January, 2012

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14
Jan 12

Why You Should do Online Banking?

At present, almost all recognized banks will have a presence in the internet and among them, many would have fully functional web portals which allow its customers to access accounts without needing to be present physically in the bank. These web portals are built according to the highest security standards and in most instances, if the customer does not act carelessly, the security of banking online would be rather strong.

When considering why online banking did became so popular for it to be considered as a social norm, one of the most popular notions would be its convenience. When thinking about it, online banking relieves the person from the necessity to travel to the bank, filling up a form, waiting in a queue and return back home and replaces with several clicks of a button. It not only saves time but would also save money to a great extent.

At the same time, the online banking has grown over the years to offer more and more services to its customers and at the moment, except for withdrawing money, the online banking portals offer almost all other services as if you are present in the bank. These services include, checking of balances, transferring funds, opening of accounts, bill payment, placing standing orders, investment in the financial markets as well as ordering check books and credit cards. While the internet offers these services, they make sure that it cost nothing to the customer in most internet based transactions.

Another important asset in using online banking is its ability to update the customer regarding the transaction history and allow the customer to keep track of their funds at all times. Furthermore, it will issue eStatements which removes the necessity to receive paper based bank statements which can sometimes be lost or else get displaced due to various reasons.

Lastly, another important aspect in online banking which made it ever so popular is the ability to link up several accounts in the same bank and access them using only a single online account. This has made transactions rather simple and avoids the necessity to remember multiple account numbers.

When considering these services offered by online banking, the reasons for its popularity is evident and when considering the ever changing technology and services offered each day, it doesn’t seem that it will go down in popularity by a single bit for many years to come.

 

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10
Jan 12

Deciding on a Short Sale of Your Property to Avoid a Foreclosure

There are options available to owners who can no longer afford to make mortgage payments on their homes. Before bankruptcy or foreclosure proceedings you may want to consider a “Short Sale”.

When a lender agrees to do a short sale it means they are willing to accept less than the total amount that is due for the mortgage. One must be aware though, that not all properties or sellers may qualify for a short sale. If a lender finds it would make more financial sense to foreclose a lender may deny the short sale offer.

If as a seller you find your home is not worth what you thought, you might consider a short sale to avoid foreclosure on your property. If you find for instance your home would sell for ,000 and you owe 0,000 to your lender, your lender may agree to settle your debt for that amount to avoid the foreclosure procedure.

In theory this may seem like the ideal solution for a home owner who finds themselves facing foreclosure proceedings. With the help of a real estate agent to find a new buyer willing to purchase for an amount less than the mortgage, a seller may be able to accept that offer and then ask the lender to accept the new buyers purchase offer. When the lender agrees, the buyer will deliver the funds upon completion of sale, and the foreclosure proceedings are stopped.

There are four requirements to be met first in order to qualify for a short sale. The home owner must know with comparable sales that the home’s market value has dropped and is worth less than the unpaid balance due to the lender. The mortgage has to be in default, meaning the seller has fallen behind in payments. The seller has fallen on hard times. The seller must submit a letter of hardship that explains why he can no longer pay what is still due on the mortgage (examples are unemployment, divorce, illness, bankruptcy, and death). The seller cannot have any assets. If a lender finds that a seller has something he could use/sell to pay for the amount due, he may deny the short sale.

These types of sales do affect credit rating as they are still recognized as pre-foreclosures. Although they are not as bad a rating as a foreclosure or bankruptcy would be.

You must always seek legal consultation before attempting to pursue a short sale. As well a tax accountant can inform you of the amount of “short sale tax consequences” you may incur.

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9
Jan 12

Scott in Granite Bay Ask How to Avoid Short Sale Tax Consequences

Scott in Granite Bay ask how to avoid Short Sale Tax Consequences.

John Lanting: Hello my friends. My name is John Lanting from Keller Williams and this is my business partner Tomas Garcia and we’re here to answer all of your questions regarding short sales. The question for today came from Scott who lives in Granite Bay. And his question is, “How to avoid the tax consequences of a real estate short sale?” Tomas?

Tomas Garcia: Absolutely, very, very informed question. First thing I want to do is I wanted to qualify that I’m not a CPA, okay? However, we addressed this question already because we’re doing short sales. That question have two very important answers depending whether a property is a primary or an investment property. Specific to the primary, there are specific legislations that has been passed to protect you about the debt that is forgiven(ph). In other words, if there’s a 0,000.00 forgiven to that homeowner, if that was your primary residence, that they can be forgiven and there are no tax consequences. If that property is an investment property, things do change because if it’s an investment property that’s not your primary, there can be some capital gains with that and there can be some tax consequences.

However, I think the best and the most accurate answer that I can give is that you would speak to your CPA specific to those questions. Because honestly, as agents, our job is to sell the property, market it, bring in the best possible offer, but those tax consequences can be very real depending on the circumstances of that situation. So speak definitely to your CPA before making a final decision.

Tomas Garcia:: The advice — that’s the advice [Voice Overlap] contact your CPA. Absolutely.

John Lanting: Thank you Tomas.

[Laughter]

Tomas Garcia: We want to thank you very much for watching this video and your time is valuable to us. So again, thank you for your time and once again, our number, don’t forget, (916) 712-6391. Thank you and have a wonderful night.

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1
Jan 12

Internet Banking Made Simple – Swift And Secure For Everybody

For the fastest, most convenient way to manage your financial affairs, Internet banking makes it all easy. There are many more services available today other than just paying bills and looking at your statement.

Although many still feel that this type of banking is dangerous, and that others can see your information, improvements in security have been made in leaps and bounds. Your safety is guaranteed now by most banking institutions and you will bear a zero amount in liability. Your username is unique, your password is secure, and some banks require further information from you, such as a code or key word or number. And they make it as easy as possible for the customer so that one does not feel burdened or intimidated by a system that is not user friendly. You can also change your password any time to feel added security.

Also included in the enhancements to security these days is the elimination of auto complete functions by your browser. This can further ensure that an authorized person or persons cannot see your financial information. And with the zero liability your bank can assure you of safety with your funds and information.

You need computer and Internet access to enjoy on line banking, and your browser will need to be supported by your bank. There are usually no problems with this as most popular browsers are accepted. Further, there is no special software needed at all. At this point, you will only need to register for the service.

You will need a social security number, and a credit or debit card with pin (personal identification number). If you do not have one of these cards, you can use an account number, such as your checking or savings, loan or mortgage account number, or home equity loan number.

If convenience is key for you, you will find that these on line services are wonderful. You may never even need to leave your home, if your computer and Internet access is there. This will save you money on gas and time as far as traveling to your bank. You will find it safe, fast and efficient, and you can do your banking twenty four seven, that is 24 hours per day, and 7 days per week. With on line confirmation notices and reference numbers to the transactions, you can be sure your action went through accordingly.

So what are the services you will enjoy? There is bill paying, of course. But you will also be able to view check transactions, atm (automatic teller machine) transactions, such as payments, deposits and withdrawals, and phone transactions. You will also be able to view your check images and statements for your checking or savings accounts. You might want to apply for a credit card increase, or other accounts or services. And some insurance product quotes, as well as brokerage and investment balances are available to you, as well. As far as online transfers to other banks, these also include credit unions and brokerage accounting.

So check with your banking institution today to make sure that you will receive all of the online banking services and assurances you require when you decide to use Internet banking.