Larry's Blog - Access USA Realty

Licensed Real Estate Agents Needed - Real Leads Provided

Larry Milligan (Access USA Realty) — Mon, 21 Jul 2008 21:31:13 -0500

Licensed Real Estate Agents Needed, Leads Provided, Great Compensation! Broward, Miami-Dade or Palm Beach counties.

Looking for a full time dedicated agents to work on our team and handle buyers and renters supplied by us in Broward, Miami-Dade and Palm Beach counties. Full time or Part time, wanted. Weekend warriors wanted!

We offer real estate agents the opportunity to be real independent contractors while offering them the highest level of support to match their experience and the best compensation plan on the market. It offers both real customers on a team basis, plus pays very high splits on your own business. None of the other big operations offering "real" leads does that. With them, you operate at the company split, which can be as low as 40%, for ALL transactions.

With Access USA Realty, Inc. this is what you will get:

real buyers and renters
full broker access 7 days a week
splits on company provided leads ranging from 60% to as high as 90%.
referrals on company provided leads and all personal business is paid at 90% (no NO transaction fees) including 100% of all bonuses
rentals are paid at 90% even on team leads
agent referrals are paid at 100% minus a $70 processing fee

Personal and referral business:

listings are paid at 90% as well
you keep 100% of transaction fees (up to $495).
all bonuses are paid at 100%.

And additionally,

NO other per transaction fees,
NO Franchise Fees,
NO Desk Fees,
NO administration costs,
NO Marketing fees,
NO production quotas,
NO mandatory meetings.
24/7 office access with Free phone, fax, long distance, copy machine and computer use
Agents costs for business cards and Board Affiliation Change are reimbursed on their first transaction.
Sale of an Agent's personal residence is Free.
Company signs available for your listings.
If you leave the company you are paid your commissions on all pending transactions regardless of when they close and you can also take their listings with you (almost no other companies offer that).

The compensation plan we offer is the best on the market you can find. There are no games, tricks, or surprises. It is as good as it sounds. Feel free to contact us regarding any question you might have, as we looking forward to hearing from you...

Please send your questions to our email. Call to schedule the appointment. Our office convenient located in Tamarac, South of McNab Road and University Dr.

Larry Milligan, Broker, Access USA Realty. OFFICE: 954-720-7200 DIRECT: 954-721-7111

Florida Homestead Exemption

Larry Milligan (Access USA Realty) — Mon, 21 Jul 2008 21:04:27 -0500

Filing for Homestead and Other Exemptions in Florida.

All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if that is their primary residence. Previously the Homestead Tax Exemption applied to the first $25,000 of the assessed value, but voters approved an ammendment in 2008 to the Florida Constitution that now provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. A complicated formula is now used to calculate the amount of benefit applied to the second $25,00 because is does not apply to all taxing authorities, however the bottom line is that the basic homestead exemption is worth approximately $800 in annual tax savings for all homes with a value of $75,000 or higher.

You are entitled to a Homestead Exemption if, as of January 1st, the property is your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, January 1 of each year is the date on which permanent residence is determined.

If you live in Broward County (Fort Lauderdale Area) You can now file for the Homestead exemption in Broward County Florida ONLINE by going to this link: https://www.bcpasecure.net/onlinehomestead/web/index.aspx or you can file by visiting either of the County's two offices or any of their community outreach events held throughout the county.

The filing deadline for Homestead Exemption for 2008 was: March 3, 2008. There is no cost to file for Homestead if you file by the March 3 deadline. You can file for the 2009 Homestead Exemption any time from now until March 1, 2009.

What You Need When Filing for a Homestead Exemption:

You must bring the following items listed below to file for your exemption:

To claim 100% coverage, all owners occupying the property as Tenants in Common (i.e., proportional share co-owners) must file in person on jointly held property. In the case of a husband/wife ("Tenants by the Entirety") or Joint Tenants with Right of Survivorship ("JTRS"), any one owner may qualify for 100% coverage -- although it is always highly advisable to have all eligible owner-occupants to file. If you are married and the Deed has different last names for a husband and wife, a marriage certificate must be presented if the deed does not indicate the two co-owners are "husband and wife."

Proof of Ownership: Recorded Warranty Deed, Co-op Propriety Lease, Notice of Proposed Taxes or Tax Receipt, if in your name(s). If the PROPERTY IS HELD IN A TRUST, YOU WILL NEED EITHER A NOTARIZED CERTIFICATE OF TRUST OR A COMPLETE COPY OF THE TRUST AGREEMENT. Note: Most taxpayers prefer to use the simple Certificate of Trust form, instead of submitting the entire trust for our review, as it better protects the privacy of your estate planning and other financial matters.

