Temecula Valley Real Estate by Janet Kleen

Do you Want to ‘Move-Up’? The Clock Is Running!

Janet Kleen — Mon, 21 Dec 2009 23:16:00 GMT

While you’ve probably heard a lot in the media about the government’s efforts to rejuvenate the housing market with the first-time home buyer tax credit, you might have missed the fact that the most recent expansion of the legislation also includes a $6,500 credit for current homeowners who want to purchase a new home…commonly referred to as “moving up.”

As a Member of the Top 5 in Real Estate Network®, I’ve worked with many homeowners who have wanted to move to a new home over the past year, but have stayed put due to a lack of confidence in the market. Now, however, thanks to the tax advantages of the Worker, Homeownership, and Business Assistance Act of 2009, these homeowners are moving off the sidelines and purchasing the homes they’ve always wanted.

But the time to act is now—there is only a short window of opportunity! The move-up buyer credit expires in April of 2010, which means you must contract and close on your home purchase by June 30, 2010. As you know, selecting a home is not a simple process, so start your search now so you don’t miss the deadline.

For starters, here are the key facts you need to know about the move-up buyer tax credit:

1. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer) must have owned and resided in their residence for five consecutive years out of the last eight. It’s not enough that you have been homeowners for five years—you must have been in the same home for five consecutive years.

2. Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. According to Goldman Sachs, these income limits make approximately 70% of current homeowners eligible for the credit.

3. The maximum credit amount for current homeowners is $6,500. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.

4. Even though the term “move-up” is used to describe these buyers, the credit is not predicated on buying a home of higher value than your current home.

5. Move-up buyers are not required to sell their current home to qualify for the credit. They must reside in the new home for at least three years, but they can keep their existing home and either leave it vacated or use it for rental purposes.

These are just a few of the key facts surrounding the move-up buyer tax credit. If you would like to find out more, including whether or not you are eligible for the credit, please e-mail me. Be sure to forward this blog to all your homeowner friends so they can take advantage of this once-in-a-lifetime opportunity.

Janet Kleen,

Keller Williams Realty,

janet@janetkleen.com

http://www.janetkleen.com

2 Story in The Lakes Community

Janet Kleen — Sat, 28 Nov 2009 22:47:00 GMT

29336 Starring Lane, Menifee, Ca 92584 This one's a gem! 2916 sq. ft. 4BR, 3Ba, Built in 2007, $238,000. This home redefines value and affordability, located in the prestigious Centex Lakes gated community where living there is like being at a lake retreat! Come and view the lakes, parks, pool with waterslide, and stroll along the walking trails. This turnkey home features lead glass entry doors, dark maple cabinetry, granite counters, natural stone full backsplash, built-in stainless steel appliances, stained wood and wrought iron staircase, ceiling fans, custom paint, ceramic tiled floors and upgraded carpeting. Take advantage of the Homebuyer's tax credit and grab this one!

Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit

Janet Kleen — Wed, 25 Nov 2009 20:25:00 GMT

On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.

One of the requirements for becoming a Member of the Top 5 in Real Estate Network® is to provide my community with critical real estate information so you can make the best possible decision when buying or selling a home. To that end, I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:

1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.

2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.

4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.

5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

For more information on the home buyer tax credit, email me at Janet@janetkleen.com.

2 Story in Temeku Hills

Janet Kleen — Sat, 11 Jul 2009 07:15:00 GMT

Young Families will Love this Home!

2470 sq.ft., two story,3 bdrm, 2.5 bath - $250,000 short sale!

Temeku Hills, Temecula - Beautiful, turnkey home on cul-de sac, master bedroom on main floor, separate family room, office and upstairs loft. House features custom paint, corian counters, built-in appliances, surround sound, central vacuum system, and plenty of storage. Professionally landscaped backyard with covered patio. Parks, golf course, pools, tennis courts, are in the neighborhood. Temeku Hills is centrally located, close to award-winning schools, great shopping and the Wine Country.

Property information and photos click below:

http://www.janetkleen.com/Temecula/California/Homes/209/TemeculaTemeku_Hills/Agent/Listing_3536519.html

Twelve Important Things Buyers Should Not Do When Trying to Purchase A Home

Janet Kleen — Sat, 04 Jul 2009 20:10:00 GMT

There are many things buyers should be aware of so they do not jeopardize the safe and timely close of their mortgage loans. The "don't do" list includes things that can adversly impact credit scores, and ultimately loan approval. Credit scores are used to assist in mortgage credit decisions including: loan approval, loan pricing, and loan product availablity. Buyers should never do any of the following between the initial loan application and the close of escrow.

