TORTUGA 8710 MIDNIGHT PASS RD 102 SARASOTA FLORIDA 34242 $249,000 Listing # A3910065 This beautifully updated one bedroom Gulf view unit at Tortuga is ready for you this winter. Tortuga is a wonderfully quite and peacefull location on the southern end of Siesta Key. This condominium unit is updated with crown moldings, porcelin tile, new furniture, granite countertops, new wood cabintes and stainless steel appliances. You will love the view of the Gulf of Mexico, private and heated pool.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
TURTLE BAY SEC 2 | 8701 MIDNIGHT PASS RD 204A | SARASOTA | FLORIDA | 34242 | $399,900 | Listing # A3923726 |
TURTLE BAY SEC 2 8701 MIDNIGHT PASS RD 204A SARASOTA FLORIDA 34242 $399,900 Listing # A3923726 Wonderfully maintained and beautifully landscaped Bay Side complex offering pool, tennis, boat docks, beach access. This spacious 2 bedroom, 2 bath unit is light and bright with Southern exposure and FULL BAY VIEWS. Walking distance to restaurants and Turtle Beach Park.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
WHISPERING SANDS SEC 2 | 225 HOURGLASS WAY 105 | SARASOTA | FLORIDA | 34242 | $339,900 | Listing # A3917083 |
WHISPERING SANDS SEC 2 225 HOURGLASS WAY 105 SARASOTA FLORIDA 34242 $339,900 Listing # A3917083 First floor 2 bedroom, 2 bath unit overlooking the lagoon in the beautiful Whispering Sands Complex. This complex is walking distance to the village, has it's own beach access, 2 heated swimming pools, a recreational center, fitness center and many social activities.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
WHITE SANDS VILLAGE | | SARASOTA | FLORIDA | 34242 | $242,500 | Listing # A3921877 |
WHITE SANDS VILLAGE SARASOTA FLORIDA 34242 $242,500 Listing # A3921877
Estate Sale ! MAKE OFFER! ACROSS FROM SIESTA BEACH. 2BR/2BATH, REMODELED KITCHEN WITH PULL-OUT SHELVES , NEW COUNTERS. REMODELED MASTER BATH. ACTIVE FUN CLUBHOUSE AND POOL AREA PLUS BOAT DOCKING! FULLY FURNISHED. SCREENED LANAI. GOOD INCOME RENTAL.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
Estate Sale ! MAKE OFFER! ACROSS FROM SIESTA BEACH. 2BR/2BATH, REMODELED KITCHEN WITH PULL-OUT SHELVES , NEW COUNTERS. REMODELED MASTER BATH. ACTIVE FUN CLUBHOUSE AND POOL AREA PLUS BOAT DOCKING! FULLY FURNISHED. SCREENED LANAI. GOOD INCOME RENTAL.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.com
Prudential Palms Realty
SARASOTA COUNTY PROPERTY TAX
http://www.sarasotataxcollector.com/PROPERTYTAX_PAGES/PT_GeneralInfo.htm
Property Taxes GOT QUESTIONS ABOUT SARASOTA COUNTY PROPERTY TAXES? HOW MUCH WILL IT COST AND WHEN DO I PAY SARASOTA COUNTY TAXES? ALLL OF YOUR QUESTIONS CAN BE ANSWERED HERE.....
Marriott and Garrison Profesional Sarasota Realtors Prudential Palms Realty
http://www.valuesarasotahomes.com/
Property Taxes GOT QUESTIONS ABOUT SARASOTA COUNTY PROPERTY TAXES? HOW MUCH WILL IT COST AND WHEN DO I PAY SARASOTA COUNTY TAXES? ALLL OF YOUR QUESTIONS CAN BE ANSWERED HERE.....
Marriott and Garrison Profesional Sarasota Realtors Prudential Palms Realty
http://www.valuesarasotahomes.com/
Sarasota Surf and Racquet Condominiums:Siesta Key Beach Condos:Waterfront Beachfront Condos for sale
Sarasota Surf and Racquet Condominiums:Siesta Key Beach Condos:Waterfront Beachfront Condos for sale Sarasota Surf and Racquet Club, located on Siesta Key in Sarasota, Florida, is an international island vacation destination for sun and beach loving tourist. Gulf of Mexico views are all here when you purchase your Siesta Key condo at SS&R. Sarasota Surf and Racquet is directly on Siesta Key Beach world famous for it's white sand and warm waters. Siesta Key Beach is annually rated as one of the best beaches in the world. If you are looking for a great vacation, investment, retirement or corporate get away look hard at these great beachfront condominiums. Sarasota Surf and Racquet is only 20 minutes from Sarasota Manatee International Airport and a 1,000,000 miles away from life as usual.