Proof of Permanent Florida Residence: Preferably dated prior to January 1 of the tax year for which you are filing, is established in the form of:

FOR ALL APPLICANTS: Florida's Driver's License (or for non-drivers only, a Florida I.D. Card) is REQUIRED. Note: "Valid Only in Florida" driver license is not acceptable; PLUS either one of the following:

Florida Voter's Registration; or
Recorded Declaration of Domicile.

FOR NON-US CITIZENS, you must have the items listed above AND proof of permanent residency, asylum/parolee status (or other "PRUCOL" status).

If you or your married spouse have a Homestead Exemption in any other county, state or country (or an equivalent permanent residency-based exemption or tax credit, such as New York's "S.T.A.R." exemption) on another property you also currently own, you will not be eligible for a homestead until after you surrender the exemption in that other jurisdiction.

The State-approved application form requests certain information for all owners living on the premises and filing:

Current employers of all owners
Addresses listed on last I.R.S. income tax returns.
Date of each owner's permanent Florida residence.
Date of occupancy for each property owner.
Social Security numbers of all owners filing (including the Social Security numbers of any married spouses, even if not named in the Deed) are required.

Other Exemptions:

Widows, widowers, permanently disabled persons, and qualified senior citizens on fixed-incomes are entitled to additional tax-saving exemptions. With the exception of the $5,000 Veteran's Disability Exemption and the Historic Property Exemption, a Homestead Exemption is required as a pre-condition for obtaining any of the following additional exemptions:

$500 Disability Exemption: One letter or certificate from a Florida-licensed physician stating that you are totally and permanently disabled.

$500 Widows/Widower's Exemption: Spouse's death certificate, newspaper clipping or memorial card.

Additional $25,000 Senior Citizen Exemption: Filing period is January 1 through March 1 of each year. Applicant must be 65 years of age or older as of January 1 (even if other household members are under age 65) and the total household adjusted gross income for last year (2007) must not exceed $24,916. This exemption must be applied for annually (and the annual renewal process is fast and easy).

$5,000 Veteran's Disability Exemption: A copy of your Certificate of Disability from the U.S. Government or the U.S. Department of Veterans Affairs (or its predecessor agency). The disability must be military service-related and incurred during a period of wartime service or by misfortune. The service-related disability must be to a degree of at least 10% before January 1, 2008. The surviving spouse of an eligible disabled veteran may also claim this exemption, provided he/she has not remarried. Note: The veteran must be a permanent resident of the State of Florida. For surviving spouses, the deceased veteran must have been a permanent resident of Florida at the time of his/her death.

Full Exemption for Veteran's Service-Connected Total and Permanent Disability: A certificate from the US Government or US Department of Veterans Affairs. Any honorably discharged veteran with a service-connected total and permanent disability, surviving spouses of qualifying veterans and spouses of Florida resident veterans who died from service-connected causes while on active duty as a member of the US Armed forces are entitled to an exemption on real estate used and owned as a homestead.

Additional Exemption for Combat-Wounded Florida Disabled Veterans: This exemption provides a additional discount from the amount of property taxes on the homestead of a partially or totally permanently disabled veteran, age 65 or older as of January 1, who was a Florida resident at the time of entering military service, and whose disability was combat-related. Under this new law, a veteran will receive a total exemption from property taxes equal to the percentage of combat-related disability (example: a 60% combat-related disability would exempt 60% of the total value of the homesteaded residence from ad valorem property taxes). You will need to provide documented proof your disability was combat related (i.e., copy of Purple Heart Medal award paperwork), a certificate from the US Government or US Department of Veterans Affairs attesting to the percentage of your permanent disability, and documentary proof you were a Florida resident when you entered the military. Note: Florida law did not provide for a surviving spouse exemption in this category.

$500 Disability Exemption for Blind Persons: A certificate from the Division of Blind Services of the Department of Education or the United States Department of Veterans Affairs certifying the applicant to be blind is required.

Full Exemption for Totally and Permanently Disabled Persons: Certificates from two licensed doctors of this state or a certificate from the US Department of Veterans Affairs. To be entitled to this exemption, you must be a (1) quadriplegic or (2) paraplegic, hemiplegic or other totally and permanently disabled person who must use a wheelchair for mobility or who is legally blind. For persons entitled to this exemption under number two (2) above, the prior year (2007) gross income of all persons residing in or upon the homestead shall not exceed $24,289. This amount is adjusted annually and a statement of gross income must accompany the application.

