Posted by Bonnie Mills on November 25th, 2009 12:42 PMPost a Comment (0)

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5 Tips to Buying a Home on Deadline and How the Tax Credit Extension Can Help
November 24th, 2009 8:43 AM
 

Posted By susanne On November 23, 2009 @ 4:01 pm In Home Buying 101, Real Estate, Today's Marketplace, Today's Top Story, Today's Top Story - Consumer | Comments Disabled

87528268 [1]RISMEDIA, November 24, 2009—(MCT)—House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather. This winter, however, might be different, thanks to the extended—and expanded—first-time home-buyer tax credit.

“We’re going to see far more interest in the fourth quarter than we generally do because of the tax credit,” said Heather Fernandez, vice president of Trulia.com, a real estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she said.

The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now 10% of the home price, up to $8,000 for first-time buyers and up to $6,500 for repeat buyers. All buyers must have a binding contract on a house in place on or before April 30, 2010. The sale must close on or before June 30. 2010.

To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased. The credit is only for principal residences.

Income limits have risen as well. According to the IRS, the home buyer tax credit now phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.

The inclusion of move-up buyers might inspire homeowners to take action and list their house if they’ve been putting it off, said Carolyn Warren, a Seattle, Wash.-based mortgage broker and banker and author of the book Homebuyers Beware. “If somebody loves their home, it’s not going to entice them to sell. If they’ve had it on the back of their minds and really would like to move up, it might push them into doing it sooner than later,” Warren said.

The credit isn’t expected to have as large of an effect on move-up buyers as it has on first-time buyers, according to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. The maximum tax credit is about 4% of the average purchase price for first-time buyers, but about 2% of the average purchase price for move-up buyers.

“We estimate that the first-time home buyer tax credit will result in a 10% increase in home sales from March through November of 2009,” said Thomas Popik, research director for Campbell Surveys, in a news release. “We’d expect the effect of the proposed tax credit for current homeowners to be about half as large—from December until the tax credit expiration in the spring of next year, it might be 5% of 3 million transactions, or about 150,000 incremental home sales. Incremental sales to first-time home buyers could be an additional 300,000, for a total of 450,000 incremental sales due to the tax credit extension.”

Tips for buyers
Interested in buying a home and claiming the home-buyer tax credit? Below are five tips:

1. Don’t procrastinate. Start searching for a home now. Getting an early start will give you a better chance of finding the right house before the credit deadline. Before you start house hunting, get preapproved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker, and do a realistic assessment of what you can afford. Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.

2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.

“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.

3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.

4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.

5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.

(c) 2009, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services.

 


Posted by Bonnie Mills on November 24th, 2009 8:43 AMPost a Comment (0)

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10 ways to sell your home faster
November 10th, 2009 3:56 PM

 

A few basic elements can make the difference between a quick home sale and a frustrating ordeal. The experts offer their best tips.

By Liz Pulliam Weston

No matter how long your home lingers unsold, you can comfort yourself that at least you're not Mark Twain.

The celebrated author put his Hartford, Conn., home on the market for $60,000 in 1901, according to biographer Fred Kaplan. Despite repeated markdowns, the elaborate house failed to attract a buyer until the price was finally slashed to $25,000 two years later.

What was once a much-loved home -- in which Twain estimated he'd invested more than $100,000 -- became a painful albatross.

"I would rather go to hell," Twain wrote the friend who was helping him sell the place, "than own it 50 days longer."

If you want to avoid Twain's agony, you'd be smart to do some work up front to make sure your house sells fast.

10 tips from the experts

Here is some of what experts advise to speed up your sale:

Finish the "honey do" list. Just about every homeowner has a string of little repairs that never quite get done. Now's the time. Fix the screens, oil that squeak, patch the cracks, paint the trim. Stuff that you've long since stopped noticing could be shouting "Deferred maintenance!" to every potential buyer.

The cost: A few bucks if you're handy, a couple of hundred or so if you hire someone who is.

Get inspected. A pre-sale inspection can help in two ways, says real estate columnist Tom Kelly. Professional inspections can identify problems that could thwart a sale in time to fix them. And if there are no major problems, he said, an inspection can publicize that fact to skittish buyers.

"Having an inspection (report) right on the counter during the open house . . . shows the buyers that the seller's got nothing to hide," said Kelly, author of several real-estate books, including "Cashing in on a Second Home in Mexico."

The cost: Around $400.

Pack up the clutter. "Clutter eats equity," said real-estate broker Barb Schwarz, CEO of StagedHomes.com and a pioneer of the concept of professionally preparing houses for sale.

