A Real Estate Forum for Florida's Emerald Coast!
Dear Dad,
$chool i$ really great. I am making lot$ of friend$ and $tudying very hard. With all my $tuff, I $imply can`t think of anything I need. $o if you would like, you can ju$t $end me a card, a$ I would love to hear from you.
Love,
Your $on
The Reply:
Dear Son,
I kNOw that astroNOmy, ecoNOmics, and oceaNOgraphy are eNOugh to keep even an hoNOr student busy. Do NOt forget that the pursuit of kNOwledge is a NOble task, and you can never study eNOugh.
Love,
Dad
True, the BP claims center has been paying “Coastal Real Property Damage” claims in the area as a result of the 2010 oil spill. If you owned a home or condo from April 20, 2010 to April 16, 2012 that is situated on tidal (connected to the Gulf) waterfront, you may qualify.
Visit the claims center website at http://www.deepwaterhorizoneconomicsettlement.com/ for more information, as well as a map to help determine your potential eligibility. Paid claims in the $5,000 – $10,000 range are common.
For more information please visit www.DestinFloridaRealEstate.com or email us at smith@realtor.com
The big news story this month has been the perceived “Assault on the Mortgage Interest Deduction” … It is clear that Americans overwhelmingly oppose any action by Congress that would serve to reduce or (God forbid) eliminate the mortgage interest deduction, which has remained sacrosanct since its inception in 1913. But as Congress and the White House wrestle with looming deficit reduction challenges, nothing seems safe.
Housing was the leading victim as the overall economy began to falter seven years ago, and it therefore only stands to reason that housing can help lead this economy out of the doldrums. Any tax code change that hinders growth in real estate will serve to hinder growth throughout our entire economy.
The elimination of the mortgage interest deduction would unquestionably weaken demand which would in turn result in lower real estate values. That is to say nothing of the negative impact on millions of American taxpayers with home loans today. Consider that even a modest-sized home loan could result in a $10,000 annual tax deduction for the homeowner. The tax impact of the elimination of the mortgage interest deduction would be devastating. Email, write or phone Congress to let them know what you think!
Ed Smith is the the president of RE/MAX Coastal Properties. With 25 years in real estate sales, Ed serves as President-Elect of Emerald Coast Association of Realtors and a Director at Florida Realtor. Ed and wife Terri are ranked among the top RE/MAX teams in Florida, year after year.
According to the IRS, forgiven or written-off mortgage debt is the same as taxable income. If you complete a short sale on your property, the difference between the lender’s net and the mortgage balance due is referred to as the deficiency. The lender is required to issue a 1099 if they are writing off the deficiency. This is often referred to as “phantom tax” as you could end up owing taxes for money that you did not actually receive.
However, the Mortgage Debt Relief Act of 2007 provides for certain levels of insulation against the phantom tax, at least in the case of your primary residence. Vacation properties would not qualify under the act. The bad news? Unless extended by Congress, this act will expire at the end of the year. For more, visit: http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation–
|
Amendment 4 Can Help! |
|||||||||||||
|
|||||||||||||
|
On November 6th, Vote Yes On Amendment 4! http://www.TaxYourAssetsOff.com
|
Improving your credit (FICO) score quickly can be akin to turning a battleship on a dime. It can be difficult. The time to begin credit score management is months before you make loan application.
However, a good loan officer can help you get “re-scored” based on errors and certain changes, but generally speaking, paying your bills on time and keeping outstanding debt levels low are the key items considered in determining your overall credit score. And, do not close accounts that you’ve successfully paid off. Available unused credit is good for your score as well!
For more on this topic or for a list of great local loan officers, please email us at smith@realtor.com
Sellers in Florida are obligated by law to disclose known problems or conditions that could affect the property’s market value. But what happens if problems are discovered after closing? Did the seller know? Should the seller have known?
Buyers should always ask for a real property disclosure as well as making their purchase contingent upon the results of a professional home inspection. This is good for buyer and seller alike as it can help head off a problem before it actually becomes one.
For more on this topic or general real estate info along Florida’s Emerald Coast, please email us at smith@realtor.com
The lenders will often limit the amount of back HOA fees that they will pay at closing on a short sale. That is because a lender that acquires title to a property through foreclosure in Florida is only on the hook for one year’s worth of HOA fees. However, many distressed properties have accumulated several years’ worth of unpaid HOA fees. For that reason, it is oftentimes smart on the part of the HOA to accept the lender’s offer and allow the sale to proceed.
When entering into a contract to purchase a short sale, you must bear in mind that the banks are under no obligation to approve short sales to begin with. If they do choose to approve one, it is only because they believe it to be in their own best interst to do so.
For more on this topic, please visit us at http://www.DestinFloridaRealEstate.com or email us at smith@realtor.com
Unless the contract was contingent upon their personal disposition, the sellers may have a problem. If you are near the closing date, you have most likely expended a fair amount of money for appraisal, survey, inspections, etc. At a minimum, the seller should be very happy to reimburse you for all out of pocket expenses in exchange for a mutual release. If not, contact a local real estate attorney for more options.
For more on this topic, please email us at smith@realtor.com
I submitted a contract to buy a bank owned property. The bank didn’t counter with a price, but responded by asking me for my “highest and best offer”. How should I respond to them?
The banks will often utilize the “highest and best” counter when presented with multiple offers on the same property. It’s their way of keeping everything fair and balanced, and helps them realize the highest net as well. We are seeing as many as 17 offers at a time on our bank owned listings, many of which actually sell for more than asking price. If it looks like a great deal to you, it will look like a great deal to others as well. Our advice is to make your best offer first and try to come in under the wire.
For more on this topic, please email us at smith@realtor.com