Coldwell Banker's New Buyer Bonus Sales Event Starting May 1 - Looks Like Good Promotion and Company Policy

Coldwell Banker Real Estate LLC has announced the launch of its Buyer Bonus Sales Event, a national promotion intended to start with expiring federal homebuyer tax credit program.

 

This program looks like good company policy and will not be using taxpayer dollars.

 

On May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer, of their home's purchase price to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date.

"The federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the home buyer tax credit," said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. "As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven't found a home yet to continue looking, while bringing a new audience of home buyers who were unable to qualify for the tax credit into the market. We are confident that this private sector solution will represent a significant step toward continued recovery of the housing market."

"The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit," said Gillespie. "Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace."

Coldwell Banker says that participating homes will be identified by Buyer Bonus Sales Event signage and online at www.coldwellbanker.com.  Home buyers can check the box labeled "Buyer Bonus Sales Event" to find participating properties nearby ... and that home sellers who take part in the Buyer Bonus Sales Event will receive marketing support from Coldwell Banker Real Estate LLC, including:

• National television commercials beginning May 1, 2010; extensive online advertising
• Promotion on http://www.coldwellbanker.com
• Updates on the event to be shared on Coldwell Banker Facebook and Twitter pages and the Coldwell Banker blog, Blue Matter;
• A video posting to the Coldwell Banker On Location channel highlighting the practical value of $8,000.

Coldwell Banker Real Estate is an organization (www.coldwellbanker.com) ... a premier full-service real estate provider. The Coldwell Banker system has more than 3,300 residential real estate offices and nearly 97,000 sales associates in 49 countries and territories. The Coldwell Banker system is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International division. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.

 

Source:  Coldwell Banker Real Estate -  @ www.ColdwellBanker.com.

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Irvine is a Powerhouse & Continues to Lead Orange County Economy & Housing Market Recovery

Irvine, CA, Leads the Way at Orange County for Housing Market Recovery.

• 187 Irvine homes sold during past thirty days.
• Average sold price was $684,836
• $12,809,500 were total dollars spent for purchase of Irvine homes to past 30 days.

What kind of Irvine homes are selling?

• 40 of the sold Irvine homes were short sales (22% of the market solds).
• 148 of the 187 homes sold were under $750k.
• 79% of homes sold were under $750k.
• 90 of the sold Irvine homes were detached SFR.

What about current for sale listings? 

• 609 Irvine homes are now listed for sale (slowly increasing number as compared with 30 days ago).

What about homes now under contract? 

• 525 Irvine homes are now in pending contract and backup position on MLS (huge and increased number, which shows short market time).

Market time? 

• Comparing this number of pendings (525) to those now listed for sale (609), the shows the market doesn't have enough homes to show and sell.  
• Comparing number of Irvine solds past 30 days (187) to number current for sale (609), we believe that it would take about 3.1 month to sell all Irvine homes at current rate of sale.

Irvine continues to lead the way for OC Housing market recovery.

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

 

 

 

Posted via email from Explore OC Homes

Irvine is a Powerhouse & Continues to Lead Orange County Economy & Housing Market Recovery

Irvine, CA, Leads the Way at Orange County for Housing Market Recovery.

• 187 Irvine homes sold during past thirty days.
• Average sold price was $684,836
• $12,809,500 were total dollars spent for purchase of Irvine homes to past 30 days.

What kind of Irvine homes are selling?

• 40 of the sold Irvine homes were short sales (22% of the market solds).
• 148 of the 187 homes sold were under $750k.
• 79% of homes sold were under $750k.
• 90 of the sold Irvine homes were detached SFR.

What about current for sale listings? 

• 609 Irvine homes are now listed for sale (slowly increasing number as compared with 30 days ago).

What about homes now under contract? 

• 525 Irvine homes are now in pending contract and backup position on MLS (huge and increased number, which shows short market time).

Market time? 

• Comparing this number of pendings (525) to those now listed for sale (609), the shows the market doesn't have enough homes to show and sell.  
• Comparing number of Irvine solds past 30 days (187) to number current for sale (609), we believe that it would take about 3.1 month to sell all Irvine homes at current rate of sale.

Irvine continues to lead the way for OC Housing market recovery.

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

 

 

 

Posted via email from Explore OC Homes

New Unearned Income Medicare Tax - Part of US Health Care Reform Bill 2010

The new US Health Care Reform Bill passed and signed into law earlier this month by President Obama created a 3.8 percent Medicare tax on unearned income for high-income households.

 

This new Medicare tax is for all unearned net investment income and includes interest income, dividends, rents, and capital gains.

 

This new Medicare tax will not impact the capital gains exclusion for principal home residences ($250,000 for individuals/$500,000 for married couples). The 3.8 percent tax only will apply to taxable gains above this exclusion.

