now day look for reasons not to give you a loan. Don't give up hope at Two 4 One Real estate we have lenders that actually wanted to loan money. Strange I know. 

A total of 162 single-family homes changed hands last month, the association reported. That represents a 17.8-percent drop from November 2008 and a 5.8-percent drop from last October. This is not to buyer losing interest. It is due lack of inventory in Santa Clarita, Valencia, Castaic, and Newhall.

The latest figures represent a 3.5-month inventory, compared to a 6.4-month supply in November 2008, according to the real estate association, which stated a balanced market is reflected by a five- to six-month supply. Quite a change from 18 month of inventory two years ago.

The fed has extended their tax credit to April so don't count on the completion for new homes subsiding any time soon.  If you are looking to get into a home have been getting beat out please give us a call. We have a couple technique that have been very successful in getting new buyers into home in the Santa Clarita, Castaic, Valencia, Newhall, and Saugus, Ca. For current listings please go to http://www.two4onehomesforsale.com/ .

I was thinking of running a full page ad in The Real Estate Book and want some input from my active rain family. Here a few question I'm looking for the answers to.

1. Have you used it.

2. What were your results.

3. How much did you pay for a page.

Please feel free to expand your comments.

Thanks,

Scott Reiber

Broker owner.

Santa Clarita Ca. now has a new website to help consumers find homes for sale.

www.Two4OneHomesForSale.com

Scott and Audra specialize in listing and selling homes in the cities of Santa Clarita, Castaic, Valencia, Stevenson Ranch, Saugus, Newhall, Canyon County, Aqua Dulce, and Acton.  We also service all of Antelope Valley, San Fernando Valley, Simi Valley, and Ventura County.