The Franchise Tax Board has announced that the will be accepting applications for the California first-time home buyers tax credit through midnight, August 15th. By that time they the Board believes it will have enough applications to fulfill the $100,000 allocated to first-time California home buyers. Due to the volume of applications being submitted via fax you may find the lines tied up. You may want to try outside business hours. For more information visit the California Franchise Tax … [Read more...]

If you are thinking of buying a home in Los Angeles now is the time to buy.  The California first time home buyers tax credit is due to run out soon.  The new home buyers credit will last longer. If you have tried to file and found the fax lines busy the Franchise Tax Board suggest trying outside hours when the lines may be less congested.  Make sure that all the pages go through and keep a copy of the confirmation. Some points to consider: First time home-buyers:  you must close … [Read more...]

Buying a home in Los Angeles can be a daunting experience, but with the help of your real estate agent, the process can be made easier. Do you know what comes with the home by default?  Did you know that you can ask for anything in your purchase offer?  You should certainly not be afraid to ask for that lovely chandelier in the dining room, or the patio furniture that just finishes off the garden, or the curtains.  They were after all made for the house. However, if you don't ask, you … [Read more...]

Grab this opportunity to take advantage of the home buyer tax breaks which expire at the end of April Little time remains for you to take advantage of the Federal Home Buyer Tax Credit. Along with high affordability and low mortgage rates, tax incentives make now a great time for first-time and repeat buyers to purchase real estate. It also presents a good opportunity for sellers. Now is the time to make sure your home appeals to motivated buyers. First-time Buyers If you have not owned … [Read more...]

Buying a home is not simply a matter of walking into a house and making an offer. There is so much that goes on behind the scenes that you need your own personal agent.  Only this agent does not take his or her 10%.  You have the benefit of  someone guiding you through the process for absolutely free! This is what your real estate agent will do for you: Provide you with a market analysis to determine the value of the home.  This is done by researching comparable properties that have … [Read more...]

If you are looking to buy a second home and wish to keep your previous home as a rental here are your options: Your primary residence must have 30% equity and an appraisal will be ordered to confirm this. A rental survey will also be ordered so that the mortgage payment can be washed out. or Both mortgage payments must be included in qualification. or The new property would be purchased as non owner-occupied. … [Read more...]

As part of due diligence when purchasing a home a buyer will be provided a copy of the Preliminary Title Report (PTR). What is a PTR?  A PTR is a report prepared by a title company prior to issuing title insurance.  It shows who owns the property and any liens or encumbrances that a new policy will not cover. If there is any doubt make sure that any documents referred to in the PTR are available.  An example would be a city sewer easement across your backyard.  You might be able to … [Read more...]