I have recently had the please to list an incredible home that was build in 2006. This large home was all set to sell but during the inspection it was discovered that it had Chinese drywall.
Chinese Drywall is Drywall that was imported from China during the building boom that is tainted with chemicals that corode wires and air conditioning systems in addition to the fact that they may be hazardous to your health.
As a result of this issue, I have discovered the ins and outs of handling this probem. There are resources! First check with your builder and insurance company about some type of resolution. There are a series of class action litigation related to this problem as well. The basic resolution to the problem appears to be removal of all drywall from the house and installation of new drywall which in my case is estimated to be $40K to $80K in repairs...Yikes!
The local Hillsborough County Tax office has even jumped in to help by providing Tax deductions for homes effected. http://www2.tbo.com/content/2009/sep/22/na-tax-break-made-in-china/
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Sunday, December 6, 2009
Tuesday, December 1, 2009
Tampa Bay History Center--A Must see
Sometimes we notice all of the great places and attractions and dont take advantage of something right in front of you. Well the new Tampa Bay History Center is one of those places....
If you havent visited this new addition to the Channelside district you are missing out. The layout is engaging and interesting. The movies combine Disney type effects to tell the history of this part of Florida.
On Top of all that.....The building is definitely a great example of what Green Building is about.
Learn more about Tampa Bay's history and support our local community
http://www.tampabayhistorycenter.org/green.html
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
If you havent visited this new addition to the Channelside district you are missing out. The layout is engaging and interesting. The movies combine Disney type effects to tell the history of this part of Florida.
On Top of all that.....The building is definitely a great example of what Green Building is about.
Learn more about Tampa Bay's history and support our local community
http://www.tampabayhistorycenter.org/green.html
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Thursday, November 5, 2009
First Time Home Buyer Credit Extended!!!
Here is the latest from CNNMoney on the First Time Home Buyers Tax credit. There are some great new features that extend the opportunity for second home buyers who have lived in their homes for more than 5 years. Also the qualifying criteria has been raised!
By Tami Luhby, CNNMoney.com senior writer
Last Updated: November 5, 2009: 3:02 PM ET
Tax break for buying a home
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."
The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.
Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.
By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.
The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.
It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.
"Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000," said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.
CNN Radio Capitol Hill correspondent Lisa Desjardins contributed to this report.
First Published: November 5, 2009: 2:45 PM ET
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
By Tami Luhby, CNNMoney.com senior writer
Last Updated: November 5, 2009: 3:02 PM ET
Tax break for buying a home
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
The credit would be available only for the purchase of principal residences priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."
The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.
Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.
By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.
The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.
It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.
"Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000," said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.
CNN Radio Capitol Hill correspondent Lisa Desjardins contributed to this report.
First Published: November 5, 2009: 2:45 PM ET
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Thursday, October 15, 2009
First Time Home Buyer Credit Running Out
With the first time home buyer credit coming to a close at the end of November. First Time Home Buyers need to be aware that they run the risk of losing their $8000.00 tax credit if they do not act fast.(Assuming that congress does not extend the tax credit)Many of the "deals" in the market right now are short sales or foreclosures that require additional time to get the appropriate approvals. What looks like something that could close in 30 days sometimes takes 45+ days or more to get closed. Now is the time to get those details nailed down.Additionally financing in this day and age takes longer and requires more documentation. Be prepared and take advantage of the opportunities you have in this market!
Steve Armstrong, Realtor GRI
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Steve Armstrong, Realtor GRI
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Monday, August 17, 2009
Tampa Bay Real Estate trend
It is hard to believe that I have not posted to here in a while.
As you read the news you will see some great trends in real estate sales specifically in the 200K to 400K range where homes are selling!!!!
why is this? I would say the $8000 tax credit is driving first time home buyers into the market and the deals are amazing.
It is harder and harder to find a short sale or foreclosure property on something that is a good property. Jump in now!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
As you read the news you will see some great trends in real estate sales specifically in the 200K to 400K range where homes are selling!!!!
why is this? I would say the $8000 tax credit is driving first time home buyers into the market and the deals are amazing.
It is harder and harder to find a short sale or foreclosure property on something that is a good property. Jump in now!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Friday, February 27, 2009
Tampa Bay 2002 Home Prices and a Tax Credit of $8,000
Recent newspaper articles suggest that the average Tampa Bay area home price is down to 2002 home price levels. On February 13th, the "American Recovery and Reinvestment Act of 2009," legislation passed.
Now is the time for first time home buyers to cash in! This new economic stimulus package allows first time home buyers to get an $8,000 tax credit.
