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Real Estate In Santa Cruz, CA **SeeSandy4Homes.com**

By Sandy Wallace | Agent in 95062
  • Short sales can be a very good value, if you know what you are doing.

    Posted Under: Home Buying in Santa Cruz, Home Selling in Santa Cruz, Foreclosure in Santa Cruz  |  February 11, 2012 9:50 AM  |  1,038 views  |  No comments

    Short sales can be a very good value, if you know what you are doing.

    Search here for short sales

    Here are some of the things you want to do and some things you should avoid.

    1) Hire an agent to do the research for you.

    The first thing your agent should do is find out as much information about the short sale as possible. You will need to know these things:

    1.   How many loans are going to be short? How short are the loans?

    2.   Which banks are servicing the loans?

    3.   Has there been an offer before you? Why didn’t it close?

    4.   Has the bank ever accepted a price?

    5.   When was the NOD served?

    6.   Is there a trustee sale date scheduled when is it?

    2) The price will only be slightly under the appraised or market value.

    The lender will order a BPO or an appraisal of the property. They may give you a slight discount from the market value because of some condition of the house. The appraisal is very important to you also so that you can get a loan on the property. If you are offering all cash you still want to know the value. 

    3) You'll have competition.

    These days there is a lot of competition to buy short sales. If you make your offer to low the bank will reject it.

    This is just like buying any home from buyers prospective you should not over pay and you will not get a unrealistic price like 50% under list price. If the house has more than four offers, it's probably not worth your time.

    4) You have to have an experienced agent.
    The listing agent and your buyer’s agent should be certified short sale agents. They may hire a negotiator to get your offer accepted by the bank. The seller does sign the offer before it goes to the bank. Then the negotiator takes over until the bank comes back with a accepted offer or a counter offer. This will not cost you anymore.  All the agents and negotiators fees are paid from the proceeds.


    5) Buyer beware

    Sometimes they will ask the buyer to contribute more money to the payoff of one of the loans usually the second loan. If that make the home cost more than the market value you should walk away. Your agents should know the market value and advise you. This is also were you can realize that you have a good price and you should buy it.


    If you are involved in a good short sale property and price you will know it. Every transaction has its problems these days and your agent will know how to handle it. Just focus on buying a home.

    Search here for a short sale


  • Aptos, CA 95003 has town & country living, real estate consist of mountain estates, beach homes with expansive ocean views.

    Posted Under: In My Neighborhood in Aptos  |  March 16, 2010 7:26 PM  |  36,021 views  |  1 comment

    Aptos, CA 95003 has town & country living, real estate consist of mountain estates, beach homes with expansive ocean views.

    Aptos, CA 95003 has town & country living, real estate consist of mountain estates,

    beach homes with expansive ocean views.

    Apple Lane Inn For Sale $834,900 Beds: 5 beds Baths: 3|0 baths

    Aptos was named by Native Americans for the confluence of Aptos Creek and Valencia Creek. The name is Ohlone, meaning "the meeting of two creeks" Aptos is usually pronounced "app-toss." In 1833 the government of Mexico granted Rafael Castro the 6,656-acre (26.94 km2) Rancho Aptos. Initially Castro used the land to raise cattle for their hides, but after California became a state in 1850, Castro leased his land to Americans who built a wharf, general store, and lumber mill. The original town was located where Aptos Village Square is currently located. In 1853 a leather tannery was built, and the main building is now the  Apple Lane Bed &Breakfast Inn. Which is currently for sale:  $834,900 Beds: 5 beds Baths: 3|0 bathsAptos, CA 95003 has town & country living, real estate ;consist of mountain estates, beach homes with expansive ocean views.Aptos, CA 95003 has town & country living, real estate ;consist of mountain estates, beach homes with expansive ocean views.Aptos, CA 95003 has town & country living, real estate ;consist of mountain estates, beach homes with expansive ocean views.

    Aptos is an unincorporated area of Santa Cruz County, consisting of several small communities. Like Seacliff Beach, Rio Del Mar Beach, Seascape Resort and Aptos Villiage. The combined population of the census-designated place (CDPs) generally considered as parts of Aptos is around 25,000.

    According to the United States Census Bureau, the CDP has a total area of 7.0 square miles (18.2 km²), all of it land. Aptos is in the backyard of The Forest of Nisene Marks Parks one of California’s largest state parks and is home to the Santa Cruz Blues Festival held at Aptos Village Park. BB King YOU TUBE VIDEO

    Aptos also hosts the World's Shortest 4th of July Parade every year, featuring local participants who decorate their cars and bicycles for a quick trip down Soquel and State Park Drives.

    So how does the Aptos CA real estate market look these days?

    Aptos, CA 95003 has town & country living, real estate ;consist of mountain estates, beach homes with expansive ocean views.

