Fact or fiction? The health-care law and real estate tax

Rumors are flying that the health-care legislation Congress passed this year will impose a sales tax on all real estate sales. But the rumors are based only partly on fact. Although there is a new tax, it will not apply to everyone, and existing tax breaks for home sales will remain in place.   Read on here: Benny L. Kass - Fact or fiction? The health-care law and real estate tax

Fannie Mae Addresses Appraisal Concerns

New FNMA appraisal guidelines became effective as of June 30,2010.   Let’s hope that these new guidelines will be beneficial to stimulating more “real” appraised values and more loans being approved…. Read entire story here:  Realty Times - Fannie Mae Addresses Appraisal Concerns

Doubling Down on Housing - WSJ.com

As I read this article, I thought to myself, WOW its like playing with long term stocks, only its real estate…..amazing concept.   The strategy is really not risky at all when you analyze the concept.  Bring money to the table to either sell your home or refinance it and either get into that BIGGER home or  lower your mortgage payments considerably……BRILLIANT!!!  But its not for everyone.   Here in Florida it may not be possible unless you’ve got LOTS  of money in the bank and take the “paper loss” over a period of at least (in my opinion) 10 years.  But, I don’t have a crystal ball and the economic picture of real estate could quickly turn due to some unexpected event.   Read this vey interesting article and I’d love to hear back from you.

Read on:  Doubling Down on Housing - WSJ.com

Using personal bankruptcy to prevent foreclosure

Is Bankruptcy the right solution for a homeowner facing foreclosure or in financial distress with their mortgage?  Is Bankruptcy better than a Short Sale?  What if I’m in foreclosure, should I file for bankruptcy?   I get this question asked during my seminars all the time.  First, I’m not an attorney, so I never offer legal advice.  But I always refer them to my strategic alliances with Bankruptcy Attorneys.   But I do address this question because it does affect the closing process if the homeowner is considering a Short Sale. 

If the homeowner files for bankruptcy and the property is in the process of a real estate closing transaction including a short sale, this will halt or delay the closing process.  It is one of those other “moving parts” that I describe in my seminars that make the business of short sale so difficult.  It takes endless hours and frustration to get a short sale approved by the lenders only to find out that the seller/homeowner files for bankruptcy in the midst of the transaction.  In order to come to a final closing, the bankruptcy has to be discharged or the property needs to be released from the bankruptcy proceedings.  This will take additional weeks to obtain.  This will cause more extensions to be requested from the short sale lender and most likely the buyer will walk-away from the transaction.  Meaning, we have to start all over again with a “hopefully” new buyer and begin the short sale process again.  Wheeewwwww!!!  But, its still possible to come to a successful closing, but many weeks and months will have to be dedicated to the transaction.

I came upon this article which address the bankruptcy issue.  It offers valuable information and some guidelines.  Although Bankruptcy is a Federal proceeding, State laws  also need to be considered and how it affects the real estate process.   Read this very interesting article on Bankruptcy here:  Using personal bankruptcy to prevent foreclosure - Jul. 21, 2010

New law shifts association fees from homeowner to renter

“Under a new Florida law, homeowner association boards can go after renters for association fees when the homeowners fail to pay up.” …Florida Realtors. 

It’s about time that this happened.  Its taken too long for this law to be passed.   Many Community Association issues could have been curtailed.  But no sense, crying over spilled milk, and let’s be proactive about this new law.  I believe that this is a very good law and it should help the community associations and its homeowners.   Read entire article here: New law shifts association fees from homeowner to renter

Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Banks Repossess 4,000 South Florida Properties Per Month

These are staggering numbers that represent the financial crises we find ourselves living.  Thank you to Condo Vultures for this report:  read on:

Banks repossessed an average of 4,000 South Florida properties per month in the first half of 2010, representing an 83 percent year-over-year increase for the tricounty region of Miami-Dade, Broward, and Palm Beach, according to a new report from CondoVultures.com.  Click here for entire story:  Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Banks Repossess 4,000 South Florida Properties Per Month

Some banks lower appraisals, killing sales

Banks selling their loans to Fannie Mae can no longer simply drop the appraisal value……Its time for a change….what took them so long…read on:Some banks lower appraisals, killing sales

Well-heeled walking away from $1M+ mortgages

Imagine this…wealthy homeowners are in big time foreclosure crisis also.  But some of them handle it like…Oh Well..let’s just walk away and deal with it later.  Makes you ponder……. read entire article here:  Well-heeled walking away from $1M+ mortgages