Optimus Realty

10/30/2009

It appears the Senate has passed legislation that would extend the first time home buyers credit into 2010. You will have to sign the contract by April and close by June. In addition, there is a reduced tax credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years

Here’s a primer on who might be able to get the expanded home buyer tax credit, and what it might do for the housing market.

10/22/2009

Gov. Schwarzenegger recently signed into law SB 94 which prohibits anyone doing a loan modification from charging an upfront fee, and requires those who charge a fee after performing the service to provide notice to the borrower regarding other available options among other things.

Bill Analysis

10/16/2009

Here is a great article that discusses one of the major pitfalls in purchasing a condo - either as your home or as an investment - and that is the HOA. Remember, when you purchase a condo or any real estate asset that is subject to an HOA, you are not only investing in the real estate, but you are also investing in the HOA. Professor Baron, who is quoted in the piece, is someone who I have worked with closely acquiring real estate. We spend a great deal of time analyzing HOAs and their financial viability for us and my clients.

When looking at HOAs, it is important to review the reserve requirements, which are required under CA statute 1365.5(e) to be done every three years, the financial statements and budget (including the delinquency rate, the A/R amount and how much they are writing off, and the percent funded), the meeting minutes, and the CA code 1365.2.5 disclosure.

For the brave home buyer, there are condo bargains out there. The trick is looking closely at the homeowner association's health. Here are tips.

10/14/2009

This is an interesting article regarding the Las Vegas real estate marktet. Although I have no experience in the Vegas market, this article outlines what I am seeing in the San Diego market for lower priced assets. It has been my experience, for properties below the $200,000 range, that my clients will put in about 10 offers before one is accepted. This is probably a result of low mortgage interest rates, the $8,000 tax credit, and competition by opportunistic investors trying to acquire properties that can actually cash flow on a monthly basis.

Just when you think you've heard it all in today's housing market, along comes a story that takes all those statistics and all those monthly foreclosure reports and all that testimony to Congress and just drop kicks them all out the window.

10/08/2009