Florida Real Estate Blog

Our company sent this out today. Consider this my public duty. I did it you can to.

REMEMBER: Cell Phone Numbers Go Public this month.

REMINDER..... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls. .... YOU WILL BE CHARGED FOR THESE CALLS

To prevent this, call the following number from your cell phone: 888-382-1222.

It is the National DO NOT CALL list. It will only take a minute of your time.. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.

HELP OTHERS BY PASSING THIS ON .. It takes about 20 seconds.

https://www.donotcall.gov/default.aspx

They are both part of the Foreclosure process when a family can no longer afford their home. Yet there is a marked difference in the time it may take to successfully purchase the home. So let’s understand the differences.

Short Sale – this is a home that the family still owns and has stopped making payments on. They may still be living in it or they may have moved out and taken appliances and in some cases all the plumbing and electrical fixtures. This home is being sold by the Realtor for the family and the families Lender(mortgage) has to approve this sale as they will be receiving less money than they are owed (that is the reason it is called short sale).

These can take 3 to 4 months to complete and even then you may get to the closing only to find out that some of the documents the family’s lender is requiring them to sign is not agreeable to the family and they walk out of the closing. We have successfully sold and purchased these homes for our sellers and buyers but do not recommend this opportunity to anyone that has a specific time frame that they need to be in a home.

Bank Owned – is exactly that, it probably was a Short Sale and it did not sell and the bank foreclosed on the property. In this case they can make a decision usually within two weeks and expect to close within 30 days once they accept your offer.

Both of these will expect a proof of funds letter from any cash buyer or a Pre Approval for anyone that is going to purchase with a mortgage. These homes will be selling AS-IS with a right to inspect (to be done within 10 days after acceptance of offer). As neither the seller or the Bank will put any money into repairs that may be needed.

So why go after these properties? They usually are the best priced properties in the neighborhood and they may actually pay up to 3% of your closing costs. They do not however sell at .70 on the dollar (i.e. 30% discount). In Seminole count lately they have been selling within 90% of asking. So a $200,000 home would sell some where between $180,000 and $200,000 and can have a multitude of buyers bidding on it.

This is a lite read on this subject much more can be found if you google “Short Sale” or “Foreclosure”. Please give us a call with any questions.

So why is the house I want to buy more expensive than what the county appraiser says it is worth?

The Appraiser uses two values Market value and Assessed Value. Market value is always determined before the current tax year and takes into account recent sales activity. Our experience find no support for the number they come up with.

How can my tax increase when my Market value decreased? The Save Our Homes Amendment states that your assessed value must increase by the annual cap (1/10 of 1%) until it reaches the Market Value.

If you want to Petition to adjust your tax responsibility you have up until Sept. 11,2009

To file. You can get the form online at the County Appraisal site or go to their office.

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.  Suggest you go to the following Home Builders link below it has all the info you need.

http://www.federalhousingtaxcredit.com/2009/faq.php

How can you not love our Government? Every time they attempt to do something to help the people they show just how inept they really are. So here we go again.

$8,000 first time home buyer credit. Sounds great and this time (unlike the $7,500 of last year) you don’t have to pay it back. But the devil is in the details. To qualify for this you cannot have owned a home in the past three years. Well that’s not entirely correct. You see in this new economy of ours we are neutral on all things that our founding fathers held dear. I.E. Marriage. In the details of this package a couple (not married but living together) can purchase a home and qualify for the $8,000 credit even if one of them has owned a home in the last 3 years. Where as a Married couple that has owned a property cannot qualify for even half of the credit. So the lesson to be learned from this is “Parents don’t let your kids grow up to be married”. In this case you are treated as a 2^nd class citizen and it cost you $8,000. Oh yes that’s right our new government as our President said during the campaign will decide how much you really need and what did Joe say, Oh yeah it is patriotic to give. I just don’t understand how a married couple making $50,000 has any more money to give than an unmarried couple making the same amount and living together has. Could someone explain this to me?

We have all been in the meetings where they talk about this. Now they have put it in writing. Here is the link.

http://wl.peer360.com/b/3NWlW75VtlkIs1ZcHxY0/article.asp?MID=843456&hl=131252040

Erroll Estates 7:58 AM

It is a beautiful morning as Greg, Lou and JR meet at the practice facility. Greg is in the cat bird seat in the 2^nd half with a commanding lead. He knows that if he can secure points today and JR does not win, he is a lock for the CW cup. CW is seen arriving just in time for our match and we have the opportunity to chat with a few of our AT&T fellow contestants as they tee off in front of us.

