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Financing on Litigation – What You Need to Know

In California, people sue people for all kinds of reasons and real estate is no exception.  Since I’m not an attorney and I don’t know every detail of the law, I’m just going to say that in California, developers are liable for construction defects for up to 10 years after completing construction.  For downtown San Diego condos, this means that the HOA will undoubtedly sue the developer for anything and everything – cracks in the sidewalk, leaky planters, windows that were installed backwards, pools that need resurfacing…or any other issue.

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Authored by Denny Oh | What Do You Have To Say?

Get $45,000 to do a Chase Short Sale

*I am not an attorney nor a CPA and you should consult with both to make sure that what you decide to do is the best option for your situation.  

In case you haven’t heard, it’s much easier to complete a short sale with JP Morgan Chase now.  The last one I did took a few months and now they’re getting even easier!  According to a Chase REO specialist I met with today, Chase has streamlined its short sale process and they’re doing everything they can to help people either keep their homes (via a loan modification), or short sell it (if they qualify).  If you’re home is upside down and you want help keeping it, or want help selling it, READ THIS BLOG!

Loan Modifications

If you owe more on your mortgage than the home is worth and you  want to keep the home, a loan modification may be the solution.   Read the rest of this entry »

Authored by Denny Oh | What Do You Have To Say?

What Would My Monthly Payments Be…?

Screen shot 2011-08-09 at 2.53.15 PMA friend of mine recently asked me, “How much would my payments would be if I bought a $700,000 home?” I figured this is probably a fairly common question, so I thought I’d share.  Based on a $700K purchase price, with 20% down ($140K), your mortgage payment would be about $3,733/mo.  Now that’s based on a 30 yr fixed loan, at an interest rate of 4.625%.

That payment includes your principal and interest(P&I) payment of about $2878/mo.  It also includes your property tax payment, of about $729/mo(based on 1.25% of the purchase price).  It also includes an estimated home insurance payment of $125/mo.

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Authored by Denny Oh | 2 Comments

Are Jumbo Loan Limits Changing?

If you’re thinking about buying a home, you should probably start looking right now! Right now in San Diego, there are three types of loans(in regards to loan amounts):

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Authored by Denny Oh | What Do You Have To Say?

Three More Months – HR 4213

Senate just passed a bill that extends the First Time Home Buyer, Federal Tax Credit.  Previously, home buyers who qualified could get an $8000 tax credit if they were in escrow by April 30th of 2010 and closed by June 30th of 2010.  Thanks to amendment HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010, now you can close escrow as late as September 30th of this year and still qualify for the credit – but you still would have had to have been under contract by April 30th.  This is NOT for the $10K California home buyer tax credit.  Good luck!

Authored by Denny Oh | What Do You Have To Say?

California First Time/New Home Buyer Tax Credit…Beware

If you’re in the market to buy your first home, or if you qualify as a “first time home buyer,” or if you’re buying a “new” home…READ THIS!  If you’re doing one of the above, chances are you’re well aware of the $10,000 California State tax credit – the one that gives you $10K over three years.  However, what you may not know, is that there’s some fine print – you must FILE FOR THE CREDIT IN 14 DAYS upon closing escrow.

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Authored by Denny Oh | 12 Comments

Is Short Sale Debt Taxable?

State_Assembly_logo.259190515_stdIf you’re like one of the millions of people(actually, I’m not sure how many people are actually doing this) who are trying to short sale their home, I’m sure you’ve been worrying about the taxes that you’ll eventually have to pay.  Well, it looks like you may have dodged the bullet!  According to a recently passed California bill, Senate Bill 401, for those who qualify, forgiven short sale debt will not be taxable.

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Authored by Denny Oh | Join The Discussion

No More FHA Loans…Almost

If you’re thinking about buying a home, I’m sure you’ve heard about FHA loans. I won’t go into much detail, but basically what an FHA loan allows a buyer to do, is purchase a home with only 3.5% down. The home has to qualify and fit certain criteria, but it can be a great way to buy something.

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Authored by Denny Oh | What Do You Have To Say?

How to Apply for the California New Construction Tax Credit

If you’re thinking about buying a new home, you may want to hurry up!  California is giving a $10,000 tax credit to those who purchase a newly constructed home that has never been lived in, between March 1st 2009 and March 1st of 2010.  There are no restrictions on how much money you make, but you do have to live in the home upon closing escrow for a minimum of two years.

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Authored by Denny Oh | What Do You Have To Say?

Vantage Pointe- Downtown San Diego

The 679 unit condo complex located at 1281 Ninth Ave, is going through some difficult times, to say the least.  According to the Daily Transcript, the Canadian developer, Pointe of View, had to give back the first 71 buyers of Vantage Pointe their deposits.  The building failed to get their certificate of occupancy last week, due to financing issues.  Fannie Mae now requires new developments to have at least 70% of new construction buildings to be sold before theyll lend on it, opposed to the old 51% requirement.

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Authored by Denny Oh | 6 Comments

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