tag:blogger.com,1999:blog-21205096470646516372024-03-12T20:08:04.358-07:00Priced Right To Sell Real EstateI 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 investments. I grew up in a family that worked hard and created its own business and real estate success. Whether you want to buy and hold or flip or exchange, I work hard and fast to get top dollar or the best possible price for your property. If your ready to be serious and focused about rental property, lets talk.Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.comBlogger193125tag:blogger.com,1999:blog-2120509647064651637.post-71406888721255528252013-06-24T21:34:00.000-07:002013-06-24T21:34:03.610-07:00Are Short Sales Worth the Trouble?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjr4YJ7m-o4PrbInlau0mVi_L6N4tBBYqlH49dXaLgYpvfyhrAOLELhkN0tvzTcEXlmw880qdFzVdPwHlwB_hAZAb2MEITbakd_fZHqy6dFWKcFE3U_xkU27VZ7X240d4JueqJc9Yaglfk/s1600/Ed+Torrez+Getting+a+Loan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjr4YJ7m-o4PrbInlau0mVi_L6N4tBBYqlH49dXaLgYpvfyhrAOLELhkN0tvzTcEXlmw880qdFzVdPwHlwB_hAZAb2MEITbakd_fZHqy6dFWKcFE3U_xkU27VZ7X240d4JueqJc9Yaglfk/s1600/Ed+Torrez+Getting+a+Loan.jpg" height="256" width="320" /></a></div>
<span style="color: black; mso-bidi-font-family: Arial;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"></span></span><br />
<span style="color: black; mso-bidi-font-family: Arial;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></span><br />
<span style="color: black; mso-bidi-font-family: Arial;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br /></span></span><br />
<span style="color: black; mso-bidi-font-family: Arial;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Making sense for my Readers:<o:p></o:p></span></span><br />
<ul type="disc">
<li class="MsoNormal" style="color: black; margin-bottom: 12pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; margin-bottom: 12pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; margin-bottom: 12pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; margin-bottom: 12pt; mso-list: l0 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></li>
<li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></li>
</ul>
<span style="color: black;"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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</span></span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-75947906992957653482013-06-17T21:28:00.000-07:002013-06-17T21:28:00.071-07:00Did You Miss The Boat On Record-Low Mortgage Rates?<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-8yNrY5NudQ0/Ub0_-BI-k3I/AAAAAAAAGzU/-dXEMgDeZ1w/s1600/Ed+Torrez+Predictions.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="http://3.bp.blogspot.com/-8yNrY5NudQ0/Ub0_-BI-k3I/AAAAAAAAGzU/-dXEMgDeZ1w/s1600/Ed+Torrez+Predictions.jpg" height="320" width="252" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Verdana, sans-serif;">Ed Torrez--Prediction</span><br />
</td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: left;">
<span style="color: #484848; font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.<br />
<br />
Making sense for my readers:</span></span></div>
<span style="font-family: Verdana, sans-serif;">
</span><br />
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span>
<li class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></span></li>
<span style="font-family: Verdana, sans-serif;">
</span></ul>
<span style="font-family: Verdana, sans-serif;">
</span><br />
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span>
<li class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></span></li>
<span style="font-family: Verdana, sans-serif;">
</span></ul>
<span style="font-family: Verdana, sans-serif;">
</span><br />
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span>
<li class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l0 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></span></li>
<span style="font-family: Verdana, sans-serif;">
</span></ul>
<span style="font-family: Verdana, sans-serif;">
</span><br />
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span>
<li class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l4 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.<o:p></o:p></span></span></li>
<span style="font-family: Verdana, sans-serif;">
</span></ul>
<span style="font-family: Verdana, sans-serif;">
</span><br />
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span>
<li class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l3 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;">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.</span></span></li>
</ul>
<div class="MsoNormal" style="color: #484848; margin: 0in 0in 0pt; mso-list: l3 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">
<span style="font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Verdana, sans-serif;"><span style="color: black;">(Source: <span class="byline1"><span style="mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Source: CNN Money/AOL Real Estate)</span></span><o:p></o:p></span></span></span></div>
<ul type="disc"><span style="font-family: Verdana, sans-serif;">
</span></ul>
<span style="font-family: Verdana, sans-serif;">
</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-20492163815021529662011-08-22T09:00:00.000-07:002011-08-22T09:00:07.062-07:00IRS's Summertime top 10 tax tips for home sellers<div align="left"><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-3thsIRyj_kc/SpAVBXq1vpI/AAAAAAAAFW0/rYKbpS-r_e8/s1600/Ed+Torrez+Uncle+Sam.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://4.bp.blogspot.com/-3thsIRyj_kc/SpAVBXq1vpI/AAAAAAAAFW0/rYKbpS-r_e8/s320/Ed+Torrez+Uncle+Sam.jpg" width="288" /></a></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">IRS Summertime Tax Tip 2011-15, August 8, 2011</span></div><div align="left"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span><br />
<ol><li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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).</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">If you can exclude all of the gain, you do not need to report the sale on your tax return.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">You cannot deduct a loss from the sale of your main home.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">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.</span></li>
</ol><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at <a href="http://www.irs.gov/">www.irs.gov</a> or by calling 800-TAX-FORM (800-829-3676).</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-86056449660771390062011-07-13T11:35:00.000-07:002011-07-13T11:49:33.791-07:00Which State has the Most Mortgage Fraud?<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-kIl0FC_ku3Q/Th3lcuFWkoI/AAAAAAAAGuA/zBJdCevW-ZA/s1600/Ed+Torrez+California+Golden+State+Real+Estate.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://2.bp.blogspot.com/-kIl0FC_ku3Q/Th3lcuFWkoI/AAAAAAAAGuA/zBJdCevW-ZA/s320/Ed+Torrez+California+Golden+State+Real+Estate.jpg" width="224" /></a></div><br />
<span style="font-family: Verdana, sans-serif;">Reports of mortgage fraud are on the rise: A </span><span style="font-family: Verdana, sans-serif;"><a href="http://www.fincen.gov/news_room/rp/files/MLF_Update_1st_Qtly_11_FINAL_508.pdf">government agency</a> reported</span><span style="font-family: Verdana, sans-serif;"> 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.</span><br />
<br />
<span style="font-family: Verdana, sans-serif;">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. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">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. </span><br />
<ol><li><span style="font-family: Verdana, sans-serif;">San Jose-Sunnyvale-Santa Clara, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">San Francisco-Oakland-Fremont, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Los Angeles-Long Beach-Santa Ana, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Riverside-San Bernardino-Ontario, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Sacramento-Arden-Arcade-Roseville, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Miami-Fort Lauderdale-Pompano Beach, Fla.</span></li>
<li><span style="font-family: Verdana, sans-serif;">San Diego-Carlsbad-San Marcos, Calif.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Las Vegas-Paradise, Nev.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Atlanta-Sandy Springs-Marietta, Ga.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Salt Lake City, Utah</span></li>
