June 30, 2010
The Homebuyer Tax Credit, a part of the Obama Administrations recovery package, offered up to $8,000 to qualified first time homebuyers and $6,500 to qualified second time homebuyers. One of the stipulations of the program was that the homebuyer must have a signed purchase agreement by April 30, 2010 and must close the deal by June 30, 2010. However, according to the National Association of Realtors (NAR), nearly 180,000 homebuyers will be unable to meet the deadline of June 30th, by no fault of their own.
According to Lucien Salvant, Spokesman for NAR, “A lot of lenders weren’t able to handle the influx of loans that came with the tax credit.”
This week, a bill that will extend the Homebuyer Tax Credit deadline for homebuyers that had their purchase agreement signed by April 30th passed 409-5, and now must pass the Senate. The bill will not only allow homebuyers until September 30th to close their transaction but will also extend unemployment benefits for workers that have been laid off for some time.
Chairman of the House Ways and Means Committee stated, “We owe this to the people who have essentially followed the rules who are caught by a closing date.”
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June 28, 2010
June 26, 2010
Have you ever walked into a home and couldn’t quite figure out what happened? The art work displayed just didn’t make sense? There was no flow only chaos? Most people want to add some artwork to an otherwise dull room, however, careful selection is a detail sometimes overlooked. Designer Heidi Pribell in Cambridge Massachussetts says it well, “Too many people hang art randomly, like they’re throwing stuff at a dartboard.” She suggests having collectors form a pattern with their art. Possibly a grid, horizontal line, or vertical stack. If left alone, have the one piece of art relate to a piece of furniture or some architectural feature. As a seller, what you have on your walls can either impress a buyer or it can distract them from the beauty of the home. Take a look at some tips!
Display:
Black and White photographs are powerful, no expensive frames needed
Use 1 large framed photo, 20′ wide by 12′ tall is a good size, the wall will be the star
Mirrors are fabulous feng shui
Think outside of the box, show off a unique collection
Framing:
Don’t make all of the frames the same…but don’t stray out of the ballpark
Use mats to make the art stand out
Use frames that reflect the same era
How will you display it:
Large pieces should be solo, group small pieces
The center of the group or the piece should be at eye level
Last but not least, don’t overdo it – less is more!
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June 25, 2010
According to the Florida Real Estate Commission (FREC), any real estate professional that has filed a claim to BP for “loss of commission” in regards to the Deepwater Horizon disaster, must make themselves aware of Chapter 475 of the Florida Statutes.
Chapter 475 requires that any claim or payment for commission must go through the broker; therefore real estate professionals must not receive their claims directly. These payments must go through their broker, just like any other commission is required to do.
If you have any questions feel free to call the Legal Hotline at (407) 438-1409.
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June 24, 2010
For a mere $75million you can buy the largest home for sale in the United States and it’s located in Windemere Florida! You know there is a catch right? Well, the catch is that there are no interior walls, no carpet and no tile! With 90,000 sq.ft. , 13 bedrooms, and 23 bathrooms you can finish it off to your liking. Did I mention it has 10 kitchens, 3 pools, a bowling alley and an indoor roller rink? Oh yeah, it also boasts a 2 story movie theater, fitness center, 20 car garage, video arcade, baseball field and 2 tennis courts! Timeshare tycoon David Siegel stopped construction on the palace because he wanted to save money during the recession. So, if you are interested in buying this “do it yourself” wonder just give us a call!
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June 23, 2010
Foreclosure rescue scams are on the rise again, according to the Financial Crimes Enforcement Network (FinCEN). A large portion of the increased activity are advance fee scams, where “scammers” portray themselves as “foreclosures rescue specialists” with claims of available aid to the distressed homeowner in exchange for “up-front” money. Once the scammers receive the cash up-front, you can be assured that no service will be provided by them.
According to James H. Freis Jr., FinCEN Director, “The increase in reporting of suspected foreclosure rescue scam activity could mean that there is an increase in fraudulent activity, but it also reflects an increase in awareness among financial institutions of the fraud perpetrated.”
The FinCEN analysis revealed that the number one metropolitan region showing the most fraudulent activity in the nation is Miami – Ft. Lauderdale – Pompano Beach Florida area, followed closely by Los Angeles – Long Beach – Santa Ana, CA area.
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June 22, 2010
November is fast approaching! Please do not forget to Vote NO on Amendment 4. Click below to view the latest video.
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June 21, 2010
Mortgage rates on a 30-year fixed mortgage showed a slight incline this week, according to mortgage giant Freddie Mac. Last year rates hit historical lows due to the FED program that pumped 1.25 billion into mortgage backed securities. The program expired in March of this year giving economists reason to believe that rates would rise at a rapid rate. However, when the European debt crisis came around, investors moved their money into “safer” US Treasury bonds. As mortgage rates are closely tied into long-term treasury bonds, the rates fell once again, staying at or around 5%.
Freddie Mac collect rates weekly, Monday through Wednesday and as the rates are so closely tied to the treasury bonds they tend to fluctuate significantly, even on a given day.
In December of 2009 the rates hit a record low of 4.71%, last week the rates fell to 4.72%, creating a more attractive real estate market to refinancers. The rates rose again this week to 4.75%, which are still historically low and attractive to potential homebuyers.
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June 18, 2010
Citigroup Inc, Fannie Mae and Freddie Mac are extending relief to homeowners along the Gulf of Mexico affected by the Deepwater Horizon Disaster by suspending loan foreclosures and reducing monthly mortgage payments. While hundreds of thousands of gallons of oil is being pumped into the Gulf daily, many homeowners have found themselves effected through loss of income. This financial loss is in turn affecting their ability to make timely mortgage payments.
According to Vikram Pandit, Citigroup CEO, “In the midst of this crisis, we will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about.”
Citigroup is offering to suspend foreclosures for struggling homeowners occupying homes within 25 miles of the coastal areas until September 17, 2010. Mortgage giant Freddie Mac and sibling company Fannie Mae stated that companies servicing thier home loans will suspend or reduce payments for 90 days for the homeowners that have been affected by this disaster.
For more information on the relief offered by these companies, please contact your mortgage servicer.
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