2 bedroom, 1 bath, 938sf fixer with attic loft in a great Carmichael location! Updated kitchen, attic loft area, huge backyard, gated driveway access. Offered at $129,000 subject to lender approval of short sale. Sorry, cash offers only please.

As I have frequently mentioned in the past, I am the chair this year for the Sacramento Association of Realtors "Young Professionals Council." For our 2nd Annual Rivercats game and tailgate party fundraiser, the has selected Catastrophic Aid for Real Estate (aka, CARE) as its charity...and specifically "Baby Elle." Such a worthy cause!

Adorable 3 bed, 2 bath, 1,127sf Natomas home on .12ac! You will love the light and bright open layout, high ceilings, gourmet kitchen, attached 2-car garage, large backyard, and shed / outbuilding for extra storage! Offered at $117,000, subject to lender approval of short sale. For more photos and additional detail, please visit http://www.2929candidodrive.com/.

The California Association of Realtors is sponsoring SB 1178. This legislation seeks to extend "anti-deficiency protections" to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Today the state senate passed this legislation by a vote of 30-4.

Generally speaking, a loan taken on a residential property at the time of purchase is subject to provisions that afford a homeowner protection against personal liability for the difference between the value of a foreclosed property, and the original amount owed on the mortgage to the lender.

A loan that is refinanced generally does not afford a homeowner the same protection, and can be subject to "recourse" from their mortgage lender for the loss the lender suffers on that loan.

Still not law yet, but this was an important step...

I got a call today from a very nice man who had found an older posting on my blog from last year regarding filing an appeal application with the Sacramento County Assessor's office to request a reduction in his property tax assessment based on declining home values.

For clarity, the Sacramento County Assessor's office is NOT yet accepting appeal applications for fiscal year 2010-2011 until the revised valuations are released next month, in July. This timeline is slightly different than last year...don't forget, we are in the middle of an election cycle. Ken Stieger is retiring, and Kathleen Kelleher (current assistant Sacramento County Assessor) is seeking election to his seat.

Every year I get questions from many confused Sacramento tax payers regarding the property tax assessment appeal process. PLEASE BE AWARE - there are many scams regarding fee-based "services" that promise to lower your tax assessment...do not fall victim to one of these scams! When the new values are released in July, they will reflect the value of the house as of January 2010....several months ago. I promise I will post information regarding how to request an appeal of your property tax assessment when it becomes available!

This year I finally meet the qualifications to run for a 2-year position on the Sacramento Association of REALTORS® Board of Directors. I have been serving on various committees at SAR for the last 3 years, and have been honored by SAR for my contributions, and the Nominating Committee felt I might be a good fit to serve on the Board. So I am running...and so are eight others (a total of nine), for six open positions.

So in this contested race, I will be campaigning over the next couple months until all the votes are counted in early August.

While the intended audience for my campaign website is REALTOR® members of SAR (since they are the folks who actually vote), if you are curious to view it - visit http://www.vote4erin.com/. Feel free to 'Become a Fan' of the site if you want to see how my campaign progresses. I have some pretty neat-o campaign stuff that will posted there in the coming weeks.

I really hope that the SAR membership sees I have made many valuable contributions to the association (in addition to many my contributions to the California Association of REALTORS®), and elects me to serve. I am very excited at the opportunity to be able to serve the membership at a much higher level. So wish me luck!

Adorable 3 bedroom, 2 bathroom, 1,173sf (per assessor) home within close proximity to Tahoe Park! You will love the spacious layout, separate living and family rooms, updated kitchen, freshly painted interior. Backyard is a gardener's dream with lush roses, planter beds, and a separate garden area, a gazebo, and shed/outbuilding. NOT a short sale or foreclosure! Offered at $159,000 - Don't wait! For more photos and detail, visit http://www.3420-65thStreet.com.

Adorable Arden Manor 3 bed, 1 bath, 1,081sf home-lovingly maintained and owned by the same family for 58 years! You will appreciate the fresh paint, newer composition roof, central heat & air, updated bathroom, newer carpet and tile throughout. Serene backyard is perfect for the gardening enthusiast! Traditional seller - NOT a short sale or bank foreclosure! Offered at $159,000. For more photos and detail, please visit http://www.3209WemberleyDrive.com.

When the State of California lawmakers passed SB 401 and sent it to Governor Schwarzenegger's desk for signature, I immediately started calling my MANY past closed short sale sellers from last year, and 2010 to date. What is SB 401? It is legislation that cancels the State of California taxation of forgiven mortgage debt...meaning many short sale sellers just got a BIG break!

In a nutshell (and completely over-simplified), if a homeowner does a short sale and owes $300,000, and the NET proceeds from the sale that a bank will accept in a short sale equal $200,000, the seller of the property receives a 1099 from the bank for $100,000 (the amount of the "forgiven" debt).

More than one of my clients started crying...tears of joy. One had just done her taxes, and faced an $8,000 State of California tax bill. She confirmed with her CPA after our conversation that not only will that tax forgiven, but she would actually receive a small refund. That was music to my ears.

Now I am no CPA (and I do NOT give tax advice), however I do know that several of my past, present, and future short sale seller clients will benefit from the cancellation of the state taxation for forgiven mortgage debt.

Basically, the State of California was slow to enact this legislation to extend the cancellation of state taxation of the forgiven mortgage debt...the federal government enacted legislation back in 2007 that is valid through the end of 2012. This state legislation supposedly matches the timelines of the federal legislation.

Not EVERY short sale seller will qualify for this...please consult a qualified professional who can evaluate your situation.

The State of California is in a financial pickle, and it looks like legislators are trying to get a little creative to generate new sources of income to balance the budget...

There is a bill, introduced by Assembly member Juan Arambula of Fresno, that seeks to eliminate the state tax benefits of the 1031 Exchange. In very simplistic terms (I'm not a CPA and do not give tax advice) a 1031 Exchange is a tax deferment mechanism for real estate transactions. An investment property owner can sell an investment property and purchase another of 'like kind', and essentially defer taxation of any capital gains (or losses)...so taxpayers do not have to pay a big old tax bill.

AB 2640 eliminates the tax law conformity with federal 1031 Exchanges. In other words, if this bill were to pass, these tax deferred exchanges would still be possible for a taxpayer's federal taxation, but they would not be recognized for tax deferred treatment for California state tax purposes. UGH...call your legislator if you feel it is important to maintain the ability for investment property owners to maintain the ability to do this sort of transaction!