Fremont Real Estate Blog

Based on FTB's clarification on how the new California First Time Home buyer credit works, it looks like you can get both the federal 1st time home buyer credit of $8000 and the California 1st time home buyer credit of maximum $10,000 (over 3 years). The federal credit requires that you get into contract by April 30, 2010 and the California credit requires that you close on or after May 1, 2010 and submit your closing HUD-1 within 2 weeks of closing the purchase.

Maybe you can get both the federal and New Califoria home purchase credit. read the blog at WSJ http://blogs.wsj.com/developments/2010/03/24/californias-tax-credit-will-home-buyers-stampede-for-18000/ full bill on new California Tax Credit http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0151-0200/ab_183_bill_20100322_enrolled.html and tomorrow by 5pm FTB is expected to post Q&A on the bill.

This was passed to me by a lender. March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year ) On March 1 st we wrote in the Daily Update, “Any school kid knows the old saying…that March comes in like a lion and goes out like a lamb. But since this is the last month of the Fed’s Mortgage Backed Security purchase program , interest rates in March could very well come in like a lamb, and go out like a lion.” And yesterday – the lion roared. With only a few more days of Fed MBS buying support remaining, Mortgage Bonds plunged lower, causing many lenders to issue multiple re-prices for the worse. This is a reminder to us and to our clients – that rates move up much more quickly than they move lower. So far this morning, Mortgage Bonds are slightly lower so far – but keep your seat belt strapped tight, as another huge auction looms at 1pm ET. This offering is a $32B 7-Year Note

Here’s the story . http://www.dsnews.com/articles/bofa-to-offer-principal-forgiveness-some-underwater-homeowners-2010-03-24

First Tuesday sent me this update. If you’re considering a short sale here’s an argument why a foreclosure may be a better answer. California tax surprise for short sales and foreclosures Homeowners who lost homes in foreclosure or sold property in a short-sale in 2009 will incur an unexpected state tax on any...

Here are some alternative ideas: Home Maintenance Tips Keep Chemicals Out of Water and More Money in Your Pocket When most people think about water pollution, images of leaking oil tankers, factories spilling toxic wastes into waterways, or garbage strewn along the beach come to mind. The fact is the problem is a lot closer to home. In fact, it's in your home. One of the major sources of water pollution is area residents, not industries. Commonly used products like paint, motor oil, pesticides, and many cleansers contain toxic chemicals which, when poured down drains, pass through wastewater treatment plants and end up in local creeks, lakes and the ocean, harming fish and wildlife. Wastewater treatment plants are designed to treat biological wastes and cannot remove all the metals, solvents, and chemicals contained in many household products. Use these tips to help keep pollutants out of our water. Many of these tips will also save you money because they are less expensive than co

This could be a fun event to celebrate Earth day and figure out what’s happening in government. -sunil ------------------------------------------------------------------------ Dear Friends & Colleagues: Join Senator Corbett to celebrate the 40 th anniversary of Earth Day! The Senator is proud to be hosting her annual “walking town hall” again this year on Saturday, April 10 from 10:00-11:30 a.m. at Coyote Hills Regional Park in Fremont. An event she does each year, this will be an opportunity for community members to talk about important issues while enjoying the natural habitat that surrounds us. The park will be waiving its parking fee for the whole day, so we hope you will join us and/or spread the word! A flyer with details is attached. As always, please contact me with any questions! Best, Jason Overman District Representative Office of Senator Ellen M. Corbett 1057 MacArthur Boulevard, Suite 206 San Leandro, CA 94577 o (510) 577-2310 x110 f (510) 577-2308

Each week the kids at Challenger School have to memorize a new poem. This week's poem I found very inspiring and I wanted to share it with you. THE VICTOR by C.W. Longenecker If you think you are beaten, you are. If you think you dare not, you don’t If you like to win but think you can’t, It’s almost a cinch you won’t. If you think you’ll lose, you’re lost. For out in the world we find Success begins with a fellow’s will. It’s all in the state of mind. If you think you are outclassed, you are. You’ve got to think high to rise. You’ve got to be sure of yourself before You can ever win the prize. Life’s battles don’t always go To the stronger or faster man. But sooner or later, the man who wins Is the man who thinks he can.

