Zaida Patel, Realtor ----- Blog Website » General

Is it a good time to BUY?

Zaida Patel — Fri, 02 Apr 2010 22:15:11 +0000

Yes, but no need to rush. According to the Wall Street Journal, many housing economists have said that for borrowers with stable incomes, good credit history, and FICO scores of at least 620, now is an opportune time to purchase a home. Although inventory rates are below the long-run average, there still are plenty of options available for buyers of high-end homes. Things to think about are as follows:

Closely-watched indices, including the Standard & Poor’s/Case Shiller Index, indicate that the high end of the market didn’t experience the same dramatic price appreciation as the low end. Home prices in this segment have not declined as steeply as homes in the mid- to low-end of the market. Additionally, many discretionary sellers in the high end—those who do not have to sell their homes—are opting to wait until home prices rise before listing their homes for sale.

The high end of the market also is facing challenges with buyers qualifying for financing. During the height of the market, many high-end home purchases were fueled by exotic mortgage products. Now that those mortgages are no longer readily available, many lenders are requiring borrowers to provide proof of income, such as W-2s and recent paystubs, as well as demonstrate their ability to meet the monthly mortgage obligation.

To read the full story, please click here.

Obama Housing Plan

Zaida Patel — Fri, 12 Mar 2010 05:21:56 +0000

The New York Times

Program will pay homeowners to sell at a loss
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: Paying some of them to leave.

To read the full story, please click here.

Lenders Delay Evictions – Borrowers live rent free

Zaida Patel — Sat, 06 Mar 2010 00:03:31 +0000

Los Angeles Times

Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.

To read the full story, please click here.

Tax Credit will be extended

Zaida Patel — Sat, 07 Nov 2009 00:31:31 +0000

Congress has passed new legislation to extend the First Time Homebuyer credit of $8000, until April 30, 2010. e In addition, existing homeowners who has lived in their primary residence in the last five years, qualifies for a $6500 tax credit. For more info, click here.

Taxation of Foreclosures and Short Sales

Zaida Patel — Sat, 03 Oct 2009 05:33:33 +0000

We receive lots of questions about tax liability of short sales and foreclosures. As real estate brokers we are not licensed to give advice on this topic however we can lead you to the information that may answer your questions.

On December 20, 2007 the Mortgage Forgiveness Debt Relief Act of 2007 was enacted. Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income. More information regarding the Mortgage Debt Relief Act can be found on the IRS website below:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Or the California Association of Realtors, Legal Department has put together an FAQ regarding the taxation of Foreclosures, Deeds in Lieu of Foreclosure, and Short Sales. This is more detailed and specific to California. For more information, please click here.

Buyer’s Taking Advantage of Falling Prices

Zaida Patel — Fri, 21 Aug 2009 22:27:25 +0000

According to the New York Times, sales of previously owned homes surged in July as buyers stormed back to the market, taking advantage of falling prices, lower interest rates and a tax credit for first-time homeowners, an industry group reported on Friday. For full story, click here.

Welcome

Zaida Patel — Mon, 20 Apr 2009 15:30:49 +0000

Thank you for visiting ZaidaPatel.com. As one of the premier real estate services in the San Francisco bay area, we offer valuable real estate information and news to buyers and sellers in all areas related to real estate with a particular emphasis on the east bay communities of Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon.

The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

I won’t waste your time – when an offer is made, I’ll require acceptance or a counter offer within 24 to 48 hours.
You’ll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.

Feel free to call my cell phone (510-676-2236) or send me an e-mail ( zpatel at rwnetwork.com).

- Realty World Viking Realty