</ol><em><span style="font-family: Verdana, sans-serif;">Source: Finacial Crimes Enforcement Network, U.S. Department of the Trasuary 1st Quarter 2011</span></em><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-10118058979535194802011-07-04T18:37:00.000-07:002011-07-04T18:37:48.640-07:00What is Due Diligence?<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-BQ0XEGBSV_I/ThJqHpZ4PyI/AAAAAAAAGt8/IU81O2d6S4U/s1600/Ed+Torrez+Predictions.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://2.bp.blogspot.com/-BQ0XEGBSV_I/ThJqHpZ4PyI/AAAAAAAAGt8/IU81O2d6S4U/s320/Ed+Torrez+Predictions.jpg" width="251" /></a></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Most buyers and sellers share similar frustrations in the current housing market. Buyers look long and hard for the right home to buy, exercising caution to make sure they don't make a mistake that could be costly. Sellers wait anxiously for a committed buyer who sees the value in their home and is willing to put pen to paper.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">There are exceptions: Relatively hot neighborhoods surrounded by areas of sluggish sales. But, typically, negotiations between buyers and sellers are lengthy and tedious -- neither ending up with exactly what they want, but something they can live with. </span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">The negotiations often don't end when the contract is ratified. Ratification occurs when the initial offer and all counteroffers are signed and accepted by both parties. The buyers' lender can be the source of problems like refusing to lend the amount the buyers need to close the deal, either due to a low appraised value of the property or a problem with the buyers' credit.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">A major cause for further negotiations is inspection-related issues. This can encompass a broad range of problems from physical defects with the structure itself, like faulty electrical wiring, to discovering something previously unknown about the neighborhood like the fact that it's zoned for multi-dwelling housing and the house next door is being converted into a 12-unit building.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><b>HOUSE HUNTING TIP:</b> Do as much due diligence investigation as you can about a home you're seriously considering buying before you make an offer. It's time consuming and emotionally draining to make an offer. If you can discover in advance that there is something about the home or neighborhood that you can't live with, you come out ahead. </span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Some sellers provide a disclosure package about their home that provides presale inspection reports and information about the property. If so, read and understand these before you make an offer. A seller's disclosure package should not be viewed as a substitute for doing inspections once your offer is accepted. You should include an inspection contingency in the contract. </span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">There is a certain amount of subjectivity involved in home inspecting. One inspector might say the roof needs to be replaced; another could think the roof is serviceable and will last another few years with maintenance. One inspector might see a crack in the foundation as a big deal; another could find it typical and not affecting the integrity of the building.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Usually home inspections recommend further inspections for such systems as the furnace, hot water heater and drainage system. Few sellers take the steps to have all recommended further inspection done. </span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">During the buyers' inspections, issues that the buyers thought wouldn't be a big problem can turn out to require expensive fixes. Or new defects are uncovered of which neither buyer nor seller was previously aware. These situations can lead to further negotiation.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Buyers should be aware that a contract may not permit you to simply cancel without penalty if you decide you don't like the house after taking a serious look at it. It depends on the wording of the inspection contingency. Make sure you understand this before you sign the contract. In some cases, the buyers are required to request that sellers make repairs. The seller may have no responsibility to do so.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">However, buyers should consider how long they have looked and how difficult it will be to find another house like the one they're trying to buy. Sellers need to realistically assess how difficult it might be to find another buyer if they have to put their home back on the market.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><b>THE CLOSING:</b> It's usually in both parties' interest to try to reach a mutually satisfactory solution, either in the form of a credit to the buyers, the sellers getting work done, or a price reduction.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Always do your homework, and be guided by the licensed professional you are paying to educate and help you.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-59734116074233826982011-07-04T09:00:00.000-07:002011-07-04T09:16:54.884-07:00Do you or a family member have unclaimed money in California?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbUQeh41CYLx7UzfbmHOZXZmJDvCoavf9wzFra4HaLUPoYLgu8d8UACkZyE06XrBlicRFZdGBdjpMuVDAfAVX9f79isgyn9UkiAzeNPDPr0HrJoyDXVQOhEzfHLNZ2SVaq6yGWlH28A1k/s1600/Ed+Torrez+State+of+Callifornia+Money.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbUQeh41CYLx7UzfbmHOZXZmJDvCoavf9wzFra4HaLUPoYLgu8d8UACkZyE06XrBlicRFZdGBdjpMuVDAfAVX9f79isgyn9UkiAzeNPDPr0HrJoyDXVQOhEzfHLNZ2SVaq6yGWlH28A1k/s320/Ed+Torrez+State+of+Callifornia+Money.jpg" width="320" /></a></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Unclaimed Property is generally defined as any financial asset that has been left inactive by the owner for a period of time specified in the law, generally three (3) years. The California Unclaimed Property Law does NOT include real estate. Unused gift certificates are also generally excluded from unclaimed property and are not sent to the State as unclaimed property. </span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">The most common types of Unclaimed Property are:</span><br />
<br />
<ul><li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Deposits for utilities</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Bank accounts and safe deposit box contents</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Stocks, mutual funds, bonds, and dividends</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Uncashed cashier’s checks and money orders</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Certificates of deposit</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Matured or terminated insurance policies</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Estates</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Mineral interests and royalty payments</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Trust funds and escrow accounts</span></li>
</ul><div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Remember this can apply to anyone you know. Do you really know what your parents may have done before you were born. Or what they did when they were single. It doesn't hurt to check, you might find money for a family member. Good Luck!</span></div><div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span></div><div style="text-align: center;"><div class="MsoNormal"><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><a href="http://scoweb.sco.ca.gov/UCP">http://scoweb.sco.ca.gov/UCP</a> </span></div><div class="MsoNormal"><br />
</div></div><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-41534433303811670142011-07-01T18:23:00.000-07:002011-07-04T09:52:51.081-07:00Boyle Heights Neighborhood Council Elects New Board Members for July Fiscal Year 2012!<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-24oiOOm389Q/Tg5ywoWz5kI/AAAAAAAAGt0/nUNMRHoDKBE/s1600/Boyle_Heights_Ed+Torrez_The+Investors_Broker.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="249" src="http://4.bp.blogspot.com/-24oiOOm389Q/Tg5ywoWz5kI/AAAAAAAAGt0/nUNMRHoDKBE/s320/Boyle_Heights_Ed+Torrez_The+Investors_Broker.jpg" width="320" /></a></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Boyle Heights Neighborhood Council Elects New Board Members on June 29, 2011 at Pueblo del Sol Community Center.</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">The newly elected members are:</span><br />
<ul><li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">President Rocio Gandara</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Vice President Eddie Padilla</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Secretary Margarita Amador</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Treasurer Vera del Pozo</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Outreach and Special Events Officer Randy Salinas</span></li>
<li><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Planning and Land Use Officer William Morris</span></li>
</ul><div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">The meeting was interesting to say the least with a parliamentarian guiding and directing proper meeting procedures. Though the meeting went passed the allotted time frame of 8:00 pm. It was interesting to see and hear the challenges that have plagued this Voluntary Board.</span></div><br />
