Tax Relief and Appliance Rebate!!

This Monday, Governor Schwarzenegger signed a bill that would give homeowners tax relief for the difference of amount owed after going through a foreclosure, short sale, or loan modification. This is great news!!! Before, if you do a short sale, you would be taxed for the difference between the amount of mortgage owed and the sales price. Honestly, this was a concern for me before. I thought, how could struggling homeowners, in addition to them losing their homes, be responsible to pay thousands of dollars on taxes. For more info on this bill, please click on http://www.car.org/newsstand/news/sb401/

If you are planning on purchasing appliances like refrigerator, clothes washer, or room/window AC, then this rebate is for you. The state received about 35 million dollars towards this program and it will begin on April 22nd. You can get a rebate of $200 on refrigerators, $100 on clothes washers, and $50 on room/window AC. The appliances have to be energy efficient. For the list of requirements and forms to be filled out, please click on this link http://www.energy.ca.gov/recovery/energystar.html

In addition to the California rebate, if you are a resident of Chula Vista, you can be eligible for an additional $20.00 rebate. Again, the appliances have to be energy efficient and qualified. You would also have to purchase the appliances at Home Depot, Sears, and Best Buy. Here is the link to check out for more info http://www.chulavistaca.gov/clean/conservation/Climate/HUCD.asp

I hope that this was very helpful to you. Please share this info with friends and family. Let me know if you have any questions or would like to talk to me about how I could help you in doing a short sale.

Michelle Mendoza
Service Above Self
619-997-4118
michellemendoza@century21award.com

What?! $18,000 Combined Tax Credit for a Limited Time Only!!

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

IT DOESN'T HAVE TO BE A SHORT SALE! New Program for the Military

http://www.youtube.com/watch?v=wqY0unqdqKk

CNN Hero

Getting Close! We still need your help!!!

Backpack Ministry Philippines 2009 is on the move!! Not only are we donating 300 backpacks, which is double the amount from last year, but we are also including canned food, Top Ramen noodles, candies and books. Praise the Lord, for sure!!
I am encouraged by how many people have given their time and donations to reach out thousands of miles away...in the Philippines. I can't wait to receive pictures of the kids receiving their backpacks and opening them up to see the treats inside.
We still need help, if anyone is able to sponsor a shipping fee. We have to finish strong this year! Let's make 300 kids' Christmas memorable.

Deed for Lease Program

Fannie Mae just announced a "Deed for Lease" program.  All it means is that if the homeowners are not able to do a loan modification and are facing foreclosure, they can return the deed back to the lender and rent the property at market value.

Please click on the link below for more information.

More Info on Deed for Lease

Quick Update on Backpack Ministry

Here's an update on our backpack ministry.  Please also vote for Efren Penaflorida for CNN Hero of 2009

Vote for Efren - Vote for Efren

Efren on CNN - Video on Efren

Making a Difference

I love the people that I work with or should I say "I serve with".  Century 21 Award in Eastlake is not just another real estate office.  Of course we are serious about real estate, but we are also serious about making a difference. 

A couple of realtors from our office led a military outreach by collecting items such as toiletries, games, snacks to our troops that were in Iraq.  Now, there is a group of people from our office that walks around the neighborhood asking people for a donation of canned food to be donated to a local organization to help out the homeless.

A handful of my officemates have also made donations to make the Backpack Ministry possible.  We are in the process of sending 300 backpacks to the children of the Philippines.  These bags are full of school supplies, canned food, Top Ramen noodles, and candies. 

A wonderful friend and co-worker has even made a donation for a homeless family (with a 5 month old girl) to have a place to stay for a couple of days.  Some have also given used clothes for our homeless ministry.  Another group from our office are also volunteers for Habitat for Humanity and have participated in building several homes.

I respect my colleagues for their professionalism, but I love them more for their selflessness.  Our identity is not found in "our job", but it is found in who we serve.

First-time Home Buyer Tax Credit EXTENDED!