Too much stuff makes rooms look smaller and focuses buyers' attention on your possessions rather than the home you're trying to sell. That's why many professional stagers recommend removing as much as a third of your things to better show off rooms and closets.

"Since you're going to have to pack it up anyway, do it now," advised Schwarz, who said she has staged more than 5,000 homes. Buyers "can't imagine themselves living there if they can't see the space."

The cost: $150 to $300 a month for three months' storage.

Depersonalize and neutralize. The first items that should go in those packing boxes: family photos, collections and just about anything else that says "you." Streamline your artwork and consider toning down bold decorating statements, said Ilyce Glink, author of "50 Simple Steps You Can Take to Sell Your Home Faster and for More Money in Any Market." That means neutral shades if you need to repaint walls or replace carpets.

"Buyers have a hard enough time envisioning how their stuff will look on your walls," Glink said. "By neutralizing your decor, you can help give them the blank canvas they need to imagine your house as theirs."

The cost: $10 and up for paint; $500 and up for new carpet.

Clean like a fiend. "I mean Q-Tip clean," said Schwarz, who recommends taking a cotton swab to faucets and fixtures, scouring fingerprints from all the switch plates, shining windows until they're spotless and vacuuming up every last dog hair from the baseboards. "You should be able to eat off the kitchen floor, the bathroom floor."

You'll need to banish suspect smells as well; you don't want your house to become known in real-estate circles as "the cat pee place." If your pets have had one too many accidents, you may need to replace the affected carpet and padding and have the underlying floor sealed. If you're not sure how your place smells, get your least tactful friend to take a few whiffs and tell you the honest truth.

The cost: $10 or so in home cleaning products, if you do it yourself; $75 and up if you hire help.

Stage the rooms. Stand in the doorway to find each room's focal point, and use furniture placement to highlight that. The back of your sofa shouldn't block the view of the fireplace, for example, and the dining room table shouldn't be sharing space with a stair climber.

You should remove any extraneous pieces of furniture, but you may be able to "repurpose" them in another room. A wingback chair that's crowding the family room might help create a nice reading nook in the master bedroom, Schwarz suggested.

The cost: Nothing, if you do it yourself; $1,500 and up if you hire a professional stager.

Tend to the floors. Keeping them spotless won't help if they're dated, worn or impossibly stained. You shouldn't spend a fortune installing hardwood or tile, though, since you're unlikely to recoup the cost. Look for compromises that can improve the home's appearance without busting your wallet.

Carpets should be steam-cleaned to see if they're salvageable. If not, you may be able to reduce the costs of replacement by offering to do some of the work, such as removing the old carpet and moving furniture.

And banish scatter rugs, Schwarz advised. Little rugs add to the visual clutter and can be dangerous besides.

The cost: Anywhere from a few bucks to a few hundred bucks.

Kick up the curb appeal. By now, you probably realize the garden gnomes are a no-no. But you may not realize how many sales you're losing before potential buyers even get to the front door.

"Most people will start their search for a home on the Internet. If your house's Internet photo doesn't 'wow' them, they might never call for a showing," Glink said. "That's why your front landscaping needs to be in perfect condition." Given the pressure to make a good first impression, you'll need to do more than trim back the hedges and plant a few pansies.

"Hire a professional landscaper to clean up the leaves, plant some fall flowers, trim the bushes and trees, and really manicure your lawn," Glink suggested. "If your front walkway is cracked, now might be the time to replace it."

The cost: $300 to $500 for the landscaping, more if you need to fix walkways or driveways.

Pick the right publicist. If you're working with an agent, you'll want one who can really sell. That means somebody who knows your neighborhood intimately and who's enthusiastic about your home. That also means someone other agents want to work with; someone who's too abrasive or who isn't trustworthy won't help your cause.

If you're going to try to sell your home yourself, make sure you're up for the job. Hawking a home can be hard work.

The cost: 3% to 6% of the sale price of your home.

Set the right price. A seller may think she's just testing the market with a high price tag, assuming buyers will at least make an offer, but buyers may assume she's unreasonable and move on.

Your goal should be a fair price -- something that's reasonable given the price of other homes in your area.

"Buyers who are actively searching for a fairly-priced home," Glink said, "will pounce on what they perceive is fair value."

Liz Pulliam Weston is the Web's most-read personal-finance writer. She is the author of several books, most recently "Your Credit Score: Your Money & What's at Stake." Weston's award-winning columns appear every Monday and Thursday, exclusively on MSN Money. She also answers reader questions on the Your Money message board.


