Continuing the legacy of over 3 decades:
- We offer FAST Loans.
- Credit Problems Okay.
- Primary Residence & Investment Properties Financed.
- We have the Investors with the money.
Recently Financed by Us:
Call today 707-523-2099 with your scenario!
Passing Prop 19 in November 2020 will have significant consequences for homeowners selling in one county and buying in another. We witnessed much of this movement in the past few months as families in the bigger cities – such as San Francisco – wanting more space and bigger homes, moved to the suburbs. As a result of Prop.19 there will be consequences going forward that may benefit sellers who moved between counties rather than within a county.
Up until February 15, 2021 a seller could only transfer their tax base within certain counties. With this new law enactment, eligible homeowners may now transfer their tax basis anywhere within the State.
Additionally, Prop.19 increases the number of times that certain people may transfer their tax assessments. If a person is 55 years or older, has severe disabilities, or lost a home in a natural disaster (such as a fire), the person may transfer their tax assessment up to three times (formerly only once.).
Unfortunately, many people will experience a negative impact from Prop.19 since it considerably limits the parent-child exclusion for purposes of real estate tax assessments. Formerly, parents could transfer a primary residence to children without any new fair-market reassessment regardless of how they might use the property, thus allowing them to enjoy the same property tax basis as their parents.
In the past, if a child chooses to keep the home and to use as a primary residence, a $1 million of reassessed value will be excluded from the new property tax basis. If, however, the child decides to keep it as a rental property or anything other than the primary residence, there is no $1 million exclusion, and the child will face a significant increase in property taxes.
It would seem that this Proposition will have as much of an impact on California real estate as Prop.13.
We continue to carry on the legacy of our late Broker and Co-Owner Broker, after 3+ decades of Private Money Lending. Still here to help!
Call Us now at 707-523-2099 with any questions or scenarios. We will quickly let you know how we can help your Borrowers.
It is clear going into 2021 that the last year reshaped house-hunting patterns while driving a whole lot of buying activity. The notable take-away when examining the areas of greater activity is that much of the action is taking place in locations close to larger metro regions, but with lower prices. These have been dubbed, “Spillover Markets”, and have changed the looks of the status-quo.
According to realtor.com, several cities in California have made the “hot list” of smaller markets recording remarkable growth this past year:
METRO MEDIAN DAYS ON MARKET MEDIAN LISTING PRICE
Stockton 37 $480,000
Vallejo 27 $525,000
Sacramento 36 $599,000
Yuba City 53 $445,000
Modesto 43 $459,000
Fresno 38 $365,000
This trend has created a dearth of homes for sale because of the buyers flooding in from the Bay Area armed with extra cash. One expert estimated that at least 60% of the buyers are out-of-towners. Not surprising when you look at the median listing prices above and compare them with San Francisco’s of around $1million.
If you need to move fast on your purchase in one of these “spillover markets” or anywhere else in California, give Sun Pacific Mortgage a call at 707-523-2099 to see how we can get you out of your metro home and into a quieter more peaceful home in the suburbs. Our private money loan programs can be quite beneficial to making this happen.
Carrying on the legacy of 33+ years of private money lending:
A Home Buyer was referred to us by his Realtor and conventional Lender in San Mateo County. There was a credit problem that required a few more months of handling before this particular Buyer could qualify for a conventional loan.
So, they came to us for a short-term jumbo loan of 802,000. Despite the size of loan, with a lower loan to value of 61%, we were able to quickly get the loan approved, funded and money to Escrow within just 7 days!
Call Us Today at 707-523-2099 or reply back here. You’ll quickly hear back with a proposal as to what we can do for you.
What are the tax benefits of owning a home? Plenty of California homeowners are asking themselves this question right about now as they prepare to file their taxes. Let’s look at some of them:
The real benefit of homeownership here in California is in the wealth accrual v, but these tax benefits add up to savings that contribute to your overall wealth total.
If you are looking for some tax benefits and wealth accrual in your future, but do not qualify for a conventional loan, call Sun Pacific Mortgage at 523-2099 to discuss the possibility of private funding. We have a 33-year history of helping thousands of folks just like you achieve their dream of homeownership.
Note: For exact deductions for 2021 you want to consult with your licensed CPA or tax representative.
Carrying on the 3 decade legacy of our family owned and operated Private Money Lending Company.
Call Us now at 707-523-2099 or email back any questions or scenarios. We will quickly let you know how we can help!
Best, Broker – The Guys in the White Hats
In today’s market it is harder than ever to find a home to buy. Even before the health crisis there was a shortage of homes on the market, but when the stay-at-home order was imposed, many prospective sellers decided to wait which resulted in making a bad situation even worse. Experts agree that this is the biggest challenge facing an otherwise hot market. Danielle Hale, Chief Economist at realtor.com explains it this way:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000 [total US].”
While this may be the “state of the union”, it is only amplified in California. In fact, many homes are simply selling faster than they’re being counted as current inventory. It is somewhat reminiscent of last spring when toilet paper was flying off the shelves faster than it could be restocked.
Hale goes on to say:
“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful.”
While some California home sellers will feel comfortable listing their homes in the first half of 2021, others may want to wait until the vaccine is more widely distributed. With this mindset, if you want your home to shine, you may want to get it on the market earlier rather than later in the year.
Sellers want to sell as quickly as possible, for the best price, and with little to no hassle. If this describes your hoped-for selling experience, today’s market is the right time. When demand is high, and inventory is low, you have the optimal climate for a successful sale.
If you are needing a fast bridge loan to make your real estate dream a reality anywhere in California, consider calling Sun Pacific Mortgage at 707-523-2099. We offer a program that solves the problem and can be solved in record time, sometimes in less than 5 days! This could make the difference between competing in today’s market or sitting on the sidelines.
Carrying on the legacy of 33+ years of private money lending:
A Home Buyer was referred to us by his Realtor and conventional Lender in San Mateo County. There was a credit problem that required a few more months of handling before this particular Buyer could qualify for a conventional loan.
So, they came to us for a short-term jumbo loan of 802,000. Despite the size of loan, with a lower loan to value of 61%, we were able to quickly get the loan approved, funded and money to Escrow within just 7 days!
Call Us Today at 707-523-2099 or reply back here. You’ll quickly hear back with a proposal as to what we can do for you!
While there is no better feeling as a California Realtor than helping a Home buyer find their perfect home, there is also no worse felling than to discover that they are not qualified for the mortgage needed to purchase their dream – after finding it. That’s where a California Hard Money lender like Sun Pacific Mortgage can rescue your deal from a disastrous ending.
Having been in the private lending business for 33+ years, we have had the privilege of saving many a doomed transaction, sometimes right at the last moment! If you have ever had one of your contracts run into a snag just before closing, you know how desperate this situation becomes. Unfortunately, it is not that uncommon. Especially in ever popular Northern California counties such as Santa Clara, San Francisco, San Mateo, Sonoma County and Marin.
Another heart stopper as an agent today, is the deal that needs a super-fast close to make the offer more appealing in a multi-offer situation, and the lender is inundated with more business than they can handle. Sun Pacific Mortgage has been known to save a sinking real estate transaction by getting the job done in as little as 2 days!
As a family-owned and operated business with hundreds of available private investors partnering with us, we can take care of business without all the time-consuming steps necessary for conventional lenders. This has proven to be especially helpful since the new pandemic regulations that went into effect last March.
If you are not familiar with what a hard money lender can do for your business, give us a call at 707-523-2099 or consult our website at www.sunpacmortgage.com. I think you will find that a short-term solution to securing a mortgage with a little higher interest rate is a better option than abandoning the deal all together. Your Home Buyer will thank you for turning them on to this life raft in the ever-limiting world of lending.