From the category archives:

The Financials

This week’s PMA newsletter

July 3, 2010

Here is the weekly update from one of our PMA lenders based in the East Bay. PMA’s an affiliate of Wells Fargo…and serves as an in-house lending resource at Alain Pinel offices. It alludes to the “extended period” of low interest rates mentioned in the recently released FOMC mtg minutes. But here’s a closer read.

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Closing extension on $8K tax credit

July 1, 2010

Ratified a sale before April 30th but can’t close before June 30th to claim the federal 1st-time homebuyer tax credit? Well lucky you. Congress just approved an extension…and the President will likely sign the bill. Now you’ll have until September 30th, 2010 to close. This should be a relief to lots of buyers stuck in [...]

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$10K CA tax credit may go in a flash

April 16, 2010

from latest California Association of Realtors’ bulletin: The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team. California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time [...]

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CA tax policy change on forgiven mortgage debt

April 13, 2010

Yesterday, the Governor signed legislation to put California’s tax policy regarding forgiven mortgage debt in line with federal tax policy. This has huge implications for most sellers who recently sold their primary residences through short sales. Prior to the change, they were expected to pay state income tax related to the amount of debt that [...]

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In the news

February 26, 2010

The California Association of Realtors compiles a weekly summary of relevant new articles. This week’s includes articles on the decline in the lux market, trends in jumbo financing, and consumer behavior in credit card vs. mortgage payments, etc.

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Prop 60 and 90 paperwork

February 18, 2010

Here’s the form to file for Prop 60/90 transfers in Alameda County. These docs should be available online at Assessor’s Office websites of the property’s home county. Not all CA counties have adopted Prop 90. Effective February 15, El Dorado will become the current eighth.

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Title insurance – an explanation

February 12, 2010

The folks at Chicago Title provided an explanation of the role of title insurance. When buyers ask why it’s required as part of a purchase, the short answer is (if the sale is getting financed): Because the lender requires it. Well, attorneys can give plenty more reasons beyond that. Whether the buyer or seller pays [...]

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Short sale scenario – surprise soft notes

February 11, 2010

The lienholder(s) have approved your short sale. You’re the seller. Escrow is due to close next week. At your signing appointment at the title company, there’s a big surprise: the lienholder(s) want you to sign a promissory note. “No way!” you say. Deal’s off. Buyers not happy. Six months of work down the tubes. It’s [...]

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Federal short sale solution

February 5, 2010

Here’s some more information about the federal Home Affordable Foreclosure Alternatives Program (HAFA) that will go into effect on April 5th. Will this be the answer to everyone’s short sale struggles?

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More changes for FHA financing

February 2, 2010

Be aware of the following if you’re an FHA borrower. If you’re on the market for condos or townhouses, effective February 1st, “spot approvals” will no longer be available. Spot approvals are stopgaps for FHA buyers to try to purchase properties, where the HOA has not been FHA-approved. You can check here for a list [...]

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