IE Curb Appeal

Real Estate blog by Angela Gutierrez covering Corona, Norco, and Riverside

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Latest News On Tax Implications for a Short Sale

December 4, 2013 by Angela Gutierrez Leave a Comment

The California Association of Realtors (C.A.R.)  just received confirmation from the California Franchise Tax Board  (obtained by the State Board of Equalization) that California homeowners short selling their homes are NOT subject to state income tax liability on the difference between what the home sold for and what was owed.  Typically that difference was considered “income” and taxable, both through Federal (IRS) and also California Franchise Tax Board.

According to C.A.R., confirmation was also received last month from the IRS, “that the debt written off in a Short Sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt income to the underwater home seller for federal income tax purposes.”

So, how is this great news?  Well, when considering a Foreclosure vs. a Short Sale, fearful California homeowners were worried that if they Short Saled their house, they would face tax liability from both the Federal & State entities for the “phantom income” on the sale of their home.  On the other hand, if they Foreclosed on their property, the negative implications on their credit would be much more harsh and would follow them longer than if they Short Saled.  Both options are grim, but when facing the possibility of tax implications, many people would probably have had no choice but to choose Foreclosure.  Now, they can get the “monkey off their back” and plan a new start!

Filed Under: Real Estate News Tagged With: c.a.r., short sales

Great Deals on HUD Owned Homes in the Inland Empire

November 4, 2013 by Angela Gutierrez Leave a Comment

Happy Monday, Everyone!  I’m going to keep this brief and get right to the point.  This morning, I opened up the website, www.hudhomestore.com, and I came across some really nice HUD owned homes in the I.E. that I would like to share with you.  This is beginning to be more of a buyer’s market, and there are increasingly more opportunities – whether HUD owned, REO, Short Sale, or Standard Sale, out there to capitalize on.  I think this opportunity, like any other, is limited.  After the Holidays, who knows what the market will look like!  Anyways, it’s something to keep in mind and ponder – and if you’d like more information about homes in the Inland Empire, please don’t hesitate to contact me.

equal-house-opp 2

6 Bdrm, 3.5 Bth, 4034 Sq. ft.

HUD Home in Menifee – $314,000.00, 6 Bdrm, 3.5 Bth

HUD Home in Sun City  $226,800.00 4 Bdrm, 2 Bth, 1810 Sq. Ft.

HUD Home in Perris $208,000.00 3bdrm, 2bth, 1740 Sq. Ft.

HUD Home in Canyon Lake (Lake Elsinore) $514,000.00 3 Bdrm, 2 Bth, 4091 Sq. Ft.

Filed Under: HUD Listings

Good Morning and Happy “Hump” Day! A First Time Buyer….?

October 2, 2013 by Angela Gutierrez Leave a Comment

This morning I decided to post some helpful information for 1st time buyers. There are many people who may not know where to start when seriously thinking of buying a house. Besides the obvious – paying your bills on time, building up some savings, a steady income…when you’re ready, you will need to get pre-qualified with a lender, which should result in them providing you a Pre-Qualification Letter (Most Real Estate Agents will ask to see this letter before even showing you a home in person as not to waste anybody’s time).

Here is a list of some of the documents the bank/lender will be asking you to provide in order to get you started for a pre-qualification:

  • Copy of Social Security card and Driver License
  • Copies of checking and savings accounts statements for the last two – three months – ALL PAGES
  • Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program) that maybe used for the down payment or purchase of the new home.
  • Recent paycheck stub(s) for last 30 days
  • W-2 forms and  income tax returns for the past two years – ALL PAGES

Just remember – at least 1 year in advance, it is important to do the following:

Tips from Realtor.com

Pay Your Rent on Time!

It is very important that you pay your rent by check each month and that you pay it on time. Lenders will look at this as an indicator of how you will handle your mortgage with them. If you’re habitually late with your rent check, they can predict that you won’t pay them on time either.

Money in the Bank

Different lenders have different requirements, but most want to see that you have had the down payment in your bank account for at least two months. They also will need for you to have additional funds for reserves.

Be Prepared

If you are prepared and can gather these documents ahead of time, you can save time in the pre-approval process. Fortunately the paperwork needed is pretty uniform from lender to lender so you can start putting it together now.

And one more tip from me…

Pay Down Your Debt

Work on paying down as many debts as possible.  If you can pay off your car, some credit cards, by all means, do it!  If you have unsettled debt on your credit report, try to resolve it – many collection agencies will let you set up a payment plan or settle for part of the balance through one lump sum payment.

Hope this article was helpful.  Have a great day!

Filed Under: Buying A Home

Cultural & Entertainment Happenings in the Inland Empire

September 30, 2013 by Angela Gutierrez Leave a Comment

HAPPY MONDAY EVERYONE!

Ok, maybe not so happy for most people after the weekend, but the way I see it, it’s never too early to start planning for the next weekend!  So, being fairly new to the Inland Empire I was a little concerned that the IE wouldn’t have the kind of entertainment options (I love the arts) that Orange County & L.A. has to offer….and thankfully, I was wrong!

joseph-dreamcoat-920Last week I came across this wonderful deal through Goldstar – “Joseph and the Amazing Technicolor Dreamcoat” which is being presented at the Center Stage Theater in Fontana from now until end of October, I believe.  They have both afternoon and evening shows of this play and with it offers also a 3 course meal – all for $30 bucks each.  I chose the Roasted Garlic Chicken for my husband and I, and I am so stoked to finally see this play!  Click here to go to event.

Today through the site, “Livingsocial,” I came across another great deal at a venue in Rancho Cucamunga called,  The HourGlass Art & Wine Gallery.  Livingsocial is offering 2 tickets for the price of one – $15.00!  With that, you get appetizers and a choice to attend either Friday Night Jazz or Saturday Night Latin Rhythms – how cool is that!  Click here to go to event.

Now my point here isn’t to promote either of these 2 websites (but I do think they’re great), but more importantly to promote the different cultural events that the Inland Empire has to offer.  Don’t get me wrong, L.A. and Orange County are great, but sometimes we want to stay in our own neck of the woods without having to contend with the nasty traffic!

Alright folks, that’s all I have for now, have a great rest of the day!

Signing out!!!

Filed Under: Events & Happenings

Welcome to Inland Empire Curb Appeal!

September 24, 2013 by Angela Gutierrez 1 Comment

Hi! Thank you so much for visiting my new blog page! If you’re curious about the real estate market in the Inland Empire, you’re in the right place! I am looking forward to sharing the latest real estate news, helpful articles, and some of the awesome events that the Inland Empire has to offer. Angela Gutierrez is a Real Estate agent in Corona, California. Cities include Corona, Chino Hills, Anaheim Hills, Riverside,  Norco, Yorba Linda, Murrieta and surrounding areas.

I hope you find my blog page helpful and I hope you enjoy!

Respectfully,

Angela Gutierrez

Filed Under: Site Updates Tagged With: site updates

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Welcome to IE Curb Appeal

Hello, and welcome to my website! My name is Angela Gutierrez and I am a Realtor serving all of the Inland Empire & Orange County areas. I work out of the Realty ONE Group office in Corona and I hope you find the articles & information provided in IE Curb Appeal to be helpful and informative. I look forward to assisting you in all your Real Estate needs, whether it's buying or selling your home!

Contact me if you are interested in buying or selling.

Phone: 951-427-7842

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