The Front 9 today will be played on the Highland while the back will be on the Lake. Note we have not played a round on the Grove since early summer. They must be doing some major work out there. To the Tee and Greg is the only one not is some sort of trouble off the tee. It shows as he would record the only double bogie. Putting is a challenge on that green as CW sets a new record with a 5 putt green. Ouch! The 2^nd finds CW and Greg with a tie and Lou and JR one back. The par 3 third generates some big numbers with JR and Lou the only two to bogie. Trees where the culprit on the 4^th as they either encumbered your swing or knocked down the perfect shot into the green. Seems this is the type of day our wana be champions would be faced with.

This game requires accurate shots into the green and you must be able to two put to win in the CW. Two requirements that this band of competitors seem to be lacking today.

The 5^th had great ball striking by Greg, Lou and JR but all putters would provide only bogies with CW just 1 back. The 6^th found only one bogie that being JR. On to the par 3 7^th where CW would record a par, yes that is correct we are through 7 holes before one of the band can record a par. As I have always said this group is made for each other. On to the long down hill 8^th. Drives where well struck with Lou only 125 out from the green. Yet this game requires laser like 2^nd shots with the putters these four have in their bags. So Lou wins the hole by 1 over JR and Greg (that after JR 3 putts from 9’) oh those fickle putters. The 9^th finds Greg dangerously close to OB on the left but he recovers to match Lou with a bogie and makes the turn up by 2 on Lou who is in front of JR by 2 and CW has JR in his sights only 4 back.

Everyone feels this is their day and Greg can be caught as they stand on the 10^th overlooking the lovely hollow that contains the Lake. The course wraps itself around this large body of naturally grassy waterway. Again drives are well struck with Lou now flirting with OB left but does a great job recovering. CW looks to make a name for himself today as he records another par on this hole. Yet he gives back to the boys on the next hole when he records 2 over the three of them. The 12^th finds two more pars from JR and Lou and the wind is beginning to howl. It always seems to blow making the turn from 12, 13 and 14.

It should have a name to it (like Mann’s Corner at Rolling Hills) but no one has tamed it yet. Although CW is looking good and has some history that leads me to believe it may become his name sake. Not today as he would double 12, triple 13 and bogie 14 to go 6 over par while Lou and JR sneak back towards Greg by shooting just 3 over par over the same three holes. I do believe they are the defining holes on that back nine. Greg gave up two strokes over those holes and our boys are sensing a change is in the air. The par 5 15^th is long and up hill and Greg settles in with a par of his own to extend his lead back to 3 over Lou and JR.

To the tee on 16 where drives are well struck by Lou, CW and JR and then Greg launches one with a tail to the left and we feel it will be found inbounds. Not the case after looking for some time he goes back to the tee box to hit again and launches one down the right side. Is that a light at the end of the tunnel the boys ask. Sure enough Greg’s next shot is in the rough and the ball is found to be unplayable. He drops back two club lengths and strikes again. The ball clips a tree and bounces OB. Always remember in this game of golf. NEVER say NEVER. He would go on to record an 11 and Lou springs in front of JR by one as we head to the 17^th. Par 3 and all would record bogie. Very little chatter can be heard at this time as all are sensing the victory could be theirs. The 18^th (yes CW’s debacle as the historian would say) Is a 4 par uphill across the grass marsh lands. Drivers hit by all are in play. Lou is looking to make bogie while JR needs Par to catch him. Greg is looking for Par to catch JR and CW is looking to enjoy some fine shot making. CW does strike the ball well but a tree redirects it OB while Lou and Greg hit second shots to within 20 yards of the green 3^rd shots are on or just off. Greg strolls across the green and removes the flag (even though his ball is off the green) he strikes the side hill putt 18’ to the bottom of the cup. This requires JR to make his 25’ uphill putt to tie for 2^nd. He misses and all is history as Lou secures his win, Greg is 2^nd 1 back and JR is 2 back of Greg while CW is 4 back of JR.

Greg secures the 2^nd half and the overall CW championship as JR is the only one that could catch him at this time and with only 5 matches left if he was to win out it would only generate 50 points. He needs 58 to beat Greg. A great summer by Mr. Mann and some fine golf has been seen by our competitors. Now we must decide what the future holds for this group. It is a great game and a fantastic way to enjoy this beautiful country we live in. Here is hoping we don’t have to partake in the Wealth Re-distribution concept next year. If so we may all be giving up this game and meeting on my back porch each week to play checkers.