La Jolla Real Estate Blog: November 2009

Thanks to Xerox sending out a Thank You card to our soldiers is simple, fast and free.   

At this time of the year we can take some time out to teach our children about giving thanks and living in gratitude.
The best way of course to teach gratitude is by being a good example of being in a thankful state of mind.

You can gather your children around your computer right now and go to this site:

Let's Say Thanks- In Support of our Troops.

All you do is click on the card you want to send and then click on what you want the words on the text side of the card to say.
You don't even have to think to do this because it is all done for you. You just have to choose the card and the text out of the ones on the site.
Then you just click send.

Xerox prints out the postcards and then these cards go into the care packages that Givetothetroops® sends to our soldiers.
What a gift Xerox is giving to the troops. I really appreciate a company setting a great example like this.
The cards have all been designed by children and are patriotic. There are many patriotic symbols and messages to choose from. 

There is a link on the site where you can read the responses from soldiers around the globe.
For some of these soldiers, your card will be the only mail they get from home.

Here are some of the comments sent back by different servicemen and women:

To all who have supported us,
 
I would like to take this opportunity to say thank you from myself and my fellow Marines. Your packages and well wishes have lifted our spirits at a time when we are so far away from our friends and family. I wish you could have seen the bright eyed looks and utter excitement from the Marines when opening the boxes. It was a true blessing that you made happen. It makes us proud to know that our fellow Americans care as much as we do. It makes the sacrifices we and our families make worth every minute we spend here. We Americans can stand shoulder to shoulder in unison on one thing - we're all proud of our country and we're all proud of each other. The effort you make on behalf of the troops is just as important as the work we are doing here and around the world.
 
- A Gunnery Sergeant


As I was leaving an un-eventful Valentine's Day today, one of the mail clerks yelled "Adams!! You have a package!!" A package, I thought to myself. I'm not expecting anything. What could this be? I took the box into my office and closed the door. As I opened the box, a flood of joy came over me as I looked over the cards from you and the young ones, one of my co-workers walked in to see tears rolling down my eyes. I had never received a gift with this much love, packed into one little place from someone that I've never known.

As I thought about what the cards talked about with soldiers giving their lives and privileges up to ensure the freedom of Americans, it was nice to know that someone out there does not take it for granted. I don't know who you are, but you are truly a gift from God. The gift that gives me the drive to serve my country proudly. As you pray that the Lord keeps the soldiers here safe and brings us home, I pray to the Lord that people like you do not die off from this world. Your contributions are nowhere near inadequate. Please never forget what this means to a soldier. Thank you for your love and thoughts.
 

Please be kind- take a moment out of your day to send a card for free to a soldier today. Please Reblog! 

Q: I went under contract to buy a house on six months ago. This is a short sale, and I understand that multiple lenders are involved. But I have been more than patient. What can I do? I can’t seem to get anyone to listen to me. Don’t the banks want this to work out?

A: I’m sure that someone besides you wants this sale to work out – the seller! The problem is that each lender has to agree to the short sale and lenders are drowning with the numbers of short sales, foreclosures, and loan modifications that are stacked up.

For a short sale, the lender will require quite a bit of documentation from the seller to determine whether the short sale is legitimate and whether the seller has the ability to make up any deficiency. The lender also would want to determine if it would get more money if the seller simply defaulted on the purchase and the lender foreclosed on the property and sold it off.

While these are some of the considerations a bank may have, the underlying problem with lenders and short sales is time.

Banks have too few people on staff to handle the load of short sales and other requests being made since the start of the housing and credit crisis. The bank takes in the requests and then must evaluate each request to figure out how much of a hit the investors will take on the loan in a short sale. The lender also tries to figure out who else is losing money on the deal, like other lenders.

To read the rest of this story, and others, visit ThinkGlink.com.

Credit card companies have taken a well-justified beating in the media lately for their shenanigans in raising customer's rates without cause, charging overdraft fees/over limit fees and other miscellaneous charges (until you challenge them on it); however with a little diligent research there are benefits to having certain credit cards.

