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Friday the St. Petersburg Times stated that Governor Christ signed a bill to allow for the First Time Homebuyer Credit to be used as down payment and I am getting numerous emails regarding the details so I wanted to take a moment and update everyone.
FHA announced today that it will allow the First Time Homebuyer Tax Credit of 8,000 to be used for down payment ONLY ABOVE the FHA required down payment of 3.5% of sales price or the credit can be used towards closing costs. This means that the Buyer would still need a 3.5% down payment from their own funds or from a gift. Today’s announcement does NOT allow the Buyer to use the First Time Homebuyer Tax Credit as the 3.5%. This credit will assist our Buyers with payment for closing costs or the additional deposit which could help the Buyer to qualify for a lower loan amount. There are still details to work out in the mortgage industry before any lender can underwrite and close on this type of transaction.
At this time there is NO program that would allow for the First Time Homebuyer Tax Credit to be used for down payment on a conventional loan. We will keep you updated. Although the Governor signed a bill we do not have any specifics nor information on what State program will be used to work with the tax credit as down payment.
For most of our market area the maximum FHA loan amount is $292,500. If you want to take advantage of this option and have 3.5% saved or can get a gift from an approved source and want to write a contract, at this time my suggestion would be to write the contract for a closing of 90 days. We do not have all the procedures finalized by FHA inorder to close the loan.
Remember, a first time home buyer is someone who has not owned a home in 3 years, not just a first timer!
In the Tampa Bay Area defining a luxury home community usually means a large waterfront home in a desirable neighborhood. How is Tampa, Florida’s Real Estate Market performing in high end home sales?
I compiled statistics from the Tampa MLS. As of May 2009, there are approximately 109 active listings between 1m-2m for sale in Hillsborough County.
Current Active Waterfront Homes on the market: 109 total homes
The average home is a 4b/3b, slightly over 4,100 sq ft and waterfront. These properties are either bay front, lake, or riverfront for purposes of this comparison. Producing an average list price at 1,457,000 and $366.00 per sq ft.
Comparing Active and Sold Listings: 51 sold homes in the past year
I used the same search criteria based on the sold homes between May of 08 to date, May 09. The comps are as follows:
The average list price for the past year was 1.7m, Average sold price of 1.5m, and sold price per sq ft is approximately 340.00. It took 347 days on average to sell these 51 homes.
It would appear by the numbers, that the listing prices are sliding downward from the year prior. It is not just the lower end real estate market being effected by our economy.
If we look at the stats, only 1/2 of these luxury homes will sell in the next year. As of April 2009 there have been 27 homes sold over 1 Millon Dollars in Tampa. The good news is that we are on track to sell the same amount of homes in the same price bracket this year.
For sellers who want to sell their home you’ll need to be priced accordingly. Be flexible on pricing your home to sell. Buyers have to choose from over 100 homes for sale just in Tampa. Pinellas County is also quite competitive for those who want to be closer to the beach.
If you would like to speak with a Real Estate Agent about buying or selling your home, please contact Rae Catanese 813 784 7744 or email: realtyrae@yahoo.com
Thinking of buying or selling a short sale house in the Tampa Real Estate Market? Have you heard horror stories on how much time it will take?
This is an example of a rating on how Bank of America is handling the short sale process. Out of all the banks rated they seem to be the most difficult to work with buyers and sellers.
Real Estate Agents are having a hard time pushing contracts through, buyers are frustrated and the banks are understaffed. For buying it may be time to skip the short sales and focus on foreclosures and the traditional seller.
1sts Mortgages - Short Sale file handling runs about the industry average of 60 days +/-. Normally not flexible when homeowner hardship is unique. Operates very much like the big bank they are – cumbersome policies that are slow to change.
2nd Mortgages - BofA continues to present the most difficult challenges in the servicing industry on Short Sale proposals on home equity 2nds. Our experience is that it takes a cash contribution from the homeowner of 80 cents on the dollar, or 10 cents+/- on the dollar cash and a note for the balance of the deficiency to get BofA to approve a Short Sale on a HELOC. BofA does not seem to respond favorably to documentation demonstrating the borrowers inability to meet the contribution demands. Update: Hooked on recourse. BofA is very frequently inserting “reservation of right” language in their approval letters. That means they are reserving the right to pursue the borrower for any deficiency balance after the short sale closes. We are seeing it on firsts as well as seconds, and we are seeing it on purchase money debt as well. Bo A is actually telling distressed purchase money borrowers that they will be punished for staying the course and working to get a short sale done — because if the homeowner were to just walk away, BofA would not have the right to so much as wave at them on the freeway. Who is coming up with this stuff? At a time when we are hearing how we should pull together, the largest bank in the United States wants to be sure to kick borrowers while they are down.
We have the full report comparing all the banks listed here
If you need a Realtor in the Tampa Bay Area to help buy or sell a short sale, please contact us for more information 813 784 7744 or emailto: realtyrae@yahoo.com Rae Catanese, Prudential Tropical Realty.
Looking for a waterfront home for sale in Tampa Bay but don’t want to spend a fortune? Why not look at Riverfront Property? Most homes on the Hillsborough River have larger lot sizes and are on deep water. They are also less expensive! This exclusive waterfront property is over 2,100sf!
Home is nestled among large oak trees on a huge 100×175 lot with views from Master bedroom & living room. This custom home has been completely rebuilt and over doubled in size in 2006. BASICALLY A NEW HOME!
