Short Sales and Foreclosures gives a great insight to the subject. Whether you are buying or selling, but are not sure what this is all about, then read on!
Thursday, August 21, 2008
Wednesday, August 20, 2008
Valuable Information Regarding The First Time Home Buyers Tax Credit
NAHB "National Association Of Home Builders" just created a fabulous new website that gives a ton of detailed information regarding the new 1st time home buyers credit. Perhaps your questions are some that are answered in the Q&A pages. This is a temporary tax credit. Look into it soon!
Friday, August 15, 2008
What you need to know about lease options
KISS is the most important message regarding this topic. My answer to a lease option is: Sign a Lease Agreement, and when the tenant is qualified to purchase, then sign a Sales Agreement. Period.I was going to go into the details to explain my theory but this lengthy article already has the details. Why so lengthy? Because Lease option IS complicated and there are many details to be aware of!! Read What You Need To Know About Lease Options
Sunday, August 10, 2008
Oregon Landlord Tenant Law
If you are a tenant, or you are a landlord, you need to have a copy of the
Landlord Tenant Law on hand. When you open the link below, you might be blown away by all the written material. If an issue should arise you do not want to waste valuable time just trying to find answers concerning your rights. The answers are all right here.
Oh by the way, if you are a landlord, and most of this information does not look familiar to you...it's time to contact a licensed professional property manager!
Landlord Tenant Law
Landlord Tenant Law on hand. When you open the link below, you might be blown away by all the written material. If an issue should arise you do not want to waste valuable time just trying to find answers concerning your rights. The answers are all right here.
Oh by the way, if you are a landlord, and most of this information does not look familiar to you...it's time to contact a licensed professional property manager!
Landlord Tenant Law
Meet Tuffy and Bella
Tuffy and Bella came from the
Redmond Shelter. I adopted Tuffy
two years ago, and he has been an absolute joy! Tuffy has always been a very happy guy but I could see the longing in his eyes...he needed an animal companion. He and I interviewed many dogs over the months, and then he met Bella. They both agreed it was love at first sight. We adopted her about eight months ago. Bella came with a lot of baggage. She was from an abusive home. She needed a lot of medical attention due to cancer, bad teeth, infected ears. She was a mess! But the angels at the Redmond Humane Society fixed her up, loved her and healed her. Tuffy and I took it from there to heal her heart. The Redmond Shelter is a place that we cannot do with out. But they struggle financially. If you are an animal lover please visit the Redmond Shelter. They can use all kinds of donations, some that don't cost you a dime, like shredded paper, and all kinds of things. If you are considering taking a new pet into your home, please consider adoption first. Redmond Humane Society
Redmond Shelter. I adopted Tuffy
two years ago, and he has been an absolute joy! Tuffy has always been a very happy guy but I could see the longing in his eyes...he needed an animal companion. He and I interviewed many dogs over the months, and then he met Bella. They both agreed it was love at first sight. We adopted her about eight months ago. Bella came with a lot of baggage. She was from an abusive home. She needed a lot of medical attention due to cancer, bad teeth, infected ears. She was a mess! But the angels at the Redmond Humane Society fixed her up, loved her and healed her. Tuffy and I took it from there to heal her heart. The Redmond Shelter is a place that we cannot do with out. But they struggle financially. If you are an animal lover please visit the Redmond Shelter. They can use all kinds of donations, some that don't cost you a dime, like shredded paper, and all kinds of things. If you are considering taking a new pet into your home, please consider adoption first. Redmond Humane Society
Beijing Olympics Opening Ceremony
Is it just me or did Beijing put on the most phenomenal presentation that the world has ever seen?! Check out the Photo Gallery.
Saturday, August 9, 2008
Should I Sell It Or Should I Rent It??
Being a Real Estate Sales Broker and a Property Manager I know both sides of the story. I am having this discussion more and more now that the market has changed from soaring equities to changing arms, and declining prices.
In my opinion you need to make a decision one way or another, you cannot do both. You need to gain information and then make an intelligent and focused decision based on your research. There are many factors to this equation…How much is my property worth right now? If I sell will I see a satisfactory amount of money in my bank account at the close of the transaction? How much would my property rent for? How much is my monthly mortgage payment? How much do I pay the property manager? And YES you absolutely must hire a property manager! That is another Issue I will write about soon.