Yes, the first-time home buyer tax credit that was supposed to end by the end of November has been extended to April 2010. 

This is absolutely great news to many buyers that felt the pressure of getting into a home before the deadline.  I just hope that the banks will release some of the foreclosed properties out on the market now, so that the buyers can take advantage of this credit extension.

According to the IRS website-
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

More info from the IRS

Tax Extension

Another Reason to Buy in San Diego!

*San Diego ranks 3rd on the America’s Best Cities for Home Sales. Another reason why you should buy! San Diego is one of the most desirable cities in the country and now finally affordable.
*Median home price: $377,300
March 2008 listings- 19,000 March 2008 Pending- 2,000
March 2009 listings- 15,000 March 2009 Pending- 6,000

Click on this link to read more about it Home Sales Rising!

First-time Homebuyer Credit

Hi there! Yes, it's true! First-time homebuyer can get a credit of up to $8,000 or 10% of the home's value (whichever one is less). The government is doing whatever it takes to get the real estate market moving, so why not take advantage of it.

To read more click on this link First-Time Homebuyer Credit!

Beware of Foreclosure SCAMS! You have to read this!

With the economy being the way it is right now, there are more and more scam artists out there who are looking to prey on people who are struggling to keep their homes. This is something that really bothers me...in fact it makes me mad! Why would they take advantage of people who are already hurting financially? I don't really know. The only thing I can do is give you some information and shed some light on this issue.

So here it is, if you are facing foreclosure, in simple terms,here's what you have to do:

1) Make sure you are prepared by having your financial information ready.
The bank will ask for:
* Hardship letter
* Most recent bank statements
* W2's
* They will ask for monthly financial information, your income and expenses(so get these ready: credit cards, utilities, car payments, etc.)
*The bank may even send you a package to fill out. I recommend filling it out completely and immediately. Make sure you keep a copy for yourself and if asked to fax, fax it atleast twice, this way you can make sure they receive it.

2) Talk to the bank! Depending on your situation, the bank may ask you to;.

*Modify your loan- this may help you catch up if the bank extends your terms or
lowers your interest rate.

*Special forebearance- if you have experienced a decrease in your income,the bank may(if you qualify) arrange for a repayment plan or a suspension of payment.

*Pre-foreclosure Sale or Short Sale- to avoid foreclosure, you may be able to sell
your home for an amount less than the amount you owe.

*Deed-in-lieu of foreclosure- to voluntarily give the property back to the lender.

Please DO NOT pay someone else or even a "loan modification" company any money. Why pay them when you can do this on your own. It will take a bit of your time, but it is worth it if you can save money and possibly save your home.

Please be aware of scams out there, believe me they are out there. Check out this info I got from the Attorney General's website;

Avoid Being a Victim!

Any questions, feel FREE to contact me, get it FREE! I don't charge to give people advice =)

Mortgage loan rates are at the lowest in 37 years

I was reading this article from www.cnnmoney.com that I thought I'd share with you guys. It says that the mortgage loan rate is currently about 5.1% (Please check out the link on the bottom of this page)

I have a lot of my buyers that are taking advantage of not only the low interest rate but also the great deals that we are finding right now.
A couple of years ago, I had buyers that avoided Chula Vista (Otay Ranch or Eastlake area) because they thought it was "impossible" to buy a house there because the prices were ridiculously high. Now, most of my buyers ONLY want to look in those same areas, why? Because now for only $350,000 they can finally have their "dream home". I also have buyers that moved out of San Diego a couple of years ago because they couldn't afford to buy here and now they are calling me to find them a great deal.

I personally think that San Diego is the place to be. I love it here, you can do so many things. Everything is literally "close by". If you want to go the the beach, only 20 minutes away. If you want to go to the mountains, maybe around 45 minutes away. You want to take the kids to amusement parks, there are several you can easily go to. AND should I even mention the weather!!! I think you already know.

If you ask me, should I buy right now in San Diego? My answer is "Why wouldn't you"


Mortgage Rates Hit New Low!

Should We??

