Cell: (909) 567-3400 Office: (909) 878-0522 Fax: (909) 878-0524
E-Mail: mybigbearrealtor@yahoo.com
Q. IS THERE A SHORTCUT TO LOCATING THE BEST FORECLOSURE DEALS IN BIG BEAR?
I am in the process of
scheduling another Big Bear Foreclosure Tour, which will give potential
buyers an insiders view of nearly 20 homes, as well as the opportunity
to talk with local lenders and area contractors.
Q. WON'T I GET THE BEST DEAL BY WORKING WITH THE LISTING AGENT?
A. While it is tempting to contact the
Listing Agent on these homes, it is important to remember that the
Sellers/Listing Agent's primary fiduciary responsibility, and source of
commission, is to the owner - who is often the bank/mortgage holder.
Therefore, the Sellers Agent will negotiate the Owners Best Interest
... trying to get the best price for the Seller ... not for you, the Buyer.
Your
own agent, someone who will work exclusively for you, has your best
interests at heart and will negotiate the transaction to your benefit -
not the bank's. I hope you will give me the chance to represent you in
the search and purchase of your Big Bear Home.
Q. MY REALTOR SAYS I SHOULD SELL NOW TO AVOID PAYING A 3.8% SALES TAX. IS THAT TRUE?
A. There is a lot of Misinformation floating around these days. To begin with, it is not a sales tax levied on every home sale. As part of Obama's healthcare bill, certain real estate transactions (primarily Investment Properties) will be subject to Social Security (Self-employment) withholding. If your modified adjusted gross income exceeds $200,000 ($250,000 for married filing jointly) and the transaction is subject to capital gains tax (after taking the $250,000/$500,000 exclusion) then you may be facing this assessment. By all estimations, only 5% of home sellers will find themselves in this category. Please consult your Tax Preparer for details as they relate to your individual situation. Do not rely on your Realtor.
Q. CAN MY MORTGAGE HOLDER REALLY SUE ME AND PUT A LIEN AGAINST EVERYTHING I OWN IF MY HOUSE DOES NOT SELL FOR AS MUCH AS I OWE ON IT?
A. Thanks to Governor Jerry Brown and the State Legislature, you can no longer be held responsible for the deficiency balance here in California, nor can lenders insist on payment of a fee to entice them to accept a short sale or foreclosure offer. You will still receive a 1099C and need to report the deficiency that was waived to the IRS. Your Tax Attorney or Licensed Preparer can review current Tax Law to determine how much (if any) of that debt will be taxable.