Palos Verdes ForeclosuresWere you aware that time is running out for distressed homeowners who are upside down in their homes?The Federal Mortgage Forgiveness Debt Relief Act of 2007 provided enormous benefits for distressed owners of Palos Verdes homes and Palos Verdes real estate. These benefits EXPIRE on December 31, 2012. Trust me on this … if you’re in a position where you need to capture the benefits of a short sale, you do NOT want to wait to the last minute. It could cost you tens of thousands of dollars with added tax liability to the federal government and state government. Before this Act was passed, when a home goes to foreclosure or short sale, the loss to the bank (or debt forgiveness) is considered income to the homeowner. The bank will report that income to the Internal Revenue Service on a 1099 form, and a taxpayer in the 28 percent tax bracket could owe as much as $28,000 on a $100,000 loss to the bank. For a homeowner, it’s like salt in the wound – not only did they lose their home to foreclosure, but they now the IRS is calling? Lawmakers enacted the Debt Relief Act to shield distressed homeowners from such a financially devastating event. The Debt Relief Act covers: TIMEFRAME: Up to $2 million of debt ($1 million if married filing separately) forgiven between Jan. 1, 2007, and Dec. 31, 2012. PRINCIPAL RESIDENCE: The forgiven debt must be on a qualified principal residence, generally considered to be a home in which you have lived full time two out of the last five years. Check with your tax preparer to determine if your home falls into this category. Debt forgiven on a second home, income property, credit cards, car loans, etc. do not qualify for the tax forgiveness, according to the legislation. PURCHASE MONEY: The debt must have been used to “buy, build or substantially improve” your principal residence and be secured by that property. If you refinanced the home and took cash out to remodel the home, it may be covered. Cash out to pay other bills or make purchases would not qualify, however. Though some property owners may not qualify for the protections of the Debt Relief Act, there are alternatives. INSOLVENCY: If a consumer’s liabilities exceed their assets, they may fall under the IRS definition of “insolvency,” and some or all of their canceled debt may not be taxable. Your tax preparer can help you determine if you are insolvent and help you complete a Form 982 as part of your tax return. BANKRUPTCY: Debts discharged through bankruptcy are not taxable income. DEFICIENCY BALANCE: Tax liability on a discharged debt differs from a deficiency. In California, the owner of a home lost through foreclosure or sold in a short sale often is not liable for the balance owed. Loan modifications and short sales can take several months or longer. Homeowners facing difficulties should not wait until the last moment to take action. The rush to complete a short sale or loan mod at the end of 2012 will keep many from taking advantage of the federal protections. If you know someone that needs to understand the benefits of short selling their home OR you want to know about what advantages there are as an investor to buying a short sale, contact me today! |
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Tag Archives: bank owned homes in palos verdes
Knowing what the Fed is thinking helps when buying or selling Palos Verdes real estate
Want to know a Secret about what the Federal Reserve is thinking?Did you know that on January 25th the Fed will begin to publish their predictions about interest rates? From the “Daily Real Estate News” at Realtor.org, “Beginning Jan. 25, the Federal Reserve will start to publish a forecast four times a year that includes predictions about the direction of short-term interest rates, The New York Times reports. The report will include a summary of how long the Fed expects to keep short-term rates at current levels.” You can read the rest of the story here So now you have a new tool to help you decide when you’re buying or selling Palos Verdes real estate.
And now that interest rates are so low, what a great time to own a dream home in the Lower Lunada Bay area of Palos Verdes Estates… This is a piece of Palos Verdes real estate to be cherished a lifetime! |
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What’s selling now in Palos Verdes Real Estate
A quick look at the $1,000,000 – $2,000,000 Palos Verdes Real Estate market placeThere are homes for sale in Palos Verdes CA, there are homes that represent the closed sale Palos Verdes real estate market and then there are homes in Palos Verdes that are in escrow now. It’s the homes that are in escrow now that give us the best “today” snapshot of what buyers are accepting in today’s market.
View 1.0 – 2.0mm Palos Verdes Homes In Escrow in a full screen map DRE 785373 |
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Palos Verdes Bank Owned Homes
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ARE YOU A REAL ESTATE AGENT USING THE INFORMATION ON THIS SITE FOR YOUR CUSTOMERS? HERE’S A CONCEPT – GO AND INVEST YOUR OWN MONEY AND TIME TO PROVIDE THIS SERVICE INSTEAD OF “STEALING” MY WORK PRODUCT. WHAT A CONCEPT! Scroll down to view the current Palos Verdes bank owned homes as of 12/28/2011
Scroll down to bottom to use other free services & utilities
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8 bedrooms
Is the Palos Verdes Homes market strong or weak? How to tell
Is your home located in a strong or weak real estate market place?
This is a question that I bet you didn’t realize, could be answered very objectively. Ask 99.99% of real estate agents out there and I believe you will get a bunch of hemming and hawing with no clear answer.
