chula vista real estate: California Eliminates "Short Sale Tax" - 04/13/10 08:52 AM

California has brought its tax code up to match the federal standards when dealing with short sales, foreclosures and loan modifications. 
Under Senate Bill 401, homeowners who have or will experience one of these potentially-taxable situations can rest assured that government finally believes that if you can't afford to pay on the loan, there is certainly no way you can afford to pay taxes on $200,000 that you never made in the first place.
In order to qualify for the tax relief, the home must be a qualified principle residence (no rental properties).  Aslo, the debts must be discharged from … (2 comments)

chula vista real estate: HAFA - Get Paid to Sell Your Home! - 04/09/10 11:08 AM
Well, according to the new HAFA program rolled out earlier this week, homeowners who short sale their home can receive a "moving allowance" check of $3,000!
The new Housing Affordable Foreclosure Avoidance program, named HAFA, is here to hopefully make life for homeowners in distress a little more comfortable.   Personally, my first complaint is the acronym.  Seriously, couldn't they think of a name for the program without having to put the words out of order?  But it's government people, let's be patient with them.  Their amazing foresight had a lot to do with why we are in this mess to begin … (0 comments)

chula vista real estate: HAFA Vs. Hoffa - Any Chance of Finding a Body? - 04/09/10 10:47 AM
Since cynicism runs deep in my blood, I thought I would ask the ever-present question on every skeptic's mind- is this new foreclosure avoidance program REALLY going to help anybody? 
I ask this because, not only did the last government-authored homeowner-assistance program not help anyone (I exaggerate, it did help ONE person), but there are so many loopholes in the wording of the new HAFA program, that it is easy for anyone to smell what's fertilizing the lawn on the other side. 
Don't get me wrong, I WANT this program to work.  I WANT to see the housing crisis that was brought … (3 comments)

chula vista real estate: Last Chance for up to $18,000! - 03/31/10 05:23 AM
The window of opportunity is closing for Californians looking to take advantage of up to $18,000 in tax credits.  Here is how it breaks down:
The federal government is chipping in the follwng funds: First time home buyers can receive a tax credit of up to $8,000 IF they are in escrow by April 30, 2010 and close no later than June 30, 2010.  If the home buyer is NOT a first-time buyer, they can still receive a tax credit of up to $6,500. 
And the wonderful state of California is giving an incentive to ALL buyers who purchase homes that have never … (2 comments)

chula vista real estate: Snag a Mortgage Before Rates Rise! - 03/18/10 10:58 AM
To help keep interest rates low, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac since early last year.  This week, the Fed has stated that they will no longer be purchasing these loans.  This was a planned move by the Fed, that has brought up fears that interest rates may rise 1-1.5% by the end of this year.  One person told me, "Sorry for the sarcasm, but I've heard that one before." 
True, I have heard many people "in the know" stating that rates were going up, up, up only to see a minor increase … (0 comments)

chula vista real estate: What's so Distressing About Distressed Properties... - 04/13/09 08:44 AM
     Every real estate market, no matter the time or place, is bound to be influenced in some way or another by "distressed" properties.  In a "healthy" market, anywhere from 1-3% of the homes are generally distressed sales. 
     So what qualifies as a distressed sale?  A distressed property will fit into at least one of these four categories:
Property that is in poor condition Property that is or will soon be in the foreclosure process Property owned by someone who is experiencing financial problems Property on which the mortgage and lien amounts exceed the value of the property AND … (0 comments)

chula vista real estate: VA Loans Are Getting Even Better! - 03/03/09 05:47 AM
When it comes to great loan ooprtunites, VA definitely seems to be the way to go for anyone who qualifies.  Well, just when I thought it couldn't get any better, it did!  VA loan limits have now increased to $625,500 effective now! 
Here are just a few reasons why buyers choose to go VA:
Generous loan limits (now $625,500) Zero-down loan options No private mortgage insurance payments (a BIG savings!) Fixed and Adjustable rate programs availalbe Flexible income, employment and savings requirements And just in case you are curious about monthly payments, here are a few purchase scenarios to whet your … (0 comments)

chula vista real estate: $18,000 Tax Credit... Anyone?... Anyone? - 03/02/09 04:42 AM

Good news for first-time home buyers that are looking at new homes in California!
 
As many people are now aware, there is an $8,000 tax credit for first time buyers, thanks to the "stimulus" package that was recently signed.
 
In addition to this however, the state of California is also offering a $10,000 tax credit to people buying new construction homes.  There is a healthy amount of paperwork to fill out, and "standard operating procedures" have yet to be established, so the best bet is to apply early before the money runs out.
 
The state has a budget … (0 comments)

chula vista real estate: California Foreclosure Update- February 2009 - 02/23/09 09:33 AM
Since the foreclosure market tends to drive the current housing market here in San Diego and Chula Vista, accurate information is key to udnerstanding what to expect in the coming months.
Here are some of the key facts that I noticed in a recent report by Foreclosure Radar- a wonderful service to anyone looking into the foreclosure and pre-foreclosure market- (click here for instant Foreclosure Radar access).
- From December '08 to January '09, Wells Fargo, (which recently purchased Wachovia) saw NOD fillings decrease 46% while JP Morgan/Chase/Washington Mututal saw declines at 49% for the same period. 
- Juxtaposed to that, … (0 comments)