If you have been asking yourself whether you should buy now or wait, answer the following questions;

1) Do you have good credit? (over 680)

2) Are you planning on staying in the home for several years?

3) Do you want to lock in a really good rate?

If you answered YES to all three of the questions, then what are you waiting for?

If you could finally purchase your dream home at a price you can afford, what are you waiting for?

If you are renting now, there's a good chance that your mortgage would be just a little bit more than your monthly rent. Then what are you waiting for?

Click on this link below to preview some of the homes available right now... one of them might be your dream home. What are you waiting for?

Residential Client Full

Be Grateful

Reading the September 5th Wall Street Journal report on unemployment made me realize that in the midst of all this economical craziness, that I can be grateful. Sometimes we can find ourselves complaining about work or co-workers, without realizing what a blessing it is to have a job nowadays.

The Wall Street Journal report said that "so far this year, 605,000 jobs have been lost."
Wow, that's a lot of families affected. This is why I don't really like to read or watch the news, but in my business, I have to know what's going on in the economy.

It was such a great reminder that wherever you are or whatever the situation may be...to be grateful. I don't have much, but what I do have, I appreciate. My prayer each morning is for the Lord to bring our family back together safe and sound in the evening. Nothing gives me more joy than having my family together around the dinner table and having the kids goofing around. =)

What are you grateful for today?

How to make an offer in this market

1) Financing comes first. Make sure you are not just "pre-qualified" but you are "pre-approved" by a lender that already reviewed your credit score and your documents. Ask for an approval letter. You need to convince the sellers/banks that you are the best buyer out there.

2) Do not submit a low-ball offer. Let's say you are approved for $400,000, please look for properties in the $350-380,000 range. Most foreclosures are priced really low to attract more buyers and it becomes a bidding war, so make sure you are able to go over the asking price.

3) Submit a complete and clean offer. Make sure you have the necessary documents or addendums that the listing agent needs prior to sending the offer, they normally disclose this upfront. If your offer is not complete, it will not be submitted to the bank for review.

4) Do not ask for too much from the sellers or the banks. Eventhough this is a "buyer's market", you cannot ask for over the top closing cost or repairs. The main thing the banks look at is their bottom line. So be prepared to make an "as-is condition" purchase.

5) Be patient. Everyone is looking for a great deal right now, so you will have a lot of competition. Be prepared, make it fun, and have an open mind.

Let me know if you have any questions. Feel free to call me at 619-997-4118 or visit my website at http://www.michellemendozahomes.com/.

New Foreclosure Reform Law

I just thought I'd share this new law regarding foreclosures that I got from an email I got from the Pacific Association of Realtors.

The Governor signed a new foreclosure reform law. The new law:

Requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default (effective on or about September 8, 2008)
Requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties (effective July 8, 2008)
Extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply (effective July 8, 2008)
These requirements will remain in effect until January 1, 2013.
Click here for the full text of Senate Bill 1137 (Perata) , or click here for a summary from CAR Legal
PSAR will begin discussions with the city of Chula Vista since the local Abandoned Property Ordinance appears to conflict with the new state law.

New Listing in Otay Ranch

2 Bedroom Condo in Otay Ranch

FREE Foreclosure Tour!

Signs of hope in housing

On the front page of the San Diego Union Tribune yesterday was this article entitled "Some see signs of hope in housing". I personally saw the shift about 3 months ago when I started to make offers on properties and end up in bidding wars with 7 or more other offers on the same property. Even my short-sale listings are getting multiple offers, on one of my listings I have 7 offers. What's even more exciting is that banks are actually moving a lot faster in getting these short sales approved.

So, yes I think we are past the bottom. I know it has been painful for a lot of people going through foreclosures. But the main thing is that we are able to start again. Life has it's way of teaching us something with everything we go through. So we just make adjustments, plan for our comebacks, and most importantly pray.

For more on Union Tribune article, click on the bottom link
http://www.signonsandiego.com/uniontrib/20080520/news_1n20housing.html