What are the facts and how do you measure whether your market is in a weak or strong position relative to other areas around the South Bay and Palos Verdes real estate market places?
One way, and I believe the best way, is to measure the “Unsold Inventory Index”. This is a measure of how well the market is doing at absorbing inventory through sale activity. It is a number that objectively and factually provides you the information (how many days it will take to sell existing supplies of homes if they sell at the same rate as in the last 12 months) for the Palos Verdes Estates homes market or Manhattan Beach real estate market or whatever market you define.
I’ve done some “macro” calculations for you below, and I can also hone in to the micro market as well for you. For example, let’s say you have a home in Palos Verdes Estates, but you want to know what the unsold inventory index is for Lunada Bay homes versus Malaga Cove homes. I can do that for you, just visit my website at http://www.homeispalosverdes.com and click the the “USI Request” link you will find in the 1st paragraph at the top of the page. It will look like this:
So let’s get right to the data …
| South Bay Market Strength Indicator | |
| City | Unsold Inventory Index |
| Manhattan Beach | 99 |
| Hollywood Riviera | 104 |
| Torrance (South & West) | 121 |
| Redondo Beach (South) | 126 |
| Redondo Beach (North) | 127 |
| Rancho Palos Verdes | 161 |
| Palos Verdes Estates | 162 |
| Lomita | 164 |
| Hermosa Beach | 176 |
| San Pedro | 201 |
| Rolling Hills | 280 |
| Rolling Hills Estates | 296 |
As you can see from the table above, Manhattan Beach appears to be performing best with only 99 days of unsold inventory on the market.
Lastly, for some fun stuff … how about the strangest homes of 2011, including the MUSHROOM HOUSE!
For more detailed information on your home, tips on maximizing your ownership, questions you want answered, please contact me and I will do my best to help.
Thanks for reading!
Happy New Year!
At Your Service,
George Fotion
Call Realty Company
433 Via Corta
Palos Verdes Estates, CA 90274
(424) 226-2147 cell
(310) 861-8966 fax
george.fotion@homeispalosverdes.com
www.homeispalosverdes.com
A sale is not something you pursue, it is something that happens to you while you are immersed in serving the best interests of your customer
-Author Unknown
CONFIDENTIALITY NOTICE:The information contained in this facsimile/email is legally privileged and confidential information intended only for the use of the individual or entity specified herein. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copy of this facsimile/email is strictly prohibited. If you have received this facsimile/email in error, please immediately notify us by telephone (310) 346 6467 or email gfotion@earthlink.net or fax (310) 861-8966 and return the original facsimile/email via US Postal Service, to us at the following address: 433 Via Corta, Palos Verdes Estates, CA 90274-1323. Thank you. California Department of Real Estate License # 00785373
Protect Your Palos Verdes Ocean View Real Estate
Do You Have A View?Can you count on it EVERY DAY to be crystal clear?I advise my ocean view and city light view homeowner clients constantly, “take pictures of the views when the weather is crystal clear”. We had incredible winds last night that made it beautiful today. Get your cameras and take pictures. Sure enough, if you don’t, and some day when it comes time to sell your home that has as one of its most high demand features, the ocean view, you will regret not having your view shots!
So, as soon as you’re done reading this … grab your camera and GO TAKE SOME PICTURES! For more information on Palos Verdes homes for sale and how to maximize your benefits as a home owner, buyer or seller of Palos Verdes real estate, visit my website, www.homeispalosverdes.com |
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Things to do around Palos Verdes CA
Fishing around the Palos Verdes Area
Are you into fishing? Here’s something you can do in the Palos Verdes area after you’ve bought your Palos Verdes home. “A cold water cycle might be contributing to the abundance of rockfish along the Southern California coast, anglers said after some large catches over the weekend. ‘It’s rare to catch so many reds (vermilion) in such shallow water along the coast,’ said Don Ashley from Pierpoint Landing.” This is a great article written by Philip Friedman; just go here on Palos Verdes Patch to read more If you have any questions about what to do around Palos Verdes, Palos Verdes real estate and homes for sale in Palos Verdes, just visit the links below or give me call. |
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Palos Verdes Foreclosure Report
HomeIsPalosVerdes.com California Foreclosure Report 12/13/2011 |
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Senior Living Options in Palos Verdes
Senior Living Options in and around Palos VerdesMany of my clients who are seniors and adult children of seniors have asked me about what residential living options exist. Here are some that you might want to research. Recently built in 2008 Rolling Hills Villas feature 7 different floorplans. There are 42 units total in the Rolling Hills Villas. Their website shows floorplans, video and more ASSISTED LIVING OPTIONS IN PALOS VERDES:
For more information on Palos Verdes real estate and Palos Verdes Homes for Sale as well as real estate trends in Palos Verdes, you are welcome to visit my website at http://www.homeispalosverdes.com Thank you. |
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