CREDIT CARD USE - FIVE FACTORS MAKE UP CREDIT SCORE
Your FICO credit score is made up of five factors of varying importance.Here´s how your credit card use (or lack thereof) can affect each of the components.For some people - such as those who haven´t been using credit for long - certain categories may count more heavily. CLICK HERE for complete article.
One class reunion brought together five special friends who had a luncheon in honor of Dan Pupel who was inducted into the Athletic Hall of Fame. Pictures (l-r) are: Dan Pupel '58, Doug Budzynski '57, Dr. Fred Prescott '57, Richard G. Doyle '58 and Don LeClair '58. Prescott, a physician, remained at the college until Monday, talking an opportunity to speak to pre-med students.
Additional
EQUITY SHARING
Equity sharing is a form of ownership and investment that allows two or more parties to share an interest in real property. It is frequently used in situations where, because of the high cost of housing, one party, the investor, puts down the bulk of the down payment, and the other, the owner-occupant, puts down little or no down payment but agrees to pay a monthly amount consisting of rental payments, mortgage payments, taxes, and other specified charges, and lives in the property. This article explains the advantages and disadvantages of equity sharing and provides a summary of the major issues to be addressed in an equity sharing agreement.A copy of the article can be obtained HERE.
CALIFORNIA WITHHOLDING TAX ON THE SALE OF REAL PROPERTY
This legal article discusses the requirement under California law that a buyer (or transferee) withhold and transmit to the Franchise Tax Board (FTB) funds equal to 3 1/3 percent of the sales price of California real property at the time of transfer of the property unless an exemption applies for the seller (or transferor). CLICK HERE for complete article.
CAPITAL GAINS - Big Boom, Big Tax
One reason real estate has soared as a private investment is the capital gains tax advantage it offers over other investment classes.With stocks and bonds, all long-term gains are now taxed at 15 percent.With sales of principal residences, individual sellers can exclude the first $250,000 in profits from taxes; married couples filing jointly can exclude $500,000 .
To qualify, a taxpayer must have owned the house for at least two years and used it as a principal residence for two out of five years before the time it was sold.The two years don´t need to be consecutive.
When a taxpayer owns more than one residential property, determining whether a house qualifies as a principal residence requires looking at how the property is used, as well as other circumstances, such as the owners´ place of employment and where they receive their bills.If a taxpayer alternates residence between two or more homes, the principal residence is ordinarily the one at which the taxpayer spends the majority of the year.Tax laws also allow a taxpayer to take the capital gains exclusion each time the two eligibility tests are met.A taxpayer could theoretically sell a principal residence once every two years ? indefinitely ? each time walking away with a tax-free gain. CLICK HERE for complete article.
Changes to California Real Estate Holding Law for 2007 - AB 2962 -
Assembly Bill 2962 amends Revenue and Taxation Code Sections 18662 and 18668 making changes to real estate withholding requirements effective for all transactions closing on or after January 1, 2007. Click here to review the main changes and a comparison chart of the real estate withholding requirements before and after AB 2962 changed the requirements.
THINGS TO CONSIDER WHEN RELOCATING SENIOR CITIZENS
By Laura Bruce • www.Bankrate.com
Relocating can mean leaving some family members. On the other hand, there can be many reasons why an elderly father or mother may want, or need, to relocate with the family. Uprooting a senior citizen can be complicated by several factors -- health issues, community ties, transportation and property ownership to name a few.
Joy Loverde, author of The Complete Elder Care Planner, says it's important to make sure the parent's health insurance will transfer to the new location.
"Medicare HMO is a popular alternative to straight Medicare coverage -- take care of any interviews with the new health-care provider before you move." CLICK HERE to read complete article.
HOME BUYERS´ GUIDE CHECK LIST
When you go hunting for a house, one of the first things that you will notice is that after looking at two or three properties in a given day, the features of the houses seem to blend together.It becomes difficult to remember which house had the beautiful tan carpeting and which house had the wonderful deck overlooking the golf course.An easy way to overcome this confusion is to maintain a scorecard which lists the features of each individual house.Not only will it make your search easier, it will help immensely when it comes time to eliminate potential choices.
Every home in which you have an interest should be "scored".When you have 10 or so "scorecards" for homes, you should develop a recap sheet, which will make your comparisons much easier.The recap gives you a chance to rank each house subjectively according to your needs and wants. For examples of both that you can print out and use CLICK HERE!
FICO SCORES
When applying for a home loan, getting the best mortgage interest rate will be strongly determined by your FICO score.What exactly is this all-important rating?What is a good number, and if your score isn't the best, are there ways to improve upon it? CLICK HERE for more details or click below to obtain your FICO Score.
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Tips for buyers and sellers
Here's some advice for those navigating the housing market:
BUYERS
·Find a real estate agent who knows the community you're interested in and will focus on your needs.
·When shopping for properties, be aware of costs - like Indian leasing fees and homeowners association dues - that will add to your monthly expenses. Those costs will also impact you when you go to sell the home.
·Be pre-approved for a loan - not just prequalified - before making an offer.
·Don't rush to buy, but don't underbid. The frenzy phase has passed, but most valley homes still fetch around 97 percent of list price.
SELLERS
·Don't get greedy. Even if a buyer agrees to a high asking price, the deal will fail if it can't be appraised at that value. When possible, get a preliminary appraisal.
·Sellers of older homes: Beware of pricing properties to the point where a buyer could purchase a brand-new house in the same area for almost the same cost.
·Location isn't everything. Just because another home in your subdivision sold for $500,000 doesn't mean yours will. Other factors that will determine the selling price include the age of the house and any custom features.
·Don't turn off potential buyers. Get rid of the dog and cat smells. Make sure everything is clean and manicured. Do some painting if you have to.
·Sticker price isn't everything. Keep in mind that buyers' excitement also will be decided by factors like the quality of local schools and utilities' cost.
