Nevada City Virtual Tour

Saturday, May 21, 2011

1031 Exchanges Grass Valley Nevada City

1031 Exchange Process: Step By Step


Investors unfamiliar with 1031 Exchanges may envision the process as being intimidating and difficult. In reality, it doesn’t have to be. In order to successfully complete an exchange, investors must simply follow the following basic steps:
  1. Set up an Exchange Account with a 1031 Exchange Company - The 1031 Exchange account MUST be opened before close of escrow on the property being sold. Waiting until the last minute is not recommended, but some companies can open a ‘rush’ account if necessary.
  2. Insert the Appropriate Language into the Sales Contract - The appropriate 1031 language should be added to the Purchase & Sale contract for the property being sold. A 1031 Exchange company will provide all  language if necessary.
  3. Execute the Exchange Agreement - At the close of escrow, the 1031 Exchange company will coordinate with the escrow company to obtain all of the necessary signatures on all exchange documentation.
  4. Locate Replacement Property - The most difficult process of the exchange can often be finding the right replacement property within the required timeframe. The IRS requires that potential replacement property is identified on or before day 45 of the exchange and property must be acquired on or before day 180 of the exchange.
  5. Submit 45 Day Identification Letter - The Identification Letter MUST be submitted no later than day 45 of the exchange. All potential replacement properties must be identified in writing in an unambiguous manner.
  6. Request Funds for Deposits - Money for deposits can be disbursed from the exchange account. Clients are required to send the 1031 Exchange company the “Disbursement Form” indicating how much money needs to be distributed and to whom. Deposits can also come from the clients personal funds and then reimbursed to the client at the closing of the property.
  7. Obtain Appropriate Signatures - At the close of escrow of the replacement property, 1031 Exchange company will work with the new escrow company to obtain all appropriate signatures for all exchange documentation. Depending on the nature of the transaction, additional steps may need to take place. The 1031 Exchange company will work closely with the client to ensure a successful transaction.  

    I can help you with your 1031 Exchanges and refer you to a 1031 Exchange company. Please contact me today to get started.

Sunday, May 15, 2011

Renting Grass Valley homes is getting more expensive

Renting a home is getting more expensive. 
More reasons to buy a home now!


There are certain situations where renting short term probably makes sense. It may make sense if you are retiring to a different region of the country and are not yet sure where you want to set down roots for the next 15 years. It may make sense if you have a one-year employment contract that will probably require a move to another place upon termination.

However, in most other cases, renting right now makes little sense for several reasons.

• Even though prices may still soften, waiting to buy wouldn't make sense as the cost of owning a home may still increase. 

• Mortgages may soon become much more expensive than they are right now. 

• Owning a home is less expensive than renting a home in 72% of major U.S. cities. 

• Rental costs are about to explode. 

Let's take a closer look at the last reason. We have often said that the cost of anything is based on supply and demand. The number of widgets for sale and the number of widget buyers together create the price for widgets. That will also apply to rents. There is a much larger demand for rentals right now. The economy has forced many to leave their foreclosed homes and other buyers are afraid to plunge into homeownership.

At the same time, the supply of rentals is rapidly decreasing. Apartment vacancy has dropped significantly since the recession, which ultimately drives up rental rates.

When supply is rapidly decreasing and demand is quickly increasing, prices have only one place to go – and that is UP! That is exactly where rental prices are headed.

Bottom Line
Is now a good time to rent? We think not. You can buy a home today at a discounted price and get a 30-year mortgage at a historically low interest rate and with no money down. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come. 
If you have any questions about your personal situation, contact Gary Tippner

Thursday, May 12, 2011

Housing market data show signs of strength

R I S M E D I A, May 11, 2011—The active housing market data show signs of strength and improvement in the real estate market, despite new lows being reported in the lagging data.The latest market report from Altos Research shows real-time market conditions, with increases in both median prices and inventory in most markets across the United States.
The latest real estate market analysis from Altos Research shows an increase in median prices and housing inventory, and predicts the trend will continue into the summer months. Altos Research tracks the housing market in real-time in order to capture what’s happening right now, versus the traditional method of reporting what happened a few months ago.
 “Sellers are entering the market to take advantage of the larger pool of buyers, and we also have demand being fueled by low interest rates and comparatively low prices.”

Wednesday, May 11, 2011

Housing market data show signs of strength

R I S M E D I A, May 11, 2011—The active housing market data show signs of strength and improvement in the real estate market, despite new lows being reported in the lagging data.The latest market report from Altos Research shows real-time market conditions, with increases in both median prices and inventory in most markets across the United States.
The latest real estate market analysis from Altos Research shows an increase in median prices and housing inventory, and predicts the trend will continue into the summer months. Altos Research tracks the housing market in real-time in order to capture what’s happening right now, versus the traditional method of reporting what happened a few months ago.
 “Sellers are entering the market to take advantage of the larger pool of buyers, and we also have demand being fueled by low interest rates and comparatively low prices.”

Sunday, May 8, 2011

Best Nevada County Wineries

Best Nevada County wineries praised in S.F. Chronicle tasting contest

The winning wineries included Avanguardia, Indian Springs, Lucchesi, Montoliva, Naggiar, Pilot Peak, Sierra Starr, Smith, Solune and Szabo.