Posted by Bonnie Mills on November 10th, 2009 3:56 PMPost a Comment (0)

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Stage the Halls: Dress Up Your Home for Sale This Holiday Season
November 8th, 2009 11:31 AM

Create a festive, buyer-friendly environment with these seven winter staging tips

By FrontDoor.com | Published: 10/22/2009

Don't let the thought of selling your home during the winter months dampen your holiday spirit. Look on the bright side: Decked out in lights and garland, homes often look -- and show -- their best during the winter. That being said, it's important not to go overboard when staging for the holidays. Skip the life-size, inflatable Santa and go for decor that's neutral, understated and classic. Try these seven tips to get your buyers in the right spirit:

Add holiday adornments. The less-is-more mantra of home staging may tempt you to forgo holiday cheer this year. But a few subtle touches like a pinecone centerpiece, an evergreen wreath or a pot of cider simmering on the stove can create a warm and festive feeling in your home. Avoid overtly religious flourishes, which may be off-putting to some buyers.

<< Offer Taste Bribes I Complement Your Palette >>

Complement your palette. Before you start untangling your tinsel, make sure your holiday collection matches your current decor. If your living room has a clean, blue-and-white color scheme, skip the clashing red garland and opt for white snowflakes, silver candles and blue glass ornaments. If you've got an earthy color scheme, accent with rich tones like cranberries, forest greens and gold.

<< Add Holiday Adornments I Accentuate the Positive >>

Accentuate the positive. Too many trimmings may distract buyers, but the right accessories can draw attention to your home's best features. Try hanging a few tasteful ornaments from your mantel to highlight an elegant fireplace, or dangling mistletoe in an arched doorway.

<< Complement Your Palette I Go Light on Lights >>

Go light on lights. Leave the giant inflatable snowman in storage this year. One man's "merry" is another man's "tacky," so tone down any garish light displays while your home is on the market. (No, your neighbors didn't pay us to say that.) Instead, use simple string lighting to play up your home's architecture or draw attention to the gorgeous fir tree in your front yard.

<< Accentuate the Positive I Mind the Tree >>

Mind the tree. A tall Christmas tree can help you show off your two-story great room, but make sure the wide base won't overwhelm the floor space. If your living area is on the small side, save space with a skinny tree. Swap the gaudy heirloom ornaments and trim your tree in a cohesive theme such as all red and gold ornaments, or icicle lights and silver tinsel.

<< Go Light on Lights I Crank Up the Heat >>

Crank up the heat. Chilly weather presents the perfect opportunity to create an inviting environment for potential homebuyers. Buyers will be grateful for a place to escape from the cold, so before showings, turn the thermostat up a couple of degrees to make it extra toasty, or light a fire in the fireplace for an extra homey touch. Just remember, when you encourage buyers to spend more time in your home, you also give them more time to admire its best features.

<< Mind the Tree I Offer Tasty Bribes >>

Offer tasty bribes. Finally, serving food and drinks is another great way to get buyers to stick around and check out your home. Try warm treats such as cookies, hot chocolate or apple cider.

Posted by Bonnie Mills on November 8th, 2009 11:31 AMPost a Comment (0)

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Obama signs bill: Homebuyer tax credit extended
November 8th, 2009 11:05 AM


Homebuyer tax credit program extended

Cynthia Shelton, 2009 Florida Realtors® president, shares the great news about the newly extended and expanded homebuyers tax-credit program.

WASHINGTON – Nov. 6, 2009 – President Obama signed H.R. 3548 this morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.

“Extending the homebuyer tax credit and expanding it to reach more homebuyers is the right thing to do,” says 2009 Florida Realtors® President Cynthia Shelton. “It is critical to maintaining the positive momentum we’ve been experiencing in the housing market and in the overall economy. Florida Realtors applaud congressional leaders for taking action to extend the homebuyer tax credit into 2010, which will help Florida families realize their dream of homeownership, improve our communities and strengthen our economy.”

Adds John Sebree, Florida Realtors vice president of public policy, “Florida residents enjoy two additional advantages. The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port’ their current property tax savings to a new home.”

First-time homebuyers

Most details for first-time homebuyers mirror the rules currently in existence. The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a “first-time buyer.”

• A purchase must be under contract by April 30, 2010.

• A purchase under contract by April 30 must close no later than June 30, 2010.

• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from limits effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income.

• Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home’s cost.

Current homeowner tax credit

An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. To qualify, that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.

• This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify.

• Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.

Long-time Florida homeowners who enjoy discounted property taxes resulting from the state’s Save Our Homes amendment qualify for property tax portability, notes Sebree. For more information or to calculate how much tax savings can be transferred to a new home, visit floridarealtors.org at: http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm

Florida Homebuyer Opportunity Program

Under FHOP, first-time Florida homebuyers can obtain interest-free bridge loans to access their federal tax credit before they complete a home purchase, enabling them to use that money upfront for downpayment and closing costs. Once buyers submit their returns to the IRS and receive their tax credit money, they repay their loans to the state.