If you have your property listed for sale, then live in it, remove all clutter, and make it shine, or vacate and keep it as pristine as it can get. Keep it as easy to show as possible.
Moving a tenant in will go against all, (the above), that you have tried to accomplish by keeping it show room ready, no matter how accommodating a tenant is, by law, they still require 24 hours notice.
If you attract a prospective tenant who “doesn’t care” that the property is for sale and could be sold at any time, they are too transient and not the tenant you want to rent to in the first place. Not to mention the wear and tear on the fresh paint, and professionally cleaned carpets?
These pointers are just the tip of the iceberg and without the consultation of experts, I understand that this can seem like an overwhelming predicament and a difficult choice to make. But it doesn’t have to be, you just need professional guidance in making a logical and intelligent decision.
You are welcome to contact me to discuss your personal situation further. If you are already working with a Realtor, you are both welcome to contact me!
PS…Whatever you decide to do, keep the yard maintained at all times!! (That’s a whole other blog)!
In my opinion you need to make a decision one way or another, you cannot do both. You need to gain information and then make an intelligent and focused decision based on your research. There are many factors to this equation…How much is my property worth right now? If I sell will I see a satisfactory amount of money in my bank account at the close of the transaction? How much would my property rent for? How much is my monthly mortgage payment? How much do I pay the property manager? And YES you absolutely must hire a property manager! That is another Issue I will write about soon.
If you have your property listed for sale, then live in it, remove all clutter, and make it shine, or vacate and keep it as pristine as it can get. Keep it as easy to show as possible.
Moving a tenant in will go against all, (the above), that you have tried to accomplish by keeping it show room ready, no matter how accommodating a tenant is, by law, they still require 24 hours notice.
If you attract a prospective tenant who “doesn’t care” that the property is for sale and could be sold at any time, they are too transient and not the tenant you want to rent to in the first place. Not to mention the wear and tear on the fresh paint, and professionally cleaned carpets?
These pointers are just the tip of the iceberg and without the consultation of experts, I understand that this can seem like an overwhelming predicament and a difficult choice to make. But it doesn’t have to be, you just need professional guidance in making a logical and intelligent decision.
You are welcome to contact me to discuss your personal situation further. If you are already working with a Realtor, you are both welcome to contact me!
PS…Whatever you decide to do, keep the yard maintained at all times!! (That’s a whole other blog)!
First Time Home Buyers Tax Credit
Below is the new First Time Home Buyers Tax Credit. It is simply put in a nutshell. Read carefully, especially the "Recapture" information. Review with your tax accountant. 
HOUSING AND ECONOMIC RECOVERY ACT OF 2008
First‐time Homebuyer Tax Credit FEATURE
H.R. 3221
Housing and Economic Recovery Act of 2008
Amount of Credit
Ten percent of cost of home, not to exceed
$7500
Eligible Property
Any single‐family residence (including condos, co‐ops) that will be used as a principal residence.
Refundable
Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture
Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.
Impact on District of Columbia Homebuyer Credit
DC credit not available if purchaser uses this credit.
Effective Date
Purchases on or after April 9, 2008
Termination
July 1, 2009
Interaction with Alternative Minimum Tax
Can be used against AMT, so credit will not throw individual into AMT.
HOUSING AND ECONOMIC RECOVERY ACT OF 2008First‐time Homebuyer Tax Credit FEATURE
H.R. 3221
Housing and Economic Recovery Act of 2008
Amount of Credit
Ten percent of cost of home, not to exceed
$7500
Eligible Property
Any single‐family residence (including condos, co‐ops) that will be used as a principal residence.
Refundable
Yes. Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year.
Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively).
First‐time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Recapture
Yes. Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale.
Impact on District of Columbia Homebuyer Credit
DC credit not available if purchaser uses this credit.
Effective Date
Purchases on or after April 9, 2008
Termination
July 1, 2009
Interaction with Alternative Minimum Tax
Can be used against AMT, so credit will not throw individual into AMT.
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