chula vista real estate: 9 Secrets For Getting an Accepted Foreclosure Offer! - 02/18/09 11:30 AM
Okay, so the market here in San diego, specifically Chula Vista and Bonita, is absolutely cranking!  Two-thirds of the inventory are short sale properties, but the stuff that is selling is selling fast, above list price, and with multiple offers.
There is nothing more heartbreaking (or maybe there is, just not in real estate) than finding the perfect home, falling in love with it, only to lose it to another buyer.
So what can you do to maximize your chance of getting the accepted offer?  These really are strategies, some are just common snese, but I call them "secrets" because not … (0 comments)

chula vista real estate: Chula Vista Foreclosures Expected To Rise Drastically - 01/14/09 05:03 AM
Just when we thougt we were gaining some ground on the fight against freclosures, there appears to be a large surge on the horizon. 
According to ForeclosureRadar.com, filings on Notices of Default, ebbed temporarily through November 2008 as California State Senate Bill 1137 tried to force banks to work with more homewoners prior to foreclosure.  December saw 42,421 NODs filed, nearly double November 2008 when 21,557 NODs were filed.
But this was to be expected, since NODs filed from December 2007 to January 2008 surged nearly 55%. 
Athough filings for Notices of Trustees Sale remained fairly level, it is expected that these will … (0 comments)

chula vista real estate: Free Foreclosure Lists for Chula Vista and Bonita - 10/07/08 09:47 AM
Yes, it is a work in progress, but I would love to hear all feedback for this one.
www.HottestHomeBuys.com
Thanks in advance for the calls and emails.
(0 comments)

chula vista real estate: Chula Vista Distressed Sales Update- October 2, 2008 - 10/02/08 11:39 AM
        Distressed sales account for nearly 85% of the active inventory in Chula Vista!  I consider distressed sales to be either foreclosures or short sale (pre-foreclosure) properties. 
      As of October 2, 2008, short sales accounted for about 63% of the listing inventory in Chula Vista, but only account for 33% of the pending sales and only 17% of closed sales since April 1, 2008.  Keep in mind, the percentage of short sales actually closing is increasing as lenders get more pressure to keep foreclosures off their books.   
       Also since January 1, 2008, there have been approximately 2,250 short sale listings taken … (2 comments)

chula vista real estate: The Long & Skinny on Short Sales- Part 2 - 09/25/08 10:18 AM
I Am Ready To Short Sale My Home, Now What?
            Well, get prepared for a lot of paperwork, a lot of waiting, and a lot of paperwork.  Then you will need to wait some more. 
Get the right agent Have a legitimate reason to short sale Be prepared to give a lot of documentation Be ready to take back a note and pay back the balance due to the bank- everyone is easier to work with when they get their money back.  
What Do I Look For In A "Short Sale Specialist?"
            Well, it seems today like every … (0 comments)

chula vista real estate: The Long and Skinny on Short Sales- Part 1 - 09/24/08 11:41 AM

            First of all, whoever came up with the term "short sale" should be cited for false advertising.  The only thing "short" about a short sale tends to be the patience of everyone involved.  As any buyer or agent that has been involved in any number of short sales can attest to, the process is usually long and arduous, and the rationale of the banks involved hardly rivals that of a two year-old trying to pontificate on the mysteries of the universe.
 
What is a "Short Sale?"
            A short sale occurs when a property is sold for less … (2 comments)

chula vista real estate: Great Buy at $325,000- Lots of Work Needed Too! - 09/16/08 01:29 PM

 
Yes for those wanting to buy a home for well under market value, put some money in and still have $60k in equity (even in today's market!), then this is for you!  Be ready to buy everything except lower kitchen cabinets and the tile counters and the windows.  Needs ALL flooring, cabinets, paint, bathroom fixtures, showers, tubs, toilets, towel holder, and yes, even toilet paper holders.  You put a lot own or even apply for a renovation loan.  Read about renovation loans in my other blogs.  The previous owners were very thorough in the removal of items, and if … (0 comments)

chula vista real estate: 30-Year Rates Now Under 6%! - 09/15/08 01:38 PM
30-Year Rate Drops under 6%!
As a relief to many home buyers, the average 30-year fixed rate fell from 6.35% to 5.93%.  The 15-year rate fell almost half a percent as well anf the 5- year ARM rose  slightly. 
Ed Kashmareck, economist for Wells Fargo & Company had this to say:
"In the most recent survey period, long-term mortgage rates plunged after the government took over Fannie Mae and Freddie Mac.  Generally speaking, mortgage rates track 10-year Treasury yields quite  losely. However, while 10-year Treasury yields were little changed over the past week, the government's takeover of Fannie Mae and … (0 comments)

chula vista real estate: Turn That Nightmare Dump into the Home of Your Dreams! - 08/20/08 09:56 AM
     Okay, so the title sounds a little "hip-hip horray!" but seriously, this is a wonderful tool to help buyers get the homes of their dreams that are in a nightmarish condition! 
     The traditional way to get repairs and such done was to either ask for repair credit at close of escrow or put the cash into it your self. 
The problems with traditional funding are these:
1.  Obviously more out-of-pocket expenses lowers your ability to buy if you have limited funds available (and by "your ability" I mean the ability of most buyers in the market).
2.  Sellers don't like messing with … (0 comments)

 
Peter  Carlseen (RE/MAX Praecelsus)

Peter Carlseen

Chula Vista, CA

More about me…

RE/MAX Praecelsus

Address: 891 Kuhn Dr #204, Chula Vista, CA, 91914

Office: (619) 216-1505

Mobile: (619) 370-6555

Email Me

News, tips and advice for homeowners and buyers in the Chula Vista and Bonita neighborhoods of San Diego County


Links

Archives

RSS 2.0 Feed for this blog