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Does Selling at a Loss Give Me a Tax Deduction?

In one word, NO… The Internal Revenue Service’s Publication 523 states “A loss on the sale of your main home cannot be deducted.” Even if you reinvest the proceeds in another home, you still may not deduct the loss from your previous home.

Consult your tax accountant for details if you are considering selling your home for less than you bought it.
June Kubli, Ph.D.
Broker Associate, Certified Residential Specialist
License #00911089
Coldwell Banker Residential Brokerage
Cell: 858-353-0406
EFax: 858-228-9944
Email: jskubli@gmail.com

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Chinese Buyers for San Diego Property

Buying property in San Diego as a non-citizen could not be easier and with the current currency exchange giving many foreign money holders an advantage, San Diego has become a purchase destination for many who are looking for investment property and/or vacation homes especially if you are Chinese due to the great schools, plentiful Asian markets and restaurants, and amazing climate.

With luxury homes in premier neighborhoods near the oceans of La Jolla and Del Mar as low as $1,000,000 and up, and brand new homes with new schools and neighborhoods such as Carmel Valley, 4S Ranch and Del Sur around $500,000 and up, the selection is wide.

San Diego is also a great choice due to it’s safe and secure processes as all transactions are subject to US contract law and are handled by neutral third party escrow companies who oversee all aspects of the transaction between seller and buyer. With the help of technology, many of my clients only visit the US once or even not all during a transaction to purchase a home.

As a mandarin speaking real estate agent and Certified Relocation Specialist for Coldwell Banker, I have assisted not only Chinese buyers but also many other ethnicities with relocation and investing in San Diego. If qualified, a foreign non-citizen buyer can obtain an Investment Visa (EB-5) which can lead to a citizenship. I can help with visa, tax issues, immigration and other questions or concerns you may have. If you do not have your own legal counsel in the US, I can refer you to attorneys I have worked with in the past and have provided excellent service to my clients.

Lydia Hwang Vosovic
Relocation Specialist
858.472.0608
lydia@411SanDiegoHomes.com

 

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Who is Probate? Animal, Vegetable or Mineral

It is none of the above. Probate is a court procedure that changes the legal ownership of your property after your death. It verifies your last will, appoints the executor whom you have named in your will and supervises the work of the executor.

Your heirs may sell your property while in probate as long as they can provide the appropriate documentation according to the Administration of Estates Act (Probate Code Section 10400). It is not difficult but does have specific forms and processes that need to be followed.

For help in navigating the waters of Probate Sales, you may want to contact your attorney and/or financial planner.

June Kubli, Ph.D.
Broker Associate, Certified Residential Specialist
License #00911089
Coldwell Banker Residential Brokerage
Cell: 858-353-0406
EFax: 858-228-9944
Email: jskubli@gmail.com

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Refinancing? Have you Considered a Subordination Agreement?

A Subordination Agreement is a legal document used to change the normal priority of any encumbrances that affect your real estate. One of the I’s best uses is when you are considering refinancing your first trust deed. If the holder of the second mortgage does not subordinate to the first mortgage, a new lender might not refinance the first mortgage.

A Subordination Agreement would contain the names of the existing mortgage holder as well as the new lender, describe both the new and present loan, be signed, notarized and recorded in California. There are also some limitations such as time limits, amount and specific purpose for the loan to consider.

If you are thinking about refinancing, your first loan and/or are adding a second loan, it would be advisable to review your Title Report to determine what is already in place. With a call or email, I would be happy to provide a Property Profile or Preliminary Title Report with which to begin your research into the viability of adding Subordination Agreement.

June Kubli, Ph.D.
Broker Associate, Certified Residential Specialist
License #00911089
Coldwell Banker Residential Brokerage
Cell: 858-353-0406
EFax: 858-228-9944
Email: jskubli@gmail.com

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Grant Deed Scams

If you’ve received an official looking letter, as though it is from County or a mortgage lender, urging you to request an official copy of your Grant Deed in order to prevent foreclosure and wanting to charge upwards of hundreds of dollars, don’t be fooled.

You can obtain a copy of your Grant Deed directly from your County Recorder/County Clerk. Usually, the county mails you a copy as soon as you purchase your home therefor you should already have one. If you do not, a copy can be obtained from:

San Diego Co. Assessor/Recorder/Clerk
1600 Pacific Highway #103
San Diego, Ca 92101
619.236.3771
www.sdarcc.com

Charges range depending on how many pages your deed is but usually do not exceed $20.

Lydia Hwang Vosovic
Relocation Specialist
858.472.0608
lydia@411SanDiegoHomes.com

 

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May Landlords Require Insurance for Their Tenants?

Your Landlord can legally require you to provide proof of renters’ insurance as a condition of the lease.  A landlord may specify a minimum amount of coverage and require that both the property manager and legal owner of the property be added to your policy as an additional insured.

June Kubli, Ph.D.
Broker Associate, Certified Residential Specialist
License #00911089
Coldwell Banker Residential Brokerage
Cell: 858-353-0406
EFax: 858-228-9944
Email: jskubli@gmail.com


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Team 411SanDiegoHomes Scores Again!

 Hard work is rewarded. Congratulations to the 411SanDiegoHomes Team!

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Search Homes Home Evaluation

Kathleen Williams
619-944-6520

CalBRE License #00909208

Lydia Hwang Vosovic
858-472-0608

CalBRE License #01445033

June Kubli
858-353-0406

CalBRE License #00911089

Katie Dunahoo
858-775-1239

CalBRE License #00694822

Coldwell Banker
930 Prospect
La Jolla, CA 92037

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