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.comPrudential Palms Realty
Marriott and Garrison Profesional Sarasota Realtors
http://www.ValueSarasotaHomes.comPrudential Palms Realty
I wish I may I wish I might... those in charge had more insight
Bill Garrison Sarasota, Florida wrote:
Wish the Fed would have kept the 1st Time Home Owner Credit and even doubled it. It was working and directly help reduce our inventory and helped those who needed a home and sellers that had to sell. Keeping new home buyers in the pipeline also helped everyone including the local business owners, contractors, and the local tax collectors.
I don’t see how getting a few buck off a kitchen appliance really helped anything. I do know that new homeowners buy new applicances, pay property taxes, help the local economy and a lot more…… It was working so they killed it,,,, Are they doing all of this purpose and trying to make the USA into a third world country or are the really just that stupid ??? I am not a rocket scientist but they aren't smart enough to finger paint! http://www.ValueSarasotaHomes.com
Wish the Fed would have kept the 1st Time Home Owner Credit and even doubled it. It was working and directly help reduce our inventory and helped those who needed a home and sellers that had to sell. Keeping new home buyers in the pipeline also helped everyone including the local business owners, contractors, and the local tax collectors.
I don’t see how getting a few buck off a kitchen appliance really helped anything. I do know that new homeowners buy new applicances, pay property taxes, help the local economy and a lot more…… It was working so they killed it,,,, Are they doing all of this purpose and trying to make the USA into a third world country or are the really just that stupid ??? I am not a rocket scientist but they aren't smart enough to finger paint! http://www.ValueSarasotaHomes.com
Value Sarasota Homes Gallery: Best Value Sarasota homes 3 bed 2 bath pool homes
Value Sarasota Homes Gallery: Best Value Sarasota homes 3 bed 2 bath pool homes
Remember all of those beautiful brand new homes a few year ago that were $499,000, $599,000, $699,000 and more ? Many of us were thinking that we could never afford Sarasota area homes like these. Here are the same homes a few years older reduced 30-50%. Remember all of those beautiful brand new homes a few year ago that were $499,000, $599,000, $699,000 and more ? Many of us were thinking that we could never afford Sarasota area homes like these. Here are the same homes a few years older reduced 30-50%.
Marriott and Garrison Profesional Sarasota Realtors http://www.ValueSarasotaHomes.com
Prudential Palms Realty
Remember all of those beautiful brand new homes a few year ago that were $499,000, $599,000, $699,000 and more ? Many of us were thinking that we could never afford Sarasota area homes like these. Here are the same homes a few years older reduced 30-50%. Remember all of those beautiful brand new homes a few year ago that were $499,000, $599,000, $699,000 and more ? Many of us were thinking that we could never afford Sarasota area homes like these. Here are the same homes a few years older reduced 30-50%.
Marriott and Garrison Profesional Sarasota Realtors http://www.ValueSarasotaHomes.com
Prudential Palms Realty
CASEY KEY | 1416 CASEY KEY RD | NOKOMIS | FLORIDA | 34275 | $5,900,000 | Listing # A3905279 |
CASEY KEY 1416 CASEY KEY RD NOKOMIS FLORIDA 34275 $5,900,000 Listing # A3905279 Enter VIlla Toscana through a secluded circular motor court and you encounter a burnt-Sienna facade, characterized by some as "caramelized adobe". Perfectly in scale with its height and width,it is tranquilly located on the property with wide setbacks from the adjoining properties. As you pass through the stone door surround, wrought iron gates, and heavy mesquite doors carved in San Miguel de Allende, your eye is immediately drawn through the central courtyard, past rows of stone columns, through tall mahogany doors to Little Sarasota Bay, which from this perspective looks like an infinity edge pool. But as quickly as you are pulled outside, you are pulled back to the carved wooden canopy vault that introduces you to the courtyard's vaulted ceiling fireplace and fountain. And then, room after room, your eyes are blazened with exquisite hand-crafted materials: carved book cases, stained glass insets in 8-foot mahogany doors, carved stone pedestals, hand forged railings, and a Renaissance library/dining table. Villa Toscana embodies casual elegance in which the tropical garden filled with native plants 50-years old provides the reason for the villa to exist. A true masterpiece awaits you on Casey Key where you will find no high rises and no traffic lights. Enter VIlla Toscana through a secluded circular motor court and you encounter a burnt-Sienna facade, characterized by some as "caramelized adobe". Perfectly in scale with its height and width,it is tranquilly located on the property with wide setbacks from the adjoining properties. As you pass through the stone door surround, wrought iron gates, and heavy mesquite doors carved in San Miguel de Allende, your eye is immediately drawn through the central courtyard, past rows of stone columns, through tall mahogany doors to Little Sarasota Bay, which from this perspective looks like an infinity edge pool. But as quickly as you are pulled outside, you are pulled back to the carved wooden canopy vault that introduces you to the courtyard's vaulted ceiling fireplace and fountain. And then, room after room, your eyes are blazened with exquisite hand-crafted materials: carved book cases, stained glass insets in 8-foot mahogany doors, carved stone pedestals, hand forged railings, and a Renaissance library/dining table. Villa Toscana embodies casual elegance in which the tropical garden filled with native plants 50-years old provides the reason for the villa to exist. A true masterpiece awaits you on Casey Key where you will find no high rises and no traffic lights.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
