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If It Looks Like a Tax and Acts Like a Tax ...
Buying a new home? Read the title documents very carefully. There may be a little-known tax tucked inside. It will lie dormant until you sell the property, then escrow will collect up to 1.75 percent of the sales price for a Private Transfer Tax. Read More
Bailout for the Financial Industry
The week-long suspense over whether a bailout for the financial industry would be approved leaves most of us with mixed feelings. Perhaps, like me, you are frustrated that the situation has reached this point, and also wondering what the behind-the-scenes deals have been cut to get the legislation passed.
And whether helping the banks will really help us.
The good news is that a problem plaguing our country is being addressed. If the bail-out is structured well, taxpayers will recoup much of their investment. Whoever becomes president next January will be charged with implementing and monitoring the safeguards.
Here in Southern California, home prices are continuing the decline in most markets. Click here to see a chart tracking the median price of new and previously owned homes sold in each city in my service area since February 2008. I also have prepared charts tracking sales of previously owned homes in each Zip Code; these are linked to each city page.
In the News:
The U.S. government stepped in to help the ailing Freddie Mac and Fannie Mae mortgage loan programs. How does the takeover of Feddie Mac and Fannie Mae affect home buyers and sellers? Click here to read the assessment of the California Association of Realtors.
At the end of July, President Bush signed the Housing Stimulus Bill, which may help homeowners avoid foreclosure. Click here to read the National Association of Realtors summary of its key provisions.
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The High Cost of Doing Nothing
"I have decided that the cost of doing nothing
is greater than the cost of doing something."
Rep. John Lewis, D-Ga., was talking about the bailout of the financial industry when he uttered those words, but the sentiment applies to most troubles. Doing nothing – not looking at the problem straight on, not setting a goal, not figuring out how to get there from here – truly is worse than taking action, even if in the long run that action proves unsuccessful.
Distressed homeowners take note: Doing nothing as your mortgage resets and you fall farther and farther behind in paying bills is going to result in your own financial crisis.
Don’t look for a huge bailout from Uncle Sam. He has problems of his own, as we well know. Instead, explore your options. Find out if you can weather this crisis and stay in your home.
Call me. I will help you look at the alternatives – including re-negotiating your present loan – and if selling your home is your choice, I can work with you and your lender to attract a buyer to minimize the damage to your credit rating.
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James Jackson
Broker-Associate
Tarbell, Realtors
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Serving the Area Since 1958
James Jackson has seen many ups and downs in the real estate market since he became a Realtor in 1958. As a broker-associate with Tarbell, Realtors, he uses his expertise to assist home buyers and sellers throughout the Inland Empire, frequently working with Ila Josephs, a fellow Realtor at Tarbell, Realtors - Upland.
James uses his vast experience in processing short sales and working with lenders on bank-owned properties to enhance the purchase offers of clients.
Working with clients who want to buy a first home, he can utilize his extensive knowledge of local, state and national programs to provide down payment assistance. He and Ila help clients get ready to buy, find the home that fits their needs, and write a successful purchase offer. Chair of the housing opportunities committee of the Citrus Valley Association of Realtors, James also is a member of the California Association of Realtors Housing Affordability Committee.
Once an offer is accepted, James and Ila work to ensure clients receive and evaluate disclosures and other information that could affect their decision to complete the transaction. Other real estate professionals, including loan consultants, home inspectors, escrow officers and title representatives add their expertise. Teamwork gets results.
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