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Sumac Park in Fountainwood to Receive New Playground

Construction is set to begin at Sumac Park…

By: Rob Jordan

Located adjacent to Sumac Elementary School in the Fountainwood neighborhood of Agoura Hills. The existing playground areas and equipment are all being renovated or replaced. Plans for the park include new swings, adventurous playground equipment (read climbing stuff!), soft wood fiber surfacing that is fall-friendly, a sand play area, new benches and trashcans, and shade canopies.

Construction is planned to be swift, taking only 2 weeks from the middle to end of June 2010, during which time the existing playground will be closed.

Fountainwood is an established, popular family neighborhood in Agoura Hills consisting of some 700 or so one and two story homes. Sumac School is an award winning elementary school located in the middle of the tract. And Agoura High School is walking distance from Fountainwood homes.

Rob Jordan, successful realtor with Sotheby’s International Realty/Ewing and Associates, specializes in helping buyers and sellers in Fountainwood. He achieved the highest sale in 2009 and 2010, helping his Seller obtain $677,000 for a custom 3 bedroom 2 bath home. Rob can be reached at 818 237 4425.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Rob Jordan, Sumac Park in Fountainwood

Conejo Valley Homeowners Beware

Get the facts before considering a short sale

By: Rob Jordan

According to the Los Angeles Business Journal, certain foreclosed California homeowners who refinanced their homes could owe thousands of dollars to lenders.

HERE ARE THE HIGHLIGHTS

• Currently, if a homeowner defaults on a mortgage used to purchase his or her home — known as a purchase money mortgage — the homeowner’s liability on the mortgage is limited to the property itself. This means the lender CANNOT sue for the deficiency (the amount not paid back.) Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even if the refinance only was to obtain a lower interest rate.
• Californians who refinance a property currently do not have protection if they default on a mortgage greater than the property’s value. Called a deficiency liability, under current California law, the lender can sue the former homeowner for the amount of the deficiency even after taking back the property.
• Recent years of low interest rates and aggressive marketing campaigns by lenders have induced tens of thousands to refinance mortgages. Few homeowners realized that by refinancing their mortgage, they were forfeiting their protections and now are personally liable.
• Rob Jordan, Sotheby’s International Realty/Ewing and Associates, can inform you about how a short sale works, and what your options are. He can be reached at 818.237.4425. This article originally printed in the Los Angeles Business Journal.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Conejo Valley Homeowners, Rob Jordan

Tax Credits for Agoura Hills

Federal First Time Buyer Tax Credit Expires

By: Rob Jordan

California Tax Credit Kicks In for Agoura, Oak Park, Westlake Village Buyers

Many California homebuyers took advantage of the Federal Tax Credit of up to $8,000. But that credit expired on April 30, 2010.
But the State of California just announced a similar program, worth up to $10,000 to a buyer.

Assembly Bill 183 established a tax credit of $10,000 or 5 percent of the purchase price of a newly built home and a $10,000 tax credit for first-time purchasers of existing homes.

The credit is good through Dec. 31, or until funding is exhausted, whichever comes first.

The $200 million allocated for the program is split evenly, with $100 million going to purchasers of new homes and $100 million to first-time buyers of existing homes.

More information on the state tax credits credits can be viewed here

Rob Jordan is a successful realtor with Sotheby’s International Realty/Ewing and Associates in Agoura Hills, California. He can explain the details of the California tax credit. He can be reached at
818 237 4425. Article reprinted from a California Association of Realtors email.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Rob Jordan, Tax Credits for Agoura Hills

State and Federal Income Tax Break for Home Sellers

Mortgage Forgiveness Debt Relief

By: Rob Jordan

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law recently, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.  The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

Rob Jordan is a successful realtor with Sotheby’s International Realty/Ewing and Associates in the Conejo Valley. He can be reached at 818 237 4425, or rob@robjordanhomes.com

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Income tax break, Rob Jordan, tax break for home sellers

California Expands $10,000 Home Buyer Tax Credit

The state of California has re-established and expanded the $10,000 homebuyer tax credit

By: Rob Jordan

This program was so successful in 2009 that it ran out of funds after just four months with 10,659 home buyers claiming the credit.  The new law doubles the allocation to $200 million in tax credits for homes purchased between May 1, 2010 and Dec 31, 2010.  The state also extended the new credit to first-time homebuyers of existing homes, as well as buyers of newly constructed homes.  The funds will be split evenly between the two groups and will be available on a first-come, first-served basis.

As before, the tax credit is equal to the lesser of 5% of the purchase price or $10,000 and will be applied in equal amounts over a period of three taxable years.  The buyers will have to occupy the home as their primary residence for at least two years.  Buyers have no income limits or purchase price limits.  The only requirements are that the buyer must not be a dependent and must not purchase a home belonging to a relative.  Remember – the program ends when funding allocations have been met.

Rob Jordan
tel 818 237 4425
fax 818 332 7051
www.robjordanhomes.com

Estate Agent
Sotheby’s International Realty/
Ewing and Associates

Information provided by Rob Jordan, Estate Agent at Sotheby’s International Realty/Ewing and Associates Agoura Hills. Contact Rob at 818 237 4425. Original article by Brownie Stanisch, Prospect Mortgage.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: homebuyers, Prospect Mortgage, Rob Jordan

Heschel School in Old Agoura

By: Rob Jordan

If you don’t know, there’s been an ongoing battle to build a school over a 71 acre piece of land in the city of Agoura Hills. Heschel religious school owned property east of Chesebro Road that allegedly went into default and will now be sold to the highest bidder. Heschel sought approval from LA county to construct a larger campus that would effectively host 750 students. But, given the current economic crisis, Heschel school has decided to continue operating the 9 acre property currently in use.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Chesebro, Heschel School, Old Agoura, Rob Jordan

FHA Buyers and Sellers

Great News for Conejo Valley FHA Buyers and Sellers!