CASEY KEY | 507 CASEY KEY RD | NOKOMIS | FLORIDA | 34275 | $6,890,000 | Listing # A3892272 |
CASEY KEY 507 CASEY KEY RD NOKOMIS FLORIDA 34275 $6,890,000 Listing # A3892272
Gulf front classic Mediterranean completed in 08 with every luxury. Marble columns and fireplace surround, Venetian plaster, custom iron railings, gourmet kitchen, paneled library office,2 master suites, luxury baths with marble and onyx. 10 flat screen TVs, 2 laundry centers,numerous patios and terraces,Gulf side pool and spa. Views from every room, wide sandy walking beach plus boat access. Gulf front classic Mediterranean completed in 08 with every luxury. Marble columns and fireplace surround, Venetian plaster, custom iron railings, gourmet kitchen, paneled library office,2 master suites, luxury baths with marble and onyx. 10 flat screen TVs, 2 laundry centers,numerous patios and terraces,Gulf side pool and spa. Views from every room, wide sandy walking beach plus boat access.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
Gulf front classic Mediterranean completed in 08 with every luxury. Marble columns and fireplace surround, Venetian plaster, custom iron railings, gourmet kitchen, paneled library office,2 master suites, luxury baths with marble and onyx. 10 flat screen TVs, 2 laundry centers,numerous patios and terraces,Gulf side pool and spa. Views from every room, wide sandy walking beach plus boat access. Gulf front classic Mediterranean completed in 08 with every luxury. Marble columns and fireplace surround, Venetian plaster, custom iron railings, gourmet kitchen, paneled library office,2 master suites, luxury baths with marble and onyx. 10 flat screen TVs, 2 laundry centers,numerous patios and terraces,Gulf side pool and spa. Views from every room, wide sandy walking beach plus boat access.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
CASEY KEY | 612 S CASEY KEY RD | NOKOMIS | FLORIDA | 34275 | $6,995,000 | Listing # A3914966 |
CASEY KEY 612 S CASEY KEY RD NOKOMIS FLORIDA 34275 $6,995,000 Listing # A3914966 "Oasis by the Sea" is a beachfront estate designed by renowned modern architect Guy Peterson and completed in 2008 by master builder Michael Walker.This home is the Silver winner of SRQ Magazine's Annual Home of the Year award whose aesthetic is defined by a main pavilion providing full beach views through floor-to-ceiling glass for unobstructed, panoramic views of the Gulf. This space is for the sophisticated collector who desires not only a taste of the Hamptons in a perennially warm climate, but a cultural mecca for the visual and performing arts offered by Sarasota. It is of museum quality and elegance--a beach oasis for world travelers with an appreciation of casual elegance. This home, situated on over 1.3 acres, boasts a 5-car garage, 4 bedrooms, 4.5 baths, a home theatre with kitchenette and acoustic walls, 8 place reclining leather seating, 8 camera digital security system with web/TV access, 60 foot salt water lap pool with auto cover, 4' sun lounge,and separate spa, a dedicated workout room, professional landscaping, beach walkover, home generator, 130 mph rated windows/doors, smart home control with Crestron, Litetouch and Lutron controlling audio, lighting,automated shades. For the finest in modern design, and 8 miles of beach on Casey Key with no traffic lights and no high-rise condominiums, this is a unique opportunity to own a magnificent piece of art in architecture. $3 MILLION PRICE REDUCTION FROM ORIGINAL LIST--NOW PRICED BELOW COST TO DUPLICATE.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
CASEY KEY | 2613 CASEY KEY RD | NOKOMIS | FLORIDA | 34275 | $7,995,000 | Listing # A3896915 |
CASEY KEY 2613 CASEY KEY RD NOKOMIS FLORIDA 34275 $7,995,000 Listing # A3896915
DISTINGUISHED PLANTATION STYLE GULF TO BAY ESTATE on 1.6 acres with 17 foot elevation completely remodeled with new floor plan and additions. Hickory and marble floors, gourmet kitchen, large Gulf side pool with concealed cover, tennis court, covered dock, numerous terraces and verandas plus views from every room. House is on Gulf side of road.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
DISTINGUISHED PLANTATION STYLE GULF TO BAY ESTATE on 1.6 acres with 17 foot elevation completely remodeled with new floor plan and additions. Hickory and marble floors, gourmet kitchen, large Gulf side pool with concealed cover, tennis court, covered dock, numerous terraces and verandas plus views from every room. House is on Gulf side of road.
