I know when this is likely when an agents just.. ‘emails in” an offer, without phone followup or confirmation the offer was received.

Worse, the offer usually is incomplete with errors, typos and boxes left unchecked.

What to do? JUST SAY NO.

Sometimes the best counter offer is no counter offer at all. If a price offered is so low that it can be described as ‘patently frivolous’,

there is no need to respond. Often times that will help a buyer and their ‘agent’ see sense and return with a package that is more realistic.

Don’t be afraid to be tough with these bottom feeders!

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1. Governer signs tax credit bill into law, extends buyers credit!
2. First time home buyer tax credit.
3. First Time Buyers get a credit.

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3. The #1 Issue…

We avoided traffic in Tucson, skipped thru Phoenix and even came thru LA albeit mid morning without a hitch. Some traffic but no major slowdowns. It was not until we arrived at the Altamont pass @ 5pm that we hit traffic, and watched the commuters at a standstill. Then I realized, despite the financial meltdown, the layoffs and all the negative news we have had,
people are still coming to the Tri Valley in droves!
Owning property here is as safe a bet as you can find in the world. The weather is great, location awesome and emigration to the bay area and in particular the Tri Valley is set to escalate in the next 10 years, so consider this if you feel scared or afraid to buy. Homes are on sale now, grab yours while you can!

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Beautiful home available early June.

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Without a doubt the nicest home we have seen for a long time!

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separate office building wired for phone/cable/network.

[View with PicLens]

12►

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Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness 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.

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.  The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

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