The Florida Realtors-backed program came out of the 2009 session of the Florida Legislature. However, as part of the 2009-2010 budget year, did not become effective immediately. They tax credit extension will allow many first-time buyers to tap into the approximately $28 million in the program's remaining funds.

While funded by the state, the money is distributed through the city and county housing offices that operate the State Housing Initiatives Partnership (SHIP) program. There is no standardized program, and each local agency may operate under different rules for distribution. For more information, buyers should contact their local SHIP office.

To find a local SHIP office, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx.

Additional changes

The tax credit extension includes other new rules, such as:

• The new law also impacts dependent purchases of homes, which weren’t addressed under the old rules.

• The new law requires a buyer to attach documentation about the home purchase to his or her income tax return. An audit found that some buyers are claiming the tax credit when they don’t deserve it, and investigators continue to seek out fraud. To minimize tax abuse going forward, buyers won’t receive the credit without submitting proof to the Internal Revenue Service (IRS).

The homebuyer tax credit is collected as part of the normal income tax process. As a credit, it’s calculated separately from an individual’s income tax, and paid regardless of taxes owed or withheld from income. As always, however, only a tax planner can render specific advice to anyone seeking the credit. For more information on the credit, contact a tax planner or visit the IRS website at: http://www.irs.gov.

Florida Realtors will update tax credit information and clarify details when available on the Homebuyer Center, part of floridarealtors.org at: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm.

© 2009 Florida Realtors®

Posted by Bonnie Mills on November 8th, 2009 11:05 AMPost a Comment (0)

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Both Houses OK Tax Credit Extension, Expansion
November 5th, 2009 9:55 PM

The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.

The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.

“REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Posted by Bonnie Mills on November 5th, 2009 9:55 PMPost a Comment (0)

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Senate May Approve Tax Credit Wednesday
November 4th, 2009 5:03 PM
Daily Real Estate News  |  November 4, 2009  |   Share

The U.S. House and Senate are close to an agreement to extend the home buyer tax credit due to expire at the end of this month.

The Senate is expected to vote Wednesday while the House could approve it later in the week – likely before Friday when the monthly report on the unemployment rate will be released.

The measure that is slated to pass would cover homes under contract by April 30. Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit when they pay their 2009 taxes.

First-time home buyers would be eligible for $8,000, but purchasers don’t have to be first-time buyers. Anyone who has owned a home for at least five years could get a $6,500 credit on a new residence.

Income limitations rise under the new plan with individuals earning up to $125,000 a year and couples earning up to $225,000 eligible. People who earn more would be eligible for smaller credits.

Source: The New York Times, Jackie Calmes (11/4/2009)

Posted by Bonnie Mills on November 4th, 2009 5:03 PMPost a Comment (0)

