The American Recovery & Reinvestment Act makes early tax planning increasingly important. The number and complexity of the changes has prompted the IRS to release educational e-mails, videos, podcasts and other tools on a regular basis since the ARRA became law in February 2009.
“With so many credits requiring you to act before a certain date, do your tax planning now to determine where your money will be best spent over the coming months,” says Jessi Dolmage, spokeswoman for 2nd Story Software, Inc., makers of TaxACT. She also recommends the following steps:
1. Preview your tax situation using TaxACT 2009 Free Federal Edition. It will walk you through the ARRA credits and deductions, giving a more complete preview of your return. TaxACT releases preview versions of its software every October for use until final versions are released in January (any data entered into preview will transfer to final). Start your free federal return at http://www.taxact.com/
2. Review your federal withholding. TaxACT offers a Making Work Pay Calculator that will estimate how much the credit is worth to you.
3. Compile receipts and documentation for purchases that will result in credits.
4. Visit www.IRS.gov/recovery to review all of the ARRA provisions. TaxACT also has an ARRA site at http://www.taxact.com/recovery.
Its been just over a week since I last updated on the short sale saga. As of my last post, January 28th was the target date for the ‘valuations’ phase to be completed. Well that date has come and gone with no movement at all. The only good news is that an appraiser contacted me at the end of last week to schedule an appointment for the appraisal. We scheduled for today at 10am. This morning at 8:15 the appraiser called and the appointment was rescheduled for tomorrow. According to the appraiser, the bank has a deadline of 7am on Thursday to receive the appraisal, so I am hoping it gets completed tomorrow. This is needed to complete the ‘valuations’ phase of the process (you know, the process that was supposed to be completed by the 28th!?)
In the meantime, my sellers have been getting bombarded with letters from other agents advertising their services to list the home. Along with the letter comes a printout from ForeclosureRadar.com showing the Projected Sale Date on the property of less than a week away. Of course my clients freaked out a little; the bank has never notified of a sale date. I contacted Foreclosure Radar and was advised they pick up the information based on the Notice of Default (NOD) date. Their system automatically enters the Projected Sale Date based on the time allowed by California Law which is approximately 120 days from the NOD date. Other real estate companies cruise these sites looking for potential foreclosures in the hopes of swooping in a picking up a short sale before the foreclosure process is complete.
I verified with the bank that we indeed had no sale date issued. The negotiator assured me that the valuation phase will only take 7-10 business days then will be moved on to the negotiator (again, what happened to January 28th??). Once this file goes to the negotiator the process moves relatively quick. So they say……………
When you have a big gathering at your house, no matter where you try to set up the food and beverages, the crowd inevitably ends up gathering in your kitchen. The problem is you may not be proud of the kitchen you have. So what do you do?
There are many different ways for you to take your existing kitchen and turn it into a place that you are proud to show off to your friends.
1. Appliances: Adding new appliances is one of the easiest things you can do to change the look of your kitchen.
2. Cabinetry: You can rip apart your entire kitchen and replace all of your cabinets, or just sand and paint existing cabinetry or change the hinges and handles for a new look.
3. Countertops and floors: If you want a completely new look or shape to your countertop, concrete has become a surface that is extremely popular. When it comes to flooring, concrete is as viable an option as wood, linoleum or tile. Concrete can be stained in many patterns and colors with a matte or shiny finish. Concrete floors and counters not only look great but are also very durable and easy to maintain. Check out ConcreteNetwork.com to find a contractor in your area that can help in redesigning your kitchen.
When selling Pleasanton Real Estate, upgrades like these make your home more marketable to a potential buyer.
So you’ve decided to enter the wonderful world of Pleasanton Real Estate and buy a home! Your agent writes a purchase contract for you which includes a box checked that says “Buyer shall pay for owner’s title insurance policy specified in paragraph 12E.” What exactly does this mean?
Title insurers, unlike home & auto insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income collecting, storing, maintaining and analyzing official records for information that affect title to real property. This is needed to identify the rights that others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing the purchase transaction, the title company will proceed to clear those encumbrances which you do not wish to assume.
Most other insurance companies (medical, casualty) base their rates and anticipated losses on studies and the premiums are pooled on the assumption that a certain number of claims will be made. Premiums are paid to insure against an unpredictable future event, and premiums are collected on a regular renewal basis. Title insurance premiums are paid to identify and eliminate potential risks and claims beforethey happen. Title insurance involves a one-time premium paid when you close a real estate transaction.
The title company will conduct a thorough search and evaluation of public records to insure that no claims ever arise. However, human error can occur and legal interpretations make 100% risk elimination impossible. If a claim does arise, a professional will be assigned to handle the claim according the the title insurance policy.
A library of title records are maintained in facilities knows as title ‘plants’. These plants house records that can date back to over a hundred years. Each day recorded documents that affect real property and property owners are posted to the title plants. When a title search on a particular property is requested, the information is organized for quick and accurate retrieval. In California, records in most large counties have been converted to computer-based title plant systems which provide retrieval from remote locations. This allows faster delivery of the title search results to the customer. This investment in skilled personnel and advanced data processing represents a major part of the title insurance premium dollar.
That is where most of your dollar goes and that is the source of your protection and pease of mind as a homeowner.
I’m about to catch you up to the current day on my short sale story.
I noticed this morning on the online tracking system that the negotiators name had been changed from “Generic Negotiator” to an actual persons name, complete with an email address! Naturally I fired off an email with many questions. I am sure I will not get a response, if I do I will be very surprised! So I then called the short sale department. I was advised that the first negotiator (Generic) had completed their Valuations review and sent it to a second negotiator (the one named on the system) for review. Apparently the file can go to up to three negotiators for Valuations review. The good news (I think) is that the Valuations task has a system completion date of January 28th. Now, that only means they are supposed to have the task completed by then, doesn’t mean they will, but its a target date – which I like 
Today, it feels like we’re getting closer to success!
Stay tuned for the latest and greatest as the saga continues………………
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