"Granny Flat" Exemption - Taxpayers who build additions onto an existing home or perform extensive renovations to provide living quarters for a parent or grandparent may be entitled to a special exemption equal to the amount of the new construction (up to 20% of the homestead value). To be eligible, the property owner must have a Homestead Exemption on the property where the parent or grandparent quarters are constructed. The construction or reconstruction must be properly permitted and comply with all local land development regulations. Copies of all permits, certificate of occupancy, and plans must be submitted to the Property Appraiser's Office. Construction or reconstruction must be substantially complete before January 1st of the year in which the reduction is requested. Application must be filed with the Property Appraiser's Office annually on or before March 1st of each year. The occupant(s) of the quarters must be a parent or grandparent. The occupant(s) must be at least 62 years of age by January 1st of the year in which the reduction is requested. The occupant(s) must permanently reside on the property on or before January 1st. of the year in which the reduction is requested. The occupant(s) cannot receive any benefits requiring a declaration of permanent residency on any other property in any other County or State. The County Property Appraiser's Office will conduct a site visit annually upon review and prior to approval of the application for assessment reduction.

Historic Property Exemption - Is your property on the National or Florida Registers of Historic Properties? Then, under certain circumstance, you may be entitled to some special exemptions related to your assessed value.

Non-Profit, Religious, Educational & Governmental Exemptions may also be available.

Homestead Exemptions are NOT Transferable

Homestead Exemption does not transfer from property to property. If you had this exemption last year on another property and moved, you must file a new application for your new residence. Notify the Property Appraiser to cancel the exemptions on your former home. Property purchased during last year may show qualified exemptions of the seller. The sellers' exemptions will not carry over to this year; you must apply for your own exemptions, although you will assume any existing exemption(s) for the current year.

Making a Timely First Application

You can now file for Homestead Exemption all year around. There are two filing periods.

"Pre-Filing" for the next year (for owners who purchased properties after January 1 of this year): March 2 to December 31.

"Traditional" Filing Period: January 1 to March 1.

The amount of the homestead exemption granted to an owner residing on a particular property is to be applied against the amount of that person's interest in the property. This provision is limited in that the proportional amount of the homestead exemption allowed any person shall not exceed the proportionate assessed valuation based on the interest owned by the person. For example, assuming a property valued at $40,000, with the residing owner's interest in the property being $20,000, then $20,000 of the homestead exemption is all that can be applied to that property. If there are multiple owners, all as joint tenants with rights of survivorship, the owner living at property filing receives the full $25,000 exemption.

Late Filing for Homestead in 2008 If You Missed the March 1 Deadline:

Applications with Petition - Late Homestead applications will usually be accepted and must be filed at the appropriate County's office. They will also normally help taxpayers prepare the petitions to the County Value Adjustment Board (VAB) for all property purchased prior to January 1 and owned and occupied by qualified applicants. For a late application to be granted for the current year, you must file a petition with the VAB accompanied by a $15 non-refundable filing fee and qualify for the exemption. To late file, your petition and filing fee must be received by the VAB by the September 19, 2008, deadline.

Note: Check with the County Appraiser's office where your property is located for the exact location and rules for late filing.

Receipts, Renewals, and Changes that Cause Ineligibility.

After your initial application for the Homestead Exemption has been made and the exemption has been granted, a receipt will be mailed to you each January 1st for verification that the status and condition of the ownership has not changed in any manner whatsoever.

If you do not receive this renewal receipt from us by March 1, failure to contact this office could result in the loss of your Homestead Exemption for the year.

A new application is required if your property has been sold or otherwise disposed of, or the ownership changes in any manner or when the holder(s) of the Homestead Exemption ceases to reside on the property as a permanent resident.

This annual Homestead Receipt renewal does not pertain to any of the other exemptions and/or classifications.

If you no longer qualify: The law requires you to notify the Property Appraiser's office to remove that exemption by March 1. Strong penalties, going back as far as ten years of back taxed, plus penalties and interest may be imposed on those who do not tell the Property Appraiser to remove exemptions for which they are no longer qualified. For example, if you have rented out your entire property, you would likely forfeit your right to claim a Homestead Exemption (click here to view the applicable statute). Or, if you were receiving a widow's or widower's exemption and remarry, you would no longer be entitled to that exemption.

Save Our Homes Benefit of the Homestead Exemption:

"Save Our Homes" is an amendment to the Florida Constitution that the voters passed in 1992. A taxpayer AUTOMATICALLY receives the Save Our Homes protection starting the year after first obtaining a Homestead Exemption. This law limits the increase in assessed value for properties receiving the Homestead Exemption to no more than 3% or the increase in the Consumer Price Index (CPI), no matter how much larger the increase in just value would otherwise be. The limit does not cover new construction or construction that was not taxed before the "Save Our Homes" limit applied to a particular property. It also does not apply when a property sells, because the new owner starts the limitation all over again once he or she qualifies for Homestead Exemption.