Marriott and Garrison Profesional Sarasota Realtors http://www.valuesarasotahomes.com/
Prudential Palms Realty
Casey Key | 1232 Nor CASEY KEY | Osprey | FLORIDA | 34229 | $10,400,000 | Listing # A310605 |
Casey Key 1232 Nor CASEY KEY Osprey FLORIDA 34229 $10,400,000 Listing # A310605
Casey Key Gulf to Bay on over an acre on private north road, walled and gated with attention to detail throughout. Infinity edge pool, complete summer kitchen, covered dock with lift, 3 fireplaces, c offered ceilings and custom millwork, art glass, 10 an d 12 ft. ceilings, smart house, 24 x 24 light gold travertine floors plus extensive use of imported stone on house and decks. Casey Key Gulf to Bay on over an acre on private north road, walled and gated with attention to detail throughout. Infinity edge pool, complete summer kitchen, covered dock with lift, 3 fireplaces, c offered ceilings and custom millwork, art glass, 10 an d 12 ft. ceilings, smart house, 24 x 24 light gold travertine floors plus extensive use of imported stone on house and decks. http://www.valuesarasotahomes.com/
Casey Key Gulf to Bay on over an acre on private north road, walled and gated with attention to detail throughout. Infinity edge pool, complete summer kitchen, covered dock with lift, 3 fireplaces, c offered ceilings and custom millwork, art glass, 10 an d 12 ft. ceilings, smart house, 24 x 24 light gold travertine floors plus extensive use of imported stone on house and decks. Casey Key Gulf to Bay on over an acre on private north road, walled and gated with attention to detail throughout. Infinity edge pool, complete summer kitchen, covered dock with lift, 3 fireplaces, c offered ceilings and custom millwork, art glass, 10 an d 12 ft. ceilings, smart house, 24 x 24 light gold travertine floors plus extensive use of imported stone on house and decks. http://www.valuesarasotahomes.com/
Sarasota Florida Homes and Condos For Sale:Sarasota Bank Owned Foreclosure Real Estate
Sarasota Florida Homes and Condos For Sale:Sarasota Bank Owned Foreclosure Real Estate
This Sarasota Florida real estate for sale page is loaded with a huge inventory of bargain homes and condos. Wether you are looking for waterfront, beachfront, bank owned foreclosures or just a great place to retire, you will find the best deals here. http://www.valuesarasotahomes.com/sarasota
This Sarasota Florida real estate for sale page is loaded with a huge inventory of bargain homes and condos. Wether you are looking for waterfront, beachfront, bank owned foreclosures or just a great place to retire, you will find the best deals here. http://www.valuesarasotahomes.com/sarasota
Waterfront Sarasota Fl Homes:Sarasota Fl Waterfront Condos:Homes and Condos with a Boat Dock
Waterfront Sarasota Fl Homes:Sarasota Fl Waterfront Condos:Homes and Condos with a Boat Dock Looking for a Sarasota home with a boat dock or a Siesta key waterfront condo? Now could be the best time ever to find a great deal on Sarasota waterfront property. Siesta Key homes and condos are selling briskly and Sarasota homes on salt water canals ( boat dock homes ) are easily found around $299,000.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Professional Sarasota Florida Realtors Pete Marriott and Bill Garrison – PRUDENTIAL PALMS REALTY –
Pete Marriott and Bill Garrison DEAL CHEAP BARGAIN CONDOS IN SARASOTA FLORIDA OK WE HAVE HAD ABOUT 100 REQUEST FOR DEAL CHAEP BARGAIN CONDOS SARASOTA CONDOS THIS WEEK SO HERE THEY ARE......SO CLICK AWAY !
