Bank REO Homes & Properties for Sale: "California has the highest inventory of reo properties in the entire country. The staggering number of California reo homes and properties offered for sale at banks and lenders are primarily due to the extraordinary loss of home equity due to property price falls and job losses resulting from the financial crisis. Since California is the most populous state in US with about 40 million people and most developed, it has suffered the most due to the real estate bubble burst during the past two years. Home owners and investors in california real estate of all types: commercial, residential, apartments, multi-family have suffered equity loss due to the declining home prices. So the number of California REO homes is at historical highs.
REO Homes in California CA"
Sunday, September 5, 2010
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "Reservation Requests: We will accept reservation requests for the New Home Credit by fax only beginning May 1, 2010. If you are applying for the First-Time Buyer Credit, you will not be able to request a reservation before escrow closes. Reservation requests received before May 1, 2010, or after escrow closes will be denied.
If a buyer wishes to request a reservation, before the close of escrow:
The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
The buyer completes Parts IV & V.
Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
Do not fax the entire purchase agreement. Only fax the pages which show:
Property address
Buyer's name
Seller's name
Purchase price
Deposit amount
Buyer's signature
Seller's signature"
If a buyer wishes to request a reservation, before the close of escrow:
The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
The buyer completes Parts IV & V.
Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
Do not fax the entire purchase agreement. Only fax the pages which show:
Property address
Buyer's name
Seller's name
Purchase price
Deposit amount
Buyer's signature
Seller's signature"
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "How to apply
Applications: We will accept applications by fax only beginning May 1, 2010. Do not use the 2009 application. Applications received before May 1, 2010, or before escrow closes will be denied. We are currently only accepting applications for the New Home Credit. Any applications received after August 15, 2010 for the First-Time Buyer Credit will be denied. (Updated 08/19/10)
Within two weeks (14 calendar days) after the close of escrow:
The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
The buyer will complete Parts I, V & VI of Form 3549-A.
Fax the completed Form 3549-A and the final settlement statement (generally the buyer's HUD-1 statement) to FTB at 916.855.5577. It is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement to FTB and provide a copy to the buyer. (The buyer retains ultimate responsibility to ensure the completed application and settlement statement are submitted timely to the FTB.)"
Applications: We will accept applications by fax only beginning May 1, 2010. Do not use the 2009 application. Applications received before May 1, 2010, or before escrow closes will be denied. We are currently only accepting applications for the New Home Credit. Any applications received after August 15, 2010 for the First-Time Buyer Credit will be denied. (Updated 08/19/10)
Within two weeks (14 calendar days) after the close of escrow:
The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
The buyer will complete Parts I, V & VI of Form 3549-A.
Fax the completed Form 3549-A and the final settlement statement (generally the buyer's HUD-1 statement) to FTB at 916.855.5577. It is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement to FTB and provide a copy to the buyer. (The buyer retains ultimate responsibility to ensure the completed application and settlement statement are submitted timely to the FTB.)"
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "Important Update (08/16/10): FTB only accepting New Home Credit Applications.
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)"
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)"
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