The New Save Our Homes Portability:

The "Save Our Homes" (SOH) Amendment in Florida's Constitution was intended to prevent homeowners from being taxed out of their homes due to rapidly rising real estate values. It met that goal, but caused many other problems along the way.

That is why Florida voters adopted a "portability" constitutional amendment in January 2008 to allow eligible homesteaded owners to move savings from one property to the next. Homesteaded owners may now move their Save Our Homes (SOH) benefit -- up to $500,000 -- from one homesteaded property to the next within Florida. To be eligible to move these SOH savings, the new Homestead must be purchased within two years of the abandonment of Homestead at the previously Homesteaded property. Owners of Homesteaded properties sold in 2007 will be eligible to move their SOH savings to a newly purchased property so long as it is Homesteaded by January 1, 2009. Portability applies to both upsizing and downsizing in value, based upon specified formulas. Portability may be used an unlimited amount of times and may be used for moves to anywhere within Florida.

The Save Our Homes provision is one of the primary reasons that the property tax amounts can vary so greatly from one otherwise similar property to another.

If you have, or plan to purchase a primary residence in Florida, making sure you have all of your Homestead related tax deductions in place will save you a lot of money, especially in the long run.

Additional resources:

http://www.floridahomesteadservices.com
http://www.homesteadpropertyexemption.info
http://answers.google.com

Short Sale - Long Time

Larry Milligan (Access USA Realty) — Tue, 24 Jun 2008 18:01:39 -0500

The vast majority of residential sales occurring in South Florida right now are Short Sales and REOs. Most properties listed on the MLS at current market prices are actually Short Sales, and most of the remainder are REO's. In a normal market, Short Sales are almost non-existent and REO's are few, but always around and always in demand.

So what are Short Sales and REO's?

A Short Sale is a situation where the Owner of a property is trying to sell it for less than they owe on it - And not pay the difference themselves. The owner wants the Lender (or Lenders) to agree to 'eat' the difference between what the Owner owes and what they are able to sell it for in the current market.

Many property owners, including many would-be investors who bought property during the land rush that they couldn't afford, hoping to flip it quickly for an easy hundred grand, are now finding that they are stuck with a property that is worth half or less than they paid for it 3 years ago, and are unable to afford the payments, sell it, or even rent it for enough to cover the mortgage, taxes and insurance.

So basically, they want out and they want the lenders to take the hit. In order to compel the lender to accept a Short Sale on a property, a detailed package of information must be submitted to the Lender's loss mitigation dept., often with one or more offers on the property, along with complete financial information on the Owner, history of marketing efforts, BPO (Broker Price Opinion) and other documents.

Many current buyers are being lured into the market now because prices have dropped so dramatically over the past year that homes and condos are now becoming affordable again to many people who had been priced out of the market just a couple of years ago. A large number of these buyers have been enticed by the apparent bargains of properties listed at very low prices, only to discover that they had to wait anywhere from 4 weeks to 4 months for a reply to their offer, during which time other offers may have also joined the fray, and ultimately to find that the lender came back with a counter offer that was not only significantly higher than their offer, but higher even then the asking price!

How can a Lender reply with an offer higher than the asking price? Because in most of these cases, the Listing Agent never bothered to find out what the lender would accept before listing the property in the first place. They simply made up a very low price to attract offers, then hoped to send them in to the lender to wait and see what happens a couple of months later - wasting everyone's time and efforts.

Consequently, there are many buyers that have been out trying to purchase a property for 6 to 8 months, have had multiple offers submitted, have spent time and money on inspections and other expenses, and have still never had an offer accepted - even when making full price offers on listings.

There are many other potential problems with Shorts Sales as well, especially if there are tenants currently occupying a property.

Short Sales might be more appropriately called Long Sales, or Long Shot Sales, because in most situations, there is nothing Short about them.

There are, of course exceptions. Those infrequent occasions when the Listing Agent (or someone they hired) has already gone through the process of obtaining an acceptable price and Short Sale Agreement from the Lender, but unfortunately, those properties are in the definite minority.

REO's on the other hand, are properties that have already been foreclosed on and are in the "investor's" possession. This investor can be a bank, or a PMI (Private Mortgage Insurance)company, or FHA, or VA, or Fannie Mae, or Freddie Mac, etc. It is the entity that was the actual mortgage holder on the property, which is often Not the Bank that payments were being made to, or that handled the foreclosure and possible prior Short Sale negotiations.

REO's, in contrast to Short Sales, are priced close to what the Investor/Bank will accept and you will never get a counter offer higher than the listed price, unless there are multiple simultaneous offers that create a bidding situation. Also, you will typically get an answer on an offer in 2 to 7 days, instead of 1 to 4 months.

If you're out looking for a real estate bargain, look first for REO's. In most cases, Short Sales should be considered as an option of last resort.