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George Fotion

Call Realty Company

(310) 346-6467

Investor Benefits with Palos Verdes Short Sales

Short Sales In Palos Verdes Estates

George Fotion — Wed, 23 May 2012 23:56:02 +0000

Palos Verdes Short Sale Major Update

Even if a short sale doesn’t apply to you, chances are you know someone for whom a short sale might be a good idea. And if you do, there are two very critical issues that such a person must know about to help with their Palos Verdes short sale or South Bay short sale.

First of all the the Mortgage Debt Relief Act expires on December 31, 2012. Prior to the passage of this Act, debt relief resulting from a foreclosure or a short sale was considered income by the IRS. For example, let’s say the loan on the house was $1,000,000 but the house was sold as a short sale for $850,000. That difference of $150,000 was a taxable event to the homeowner! However after passage of the Act, both the State of California and the Feds caused this “gift” to not be a taxable event. Unless it is extended, this benefit expires very, very soon so the very real benefits to doing a short sale, will disappear!

So if you are considering a short sale or if you know someone that should, time is of the essence!

Now the second piece of information is really exciting! Breaking news: June 1, 2012, the 3 major credit reporting agencies have announced they will change the impact of short sales on a borrower’s credit (assuming they missed no payments and weren’t late) to a ‘neutral’ . Meaning little to no negative credit ramifications.

This is HUGE.

Quoting from the Harris Real Estate Training Center:

Q. Can I do a short sale even if I am current on my payments and can afford the payments?
A. The quick answer is Yes. Can you short sale your home even if you are not late on your mortgage and may be able to make the payments. In the industry that is called a ‘strategic short sale‘ A short sale happens just like any other home sale. A Realtor lists the home, an offer is received, and you (the seller) decide if you want to accept / reject or counter the offer. Once terms are finalized the home is pending/ in contract just like a normal sale. You and the buyer sign the contract. YOU DON’T NEED PRIOR APPROVAL FROM YOUR LENDER TO DO A SHORT SALE. A short sale will require the additional step of lender approval. Note: Please be clear. A short sale may not be the best option for you. You need to seek advice from your Accountant and/ or attorney. A vast majority of the time a short sale IS the overwhelmingly best solution for underwater owners. You DO NOT need to be late on your mortgage to do a short sale. In fact, there is an advantage now in remaining current on your payments.

Breaking news: June 1, 2012, the 3 major credit reporting agencies have announced they will change the impact of short sales on a borrower’s credit (assuming they missed no payments and weren’t late) to a ‘neutral’ . Meaning little to no negative credit ramifications.

Translated: If you didn’t miss any payments prior to the short sale you won’t have a credit hit. Even better, the standards to obtain a mortgage following a short sale have changed dramatically. If you didn’t miss ANY payments prior to the short sale it is possible to get another mortgage immediately. Yes, you read that correctly. Short Sale today…buy today. Generally speaking, if you did miss payments prior to your short sale you will have to wait as little as 18-24 months before securing another mortgage.
It gets even better. Many lenders will literally PAY YOU to do a short sale. Most recently Bank of America announced a new short sale program that pays qualifying owners up to $30,000 to do a short sale. You read that right. You are being PAID to short sale your home. In most cases lenders are even waiving deficiency judgments. (A deficiency judgment occurs when the lender pursues the former borrower for the loss from the sale. For example, the home sold for $300,000 but the mortgage balance was $400,000. In some states with certain types of mortgages a lender could obtain a judgment against that former borrower for their loss…in the prior example, $100,000)Want more motivation to do a short sale? There is a tax law that expires at the end of this year that allows most owners to not pay any taxes on the forgiven debt. Prior to this temporary tax law change the forgiven debt was treated as regular income! Strong word of caution: 1) Talk to your account to make sure you qualify. 2) This tax law expires at the end of 2012. Unless extended those closing their short sales in 2013 may be subject to taxes on the forgiven debt. Bottom line, yes a short sale is your best solution if you are ready to get out of your underwater home.

So, bottom line, the time to act is now. When you have questions, give me a call and let’s talk about this AND if you are interested in understanding the benefits as an INVESTOR in the short sale arena, let’s set an appointment to discuss this. You can use the article in the yellow button below to start thinking about this.

For more general real estate information, please visit http://www.homeispalosverdes.com To view listings of distressed properties in Palos Verdes, please scroll down to below my website logo and click the image of the map

George Fotion

Call Realty Company

(310) 346-6467

Palos Verdes Estates homes for sale in Monte Malaga Area

Monte Malaga Area of Palos Verdes Estates homes

George Fotion — Wed, 23 May 2012 06:06:24 +0000

Palos Verdes Estates homes for sale in the Monte Malaga Area

The Monte Malaga area of Palos Verdes Estates features cool ocean breezes, and is located about half way up the “Hill” on the Palos Verdes Peninsula on the northwest section of Palos Verdes. It is an area that is convenient for schools (the elementary school is in some cases, walking distance from homes) as well as Palos Verdes Intermediate (about 5 minutes away) and about equidistant from both high schools, Palos Verdes High School and Palos Verdes Peninsula High School. This is why the Monte Malaga area is one of the most popular areas to live in within the Palos Verdes area.