Want to know if the condo you are considering is already FHA approved. research it here: https://entp.hud.gov/idapp/html/condo1.cfm

Sunil Sethi SUNIL SETHI REAL ESTATE 510-200-0505 200 Entrada Plaza, Union City, CA Starter home in Union City for $200,000. Beautifully remodeled. 2BR/2BA Condo offered at $200,000 Year Built 1986 Sq Footage 880 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking 1 Covered spaces Lot Size Unspecified HOA/Maint $266 per month DESCRIPTION Regular Sale - (not REO or Short sale) Newly painted inside, with remodeled kitchen and baths. Just bring your furniture and enjoy! Fantastic location, close to Union city BART, easy access to Dumbarton and Hwy 880. HOA offers pool, clubhouse, and night security guard and more. This is one of my favorite condo communities in Union City. Great neighborhood! Open House: March 20-21 Sat/Sun 2-4pm see additional photos below PROPERTY FEATURES - Walk-in closet - Tile floor - Living room - Dining room - Dishwasher - Stove/Oven - Laundry area - inside - Balcony, Deck, or Patio COMMUNITY FEATURES - Covered parking - Guest parking - Swimming pool(s) OTHE

This was passed to me by Asset Exchange Company , a 1031exchange company. Taxes on Short Sales and Foreclosures According to the IRS, "if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable." The good news is that the Federal government has provided some relief in the form of The Mortgage Forgiveness Debt Relief Act of 2007. The highlights of this Act are as follow: The Act applies only to forgiven or canceled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. The debt must be secured by the home. Exclude up to $2 million of debt forgiven or canceled by a mortgage lender on a primary residence. Both mortgage restructuring and foreclosures qualify Available for the years 2007 through 2012. Claim the tax relief using IRS Form 982 ( download here ) The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 109

UNDISCLOSED SHORT SALE PAYMENTS MAY BE ILLEGAL Undisclosed payments in short sale transactions, especially those paid outside of escrow, may violate the law, including RESPA, laws against loan fraud, and licensing laws. Short sale agents have increasingly reported to C.A.R. about requests for agents and their clients to pay junior lienholders and others, oftentimes outside of escrow. One common scenario is when a short sale seller's senior lender authorizes a payment of $3,000, for example, to extinguish a junior lien, but the junior lender demands that the buyer pays an additional $9,000 outside of escrow. Not only would it be risky for a buyer to pay outside of escrow, but concealing this additional payment from a federally-insured senior lender may constitute loan fraud, which is a crime punishable by 30 years imprisonment plus a $1 million fine (18 U.S.C. section 1014). Furthermore, omitting from the HUD-1 Statement any charges paid at settlement by either a buyer or seller

This was passed to neighbors of the Cambridge Way community. -sunil Dear Neighbors, The New Haven Unified School District is in the process of making some important decisions that stand to impact every student in our district. I encourage you to stay informed, either by attending school board meetings, reading the meeting minutes, talking to educators in our district and/or reading our local newspaper. This issues are complex and many, and have the potential to impact our kids for years to come. There is currently a petition being circulated for signatures in advance of this coming Tuesday night's school board meeting. At issue are the elimination of class size reduction and the reopening of Barnard White Middle School, which was closed for financial reasons several years ago. (The following link provides some background on the original decision: http://www.nhusd.k12.ca.us/system/files/faq.pdf ). The school is slated to be opened for 180 kids this fall. (For reference, the other

We received this rejection advice on an REO listing we submitted an offer on. I'm sharing it with you, because it's good advice. -sunil You had submitted an offer for the property located at: xxxx xxxxxxx DRIVE, UNION CITY Unfortunately, your offer was not accepted. The Seller has accepted another offer to go pending with as of this morning. Please watch MLS, just in case it happens to fall out of Escrow, and you can re-submit if your Buyers are still interested at that time. FYI: The Seller accepts an offer that they feel is the strongest and does not always choose to counter all offers. In many case, especially when dealing with such a large amount of offers received, they will simply choose the strongest offer from the start. Also be sure your offer is complete when submitting it, which may not have been your case, but that can also impact your offer from being accepted or being delayed in submitting. If they chose another offer over yours, even if it had a lower

http://chicagotitletransfertax.com/ -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE My Bio: http://sunilsethi.com/about_me.htm Personal: http://www.sunilsethi.com My blog: http://fremontrealestate.blogspot.com/ LinkedIn: http://www.linkedin.com/in/fremontrealtor CA DRE#: 01173766

Union City makes a mention in the latest issue of Sunset Magazine. Check it out. http://www.sunset.com/travel/california/union-city-trails-00400000064778/ -sunil __,_._,___

below is the press release by NHUSD. -ss NEW HAVEN UNIFIED SCHOOL DISTRICT BOARD OF EDUCATION BRIEFS Forced because of the ongoing state financial crisis to make another round of drastic budget cuts, the Board of Education on Tuesday night accepted a recommendation that will save – for only one year, unless a new revenue stream is identified – the co-curricular and extra-curricular activities that are so vital to the New Haven community. The Board approved staff recommendations totaling $3.6 million in new reductions for 2010-11, on top of $1.6 million in reductions previously approved for next year. As a result, class sizes will be larger in kindergarten through third grade in 2010-11, and the District no longer will offer transportation for elementary and middle school students. The Board also approved reductions that provide the state-mandated starting point for balancing the 2011-12 and 2012-13 budgets. Eliminating stipends and release periods for co-curricular and extra-curricular