<span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Good Job!</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-62976334647520009922011-06-27T09:00:00.000-07:002011-06-27T15:08:27.520-07:005 Foreclosure Myths You Didn't Know!<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-l6i_OPPUFww/Tgj_HW4xstI/AAAAAAAAGtY/iDvEUN5-nfs/s1600/Ed+Torrez+Mortgage+Help+Stop+Foreclosure.jpg" imageanchor="1"><img border="0" height="200" src="http://2.bp.blogspot.com/-l6i_OPPUFww/Tgj_HW4xstI/AAAAAAAAGtY/iDvEUN5-nfs/s200/Ed+Torrez+Mortgage+Help+Stop+Foreclosure.jpg" width="198" /></a></div><span class="Apple-style-span" style="font-family: Verdana, sans-serif;">Although there are a number of programs available to help homeowners who have defaulted on their mortgages keep their home, the large amount of misinformation tends to result in troubled homeowners failing to contact their lender until it is too late.</span><br />
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<span style="font-family: Verdana, sans-serif;">Making sense for my readers:</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Some homeowners believe, incorrectly, that contacting their lender early in the process will draw attention to their situation and result in a quicker foreclosure. In reality, contacting the lender or servicer is an important first step, and the sooner, the better. Contacting the lender provides the homeowner with an opportunity to explain their situation and the steps necessary to deal with it.</span></li>
<li><span style="font-family: Verdana, sans-serif;">It is a common misconception that missing one mortgage payment will lead to foreclosure. However, the foreclosure process doesn’t begin until payments are 90 days delinquent. Lenders generally have a financial interest in keeping homeowners in their homes, so making contact as early as possible could help lenders modify terms of the mortgage or devise a repayment plan.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Once homeowners are behind on their mortgage payments, it becomes challenging to dig out of the hole. Some homeowners try to solve this by depleting their savings or dipping into their retirement accounts to become current on the loan. Most financial experts advise against this.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Delinquent homeowners may think they should stop making mortgage payments to get their lender’s attention, which often isn’t the case. When possible, homeowners should stay current on their mortgage payments and continue to contact their lender on a regular basis.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Homeowners who have applied for assistance or loan modification programs in the past and were turned down are advised to reapply. Program parameters are constantly changing, so the rules might have been liberalized since the last time the borrower sought help.</span></li>
</ul><span style="font-family: Verdana, sans-serif;">A number of free, government-sponsored housing services are available through the Dept. of Housing and Urban Development (HUD). A list of HUD-approved agencies can be found at <a href="http://www.hud.gov/">http://www.hud.gov</a>.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-62666806780074658272011-03-28T09:00:00.000-07:002011-03-28T09:00:05.645-07:00Your Taxpayer Rights if You Ever Get Audited<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-yHiEnTrxmHg/TZAXSK2dTWI/AAAAAAAAGrI/j8MkKXQVC00/s1600/Ed+Torrez+Uncle+Sam.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" r6="true" src="http://1.bp.blogspot.com/-yHiEnTrxmHg/TZAXSK2dTWI/AAAAAAAAGrI/j8MkKXQVC00/s200/Ed+Torrez+Uncle+Sam.jpg" width="180" /></a></div><br />
<span style="font-family: Verdana, sans-serif;">There are 3 letters that strike fear into the hearts of Americans—I-R-S! </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">And the very thought of being audited by them—usually turns into panic. </span><br />
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<span style="font-family: Verdana, sans-serif;">What you might not know is that back in the 1990’s, Congress passed the Taxpayer Bill of Rights Law, which places the burden of proof in tax disputes on the IRA -- not the taxpayer. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">However, there are some additional rights you have if you ever get that dreaded “audit notice” in the mail.</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">You don’t have to meet with the IRS – You don’t have to meet with them face to face. Instead, you can conduct your “audit” thru the mail. You avoid the stress of a personal meeting, the hassle of taking time off of work, or saying something that might be misconstrued by the auditor. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to negotiate penalties – Of course, the IRS is not going to tell you this, but if you’ve filed your tax returns, acted in good faith and have not set out to deceive the IRS or dodge your tax liability, you can ask that any penalties be cancelled. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You can appeal decisions made by the IRS - If you believe the tax liability and penalties are unfair or incorrect, you have 30 days to file an appeal. However, it could take years before your case is heard, but the “filing” date is the critical part of this process. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to “installment” payments – Let’s say you do end up owing additional money, you can set up regular monthly payments with the IRS. Form 433A needs to be filed, listing your income, expenses, assets and liabilities. They will determine the monthly payment you need to make. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to challenge IRS notices – Just a little fewer than 50% of all IRS notices, requesting more money from you, are incorrect or incomplete. But they keep sending them because it has been shown that people would rather just pay the money than fight the IRS. Don’t take their word for it. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to use a Taxpayer Advocate – If you feel you are getting the run around or no one at the IRS is willing to help you, contact a taxpayer advocate. This is a division of the IRS to help citizens whose tax problems seem to be ignored. Visit the IRS website and you’ll find a link that says “Contact Your Advocate”. The service is free and it’s confidential. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to make audio recordings when you meet—yes, you can record the whole meeting but you have to notify the IRS 10 days in advance. </span></li>
<li><span style="font-family: Verdana, sans-serif;">You have the right to represent yourself at an IRS audit – The tax code is complicated and unless you are fairly competent about the specifics of your tax audit, you might want to hire an expert to help you. If you’ve had your tax returns prepared by a CPA, they will usually help with the audit meeting. If you end up in US Tax Court, hiring a tax expert is highly recommended. </span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-73824836648774767552011-02-25T21:22:00.000-08:002011-02-25T21:31:44.475-08:00Banksy Visits Boyle Heights California And His Work Is Saved!<div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-RgpO8hKYstc/TWh-KPF2_HI/AAAAAAAAGq0/QBhyGQL2HoY/s1600/Ed+Torrez+Banksy+Kite-2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" l6="true" src="https://lh3.googleusercontent.com/-RgpO8hKYstc/TWh-KPF2_HI/AAAAAAAAGq0/QBhyGQL2HoY/s400/Ed+Torrez+Banksy+Kite-2.jpg" width="400" /></a></div><div style="text-align: center;"> <span style="font-family: Verdana, sans-serif;">Ed Torrez </span></div><div style="text-align: center;"><span style="font-family: Verdana, sans-serif;">Banksy Kite-2</span><br />
<span style="font-family: Verdana;">(Image From His Site)</span></div><div style="text-align: center;"><br />
</div><div style="text-align: center;"> </div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://lh6.googleusercontent.com/-mU2Jd69QIIw/TWh_wfkA1dI/AAAAAAAAGq4/7SWtck01wWE/s1600/Ed+Torrez+Banksy+Kite-2+in+Boyle+Heights%252C+California.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="325" l6="true" src="https://lh6.googleusercontent.com/-mU2Jd69QIIw/TWh_wfkA1dI/AAAAAAAAGq4/7SWtck01wWE/s400/Ed+Torrez+Banksy+Kite-2+in+Boyle+Heights%252C+California.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Verdana, sans-serif; font-size: small;">Ed Torrez</span><br />
<span style="font-family: Verdana, sans-serif; font-size: small;">Banksy Kite-2 Found in Boyle Heights, California</span><br />