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
SARASOTA FLORIDA selling your home or condo and home valuation staging your home – Prudential Palms Realty 941-735-7424 -Homepage
What is my Sarasota Florida home worth? How long will it take to sell my Sarasota home or condo? Should I short sale my Sarasota Home? How long will it take to short sale and want will it cost ? We certainly get these questions all of the time. There are now easy answers because every situation is different but even in these tuff times most issues can be worked out and resloved. Click the link below to order a free home valuation report.
SARASOTA FLORIDA selling your home or condo
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
SARASOTA FLORIDA selling your home or condo
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Fed official hears local Realtors’ concerns
Fed official hears local Realtors’ concerns BANK OWNED REO FORECLOSURE SARASOTA HOMES When you look at our Sarasota Bank Owned page you will quickly notice that there are not many Bank Owned REO Sarasota County homes usually about 100. Why is that? Well my quess is that Bank Owned foreclosure homes can close in 30 to 60 days. Bank Owned homes are virtually the same as a regular home for sale and don't have the awful reputation that Short Sale properties have earned. I have listed and accepted offers on bank owned homes in less than a week. Short Sale home can tak up to a year to close. FIXING ALL OF THE SHORT SALE STUPIDITY CAN HELP US GET OUT OF THIS MESS ! Prudential Palms Realty http://www.valuesarasotahomes.com/
CASEY KEY IN SARASOTA OSPREY NOKOMIS FLORIDA LUXURY WATERFRONT beachfront bayfront ESTATE HOMES FOR SALE - Homepage
CASEY KEY IN SARASOTA OSPREY NOKOMIS FLORIDA LUXURY WATERFRONT beachfront bayfront ESTATE HOMES FOR SALE - Homepage This is the home to luxury estate beachfront Gulf Of Mexico homes. Casey Key waterfront homes are fabulous and some of the finest you will find in Sarasota County. Casey Key covers Osprey and Nokomis Florida and streches from Siesta Key to Venice Florida.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Siesta Key Waterfront Real Estate:Siesta Key Homes For Sale
Siesta Key Waterfront Real Estate:Siesta Key Homes For Sale Get a great deal on a Siesta Key home. Siesta Key properties are starting at under $300,000. Check our Siesta Key Waterfront homes page for a bargain island home.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty http://www.valuesarasotahomes.com/
VENICE BEACH APTS SEC 1 | 100 THE ESPLANADE 12 | VENICE | FLORIDA | 34285 | $299,900 | Listing # N5768876 |
VENICE BEACH APTS SEC 1 100 THE ESPLANADE 12 VENICE FLORIDA 34285 $299,900 Listing # N5768876 LOOKING FOR A WATERFRONT / BEACHFRONT CONDO IN VENICE FLORIDA? LOCATED ON VENICE ISLAND, THIS 2/2 CONDOMINIUM IS LOCATED DIRECTLY ACCROSSED THE STREET FROM VENICE BEACH! FULL GULF AND BEACH VIEWS AND VERY CLOSE TO DOWNTOWN VENICE AND THE SOUTH VENICE JETTY. CALL PETE MARRIOTT AND BILL GARRISON FOR SHOWINGS. 941-400-2307
http://www.valuesarasotahomes.com/
http://www.valuesarasotahomes.com/
APPROVED SHORT SALE 930 Trotter Nokomis Florida 34275 Pool Home for sale 1 acre 4 car garage - Homepage
APPROVED SHORT SALE 930 Trotter Nokomis Florida 34275 Pool Home for sale 1 acre 4 car garage - Homepage Wow Here is a 1 plus arce Mission Valley Pool Home built in 2000! This wonderful home features 4 bedrooms, 3 full baths and a huge kitchen. MAN CAVE there is in addition to the attached 2 car garage an additionl 2.5 car garage for all of your toys a total of 4.5 cars... http://www.valuesarasotahomes.com/
Federal Trade Comission / FREE CREDIT REPORTS
Want a FREE CREDIT REPORT with no strings attached ? I found this link one the Federal Trade Commission's website http://www.ftc.gov/freereports that reports there are no strings attached and is the only authorized FTC credit report vendor.. Many "FREE" site will give you a free report only after you purchase credit insurance on want a credit card so they can charge you for on going credit monitoring.
