Everyone lives in a flood zone

According to Floodsmart.gov, we all live in a flood zone. The question is whether you live in a low, moderate, or high risk area.

When purchasing a home one of the clauses in the FAR9 contract deals with advising the buyer to verify by survey, the lender, and/or with government agencies which flood zone the house or property is in. The Flood Zone clause also allows the buyer to determine in flood insurance is required.

Determining if the home or property you are considering purchasing will require flood insurance is just one of the many steps you should take before closing on the transaction. Call me to discuss all of the inspections and precautions you should take before closing on your next home.


Related blog posts on home inspection

Citigroup continues progress in its efforts to help distressed homeowners avoid potential foreclosure

As a homeowner facing hard financial times you need to be aware that you have other choices other than foreclosure or short selling your home. For example Citigroup recently announced that they were able to help homeowners avoid foreclosure through their loss mitigation services nearly 15-1 during the recent quarter. According to the report options offered by Citi that homeowners made use of included:

• Modifications
• Extensions
• Forbearances
• Reinstatements

Sanjiv Das, President and Chief Executive Officer of CitiMortgage, "We recognize the difficulties that homeowners face in the current economic environment and our number one priority is to help keep homeownership a reality for our customers who find themselves in financial distress."

Are you behind on your Citi mortgage? You should contact Citi immediately and talk to them about your options. Visit Citi's homeowner assistance information page for more information.

Related blog posts on avoiding foreclosure

Homestead exemption in Florida is filed with the Property Appraiser's office where the home is located

Homestead exemptions can be filed in Florida between January 1 - March 1. You should call or visit the Property Appraiser of your county to receive details on filing for the exemption. The following are 4 of the Central Florida Property Appraiser pages that discuss homestead exemptions.

• Osceola
• Orange
• Seminole
• Volusia

Related Property Appraiser blog posts

Customarily the Seller will provide the Buyer of their home, title insurance.

When purchasing a home in Florida, customarily the Seller will provide the Buyer of their home an owner’s title insurance policy. These policies will provide coverage and protection against situations that might arise including:

· Claims by others who may have a hidden interest in the property.
· Documents that were missed, unsigned, not recorded or prepared wrong.
· Fraud
· Unmarketable title preventing the home from selling in the future.
· Liens

I say customarily because it is not a law that the Seller provide the coverage. Buyers making offers on bank owned property are often finding the bank unwilling or unable to pay for an owner’s title insurance policy. As a matter of fact the FAR9 purchase contract offers 3 choices.

1. Seller selects title and pays for title policy
2. Buyer selects title agent and pays for title policy
3. Buyer selects title agent and Seller pays for title policy

Regardless of who pays, the Buyer will want the peace of mind an owner’s title policy will bring. Making sure this is negotiated in your contract is important and is another reason why you should consider using our services when buying or selling a home in Florida.

Related blog posts about buying a home

Flash forward to May 1, 2010 and here is what you won't see.

If you have not seen or heard about the new television show Flash Forward, basically everyone blacks out and awakes with visions of themselves 6 months into the future. It has been entertaining and interesting so far, you should check it out.

For anyone thinking of purchasing a home in the near future, here is a helpful flash forward that does not involve blacking out or visions.

If you flash forward to May 1, 2010 and you have not entered into a binding contract to purchase a home, you won't be seeing up to $6,500 or $8,000 tax credit. The extension passed by our Government on November 6, 2009 only allows the majority* of home buyers to take advantage of the tax credit as long as they are under contract by April 30, 2010.

If you believe you are ready to purchase a home in 2010, make sure you do so in plenty of time to qualify for the home buyer tax credit.

Tax credit extension adds a closing cushion that could help buyers who are trying to purchase a home subject to short sale.

*Members of the uniformed services, members of the Foreign Service and employees of the intelligence community serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.

Do I have to sell my home to qualify for the up to $6500 home buyer tax credit?

Do I have to sell my home to qualify for the up to $6500 home buyer tax credit?

One of the questions being asked about the new tax credit of up to $6500 for home owners buying a replacement home is does the home buyer have to sell their current home to qualify for the up to $6500 home buyer tax credit?

The IRS addresses this question on their First-Time Home buyer Credit Questions and Answers: Homes Purchased in 2009 page:

Q: I’m already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?

A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence....

Related tax credit blog posts

You should speak with an attorney or tax professional to receive additional information and help in determining if you qualify for the tax credit.

Houses subject to short sale may not be for all Florida buyers

Houses being sold as a short sale, or contingent upon the seller's lender agreeing to accept less than owed on the mortgage could result in the buyer buying the home at a great price, but even with the potential savings, trying to buy a short sale may not be for all Florida home buyers.

