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A QR ON, SEE "FEATURED PROPERTIES" TO THE LEFT
CAPITAL GAINS QUESTIONS ON THE SALE OF A PROPERTY?
CONTACT ME REGARDING THE "ABILITY-TO-REPAY" MORTGAGE RULES
CHANGES THAT WILL AFFECT YOU.
REAL ESTATE NEWS
RE: THE MORTGAGE FORGIVENESS DEBT RELIEF ACT
As part of the new budget. However, nothing confirmed.
However, the fact that USDA delayed (again) the enforcement of the new boundaries as a result of the 2010
Census, means they feel the housing market is still in need of helping those areas. Meaning, the housing market hasn’t
Fully recovered and there are still TONS of homes that are in default without full resolution (be it short sale, modification, or foreclosure).
Harp 2 was implemented because the cap on LTV’s was insufficient for many homeowners, plus they extended that program until 12/31/2015.
For further details contact me.
NEWSLETTER CATEGORY ON LEFT
FOR BUYER AND SELLER RESOURCES SEE BELOW.
Go to this link to view all of the tax benefits for 2014:
Effective January 1, 2014.
You can contact me for further details or go to:
* Reinstates Grandfathering - This bill permanently repeals Section 207 of the Biggert-Waters Act, meaning that grandfathering is reinstated. All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping - for example, if you built to +2 Base Flood Elevation, you stay at +2, regardless of new maps. Also importantly, the grandfathering stays with the property, not the policy.
* Caps Annual Rate Increases at 18% - This bill decreases FEMA's authority to raise premiums. The bill prevents FEMA from increasing premiums within a single property class beyond a 15 percent average a year, with an individual cap of eighteen percent a year. Pre Biggert-Waters, the class average cap was 10%. Currently (Post Biggert-Waters), the class average cap is 20%. The bill also requires a 5% minimum annual increase on pre-FIRM primary residence policies that are not at full risk. The updated legislation also states that FEMA shall strive to minimize the number of policies with premium increases that exceed one percent of the total coverage of the policy (e.g., 1% of $250,000 = $2,500).
* Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates
* Permanently Removes the Sales Trigger - This bill removes the policy sales trigger, which allows a purchaser to take advantage of a phase in. The new purchaser is treated the same as the current property owner.
* Allows for Annual Surcharges - This legislation applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates. All revenue from these assessments would be placed in the NFIP reserve fund, which was established to ensure funds are available for meeting the expected future obligations of the NFIP.
* Funds the Affordability Study and Mandates Completion - This legislation funds the affordability study required by Biggert-Waters and mandates its completion in two years.
* Includes the Home Improvement Threshold - This bill returns the "substantial improvement threshold" (i.e. renovations and remodeling) to the historic 50% of a structure's fair market value level. Under Biggert-Waters, premium increases are triggered when the renovation investments meet 30% of the home's value.
* Additional provisions: This legislation includes several other provisions including preserving the basement exception, allowing for payments to be made in monthly installments, and reimbursing policy holders for successful map appeals.
LOOKING TO BUY? LOOKING TO SELL?
FLORIDA'S HOMETOWN REALTOR
VALID ONLY WITH DONNA K.
UPDATES AND MORE.
"She sold my lake lot within 2 months of the date I signed the contract with her. Previously I had it listed for more than 3 years with another realtor with no positive results."
The detailed "results" were?
"I listed with Donna several years ago. Then, I was persuaded by my daughter to sign with a former relative who was a realtor. I asked Donna to allow me to cancel with her, about a week later. She had already put in the time and effort of doing a write-up on the property preparing for the on-Iine listing & taking pictures. But she graciously agreed to allow me to cancel without charging me, which she could have done.
When the property failed to sell after more than 3 years, I canceled the contract with the other realtor (fined with a fee) and called Donna & listed with her. She called me weekly to give me updates on the activity that had taken place. In less than 2 months she had 2 interested parties which resulted in an offer and sale. She had numerous contacts & leads she worked to market the property. She negotiated a good price for me. During the offer & acceptance period, Donna quickly responded to any calls & e-mails I made. She put in extra effort to explain all details about the offer, my choices, closing costs, etc. She made sure I had a comfort level with all documents I would be seeing at close. I had no surprises and all went very smoothly. She showed concern about the location of the closing since it was about 40 minutes away for me. She offered to meet with me at a closer location & then, meet with the buyers at a separate time at the other location. I told her it was no problem for me to drive there. But her priority on convenience for me was an indication of the service I received from Donna.
She always told it like it was. By that I mean, I had views of the current market for land, etc. She showed me sales, values, market activity. She did not try to tell me what she thought I wanted to hear. She would tell me what was happening, as she saw it.
I got more feedback from Donna in the few months from listing the property to close of the sale, than the entire 3 years I had it listed with the previous realtor."