By: Rob Jordan

It’s a common scenario for a real estate agent. I have a well-qualified FHA buyer who has been patiently making offers on condos and town homes, but losing every sale for the last six months.  I now locate the property of their dreams, miraculously get the offer accepted, and find the condo project is not FHA approved.  AAAARRRRGGGGHHHH!

But there may be some good news!

A bit of background: FHA is a great way for entry level buyers to purchase a home. FHA purchases only require a 3.5-5% down payment, AND the seller may pay some of the Buyer’s closing costs. By the time you add in the first time buyer’s tax credit, it can take only a few thousand dollars to buy a home!

But the FHA has strict guidelines about property condition, so there is a list of FHA approved condos. If a project is on the list, it’s “preapproved for FHA purchases”.

If a project is not on the approved list, it was possible to obtain an FHA “spot” approval for one particular unit. But this was time consuming and often unsuccessful.

But in an odd turn of events, instead of fighting a losing battle to get just one unit approved,  I may be able to get THE ENTIRE COMPLEX FHA APPROVED at once.

My loan source, Prospect Mortgage, is an FHA Direct Endorsement lender. This means that they have the authority to approve entire condominium projects… not just one unit. No waiting for the government to get involved. My lender can do it all!

To get a project approved the following are the minimum standards:

·  Projects must be at least 12 months old
·  There can be no pending litigation or special assessments
·  At least 50% of the units must be owner-occupied
·  No more than 15% of the total units can be delinquent in their HOA dues
·  Reserves for capital expenditures must equal 10% of annual budget
·  CC&Rs cannot contain a “Right of First Refusal”
·  No more than 50% of the units may be FHA insured

Why the change in approval process? The government desperately wants the real estate market to recover. So they’re doing everything they can think of to make it easier for buyers and sellers to do business. FHA financing is one way to make it easier for Buyers to buy. It does take a bit longer overall for the process, but in the end, it’s worth it for Sellers and Buyers!

So, are you an FHA Buyer or Seller? I may have good news for you! Contact me today!

Rob Jordan is a successful real estate agent with Sotheby’s International Realty/Ewing and Associates in Agoura. He specializes in the Agoura, Oak Park, Westlake Village area. He can be reached at 818.237.4425, or by email: rob@robjordanhomes.com

(This blog based on an article by Brownie Stanisch, Prospect Mortgage, the best darn loan officer in the business! Call her at 818.742.3137. Article edited and reprinted with permission.)

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Agoura Homes for sale, ewing and sotheby's, FHA Buyer and Sellers, Rob Jordan

First Time Home Buyer Tax Credit Begins Final Countdown

By: Rob Jordan

The tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence is in it’s final stages. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. So buyers need to be IN ESCROW by the end of April, and CLOSE by end of June.

Here are some common questions and answers regarding the tax credit. (Information obtained from Federal Government website.)

1. Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
Yes. For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
5. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Please note that although the Form is titled “First-Time Homebuyer Credit,” this is the correct form for claiming both the $8,000 first-time homebuyer tax credit and $6,500 repeat buyer tax credit.
No other applications are required, and no pre-approval is necessary.
6. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
7.  I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
8.  Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
9.  Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
10.  Is there a way for a home buyer to access the money allocatable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Agoura Hills Homes for sale, first time home buyer, Rob Jordan, Tax Credit

Tax Credits for Replacing Heating and Cooling Systems

Tax Credits for Replacing Heating and Cooling Systems

By: Rob Jordan

Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500.

Replacing an aging heating and cooling system can save you money over time. According to Energy Star, a federal program that promotes energy efficiency, about half of what the average household spends on energy bills goes toward heating and cooling.

Upgrading your heating, ventilation, and air conditioning (HVAC) to energy-efficient units can cut utility costs by about 20%, or $200 annually, on average. A tax credit for heating and cooling systems can make the project more affordable.

You’re going to enhance a home’s saleability by moving to a more energy-efficient heating and cooling system. That doesn’t mean adding a $5,000 furnace will add $5,000 to the sale price. Rather, potential buyers are less likely to push for repairs or negotiate a credit if the HVAC is in good shape.

GETTING TAX CREDIT FOR YOUR UPGRADES

The federal energy tax credit is based on 30% of the cost of an eligible HVAC system. Installation charges count too. A $5,000 bill would max out the credit. You’ll need to owe more in taxes than you’re trying to claim in credits to qualify. Use IRS Form 5695. Save receipts for your records, as well as manufacturers’ certification statements. If part of a new HVAC system qualifies for the credit but another part doesn’t, ask the contractor to itemize the receipt.

Only improvements to your existing primary residence count.

This article provided by Rob Jordan, energetic Realtor specializing in Agoura, Oak Park and Westlake Village. He can be reached at 818 237 4425, or Email Rob.

Rob Jordan
tel 818 237 4425
fax 818 332 7051
www.robjordanhomes.com
Email Rob

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: ewing and associates, ewing sothebys, HVAC system, Replace heathing and cooling systems, Rob Jordan, Tax Credits

Reyes Adobe Interchange in Agoura Hills

The 90 day project began January 31

By: Rob Jordan

Just another follow up on the soil settlement project occurring on the Reyes adobe interchange on the 101.  You’ve certainly noticed the massive crane looming above Agoura and the traffic during the evening hours.  Well here’s the official scoop: from 9pm – 6am motorists can expect this project to be in progress until April 31st.

For more info visit: http://www.ci.agoura-hills.ca.us/

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Crane at Reyes Adobe, Reyes Adobe Interchange in Agoura Hills, Reyes Adobe Traffic, Rob Jordan