Last week I received my Costco Membership bill and attached to it was a voucher from Costco for an amount, almost equal to the annual payment.  This is a special feature of the Executive Membership - the more you spend the bigger the return.  Well, this year was an exception due to the economy, but in the past we called it the "hundred dollar club" because we never left there without buying at least $100 worth of merchandise.  That being said, it was a treat this year to receive the bonus voucher! 

Credit card companies responding to consumer concerns in a troubled economy,  not to mention their tarnished image, are reportedly redesigning their reward programs to help consumers pay down their debts and even save money for retirement.

Here are a few of the innovative programs:

1)  Cash back credit cards that automatically apply the rebate toward outstanding loan balances

2)  Cards that funnel rebates earned on purchases toward retirement accounts

3)  Cards that offer "529" college savings awards

4)  Consolidating high interest debt into a fixed rate personal loan

5)  Planners are offered to calculate the time required to pay down balance and project how a major purchase might affect the balance of an account.

What's in it for them?  Well, consumers who can't pay down their debts and default aren't much benefit to the banks.  It is more profitable for them to have consumers who are being helped than hurt by their programs.  Looking for a credit card?  Do the research and find out what rewards are being offered.    You might just pay for your next vacation with some of the rewards earned!

To view La Quinta developments, custom estates & golf course communities visit our comprehensive website at www.LQ-Homes.com.  Contact us at 1-760-567-9100, we are here to help you find the desert home of your dreams or sell your home for top dollar!

Copyright © 2009 Susan Laxson. All Rights Reserved. Information from sources deemed reliable, but not guaranteed. 

I know it is still early for holiday shopping, but never too early to practice safe shopping.  It was reported recently that in 2008 nearly 10 million Americans were victims of identity theft.  The tips below should provide you precautions to make sure that you are not added to the list, whether shopping at your local mall or hitting the send button on your computer:

At home:

• Monitor your credit.
• Look over your credit card statements as soon as you receive them for unauthorized purchases.
• Be discrete about leaving personal information around your home.  Unfortunately, many victims knew the person who had taken their personal information and often times it was a relative or family member.
• Copy both sides of your credit card.  In case of loss you will have all the information to provide authorities.

At the shopping center:

• Carry a debit card, in lieu of cash, but be careful of someone "shoulder surfing" you when you are at an ATM.  Shoulder surfing is when someone can see your PIN and bumps into you taking your card and cash.
• Credit cards are good to carry because you can alert the credit card companies immediately in case of theft.
• Be aware of your environment and try not to be distracted by the sights and sounds of the season displayed at the mall.
• Be selective about the types of identity documents you carry, if you don't plan on writing checks - leave your checkbook at home.
• Safeguard your receipts when you make purchases.  The information contained on your receipts included credit card numbers and often times your signature.

Shop safe and enjoy the upcoming holiday season!

To view La Quinta developments, custom estates & golf course communities visit our comprehensive website at www.LQ-Homes.com.  Contact us at 1-760-567-9100, we are here to help you find the desert home of your dreams or sell your home for top dollar!

Copyright © 2009 Susan Laxson. All Rights Reserved. Information from sources deemed reliable, but not guaranteed. 

Homebuyer Tax Credit Update

 

Today November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

 

To learn what the new tax credit means to you and your clients, take a look at the concise overview below.

 

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

 

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

 

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

 

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.
  
What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

 

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

 

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

 

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

 

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

 

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

 

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

 

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

• They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
• They do not use the home as your principal residence.
• They sell their home before the end of the year.
• They are a nonresident alien.
• They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

 

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

 

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

More San Diego Real Estate articles & tips; at Gary Giffin web www.GaryGiffin.com or search for San Diego Real Estate at Gary Giffin MLS search www.SanDiegoHomeSold.com

If you live in a climate where freezing temperatures occur, you will need to perform certain maintenance tasks in order to keep your home in top operating condition.

Here are some tips on how to prepare your home for winter conditions - and avoid some of the common mistakes made:

Sump Pumps

• If you have a sump pump, we recommend installing a battery back-up sump pump, especially if your basement is finished. The battery back-up pumps beep when they are in use, alerting you that there is a problem with your pump.
• To prevent freeze ups or damage to your sump pump, remove exterior discharge hoses.