A buyer will need patience. Short sale listings can take several weeks or months just to receive an answer from the seller's lender. The time it takes for a short sale to receive a response depends in part on the short sale processing skills of the listing agent, the cooperation and situation of the home owner, the number of mortgages on the home, and the lender's short sale negotiator or loss mitigation department. In October the median days to close a short sale transaction in Osceola County equaled 220 1/2 days according to information found in the MLS.

Buyers who have no time to wait and need a house now, may choose to ignore the short sale market in favor of well priced traditional listings or REO property.


Related blog posts on short sales

FHA insured loans are a popular choice among first time home buyers

FHA insured loans are a popular choice among first time home buyers who are taking advantage of the low house prices and first time home buyer tax credit being offered. According to a recent FHA report; "In the second quarter of 2009, nearly 50 percent of all first-time buyers in the entire housing market used FHA-insured loans."

FHA offers an affordable way for buyers to obtain a home loan. When I practiced real estate up north, FHA financing was a fairly common source for mortgages. Some of the benefits to a Florida home buyer using an FHA insured loan include:

• Approximately 97% financing
• The loan is subject to appraisal
• The home must meet minimum property conditions

It is easy to apply for an FHA loan. Watson Mortgage handles FHA loans and offers the buyer free consultation to determine if FHA is the right program for you.

Related FHA blog posts

Florida residents have until April 30, 2010 in order to qualify for tax credit

Just like the rest of the country, Florida residents have until April 30, 2010 in order to qualify for home buyer tax credit that was recently enhanced and extended. The new law allows home buyers that are under contract by April 30, 2010 and who close by June 30, 2010 the opportunity to receive up to $6,500 for qualified existing home owners buying a principal residence and for first time home buyers who qualify a chance to receive a credit up to $8,000.

Buyers who want to take advantage of the complete housing inventory will want to start looking for a home soon if they plan on qualifying for the tax credit. The length of time it takes for a short sale transaction to close and the multiple offers being received on bank owned property is increasing the time it takes for a buyer to find a home, receive an accepted offer, remove financing or inspection contingencies and finally close on their home.


Related blog posts on tax credit

Condo Board Member Responsibilities

The DBPR's Division of Condominiums, Timeshares and Mobile Homes will be holding a condo education seminar on November 16, 2009. The seminar will discuss condo board member responsibilities, and financial issues.

The event will be from 5:30pm - 7:30 pm at the:

Satellite Beach Library
751 Jamaica Blvd.
Satellite Beach, Fla. 32937

DBPR news release


Related blog posts on DBPR

291,309 foreclosure cases are currently pending in Florida

The Florida BAR News reports that 291,309 foreclosure cases are currently pending statewide as of September 30, 2009. Nearly 300,000 people facing the very real possibility of losing their home. As of today, November 11, in the MLS covering the Central Florida area, 16,105 homes are listed as being subject to short sale which are potential future foreclosures.

The Florida BAR News article addresses the need in the minds of some for a mediation program that would allow home owners and the lenders potentially to avoid foreclosure or assist in speeding up the process.

According to the report 95% of Floridians facing foreclosure do not have an attorney.


Related blog posts on foreclosures

Florida foreclosures waterfront

To receive a free list of available Florida foreclosures on the waterfront, contact me and let me know the area and price you are interested in.

If you are interested in waterfront pre-foreclosures, foreclosures and short sales listed for sale in Florida you are in luck. There are a number of available homes for sale in the Central Florida market area including homes on the following Orange County Lakes.

Lake waterfront foreclosures

Orange County

• Lake Luai - Orlando
• Lake Emerald - Orlando
• Lake Haverlake - Apopka
• Lake Apopka - Apopka
• Lake Gibson - Orlando
• Lake Hourglass - Orlando
• Lake Davis - Windermere
• Lake Hancock- Winter Garden
• Lake Whippoorwill - Orlando
• Big Sand Lake - Orlando
• Lake Sawyer - Windermere
• Lake Caywood - Windermere
• Lake Avalon - Winter Garden

These are just a few of the lakes where you can find pre-foreclosure, foreclosure and short sale homes for sale. I can also provide you with waterfront information that includes Seminole, Osceola, Lake and Volusia Counties.

The list of waterfront foreclosures can also include homes on the ocean, canal, river and ponds.

Related waterfront blog posts

How Florida home sellers can benefit from tax credit extension and enhancement

The passing of the extension and enhancement of the homebuyer tax credit is good news for buyers but sellers will enjoy many benefits too. The following are 5 benefits a home seller could realize as a result of the extension and enhancement.