If you are seriously looking to buy this is a "must do" before you start the process. Recently I worked with and couple trying to purchase their first home in Osprey, Florida. This home was a short sale and $40,000 under other homes in the neighborhood, An extremely good buy and would have made a perfect home. LONG STORY SHORT, the husbands credit dropped my 75 points over a credit reporting error that could have been fixed if discovered early in the process. They missed getting their dream home over FOUR points on his credit report. Also, most of the Sarasota home sellers and Realtors I know won't even consider writing an offer or or accepting a one without a preapproval mortgage letter. Waiting till you find a great deal to check your credit is too late! http://www.ValueSarasotaHomes.com
A Good Time to Buy? Yes, But No Need to Rush - Developments - WSJ
A Good Time to Buy? Yes, But No Need to Rush - Developments - WSJ 4:18 pm March 27, 2010
Bill Garrison Sarasota,Florida wrote: The high end seems to be very slow here in SW Florida. While actual numbers of Sarasota, Florida real estate sales approach ‘04 and ‘05, the home and condo sale prices are about half or 2002 pricing. I would much rather list (5) $200K homes than a luxury estate home valued at $2,000,000. The (5) $200k homes would be sold and closed in a few months vs a large estate homes that might be with me for years…. and wants to work for years without getting paid? … Bank owned foreclosure homes and conods are easy to sell with usually a only take a few extra weeks to close. SHORT SALE real estateis still a huge mess until they are approved.
HEY NICK ! Who are the real players in JUMBO lending today ? Who is actually looking for and writing this business and at what rates vs conventional loans? That might make a great article…..
That’s my $000,000.02 bg http://www.valuesarasotahomes.com/
Bill Garrison Sarasota,Florida wrote: The high end seems to be very slow here in SW Florida. While actual numbers of Sarasota, Florida real estate sales approach ‘04 and ‘05, the home and condo sale prices are about half or 2002 pricing. I would much rather list (5) $200K homes than a luxury estate home valued at $2,000,000. The (5) $200k homes would be sold and closed in a few months vs a large estate homes that might be with me for years…. and wants to work for years without getting paid? … Bank owned foreclosure homes and conods are easy to sell with usually a only take a few extra weeks to close. SHORT SALE real estateis still a huge mess until they are approved.
HEY NICK ! Who are the real players in JUMBO lending today ? Who is actually looking for and writing this business and at what rates vs conventional loans? That might make a great article…..
That’s my $000,000.02 bg http://www.valuesarasotahomes.com/
Nokomis, Florida 1044 Sorrento Woods Blvd Home for sale 3 bed 2 bath Pool home for Sale $299,000
Nokomis, Florida Sorrento Woods Home for sale 3 bed 2 bath Pool home for Sale $299,000
Here is a beautiful Sarasota County homes for sale that's remodeled from top to bottom in Sorrento Woods. This Nokomis, Fl pool home is move in ready complete with new roof, floor, doors, kitchen and baths. Great location and price and ready for you ! MAKE US AN OFFER ! http://www.valuesarasotahomes.com/
Here is a beautiful Sarasota County homes for sale that's remodeled from top to bottom in Sorrento Woods. This Nokomis, Fl pool home is move in ready complete with new roof, floor, doors, kitchen and baths. Great location and price and ready for you ! MAKE US AN OFFER ! http://www.valuesarasotahomes.com/
Take Three: Will Congress Extend the Home Buyer Tax Credit?
I don’t know about the rest of the country but the tax credit has helped out many Sarasota real estate buyers. I personally have helped a dozen First Timers buy and they were most motivaed to purchase because this credit was available. WHAT OTHER federal program out there directely helps so many individuals? Billions are being thrown away to bail out corporate America but what else is being done for the average person? MORE needs to be done…not less That’s My $000,000.02 bg
READ WSJ ARTICLE http://blogs.wsj.com/developments/2010/02/22/take-three-will-congress-extend-the-home-buyer-tax-credit/
READ WSJ ARTICLE http://blogs.wsj.com/developments/2010/02/22/take-three-will-congress-extend-the-home-buyer-tax-credit/
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Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Advanced Real Estate Searches
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Real Estate Investor's Hot Sheet
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Value Gallery Homes 3/2 + Pool $199- $399K
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Sarasota County Bank Owned Homes
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Sarasota and Mantee Waterfront Real Estate
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
- Neighborhood Real Estate Search
- Sarasota Florida real estatae for sale including MLS listed bank owned foreclosure homes, condos and foreclosed waterfront, beachfront and bayfront properties.
