Archive for the ‘linda ginex’ Tag

Surprising Market Stats For Orange County / Irvine

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Huntington Beach WEEKLY Market Report

Huntington Beach Weekly Market Report

PENDING IN 10 DAYS: 18322 FIELDBURY, HB

DO YOU NEED YOUR HOME SOLD?  LEAVE IT TO A PROFESSIONAL

LINDA GINEX  714.598.7355

…because the right REALTOR, makes a difference.

California Waives State Taxes on Forgiven Mortgage Debt

Californian waives state taxes on forgiven mortgage debt for those who have sold their homes as short sales are allowed to exclude from taxable income the amount that was still owed to the mortgage company. The legislation also applies to homeowners who have received debt-reducing loan modifications.

The new law allows most taxpayers to exclude canceled mortgage debt income of up to $500,000 on their principal residence, or up to $250,000 for married individuals filing separately. It applies to debt forgiveness in 2009 through 2012.  The law excludes second homes, business and investment property.

The law brings California state tax policy largely in line with the federal Mortgage Forgiveness Debt Relief Act of 2007, which is in effect through the tax year 2012.

Excerpt taken from DS News by Carrie Bay

Q. What is a Contingency in a Real Estate Contract?

A.  A contingency is a contractual provision that gives a party to the contract the ability to condition performance on the occurrence or non-occurrence of a certain event.  Let’s say for example, a buyer has a 17-day inspection contingency under C.A.R.’s standard form Residential Purchase Agreement & Joint Escrow Instructions.  The inspection contingency works as a protection for the buyer.  It allows the buyer to conduct investigations and review disclosures, reports, and other information affecting the property.  If the buyer is satisfied with the condition of the property, the buyer may perform on the contract.

If, on the other hand, the buyer is dissatisfied with the condition of the property, the inspection contingency allows the buyer to cancel the contract and get back his or her earnest money deposit.

If you are interested in purchasing real estate, please contact Linda Ginex with Star Real Estate…because the right Realtor makes a difference.

Tax Credit Continues for CA Home Buyers – MARCH 25TH

March 25th, Gov. Schwarzenegger signed into law AB 183.  This means eligible taxpayers who purchase a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit.

The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

This is great news for the markets in Ca as the tax credit was largely responsible for nearly 40% of home buyers in 2009 who said they would not have otherwise purchased during that time according to recent CAR research.

If you are interested in getting in this great tax credit , please contact Linda Ginex.



Are Buyers Still Buying in Huntington Beach/Orange County?

Homes are Still Selling

In Huntington Beach alone, over 282 homes have actually sold over the last three months.

That’s not even including all the new construction homes and new home communities.

Buyers are still buying.

So think the soft Orange County real estate market may be hurting your sale?  It didn’t hurt the more than 1,747 homes that sold in the last 3 months.

The Condo Buying Checklist for Orange County, CA

Whether you are a first-time buyer in the real estate market, or a homeowner interested in scaling down after retirement, shopping for a condo is a good option if you want a lower-cost place to live and the added security of a gated community. When you look at condominiums, you’ll know right away no two are the same – some will have nicer amenities than others, or more.  All communities, however, will want to include you in the neighborhood, so it’s important to have a handy buying checklist to take with you as your search for the right home in Orange County.

As you browse condos, either in gated complexes or more spacious environs, keep the following in mind and don’t be afraid to ask questions.

1) Fees. What fees are associated with the condo, and what amenities or services does the money cover? You may find the dues go to paying for security personnel, pool maintenance, upkeep of the clubhouse, trash collection, TV/Internet, and other things.

2) Parking. How many parking spaces are allotted to you? Where will guests park, and are stickers or passes required? Are there security cameras on the lot, and are there options for covered and garage spaces?

3) Ownership. Has anyone else, if the complex is not new, owned the condo before you? If so, if you should decide to sell one day will you have to seek approval/assistance from the community? If you are buying a previously owned unit, take care to note any wear in the rooms, especially if the previous tenant was a smoker.

4) Covenants. Many condo communities have covenants that outline what is permitted and what isn’t as far as landscaping, decor, entertainment, and other issues that may affect the security and safety of other homeowners. If you work from home, for example, you should definitely pay attention to the do’s and don’ts before you commit to buy.

5) Neighbors. In complexes in particular, you’re going to be very close to your neighbors. You’re going to share common walls most likely, so before you sign anything you want to know if anybody likes to blast his stereo at two in the morning or practice nude yoga on his balcony! An agent or owner eager to sell may not always be forthcoming about problems with other tenants, but do ask anyway. You may find you get an honest opinion.

6) Pets. Pet owners should definitely ask about restrictions and extra fees involved with having a canine or feline companion come live you.

The more you know about your potential new home, the better prepared you’ll be when it comes time to place your bid on the condo you want here in Orange County.  For a detailed list of condos available in the city your interested in, please contact LINDA BULL with Star Real Estate in Orange County.

CALIFORNIA FORECLOSURE REPORT – FEB 2010

Property of Foreclosure Radar- THE LEADER IN FORECLOSURE INFO FOR CALIFORNIA.

PLEASE CLICK THIS LINK TO OPEN UP PDF OF CALIFORNIA FORECLOSURE REPORT – FEB 2010.

If you would like foreclosure information on a town or neighborhood in California,

contact Linda Ginex and she will get it to you today. Thank you!

The Short Sale Option, Orange County

This up to date video discusses the governments push to effectively take on more short sales and less foreclosures.  Program is effective April 5th, however many lenders are taking advantage of it now.  Please contact Linda Ginex if you or someone you know is trying to avoid foreclosure.   There are options.  -Linda Ginex, Star Real Estate, Orange County