Great News for Santa Clarita First Time Home Buyers Ca Implements NEW First Time Home Buyer Tax Credit!

Here is great news for qualified Santa Clarita First Time Home Buyers! Yesterday March 25, 2010 Gov. Schwarzenegger signed Assembly Bill 183, the Home buyer Tax Credit legislation, into law. AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.

The state's previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year's legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.

Here is more money saving information for Santa Clarita First Time Home Buyers. I have posted this information in the past and feel it is very important to keep passing it on.

For Santa Clarita First Time Home buyers this is a very exciting time, you have just finished escrow and are all moved in. Now the mail starts coming and you notice letters that appear to be from government agencies telling you that you need someone to help you to file a Declaration of Homestead. Your asking yourself 1. what is a Declaration of Homestead? and 2. there are more fees? I thought I was done with all the fees associated with buying a house in escrow! I believe in education, the more you know the better you can make an informed decision.

So what is a Homestead and how does it work?


A Homestead helps to protect you from losing your house to people you owe money. If you are sued for money in court and lose, the person
who sued you will receive a judgment from the court. If you do not pay the judgment, they can try to collect the money you owe by garnishing
your wages or bank accounts, or by having your automobile or home sold to pay the debt. The Homestead law protects a certain amount of the
value of your home from being taken to pay the judgment. There are 2 kinds of Homestead Exemptions: one is automatic and the other is declared.


Automatic Homesteads


Every homeowner has an automatic Homestead Exemption of at least $50,000 for his or her residence. This protection does not require the signing or filing of any papers or documents. The amount of the Exemption increases to $75,000 if at least one member of the family unit
living in the house owns no interest in the house, as, for example, when a homeowner lives with his or her minor children. If a homeowner is
65 years or older, or is physically or mentally disabled, the amount of the Exemption is $125,000. The $125,000 Exemption also applies to
persons 55 years of age and older if the person is (1) single and has a gross annual income of not more than $15,000, or (2) married and the
individual and his/her spouse have a combined annual income of less than $20,000, and the sale is involuntary.

Declared Homestead Exemption


The homeowner can have a Declared Homestead Exemption as well as filing a Homestead Declaration form with the County Recorder in the
county where the house is located. It is important to note that the amount of the Exemption does not change or increase when a Homestead
Declaration is filed. A Declared Homestead offers extra protection in that it is not automatically lost when a homeowner moves. It will also protect proceeds of the sale exempted by the Homestead from creditors for six months after the house is sold, even if the homeowner voluntarily sold the house.

How Do I File A Declared Homestead?


It is easy to file a Declared Homestead by yourself. You do not need to pay someone to do it for you. Simply buy a Homestead Declaration form from an office supply store that carries legal forms. To fill out the form all you need is your name, the name of the co-owner, if any, and the legal description of the property, which can be found on your deed. Sign the form and have it notarized. Take or mail the form to the County Recorder's office along with the required recording fees. What A Homestead Does Not Do A Homestead does not protect against the forced sale of a house by a bank, savings and loan or other lender holding a mortgage Deed of Trust on the home, or against the enforcement of a valid mechanic's lien, or a judgment for child support or spousal support. Warning!


Homestead Filing Services


Many homeowners, especially those who have just purchased a home, receive mail from Homestead filing services. The letters often look like
they are a government office and lead you to believe that you must file a Declared Homestead. Don't be fooled. The law prohibits Homestead-
filing agencies from making false or misleading statements or presenting themselves as a government agency. The law also prohibits them from
charging more than $25 to file a Homestead Declaration or from collecting any fees until after they have recorded a Homestead Declaration.

Homestead content derived from Los Angeles County Department of Consumer Affairs website, as a homeowner verify all information.