<span style="font-family: Verdana, sans-serif; font-size: small;">(1st Street and Mathews)</span><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-qNvBf6Ai4cE/TWiGK-17GWI/AAAAAAAAGrA/0M_BrEcSRsI/s1600/Ed+Torrez+Banksy+Kite-2+Tagged.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" l6="true" src="https://lh3.googleusercontent.com/-qNvBf6Ai4cE/TWiGK-17GWI/AAAAAAAAGrA/0M_BrEcSRsI/s400/Ed+Torrez+Banksy+Kite-2+Tagged.JPG" width="400" /></a></div><span style="font-family: Verdana, sans-serif; font-size: small;">Ed Torrez </span><br />
<span style="font-family: Verdana, sans-serif; font-size: small;">Banksy Kite-2 Tagged</span><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://lh4.googleusercontent.com/-8uQQi_l-xQk/TWiC_H9DmoI/AAAAAAAAGq8/IZ_fDND34b0/s1600/Ed+Torrez+Banksy+Kite-2+Saved%2521.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" l6="true" src="https://lh4.googleusercontent.com/-8uQQi_l-xQk/TWiC_H9DmoI/AAAAAAAAGq8/IZ_fDND34b0/s400/Ed+Torrez+Banksy+Kite-2+Saved%2521.JPG" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: Verdana, sans-serif; font-size: small;">Ed Torrez </span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: Verdana, sans-serif; font-size: small;">Banksy Kite-2 Saved From Taggers and Graffiti Abatement Crews!</span></div><div class="separator" style="clear: both; text-align: center;"><br />
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<div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-43342588516990499832011-02-21T09:00:00.000-08:002011-02-25T20:06:41.436-08:00Mortgage Pitfalls to Consider<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-il12uLXKzsI/TWHnawt0o6I/AAAAAAAAGqo/3mCEQ3tT6n8/s1600/Ed+Torrez+Magnify+Mortgage.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="211" j6="true" src="http://2.bp.blogspot.com/-il12uLXKzsI/TWHnawt0o6I/AAAAAAAAGqo/3mCEQ3tT6n8/s320/Ed+Torrez+Magnify+Mortgage.jpg" width="320" /></a></div><span style="font-family: Verdana, sans-serif;">Getting a mortgage is a complex, time-consuming process that is generally one of the most significant events in one’s life. Because of this, there are several potential pitfalls borrowers should avoid.</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Applying for new credit and a mortgage simultaneously is never recommended. Anytime a borrower applies for new credit, the borrower is seen as a greater credit risk, at least initially. If the borrower also applies for a credit card or auto loan around the same time as applying for a mortgage, the borrower’s credit score might get dinged enough to increase the interest rate applied to the loan, or disqualify the borrower altogether. Borrowers should first apply for a mortgage, then apply for other consumers loans after the mortgage has been funded.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Another mistake some borrowers make is failing to look at the total housing payment. A mortgage payment consists of principal, interest, taxes, and insurance (PITI). Commonly, some prospective home buyers forget to factor in the property taxes and insurance premium into the overall mortgage budget.</span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-2355647487011502172011-02-14T17:31:00.000-08:002011-02-14T17:31:33.561-08:00Is Real Estate a Good Investment?<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-tepHVZLIqPU/TVnVptMa8sI/AAAAAAAAGqk/Y-4SDpXdL3U/s1600/Ed+Torrez+Real+Estate+Investing.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" h5="true" src="http://2.bp.blogspot.com/-tepHVZLIqPU/TVnVptMa8sI/AAAAAAAAGqk/Y-4SDpXdL3U/s1600/Ed+Torrez+Real+Estate+Investing.jpg" /></a></div><span style="font-family: Verdana, sans-serif;">The housing market still looks pretty bleak: There were a record 1 million foreclosures last year, home prices are still falling in many regions, and the number of "underwater" properties is at a record high.</span><br />
<br />
<span style="font-family: Verdana, sans-serif;">And things don't look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury yields have backed up during the past few months.</span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Basically, the real estate market remains a mess.</span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Real estate encompasses a wide range of markets – homes, apartments, hospitals, office buildings, strip malls, dormitories and other properties. But for our purposes, let's focus on residential real estate, or homes. Here are four reasons to think residential real estate might represent a bargain – with one big caveat.</span><br />
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<span style="font-family: Verdana, sans-serif;">MAKING SENSE FOR MY READERS</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;"><strong>Everyone hates homes</strong> - When the housing market is in the doldrums, people tend to avoid thinking about the value of their home. Sellers complain they’re not getting offers and buyers bemoan the strict lending requirements. However, prospective buyers should be contrarian and take advantage of a down housing market.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Smart people are buying real estate</strong> - A prominent hedge-fund manager said in a speech last fall: “If you don’t own a home, buy one. If you own a home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.” He believes that interest rates and home prices will rise this year, so real estate bargains won’t last much longer.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Real estate performs well during inflation</strong> – Convention says Treasury Inflation Protected Securities, commodities, and real estate do well in an inflationary environment. Real estate performed well during the period in the 1970s, when persistent inflation and high unemployment occurred. </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Demand may be coming back</strong> - Job creation and getting people employed are the two major factors in the housing rebound. There’s much debate about when the job market will recovery. Optimists say the recovery will happen this year, while pessimists say it won’t happen for several years.</span></li>
</ul><span style="font-family: Verdana, sans-serif;">Ladies and Gentelmen after we recover from this housing bust, home prices are expected to settle into a price-growth trend that's slightly higher than inflation over the long term. So in that sense, housing is still a long-term investment with a positive yield.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-57070772800014482112011-02-07T09:00:00.000-08:002011-02-12T10:14:02.011-08:00Your Credit Score will not be a Secret Any More!<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_C5hk3PWgQWg/TU9youiycSI/AAAAAAAAGqg/qFmrxNgaW4I/s1600/Ed+Torrez+Credit+Score+Chart.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" h5="true" height="204" src="http://4.bp.blogspot.com/_C5hk3PWgQWg/TU9youiycSI/AAAAAAAAGqg/qFmrxNgaW4I/s320/Ed+Torrez+Credit+Score+Chart.jpg" width="320" /></a></div><span style="font-family: Verdana, sans-serif;">And, you have the Dodd-Frank Financial Reform Bill to thank for it.</span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Starting July 21, 2011, lenders will have to provide you with your credit score if you are turned down for a loan OR are charged a higher rate than the “best” rate they have to offer. </span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Arial", "sans-serif";"><span style="font-family: Verdana, sans-serif;">This applies to everyone—mortgage companies, auto dealerships, credit card companies, landlords, insurance agents, utilities—basically anyone who uses a credit score.<span style="mso-spacerun: yes;"> </span></span></span></div><br />
<span style="font-family: Verdana, sans-serif;"><span style="font-family: Verdana, sans-serif;">In addition to letting you know your credit score, you will receive an explanation of the range of the score and a graph</span> on how your score compares to other consumer scores. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Here are some tips if you are not happy about your score:</span><br />
<ol><li><span style="font-family: Verdana, sans-serif;">Contact the creditor who sent you your score and ask how many points are needed to get the best rates. If they tell you 15 or 20, it’s fairly easy to get it increased. If it’s 100, you’ve got your work cut out for you. </span></li>
<li><span style="font-family: Verdana, sans-serif;">If you’re planning on requesting credit in the future, order a credit report ahead of time and see what’s on it. The law allows you one free credit report every year -- </span><a href="http://www.annualcreditreport.com/"><span style="font-family: Verdana, sans-serif;">www.AnnualCreditReport.com</span></a><span style="font-family: Verdana, sans-serif;">.</span><span style="font-family: Verdana, sans-serif;"> However, a credit score is NOT included so consider buying your credit score ahead of time --</span><a href="http://www.myfico.com/"><span style="font-family: Verdana, sans-serif;">ww.MyFico.com</span></a><span style="font-family: Verdana, sans-serif;">. </span></li>
