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September 2007: IN THIS NEWSLETTER |
- Seismic Incentive Program
- Vacation Home 1031 Exchange
- Buyers & Sellers Resources
- Interesting & Helpful Websites
- Elder Abuse
- Fall Real Estate Market
SEISMIC INCENTIVE PROGRAM
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Good News - Oakland has passed an ordinance to offer a voluntary seismic strengthening incentive program. Within 60 days of ownership the homeowner applies for the retrofit permit -if it complies with the standards, the $250 flat permit fee applies. Retrofitting must be completed within one year of receiving the permit. Then 30 days following a Certificate of Approval, the homeowner receives a reimbursement of 5% of the purchase price or $5,000, which ever is less.
Read About Oakland's Homeowner Voluntary Seismic Safety Incentive Ordinance(PDF)
Contact Oakland's Planning Department, 510-238-3444.
Vacation Home 1031 Exchange
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There are plenty of discussions circling the possibility of exchanging your vacation home under Section 1031 of the Internal Revenue Code. This information came from a recent memo from Richard A Goodman who is a partner in the Oakland law firm of Goodman & Levine LLP. Richard studies the recent case of Moore v. Commissioner and has expressed some conclusions on the possibility of a vacation home qualifying for tax deferred exchange treatment. Now that is good news! For tax advice, always contact your accountant or tax attorney.
 Call me at 510-652-2133 or
 Email me at diane@dianeverducci.com
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RESOURCES FOR
BUYERS AND SELLERS |
Sales History By Zip Codes
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Sub prime financing - has an effect on many people.
I attended a meeting where the panelist discussed Elder Abuse and how Realtors might, when meeting elderly homeowners, recognize the warning signs so that they may notify the appropriate authorities.
One of the saddest stories told was a homeowner who owned her home 100%, needed cash to help a family member and was convinced to borrow on her equity-family member helped her to apply for the financing and subsequently the lender needs to foreclose for lack of payment. The family member was long gone with the borrowed funds. Elderly folks are prey to all kinds of scams. If you suspect someone is being taken advantage of or needs care, call the Adult Protective Services office in your county.
And now to the market:
Many agents have properties coming on right after Labor Day. We have told our clients the window for selling is September 4 to about November 11. Then business tapers off for the holidays.
The prices have not dropped but stayed steady from the spring market. Interest rates are still attractive and will most likely come down. The documentation for borrowing is as it should be; verification of employment, down payment and good credit. Listing agents should prepare their sellers for an old but not recently used standard of practice; buyers should have a financing contingency in their contract.
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INTERESTING & HELPFUL WEBSITES |
» ABAG
Home Quake Safety Toolkit
» Elder Abuse & Neglect
Alameda Social Services
Contra Costa Health Services
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