License numbers 01461940, 01803395

Santa Clarita Pre Foreclosure Back on the Market Listed for $520,000

**BACK ON THE MARKET HERE IS YOUR OPPORTUNITY TO LIVE IN THIS UNIQUE MOVE IN READY DOUBLE MASTER SUITE HOME IN SANTA CLARITA LISTED FOR $520,000** THIS HOME IS LOCATED IN THE SAUGUS COMMUNITY, TIMBERLINE TRACT.THIS 2897 SQFT HOME BUILT IN 2000 HAS 4 BEDROOMS 3.25 BATHROOMS AND AN OFFICE WHICH COULD BE TURNED INTO ANOTHER BEDROOM.UPSTAIRS THERE IS A MASTER SUITE AND BATHROOM WITH DECK TO ENJOY THE VIEW. DOWNSTAIRS HAS ANOTHER MASTER SUITE WITH FRENCH DOORS TO THE BACKYARD PATIO. ONE OF THE BEDROOMS HAS A BUILT IN MURPHY BED. THIS HOME HAS CROWN MOLDING,CUSTOM WOOD SHUTTERS,CEILING FANS AND HIGH CEILINGS THROUGHOUT. THE KITCHEN HAS A LARGE CENTER ISLAND WITH PLENTY OF CABINETS, A COOK TOP AND DOUBLE OVENS. THE FAMILY ROOM HAS A ROCK FACED FIRE PLACE AND IS PRE WIRED FOR SURROUND SOUND. THE HOME HAS A WHOLE HOUSE FAN AS WELL AS DUAL AIR CONDITIONING. THE PRIVATE BACKYARD HAS A GAZEBO TO THE REAR OF THE YARD, A COVERED PATIO, AND MATURE FRUIT TREES. THIS HOME IS NEAR THE PARK AND WITHIN WALKING DISTANCE TO THE ELEMENTARY SCHOOL. THIS IS A SHORT SALE. WE ARE LOOKING TO REPRESENT COMMITTED BUYERS ON THIS TRANSACTION. SHOULD YOU BE INTERESTED IN LETTING GARY AND I REPRESENT YOU WITH THIS TRANSACTION WE WOULD NEGOTIATE A REASONABLE COMMISSION WITH THIS LENDER IN ORDER TO MINIMIZE THE LOSS TO THIS LENDER. WE ARE SANTA CLARITA REAL ESTATE AGENTS SPECIALIZING IN SHORT SALES, WITH A PRE FORECLOSURE SPECIALIST CERTIFICATION, PSC SPECIALIZING IN DISTRESSED PROPERTIES, CDPE. FOR FURTHER INFORMATION ON THIS LISTING OR OTHER WE HAVE CALL 661.290.3837.

TO VIEW THE VIRTUAL TOUR GO TO 28893 ROCK CANYON DRIVE

As with all short sales, sale price and commissions are subject to lender(s) approval

What is a CDPE?

What is a CDPE?

A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPE's can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact Jennifer and Gary Ricco Santa Clarita's CDPE team now.

CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

If you or someone you know are in a difficult situation with your property consider us. Homeowners who are in the pre foreclosure process need to speak with an educated agent as quickly as possible. For many homeowners foreclosure is not the only option however most do not get the opportunity to explore solutions. We are Santa Clarita's short sale specialists and would like opportunity to sit down with you and give you a free, no obligation, consultation on this process. We want to be the number one short sale agent you call, we are here to help you avoid foreclosure.

Santa Clarita Pre Foreclosure Specialists | Helping Solve the Pre Foreclosure Crisis One Homeowner at a Time, A Testimonial

Gary and I are passionate about helping our community through this foreclosure crisis. We spend a great deal of time educating ourselves and clients to best serve them. Here is our most recent testimonial from a family that we helped to avoid foreclosure here in Valencia, Ca.

March 1, 2010

To Whom It May Concern:

I am writing this letter to express my deep gratitude and appreciation for Gary and Jennifer Ricco. My wife and I were represented by Gary and Jennifer in the short sale of our home, and we can honestly say that they truly are the most amazing real estate agents we have ever worked with.

From the very first moment we met with Gary and Jennifer, we could tell that they were honest, compassionate, and genuine. Gary and Jennifer truly showed an interest in their work and a desire to help people in need. When we explained our situation and need for help, they listened. After gaining a solid understanding of our situation, Gary and Jennifer provided us with options to solve our problem and a commitment to executing the plan no matter how long it took or how difficult it could become.

A short sale is not an easy one, and Gary and Jennifer demonstrated a strong understanding of the entire process and an amazing ability to make it work. From start to finish, Gary and Jennifer knew exactly what needed to be done. They were always one step ahead of the game and had a solid reaction plan based on every possible outcome for any given situation. We were nervous about trying to tackle a short sale with our home, but Gary and Jennifer were always there to explain everything and make us feel comfortable. They truly are experts in distressed property transactions.

Gary and Jennifer have an answer for everything; I truly believe they can accomplish the impossible. I would highly recommend Gary and Jennifer to anyone who needs to buy or sell a home no matter how dire or complicated the situation may be. If anyone can help, Gary and Jennifer can. Not only will they get the job done, but they will be there for you every step of the way.

Gary and Jennifer truly are amazing people. In a world where it seems nobody can be trusted, you can count on Gary and Jennifer. They will help you through any real estate transaction, and be your friend too. When you work with Gary and Jennifer, not only do you benefit from their expertise and professionalism, but you also benefit from the entire professional community that they bring with them. Gary and Jennifer Ricco provide a total package solution to a complex problem.



Sincerely,

Jason H.