The mess left behind....

The mess left behind....

This article examines taxation of post-death foreclosures.

• Personal liability of the PR
• Probate section 10361 (very important to your's truly)
• Insolvency defense

The mortgage meltdown has produced so many upside down properties, many estates now have debt forgiveness tax issues, situations where there is no money to pay the costs of administration and other unforeseen issues. This article by Jim Lamping helps clarify the issues.

Click on the link above for the full text.

A good read.

Are there estate taxes due?

An interesting read. This article highlights the most common issues that estates face in the sale of real property. Who owns it? Is it subject to probate? Are there taxes owed?

 We found a will.....

Always best to consult with an estate planner or attorney to avoid serious pitfalls. It isn't for you, it is for those left behind that planning is important. I figure, what the heck, cut them some slack and make their life easier.

This is a column found at Len Tillem and Rosie McNichols website

New carbon monoxide law for home sales in California

New carbon monoxide detector requirement.

I checked with the California Association of Realtors legal department to see if probates are exempt as smoke detectors are for 1-4 unit residential properties. The answer was no. A reading of the new law confirmed this. So, we'll have to make sure this is done before cloes os escrow. Can it be pushed onto the buyer? No restrictions on this. Just has to be done before we close.

Here is a link to the new Carbon Monoxide law.

US Home Prices Bouncing Around, Case/Shiller Index

Take a moment to read this report. The Case/Shiller index has been on the bearish side of the market since its inception. This as opposed to the realtor associations which have been as bullish as possible.



http://library.constantcontact.com/download/get/file/1102752268866-14/Article+U.S.+Home+Prices+Bouncing+Around.pdf

Micro markets

I had an interesting conversation with a Portland, Oregon agent the other day. His comment about the bay area, San Francisco in particular, real estate was telling. He thought that all of San Francisco was on fire market wise. He had no concept of "micro" or "neighborhood" markets. A recent listing I had in the Outer Mission took 90 days to sell and that after a price reduction. Go over to Noe Valley and prices/sales are much stronger. I asked him about Marin County and he said, "huh?". Or Piedmont. Same response. Heck, there are some public parks in Oakland and Berkeley where parents and nannies take their young kids to play that drive the market in those neighborhoods. Just something to keep in mind when considering the market. Each micro market is different.