DOR ISSUES SHORT SALES DOC STAMP RULING
The Florida Department of Revenue (DOR) issued a ruling late yesterday stating that doc stamp taxes owed on a short sale should be based on the sale price paid by the purchaser and not on the sale price PLUS any amount forgiven by the home seller’s lender. DOR’s ruling is effective immediately. A problem arose because Florida law does not clearly explain doc stamp fees on a short sale; consequently, local governments were making their own decisions and charging different amounts. FAR stepped in to officially request a Technical Assistance Advisory (TAA) from DOR, which would give Realtors a specific document that explains the short sale doc stamp procedure. “Just like Florida Realtors, DOR officials were concerned about how this issue could affect Florida homebuyers and sellers and its potential impact on the real estate market’s recovery,” says FAR Public Policy Representative Trey Price. “Advisories can sometimes take months or even a year before a conclusion is made, however, so DOR’s quick decision illustrates their understanding of the importance of this issue.”
Still have questions? Contact FAR’s Public Policy Office in Tallahassee at 850-224-1400.
| Banks: No exceptions for short sales |
Increasingly, sellers seeking short sales are encountering a new twist. The Tampa Real Estate Market is no exception. Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due – debts that could burden borrowers for the rest of their lives. Moody’s Economy.com estimates that about 10 million homeowners have negative equity, a condition known colloquially as being upside down or underwater. By next June, the forecasting company expects the total to rise to 12.7 million-a quarter of all homeowners who have mortgages.
“The first wave of foreclosures involved a lot of investors who just disappeared,” says Lance Churchill of Frontline Seminars, which teaches real estate practitioners how to negotiate with lenders on short sales. “Now, homeowners with jobs and assets are underwater and want to sell. The banks want as much as they can get, today or in the future, and the owners want to get away clean.”
If the lender does a short sale without extracting anything from the seller, everyone in the country who is upside down could try to wiggle out from under and banks will take a fresh wave of hits. But if the lender pushes too hard, the borrower will default, leaving the bank in worse shape.
Source: The New York Times, David Streitfeld (09/18/08)
If you are in the market to buy short sale properties in the Tampa Bay area we can help! Give us a call at 813-784-7744 or send us an email
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If you’ve been following the news on Downtown Tampa Real Estate you’ll be interested in knowing how we are growing as a city. I’ve been a believer that Downtown Tampa is a great place to purchase a condo and here’s more reasons. Take advantage of the best buyers market we have seen in years.
Downtown Tampa
Studies and Reviews
We’ve got style! Tampa captured spot 23 on American Stylemagazine’s Top 25 Arts Destination readers’ poll for mid-sized cities (population between 100,000 and 499,000). The eleventh annual poll allowed readers to vote for their favorite arts destinations based on city size and this is the fourth year in a row Tampa makes the list. In 2003 and 2004, Tampa and the city of St. Petersburg made the list as a region. The publication noted that Tampa was recommended by its readers “as a top destination for collectors and travelers who love art galleries, museums and festivals.” American Style, published bi-monthly, is a national arts lifestyle magazine featuring articles on arts travel and events, galleries and contemporary artists. Complete results of the annual reader’s poll are available on www.AmericanStyle.com.
Seeing is Believing
IKEA is making great progress on its Tampa store. Located on a few miles from downtown, this new retail store will have a huge impact on the area. Globe St.com recently took note of the development underway. Read what was reported by clicking here.
Curious about who lives downtown? Where do people hang out? What types of people are opening new businesses in the urban core? How is the arts scene? The Partnership is excited to announce it will launch HiLife TV Tuesday (9/09)! HiLife TV will take you inside the places and introduce you to the people who are making downtown Tampa into a true 24-hour urban neighborhood. Find out what’s cool and happening, then get out and explore downtown Tampa for yourself. Starting in September HiLife TV will be the place you will want to turn in to find out more about downtown Tampa. Become a subscriber of HiLife TV so you are instantly notified of new episodes. To subscribe to this service, click here. HiLife TV is the newest addition to the Partnership’s Web site, www.hilifetampa.com.
Special Services District
Downtown Tampa continues to see more and more retailers open for business. DiSilva’s Coffee House & Roastery recently open for business in the TECO Plaza building. Now Downtowners on the north end of the core have another choice when it comes to coffee. Find out more about DiSilva’s Coffee House & Roastery by clicking here.
The Partnership’s monthly online magazine, InTown Tampa, is full of great “must read” stories for September. Also, this month marks the start of a new partnership with local social networking site Brand Tampa. Here is what you will find in the September issue:
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C’mon Baby, Do The LOCAL Motion!
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Oceanic, Café Hey: A unique business mix
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VIDEO STORY – Decorating Downtown Tampa with Sculpture
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Streetcar expansion: Aiming for 2010
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Tampa Downtown Market Planned
Have you ever asked yourself what Tampa Bay will look like 5, 10 or 20 years from now? Would you like to have a say in how your community is shaped? Is transportation, water or infill development important to you? As a Downtown-er your voice in how downtown Tampa will play a role in future growth should be heard. Don’t miss your opportunity to share your thoughts with the people at One Bay. Click here to learn more about this group and how you can share you opinions on future growth.
see also Downtown Tampa Condos and Lofts
Want to search for condos and lofts for sale? Visit our website at www.TampaBayDwellings.com. Have a question regarding Tampa Real Estate? You may contact us at 813-784-7744