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OCTOBER MARKET REPORT
November 1st, 2009 9:23 PM
Status Subdivision Model Address SqFt Fin List Price Sale Price $/SF Sold Date DOM
Closed Marion Landing 6441 SW 80th Place 943 69000 69000 73 10/14/2009 42
Closed Marion Landing 8607 SW 61 Terr Rd 1903 99900 95000 50 10/14/2009 148
Closed Marion Landing EXP AZALEA 6510 SW 84 St 1717 125000 110000 64 10/15/2009 731
Closed Marion Landing Oleander 8464 SW 62 Nd Court 1614 99500 88500 55 10/26/2009 284
Closed Oak Run Providence 10801 SW 82 Ave 1886 145900 138900 74 10/8/2009 260
Closed Oak Run Santorini 10887 SW 69 Cir 1952 199900 190000 97 10/8/2009 59
Closed Oak Run Waverly 11612 SW 78 Ct 1334 125000 120000 90 10/8/2009 121
Closed Oak Run COVENTRY 6899 SW 112 St 1550 149500 141000 91 10/9/2009 221
Closed Oak Run DOGWOOD 8486 SW 108 Ln 960 71900 58000 60 10/9/2009 45
Closed Oak Run Hampton 8087 SW 116 Lp 1134 85000 80500 71 10/9/2009 201
Closed Oak Run SanAntonio Exp. 11480 SW 75 Terr 2266 214900 190000 84 10/13/2009 50
Closed Oak Run 7746 SW 117 St Rd 1860 165000 155000 83 10/13/2009 173
Closed Oak Run Hampton 8065 SW 108 St 1050 99900 90000 86 10/14/2009 580
Closed Oak Run SAUSALITO 11412 SW 78 Cir 1159 110000 110000 95 10/15/2009 48
Closed Oak Run DOGWOOD 10844 SW 83 Ave 1100 69900 62600 57 10/23/2009 182
Closed Oak Run 10828 SW 89 Ct 960 65900 63500 66 10/27/2009 41
Closed Oak Run Lexington 7698 SW 117 St Rd 1909 165000 152500 80 10/29/2009 262
Closed Oak Run Doral Formal 11135 SW 69 Cir 1580 184900 165000 104 10/30/2009 161
Closed Oak Run EXP.MONACO 11127 SW 73 Cir 2034 229900 229900 113 10/30/2009 112
Closed Oak Run WILLIAMSBURG 11511 SW 85 Ct 1602 110000 87500 55 10/30/2009 394
Closed Ocala Palms CUSTOM BUILT 5465 NW 23 Pl 2611 298500 285000 109 10/13/2009 35
Closed On Top Of The World Waterford-Exp. 9280 SW 96 Court Rd 2210 195000 180000 81 10/2/2009 262
Closed On Top Of The World Jefferson 9216 SW 91 Cir 1770 104900 95000 54 10/7/2009 141
Closed On Top Of The World New Philly 8530-D SW 90 St 1375 64900 60000 44 10/7/2009 149
Closed On Top Of The World Dover 9151 SW 94 Ct 1657 107500 95000 57 10/13/2009 161
Closed On Top Of The World JEFFERSON EXP 9053 SW 91 Cir 2048 144900 135000 66 10/16/2009 129
Closed On Top Of The World MONTGOMERY 8725 SW 95 St #A 1733 72500 64000 37 10/16/2009 94
Closed On Top Of The World NEW PHILA 8470-B SW 92 Ln 1223 49999 46000 38 10/16/2009 150
Closed On Top Of The World Birmingham 8580-F SW 92 Pl 1530 54800 48000 31 10/23/2009 133
Closed On Top Of The World New Philadelphi 8714 SW 92 Ln 1394 62500 60000 43 10/23/2009 56
Closed On Top Of The World New Philly 8435-C SW 91st St 1375 61500 57500 42 10/26/2009 46
Closed On Top Of The World NewPhiladelphia 8885 #C SW 90 Ln 1375 59900 56000 41 10/28/2009 166
Closed On Top Of The World 8710 SW 96 St # F 1422 59900 53000 37 10/28/2009 70
Closed On Top Of The World PHILADELPHIAN 8464-D SW 91 Pl 1204 44900 38500 32 10/30/2009 273
Closed Palm Cay 11214 SW 79 Ave 935 55000 50000 53 10/1/2009 203
Closed Spruce Creek FIR 6180 SW 110 St 1144 85900 73900 65 10/5/2009 158
Closed Spruce Creek Pr Willow II 13424 SW 111 Cir 1518 149500 142500 94 10/13/2009 41
Closed Spruce Creek Pr Exended Palm 15004 SW 112 Cir 1876 145000 130000 69 10/15/2009 112
Closed Stone Creek Shenandoah 6449 SW 92 Cir 1904 187500 157000 82 10/14/2009 169
Closed Stone Creek Shenandoah 9766 SW 75 Lp 1902 235790 235790 124 10/16/2009 157
Closed Summerglen Melbourne 15275 SW 15 Ter Rd 1667 179900 163000 98 10/9/2009 222
Closed Summerglen Melbourne 15782 SW 16 Ave Rd 1666 150000 142000 85 10/14/2009 207
Closed Summerglen SIESTA KEY 15503 SW 16 Ave Rd 1485 144900 137500 93 10/28/2009 240

Posted by Bonnie Mills on November 1st, 2009 9:23 PMPost a Comment (0)

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Fannie Mae: New Affordable Housing Options
November 25th, 2009 12:42 PM

Daily Real Estate News  |  November 25, 2009  |   Share
 
Fannie Mae announced Tuesday that it has launched several initiatives designed to stabilize neighborhoods and promote purchases by owner occupants and low-income buyers.

Fannie Mae’s “First Look” initiative offers buyers who intend to live in the home, particularly low-income buyers, an opportunity to make an offer during the first 15 days the property is on the market. Investors can only make an offer after the first 15 days have passed.

Other programs aimed at stabilizing neighborhoods include:
  • Deposit Waivers. Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual home buyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement either. Deposits for these buyers can be as low as $500.
  • Reserved Contract Period. Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an appraisal.
  • Extra Time for Closing. Buyers receive up to 45 days to close – 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.

Source: Fannie Mae (11/24/2009)
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