Friday, September 11, 2009
Friday, June 5, 2009
Sunday, May 31, 2009
Monday, May 18, 2009
BEWARE OF AUCTIONS FOR REAL ESTATE
The following was taken from a Newspaper in FLORID. Those thinking of going to the Auctions to buy should read and take note of this.
Mass auctions of foreclosed homes not as successful as billed
By James Thorner, Times Staff Writer In Print: Friday, May 15, 2009
Auctions of homes in hotel ballrooms appear in ads to be deal-a-minute extravaganzas, until you take a little closer look.
It sounds like a great way to work off our housing glut: Banks hire a nationally renowned auctioneer to dispose of hundreds of foreclosed homes at once from hotel ballrooms in Tampa.
And if you listen to the auctioneers, their sales success is stellar. Back in February, a company called Real Estate Disposition Corp. announced it had snagged bids for 131 of 176 homes on the block at the Grand Hyatt in Tampa.
I thought I'd check up on REDC this week to see how many of those foreclosure homes actually closed. After studying the results, I feel duped. And you should, too.
Leave aside the fact that REDC admitted later that only 75 homes actually sold on Feb. 7. When I plowed through the first part of the "sold" list and compared addresses against property appraiser records, I didn't find a single home that closed as of Thursday. Not one.
REDC's spokesman maintained this week that the company's auction success rate nationally is 80 percent. Suppress your laughter if you must.
I sat in on an auction in Tampa last year and was amazed how cheaply many properties sold. You hear about banks routinely ditching foreclosure homes for 60 cents on the dollar, but many of these were scarfed up for 30 cents. Turns out many never did sell. The banks either turned down the bid or the buyers had deceptively shallow pockets.
For enlightenment, I turned to Michael Peters, who runs American Heritage Real Estate Auctioneers in Clearwater. Self-interested though he is, Peters is critical of these assembly-line auctions.
According to Peters, there's no substitute for selling properties one at a time by enticing bidders to the actual home. But guess what: When buyers get to stroke the granite and flush the toilets, homes tend to sell better.
Like so much in real estate that's too good to be true, it appears mass auctions of foreclosure homes produce more weeds than deeds.[Last modified: May 15, 2009 10:00 AM]
Mass auctions of foreclosed homes not as successful as billed
By James Thorner, Times Staff Writer In Print: Friday, May 15, 2009
Auctions of homes in hotel ballrooms appear in ads to be deal-a-minute extravaganzas, until you take a little closer look.
It sounds like a great way to work off our housing glut: Banks hire a nationally renowned auctioneer to dispose of hundreds of foreclosed homes at once from hotel ballrooms in Tampa.
And if you listen to the auctioneers, their sales success is stellar. Back in February, a company called Real Estate Disposition Corp. announced it had snagged bids for 131 of 176 homes on the block at the Grand Hyatt in Tampa.
I thought I'd check up on REDC this week to see how many of those foreclosure homes actually closed. After studying the results, I feel duped. And you should, too.
Leave aside the fact that REDC admitted later that only 75 homes actually sold on Feb. 7. When I plowed through the first part of the "sold" list and compared addresses against property appraiser records, I didn't find a single home that closed as of Thursday. Not one.
REDC's spokesman maintained this week that the company's auction success rate nationally is 80 percent. Suppress your laughter if you must.
I sat in on an auction in Tampa last year and was amazed how cheaply many properties sold. You hear about banks routinely ditching foreclosure homes for 60 cents on the dollar, but many of these were scarfed up for 30 cents. Turns out many never did sell. The banks either turned down the bid or the buyers had deceptively shallow pockets.
For enlightenment, I turned to Michael Peters, who runs American Heritage Real Estate Auctioneers in Clearwater. Self-interested though he is, Peters is critical of these assembly-line auctions.
According to Peters, there's no substitute for selling properties one at a time by enticing bidders to the actual home. But guess what: When buyers get to stroke the granite and flush the toilets, homes tend to sell better.
