Miscellaneous Category
TAXATION CONSIDERATIONS SURROUNDING DISTRESS SALES
August 7th, 2008
By Brad Garbutt
Many property owners who purchased in the last few years with little or nothing down using a risky loan may be contemplating their options due to the inability to meet their mortgage payment obligations. Short sales, foreclosures and deeds in lieu of foreclosure are remedies with potentially unexpected tax consequences. Adding insult to injury, owners considering a distress sale may find [...]
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NEW THEROY REGARDING SUBPRIME MELTDOWN PUBLISHED
August 7th, 2008
By Brad Garbutt
A U.C. IRVINE study, published July 30,2008, points to a credit market shift in 2003 as a reason for the run-up in home prices starting in 2003. Up to now, critics have pointed the finger at loaning money to borrowers with less-than-perfect-credit as the main culprit in the unsustainable inflation of home prices that eventually [...]
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WHAT HOME BUYERS NEED TO KNOW ABOUT SHORT SALES
August 7th, 2008
By Brad Garbutt
In recent years, lenders were granting loans to home buyers that required little or nothing down, limited or no verification of income and only fair to poor credit scores. The catch was the borrower was stuck with risky adjustable rate mortgages (ARM’s), interest only loans or similar products that made it difficult for buyers to meet their mortgage payment obligations once the loan’s [...]
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DISPUTE RESOLUTION FOR CALIFORNIA REAL ESTATE TRANSACTIONS
August 5th, 2008
By Brad Garbutt
The majority of real estate transactions proceed smoothly and any disputes that arise can generally be worked out amicably. However, buyers and sellers occasionally find themselves facing a problem that needs the help of of a neutral third party. Regardless of whether a mediator, arbitrator or judge is needed to resolve the dispute, the experience [...]
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SHOULD I ASK THE SELLER TO THROW IN THE HOT TUB, APPLIANCES, FURNITURE and PLASMA TV?
August 4th, 2008
By Brad Garbutt
Many times as I’ve sat down with buyers to draw up a contract on a home they wish to buy, inevitably the question about personal property comes up. The C.A.R Residential Purchase Agreement has an entire paragraph dealing with personal property either to be included in, or excluded from the sale. First, we must decide [...]
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SHOULD A BRAND NEW HOME BE INSPECTED?
August 4th, 2008
By Brad Garbutt
August 4, 2008
Frequently this question comes up while reviewing with my clients what inspections should be conducted during the due diligence period after an offer is accepted. When I answer my client’s question with an emphatic yes, sometimes they are surprised and ask “why”? After all, doesn’t the building department inspect a home at various [...]
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FIRST-TIME BUYERS SEE OPPORTUNITY
July 30th, 2008
By Brad Garbutt
Home prices skyrocketed during the first 5 years of the 21st century to levels unreachable by many first time buyers. Starting in the fall of 2005, home prices peaked then began a steady decline dropping 20-40% from that peak. Entry level buyers have found opportunities to buy homes that are affordable compared to just a [...]
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NEHEMIAH LOAN PROGRAM CUT
July 30th, 2008
By Brad Garbutt
President Bush signed into law today HR 3221. One of the provisions of this law will do away with a popular loan program that is used in conjunction with FHA financing. The Nehemiah program allowed property sellers to donate the buyer’s downpayment (approximately 3% of the purchase price) to a non-profit. In turn the non-profit [...]
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