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February 8, 2010
Posted by Barry @ 5:40 pm
As of 01FEB10 the FHA suspended the requirement that says a property has to be “seasoned” for 90 days before FHA will lend on it. For those that don’t know what I mean by “seasoning” let me explain. When someone, usually an investor, buys a house and tries to sell it very quickly the property is not seasoned. FHA typically wants to see that person or corporation own that property for 90+ days. That time between the investor purchase and the sale to a new buyer is referred to as “seasoning”.
This temporary relaxing of the seasoning rule is really great for those first time homebuyers and other users of the FHA loan. These are typically primary homes buyers looking to buy houses (down here in SW Florida that’s Naples, Bonita Springs, Estero, Vanderbilt Beach, Marco Island, Fort Myers, Fort Myers Beach, Cape Coral, etc.) in prices below $150,000. They don’t always have the big down payment required by conventional financing and are using the FHA funding the way it was meant to be used. Lots of times I see great houses, remodeled or refurbished, priced right, that my buyers can’t buy because of the lack of seasoning. It’s also great for the investors who are buying bulk REO packages, houses off the court yard steps, fix and flips, etc. They can now sell to these primary home buyers without waiting 90 days and incurring extra holding costs.
Problem is the government and the Federal Housing Authority says ok, go do it, but the great majority of banks say wait a minute, I don’t think so. It’s almost impossible for a buyer, trying to get an FHA loan, to find a bank that will give them that loan on a property that is not seasoned. Correspondent and direct lenders are emailing and calling me and some of my real estate agent friends to see if we have any leads on banks that are lending money on flips. It’s a great idea, especially down here where there is a huge foreclosure, short sale, and bulk REO market. The banks just aren’t letting it work. Hopefully the banks will start lending on these properties to people that need the advantages of an FHA loan. If you have any questions about the FHA suspension of seasoning, bulk REO or real estate in general in SW Florida just call me or email me. I’ll be happy to talk with you about it.
Have a great week,
Barry Varbel
I have to admit that I am not a big football fan – I don’t even understand most of the game. However, I watched a few of the Saints games and got excited about them and started to understand the game. I watched the Superbowl with my husband who asks me every year, and this year I truly enjoyed it. There was excitement and I was so happy for New Orleans. They deserved a break. Now they can really party!
Way to go Saints!!
I heard New Jersey is going to submit a bid to hold the Superbowl in 2014 (I think that was when). Why would they take the chance of having a snowstorm when they can come to Sunny Florida and enjoy the beaches, the sun and fun!
We will always keep you posted.
Elsie & Julie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams”
February 7, 2010
Posted by Leah @ 10:45 am
Human beings have a tremendous ability to cope, adapt and yes, even thrive, in the midst of adversity and under very, very difficult circumstances. When a very good friend suddenly lost her brother who was a man in his early 40s this week, many things about life, and this market, came into real perspective for me.
The overall gist of my thoughts came to this – Those who realize that only loss of life removes opportunity will better appreciate the time, resources and relationships they have been given. Good, bad, little, much, it’s all what you make of it because the time is short. Case in point, the recent earthquake in Haiti makes one realize a number of things. If you still have your family, you are blessed. If you still have your limbs, you are blessed. If you have a cover over your head, food and water, you are blessed. And even if you must do without those external things temporariliy, if you have life, you are blessed.
Conversely, those who see opportunity in this market will reap the potential prosperity that it offers. Are you going to sit back and wait for someone to bring you a crystal ball? There are great deals in the Hernando County, Pasco County, Pinellas County and Hillsbrough County Real Estate Markets. Make deliberate and guided decisions by calling a Realtor and making that real estate decision that you might have been putting off. Today is as good as it gets.
Start living, today.
February 6, 2010
I know you are probably shoveling right now and not in a good mood. If you are on the fence about moving or at least purchasing in Florida, don’t wait for another storm.
I moved from Long Island about five years ago and live in Weeki Wachee, Florida. I am in Hernando County which encompasses Spring Hill, Brooksville and Weeki Wachee.
I was watching the television yesterday and our weather people here need a trip up north to come into reality. I actually found myself laughing. The forecast today for us was “blustery” (he really used that word). Our temeperature this morning was 50 degrees and we are now at 70 degrees, but with a lot of wind. I am a big General Hospital fan and yesterday because we were having high winds and warnings, they actually interrupted the program for thirty minutes talking about the weather. I am sure they received many complaints from the soap opera fans. If they were up north, they probably would have had to shut it down entirely.
The truth of the matter is you are not going to find interest rates and home rates both low at the same time again. Barbara Cocoran (a big real estate person in NY) said this does not happen with both being low at the same time. She said there is no better time to buy. I read it in AARP (yes I know it is hard to believe but I do get AARP). I just started getting it.
