HR 3548 was signed into law, extending the $8000 tax credit offered to First Time Homebuyers, people that have not owned a house in 3 years.The original tax credit was due to expire on November 30, thus we had been scrambling to help buyers find properties. Now a buyer has until April 30, 2010 to get a home under contract, and until June 30, 2010 to get that home to closing.
On December 1, the income limits on the tax credit will change from the original guidelines of $75,000 to $125,000 for single people.And, from $150,000 for married couples to $225,000
Homebuyers cannot purchase a home for more than $800,000.
Effective immediately an existing homeowner may qualify for $6,500 if they purchase a home.Their principal residence must be owned for at least five consecutive years, in the past 8 years. These buyers may purchase a home immediately.
A buyer must own the home for at least 3 years in order to not have to pay back the amount of the credit.
The new law also requires new buyers to submit proof of their new home purchase with their tax returns, as there has been so much fraudlent activity in the program already.
Yesterday, I had a first time homebuyer close on their new home. They were tickled. They purchased a cozy house that has been lovingly maintained by the same owner for over 30 years. They were happy to find an affordable property in an area of well maintained homes.
Prior to closing, the buyers visited the neighborhood and walked the perimeter of the property several times to envision their plans for a garden, picnic area and perhaps a new fence. They were kindly greeted by the next door neighbor. He was cheerful in providing his name and his occupation (as he works in a division of law enforcement).
With his powerful demeanor he was careful in pointing out that he has been in the neigborhood for a long period of time, and he likes things to be a certain way. As he carefully pointed out his likes and dislikes of each of the neighbors, he was specific in going over his rules in this non deed restricted neighborhood.
The buyers were informed that he likes to go to bed by 9:00, so there will be no noise after 9:00.
He was gracious in informing them that the well on the property line (that was put in by the seller of the property they're buying) is a shared well, but he will be kind enough in allowing them to use it.
A fence between the properties would not be a good idea, as there has never been a fence between the properties in prior years. A fence would mean that he would have to remove his garden or lose access to the garden that he planted in the neighbors yard (of their new house). He would also lose access to the controls on the well if a fence were in place. And he'd be watching if they considering putting a fence up.
The seller's daughter told us that he pushed her 80 year mother around every chance he could. Now this is really sad.
It reminds me of the big bad bully on the playground. I thought all that silliness stopped in grade school!
Ugh!
Some people don't like change. They become set in their ways and they grow accustomed to things being a certain way. They are happy to have things stay the way they've always been. I understand that.
But, my goodness, what a warm welcome to the neighborhood!
The buyers for this property are dear people! In their excitement, they laughed off their conversations with this belligerent man. One of them told me that he has no problem in telling this neighbor what he thinks. Since I have known him for years, I have never seen him not speak his mind. And, I'm certain that sometime, someday, he is going to have to do just that.
Well, congratulations to the buyers in the purchase of their comfortable new home!
But, unfortunately I can see some head butting coming in the near future. And please, no fist fights!
We received our property tax bills in the mail this week. And, already some disgruntled owners are heading to the tax assessors office to file an appeal, as they feel their taxes are unjust and too high. Owners are frustrated as their taxes on their homesteaded properties are rising in a real estate market that has experienced a downturn.
In September 1995 the Governor approved a rule #12-8.0062 to allow the property appraisers office to increase the assessed value of a homesteaded property even if the market value of the property decreases. The amount of this increase can only be 3% per year or the percentage change of the CPI, whichever is less. This can be done as long the assessed value of the property remains less than the market value of the property. So, in a declining market, a homesteaded property may receive an increased tax bill. Many owners are unhappy with this.
We are hearing that fees for applying for an appeal on your tax bill could be tripling in some counties in Florida.
Property taxes on non owner occupied, investment properties or second homes have a cap of 10% on the assessed value of a property. The tax assessors office implemented this change this year. However, the owner of the property must be the same person since January 1, 2008.
I recently read an article that indicated that in today's market short sales are becoming one of the most popular ways to help sellers in disposing of a property that they owe more money than it's worth. The article went on to say that the short sale process is becoming more streamlined, as lenders are getting a better grasp on how to handle these types of sales. In some areas more internet programs are being added, as well as additional staff to deal with the large amount of short sale properties. I think that there are many more real estate professionals that have fine tuned their short sale skills, also.
Some agents are indicating the short sale process is taking less time than before and that lenders are more approachable and more eager to work with a distressed seller. Is this true? On one of the files we are working on, the lender has been wonderful to work with. They have been johnny on the spot, prompt and quite proficient.