Golf Course Sarasota Florida Homes and Condos
Getting ready to retire? Love to play golf ? What about a great vacation home and possible investment property. You should look at Sarasota, Florida as a great place to retire and play. Sarasota Has over 150 golf courses and hundreds of golf course homes and condos for sale. Sarasota real estate is a real bargain right now including all of the area golf course real estate. Whether you are looking for a small condo or a large estate home, there is a golfing community in your budget. Manatee County including Bradenton, Lakewood Ranch and Longboat Key alson has a huge inventory of golfing community residences. For all the details for sarasota and Manatee County golf course community homes and condos go to: http://www.valuesarasotahomes.com/GOLF-COURSE-HOMES-CONDOS
Area homes and condos for sale
SARASOTA BRADENTON LAKEWOOD RANCH OSPREY NOKOMIS VENICE
Sarasota area golf courses
Bent Tree Bobby Jones Golf Course Bobcat Trail Boca Royale Country Club Capri Isles Golf Club Calusa Lakes Golf Club Concession Golf & Country Club
Area homes and condos for sale
SARASOTA BRADENTON LAKEWOOD RANCH OSPREY NOKOMIS VENICE
Sarasota area golf courses
Bent Tree Bobby Jones Golf Course Bobcat Trail Boca Royale Country Club Capri Isles Golf Club Calusa Lakes Golf Club Concession Golf & Country Club
Founders Club Heritage Oaks Golf & C C Heron Creek Golf & Country Club Laurel Oak Country Club Lemon Bay Golf Club Longboat Key Club
Meadows Country Club Misty Creek Golf Club Myakka Pines Golf Club Oak Ford Golf Club Oaks Club Oyster Creek Golf Club Palm Aire Country Club
Meadows Country Club Misty Creek Golf Club Myakka Pines Golf Club Oak Ford Golf Club Oaks Club Oyster Creek Golf Club Palm Aire Country Club
BEST DEALS Sarasota Homes:http://www.valuesarasotahomes.com/valuegallery
Top Sarasota Real Estate Search Page http://www.valuesarasotahomes.com/valuegallery
Looking for the best deals, best bargains, best values on Sarasota, Florida, Siesta Key, Lakewood Ranch, Osprey, Nokomis, Venice homes and condos? This Sarasota real estate site is updated daily so all you have to do is click and you'll have the latest and greatest home values instantly.
$199,000 to $399,000 / Swimming Pool Homes / 10 yrs or less old / 3+ bedrooms / 2+ baths / SARASOTA, OSPREY, NOKOMIS, VENICE, LAKEWOOD RANCH
Looking for the best deals, best bargains, best values on Sarasota, Florida, Siesta Key, Lakewood Ranch, Osprey, Nokomis, Venice homes and condos? This Sarasota real estate site is updated daily so all you have to do is click and you'll have the latest and greatest home values instantly.
$199,000 to $399,000 / Swimming Pool Homes / 10 yrs or less old / 3+ bedrooms / 2+ baths / SARASOTA, OSPREY, NOKOMIS, VENICE, LAKEWOOD RANCH
You don't have to shop dozens of sights imputing endless about of criteria and remembering all of those user names and passwords. If you are looking for a great homes at the best price just visit our Value Gallery. These home are all built in 2000 or later, Value Gallery Homes are all 3 bedroom plus and 2 bathroom plus. We have limited the price on all of these fine Sarasota Area home between $199,000 and $399,000. Pete Marriott and Bill Garrison Professional Sarasota Realtors Prudential Palms realty http://www.valuesarasotahomes.com/
Fwd: Sarasota Real Estate Sale Activity
Here are some new sales numbers on Sarasota, Florida homes and condos from the MLS. The pending real estate sales are huge totaling 1224 and probably enhanced by the number of short sales in this market delaying closings. The available MLS Sarasota homes and condos for sale in Sarasota are 3586. Sarasota real estate closings total 365 this year.
Not Snowing in Sarasota, Florida
Weather is probably the best reason to buy a home or condo in Sarasota, Florida.
I am working today and I am wearing shorts, deck shoes and and a short sleeve shirt today because I can. I love to go to Siesta Key and Siesta Beach and will probably walk the beach today. I don't swim in the winter because the water temp is around 60 degrees but is over 80 degrees about 8 months a year. I can't say that I hate snow but I don't miss snow shovels, jumper cables, frozen locks, busted water pipes and electric blankets. Last night I slept with the bedroom window open! Sarasota, Florida real estate is a bargin you should not pass up.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
I am working today and I am wearing shorts, deck shoes and and a short sleeve shirt today because I can. I love to go to Siesta Key and Siesta Beach and will probably walk the beach today. I don't swim in the winter because the water temp is around 60 degrees but is over 80 degrees about 8 months a year. I can't say that I hate snow but I don't miss snow shovels, jumper cables, frozen locks, busted water pipes and electric blankets. Last night I slept with the bedroom window open! Sarasota, Florida real estate is a bargin you should not pass up.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Sarasota Florida’s Real Estate Market Is Heating Up | Press Release
Sarasota Florida’s Real Estate Market Is Heating Up Press Release
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Fannie to offer closing cost aid on foreclosures
This is a fantastic bonus and should help the Sarasota, Florida real estate market get back to normal. First Time Home Buyer Credit, Long Time Home Owner Credit and now the Fannie Clocing Cost Credit with mortgage rates still around 5% should help sell a lot of inventory. Anybody ready to buy a Sarasota home or condo should take action now before all of these great incentives are gone.