For more information visit http://www.UniqueTampaHomes.com/housingrecovery
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Now is the time for first time home buyers to cash in! This new economic stimulus package allows first time home buyers to get an $8,000 tax credit.
For more information visit http://www.UniqueTampaHomes.com/housingrecovery
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Friday, February 13, 2009
Financing your home in troubled markets
As the financial crisis continues, it seems like rules and financing programs change daily.
My first recommendation for anyone buying a house is work with a good Mortgage provider that communicates with you regularly. Programs seem to change almost daily as well as the rates.
One the biggest changes that I have seen is the down payment requirements on loans with the largest impact happening in the Condo market. In recent experience it has become necessary to have a 20% + down payment in specific building and areas. A huge area for challenge currently is also in the Jumbo loan market (above $417K) where rates are still very high.
My job is to keep up with the changes in the mortgage market but it is very important that each buyer educate themselves based upon their own economic situation.
There are deals out there, now is the time to find them
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
My first recommendation for anyone buying a house is work with a good Mortgage provider that communicates with you regularly. Programs seem to change almost daily as well as the rates.
One the biggest changes that I have seen is the down payment requirements on loans with the largest impact happening in the Condo market. In recent experience it has become necessary to have a 20% + down payment in specific building and areas. A huge area for challenge currently is also in the Jumbo loan market (above $417K) where rates are still very high.
My job is to keep up with the changes in the mortgage market but it is very important that each buyer educate themselves based upon their own economic situation.
There are deals out there, now is the time to find them
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Tuesday, February 3, 2009
Frustrated with Short Sales?
I have recently run into a few frustrated buyers when trying to get a deal on a short sale.As an agent in the game, I very much feel the pain of s short sale.
Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.On short sales, it takes Patience and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly.
When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Steve ArmstrongRealtor
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.On short sales, it takes Patience and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly.
When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Steve ArmstrongRealtor
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Monday, January 26, 2009
Homes Sales up in Tampa 2008 over 2007
Well the end of the world has not yet hit us and since we led the nation into the foreclosure/credit crisis, there appears to be many people taking advantage of the deals in Tampa Bay.
As the news gets updated you are going to see some interesting trends:
* Home buyers picking up short sale and foreclosed properties as investments and as homes
* Less available choices for homes as less people list their house unless they have to.
* People realizing that interest rates cant stay this low for long based upon how the federal government is subsidizing our economy.
*Condo towers converting to rentals absorbing a lot of inventory...examples in downtown Tampa--Element, The Place, Grand Central which amounts to over 700 Condos off the market in one year.
Accelerating trends like you see in the news are just the beginning of this:
Then nationwide this: http://www.cnbc.com/id/28854489
Of course the national economy is the big question and how our new government handles it. 2009 could be an interesting year in real estate....is it the bottom of the market or just a temporary stop?
As the news gets updated you are going to see some interesting trends:
* Home buyers picking up short sale and foreclosed properties as investments and as homes
* Less available choices for homes as less people list their house unless they have to.
* People realizing that interest rates cant stay this low for long based upon how the federal government is subsidizing our economy.
*Condo towers converting to rentals absorbing a lot of inventory...examples in downtown Tampa--Element, The Place, Grand Central which amounts to over 700 Condos off the market in one year.
Accelerating trends like you see in the news are just the beginning of this:
Then nationwide this: http://www.cnbc.com/id/28854489
Of course the national economy is the big question and how our new government handles it. 2009 could be an interesting year in real estate....is it the bottom of the market or just a temporary stop?
Tuesday, January 20, 2009
The Short Sale Process reviewed
I continue to get more questions about how Short Sales work. I am participating in the Short Sale process on both sides of the transaction. I am working with buyers interested in a good deal and sellers needing to get out of a property.
There are 2 key steps for a seller in getting their home listed as a short sale:
Approval to Market Home as a short sale
The bank must agree that they will entertain a short sale offer on a property based upon the seller submitting the information about their financial situation, property information, and a hardship letter.
Approving an offer on a short sale
Subsequent to the approval to market the home as a short sale, the seller can then call the listing a short sale and apply a price to the property. The bank does not review the short sale price unless and until an offer comes in. At this time the bank does either a BPO (Broker Price Opinion) or an appraisal.
Once the bank has created a value to the home, the listing agent can advertise a short sale as an "Approved Short Sale". A bank reserves the right to keep offers coming in while the property is being marketed to ensure they maximize the value and reduce their losses.
Remember there is still an outstanding issue of a deficiency notice where the seller may still be responsible for the loss on the property. The seller may need to be prepared to negotiate with the bank once the offer comes in.