1. If you do not have your home on the market, the extension and enhancement signed into law recently provides the perfect window to do so. In addition to extending the first time homebuyer tax credit the enhancement allows current homeowners to receive up to $6500, which will draw additional buyers into the marketplace increasing the number of potential buyers viewing your home.
2. The up to $8,000 or $6500 tax credit that qualified buyers will receive coupled with any buyer incentives you offer will help your home stand out above the competition. Offering to assist with buyer closing costs and/or pre-paid when allowed, provides the buyer even more reasons to make an offer on your home.
3. Real estate agents are excited and will be leaving no stone unturned, using the extension and enhancement as a main focal point of their marketing and prospecting. This message will reach more potential homeowners increasing the odds of finding the right buyer for your home.
4. There is a time limit. In order to qualify for the tax credit buyers will need to have an offer on a home on or before April 30, 2010. This will work to create a sense of urgency resulting in high quality offers and serious buyers.
5. You may be able to use the tax credit to buy your next home. If you have owned your home as a primary residence for 5 consecutive years out of the past 8 and meet the additional guidelines, you will be able to take advantage of the tax credit on the new home you purchase after selling yours. You may find the up to $6500 you receive with your next purchase will give you a little more wiggle room when negotiating with a buyer for your home.

The key is in not delaying. If you are thinking of selling your home, call me to discuss market conditions, the tax credit and your personal situation.

Related selling home blog posts

Homeowners in Florida may qualify for a pre-foreclosure sale-short sale

A pre-foreclosure sale or short sale is when you sell you home for less than is owed with your lender's agreement to accept less than is owed on the property. This is an option many in Florida are choosing to take as their personal situation worsens. What are some of the guidelines to consider to determine if a pre-foreclosure short sale is the right course for you?

• You are facing a financial hardship that prevents you from paying your mortgage payment as agreed.
• You have been unable to work out a solution with your lender; loan modification, forbearance, repayment plan.
• Your home is no longer worth what you owe on it.

Before agreeing to short sale your home you should consult with a real estate agent, a tax accountant and an attorney to determine for yourself that a pre-foreclosure short sale is the correct course for you.

Related posts on short sales

Homeowners facing foreclosure may be able to remain in their homes

Fannie Mae has started a program called Deed for Lease™, created with the goal of keeping homeowners who would otherwise lose their home to foreclosure and alternative way of remaining in the home.

Homeowners who qualify and agree to give their home back to the lender via a deed in lieu will then be allowed to lease back the home at a payment in line with the current market. Other considerations in order to participate include:

• Home must be primary residence
• Rental rate cannot exceed 31% gross income
• 12 month lease period
• Inspection of the property to determine house has been maintained

To find out if you have a loan that qualifies for the Deed for Lease™ program contact your mortgage service. For additional information visit Fannie Mae.

Related blog posts about Fannie Mae

The tax credit extension adds a closing cushion for buyers who are trying to purchase a home subject to short sale.

The recently signed into law tax credit extension adds a closing cushion that could help buyers who are trying to purchase a home subject to short sale. The extension allows buyers who are under contract to purchase a home by April 30, 2010 to receive the tax credit provided the transaction closes by June 30, 2010.

Short sale transactions can take up to 30-60 days or longer. Before the extension passed, buyers were leery of making an offer on a home listed with a short sale contingency for fear they would miss the November 30th cutoff date. With the new tax credit extension, buyers may not have to avoid making an offer on a short sale, knowing that they now have 60 days in order to close.

Buyers will still want to consider the possibility of the short sale not being approved in time and should consult with their agent, tax advisor and attorney for guidance before making an offer.


Related blog posts on tax credit

Related blog posts on short sales

Orlando driver license

If you have just moved or relocated to Orlando you will want to know the location of the Orlando driver license offices.

The following are the addresses and phone numbers as they are listed on the State Motor Vehicle site where you can pick up driver licenses, driving tests and ID Cards.

• 11764 E. Colonial
  (407) 445-5462
• 4101 Clarcona Ocoee Road
  (407) 445-5462
• 11210 S. Orange Blossom Trail
  (407) 836-4145
• 4576 South Semoran Blvd.
  (407) 836-4145
• 2110 W. Colonial Drive
  (407) 836-4145
• 301 S. Rosalind Avenue
  (407) 836-4145
• 11967 E Colonial Drive
  (407) 836-4145

The following are the addresses and phone numbers as they are listed on the State Motor Vehicle site where you can register, tag and title cars and trucks.

• 11967 E. Colonial Drive
  (407) 836-4145
• 4576 S. Semoran Blvd
  (407) 836-4145
• 11210 S. Orange Blossom Trail
  (407) 836-4145
• 2110 W. Colonial Drive
  (407) 836-4145
• 301 S. Rosalind Avenue
  (407) 836-4145
  

Give me a call if you have questions about Orlando or if you are moving or relocating to the Orlando area.

