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PRICED RIGHT TO SELL REAL ESTATE--ED TORREZ BLOG

Real Estate investors who want to sell or buy for the right price turn to Edward
Torrez. Ed is the knowledgeable, professional Broker who works at a higher level
to move rental property and to bring savings to sellers--The Investor's Broker.




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MONDAY, JUNE 24, 2013


ARE SHORT SALES WORTH THE TROUBLE?




Short sales – a real estate transaction in which the homeowner needs to sell the
property, but owes more on the mortgage than the home currently is worth –
continue to dominate the housing market, but these real estate transactions
aren’t for everyone.


Making sense for my Readers:

 * Typically with a short sale, the homeowner is underwater and has experienced
   a financial hardship such as a job loss.  To limit the damage to his credit
   rating, a homeowner may attempt to work with his lender to negotiate a short
   sale.  Not only must the bank approve of the short sale itself, it also must
   agree to the price, since the bank will accept the difference as a loss.
 * Unlike foreclosures, in which the owner has walked away and the bank is
   looking to unload a vacant – and sometimes vandalized – property, a short
   sale isn’t a distressed home that will sell at an extremely low price. 
   According to data from RealtyTrac, short sales typically sold for nearly 10
   percent less than the market price in the first quarter of 2011, whereas
   foreclosures sold at an average discount of 35 percent.
 * Home buyers wanting to purchase a short sale must have patience.  In most
   cases, when a buyer makes an offer on a house, he receives a response from
   the seller within a few days, or even hours.  With a short sale, the bank
   must approve of the sale and bank representatives are overloaded with cases. 
   It may take 30 days or longer for a buyer to receive a response from the
   bank.
 * In a traditional real estate transaction, it is common for a home buyer who
   currently owns his home to make his offer contingent on selling his current
   home.  In short sales, most banks will not approve an offer that is
   contingent on the buyer selling his current home, as too many things can go
   wrong.
 * Banks also typically won’t consider short-sale offers that have inspection
   contingencies in them, so buyers can either do an inspection prior to making
   an offer or forego an inspection altogether.

Even with the challenges associated with short sales, buyers should be aware it
takes along time, your offer can't be contingent on selling your current home,
and it is an as-is sale.  not avoid these transactions.  Being prepared ahead of
the time and working with an experienced REALTOR® can help buyers avoid
frustration

Posted by Priced Right To Sell Real Estate at 9:34 PM 0 comments
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Labels: Making Sense, Short Sale Information



MONDAY, JUNE 17, 2013


DID YOU MISS THE BOAT ON RECORD-LOW MORTGAGE RATES?





Ed Torrez--Prediction
 

Borrowers who didn’t take advantage of the historically low interest rates
likely have missed the opportunity to purchase or refinance using an ultra-low
mortgage rate. In the past month, rates have been on the rise and are expected
to continue to climb. Fannie Mae’s chief economist doesn’t believe mortgage
rates will ever be that low again.

Making sense for my readers:

   
 * According to the economist, the Fed is going to stop bolstering the housing
   market, which has kept rates at rock-bottom levels by buying up to $85
   billion a month of Treasury bonds and mortgage-backed securities. That has
   enabled lenders to sell mortgage loans at low interest rates and recoup their
   money immediately – plus profits.
   


   
 * If the Fed stops purchasing the securities, private investors will have to
   pick up the slack. For investors to do that, the loans will have to offer a
   better payoff, and that would mean raising rates for borrowers.
   


   
 * Low mortgage rates generally are a result of an economy in distress. But now,
   the market believes the economy is getting stronger. Job gains have picked
   up, and the fact that that hiring is advancing rather than retreating is good
   news for the economy. Any positive future reports are expected to push rates
   higher.
   


   
 * Today’s rates are unprecedented. The ever-popular 30-year, fixed-rate
   mortgage hit a 37-year low in 2003 at 5.23 percent. It is likely that any
   return to normal conditions will be accompanied by higher mortgage rates.
   


   
 * Borrowers should keep in mind that even if rates go up a percentage point or
   two, mortgages will still be relatively low. Historically, 30-year loans are
   usually 5.5 percent or higher. For clues in the direction of mortgage rates,
   experts recommend borrowers look at the daily movements in 10-year Treasury
   bond yields. Mortgage rates track Treasury yields with the difference between
   them holding fairly constant.

(Source: Source: CNN Money/AOL Real Estate)

Posted by Priced Right To Sell Real Estate at 9:28 PM 0 comments
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Labels: Daily Real Estate News, Making Sense, Mortgage News



MONDAY, AUGUST 22, 2011


IRS'S SUMMERTIME TOP 10 TAX TIPS FOR HOME SELLERS





IRS Summertime Tax Tip 2011-15, August 8, 2011


The Internal Revenue Service has some important information to share with
individuals who have sold or are about to sell their home. If you have a gain
from the sale of your main home, you may qualify to exclude all or part of that
gain from your income. Here are ten tips from the IRS to keep in mind when
selling your home.