Like so much in real estate that's too good to be true, it appears mass auctions of foreclosure homes produce more weeds than deeds.[Last modified: May 15, 2009 10:00 AM]
Monday, May 11, 2009
$8000 TAX CREDIT TO HELP 1ST TIME BUYERS
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Wednesday, February 18, 2009
GOVERNMENT MORGAGE HELP
Here’s how the plan will work:
1. Make it possible for 4-5M Freddie Mac&Fannie Mae loan holders to:
refinance at lower rates changes the policy that Fannie and Freddie are generally not permitted to guarantee refinancing for mortgages valued at more than 80 percent of the home’s worth
enable families with higher loan rates who may be underwater to refinance Although Fannie & Freddie would take in less money from loans, they would lose less due to foreclosures
2. Create new incentives so that lenders can work with borrowers to modify the terms of sub-prime loans at risk of default and foreclosure sub-prime loans are only 12% of all mortgages, but about 50% of all foreclosures. establishes clear guidelines for mortgage industry that will encourage lenders to modify mortgages on primary residences lenders wanting to receive financial assistance from the government and modify home mortgages must meet these guidelines, which will be in place by March 4 reduced payments must be no more than 31% of homeowner’s income
3. Take major steps to keep mortgage rates low for millions of middle-class families looking to secure new mortgages Treasury and Federal Reserve will continue to purchase Fannie Mae and Freddie Mac mortgage-backed securities to ensure stability and liquidity.
Treasury will provide up to $200 billion in capital to ensure that Fannie Mae and Freddie Mac can continue to stabilize markets and hold mortgage rates down will also work with state housing finance authorities
4. Pursue wide range of reforms to help families stay in home Continue support reforming our bankruptcy rules to allow judges to reduce home mortgages on primary residences to their fair market value, as long as borrowers pay their debts accordingly As part of the stimulus plan, award $2 billion in competitive grants to communities bringing people together and testing new and innovative ways to prevent foreclosures
1. Make it possible for 4-5M Freddie Mac&Fannie Mae loan holders to:
refinance at lower rates changes the policy that Fannie and Freddie are generally not permitted to guarantee refinancing for mortgages valued at more than 80 percent of the home’s worth
enable families with higher loan rates who may be underwater to refinance Although Fannie & Freddie would take in less money from loans, they would lose less due to foreclosures
2. Create new incentives so that lenders can work with borrowers to modify the terms of sub-prime loans at risk of default and foreclosure sub-prime loans are only 12% of all mortgages, but about 50% of all foreclosures. establishes clear guidelines for mortgage industry that will encourage lenders to modify mortgages on primary residences lenders wanting to receive financial assistance from the government and modify home mortgages must meet these guidelines, which will be in place by March 4 reduced payments must be no more than 31% of homeowner’s income
3. Take major steps to keep mortgage rates low for millions of middle-class families looking to secure new mortgages Treasury and Federal Reserve will continue to purchase Fannie Mae and Freddie Mac mortgage-backed securities to ensure stability and liquidity.
Treasury will provide up to $200 billion in capital to ensure that Fannie Mae and Freddie Mac can continue to stabilize markets and hold mortgage rates down will also work with state housing finance authorities
4. Pursue wide range of reforms to help families stay in home Continue support reforming our bankruptcy rules to allow judges to reduce home mortgages on primary residences to their fair market value, as long as borrowers pay their debts accordingly As part of the stimulus plan, award $2 billion in competitive grants to communities bringing people together and testing new and innovative ways to prevent foreclosures
Monday, February 16, 2009
ARE UK HOUSE PRICES ON THE UP???
Are house prices on the up?Rightmove.co.uk, the property sales and rental website, has released figures showing that the average UK property asking price has jumped almost £2,600 to £216,163. This is based on data collected from 200,000 properties currently for sale. However, prices are still between 15% and 20% down overall and there is concern that estate agents are unrealistically trying to cash in on the seasonal pick-up in homebuyers. This is unlikely to happen, due to a number of factors, but one of the main reasons is that the number of people looking to sell their homes quickly is likely to increase. The threat of repossessions is growing and serious property investors are expected to be very active in the market over the next few months. Some estate agents and mortgage companies believe this will give the property market the kick-start it needs. Of course, there are plenty too who feel that it won't be nearly enough.