You could be sunning yourself instead of shoveling.
We will always keep you posted.
Elsie & Julie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams”
February 4, 2010
Posted by Julie Ann Ludovico @ 3:23 pm
Yes, that’s right! The New Legoland, which will replace the former Cypress Gardens in Winterhaven Florida is expected to open at the end of 2011 and is expected to be the LARGEST LEGOLAND EVER OPENED TO DATE!
Merlin Entertainment is planning a “Resort” strategy which could include accomodations and other branded attractions from Merlin’s portfolio. There are currently 4 other Legoland Parks in Denmark, Germany, the UK and California.
Legoland Florida will be open year round and provide a full day of fun to include more than 50 rides, shows and attractions including of course, the “Spectacular Lego Models”. Rumor has it they intend to keep the water shows and the Southern Belles.
This is such an exciting Theme Park to add to so many others in the Central Florida area. We’re so lucky to be within driving distance to Legoland Florida which is approximately 30 minutes from Orlando and close to Tampa for a perfect location. Kids as well as parents will be counting down the days until it opens. It could be just what this abandoned park needs to bring back the fun and exciting place it once was.
Have a wonderful day and Enjoy!
Julie & Elsie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams!”
February 2, 2010
The City of Brooksville, Florida and the United States Department of Rural Development are instituting a 504 Grant/Loan workshop for homeowners whose homes are in need of repair and the homeowner is in a low income bracket.
They are holding a workshop on February 27, 2010 from 10:00 am to 2:00 pm at the City of Brooksville’s Council Chambers.
If you are interested, we strongly urge you to attend as the City of Brooksville staff will be available to answer questions and help you complete the applications.
PROGRAM REQUIREMENTS
Grant Requirements: Loan Requirements:
Must be 62 or older No age requirement
Maximum grant amount $7,500.00 Maximum loan amount $20,000.00
No repayment Repayment on loan
Must be living in home Must be living in home
Must be very low income Must be very low income
0% interest rate Interest Rate – 1% terms 20 years
APPLICATION REQUIREMENTS
Proof of ownership of the property (deed or mortgage)
Proof of income, if employed copy of last two paycheck stubs, 2007 and 2008 tax return forms, and all W-2’s.
Copy of social security card
Driver’s license
Detailed listing of the repairs needed
For further information or to download application visit www.cityofbrooksville.us or call Jeanne Moore 352-540-3810 or by email at jgmoore@cityofbrooksville.us
We will always keep you posted!
Have a great day and enjoy!
Elsie & Julie
Team Tropic Hernando
Posted by Julie Ann Ludovico @ 4:12 pm
As more and more REO properties come onto the market, Fannie Mae (FNMA which stands for Federal National Mortgage Association) just announced a new incentive (for a limited time) on Home Path properties to entice buyers to purchase more REO properties.
Buyers will be offered an incentive of 3.5% of the sales price during the offer and negotiations of an REO property to be used towards CLOSING COSTS OR PURCHASE OF APPLIANCES by Fannie Mae OR A MIX OF CLOSING COSTS, APPLIANCES up to the 3.5%. The guidelines on the eligibility for the incentive are as follows…OFFER MUST BE ACCEPTED ON OR AFTER JANUARY 28, 2010 which means if you’ve already got an accepted offer January 28th or before, this incentive will not apply. The property MUST FUND BEFORE MAY 1, 2010 and BUYER MUST BE OWNER-OCCUPANT.
REMEMBER, this is for a LIMITED TIME ONLY between January 28 -April 30, 2010.
What a GREAT TIME TO BE A BUYER IN HERNANDO COUNTY! Take advantage of these programs and remember the first step is to get pre-approved by a direct lender, call a Realtor today and begin househunting for that new place to call home.
Remember, we’ll keep you posted!
Have a great night and Enjoy!
Julie & Elsie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams!”
Posted by Julie Ann Ludovico @ 3:45 pm
The deadline to apply for Homestead Exemption in Florida is March 1, 2010. If you qualify this exemption could result in a tax savings of up to approximately $600 a year! In Hernando County you can apply in person or by mail. Just click on the following links for info:
Hernando County Property Appraiser to apply in person…or apply by mail.
