No Bull Agent

California Debt Relief Extended for Distressed Homeowners

Senate Bill 401, which was signed into law on April 12, provides help for distressed homeowners by waiving their California state income tax owed on debt forgiven in a foreclosure, short sale or loan modification.  This news will help many during this tax season as it could mean the difference between owing money and getting a state tax refund.  This law mirrors the federal exemption, but is different in that the federal is for indebtedness up to $2 million and the state is for indebtedness up to $800,000 and forgiven debt up to $500,000.

As we do not give tax and/or legal advice, it is important to contact an accountant or real estate attorney to determine whether you qualify.  The basics, however, as stated by the California Association of Realtors are that this bill is for debt forgiven on a loan secured by a “qualified principal residence.”  What is debt on a “qualified principal residence?”  It is defined as, “debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.”  These tax breaks will continue for three years as they “apply to debts discharged from 2009 through 2012.” Read the rest of this entry »

Tags: debt relief, distressed, home owner

San Diego Home Buyer 30 Day Guarantee

The current climate for home buyers in San Diego offers a few unique opportunities.  First time home buyers, through April 30, have the opportunity to take advantage of overlapping state and federal tax credits up to $18,000.  Once that window closes, these buyers still have the opportunity to take advantage of the state tax credit of up to $10,000 through December 31, 2010.  Please remember that the state tax credit only applies to those with tax liability and is applied to that liability in annual installments over three years.  These tax credits combined with historically low interest rates and depreciated home prices make it an exciting time to be a buyer.  To take advantage of these programs, time is of the essence.

We have introduced the “30 Day Buyer Guarantee.”  If we can’t find you your home in the first 30 days and open escrow, we’ll credit you a portion of our commission. Read the rest of this entry »

Tags: guarantee, home buyer, san diego

Open House Saturday (4/10) in North Mission Hills, San Diego

Please come by and visit us tomorrow (Saturday, 4/10) from 12 Noon to 4 PM at 2135 Pine Street, 92103 to view a wonderful home.  This 1922 Classic Craftsman, offered at $1,295,000, is in pristine condition located on one of North Mission Hills most prestigious streets.  It is 2,200 sq. ft., 2 story, 3 bedroom, 3 baths restored with designer amenities and original wood details.  This home is move in ready with crown molding and custom furnishing throughout.  It includes gleaming hardwood floors, gourmet kitchen, formal dining area, private backyard with grape arbor and 1 car detached garage.  See pictures of the front, living room, master bedroom and backyard.  For more information, please see the listing.

As we specialize in buyers and do not list properties, we are holding this home open on behalf of the seller and are not the listing agent.  If you have any questions, please feel free to contact us or call at (888) 466-2855.

Tags: Home Buyers, open house, san diego