Yuli Lyman, (650) 331.0168 This blog is intended to be a real estate resource center providing local residential, income & investment real estate market conditions, trends, statistics and development, community news, various issues related to real estate, and useful information for my clients, friends, buyers and sellers of real estate in the greater San Francisco Bay Area, beautiful Northern California.
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Good Faith Estimate – Excellent Tool to Compare Mortgage Quotes
By Yuli Lyman | Posted at 5:00 AM, Mar. 17, 2010 | SF Bay Area Real Estate Blog
Need to get a mortgage when buying a home? Thinking about refinancing your home mortgage? Want to be a smart mortgage shopper?
Federal Housing and Urban Development (HUD) has just made it easier for you to compare mortgage quotes you get from various lenders.
Beginning this year, lenders must issue you a Good Faith Estimate (GFE) within three business days when requested or after you have submitted the essential application information including your social security number, property address and its estimated value. You do not have to commit to get the loan from this lender. However, if you choose to use this lender based on the GFE, and the estimated costs turn out to be significantly lower than the actual amount, then, the lender has to pay the difference out of their own pocket at settlement.
Of course, this new rule caused great concern and confusion to many lenders. Each may have a somewhat different interpretation of this new GFE rule. Ask the mortgage lenders about the issuance of a GFE. All in all, if you are serious about shopping for a loan, do not accept any informal worksheets. Ask for a cost guaranteed GFE by name.
Another tip to be a smart mortgage shopper, home buyer and home seller, get a good, informed real estate professional to help you.
You can see a blank copy of the Good Faith Estimate form here
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First Time Home Buyer Federal Tax Credit
By Yuli Lyman | Posted at 5:00 AM, Mar. 8, 2010 | SF Bay Area Real Estate Blog
For those of you who bought your first home of $800,000 or less between January 1, 2009 and April 30, 2010, you may be eligible to claim the first-time homebuyer credit.
You are a first-time homebuyer if you did not own any other main home during the 3-year period ending on the date of purchase. This tax credit is also extended to those who are defined by IRS as "Long-Time Resident of the same main home". The maximum allowable credit is $8,000 for first-time home buyer and $6,500 for repeat home buyers.
This credit is not available to those who earn more than the maximum qualifying income - over $145,000 for singles and over $245,000 for couples. A non-resident alien is not qualified for this federal tax credit.
If you own the home after 2008 and use it as your main home for at least 36 months beginning on the purchase date, you do not have to repay any of the credit. If you dispose of the home or it ceases to be your main home, you generally must repay the credit.
As a real estate professional, I know one thing you will need as a supporting document for your Form 5405 is the properly executed HUD-1 Settlement Statement you used at close of escrow. Make sure your HUD-1 form has all parties' names, property address, sales price, date of purchase, and signatures. A Certificate of Occupancy showing the owner's name, property address and date of the certificate can be used if you bought a newly constructed home and no settlement statement is available.
For those of you who enjoy sitting on the fence and waiting for the perfect last minute to act, here is a piece of a good news designed just for you. You still can apply for this federal home buyer tax credit as long as you enter into a written, binding purchase contract before May 1, 2010 with a close of escrow before July 1, 2010 - contract fully signed by April 30, 2010 and close by June 30, 2010.
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Property Tax Saving Tip for Home Sellers Age 55 and Over
By Yuli Lyman | Posted at 3:00 PM, Mar. 4, 2010 | SF Bay Area Real Estate Blog
Thinking about selling your home? Thinking about retiring and where to move to next in California? Do you know which counties in California are "retiree friendly"?
Frequently I come across people thinking about selling their home but not quite sure where to go next. My question to them is always: Do you know about Proposition 60 and Proposition 90? You might want to check at your county assessor's office if you can take advantage of the potential property tax saving provided by Propositions 60/90/110.
You may transfer the property tax of the original (sold) property to your newly purchased or constructed home if you determine that you meet the following eligibility requirements:
· You, or your spouse, are age 55 and over.
· Your next principal home is within the same county (intracounty) of your original home. (Proposition 60), or, in one of the counties (intercounty) of Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, or Ventura (Proposition 90).
· You are buying or building your next principal home of equal or less value of your original principal home.*
· Complete your purchase of the new principal residence or the construction of your new home within two years before or after the date of the sale of your original property.
· You have already declared homestead exemptions on your original home before the sale of the original principal home.
· Your next home is eligible for homestead exemptions.
· Check if reciprocal treatment is required for the transfer by the new county.
· You may be able to receive retroactive relief, you must file your claim within three years following the purchase date or new construction completion date of the new principal residence.
· If you are severely and permanently disabled physically, there is no age restriction (Proposition 110).
· This is a one-time only benefit.
Contact your assessor's office for the claim form, BOE-60-AH, Claim of Person(s) at Least 55 Years of Age for Transfer of Base Year Value to Replacement Dwelling.
ALWAYS check and verify with your original and next county assessor's offices for eligibility and most current information, especially if you are in the planning stage of your next big move. www.boe.ca.gov/proptaxes/assessors.htm
Filing fees vary from county to county, for Santa Clara County homeowners, there is a $78 non-refundable processing fee. Here is the specific link to the Santa Clara County Proposition 90 www.sccgov.org/portal/site/asr/agencyarticle
* Determined by the date of your purchase of the next new home. 100% value before the sale of your original home. 105% of the value within the first year, 110% the 2nd year.