<li><span style="font-family: Verdana, sans-serif;">Learn what goes into a credit score and <a href="http://www.scoreinfo.org/">http://www.scoreinfo.org/</a> has an educational website with great explanations on what influences credit scores. </span></li>
</ol><span style="font-family: Verdana, sans-serif;">If you decide to buy your credit score, be careful NOT to accidently sign up for a credit monitoring service which would be billed to you on a monthly basis. You don’t need that right now—you just need to know your score. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Over 2/3 of consumers haven’t ordered their free credit report in the last 12 months. Even if you aren’t applying for credit—you need to know what’s on your report! </span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-33658335731174438722011-01-31T09:00:00.000-08:002011-01-31T20:04:15.234-08:0018 Questions to Ask A Real Estate Agent while Interviewing<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_C5hk3PWgQWg/TUY_baAqr0I/AAAAAAAAGp8/tGhIFe-_76Y/s1600/Ed+Torrez+Interview.jpg" imageanchor="1"><img border="0" height="155" s5="true" src="http://2.bp.blogspot.com/_C5hk3PWgQWg/TUY_baAqr0I/AAAAAAAAGp8/tGhIFe-_76Y/s200/Ed+Torrez+Interview.jpg" width="200" /></a></div><br />
<span style="font-family: Verdana, sans-serif;">If you are looking to buy or sell a home, you’ll probably want to not only find the best agent for your needs, but one with integrity and one that knows the ropes. They don’t have to be your best friend, but they should be someone that you genuinely like—because you’ll be spending a lot of time with them. </span><br />
<span style="font-family: Verdana, sans-serif;"></span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Start with recommendations from family and friends. Ask what they liked about them. What they didn’t like. And then take it one step further— spend about 30-45 minutes and ask them these questions! </span><br />
<ol><li><span style="font-family: Verdana, sans-serif;">How long have you been selling residential real estate? </span></li>
<li><span style="font-family: Verdana, sans-serif;">Is it your full time job?</span></li>
<li><span style="font-family: Verdana, sans-serif;">What are your credentials? </span></li>
<li><span style="font-family: Verdana, sans-serif;">What other type of real estate training courses have you had?</span></li>
<li><span style="font-family: Verdana, sans-serif;">How many homes did you sell last year?</span></li>
<li><span style="font-family: Verdana, sans-serif;">How many buyers did you represent? </span></li>
<li><span style="font-family: Verdana, sans-serif;">What’s the average time to sell a home? (if listing your home for sale)</span></li>
<li><span style="font-family: Verdana, sans-serif;">How do you plan to market my home for sale? </span></li>
<li><span style="font-family: Verdana, sans-serif;">What’s the average time it took you to sell your listings? </span></li>
<li><span style="font-family: Verdana, sans-serif;">What’s the average time you spend with someone buying a home (if buying)?</span></li>
<li><span style="font-family: Verdana, sans-serif;">How close to the asking price, versus the sales price, are you able to negotiate (both for buyers and sellers)?</span></li>
<li><span style="font-family: Verdana, sans-serif;">Will you represent me exclusively (if you are a buyer)?</span></li>
<li><span style="font-family: Verdana, sans-serif;">How many lenders do you work with (if you need a mortgage)?</span></li>
<li><span style="font-family: Verdana, sans-serif;">Why do you like working with these lenders? </span></li>
<li><span style="font-family: Verdana, sans-serif;">What other service providers do you work with? </span></li>
<li><span style="font-family: Verdana, sans-serif;">Do you get any compensation when you refer them to me? </span></li>
<li><span style="font-family: Verdana, sans-serif;">How will you communicate with me? </span></li>
<li><span style="font-family: Verdana, sans-serif;">How often should I expect to hear from you? </span></li>
</ol><span style="font-family: Verdana, sans-serif;">Just a couple of things to keep in mind! Experience is not a guarantee that the person is successful. Ask additional questions if you don’t understand the answers. Ask for references. Make the telephone calls. And before you buy or sell your home, by all means get pre-approved ahead of time. </span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-51636796732948441982011-01-24T09:00:00.000-08:002011-01-24T09:00:07.431-08:005 Mortgage Qualifying Red Flags You Need to Know Before House Shopping!<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_C5hk3PWgQWg/TTy0zJ7UlvI/AAAAAAAAGps/nERAAhZVpeA/s1600/Ed+Torrez+Home+Ownership.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" s5="true" src="http://3.bp.blogspot.com/_C5hk3PWgQWg/TTy0zJ7UlvI/AAAAAAAAGps/nERAAhZVpeA/s200/Ed+Torrez+Home+Ownership.jpg" width="188" /></a></div><span style="font-family: Verdana, sans-serif;">What’s the first thing you do when you start working with a client? You ask the area, the type of home, the price range, etc. Next, you probably ask about their family, their employment and if they have been pre-qualified for a mortgage loan. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">There are 5 mortgage qualifying situations that we have to be familiar with when looking at Rental Property or even homes. Good Agents don't want to waste your time showing you homes, so tell them up front!</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;"><strong><u>Self-Employed Clients</u></strong> – A person is considered “self-employed” if they own 25% or more of any business. This includes partnerships and LLCs. Not only do I need 2 years’ tax returns, I have to have them sign a form, that’s sent to the IRS to verify the numbers. The red flags here are when someone says they have filed an extension—or they state they “don’t show all of their income” – or they “write off” all their expenses—and show no income. </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong><u>Divorced/Previously Divorced</u></strong> – Going thru a divorce can wreak havoc on a person’s credit. But more often than not, it’s the “joint debts” that still show up on the credit report that becomes a problem. This is especially true if the person had a mortgage with their ex-spouse and has not been released of liability. We will have to prove (with canceled checks) that the ex is paying the payments on time. </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong><u>Job-Hopping Clients</u></strong> – It’s not a bad thing if they change jobs, within the same industry, with very little time off between jobs. It shows a lack of “job stability” if a person hops from job to job or working for a “temp agency”.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong><u>Foreclosure, Short Sale, Deed in Lieu</u></strong> – Simply put, there are pre-determined “waiting periods” before your clients can apply for a mortgage. There are shorter waiting periods for those who have had a short sale or deed in lieu (versus a full foreclosure), but the shorter the waiting period, the more money they’ll need for a down payment. </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong><u>Bankruptcy</u></strong> – Waiting periods apply here too, but it depends upon which “chapter of the bankruptcy code” they filed under. The bankruptcy has to have been “discharged” and all the paperwork, including a schedule of debts is needed for me to review. There are extenuating circumstances (medical, death of a spouse) which allows a shorter period of time—but divorce or job loss is not considered an extenuating circumstance. </span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-80443811717307134552011-01-17T09:00:00.000-08:002011-01-17T09:00:08.393-08:00Four things that will keep the Housing Market from Change in 2011!<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_C5hk3PWgQWg/TTJnqHCzm-I/AAAAAAAAGpo/e9-nabmUHBg/s1600/Ed+Torrez+Housing+Crash.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="184" n4="true" src="http://1.bp.blogspot.com/_C5hk3PWgQWg/TTJnqHCzm-I/AAAAAAAAGpo/e9-nabmUHBg/s320/Ed+Torrez+Housing+Crash.jpg" width="320" /></a></div><br />
