Crescent City Real Estate News

If you purchased your home within the last 5 years, chances are good that you are paying more than you have to in property taxes. 

Why? Because property values have fallen in California, in some areas, by more than 50%.

There is always someone trying to make a buck out there, so why should lowering property taxes be any different.  You do not need to pay someone to assist you with this process, just like you DO NOT have to PAY SOMEONE to assist you with a loan modification.

It's a very easy process that I just completed.  I received my letter today from the tax assessors office letting me know they have reassessed the value of my home, which resulted in lower taxes.  (If you purchased your home at below market value, then you may not realize any savings by a reassessment.)

To start the process, it is helpful if you know what homes similar to yours are selling for in your neighborhood.  If you don't know, call a local agent (in Del Norte County you can call me, I won't charge you), and ask if they would mind giving you some comparables to take to the tax assessor's office.  I have already helped several clients and homeowners who called asking for help.  When I called the assessors office I was armed with my homes current value based on several comps.  The appraiser agreed with what I had to say because it was based on solid facts and not wishful thinking.

He added me to an ever growing list of homeowners who wanted reassessment, and within 4-6 weeks, I received my letter.  I'm sure I speak for homeowner's everywhere when I say that any relief right now is helpful, so I was happy the hour or so I spent preparing for the assessor paid off.

IF YOU PURCHASED A HOME IN DEL NORTE COUNTY WITHIN THE LAST 5 YEARS, call me for comps.  You may be a candidate for lower property taxes.  Only your tax assessor knows for sure.

 DelNorteCountyREOForSale.com  &  REOAgent95531.com

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Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®, CDPE® CA lic 01723796

*PER CCMLS

I wrote about my travails with a credit card several months ago. My post hit a nerve and was featured. There were a lot of comments by card holders who had been similarly abused. 

It looks as though relief for wary card holders may be on the way.

Just released:

Congress passed a bill that SHOULD offer relief from out of control credit card issuers who are trying to make up for a drop in profits on the backs of customers who faithfully pay their cards on time.

What the bill does:

-- Credit card firms are generally barred from boosting interest rates on existing balances unless the account is 60 days overdue. Rate increases for new purchases require a 45-day notice.

-- Customers under 21 cannot have a card unless a parent or other responsible party signs on. (No more abusing young adults).

-- No fees for a charge that exceeds a credit limit without prior say-so from card holder.

-- Rates and terms must be clearly worded and publicly posted.

-- Bills must be sent 21 days before the due date.

-- Bills must state the time and total interest needed to pay off the balance if only monthly minimum payments are made.

-- Interest rates can't be raised in the first year after an account is opened.

If you have suffered credit card issuer abuse, you may want to see if the issuer is more malleable now that Congress is getting involved.  You may be able to get any abuses that have been heaped on you, reversed.  It's certainly worth a try.  Good luck. 

 DelNorteCountyREOForSale.com  &  REOAgent95531.com

GOOGLE ME

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®, CDPE® CA lic 01723796

*PER CCMLS

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, announced today at an address to several thousand REALTORS that the Federal Housing Administration is going to allow first time home buyers to use their $8000 federal tax credit as a down payment for the purchase of their home (Woo hoo).

Secretary Donovan said that important changes, which the National Association of Realtors(R) has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

What constitutes a "first time home buyer" for FHA's purposes? 

A first-time homebuyer is an individual who meets any one of the following criteria:

	An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
	A single parent who has only owned with a former spouse while married.
	An individual who is a displaced homemaker and has only owned with a spouse.
	An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
	An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

If you meet one of these guidelines and thought you were out of the housing market because you lack a down payment,  the Department of Housings new policy may get you in the game.  Call me for a referral to a lender who is experienced with FHA financing.

There is also a $10,000 tax credit available for NEW HOME purchases in California. You do not have to meet first time home buyer criteria for this tax credit, but you do have to purchase a new home, which is a home that has never been lived in.  Consult your tax professional for more information.