 1.  In general, you are eligible to exclude the gain from income if you have
     owned and used your home as your main home for two years out of the five
     years prior to the date of its sale.
 2.  If you have a gain from the sale of your main home, you may be able to
     exclude up to $250,000 of the gain from your income ($500,000 on a joint
     return in most cases).
 3.  You are not eligible for the exclusion if you excluded the gain from the
     sale of another home during the two-year period prior to the sale of your
     home.
 4.  If you can exclude all of the gain, you do not need to report the sale on
     your tax return.
 5.  If you have a gain that cannot be excluded, it is taxable. You must report
     it on Form 1040, Schedule D, Capital Gains and Losses.
 6.  You cannot deduct a loss from the sale of your main home.
 7.  Worksheets are included in Publication 523, Selling Your Home, to help you
     figure the adjusted basis of the home you sold, the gain (or loss) on the
     sale, and the gain that you can exclude.
 8.  If you have more than one home, you can exclude a gain only from the sale
     of your main home. You must pay tax on the gain from selling any other
     home. If you have two homes and live in both of them, your main home is
     ordinarily the one you live in most of the time.
 9.  If you received the first-time homebuyer credit and within 36 months of the
     date of purchase, the property is no longer used as your principal
     residence, you are required to repay the credit. Repayment of the full
     credit is due with the income tax return for the year the home ceased to be
     your principal residence, using Form 5405, First-Time Homebuyer Credit and
     Repayment of the Credit. The full amount of the credit is reflected as
     additional tax on that year’s tax return.
 10. When you move, be sure to update your address with the IRS and the U.S.
     Postal Service to ensure you receive refunds or correspondence from the
     IRS. Use Form 8822, Change of Address, to notify the IRS of your address
     change.

For more information about selling your home, see IRS Publication 523, Selling
Your Home. This publication is available at www.irs.gov or by calling
800-TAX-FORM (800-829-3676).

Posted by Priced Right To Sell Real Estate at 9:00 AM 0 comments
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Labels: Tax Tips



WEDNESDAY, JULY 13, 2011


WHICH STATE HAS THE MOST MORTGAGE FRAUD?




Reports of mortgage fraud are on the rise: A government agency reported this
week a 31 percent jump in mortgage fraud cases for the first quarter of this
year, largely attributed to additional reviews from banks of loans issued
several years ago that now have gone bad.

California cities dominated the rankings for the highest incidences of mortgage
fraud in the nation — occupying six of the top 10 spots, according to the report
issued by The Financial Crimes Enforcement Network.

The following is a list of the top 10 metro areas with the highest reports of
mortgage fraud in the first quarter of this year, according to the Financial
Crimes Enforcement Network.

 1.  San Jose-Sunnyvale-Santa Clara, Calif.
 2.  San Francisco-Oakland-Fremont, Calif.
 3.  Los Angeles-Long Beach-Santa Ana, Calif.
 4.  Riverside-San Bernardino-Ontario, Calif.
 5.  Sacramento-Arden-Arcade-Roseville, Calif.
 6.  Miami-Fort Lauderdale-Pompano Beach, Fla.
 7.  San Diego-Carlsbad-San Marcos, Calif.
 8.  Las Vegas-Paradise, Nev.
 9.  Atlanta-Sandy Springs-Marietta, Ga.
 10. Salt Lake City, Utah

Source: Finacial Crimes Enforcement Network, U.S. Department of the Trasuary 1st
Quarter 2011

Posted by Priced Right To Sell Real Estate at 11:35 AM 0 comments
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Labels: California Real Estate, Daily Real Estate News, Mortgage News

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ABOUT ME

Priced Right To Sell Real Estate Whittier, California, United States I serve the
serious investor. I'm one myself: I've built wealth through income property, and
understand the goals, pressures and rewards that come with ownership. I've done
exactly what I do: I've found, fixed up and profited from rental property
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PRICED RIGHT TO SELL REAL ESTATE

 * Are Short Sales Worth the Trouble?
 * Did You Miss The Boat On Record-Low Mortgage Rates?
 * IRS's Summertime top 10 tax tips for home sellers
 * Which State has the Most Mortgage Fraud?
 * What is Due Diligence?




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DISCLAIMER

The information contained herein is believed accurate. It is intended to provide
general answers to general questions and is not intended as a substitute for
individual legal advice. Advice in specific situations may differ depending upon
a wide variety of factors. Therefore, readers with specific legal questions
should seek the advice of an attorney.




Ed Torrez Whittier California Real Estate Investor's Broker (DRE #01517344).
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