Patty McMillen

Cash-starved California just came up with $200 million more to throw at the housing market.

On Thursday, Gov. Arnold Schwarzenegger signed a bill that will award an estimated $200 million in state income tax credits to people who buy a home starting May 1.  The credit is worth up to $10,000, spread evenly over three years.  The credit is available to anyone who buys a newly built home or first-time home buyers who buy a newly built or existing home. To qualify a buyer is one who has had no ownership interest in a principal residence for the three years before the date of purchase.

People who are not first-time buyers can get the credit if they buy a newly built home but not an existing one., it must be a single-family residence, attached or unattached   be used as a buyer’s principal residence for at least two years.

The credit is equal to 5 percent of the purchase price or $10,000, whichever is less.  It must be claimed in equal amounts over three years, beginning with the year of purchase.

Buyers of existing homes must close escrow between May 1 and Dec. 31.

Buyers of new homes can reserve a credit by entering into an enforceable contract between May 1. 31, filing the property paperwork with the tax board and closing escrow by Aug 1, 2011.

We are still a long way from economic growth and increased employment, the pace of job cuts seems to be slowing and there are signs of life in the housing market that indicate a possible recovery is on it’s way…if not already happening.  California experienced a 59 percent peak-to-trough decline in price, hitting bottom in 2009 vs a 29 percent peak-to-trough decline experienced by the national market.  Some economist believe this steep decline indicates the state is further along in its return to a normal market than the national market…I just hope these guys are right for once!

New short sale rules from the Treasury Department take effect in April 2010, people may be able to qualify if they meet the following conditions:

• The property is their principal residence
• You are delinquent on the mortgage or close to it
• The loan was made before Jan 1, 2009 and is less than $729,750
• Your total homeowner’s monthly mortgage payment exceeds 31% of before tax income
• The loan is not a Fanie May or Freddie Mac loan.
• You must try to qualify for HAMP foreclosure modification plan before pursuing the home affordable foreclosure alternatives (HAFA) short sale plan.

Military personnel, members of the Foreign Service, and employees of the intelligence community have an extra year, through June 2011 to buy a principal residence int he U.S. and claim the tax credit. The deadline for entering a binding contract is April 30, 2011. The extension applies to any individual (and if married, the individuals spouse) who serves on qualified official extended duty service outside of the US for at least 90 days during the period beginning after Dec. 32, 2008 and ending before May 2, 2010.

I just heard on the TV that last year americans used enough water bottles to cover the Earth 190 times! Yikes!!!

I try to never ever use disposable water bottles and am encouraging you to do the same. You can buy a great water bottle with filtration in it for around 10 bucks and let me say that you will feel better about yourself! They even have cute bottles now, do whatever it takes to help protect this lovely home that we have, Earth! Think about you kids… and there kids kids…don’t you want them to live in the beauty you have been blessed with?

I challenge you to stop using plastic water bottles, you can do it!

If you have buyers in need of 100% financing, take notice! One widely popular tool for funding is about to run out of money. Buyers that need a no down payment loan guaranteed by the USDA are running out of time to get their deal done.

USDA Rural Home Loans have been a phenomenal tool for helping cash strapped buyers get into homes for no down payment. Unlike many other loan programs though, the amount of funds available to fund these loans are set and capped at the beginning of the fiscal year.

Notice was delivered from Washington on March 9 that the funds are nearly exhausted, with expectations that they will run out in late April.

Unlike years past when similar notifications have been delivered, the USDA will not be issuing conditional commitments for buyers as the program awaits new appropriations from Washington. The USDA states they are “not certain when additional funding will be available.”

What does this mean for your buyers?

If your buyers need 100% financing and are not eligible for a VA loan, they have to act quickly or they will have to seek other options. Combined with tightening from HUD on FHA loans in April and potentially later this summer, cash strapped buyers may be shut out if they miss this opportunity.

If you have any questions, call me and let’s discuss them.