If you click on the map above, not only can you view all the Monte Malaga homes for sale, but program the interactive map to search for other areas on the Palos Verdes Peninsula and within the South Bay.

Here’s a video of one of the more affordable homes in the Monte Malaga Area

George Fotion

Call Realty Company

(310) 346-6467

Palos Verdes Ocean View Homes

Palos Verdes Ocean View Homes

George Fotion — Sat, 19 May 2012 05:18:27 +0000

Click the image below to be taken to the site depicted, then when there, click the map

George Fotion

Call Realty Company

(310) 346-6467

Lunada Bay Homes in Palos Verdes Estates CA

Lunada Bay Homes

George Fotion — Fri, 18 May 2012 06:06:48 +0000

Lunada Bay Homes

Lunada Bay homes provide you the peace of mind and tranquility that only living in the quintessential family neighborhood can provide. Kissed by Pacific Ocean breezes, the air is clean and fresh. Schools are close and in fact it’s the only area in all of the Palos Verdes Peninsula, where all three schools (Lunada Bay Elementary, Palos Verdes Intermediate and Palos Verdes High School) are all close by thus minimizing the time parents need to take to get kids to and from schools.

Many of the homes have incredible ocean views and many of the homes, like this one at 2800 Via Segovia, offer huge lots with paddle tennis courts and pools.

or this home

For more information on Palos Verdes Estates you can play this video

If video above is not visible, please go to this Palos Verdes Estates Real Estate site

And to search for Lunada Bay homes for sale, visit this site

George Fotion

Call Realty Company

(310) 346-6467

Palos Verdes Home Price Trends

Palos Verdes Housing Trends for May 2012

George Fotion — Mon, 14 May 2012 23:13:29 +0000

Home prices rise in Half of U.S. Cities as Markets Stabilize

There was an interesting article in Bloomberg today that I read as reported by the National Association of Realtors in which it was represented that home prices rose in half of U.S. cities in the the first quarter of 2012.

However as you read further into the article and not just the headline, you see that experts said “The housing market is still depressed but it had a good quarter,” Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts, said in a telephone interview today. “We’re on the mend but it’s still something that will take two or three years before we’re back to normal.” To read the full article, follow this link – http://www.bloomberg.com/news/2012-05-09/home-prices-rise-in-half-of-u-s-cities-as-markets-stabilize.html

There’s an old saying in real estate; no, not the “location, location, location” saying, but one just as old and it goes like this: “REAL ESTATE IS ALL LOCAL” When it comes down to it, who cares what is happening in Des Moines, Iowa. We really want to know what’s happening HERE, for Palos Verdes homes.

Here’s the latest information in chart form; it shows Palos Verdes home sale prices (on a dollar per square foot basis) since the peak of our market in the 3rd/4th quarter of 2006 through today.

You are welcome to visit my website for more Palos Verdes real estate trends.

George Fotion

Call Realty Company

(310) 346-6467

View the Virtual Tour for 26 Coveview, Rancho Palos Verdes, CA

Ocean View Real Estate in Rancho Palos Verdes CA

George Fotion — Sun, 13 May 2012 06:11:38 +0000

Rancho Palos Verdes
Private Ocean View Pool Home

Spectacular Ocean View and
Peaceful Private Tranquility

These are the qualities that thunderously make themselves immediately apparent the moment you drive up to this home at 26 Coveview in Rancho Palos Verdes CA. The views rip your breath away and the privacy wraps you in warmth and peacefulness. The one level floor plan makes this an easy home to live in with spacious rooms from the large living room, to the double family room. And don’t forget the party deck! Its expanse can’t be described in words; take a look at the aerial photo to really grasp the fun you will have here with friends and family! With about a ½ acre of land at your disposal, the pool provides welcome fun without taking anything away from the vast yard spaces. Come see 26 Coveview today! For more information on living in Rancho Palos Verdes please play this brief video:

Click the image above to search for other Palos Verdes homes with Ocean views that are priced in the $1,000,000 – $2,000,000 price range and are on at least 1/4acre lots

Schedule a Showing

Palos Verdes Homes for Sale

George Fotion
Call Realty Company
310-346-6467
Questions? Schedule a Showing!

I am committed to making sure you get the best customer service. Whether you choose to buy or sell real estate today, tomorrow, next week or 10 years from now, it doesn’t matter. You should feel confident and comfortable to count on me as your real estate resource for life. I promise you I will stay on the cutting edge of technology and service to make sure you have the information you need to be a more powerful real estate owner, buyer and or seller so that you get what you want, in the time you want it. Here is just one one of the many free services I offer.

DRE 758373

Rancho Palos Verdes Homes Interactive Tools

George Fotion — Mon, 07 May 2012 15:12:54 +0000

Selling a Home in Palos Verdes CA is helped by using Interactive Tools

When selling Palos Verdes real estate, the goal is to get more buyers interested in the home so that what is created is more competition and with that increased competition, a faster sale at a higher price results.

One way to do this is to create an interactive floor plan that allows Buyers an easier way to envision themselves living in the home. Here’s an example. You can click on the the pictures below to be taken to the tour site of this home, then click on the “Space Designer” tab you will see at the bottom of the page that comes up.