    Currently (03/16/10) Aptos has an average listing price for homes for sale of $1,135,976. The Median Sale Price is $592,213 Dec 2009- Feb 2010, which is down 2.7%. There are 185 homes currently listed and 256 recently sold. Here is place to find all this up-to-date Market Trends for Aptos.

    For your free up-to-date search for all Homes in Aptos, CA  Properties on my Santa Cruz Real Estate Web Site.

     When you are ready to buy or sell a home I will be glad to meet with you privately .

    Sandy Wallace, Realtor
    831 818-7099 cell phone
    Sandy@cruzers.com  visit my blog Santa Cruz,CA Homes for Sale Luxuary Homes for sale in Santa Cruz, CA    Homes for Sale in Santa Cruz, CA

    Keller Williams Realty
    1414 Soquel Ave. #100
    Santa Cruz, CA 95062

  • Taxpayers Beware: Zero Profit Doesn’t Mean

    Posted Under: Home Selling in Santa Cruz  |  June 11, 2009 10:29 PM  |  1,472 views  |  1 comment

    This is a great article that came from one of the better Exchange Companies. It is good to be informed, please read.
    All the best, Sandy 831 818 7099

    Taxpayers Beware: Zero Profit Doesn’t Mean
    Zero Capital Gains Taxes
    In this difficult market, many taxpayers are selling property in short sales or other transactions with no profit. Unfortunately, what many taxpayers do not understand is that property may be sold with no profit, but still be subject to significant taxable capital gain. 
    How is this possible? It is possible simply because gain results not just from appreciation in value, but also results from depreciation deductions taken during ownership of the property, gain deferred from previous transactions, and from borrowing against appreciated equity in a declining market. These adverse tax consequences can be avoided by engaging in a Section 1031 tax deferred exchange.
    How to Determine Gain
    The formula to determine taxable gain is: Sales price less adjusted basis1= taxable gain
    Three Situations Resulting In No Profit, But Taxable Gain
    Depreciation Recapture If a taxpayer takes depreciation deductions, those deductions reduce the taxpayer’s basis, thereby resulting in gain.

    Example: Taxpayer acquires investment property A for $200,000. Taxpayer’s basis is therefore $200,000. During taxpayer’s ownership, taxpayer takes $138,500 of depreciation deductions, thereby reducing taxpayer’s basis to $61,500. Taxpayer sells Property A for $180,000.00. Even though taxpayer sells the property for $20,000 less than what he originally purchased it for, he still has a taxable gain of $118,500 ($180,000-$61,500=$118,500) which will result in approximately $41,500 in federal and state taxes. This adverse tax result can be avoided by exchanging the property in a tax deferred exchange rather than selling the property.
    Carryover Gain If a taxpayer sells property previously acquired in an exchange – at no profit or even at a loss – the taxpayer may still be faced with significant taxable gain.

    Example: Taxpayer originally acquired Property A for $20,000. Taxpayer disposed of Property A in a tax deferred exchange for $100,000 and acquired Property B for $150,000, thereby deferring taxes on $80,000 of gain. Taxpayer’s adjusted basis in Property B is $70,000 ($150,000 purchase price-$80,000 carryover gain=$70,000). Taxpayer now proposes to sell Property B for the same price as he purchased it for – i.e. $150,000. Although Taxpayer is not making a profit on this transaction, he will still have significant federal and state taxes of approximately $28,000 on his gain of $80,000.
    Excess Borrowing If a taxpayer borrows against appreciated equity in their property, tax consequences can also result if the property thereafter declines in value and the taxpayer is forced to sell the property for little or no profit.

    Example: Taxpayer acquired property A for $1,000,000, paying $200,000 cash and borrowing $800,000. Taxpayer’s basis is $1,000,000. During Taxpayer’s ownership, the property appreciates in value to $1,400,000, enabling Taxpayer to refinance the existing loan of $800,000 with a new loan of $1,120,000. Taxpayer now sells, but since property values have declined, his selling price is $1,120,000. Although Taxpayer will receive no cash from the sale, he will still have taxable gain of $120,000 ($1,120,000-$1,000,000=$120,000), with combined federal and state taxes of $42,000.
    As illustrated by the foregoing examples, sales of property that yield little or no cash can still result in taxable gain. Before selling in a down market, taxpayers and their advisors should first determine the taxpayer’s basis in the property to be disposed of and thoroughly discuss upfront the potential tax consequences. Taxpayers can avoid any of the tax consequences noted in these examples by engaging in a IRC §1031 tax deferred exchange.

    Choose OREXCO to handle your next exchange. For more information about OREXCO and its QI services, please go to www.orexco1031.com.
    Taxpayers contemplating an exchange should always consult their tax or legal advisor.

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