<span style="font-family: Verdana, sans-serif;">As the new year gets underway, there are four housing issues consumers should keep a close eye on: Jobs, Foreclosure Delays, Washington, and Lending Standards and Rates.</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;"><u><strong>Jobs:</strong></u> If the job market improves, the demand for housing picks up, and many other challenges facing the housing market can more easily take care of themselves. However, if it doesn’t, home prices will decline further, and more homeowners will fall underwater.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><u><strong>Foreclosure Delays:</strong></u> In September 2010, some of the nation’s largest lenders suspended foreclosures due to potentially fraudulent document-handling procedures. Regulators and state prosecutors have launched a series of reviews, and investigations could shed more light on abuses, such as misapplied or excessive fees by servicers, their attorneys, or other third-party vendors. If foreclosures are more difficult and expensive to process, banks and investors could step up bulk sales of loans or foreclosure alternatives such as short sales.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><u><strong>Washington:</strong></u> This month, the Obama administration is set to issue an initial set of recommendations for how to remake Fannie Mae, Freddie Mac, and the broader mortgage market. Meanwhile, regulators also are writing new rules on provisions outlined in the Dodd-Frank Act that will clarify how banks must retain some of the risk on loans that are bundled and sold off as securities and define what constitutes a “qualified residential mortgage” that is exempt from such rules.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><u><strong>Lending Standards and Rates:</strong></u> The government continues to dominate the mortgage-lending landscape, with more than nine in 10 new loans backed by Fannie Mae, Freddie Mac, or government agencies such as the Federal Housing Administration. While some analysts have raised red flags over the FHA’s finances and say that loans with 3.5 percent down payments are leading the agency to take on too much risk, others worry about tighter lending standards that could further pinch demand.</span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-32376910919571906552011-01-10T09:00:00.000-08:002011-01-11T20:41:29.003-08:00What You Should Never Bring to an IRS Audit!<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_C5hk3PWgQWg/TSqWfV8IXyI/AAAAAAAAGpg/pAvlI1PTFBg/s1600/Ed+Torrez+Uncle+Sam.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" n4="true" src="http://1.bp.blogspot.com/_C5hk3PWgQWg/TSqWfV8IXyI/AAAAAAAAGpg/pAvlI1PTFBg/s200/Ed+Torrez+Uncle+Sam.jpg" width="180" /></a></div><br />
<span style="font-family: Verdana, sans-serif;">The most common mistake is providing copies of your other years’ tax returns. What is really does is expand your risk of needing to provide more information because it gives an auditor many things to analyze, like patterns of income and deduction amounts over multiply years. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">So, why do people bring their previous tax returns with them? </span><br />
<span style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span style="font-family: Verdana, sans-serif;">Because the IRS auditors ask them to! </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">But, according to the IRS rules, you are only required to bring the information relating to the specific tax year that is listed in the audit notice. You are not required to provide information from any other year (except maybe carryover items) even if the auditor verbally asks you to do so. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">If the auditor asks for a previous return, simply say, “I don’t believe that this relates to the audit notice and the tax year mentioned.” Almost always, that will end the matter. </span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-82737869391900208122010-12-28T09:40:00.000-08:002010-12-28T09:40:02.645-08:00Take the Mystery Out of Real Estate Appraisals<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_C5hk3PWgQWg/TRogZOx5KdI/AAAAAAAAGpc/Lsh-7jqwe60/s1600/Ed+Torrez+Refinance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="199" n4="true" src="http://1.bp.blogspot.com/_C5hk3PWgQWg/TRogZOx5KdI/AAAAAAAAGpc/Lsh-7jqwe60/s200/Ed+Torrez+Refinance.jpg" width="200" /></a></div><div align="center"><br />
</div><span style="font-family: Verdana, sans-serif;">Appraisals are meant to help buyers avoid a potentially bad real estate investment. It’s meant to help the lender determine how much money they will lend (both for purchases and refinancing). </span><br />
<span style="font-family: Verdana, sans-serif;"></span><br />
<span style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span style="font-family: Verdana, sans-serif;">There are other types of appraisals, too—those that determine the assessed value of your home for property tax purposes or determine how much replacement coverage an insurance company will place on your home. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">Arriving at an appraisal value is no easy task. For example, some of the major factors have more to do with the neighborhood, such as:</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Type of area-- housing development, acreage, condo, and or townhome </span></li>
<li><span style="font-family: Verdana, sans-serif;">Recent sales prices of other homes in the area</span></li>
<li><span style="font-family: Verdana, sans-serif;">The amount of time between when it’s listed and when it’s sold</span></li>
<li><span style="font-family: Verdana, sans-serif;">The distance to schools, shopping, fire and police services</span></li>
<li><span style="font-family: Verdana, sans-serif;">The condition of other homes in the neighborhood</span></li>
</ul><span style="font-family: Verdana, sans-serif;">Now, for the home itself. After determining if the home is in good condition (or not), here are some of the factors the appraiser will take into account:</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Total square footage of living space</span></li>
<li><span style="font-family: Verdana, sans-serif;">Other buildings such as garages, storage barns, etc.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Age of the home</span></li>
<li><span style="font-family: Verdana, sans-serif;">Size of the lot or acreage</span></li>
<li><span style="font-family: Verdana, sans-serif;">Number of bedrooms & baths</span></li>
<li><span style="font-family: Verdana, sans-serif;">Unusual features (like 2 kitchens)</span></li>
<li><span style="font-family: Verdana, sans-serif;">Extras (like fireplaces, sound system, swimming pools, etc.)</span></li>
</ul><span style="font-family: Verdana, sans-serif;">And the final step is putting it all together by comparing your home, to other homes that have sold. Since no two homes are exactly alike, the appraiser makes “adjustments”. If your home has 2 bathrooms, and the home down the street has 2-1/2 baths, the appraiser will make a dollar adjustment because you have ½ a bath less than the other property. </span><br />
<br />
<span style="font-family: Verdana, sans-serif;">That’s where local knowledge, understanding of value adjustments, and unbiased judgment by the appraiser makes the difference. And yes, tax assessors basically use the same criteria when determining the value for tax purposes.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-60159627287601821202010-12-20T09:00:00.000-08:002010-12-20T09:22:48.964-08:005 Housing Predictions for 2011 from Freddie Mac<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/_C5hk3PWgQWg/TQ-Qol53gjI/AAAAAAAAGpU/jSIq5s3ud78/s1600/Ed+Torrez+Predictions.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" n4="true" src="http://3.bp.blogspot.com/_C5hk3PWgQWg/TQ-Qol53gjI/AAAAAAAAGpU/jSIq5s3ud78/s320/Ed+Torrez+Predictions.jpg" width="251" /></a></div><ol><li><span style="font-family: Verdana, sans-serif;"><strong>Low mortgage rates.</strong> With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Prices have hit bottom.</strong> House prices are likely to begin a gradual, but sustained recovery in the second half of 2011. </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Housing will remain affordable.</strong> With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Refinances will dwindle.</strong> Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Delinquency rates will decline.</strong> Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.</span></li>
</ol><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-11706921865414714802010-12-13T09:00:00.000-08:002010-12-13T11:23:17.766-08:00Who needs a Mortgage Deduction?<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/_C5hk3PWgQWg/TQRUVUZf-PI/AAAAAAAAGpQ/tcvMKpigX3w/s1600/Ed+Torrez+Uncle+Sam.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" n4="true" src="http://2.bp.blogspot.com/_C5hk3PWgQWg/TQRUVUZf-PI/AAAAAAAAGpQ/tcvMKpigX3w/s200/Ed+Torrez+Uncle+Sam.jpg" width="180" /></a></div><ul><li><span style="font-family: Verdana, sans-serif;">Repealing the mortgage interest deduction (MID) is a form of tax increase.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Families with children would bear more than half of the total increase.</span></li>
<li><span style="font-family: Verdana, sans-serif;">IRS data show that taxpayers in the 35 - 45 age group take the largest MID on average compared to any other age group of taxpayers.</span></li>
<li><span style="font-family: Verdana, sans-serif;">First time home buyers would be hurt the most if the MID is curtailed.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.</span></li>
<li><span style="font-family: Verdana, sans-serif;">The housing market has not emerged from the crisis that began in 2007.</span></li>