 

This new tax will take effect on Jan. 1, 2013, and will be applicable to high-income taxpayers with adjusted gross incomes of $200,000 or more for individuals, or $250,000 or more for married couples.

Source:  California Association of REALTORS.

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

This is for information only.  Be careful with this and any provision of law that will impact your income tax situation.  Always consult with your certified public accountant or income tax professional.

Posted via email from Explore OC Homes

Public Policy is Weak for new EPA Regulation on Paint Removal at Residential Dwellings

Public policy to support this new EPA regulation re paint removal in older residential dwellings was weak.  However, we recognize that this regulation is in effect as of today, April 22, 2010.

_____________________________________________________

 

Starting today, April 22, 2010, renovations that disturb lead-based paint in older residential dwellings and child-occupied facilities must generally comply with the Lead-Based Paint Renovation Rule of the Environmental Protection Agency (EPA). 

 

REALTORS® acting as listing agents or property managers who advise their clients to perform renovations, repairs, or painting projects for such properties may, as a matter of prudence, also want to inform them about these lead renovation requirements.  One common example is when a listing agent recommends that a seller has a home painted to improve its marketability.

Under the newly implemented rule, renovators of target housing built before 1978 must now be trained and EPA-certified to perform safe work practices to prevent lead contamination. 

 

Additionally, renovators must deliver EPA's lead renovation pamphlet to an occupant within 60 days before a project begins (and, if mailed, at least seven days before a project begins).  Renovators must also obtain the occupant's signed acknowledgment of receipt or substitute documentation as specified.

The EPA issued this rule in 2008, but delayed implementation until now.  The rule generally applies to building contractors, handymen, residential landlords, property managers, and anyone else who is paid to perform renovations or to direct workers to perform renovations as specified.  The lead renovation rule does not apply to homeowners renovating the homes they live in.  However, sellers of target housing must, among other things, disclose to their buyers any known lead-based paint and lead-based paint hazards (C.A.R. Form FLD).

Renovation work covered by the lead renovation rule is defined as a modification of an existing structure that disturbs a painted surface, such as surface restoration or surface preparation activity. 

 

Excluded are minor repair and maintenance activities that disrupt up to 6 square feet of interior painted surface or 20 square feet of exterior painted surface.  Demolitions and window replacements are not considered minor repairs.

 

For more information about the lead renovation rule, see article entitled Federal Lead-Based Paint Renovation Rule. 

 

See also EPA's Renovation, Repair and Painting webpage that has new requirements, pamphlets, and other resources.   To locate an EPA-certified renovation firm, go to http://cfpub.epa.gov/flpp/searchrrp_firm.htm.

______________________________________

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Public officials should use good sense when implementing new policy and regulations of private property, especially for those involving contractors, the construction industry, real estate and our economy.  This new EPA regulation on paint removal is without such good public policy.

Posted via email from Explore OC Homes

Public Policy is Weak for new EPA Regulation on Paint Removal at Residential Dwellings

Public policy to support this new EPA regulation re paint removal in older residential dwellings was weak.  However, we recognize that this regulation is in effect as of today, April 22, 2010.

_____________________________________________________

 

Starting today, April 22, 2010, renovations that disturb lead-based paint in older residential dwellings and child-occupied facilities must generally comply with the Lead-Based Paint Renovation Rule of the Environmental Protection Agency (EPA). 

 

REALTORS® acting as listing agents or property managers who advise their clients to perform renovations, repairs, or painting projects for such properties may, as a matter of prudence, also want to inform them about these lead renovation requirements.  One common example is when a listing agent recommends that a seller has a home painted to improve its marketability.

Under the newly implemented rule, renovators of target housing built before 1978 must now be trained and EPA-certified to perform safe work practices to prevent lead contamination. 

 

Additionally, renovators must deliver EPA's lead renovation pamphlet to an occupant within 60 days before a project begins (and, if mailed, at least seven days before a project begins).  Renovators must also obtain the occupant's signed acknowledgment of receipt or substitute documentation as specified.

The EPA issued this rule in 2008, but delayed implementation until now.  The rule generally applies to building contractors, handymen, residential landlords, property managers, and anyone else who is paid to perform renovations or to direct workers to perform renovations as specified.  The lead renovation rule does not apply to homeowners renovating the homes they live in.  However, sellers of target housing must, among other things, disclose to their buyers any known lead-based paint and lead-based paint hazards (C.A.R. Form FLD).

Renovation work covered by the lead renovation rule is defined as a modification of an existing structure that disturbs a painted surface, such as surface restoration or surface preparation activity. 

 

Excluded are minor repair and maintenance activities that disrupt up to 6 square feet of interior painted surface or 20 square feet of exterior painted surface.  Demolitions and window replacements are not considered minor repairs.