1) Don't forget to make payments on any of your present loans, credit cards, and monthly bills. This may seem all too obvious, but there's a lot going on once you start the homebuying process and with the rush of events, you can forget to make a payment. Keep organized, and have a system to get bills paid on time. Credit reports typically have a normal 120 day shelf life, and with today's homebuying process taking longer, it is quite likely that an updated report will be necessary before closing on a house. If a late payment shows up, this can put the loan, and escrow closing in jeopardy.

2) Don't fail to inform your loan agent of any changes to the real estate transaction. Last minute changes such as revisions to the purchase contract, or required termite or repairs can create havoc with closing dates.

3) Don't quit or change your job. Lenders are likely to call your employer just before the loan records to verify you're still working at your present job. If you aren't, the lender will stop the loan from recording.

4) Don't leave town without leaving a contact phone number with your agent and loan agent until all loan approval conditions are met. You may need to provide additional documentation.

5) Don't consolidate credit card debt from several cards to one. A new card with one balance at the limit can result in a lower credit score than three cards, each with balances below the limit.

6) Don't move money allocated for the down payment from one account to another. This creates confusion. If you intend to move funds, advise the lender in advance and keep a detailed paper trail.

7) Don't sell stock for the down payment without keeping a record of the liquidation. Same reasoning as 6) above.

8) Don't loan money to family, or firends, even if it's short term.

9) Don't incur any new debt. This increases your debt-to income ratio, potentially reducing the amount that you can borrow. It can also lower your credit score because new debt has a negative impact on credit scores.

10) Don't even go shopping for a car, not to mention, don't buy one! If you give your social security number to the salesman, it enables the dealer to check your credit. Each credit inquiry lowers your credit score even if you do not buy a car.

11) Don't respond to "you are approved for a credit card" solicitation. Just as in 10) above, a credit inquiry will result, and could have the same impact.

12) Last, but not least, don't be in the midst of divorce proceedings. Most lenders will not make a mortgage loan until the final decree, and settlement terms are recorded.

Pay close attention to this list, and more than likely your loan processing will go smoothly.

If I can answer any questions, or assist you in your home-buying process, please contact me at 951-254-4305, or email me: Janet@janetkleen.com.

If They Ask you to Pay, Walk Away! Homeowners Beware: Foreclosure Rescue Scams

Janet Kleen — Thu, 11 Jun 2009 08:38:00 GMT

It is upsetting to hear the news reports that there are individuals and groups out there working scams to extract money from homeowners who are trying to do the right thing…..and who can least afford it. Homeowners in financial distress are being targeted by scam artists purporting to assist homeowners with loan modifications, short sales and foreclosure “rescue”.

If you or someone you know is having problems making their mortgage payments, please pass on this information

Here’s what you need to know:

You can negotiate a loan modification directly with your lender. Your lender should be able to provide you with a list of the items needed to get you started. Loan modifications are for those in financial stress, therefore, you will be asked to provide a hardship letter, current income, expenses, and banking information.

You can also hire a licensed real estate broker or agent who has experience with loan modifications and short sales or you can hire an attorney who does this kind of work in the regular scope of their business. Both will have access to the forms necessary for completing the loan modification, or short sale.

Red flags are almost to numerous to mention, but here are some to watch out for:

requesting money up front before providing any service
instructs you not to contact your lender, lawyer, housing counselor, family, or others
asks for mortgage payments to be made directly to his or her mortgage company rather than your lender
requires payment by cash, cashier's check, or wire transfer
pressures you to sign paperwork that you may not have had a chance to read, or fully understand
asks you to sign a power of attorney, suggesting that your credit can be repaired
promises to stop the foreclosure process, no matter the circumstances…guarantees success
encourages you to lease your house and buy it back over time
offers to buy your house for a fixed price that is not set by the housing market at the time of sale
asks for signatures on a grant deed or deed of trust
asks you to transfer deed or title to them
offers to fill out the paperwork for you
asks for signatures on documents that have left lines blank
fails to provde copies of signed documents
refuses or fails to put oral promises in writing
...the list goes on and on, so please do you or someone you know that is in financial distress a favor and check out this website,

http://www.yourhome.ca.gov/fraud_warning.pdf before “hiring” someone to provide loan modification assistance.

Another source of helpful information is http://www.yourhome.ca.gov/mortgage-help.html.

