Reverse Mortgage

Thinking about taking a reverse mortgage out on your home? Make sure you understand the ins and outs before you sign on the dotted line. Reverse mortgages can be very complicated and their are lots of bad people out there waiting to take advantage of you. The Consumer Financial Protection Bureau has put together a report that is a must read if you think a reverse mortgage is the answer to your problems. To read the report CLICK HERE

The rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62% from 3.66% last week. The rate has matched or hit a new low for 10 of the past 11 weeks, Freddie Mac said. Meanwhile, the 15-year fixed rate fell to 2.89%, down from 2.94%

Q-1: Is there a 3.8% real estate “sales tax” or a transfer tax created in health care bill?

A: No. There is neither a real estate “sales tax” nor a real estate transfer tax under any federal law. The Internet has generated several viral items describing such a tax. Those Internet postings are totally false. The 2010 health care legislation did create a new 3.8% tax, but it applies only to a limited group of taxpayers.


Q-2: So who will be subject to the new tax? When is it effective?

A: The new 3.8% tax will apply to the “unearned” income of “High Income” taxpayers. The new Medicare tax on unearned income will take effect January 1, 2013. Proceeds from the tax will be allocated to shoring up the Medicare fund.


Q-3: Who is a “High Income” Taxpayer?

A: Those whose tax filing status is “single” will be subject to the new unearned income taxes if they have Adjusted Gross Income (AGI) of more than $200,000. Married couples filing a joint return with AGI of more than $250,000 will also be subject to the new tax. (The AGI threshold for married filing separate returns is $125,000.)

Top 10 Mistakes Home Sellers Make

There are more than 2,200 Short Sale Properties available in the San Fernando Valley Right Now. Some for as little as $60,000. With an experienced agent to guide you through the, sometimes mind numbing, proceedure and a loan broker to help you get the best financing available you could be in your new home before summer.

Click Here and see if any of these properties feel like home. If none of these work or you just dont want to deal with the head-aches that go along with a short sale, contact me, I will help you find that perfect place to call home.

Construction On Coldwater Canyon

The Los Angeles Department of Water and Power (LADWP) will be constructing the City Trunk Line South Unit 5 Project. The project consists of 6,600 feet (1.25 miles) of 60 inch diameter welded steel water pipe that will improve the water quality and reliability in the San Fernando Valley area, as well as other surrounding communities serve by the City of Los Angeles. The construction of the entire trunk lineas shown on the attached map will be completed by approximately 2015.

LADWP will begin construction on Coldwater Canyon Ave between Dickens St and Van Noord Ave. Construction work in this work zone will start approximately the week of May 23, 2011 and will be completed by the end of December 2011. Construction work will occur Monday through Friday from 7:00 a.m. to 5:00 p.m. with the possibility of occasional work on Saturdays.

One traffic lane will remain open in each direction north and southbound on Coldwater Canyon Ave. Halkirk Street on the east side of Coldwater Canyon Ave will be closed to thru traffic.

If you need any further information in regards to this project at this time, please contact the Construction Engineer, Mr. John Hinton, at (213) 367-1189. After the start of construction, if you have any construction related issues, please contact the Construction Superintendent, Mr. Robert Smith, at (213) 798-5704.

California Law To Require Carbon Monoxide Detectors

On May 7, 2010, California Governor Arnold Schwarzenegger signed into law a bill that requires carbon monoxide detectors in all California dwellings. The bill requires that the presence or absence of these devices must be disclosed when residential real estate is transferred. For more information visit Realty Times.

The bill also creates disclosure requirements about carbon monoxide detectors. Sellers of residential properties in California must provide the buyer with a state-mandated form known as the Real Estate Transfer Disclosure Statement (TDS). The TDS requires the seller to answer Questions as to features of the property. The TDS has now been amended so that, effective January 1, 2011, the seller will have to say whether or not the property contains one or more carbon monoxide detectors. Even if the answer is "no", that will not invalidate the sale or transfer of the property. The question regarding carbon monoxide detectors is similar to a current question regarding automatic garage-door reversing devices. A footnote explains that the lack of such a device may fail to meet current safety standards. Nonetheless, a transfer of the property may still take place.