</ul><span style="font-family: Verdana, sans-serif;"><br />
</span><br />
<span style="font-family: Verdana, sans-serif;"><span style="color: red;"><strong>Congress:</strong></span> <strong>The Facts Speak for Themselves</strong></span><br />
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<span style="font-family: Verdana, sans-serif;">The 1.1 million members of the National Association of REALTORS® strongly <strong>oppose proposals to reduce the mortgage interest deduction (MID).</strong> Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-43357313405076114412010-12-06T09:00:00.000-08:002010-12-05T20:44:45.489-08:00Carbon Monoxide Poisoning: What to Watch Out For!<span style="font-family: Verdana, sans-serif;">Any appliance or device in your home or garage, that burns fuel, can produce carbon monoxide. Some causes of carbon monoxide poisoning are: </span><br />
<ol><li><span style="font-family: Verdana, sans-serif;">Dirty chimneys in fireplaces or wood stoves</span></li>
<li><span style="font-family: Verdana, sans-serif;">Improper installation of gas stoves</span></li>
<li><span style="font-family: Verdana, sans-serif;">Portable heaters</span></li>
<li><span style="font-family: Verdana, sans-serif;">Appliances using gas or kerosene</span></li>
<li><span style="font-family: Verdana, sans-serif;">Cracked furnace exchange</span></li>
<li><span style="font-family: Verdana, sans-serif;">Cigarette smoke</span></li>
<li><span style="font-family: Verdana, sans-serif;">Vehicle exhaust</span></li>
<li><span style="font-family: Verdana, sans-serif;">Improper ventilation for gas dryers</span></li>
<li><span style="font-family: Verdana, sans-serif;">Disconnected or damaged water heater flue</span></li>
</ol><span style="font-family: Verdana, sans-serif;"><span style="font-family: Verdana, sans-serif;">Carbon monoxide is referred to as a “silent killer” and if you feel strange or suddenly feel sleepy, get fresh air, open windows and doors and turn off all appliances and fuel-burning devices. While carbon monoxide detectors aren’t foolproof, they should help you before it’s too</span> late. </span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-81387570197743030092010-11-29T09:00:00.000-08:002010-11-29T09:00:01.322-08:00What You Need to Know about the New Credit Card Laws!<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_C5hk3PWgQWg/Sca_6KQyxmI/AAAAAAAAEzA/XQoFT0KTbu8/s1600/Ed+Torrez+Credit+Repair+in+a+nut+shell.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="181" ox="true" src="http://4.bp.blogspot.com/_C5hk3PWgQWg/Sca_6KQyxmI/AAAAAAAAEzA/XQoFT0KTbu8/s200/Ed+Torrez+Credit+Repair+in+a+nut+shell.jpg" width="200" /></a></div><div style="text-align: left;"><span style="font-family: Verdana, sans-serif;">The Credit Card Accountability, Responsibility and Disclosure Act 2009 went into effect February 22, 2010. Basically it improves customer disclosures but doesn’t help with those high interest rates.</span></div><br />
<span style="font-family: Verdana, sans-serif;">What we are seeing now is credit card companies increasing rates on existing customers (they can do this with just a 15-day notice) even if you have never had any lates! </span><br />
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<span style="font-family: Verdana, sans-serif;">The credit card companies are also lowering your approved limit on cards regardless if you had a great payment record.</span><br />
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<span style="font-family: Verdana, sans-serif;">When the credit card companies lower your approved limit on your card(s) it lowers your ratio of open debt to available credit, known as the “Revolving Debt ratio”. This can affect 30% of your score so it has an impact if they are eliminating some of your credit line.</span><br />
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<span style="font-family: Verdana, sans-serif;">Here are some of the “wins” for consumers:</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;"><strong>Fee Restrictions –</strong> Starting on October 22, 2010 unless you give the credit card company permission they can’t charge you “over the limit fees” and if they do, they cannot exceed $25 or, if you are chronically late, $35. (This is a 50-80 billion dollar lose to the banks.) </span></li>
</ul><span style="font-family: Verdana, sans-serif;"> They also cannot charge you for making a payment over the </span><br />
<span style="font-family: Verdana, sans-serif;"> phone or </span><span style="font-family: Verdana, sans-serif;">internet (they can, though, </span><span style="font-family: Verdana, sans-serif;">if you want the </span><br />
<span style="font-family: Verdana, sans-serif;"> payment expedited).</span><br />
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<span style="font-family: Verdana, sans-serif;"> Limits fees on “subprime” cards, so always make sure you read</span><br />
<span style="font-family: Verdana, sans-serif;"> all the terms</span><span style="font-family: Verdana, sans-serif;"> and conditions. </span><span style="font-family: Verdana, sans-serif;">(Less than 4% of consumers read </span><br />
<span style="font-family: Verdana, sans-serif;"> terms and conditions).</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;"><strong>Bans Double Cycle Billing –</strong> some credit card companies were billing for current and previous balances.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Credit Card Companies now has a mandatory 21-day grace period -</strong> statements must be sent 21 days before they are due – used to be 14 days. If you were late you probably paid the high daily interest rates! This took effect Aug 2009. So make sure you pay by due date!</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Gift Card –</strong> You gift card won’t expire for 5 years, so if you got one for Christmas or you Birthday and you stuck it in a drawer, it still might be good. Also card issuers cannot charge inactivity fees unless the card has not been used for 12 months.</span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Student Credit Cards –</strong> If you are under 21 you will have to provide a co-signer or be able to prove financial independence. Otherwise, you will be unable to get a credit card.</span></li>
<li><strong><span style="font-family: Verdana, sans-serif;">Your Payments will be applied to the balance with the highest interest rate first.</span></strong></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>You get a 45 day notice of interest rate hikes (used to be 15 days) –</strong> Any changes to terms and conditions must give a 45-day notice and if you don’t like the new terms you can “opt out”. Beware if you Opt-Out, they may be able to charge you 2-5%, up your rate to 29% and close your account! </span></li>
<li><span style="font-family: Verdana, sans-serif;"><strong>Retroactive Rate Increases –</strong> you will have to read your cards terms and conditions but basically rates can’t be raised until after the first year of issuance and if offered a promotional rate it’s good for 6 months. I want to add that there are a few exceptions to the rule- so read the fine print.</span></li>
</ul><span style="font-family: Verdana, sans-serif;"><strong>The bottom line?</strong> Since the banks are losing big bucks with the new guidelines, the average rate on new cards is 14.4% plus higher fees! (Hey they have to make it up somewhere, right?) Watch for them to raise rates in other areas. And of course the worse your credit score is the higher your rates and fees.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-39507463834939181502010-11-22T05:56:00.000-08:002010-11-22T05:56:54.003-08:00Should I Refinance Now?<div class="separator" style="clear: both; text-align: center;"></div> <div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_C5hk3PWgQWg/TOp1YSHeUyI/AAAAAAAAGos/Vdnl6juQMH0/s1600/Ed+Torrez+Mortgage+Rate+Drop.jpg" imageanchor="1"><img border="0" height="195" ox="true" src="http://1.bp.blogspot.com/_C5hk3PWgQWg/TOp1YSHeUyI/AAAAAAAAGos/Vdnl6juQMH0/s200/Ed+Torrez+Mortgage+Rate+Drop.jpg" width="200" /></a></div> <div style="text-align: left;"><span style="color: black; font-family: "Verdana", "sans-serif"; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Mortgage rates on 30-year, fixed rate loans are hovering near the lowest level on record since 1951. While some home buyers are putting their home purchases on hold hoping rates will go even lower, many industry experts are advising homeowners with rates in the upper 4 percent range to refinance</span>.</div><br />
