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Daniel Pizano Real Estate Agent
May 20, 2010
NO MORE STATE TAX ON FORGIVEN DEBT by C.A.R.
Realegal updates
According to a recent CAR legal update 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.
April 20, 2010
10 Reasons Why Your Home Did Not Sell
by Dan Pizano
1. Price - Price is the number one reason why a home does not sell. It's overpriced! Make sure that you choose a price that is aggressive in a challenging market. This means that if your neighbor is priced at $450,000 and the home down the street is priced at $465,000 and both are similar to yours don't price yours at $475,000. Start off competitively at $449,000. If the home sits in a normal market for 30 days then you need to adjust the price. However, in a tough market you should evaluate the price every two weeks.
First, study homes that sold recently (not 6 months ago) and those homes that are pending (under contract). The currently sold homes tell you where the market was last month and the pendings tell you where the market is NOW. The homes that sold 6 months ago are irrelevant.
Next, study the homes that are currently on the market in your given neighborhood. Are they priced better for their square feet, is there lot larger, is their home in better condition? Be honest with yourself. If you were a buyer would you buy . . .
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Famous Home in San Jose
The Winchester Mystery House is without a doubt San Jose's most famous house. It belonged to Sara Winchester wife of the Winchester rifle inventor. The Winchester home is filled