On another file, the same lender has been dragging their feet in signing a contract after they provided us with an approved short sale price. The buyer and seller were asked, by the lender to sign the agreed upon contract 3 weeks ago, and get it right back to them. We did, And, we are still waiting for the lender to sign off on the contract. The buyer is waiting as he is ready to do inspections.
A short sale stays on your credit for about 2 years, whereas a foreclosure can stay on your credit for up to 5 years.
Real estate professionals, are you finding that short sales are taking less time than before and that banks are more agreeable to working a deal with an owner today? I think it depends on the lender and the mitigator assigned to the file.
Brevard County Property 2009 tax bills are in the mail. The bills are for the period covering January 1 to December 31, 2009. Home and property owners that don't have their taxes escrowed by their mortgage company have until March 31, 2010 to pay their bills. If the bill is paid in November owners receive a 4% discount. If paid in December the discount is 3%. And so on.
Mortgage companies that electronically receive the tax bills must pay the bills prior to November 30.
This year there was a $64 Million decrease in total taxes billed from 2008 to 2009, with the 378,359 tax bills sent.
One late Halloween night, a man is walking home alone.
Behind him he hears: BUMP BUMP BUMP
Walking faster he looks back and through the fog he sees the image of an upright casket banging it's way down the middle of the street toward him.
BUMP BUMP BUMP
Terrified, the man begins to run as fast as he can.
The casket is crashing down the street towards him.
BUMP BUMP BUMP
He begins running faster.
He reaches his home, reaches the door, fumbles with his keys, opens the door, rushes in and slams and locks the door behind him.
BUT, the casket comes crashing through the door.
The casket lid begins opening and slamming shut.
SLAM BUMP
SLAM BUMP
SLAM BUMP
It's right behind him.
The terrified man rushes upstairs to the bathroom. He locks himself in. His heart is racing. His head is spinning. He is short of breath.
With a loud crash the casket comes breaking down the door.
The casket is coming right FOR him!
The man screams in terror and he doesn't know what to do. He looks around. He reaches for something, anything that he he can get his hands on. But, all he finds is a bottle of cough syrup. Desperately he throws the bottle of cough syrup straight at the casket and...
ARE YOU READY FOR THIS??????
The coffin stops.
Get it, coffin...stops...
Pretty bad huh? This reminds me of the kind of jokes my older sister Jean tells.
This first time home buyer has been actively looking for a house for over 2 months in a 5 mile radius of Palm Bay. She has realistic expectations. She and her husband aren't looking for a home that is out of the ordinary. She'd like a 3 bedroom, 2 bath, 2 car garage about 1500 square feet of living. In the under $125K price range she should be able to find what she is looking for. She is an FHA buyer, so to stay within FHA guidelines the home she chooses must have a newer roof, newer A/C unit, some type of heat, a stove, no broken windows, and if it has a pool it can't look like a swamp monster lives in it.
Easy right?
Well, maybe not right now.
We have looked at every house in her price range in the area she would like to live. Many are short sales or foreclosures. Many of the foreclosures will not qualify for FHA because of their poor condition. We have checked and double checked the list of houses for sale and haven't yet found a property that works for them.
I remember not that long ago, we were in a buyer's market. There was an huge inventory of homes available for sale. Buyers had no problems finding a property to suit their wants and their needs. But, in some areas and price points in Brevard County today, that has changed. We are finding there is a shortage of good, clean affordable homes under $125K.
I take pictures as I enjoy sharing them with others. If you would like to use one of my photos, please ask, I am usually happy to oblige, however I would like to receive mention of having taken the picture.
These pictures were all taken in the driveway of my home. We are approximately 35-40 minutes from the Kennedy Space Center.
I take pictures as I enjoy sharing them with others. If you would like to use one of my photos, please ask, I am usually happy to oblige, however I would like to receive mention of having taken the picture.
The Ares 1-X test rocket launch was scrubbed at 11:30 AM. The launch was scheduled for 8:00 AM and kept getting delayed due to weather issues. NASA was awaiting clouds to clear in order to launch the rocket. As it got later in the morning the winds starting picking up. At one point, when the weather cleared a cargo ship was out in the ocean in the launch zone, thus they could not proceed.
NASA will decide whether or not it will try to launch the rocket again tomorrow.
Footnote; We took this photo this morning as we were crossing the Eau Gallie Causeway, about 30 minutes south of the Kennedy Space Center.
Brevard County Real Estate. Sandy Shores shares Brevard County Real Estate News, Market Watch, Statistics, reports, Community info, free client resources, Brevard County School information and more.
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Yesterday, I had a first time homebuyer close on their new home. They were tickled. They purchased a cozy house that has been lovingly maintained by the same owner for over 30 years. They were happy to find an affordable property in an area of well maintained homes.
I am on my way out to show houses. 
;)
;)
