How to price your house to sell

If motivated homeowners don’t set a realistic price from the get-go they run the risk that their house will go begging. Sale prices of comparable properties (comps) should be your starting point for determining the right price.

In a rapidly changing market, valid comps are those that were sold within the previous three to four months.

Frequently Asked Questions About the Home Buyer Tax Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

FHA Loan Lending Limits for Florida are Raised

Effective today, the increased FHA lending limits have been raised as part of the stimulus package and restructuring package

Please view the chart to see where the limits in your area fall. Limits are for Single family, du-plex, tri-plex and qua-plex

Area                        Single         Duplex       Triplex     Quaplex

Fannie Mae allows investors to mortgage more properties

Fannie Mae modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met. Florida Association of Realtors® (FAR) President Cynthia Shelton raised the investment issue with Fannie Mae officials last week.

To Help You Understand the Homebuyer Tax Credit

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Shaded

February 2009

Below is a chart that may assist you if you are a new home buyer.
 

Read This Speech, It Could Have Been Written Today!

Vice President Johnson, Mr. Speaker, Mr. Chief Justice, President Eisenhower, Vice President Nixon, President Truman, reverend clergy, fellow citizens, we observe today not a victory of party, but a celebration of freedom — symbolizing an end, as well as a beginning — signifying renewal, as well as change. For I have sworn before you and Almighty God the same solemn oath our forebears prescribed nearly a century and three quarters ago.

Qualification Process Regarding Short Sales

There are presently economic conditions that have increased the frequency of transactions associated with sales under duress.  While a variety of circumstances exist, a large number share the common feature of the seller selling a property for a price that is less than the outstanding debt secured by the property.  These transactions have come to be known as short sales.  Short sales provide a way for homeowners to avoid the formal foreclosure process and still be able to pay off their loan by settling with lender.

Market Watch

ECONOMIC INDICATORS

The NAHB housing market index was unchanged at an all-time low of 16 in August from July as homebuilders remain quite pessimistic about the current state of housing. Weakness in the index was related to anemic sales levels and slow foot traffic of prospective buyers through model homes. Builders did increase projections of sales six months from now based on the housing stimulus bill that was recently passed through Congress. Regardless, the housing market remains very weak amid rising inventories and falling home prices. Hopes are for a bottom to be reached sometime in the first half of 2009.

EVERY DAY YOU MAY MAKE PROGRESS

This past week, President Bush signed into law HR 3221, the “Housing and Economic Recovery Act of 2008,” which is a sweeping $300 Billion rescue plan to help struggling homeowners avoid foreclosure, and to boost confidence in the sluggish housing market. This bill is several hundred pages long, and there have already been hundreds of articles, summaries, and analyses of the bill from the media, many with conflicting and inconsistent data. Rest assured I am deciphering how this law may impact or benefit you, and in the meantime, read the article below for a few notable items from the legislation.

Contract, Mortgages and Deeds – What do they all mean?

Below are some term definitions so that when you participate in your next real estate transaction, you might feel more comfortable.

Financing Instruments

Mortgage

A mortgage is a document created whereby one party pledges to another party as a security for obligations owed to that party. A promissory note is normally executed at the same time as a mortgage. The note creates the obligation to repay the loan in accordance with its terms and is secured by the mortgage. The elements essential to the existence of a mortgage are the obligation to pay (or perform) and a pledge of the property (as security) for that obligation. If foreclosed upon involves a judicial foreclosure.