legislative update: New FHA Guidelines for Condo Loans Eliminating the Spot Approval Process Take Effect on November 2, 2009 - 10/03/09 11:45 AM
Massuchetts attorney Richard Vetstein's recent blog post provides a thorough and easy to read overview of the new FHA condo guidelines which eliminated spot approval.  If you are interested in purchasing a condominium to take advantage of the federal first-time home buyer tax credit, this is another reason to act quickly.  For loans assigned a FHA case number prior to November 1, 2009, the lenders can still close loans, even after November 1, 2009, using the prior spot approval guidelines. 
Interested in purchasing a condominium in St. Louis, Missouri?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.


Originally posted on … (6 comments)

legislative update: Call to Action for Missouri Realtors - 09/18/09 07:09 AM
Missouri Association of Realtors President T. David Rogers issues call to action to Missouri Realtors to support current fundraising events for RPAC to raise funds for lobbying on issues of importance to real estate professionals.  Mr. Rogers specifically cites the need to monitor and develop grassroots opposition to future proposals for a 1% transfer tax.  In the current market, owner/sellers, purchasers and real estate professionals can ill afford to pay a transfer tax on the sale of real estate.  For example, for the sale of a $200,000.00, it means that one party to the transaction would be forced to pay tax … (9 comments)

legislative update: Legislative Update - New Missouri Law Requires Home Builders to Offer Customers Options for Fire Sprinkler Systems - 09/01/09 05:45 PM
LEGISLATIVE UPDATE:
A new Missouri law now requires Missouri home builders to offer customers an option to install fire sprinklers for new single family homes and multi-unit residential properties (less than 4 units). See, Sec. 67.281 R.S.Mo. (2009).
The new law nullifies provisions in the 2009 International Residential Code which mandated the installation of fire sprinklers in all new construction homes. Although home builders are now required to offer purchasers an option for the installation of fire sprinklers, the purchasers remain responsible for the costs of installation and may choose to install or decline to install fire sprinkler systems in new … (3 comments)

legislative update: Missouri Legislative Update - Wake Up Call to Missouri Realtors - Flat Tax and Transfer Tax Proposals Killed on Procedural Grounds on Final Day of Legislative Session - 06/19/09 05:05 AM
"Let there be a purpose in all your legislation to recognize the right of man to be well born, well nurtured, well educated, well employed and well paid." - President Calvin Coolidge.
The Missouri General Assembly should consider the words of wisdon uttered by President Calvin Coolidge.  Senate HJR 36, entitled "the Fair Tax", is a piece of legislation that will irreparably harm real estate and other professionals in the State of Missouri.  Although it is billed as a "Fair Tax Proposal", it is anything but a fair tax.
Senate HJR 36 imposes a flat tax of 5.11% on the sale or … (2 comments)

legislative update: Legislative Update - Missouri Historic Tax Credits as a Tool for Revitalization is under Attack - 02/11/09 04:19 AM

 
The Missouri General Assembly has several proposals that would reduce the effectiveness of the Missouri Historic Tax Credit Program or, worse, eliminate it in future years.  As a Realtor serving the historic neighborhoods of the City of St. Louis, Missouri, the Missouri Historic Tax Credit has been an extremely important tool for financing the construction and rehabilitation of historic buildings throughout the State of Missouri.  With changes in the credit markets, the importance of the Missouri Historic Tax Credit Program as a financing tool for construction projects has increased (not increased).


CURRENT LEGISLATIVE PROPOSALS
Here are some of … (9 comments)

 

Ryan Shaughnessy

Broker/Attorney - Your Lafayette Square Real Estate...

Saint Louis, MO

More about me…

PREA Signature Realty - www.preasignaturerealty.com

Address: 1709 Park Avenue, Saint Louis, MO, 63104

Office: (314) 397-3182

Mobile: (314) 971-4381

A Blog for New Home & Other Sales Professionals and for Sellers and Buyers Interested in City Living PREA Signature Realty proudly serves the communities of Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.






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