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Tsunami Inundation Map Advisory
By Yuli Lyman | Posted at 7:49 PM, Feb. 17, 2010 | SF Bay Area Real Estate Blog
The California Emergency Management Agency has recently completed an updated series of 130 potential tsunami inundation maps that cover all of the California coastal communities. These maps are created to assist 20 coastal counties in identifying their tsunami hazard and planning their coastal evacuation routes and emergency response plans. Counties included in the northern California are: Santa Clara, San Mateo, Alameda, San Francisco, Marin, etc.
According to the State, "The new maps are not legal documents and do not meet disclosure requirements for real estate transactions nor for any other regulatory purpose." Also, these maps should not be used to set insurance rates or engineering standards.
For the coastal area property owners, home buyers and home sellers who are concerning about the tsunami risk, you can go online view the maps and details: (if you don't see the links immediately below, then, scroll down to the bottom of the page to see the 2 links)
www.conservation.ca.gov/cgs/geologic_hazards/Tsunami/Inundation_Maps/Pages/Index.aspx
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Sausalito View Home
By Yuli Lyman | Posted at 11:54 AM, Oct. 8, 2008 | SF Bay Area Real Estate Blog
105 Cloud View Road, Sausalito, CA - Offered at $2,850,000
www.105CloudViewRoad.com
Indulge yourself creating heartfelt memories in this fabulous view home. The highly functional and efficient floor plan will accommodate your needs whether you are a single person, a growing family or empty nesters. Enter through a spacious courtyard-like porch to the glass-paneled front door. Enjoy the inviting living room with wood burning fireplace. Entertain in the elegant oversized great room. Prepare your meals in the spacious gourmet kitchen and savor a cup of coffee in front of the bay window or on the deck. Soothe your soul in the romantic master bedroom suite. Hone your gardening skills beneath six skylights over the front porch, on the decks or in the backyard. Relax on the private decks and backyard sanctuary surrounded by spectacular views of the San Francisco skyline, Bay Bridge, Alcatraz, Angel Island, hillsides, and trees. Serenade yourself with a mesmerizing moon, starry skies, and sparkling city and bridge lights at night. Gain perspective from the breathtaking scenery in the distance. Watch in awe upon fogs cascading down from the mountain tops, clouds floating in the midst of the city skyline and bay water, falcons gliding in the air, a sea of treetops weaving along the wind... Unwind, refresh and recharge yourself in this exceptional home. LIFE IS GOOD!
Highlights of the Home
* The distinct character of unpretentious, understated, and easy to maintain home.
* Designed to embrace the world-class views and highlight the sense of space and grace.
* Easy two-level joy of living with flowing open floor plan and indoor/outdoor living at its very best!
* Located on a flag lot off a quiet street with serene and private setting.
* Highly desirable level entrance.
* 4 bedroom suites plus a one-half bath.
* Approximately 3,619 sq. feet of bright and spacious living space.
* Approximately 5,620 sq. feet of lot size.
* The great room on main level has high ceilings, skylights, and sliding glass doors facing the impressive view, creating a wonderful congenial gathering space.
* Open and spacious gourmet kitchen with maple cabinets, stainless steel appliances and granite countertops, breakfast bar, bay window and tiled flooring and sliding glass door opens to view deck.
* Limestone, marble, granite, tile, travertine, alabaster, African mahogany and Brazilian cherry hardwood embellish the floors, counters and fireplaces throughout the house.
* Enchanting and private rear yard with peaceful sitting areas. A flagstone pathway leading to brick patio and lush lawn.
* Huge decks great for outdoor entertaining and private enjoyment.
* Gated 2-car carport/covered porch.
* 2 tankless on-demand hot water heaters.
* Easy commute – close to Freeway 101, Golden Gate Bridge, ferry, Park & Ride, and Marin Airporter stops.
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Thanksgiving
By Yuli Lyman | Posted at 8:05 AM, Nov. 21, 2007 | SF Bay Area Real Estate Blog
I would like to take this opportunity to express my deepest gratitude to those who have made my success in real estate possible and for the continued support.
I would also like to thank all of my newsletter and blog readers for all the feedback given to me throughout the year. I appreciate that my readers understand my newsletter and blog intend to provide useful information and also are my gentle way of reminding you that I am your neighborhood real estate professional who keeps her fingers on the pulse of the real estate market. Bringing quality information, market trends and real-world solutions to you is my passion.
You ought to enjoy your home as long as you want to and I do want to keep our friendship as long as I can. However, whenever you, or someone you know, is thinking of buying or selling real estate, I will appreciate the opportunity to be of service to you.
Thanksgiving is a time I count my blessings publicly. I want all of you know that I am thankful for your interaction with me that makes a difference in my life.
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Is NOW the Right Time to Buy or Sell?
By Yuli Lyman | Posted at 11:35 AM, Nov. 20, 2007 | SF Bay Area Real Estate Blog
Buying or selling a home is more than just moving into a new house. It is an evolution of life and spirit. It is about ending an old chapter of life, and, new beginnings!
A new home is not only a place to live, it is also a place to love and cherish. With thoughtful planning and execution of the home buying and selling process, you will fulfill your dreams in this life-changing event.
Yesterday is history, tomorrow will be created by whatever you do today! So, NOW is the right time to act for the future you desire!
I can help you make your move a wise and successful one! Call me today 650-917-7968 to begin a moving experience!
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SF Farmer's Market
By Yuli Lyman | Posted at 1:19 PM, Apr. 14, 2007 | SF Bay Area Real Estate Blog
The Farmer's Market is located at the Ferry Building Market Place in San Francisco.
Opens every Tuesdays 10AM-2PM and Saturdays 8AM-2PM.
Here is the link to the San Francisco Farmer's Market http://www.ferrybuildingmarketplace.com/farmers_market.php
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