If you feel the need to seek foreclosure assistance, be aware that, in the words of California Attorney General, Jerry Brown, “California is awash with con artists who prey on vulnerable families facing foreclosure," "By forcing foreclosure consultants to submit detailed information to my office and post a $100,000 bond, this newly created registry will help bring long-overdue transparency to this shadowy world."

Yes, that’s right.....as of July 1, 2009 Foreclosure Consultants must register with the Attorney Generals office and post a $100,000 bond. Consultants that provide the required documents will be issued a Certificate of Registration More details are here: http://ag.ca.gov/newsalerts/release.php?id=1748

Keep in mind, there are qualified and licensed agents offering real help for those that are seeking assistance, so it can make sense to discuss your financial circumstances with a licensed real estate broker or agent that you trust.

My brokerage works with loan modification-short sale negotiators and they do not charge any upfront fees. If you or someone you know needs assistance, give me a call at 951-265-4305 or email me at Janet@janetkleen.com.

Large family home near Lake Perris!!!!

Janet Kleen — Fri, 29 May 2009 21:59:00 GMT

LARGE BANK-OWNED 2-STORY HOME IN DESIRABLE SOUTH MORENO VALLEY NEIGHBORHOOD. IT FEATURES FORMAL LIVING/ DINING ROOM, FAMILY STYLE KITCHEN WITH BREAKFAST NOOK OPEN TO FAMILY ROOM WITH GAS FIREPLACE. THE KITCHEN OFFERS PLENTY OF COUNTER SPACE, CABINETS AND AN ISLAND. UPSTAIRS, A LOFT PROVIDES ENOUGH SPACE FOR POOL TABLE. THE LARGE MASTER BEDROOM HAS ADJOINING MASTER BATH WITH SEPARATE OVERSIZED TUB AND SHOWER, AND WALK-IN CLOSET. THERE ARE 3 ADDITIONAL BEDROOMS UPSTAIRS, AND 1 BEDROOM DOWNSTARIS. THIS HOUSE IS CLOSE TO SCHOOLS, PARKS, SHOPPING, AND LAKE PERRIS RECREATIONAL AREA. COME BRING YOUR BOAT AND WATER TOYS!

Memorial Day is just NOT another 3-Day Holiday

Janet Kleen — Sat, 23 May 2009 02:58:00 GMT

For most of us we will be spending the weekend with family and friends at the beach, at picnics, attending parades and celebrating the start of summer in observance of Memorial Day. Others will be watching one of the longest standing traditions, the Indy 500 race which is held in conjunction with Memorial Day.

Memorial Day is also known as Decoration Day, and is officially observed on May 30 to commemorate our fallen soldiers dating back to the Civil War. What is important is that it was established. Memorial Day is not about division. It is about reconcilliation, it is about coming together to honor those who gave their all.

Unfortunately, when Congress made Memorial Day into a mandatory 3 day weekend in with the National Holiday Act of 1971, it made it all easier for us to be distracted from the spirit and real meaning of the day. We need to teach our children the day's meaning, show others by our actions that we will not forget. You do not have to believe in war to honor your family, friends, and neighbors who died in service to their country.

In December 2000, Congress passed the National Moment of Remembrance Act asking all Americans to pause for one minute of silence at 3:00 pm local time to remember our fallen soldiers and to promote a greater undertanding of the meaning of the Memorial Day holiday.

This weekend is the time to join others and observe this holiday by visiting cemeteries and memorials, flying the flag of the United States of America, and by sending an e-mail, or e-card to someone in the military whether active duty, or veteran.

Please take a moment this Memorial Day to solemnly reflect on the true meaning of the day, and to be mindful of the honor, duty, committment, faith and heroism as we are profoundly indebted to all the men and women of the Armed Forces who have made the ultimate sacrifice in service to our Country.

2 Story For Sale in Redhawk

Janet Kleen — Mon, 18 May 2009 06:00:00 GMT

Bring Your Buyers!

• 2,694 sq. ft., 2 bath, 4 bdrm 2 story - MLS® $257,000 - Short Sale Approved!

Redhawk, Temecula - SELLER WANTS THIS HOME SOLD NOW!!! BEAUTIFUL AND SPACIOUS 2 STORY IN DESIRABLE REDHAWK COMMUNITY WITH VIEW!!! This 4 bedroom, 2.5 bathroom home features formal living room, dining room, separate family room with fireplace, large gourmet kitchen, and breakfast nook. Large spacious bedrooms with nice view from master bedroom suite. Prime location near shopping centers , freeway access, and award winning schools.

Property information