 DelNorteCountyREOForSale.com  &  REOAgent95531.com

GOOGLE ME

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®, CDPE® CA lic 01723796

*PER CCMLS

Cash For Keys is a program used by banks to vacate the occupants of foreclosed properties.  The bank offers money, anywhere from a few hundred dollars up to several thousand, in order to get the occupants to vacate and leave the home clean and in good condition.

Occasionally a homeowner or tenant takes out their frustration with the foreclosure process on the home itself, trashing the premises, incurring clean-up and repair costs for the bank.  The Cash for keys program utilizes a contract signed by the bank and the homes occupants stating that the occupants will vacate the home on a specified date and leave the premises in broom swept condition.  Usually the contract will add that all personal property will be removed and that the homeowner/tenant gives up all rights to the home and any property they leave behind. 

The real estate agent, working on behalf of the bank, shows up with the signed contract on the specified date, checks to be sure the home is left in the contracted condition, and hands the occupant a check as the occupant hands the agent the keys to the home, hence "cash for keys." 

I have been involved with Cash for Keys several times and in every instance, the occupant was grateful to receive cash to vacate and left the home in good condition.  The cash for keys amount is negotiable.  Generally a homeowner/tenant will try negotiate an amount that will cover the rent, deposit and moving expenses to move to a new location.  As long as the homeowner/tenant is reasonable, the bank is willing to negotiate an amount that will get the occupant to their new location.  This saves the bank the cost of having to clean-up the property, repair damage done by bitter or angry occupants, and the cost of eviction.

Cash for keys can assist the homeowner/tenant in their relocation and spare them from having their credit tarnished with an eviction. 

It isn't a perfect solution, but if you find yourself in a bank owned property with no money for moving expenses, it may be a lifesaver.

If you are a homeowner facing foreclosure, call your lender right away and ask for a loan modification.  Banks are not in the business of owning homes and are becoming much more agreeable to loan modifications and work-out plans to keep the owner in the home and avoid the very expensive and lengthy foreclosure process.

Statistics show that the majority of homeowner's never contact their lender even though they know they may lose their home.  Don't be one of them.  Be pro-active and CALL YOUR LENDER.

 DelNorteCountyREOForSale.com  &  REOAgent95531.com

GOOGLE ME

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®, CDPE® CA lic 01723796

*PER CCMLS

The Guaranteed Rural Housing (GRH) loan program is alive and well in Del Norte County.

Some of the highlights of this program:

• Financing - 102% financed based on appraised value.
  
  
• Income requirements - 1 to 4 persons maximum income $70,750 and 5 to 8 persons $93,400 (effective 3/20/09).
  
  
• No Mortgage Insurance - No monthly mortgage insurance.  One-time guarantee fee of 2%.
  
  
• Payment Reserves - No payment reserve.
  
  
• Seller Concessions- No maximum. If greater than 6%, comment from appraiser required.
  
  
• Credit Score- No minimum credit scores. Non-traditional credit acceptable if no credit is available.
  
  
• Occupancy - Primary residence only.
  
  
• Property Type - Single family or RD (rural development) eligible condo/PUD (Planned Unit Development).
  
  
• Manufactured Homes- manufactured homes must be new and RD approved.
  
  
• Home Inspection Adequacy Certification - State specific adequacy certification.
  
  
• Termite Inspection - All areas as required by RD.
  
  
• Well/Septic Inspection - 100% required.
  
  
• Repairs- 100% of repairs may be financed based on as-improved value. If work is not complete prior to closing and escrow hold back may be established at 150% of repair cost.

Several of our local lenders who use this loan program:

Jen Rae Mortgage
Jen Beers Owner
Crescent City, CA  95531
707-464-1835
jennybeers@yahoo.com

North Coast Mortgage
Wendy Bracht
931 5th Street
Crescent City, CA 95531
707-465-3910

Redwood Capital Bank
Valentino Villarreal
402 G Street
Eureka, CA 95501
707-444-9853

I am here to assist you with your real estate needs!

Brought to you by Fran Gatti at  THE REDWOOD COAST REAL ESTATE CONNECTION  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Put Fran to work for you.

 DelNorteCountyREOForSale.com  &  REOAgent95531.com

GOOGLE ME

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®, CDPE® CA lic 01723796

*PER CCMLS