Pilot Peak's Porta Joyas
Pilot Peak won the prestigious "Best of Class: Judge's Choice" award for its port.

A list of the winners and their winning wines is here:
Avanguardia: Silver (Ampio), Bronze (Sangineto), Bronze (Premiato)
Indian Springs: Gold (Hog Wild Red), Silver (Hog Wild White), Silver (Barbera), Bronze (Cab), Bronze (Chardonnay), Bronze (Syrah Port), Bronze (Primitivo)
Lucchesi: Silver (Port), Bronze (Cab), Two Bronze (Chardonnay), Bronze (Sauvignon Blanc)
Montoliva: Silver (Sierra Bella), Silver (Aglianico), Silver (Teroldego), Bronze (Sangiovese), Bronze (Sangiovese Estate)
Naggiar: Silver (Petite Syrah), Bronze (Mourvedre), Bronze (Malbec), Bronze (Grenache)
Pilot Peak: "Best of Class: Judges' Choice" (Porta Joyas), Bronze (Barbera), Bronze (Paramour), Bronze (Tempranillo)
Smith: Silver (Red blend), Bronze (Cab), Bronze (Primitivo), Bronze (Syrah)
Sierra Star: Silver (Sauvignon Blanc), Silver (Rhone blend), Silver (Zin), Bronze (Cab), Bronze (Cab Franc)
Solune: Silver (Tempranillo), Bronze (Cab Franc), Two Bronze (Petite Syrah), Bronze (Tempranillo)
Szabo: Silver (Syrah), Bronze (Primitivo)

 Find them using http://maps.google.com

If you would like to see some homes let me know or if you just want to check out the area and have some advice on stuff to see, give me a call at 1-877-311-GARY or visit this page for Nevada County area info.

Wednesday, May 4, 2011

Cheaper to buy than rent


Cheaper to buy than rent in 78% of major cities


It is cheaper to buy a home than to rent one in 39 of the nation's 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.
Trulia's rent vs. buy index compared the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of April 1, 2011, in the 50 most populous cities in the U.S. While 72 percent of the cities favored buying in the previous quarter's report, 78 percent favored buying in this latest report.
"As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home -- much more so than in previous years."


Monday, May 2, 2011

nevada county gas prices


Nevada County Gas Prices
   
and the effect on your home buying process.

  • Before you sign on the dotted line for that apartment or home whose great price you just can't pass up, make sure you've figured out how your new location is going to fit into your life.  It might just end up costing you more in commute costs as affordable housing moves from the urban cores to the suburbs.

  • A new study by the Center for Neighborhood Technology has found that a growing number of communities that are considered affordable aren't quite so affordable when transportation costs are factored in to the median income.

  • Its analysis of 377 metropolitan areas, which includes 161,000 neighborhoods and 80 percent of the U.S. population, found that even though seven out of 10 U.S. communities are considered affordable, that number decreases to two in five -- or 39 percent -- when transportation costs are included in the mix.

  • Housing is considered affordable if it costs less than 30 percent of household income, and the analysis ups that to 45 percent when transportation costs are added in.

  • But considering that transportation is the second-largest household expense next to housing, it often costs more than the allotted 15 percent of the budget.

  • The Center for Neighborhood Technology actually found that the portion of household income most people spend ranges from 12 percent in walkable communities with sidewalks, nearby stores, and public transportation to 32 percent for those who have no option but to drive long distances to get anywhere.

  • When communities have few transportation options and require driving long distances for basic necessities, already stressed household budgets are very vulnerable to spikes in gas prices and rising transportation costs," said Scott Bernstein, president and founder of the center.
Gary J. Tippner REALTOR® 
 Short Sales and Foreclosure Resource SFR Certified  
 Network Real Estate DRE# 01871153 
1-877-311-GARY Direct
 1-888-965-0018  FAX
www.callgarytoday.com - Don't buy or sell - till you have read my special reports 
"Live the Dream that is Nevada County!"
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Sunday, May 1, 2011

Fannie Mae HomePath RENOVATION program

Fannie Mae HomePath RENOVATION program


The long awaited Fannie Mae HomePath Renovation program is now offered by us on all Fannie Mae HomePath eligible homes. This program will allow a qualified buyer to purchase a HomePath home and use up to 35% of the sales price or $35,000, whichever is less to fix up the home and to a maximum mortgage amount not to exceed the conforming limit currently $417,000. Eligible properties can be located by contacting me. Mortgage Insurance is not required however an appraisal is required for this program.

Maximum LTV 97% with a minimum credit score of 660 and 80% with a minimum credit score of 620.

Investment properties are allowed up to 75% LTV and 700 minimum credit score.

Eligible properties are:
1 to 4 unit properties
Planned Unit developments
Low rise condo

Eligible Borrower must be individuals and NO for-profit or non-profit investors, corporations, trust, partnerships.

All work is to be completed by a licensed contractor. Do it yourself projects are not eligible for financing and all improvements are to benefit the value of the property. Improvements are to be completed within 3 months of the loan closing date.

Give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com for much more additional information!

CONTACT

PLEASE CALL GARY AT 1-877-311-GARY or VISIT THE MAIN WEBSITE FOR TONS OF INFO AND HOME SEARCHES AT http://www.callgarytoday.com/




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