“Article provided by Ginny Richard with Mission Hill Mortgage”

Realty World Selzer Realty has just acquired another office! Realty World Selzer Realty announced today that we are merging with Pacific Properties in Willits and Laytonville, CA.

We are so happy to be adding another 6 realtors to our team. Realty World Selzer now has 43 agents in our company, offices in Laytonville, Willits and 2 in Ukiah!

Our next big goal is moving into our new building on Orchard Avenue… which we hope to see happening this summer.

2010 has been such a great year for me and Realty World Selzer Realty. I am so proud to be working with Mendocino County’s largest Real Estate office. We have a lot to offer our clients and our community…

Remember, I serve all of Lake and Mendocino County and am happy to help with all of your real estate needs!

Patty

Festival of Tulips-Lake County

March 27th, in Nice at the Tulip winery

With Saint Patrick’s Day fast approaching I would like to share with you the history of this holiday. 

Saint Patrick’s Day is celebrated on March 17, the anniversary of Saint Patrick’s death in the 15th century. The Irish have reserved this day as a religious holiday for over 1000 years.  Saint Patrick’s day falls on the Christian season of lent, most families would go to church in the morning and celebrate in the afternoon and into the night. Lenten prohibitions against the consumption of meat were waived and people would dance, drink, and feast—on the traditional meal of Irish bacon (corn beef) and cabbage. This tradition is now celebrated all over the world.

The Selzer Realty Saint Patrick’s Day Celebration started almost 30 years ago as a customer appreciate day. Over the years it has evolved into something wonderful and huge but with the turn in the economy we felt it was important to make a change. Last year our office decided to really show our gratitude to our WONDERFUL community and thank them by truly giving back. Our office along with our terrific clients were able to donate over $18,000 to local organizations and charities, what an honor it was to be apart of that! 

Our office is making many positive changes this year and would still like to say THANK YOU to our clients but we will not be having “Selzer’s St. Patrick’s Day party”. We would like the community and our clients to know we will always appreciate you and will show you in our continued community efforts.

I would like to wish everyone a merry and safe Saint Patrick’s Day and say thank you so much to my clients! I look forward to hearing from you and working with you in the future.

I love to cook and wanted to share my monthly recipe with you….

Braised Short Ribs

*6 bone-in short ribs

*Kosher salt

* Extra Virgin olive oil

*2 ribs celery, cut into small pieces

* 2 carrots, cut into small pieces

* 2 cloves of garlic (I added 5)

* 1 1/2 cups tomato paste

* 3 cups f hearty red wine

* 2 cups of water

* 1 bunch fresh thyme, tied in kitchen string

* 2 bay leave

Directions:

Season each short rib generously with salt.  Coat a pot large enough to accommodate all the meat and vegetables with olive oil and bring to a high heat.  Add the short ribs to the pan and brown very well, about 2 to 3 minutes per side.  Do not overcrowd pan.  Cook in bathes, if necessary.

Preheat the over to 375 degrees.While th ribs are browning, puree all the vegetables and garlic in the food  processor until it forms a coarse paste.  When the short ribs are very brown remove them from the pan.  Drain the fat, coat the bottom of same pan with fresh oil and add the pureed vegetables.  Season the vegetables generously with salt and brown until they are very dark and a crud has formed on the bottom of the pan, approx. 5 to 7 min.  Scrape the crud and let it reform.  Scrape the crud again and add the tomato paste.  Brown the tomato paste for 4 to 5 minutes.  Add the wine and scrape the bottom of the pan.  Lower the heat if things start to burn.  Reduce the mixture in half.

Return the short ribs to the pan and add 2 cups water or until the water has just about covered the meat.  Add the thyme bundle and bay leaves.  Cover the pan and place in the preheated oven for 3 hours.  Check periodically during the cooking process and add more water if needed.  Remove the lid for the last 20 minutes of cooking to let things get nice and brown and to let the sauce reduce. When done the meat should be very tender but not falling apart, service with the braising liquid.

I served the ribs with celery root/potato mashed together, with warm cream and butter, yummy!