North Lake Tahoe- Bankruptcy and Real Estate: Selling Your Home

In today’s economy there are many people going bankrupt and are selling their home.  This creates a good market for buyers looking to jump into real estate with a home that is being sold at a deal.  Would a short sale or foreclosure be the best option for you?

Foreclosure vs. Short Sale

Bankrupt sellers’ typically owe more than the home is currently worth and can either let the bank take the home as part of the foreclosure or sell their home through a short sale.  Short sales are designed to leave a lesser mark on the sellers’ credit history by agreeing with the bank to sell the home for less than the bank is owed so the bank isn’t left empty handed.  Through negative consequences of a bankruptcy tend to overwhelm any credit-preserving benefits of a short sale.

With a short sale you must leave the home earlier then you do with a foreclosure.  Foreclosures take time to process and the owner is usually able to stay in the home longer.

If You Have Equity in Your Home

If you have equity in your home, bankruptcy might actually help smooth the sale because the bankruptcy’s automatic stay gives you time to close on a well thought deal.

North Lake Tahoe- Nevada Tax Advantages Buying Nevada May Make Dollars and Sense

California Business magazine says the best state in the country overall for business is Nevada. This January, the magazine published the results of a 50 state survey which showed the pastures really are “greener on the other side of the state line”.

A research team from California Business collected information on all 50 states. They brought together government statistics and private research reports and compared special interest data bases. Twenty different measures of state social, economic and business health were chosen as being of primary importance. Nevada was chosen largely because of its pro-business attitude. The study ranks Nevada high in the following areas:

¨      Overall business climate

¨      Lowest corporate profits tax

¨      Best overall economy

¨      Population growth

¨      Employment growth

¨      Lowest combined major state and local tax

¨      Number of new companies per 10,000 workers

¨      Gross state product (GSP) growth

¨      Number of environmental policy initiative in place

All of this goes to show that a move to Nevada is a move to the greener pastures of a top-ranked business climate.

Here are some simple tax facts. In Nevada, there are fewer taxes and a lower tax burden than in most other states. That’s why Nevada is on every list of the top tax havens. Just this year, Money magazine ranked Nevada as one of the states with the lowest tax bill and California Business magazine rated Nevada as best overall for business based on a review of several factors including a low tax burden. In Nevada, there is:

• No personal income tax
• No corporate income tax
• No inheritance, estate or gift tax
• No franchise tax
• No unitary tax
• No special intangible tax
• No chain store tax
• No admissions tax
• No inventory tax

North Lake Tahoe Real Estate- Waiting For Extended First Time Home Buyer Tax Credit?

With the media coverage telling about the possibility of increasing the dollar amount of the federal tax credit given to first time home buyers why on earth world a buyer jump off the fence if they think they can possibly get an extra  $7,000 dollar credit?  A handful of bills to extend and increase the First-Time Home Buyer tax credit are under consideration in congress, but if you are holding out in anticipation of one of these bills passing you may not want to hold your breath.  The likelihood of any of these bills getting though this year is unlikely.

North Lake Tahoe Real Estate- Buying Your Home In The Spring

In spring most people get off the couch and get out of the house to enjoy the mild weather and beauty that spring brings.  Spring is the official beginning of the buyers “season.”  Typically you will see a ramp up in the inventory (homes being put on the market) by sellers and an increase in buyers looking for homes.  Isn’t there something cheery about looking at a home with budding flowers out front?  As the slower winter months melt into a memory one of the busiest buying season gets into full swing you can expect a healthy amount of competition and depending on the market possibly multiple offers on the real deals.

North Lake Tahoe Real Estate- Buying Your New Home In The Summer

Ah the summer…my favorite of all seasons.  The frenzied buyer’s spring slows a little as the summer approaches and many buyers focus their attention on the little one’s home from school.  The days get longer giving buyers who work late more time to get out and look at properties after work.  Many buyers continue to look through the summer but do not look for homes as tenaciously as the beach, pool, or the neighbor’s bar-b-que starts to look more appealing as the sweltering summer sun rays beat down.  The inventory during the summer is at its all year high giving buyers the largest amount of homes to look at as they cruise around hopefully in their agents air conditioned car.  There is still healthy competition for buyers in the summer especially since there are so many homes on the market but it is less intense than in the spring; and many of the houses on the market have been sitting for a few months so sellers are more prepared to deal with buyers.

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