Palm Springs Area Real Estate

All the marketing experts nowadays are advocating the importance of getting ones business listed local on search engines because it saves web surfers  tremendous time and frustration . When it comes to real estate searches for homes for sale, local websites that provide MLS listings   are as important and powerful. My local site features  the Desert MLS for all Desert Cities, and is divided by city, by subdivisions, homes , condos, luxury homes and price range. Two days ago, I submitted an offer on a property for an out of state client . The seller countered with an offer for an amount higher than the listing price. My client  rejected it ,  and I went to check for him on other available properties , and I suggested that he should log on to my website and take a look  under the country club subdivision he is interested in and check the listings. Half an hour later, he called me and gave me a property address he saw on my website and ...

If you are a Californian who went through a ShortSale , Foreclosure or Loan Modification , the State of California yesterday passed the long Mortgage Forgiveness Debt Relief legislation . Who and What Qualifies For The California Mortgage Forgiveness Tax Relief ?  Debt can be forgiven by the State of California up to $500,000 for taxpayers who file as married/registered domestic partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately. Your total indebtedness limit is $800,000 for taxpayers who file as married/registered domestic     partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately. The debt must be secured by a Qualified Principal Residence. The debt can include 1st & second mortgages. The indebtedness incurred in acquiring the property, in constructing the property or by su...

Great news for California home buyers and home builders. A $200 million Home Buyer Tax Credit Bill was signed by Governor Schwarzenegger this afternoon. The Bill  allocates $100 million  to First Time Home Buyers , and $100 million for repeat buyers of new or existing homes.  The programs will run between May 1, 2010 and December 31, 2010  with a final closing date of August 1, 2011 provided a binding and enforceable contract was entered into prior to December 31, 2010. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years.  Buyers must live in the home for at least two years or forfeit the credit and repay it to the State.  This Tax Credit will overlap with the Federal $8000 & $6500 Tax Credits, which expire on April 30, 2010. Start your Desert Cities MLS search  here. Brought to you by  Abraham Baghbodorian 

The FHA has eased it's anti-flipping rules by waiving the 90 day rule as of Feb 1st 2010 . That means real estate investors seeking foreclosed properties to fix and sell can now obtain mortgage insurance for some purchases and be able to flip the property even if they hold it for under 90 days. That will translate into more affordable first time home buyer homes eligible for FHA financing , and more investors. The first-time home buyers tax credit expires April 30, 2010.

REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

The President of the California Association of Realtors, James Liptak explains what does the Tax Credit Extension and Expansion mean: "As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains t...