Related blog posts about relocating to Orlando

Florida home buyers will benefit from extension and enhancement of tax credit

Florida home buyers will benefit from extension and enhancement of tax credit recently voted for by the House and Senate and now waiting for the President's signature. The tax credit extension will give Florida residents into next year to purchase a home in order to take advantage of the up to $8,000 for first time home buyers.

Once the extension and enhancement becomes law I will post the details that include a tax credit for existing home owners too.


Related blog posts on home buyer tax credit

It is ok; we do this all the time.

I hate it when I hear this. Usually this is spoken by someone I have just recently met and is said when something just does not feel right about a real estate deal. The person saying it wants me to feel at ease and ok with whatever “it” is. More often than not, “it” really is not ok and I have to step in and nix whatever “it” is before it drags one of our seller/buyers, agents or company into a real estate deal we should not be involved with.

I just finished reading a press release posted on the Florida Association of Realtors website announcing the arrest of over 100 people in Florida for mortgage fraud. I wonder how many times those persons arrested uttered the words, “It is ok; we do this all the time”?

I am not saying every time someone says those words they are trying to do something illegal or committing mortgage fraud. But the facts are if whatever it is, is legal and done all the time by professionals in this business, I am going to be fully aware of it and you will not need to tell me.


Related mortgage fraud blog posts

License requirements to be a home inspector

What are the license requirements to be a home inspector in Florida? Starting July 1, 2010 Florida law requires home inspectors to be licensed. The reasoning for this is explained in the Florida law:


Purpose.—The Legislature recognizes that there is a need to require
the licensing of home inspectors and to ensure that consumers of home
inspection services can rely on the competence of home inspectors, as determined
by educational and experience requirements and testing. Therefore,
the Legislature deems it necessary in the interest of the public welfare to
regulate home inspectors in this state. CHAPTER 2007-235


Related Florida real estate view blog posts about home inspections

More studies needed to determine connection between Chinese Drywall and health problems

A Task Force consisting of the U.S. Consumer Product Safety Commission and several other government agencies report that additional studies are needed to determine connection between Chinese Drywall and health problems. The Interagency Task Force on Chinese Drywall draft reports states:

"While the studies have discovered certain differences between Chinese and non-Chinese drywall, further studies must be completed to determine the nexus between the drywall and the reported health and corrosion issues."

Related blog posts on Chinese Drywall

Has the tax credit been extended and expanded for Florida?

The tax credit has not been extended and expanded for Florida or the rest of the country as of today. All indications are that we are close but there has not been a vote. When or if the tax credit is extended and/or expanded I will blog the details here.

The National Associations of Realtors is asking that we call our Senators.

Please make a quick call to your Senator's office today to ask for cloture*
on the Unemployment Insurance Extension bill that contains the tax credit
provision. This cloture vote is scheduled for Monday evening. Sixty
Senators must vote yes so that a vote can be scheduled on the tax credit.

Related blog posts on the tax credit

Casselberry will host a lakefront workshop

The City of Casselberry will be hosting a lakefront workshop on November 3rd, 2009 for residents and homeowners of Middle Lake Triplet, South Lake Triplet, Queens Mirror, and Lost Lake. The workshop will run from 6pm - 8pm. Topics to be covered include:

• water quality
• floodplains
• vegetation characteristics
• plant identification

For additional details and contact numbers and emails, please visit the City of Casselberry press release.

Past blog posts related to Casselberry

Who do you call if you are behind on your house payment?

Who do you call if you are behind on your house payment? Your first call should be to your lender. The phone numbers I have listed below are found on the individual bank websites. They are the numbers the bank list for homeowners who are having problems making their house payment. Please verify each number by visiting your lender’s website or checking the numbers on your account statement. You should not ignore the problem. Calling to work out a solution with your lender is the best first step for many.

• Bank of America: 1-800-720-3758
• U.S. Bank: default resolution 1-866-932-0462 default counseling 1-800-365-7900
• Wells Fargo: 1-800-678-7986
• Citibank: 1-866-915-9417
• Fifth Third Bank: 1-866-601-6391
• Huntington National Bank: 1-877-477-6855
• Sun Trust Bank: 1-888-886-0696
• Regions Bank: 1-800-748-9498
• HSBC: 1-800-338-6441

I will continue to add numbers as I find them. Several of these numbers were harder than it should have been to locate on the bank web page. I would have thought a bank would look for ways to make it easier for their customers to call them when falling behind on payments, like put the toll free help line on the front page.

For help with housing needs, you can find the nearest HUD-approved counseling agency on the web or by calling 1 (800) 569-4287.