<span style="font-family: Verdana, sans-serif;">MAKING SENSE FOR MY READERS</span><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Homeowners with rates in the upper four percent range are likely to benefit from refinancing, according to Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, Calif. He says refinancing to a lower rate often produces monthly savings, as long as the borrower can qualify under today’s industry credit guidelines and loan-to-value underwriting standards.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Some homeowners also may be good candidates for no-cost refinancing, where the title, escrow, and lender closing charges either are added to the mortgage principal balance or paid for over time with a slightly higher rate. The upsides to this option are reduced monthly payments, improved cash flow, and no outset of dollars at settlement.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Borrowers who want to become debt-free faster and can afford it, ought to consider refinancing out of a 30-year term loan into a 15-year term. Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.</span></li>
<li><span style="font-family: Verdana, sans-serif;">When considering whether refinancing is the best option, consumers are advised to take into account all of the fees associated with the refinance and decide if the money saved is worth the cost of the refinance.</span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-29674859164575239532010-11-02T18:59:00.000-07:002010-11-02T18:59:06.799-07:00The Largest Tax Increase in U.S. History Will Occur in less than 65 Days!<span style="font-family: Verdana, sans-serif;">Will the White House and Congress take action between now and December 31, 2010 to prevent the biggest tax increase in US History? That is yet to be seen, but going into the November 2nd Mid-Term election the White House has reaffirmed its position that it will allow the automatic tax increase to occur for the “rich.” There is suggestion that the “rich” are not paying enough. Let’s see who is “rich” and what the “rich” are really paying. Odds are you are one of the “rich.” If you earned above $113,799 (Adjusted Gross Income) in 2008, you were in the top 10% of all income tax earners – you were “rich.” How much did the “rich” pay according to the latest IRS statistics (the 2008 numbers were just released):</span><br />
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<ul><li><span style="font-family: Verdana, sans-serif;">The top 10% of income tax payers are everyone that has an AGI above $113,799 – you paid 69.9% of all federal income taxes</span></li>
<li><span style="font-family: Verdana, sans-serif;">The top 5% of income tax payers are everyone that has an AGI above $159,610 – you paid 58.7% of all federal income taxes</span></li>
<li><span style="font-family: Verdana, sans-serif;">The top 1% of income tax payers are everyone that has an AGI above $380,354 – you paid 38% of all federal income taxes</span></li>
</ul><strong><span style="font-family: Verdana, sans-serif;">The Tax Increases</span></strong><br />
<span style="font-family: Verdana, sans-serif;">The tax increase that will automatically come to pass on January 1, 2011 will hit you at virtually every level:</span><br />
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<strong><span style="font-family: Verdana, sans-serif;">Increased Income Taxes</span></strong><br />
<ul><li><span style="font-family: Verdana, sans-serif;">The 10% bracket rises to an expanded 15%</span></li>
<li><span style="font-family: Verdana, sans-serif;">The 25% bracket rises to 28%</span></li>
<li><span style="font-family: Verdana, sans-serif;">The 28% bracket rises to 31%</span></li>
<li><span style="font-family: Verdana, sans-serif;">The 33% bracket rises to 36%</span></li>
<li><span style="font-family: Verdana, sans-serif;">The 35% bracket rises to 39.6%</span></li>
<li><span style="font-family: Verdana, sans-serif;">The child tax credit will be cut in half from $1000 to $500 per child.</span></li>
</ul><strong><span style="font-family: Verdana, sans-serif;">Increased Capital Gains Taxes</span></strong><br />
<ul><li><span style="font-family: Verdana, sans-serif;">The 15% bracket becomes 20%</span></li>
</ul><strong><span style="font-family: Verdana, sans-serif;">Increased Dividend Taxes</span></strong><br />
<ul><li><span style="font-family: Verdana, sans-serif;">The 15% bracket rises to 39.6%</span></li>
</ul><strong><span style="font-family: Verdana, sans-serif;">Increased Estate/Death and Transfer Taxes</span></strong><br />
<ul><li><span style="font-family: Verdana, sans-serif;">The death tax goes from 0% to 55% for estates over $1 million</span></li>
<li><span style="font-family: Verdana, sans-serif;">The gift tax goes from 35% to 55% </span></li>
</ul><strong><span style="font-family: Verdana, sans-serif;">Increased Alternative Minimum Tax </span></strong><br />
<ul><li><span style="font-family: Verdana, sans-serif;">Will jump from 4 million taxpayers to over 28 million taxpayers</span></li>
</ul><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0tag:blogger.com,1999:blog-2120509647064651637.post-4688063857426431322010-09-06T17:46:00.001-07:002010-09-12T08:31:05.195-07:00WARNING – Tax Hikes Are Now 3 Months Away!<span style="font-family:Verdana, sans-serif;">It is now virtually certain America will see a wave of tax hikes in just three short months. Congress can still take action between now and January 1st, 2011, to stop the automatic increase, but the odds of them doing so dwindle by the day. The following is what the current law dictates will happen on January 1st. </span><br /><br /><strong><u><span style="font-family:Verdana, sans-serif;">Income Taxes Climb</span></u></strong><br /><br /><span style="font-family:Verdana, sans-serif;">The existing 10% bracket is eliminated. The new low bracket will be 15%. The existing 25% bracket will be replaced by a new 28% bracket. The existing 28% bracket will be replaced by the new 31% bracket. The existing 33% bracket will be replaced by the new 36% bracket. The 35% bracket will jump to 39.6%.</span><br /><span style="font-family:Verdana, sans-serif;"><br /></span><span style="font-family:Verdana, sans-serif;"><strong><u>Higher Capital Gains Taxes</u></strong></span><br /><br /><span style="font-family:Verdana, sans-serif;">Capital gains rates will increase on long term investments from 15% to 20%.</span><br /><br /><span style="font-family:Verdana, sans-serif;"><strong><u>Extraordinary Increases in Dividend Taxes</u></strong> </span><br /><br /><span style="font-family:Verdana, sans-serif;">The taxes on dividends will jump from 15% up to 39.6% as they are taxed as ordinary income.</span><br /><br /><span style="font-family:Verdana, sans-serif;"><strong><u>Marriage Penalty Worsens</u></strong></span><br /><span style="font-family:Verdana, sans-serif;"><br /></span><span style="font-family:Verdana, sans-serif;">Married couples will once again pay a higher amount of tax than a single person.</span><br /><span style="font-family:Verdana, sans-serif;"><br /></span><span style="font-family:Verdana, sans-serif;"><strong><u>Itemized Deduction and Personal Exemption Phase Out Roars Back to Life</u></strong></span><br /><br /><span style="font-family:Verdana, sans-serif;">Itemized deductions are those few precious deductions given to individuals on their personal tax return such as mortgage interest, state and local taxes, charitable deductions. Taxpayers will lose $1 of itemized deductions for every $3 of AGI in excess of the threshold. Taxpayers above the threshold amounts will also lose their personal exemptions.</span><br /><br /><span style="font-family:Verdana, sans-serif;"><u><strong>Estate Taxes Return and Surge</strong></u></span><br /><span style="font-family:Verdana, sans-serif;"><br /></span><span style="font-family:Verdana, sans-serif;">Estate taxes will return from the “grave” of repeal where they are currently 0% and spike with a vengeance to 55% on all amounts above a $1 million exemption.</span><br /><br /><span style="font-family:Verdana, sans-serif;"><strong><u>Gift Taxes Climb</u></strong></span><br /><br /><span style="font-family:Verdana, sans-serif;">The gift tax rate is currently 35% on all amounts above $1 million. The gift tax rate will climb to 55% and the exemption will stay at $1 million.</span><br /><br /><span style="font-family:Verdana, sans-serif;">Despite the politics at play, the lower tax rates we currently have do not just help the “rich”; rather they help everyone who pays federal income taxes. Over 40% of the voters in the 2008 US general election did not pay any federal income tax into the system. It is estimated that in the 2010 mid term elections close to 50% of the voters will not be paying any federal income tax into the system. The White House’s proposals to “only” raise taxes on persons making above $200,000 single or $250,000 married are effectively tax increases on the very persons who are paying the vast majority of income taxes currently. That is you. </span><br /><br /><span style="font-family:Verdana, sans-serif;">We encourage you to do something about this at the ballot box on November 2nd.</span><div class="blogger-post-footer">Ed Torrez...The Investor's Broker...(562) 577-0496</div>Priced Right To Sell Real Estatehttp://www.blogger.com/profile/03108511286710456785noreply@blogger.com0