HOMESTEAD - FLORIDA
Anyone who has purchased a home in Florida and not yet registered for Homestead but believes they are entitled to receive this exemption should read the following and take action before 1st March, 2009.
Florida law offers several types of property tax exemptions:
Homestead exemption: Available to any resident of Florida who owns and lives in a home in Florida. After a 2008 constitutional amendment, Florida law now offers a $50,000 exemption, although only $25,000 exemption applies to school taxes.
Additional homestead exemption for some Floridians age 65+: If the combined adjusted gross income for federal tax purposes for all persons residing in your household was $25,873 or less in 2008, you may also be eligible for an additional homestead exemption of up to $50,000. Some 59 of Florida’s 67 counties had enacted so-called “senior homestead exemptions” as of 2008, as well as many cities.
Exemptions for widows and widowers, blind persons, persons with disabilities and disabled veterans: These exemptions are for from $500 to $5,000 or up. Please consult the Florida Department of Revenue web site for detailed information.
Tax law can be complex. For more information, it is recommended you to check the information provided on the Florida Department of Revenue’s excellent website or to contact your county property appraiser’s office, listed in the Blue Pages (Government Listings) of your telephone directory.
Florida law offers several types of property tax exemptions:
Homestead exemption: Available to any resident of Florida who owns and lives in a home in Florida. After a 2008 constitutional amendment, Florida law now offers a $50,000 exemption, although only $25,000 exemption applies to school taxes.
Additional homestead exemption for some Floridians age 65+: If the combined adjusted gross income for federal tax purposes for all persons residing in your household was $25,873 or less in 2008, you may also be eligible for an additional homestead exemption of up to $50,000. Some 59 of Florida’s 67 counties had enacted so-called “senior homestead exemptions” as of 2008, as well as many cities.
Exemptions for widows and widowers, blind persons, persons with disabilities and disabled veterans: These exemptions are for from $500 to $5,000 or up. Please consult the Florida Department of Revenue web site for detailed information.
Tax law can be complex. For more information, it is recommended you to check the information provided on the Florida Department of Revenue’s excellent website or to contact your county property appraiser’s office, listed in the Blue Pages (Government Listings) of your telephone directory.
Monday, January 19, 2009
BANK FORECLOSURES & SHORT SALES
FORECLOSURE PROPERTY $198,900
Foreclosures & short sales offer a wonderful opportunity for first time buyers, and anyone with cash to spare to purchase property in what has to be one of the BEST times to acquire real bargains for years.
This particular home is $159,900
You will see from some of the details I am posting with this Blog that there are some incredible deals on homes in the Kissimmee area. I recently sold a home to a Russian client, this property is only a couple of years old, it has a concrete roof, is in a gated community and is 2700 sq. ft. Some 2 years ago the home was priced at around $600,000 and we were able to help our customer negotiate a fantastic deal of $200,000.
Whether you are looking for a small two bed condo or a luxury 5 bed pool home, there is plenty to choose from for everyone . Above are illustrations of the great opportunities available in the Kissimmee/Disney area of Florida.
We would be delighted to help you find a fantastic deal for you and your family, all it takes is an email or phone call and we will be happy to supply you with up to date information on Foreclosures and Short Sales, WITHOUT you having to pay to access a website.
Please call our office 407 933 2242, - Rockrose Realty for more info.
We would also like you to check out the following link which illustrates the AWARD we were honored to receive for Customer Service. http://video.fivestarprofessional.com/orlre2008/susanbarnes
You may contact us via email at rockroserealty@msn.com, or visit our website
www.rockroserealty.co.uk where you can search for properties yourself, however, if you would like us to help you identify some great deals based upon your needs, just drop us a line or give us a call. BUY NOW WHILE THE BARGAINS ARE THERE.......
We are located in the Osceola Square Mall, Kissimmee, next to Steve & Barry's store.
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