There are many great San Gabriel Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 643-7090 for a FREE home buying or selling consultation to answer any of your real estate questions.
With the rise in home value and the increase in equity we have been seeing, a few of our clients have asked about homestead exemptions. Some of you have have heard this phrase before, but a lot of you aren't quite sure what it means, let us explain:
A homestead exemption, if declared, allows the equity on the principle residence dwelling to be exempt from any forced sales, like if you declared bankruptcy. For a single individual living by themselves, the exemption is $75,000. With an additional family member or spouse, it's $100,000. For the elderly and disabled, the homestead exemption is $175,000 with some income restrictions.
The homestead exemption does not prevent foreclosures. Homeowners are still liable for the Mechanic's Liens. So if you would like to know more about this, we would be more than happy to share the forms you need to fill out and help walk you through them. E-mail us or give us a call and we will help you out right away.
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