Many times the paperwork does not move quickly in a short sale but that is more bank specific. Generally plan on 3 to 6 months to get a short sale sold.
There are 2 key steps for a seller in getting their home listed as a short sale:
Approval to Market Home as a short sale
The bank must agree that they will entertain a short sale offer on a property based upon the seller submitting the information about their financial situation, property information, and a hardship letter.
Approving an offer on a short sale
Subsequent to the approval to market the home as a short sale, the seller can then call the listing a short sale and apply a price to the property. The bank does not review the short sale price unless and until an offer comes in. At this time the bank does either a BPO (Broker Price Opinion) or an appraisal.
Once the bank has created a value to the home, the listing agent can advertise a short sale as an "Approved Short Sale". A bank reserves the right to keep offers coming in while the property is being marketed to ensure they maximize the value and reduce their losses.
Remember there is still an outstanding issue of a deficiency notice where the seller may still be responsible for the loss on the property. The seller may need to be prepared to negotiate with the bank once the offer comes in.
Many times the paperwork does not move quickly in a short sale but that is more bank specific. Generally plan on 3 to 6 months to get a short sale sold.
Sunday, January 18, 2009
Super Bowl XLIII...The Next Big Tampa Open House
I have been asked a lot lately whether the Super Bowl will have any impact on the real estate market in the Tampa area this year.
MY ANSWER IS
YES!!!
Lets look at the basics:
MY ANSWER IS
YES!!!
Lets look at the basics:
- International TV coverage in 223 countries and territories and 30 languages !
- Over 100,000 people coming to play in our great cities!
- An economic impact regionally of $300 million.
- Cheap prices and real estate deals in Tampa Bay!!!
- Events all around the area ranging from beach activities to some great parties in downtown Tampa, Channelside, YBOR city.
- Money being spent in the Tampa Bay area to help our economy overall
- People in a good mood with money to spend and leisure time
Also think about this: 13the worst for foreclosure real estate market according to RealtyTrac. Talk about deals to buy. Be ready for this great event!
Friday, January 16, 2009
Evaluating Pricing on Short Sales
As I continue to work with clients on finding incredible real estate deals in Tampa and St. Petersburg, I am always being asked about "Short Sales" and Short Sale pricing. For those of you that are not familiar with short sales, check out http://www.uniquetampahomes.com/shortsale for some basics on them.
Basically a good concept to remember is that there are basically 2 key categories of short sale and the important phase to look for is "Bank Approved". When you see "Bank Approved" that can help identify whether the price of a short sale and the terms has been reviewed by the bank. Generally Banks do not review or approve Short Sale pricing until there is a valid offer presented. Sometimes these offers take in excess of 6 months for the Bank to review and do an approval.
If the bank has not approved a price, feel free to make an offer on the home at a price you deem is reasonable. One caveat here is that the bank will continue to entertain other offers during the time that they care considering your offer. As a result, you might find that you have waited for 5 months for someone to offer a better price. When the Bank Approved language appears on a listing, it doesn't always mean that it is a deal, but it does tell you what the bank has agreed to take to get this home sold.
Basically a good concept to remember is that there are basically 2 key categories of short sale and the important phase to look for is "Bank Approved". When you see "Bank Approved" that can help identify whether the price of a short sale and the terms has been reviewed by the bank. Generally Banks do not review or approve Short Sale pricing until there is a valid offer presented. Sometimes these offers take in excess of 6 months for the Bank to review and do an approval.
If the bank has not approved a price, feel free to make an offer on the home at a price you deem is reasonable. One caveat here is that the bank will continue to entertain other offers during the time that they care considering your offer. As a result, you might find that you have waited for 5 months for someone to offer a better price. When the Bank Approved language appears on a listing, it doesn't always mean that it is a deal, but it does tell you what the bank has agreed to take to get this home sold.
Wednesday, January 7, 2009
Listing price may not be sufficient to cover all encumbrances, closing costs...
When you are out buying a home, a little phrase that can help you identify a short sale opportunity can sometime be found the property description.I have been asked frequently lately what does "Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of property at full listing price may be conditioned upon approval of third parties" mean in the MLS listings.This is the standard language (sometimes worded a bit differently) that our Multiple LIsting Service (MLS-database of home listings) asks to be placed in listings where the seller is selling the home as a "short sale". This language can be found in the realtor remarks as well as the description of the house. Short Sales can be a great opportunity for a buyer to acquire a property for less than previous owner owes on the property. There are many caveats to buying a short sale that a buyer should be aware of.....and usually patience and flexibility are the biggest requirements. For more information visit http://www.UniqueTampaHomes.com/shortsale
Subscribe to:
Posts (Atom)