The open floor plan, stainless steel appliances, granite counter tops and jacuzzi tub in the master retreat makes this home a real gem! Own a boat or RV? There are no deed restrictions and the sellers have installed a garage door on both sides for easy access to backyard and drive way.
There are also 2 ac units, & built to last,concrete block walls.
Since there are approximately 8,000 Real Estate Agents in the Tampa Bay Area selecting the BEST one may be difficult.
You know the old saying that 10% of sales people do 90% of the sales? Well that’s true in the Real Estate industry as well. After all, aren’t we helping buyers and sellers through the difficult real estate market?
As a Realtor, my advice is to interview at least 2 agents before hiring one to help you buy or sell your home.
For sellers, in today’s market exposure is everything and that doesn’t just mean sticking your listing on MLS. It means getting your property infront as many buyers as possible. That includes sites like Google, Zillow, social media, real estate blogs, Facebook, Twitter and any other avenue. Even if someone isn’t looking to buy, they may know of someone who is and pass the information along.
The internet accounts for 85% of consumers starting their home search. With over 10,000 homes on the market in Tampa how will your home stand out?
Ask a me, a Realtor and we will give you a demonstration of HOW we will market your home for sale. Our team is on the cutting edge of technology. The marketing we provide stands out from other Listing Real Estate Agents. Let me prove it!
Tony Marks with Marks and Marks Mortgage just informed me of a great benefit for those looking to purchase a home this year!
"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment."
United States HUD Secretary, Shaun Donovan. May 12th, 2009. FHA will allow approved lenders and nonprofits, and state and local government agencies to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds in 2010.
We will soon release details on the new program as it FHA/HUD announces further explanations.
The Westshore Yacht Club in Tampa, Fl is one of the only truely upscale resort style Waterfront communities in the South Tampa area. The neighborhood is close for commuting to St. Petersburg, MacDill AFB and the Tampa Airport. The amenities are all top notch, as this planned yachting community was only built a few years ago.
Pricing back in the booming real estate market were in some cases almost double of what they are today! It’s hard to believe that you can buy an 1,800 sf condo/townhome in the 250’s. The neighborhood offers homes, a high rise condo tower and townhomes for sale.
Once you are inside this lush gated community everything changes. You have every convenience available to you; including a spa, fitness center, yoga/aerobics room, 2 restaurants, wireless internet by the pool! You name it, this WCI Community is pure luxury.
If you own a boat and need a boat slip they are now renting them for as little as $8.00 per linear foot.
If you decide to get in on their great deals on townhomes they are maintenance free. My time is valuable so I want the convenice of having everything taken care of. Who wants to spend hours doing yard work on your time off?
Their maintenance fees appear to be on the high-end, however if you look at what you are “not” paying for it really works out to be the same, or slightly higher. To me it’s worth not to have to worry if something happens to my roof.
Insurance, including flood insurance, is a large portion of the fees. Since it is a waterfront community, you will need flood insurance whether you buy a single family home or condo or townhome.
Call us today for a tour of all available homes and condos for sale at the West Shore Yacht Club 813 784 7744
Dick and Nancy Nelson, who say the Florida retirement home they bought new in 2006 has Chinese-manufactured drywall, contend all their appliances with copper are failing, according to CNN affiliate WFTS-TV.
“The washing machine, the dryer, the microwave, a refrigerator — these are all brand-new appliances, and they’re breaking down,” Nancy Nelson of Palmetto told the Tampa station. The Nelsons are among those who have complained to the state health department.
In a neighborhood in Homestead, Florida, owners of homes with Chinese-manufactured drywall say the dwellings smell like rotten eggs, especially on humid days, according to CNN affiliate WPLG-TV.
Electronics and appliances with copper components stopped working in short order, and copper pipes and wiring turned black, homeowners told the Miami station.
“My dream has turned into a nightmare,” one of the homeowners, Felix Martinez, told WPLG-TV. He said he closed on the home in August 2006.
Michael Foreman, head of construction consulting firm Foreman & Associates in Sarasota, Florida, said he’s been investigating drywall complaints in that state since last year and is sharing information with at least one group of lawyers preparing lawsuits on the matter. Based on shipping records, Foreman estimates the United States in 2006 and the first two months of 2007 imported enough drywall from Chinese manufacturers named in lawsuits to produce at least 50,000 homes at a size of 2,000 square feet each. Florida ports alone took in enough of that drywall during those 14 months to build 30,000 homes of that size, he estimated.
I spoke with The Home Team Inspection Company today and asked if they check for signs of Chinese Drywall. Here’s what they recommended to look out for.
Will a home inspection uncover signs of Chinese Drywall?
Indicators we look for to determine if the house may have Chinese drywall:
•The house was built or remodeled between 2003 to present
•Rotten egg or sulfur-type smell in the home
•Corrosion on air conditioning coils, or HVAC units
•Corroded, or black electrical wiring
•Corroded, or black copper pipes
•Corroded or tarnished plumbing fixturesIf any of these symptoms are noticeable during the course of your visual inspection, if possible, look at the back of drywall possibly in the attic or garage. Look for the words; “CHINA” in red ink or “KNAUF” in black ink, also look for the Stamp on the back of the edge tape C36.Additional information can be found at: http://www.doh.state.fl.us/Environment/community/indoor-air/drywall.html
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