In addition to experience and market expertise, in today’s market Buyer's and distressed Sellers need someone who is current on all buyer and seller programs and whom you can trust to have your best interests in mind! I am happy to meet one-on-one to discuss your specific situation and how the following programs as well as other resources can work for you.
CALIFORNIA HOME BUYER TAX CREDITS – 2010:
You qualify for $10,000 California State Tax Credit if you are either: Buying a New Home (never lived in prior to purchase), or; you are a First Time Home Buyer (anyone who has not had an ownership interest in a principle residence in the last 3 years). These programs are available if you open escrow prior to December 31st 2010 or until the $100,000,000 per program runs out, whichever occurs first.
These tax credits will be paid over a three year period at the rate of $3,333 per consecutive year which will be refunded from state taxes paid in the same year. The credit cannot be carried over from one year to the next and will be the lesser of $3,333 per year, or 5% of the purchase price, and will not exceed the maximum state taxes paid in the year credit is claimed.
See the link below for additional details:
http://www.ftb.ca.gov/individuals/new_home_credit.shtml
CALIFORNIA HOME OWNERS FACED WITH A SHORT SALE SITUATION:
Mortgage Forgiveness Debt Relief Extended - Updated 04/13/10
On April 12, 2010, SB 401, the Conformity Act of 2010 was enacted. It allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from California gross income. The new law applies to discharges of qualified principal residence indebtedness on or after January 1, 2009, and before January 1, 2013.
See the link below for additional details:
http://www.ftb.ca.gov/aboutFTB/Newsroom/Mortgage_Debt_Relief_Law.shtml