Qualifications for Homestead are:
1. Must be a bona fide Florida resident and must be your primary and permanent residence .
2. Must be residing in home since December 31, 2009.
3. Cannot be receiving another residency based tax exemption on any other property in any other state or jurisdiction.
4. A husband and wife can only claim one home as their permanent and primary residence.
The amount of homestead exemption is incremental and based on the assessed value of your home. For example; if your h0me assessed value is $67,000, then your tax exemption will be $25,000 plus an additional $17,000 for a total of $42,000. You would be paying taxes on the difference of $25,000 which is more money you get to keep! Another example; if the assessed value of your residency is $75,000, then you would qualify for the total homestead exemption of $50,000.
If you took up residency in your new home January 1, 2010 or later, you can apply for 2011 Homestead tax exemption anytime after the March 1st deadline! If you are still living in the same home as last year, it is automatically renewed..just make sure you keep the receipt the County sends you in the mail for your records.
One more thing…if you are 65 or older and your 2009 adjusted Gross Household Income did not exceed $25,780, you may be eligible for the $50,000 LOW INCOME SENIOR EXEMPTION.
Take the time to go to the Hernando County Property Appraiser’s website, which is a wealth of information for both new and current residents.
We hope you find this information helpful and most of all helps you to keep that hard earned money right in your pockets where it belongs!
We’ll always keep you informed.
Have a wonderful day and Enjoy!
Julie & Elsie
Team Tropic Hernando
“Don’t Let The Sun Set On Your Dreams!”
February 1, 2010
Posted by Barry @ 7:54 pm
Lots of questions lately about Chinese Drywall.
HUD and the US Consumer Product Safety Commission recently did a study on defective drywall and came up with some guidelines. First, they have lots of disclaimers, about drywall made in China. The disclaimers basically say that while the problems (we’ll get to them next) are more prevalent in Chinese Drywall installed between 2001 and 2008, there is no guarantee that all Chinese Drywall is bad. Just know that this stuff can be really dangerous and you need to be careful whenever you think it is present. Fumes have been known to give people bad headaches and the molds and fumes from defective drywall can be harmful to your health, especially if you breathe it in. In really bad situations the professionals will start with and never take off their respirators. I’ve actually been warned by the professional mitigators not to go in or let anybody into a house until they fix it.
The government basically set up prerequisites and guidelines to check if there is defective drywall. They feel that in order to get worried you need to see 2-4 of these prerequisites. Most common way of checking for bad drywall is too look at the copper on the air conditioner/furnace. If the drywall was installed between 2001 and 2008 and if there is a black corrosion on the copper (copper sulfate) chances are you might have bad drywall. Other factors, though, can cause this corrosion. You can also pop off some outlet covers and check the wiring. If there is corrosion, get someone to check for bad drywall. Other indicators are markings indicating the drywall was made in China, and several tests that in most cases you need a professional to conduct.
If you have bad drywall it can be very expensive to fix. Figure anywhere between $30 and $45 per square foot to mitigate for a normal/non custom built house. The contractor literally will pull the furnace, carpet, drywall, all the trim, and maybe the cabinets. The ceilings will probably have to come out and the house is often taken to a skeleton, sanitized and then rebuilt. So, if you are looking at buying a home and you think it has bad drywall in it, have it checked and make sure that your offer makes fiscal sense. Unfortunately, a lot of the bad drywall went to the big builders. So, a lot of houses can have this stuff. Don’t get scared about buying a house because of this problem, just be aware and informed.
If you have more questions, especially in SW Florida, where I am located, just send me an email or give me a call. I’ve had several run ins with this stuff and should be able to help you out.
Barry
There is a form that sellers have to fill out when they list a property; disclosing to prospective buyers possible defects with the property that are known to them (leaks, sinkholes, mold, etc.). However, like everything else, this is NOT always the case.
There are usually three types of deals with sellers – a regular sale where the seller lived at the property; a short sale (they lived there but are upside down on their mortgage) and the foreclosure. The regular sale you will get a sellers’ disclosure, but your realtor has to request it and it should be reviewed PRIOR to submitting your offer. The second one, the dreaded “short sale” usually provides one, however; if they are not totally truthful and you move in and discover something and want to sue, these people have nothing (they los their home); it is really a waste of paper. The foreclosure does not provide one at all because the banks say they have “no” knowledge of anything “(that’s another one that is hard to swallow; they send in people to assess the property). There is also the regular sale that was owned by an investor and he also has the out “he never lived there”. I have t wonder though if he/she rented it and there was a problem, I think the investor would know it. Even if the investor used it as a “flip”, they go in and fix the property so they are aware of potential problems.
The safest deal is a regular sale and why there are not more, especially if the seller purchased more than 6 years ago, I don’t know. This is the perfect time to list because buyers want to take advantage of the credits. Sellers can also move up and get credit.
Call your realtor today and ask questions.
We will always keep you posted.
Have a great day and enjoy!
Elsie & Julie
Team Tropic Hernando
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