 

For more information about the lead renovation rule, see article entitled Federal Lead-Based Paint Renovation Rule. 

 

See also EPA's Renovation, Repair and Painting webpage that has new requirements, pamphlets, and other resources.   To locate an EPA-certified renovation firm, go to http://cfpub.epa.gov/flpp/searchrrp_firm.htm.

______________________________________

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Public officials should use good sense when implementing new policy and regulations of private property, especially for those involving contractors, the construction industry, real estate and our economy.  This new EPA regulation on paint removal is without such good public policy.

Posted via email from Explore OC Homes

Cheers to City of Costa Mesa for Making a Serious Offer to Buy te OC Fairgrounds Property from the State of CA

I like the idea that the City of Costa Mesa has made a serious offer to buy the Orange County Fairgrounds property from the State of California.

 

The OC Fair and other activities there have always been good for the people of the city and county and for business in general.

 

The 150-acre fairgrounds site has an unknown commercial value, and the state has estimated the sale should bring at least $96 million.

 

The city and the County of Orange previously made bids to buy this property, and other bids were from private developers, all rejected by CA state in March 2010.

 

Let's cheer for the City of Costa Mesa in this effort to buy the OC Fairgrounds, see how this works out and whether it can get the financing together. 

 

See Daily Pilot article, April 21, 2010 - $96 Million Offered for Fairgrounds - click here.

 

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Good public policy was behind this effort by the City of Costa Mesa.  Cheers to the City in this effort to buy the OC Fairgrounds.  Let's see how this works out and whether Costa Mesa can get the financing together to make it work.

Posted via email from Explore OC Homes

Cheers to City of Costa Mesa for Making a Serious Offer to Buy te OC Fairgrounds Property from the State of CA

I like the idea that the City of Costa Mesa has made a serious offer to buy the Orange County Fairgrounds property from the State of California.

 

The OC Fair and other activities there have always been good for the people of the city and county and for business in general.

 

The 150-acre fairgrounds site has an unknown commercial value, and the state has estimated the sale should bring at least $96 million.

 

The city and the County of Orange previously made bids to buy this property, and other bids were from private developers, all rejected by CA state in March 2010.

 

Let's cheer for the City of Costa Mesa in this effort to buy the OC Fairgrounds, see how this works out and whether it can get the financing together. 

 

See Daily Pilot article, April 21, 2010 - $96 Million Offered for Fairgrounds - click here.

 

 

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Good public policy was behind this effort by the City of Costa Mesa.  Cheers to the City in this effort to buy the OC Fairgrounds.  Let's see how this works out and whether Costa Mesa can get the financing together to make it work.

Posted via email from Explore OC Homes

Should Short Sales of Homes Be Allowed For the Reason that an Owner Has No Equity?

The government should stay out of private real estate transactions and decision making about what homeowner deserves a short sale or not, and that should be left to the lenders and lienholders.

 

Short sales of homes should be allowed by lenders for the basic and limited reasons that the owner has a serious financial hardship and is or will be unable to make his or her payments. 

 

A short sale is when a home is sold for less than the amount owed on the mortgage for the home. This occurs when the bank agrees to take less than the full amount due on the mortgage.

A seller does not have to be behind on a home loan to seek a short sale. If sellers wish to pursue a short sale, they must owe more than what the home is worth, demonstrate the house cannot be sold for the amount owed, and suffer from a legitimate financial hardship that makes the mortgage unaffordable.

The next step in the short sale process is to assemble a short sale package. This package will include such things as a financial statement showing monthly expenses, income documentation, bank statements, tax returns, a listing agreement, purchase agreement, an estimated HUD statement and a financial hardship letter.

If the home is sold as part of a short sale, there will be a difference between the amount owed and what the bank collects. This is called the shortage or the deficiency. Sometimes this deficiency may be negotiable. Some banks will seek a promissory note for the deficiency, meaning that the seller may be responsible to pay the difference between what the home sold for and what is owed to the lender. Some lenders might choose to file a collection or a judgment for the amount owed. The seller should be certain that any amount of debt, or release from debt, is received in writing. If the deficiency is forgiven, the lender can write off the shortage with the IRS, which means the seller may be responsible for paying taxes on the amount of the deficiency.

 

However, the US Mortgage Debt Relief Act of 2007 generally allows taxpayers the potential for relief from tax on mortgage debt forgiveness. 

 

Good news is that the state of California recent enacted its own law to allow taxpayers relief from state income tax on mortgage debt forgiveness.

 

A short sale will affect the seller’s credit score. To minimize the effect on a credit score, sellers should avoid making late payments on their mortgage and work with the bank to report the sale in the best possible manner.

________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Be careful with this and hire an attorney or certified public accountant to help with information about decision whether to pursue short sale of your home.  Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes