Did you know PG&E offers free gas appliance checks?

You can now schedule a free in-home safety inspection of your gas appliances with PG&E.

To help provide peace of mind and confidence in the safe use of their gas appliances, PG&E suggests that customers schedule an inspection by calling the customer helpline at 1-800-743-5000. 

Helpful Winter Gas Safety Tips

  • Install carbon monoxide detectors to warn when concentration levels are high.
    • As of 2011, all California single-family homes are required to have carbon monoxide detectors.
    • Make sure all carbon monoxide detectors are installed near sleeping areas and common areas.
    • Replace the batteries at least twice a year.
    • Check expiration dates – most carbon monoxide detectors have a shelf life of five to seven years.
  • Never use products inside the home that generate dangerous levels of carbon monoxide, such as generators, outdoor grills, propane heaters.
  • Never use cooking devices such as ovens or stoves for home heating purposes.
  • When using the fireplace to stay warm, make sure the flue is open so venting can occur safely through the chimney.
  • Make sure water heaters and other natural gas appliances have proper ventilation.

Want to learn more? Contact PG&E or visit their website at:

https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20161005_free_gas_appliance_checks_by_pge__help_keep_customers_safe_and_warm_this_winter

Interested in learning more? Contact me today for a unique and personalized approach to your home buying or selling journey and as always any Real Estate needs!

 

Probate in Real Estate

Usually, a home finds itself in probate when the owner passes away without a will. 

When making your offer on a probate sale you will need to know a few things. Your offer will be on the Probate Purchase agreement and you will need to hand over a 10% deposit with your offer, usually in the form of a Cashier’s check. The estate will then accept, counter, or reject your offer and any other offers received.

If the sale is subject to court confirmation- once an offer is accepted the estate attorney will request a court confirmation date, which is usually between 30 and 45 days away. During this time the property is still on the market with the new price being advertised.

On the court date, the new buyer and any other interested buyers will need to show up to the probate court to confirm the sale. The property is then offered for the accepted offer price plus 5% and $500 which becomes the minimum overbid. This can then turn into an auction style until the property obtains the highest offer. Note that you will need to be prepared with a deposit when participating in the overbid process.

As with any purchase, there can be pros and cons associated with a probate property purchase. Each home is unique so if you are interested in purchasing a probate property please contact me and we can discuss the purchase in further detail.

Below are some links to find more information:

http://www.courts.ca.gov/8865.htm

http://www.sfsuperiorcourt.org/divisions/probate/wills-decedents

 Please feel free to reach out to me for all your Real Estate needs.

Three ways to ease your fears about making a move

With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory.

Look to buy first In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don’t see anything on Zillow, it doesn’t mean you can’t or won’t find the right home.

Think outside the box Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.

Protect yourself legally Each state varies in how the purchase process is conducted. Talk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.

What is a 1031 Exchange?

What is a 1031 Exchange?

According to the IRS (I know quoting the IRS is not something anyone really wants to do but bear with me)…

Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.

Do I qualify for a 1031 Exchange?

Do you own an investment or buisness property that you would like to sell to purchase another investment or business property? If so you may qualify for a 1031 exchange.

There are restrictions on taking the cash or other proceeds from the sale.

It is important to know that taking control of cash or other proceeds before the exchange is complete may disqualify the entire transaction from like-kind exchange treatment and make ALL gain immediately taxable.

One way to avoid premature receipt of cash or other proceeds is to use a qualified intermediary or other exchange facilitator to hold those proceeds until the exchange is complete. Like Asset Preservation or another qualified intermediary.

http://apiexchange.com/

Ok now what? Call me to set up a complimentary consultation based on your situation and unique needs. I would be more than happy to help guide you through this process.

Property Taxes

Oh Property taxes. Talking about property taxes is not fun; paying property taxes is really not fun. But once you buy a home you will need to pay property taxes.

Property taxes come annually and the amount is based on the assessed value of the property as established each year on January 1st by the Office of the Assessor/Recorder (San Francisco). The annual tax bill is sent to your mailing address.

The Property tax bill can be paid in two installments; the first installment is due November 1st and becomes delinquent after December 10th and the second installment is due on February 1st and becomes delinquent after April 10th.

For more information on Property taxes please visit.

http://sftreasurer.org/property-taxes

For Tax advice or questions contact your accountant.

Looking for a personalized approach to your home buying or selling journey? Please feel free to contact me today for all your Real Estate needs!

Tiffany Pavon

415.810.9474   [email protected]   Lic. #1969297

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