Hoses and Hose Bibs

Before the first frost you will want to follow these simple steps to ensure that your hose bibs do not freeze and consequently leak. Please keep in mind that hose bib leaks due to improper winterization are not covered by your warranty.

• Remove hoses from the garage and exterior hose bibs to prevent water pipes from freezing within the wall.
• Wrap the pipes and the pressure reducing valve at your main water shut off to provide additional protection against freezing.
• Shut off the main water supply to the hose bibs.
• On the exterior open the hose bib and drain the water from the line.
• Push upward on the anti-siphon ring to ensure that all of the water is drained from the line.
• On the interior open the bleeder valve at the shut off. (Make sure you have something to catch the water in.) Be sure this valve is tightened again after the water is drained.
• Make sure that the black washer is in the cap.
• Push upward on the anti-siphon ring to ensure that all of the water is drained from the line.

Gutters and Downspouts

• Clean gutters and downspouts frequently throughout fall to prevent build up of leaves and other debris. Neglected gutters can lead to wood rot problems, pest infestations, wet basements, foundation damage and many other expensive complications.
• Be sure water is not coming down behind gutters and that all support brackets are securely in place.
• Check to ensure water drains properly and doesn't pool, which can cause damage to foundations, driveways, and walkways.

Windows and Doors

• Inspect and repair any loose or damaged window or door frames.
• Install weather stripping or caulking around windows and doors to prevent drafts and lower heating bills.
• Clean and lubricate garage door hinges, rollers, and tracks and be sure screws are tight.

HVAC Systems

It is generally recommended that you hire an HVAC company to regularly maintain your HVAC system.

• Change your furnace filters on a regular basis.
• Consider having a heating professional check your heating system to ensure optimal performance and discover minor problems before they turn into costly major repairs.
• Adjust the dampers if necessary. A little heat to the unused rooms of your home should be left on during the cold winter.
• Clean your ducts to better your heating system's efficiency as well as to reduce household dust and to provide relief to those with respiratory problems. Also check for air leakage especially around joints.
• Clean your thermostat's heat sensor, contact points, and contacts. Check accuracy and replace if necessary.
• Lubricate hot water heater's pump and motor. Bleed air from radiators or convectors.
• If leaving on vacation, do not turn the thermostat below 65. This practice will help protect your pipes in the wintertime.
• Keep your outside condenser unit clear to prevent freezing.

Ventilation

• Be sure attic insulation doesn't cover ventilation vents in the eaves to prevent winter ice dams on the roof.
• Be sure ridge vents and vents at eaves are free of plants and debris.
• Check bird and rodent screens for attic vents to prevent any unwanted guests.
• If your home has foundation vents, they should remain open at all times except in the event of extreme cold.

Landscape and Yard Work

• Although grass appears to stop growing in the fall, the roots are actually growing deeper to prepare for winter. Now is the best time to fertilize and reseed your lawn.
• Prune your trees and shrubs after the leaves turn to encourage healthy growth in the spring.
• Trim any tree limbs that are dangerously close to power lines or the roof of your house. Heavy snow and ice can cause damage in the winter.

Deicing Tips

• Do not use rock salt on concrete surfaces. The use of salt can lead to concrete deterioration, which is not covered by your warranty.
• Do not use kitty litter on concrete driveways. The use of this product will have an adverse reaction to the concrete. Please consult your local hardware store for a deicing agent that they recommend.
• If you wash your car to remove salt or deicing compounds placed on local streets, please remember that it is equally important to hose down your driveway afterwards to remove any harmful compounds.

General Tips

• During extremely cold weather, you may consider leaving indoor faucets located on exterior walls dripping.
• Place the emergency numbers for the electrician, plumber, and heating contractor in a convenient location. When the holidays arrive, some of these contractors will be open for emergencies only.
• Remember to open the damper on the fireplace when using it. As you leave the room, be sure to close the glass doors on the fireplace to keep any sparks created by the fire in the firebox.
• Remember always to keep drain covers open at your areaways (also called welled exits or walk ups).
• If you are going to be away longer than a week, turn your water heater to the "Vacation" setting.

 

 

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