Fannie to offer closing cost aid on foreclosures
WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.
Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more.
In addition, some Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3 percent down.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," Terry Edwards, executive vice president for credit portfolio management, said in a statement.
© 2010 Florida Realtors®
Fannie to offer closing cost aid on foreclosures
WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.
Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more.
In addition, some Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3 percent down.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," Terry Edwards, executive vice president for credit portfolio management, said in a statement.
© 2010 Florida Realtors®
Sarasota Fl and Siesta Key Lifestyles Vacation and Real Estate Guide:Siesta Key Chamber of Commerece links
Sarasota Fl and Siesta Key Lifestyles Vacation and Real Estate Guide:Siesta Key Chamber of Commerece links
Are you looking for a great place to retire with lots of new and interesting thing to do ? Sarasota, Florida has the best of everything to offer. Home and condo prices are very affordable and Sarasota is loaded with beaches, attractions, and activities for everyone. Waterfront, beach front, luxury home or budget condo it doesn't matter because where or how much you spend you'll still enjoy everything Sarasota, florida has to offer.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Are you looking for a great place to retire with lots of new and interesting thing to do ? Sarasota, Florida has the best of everything to offer. Home and condo prices are very affordable and Sarasota is loaded with beaches, attractions, and activities for everyone. Waterfront, beach front, luxury home or budget condo it doesn't matter because where or how much you spend you'll still enjoy everything Sarasota, florida has to offer.
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Sarasota Florida Homes Condos Waterfront Bank Owned Real Estate for Sale
Sarasota Florida Homes Condos Waterfront Bank Owned Real Estate for Sale
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
Marriott and Garrison Profesional Sarasota Realtors
Prudential Palms Realty www.ValueSarasotaHomes.com
FINDING SARASOTA, FLORIDA WATERFONT HOMES / DEEDED PRIVATE BEACH HOMES / HOMES WITH A BOAT DOCK
Last November the MLS made some great new changes in the way we searches for waterfront, beach front and bay real estate. What was often a frustrating task to find is now fast and accurate. Sarasota, Florida offers some of the best waterfront homes and condos for sale anywhere in the US. So now it's easy to find a Sarasota home with a boat dock or a private beach. Here are a few links you will find on my Waterfront Homes page. Have Fun and click away!
Homes Private/Deeded Beach Map Search Waterfront Homes and Condos Homes on the Intracoastal Homes with a Boat Dock Siesta Key Waterfront Condos
Homes Private/Deeded Beach Map Search Waterfront Homes and Condos Homes on the Intracoastal Homes with a Boat Dock Siesta Key Waterfront Condos
Looks like good news to me !
Could this be the end of the middle or begining of the end to Sarasota's housing mess? There are 454 Sarasota homes for sale between 0 and $100,000 and 201 of them or 46% are pending and under contract for sale. Of the 650 homes Sarasota, Florida homes for sale between $100,000 and $200,000, 261 of these homes or 40% were pending sale. Venice, Florida homes for sale under $200,000 are following with total available homes at 408 and 157 or 38% under contract and pending sale. IF IT WASN'T FOR SHORTS SALE TAKING FOREVER TO CLOSE our total inventory of homes for sale and days to closed would look much better!
Siesta Key Waterfront and Sarasota Bay Front Condos
Today I showed waterfront and bay front condominiums on Siesta Key and downtown Sarasota to Clare and Bob from Cleveland, Ohio. I was shocked when I pulled up the lack of inventory for Siesta Key and downtown bay front Sarasota condos. The deals are moving and it looks like were bouncing off the bottom.
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
Osprey, Florida Southbay Homes for Sale / Deep Water Marina
Sarasota County Homes for sale in Osprey, Florida, If you are looking for a wonderful neighborhood with a deep water marina, I highly recommend SOUTHBAY Yatch and Racquet Club located in Osprey, Florida. Southbay features a fabulous deep water marina for boats up to 65 feet and professional tennis facilities. Located about a mile away from Pine View school and close to Westfield Mall and Palmer Ranch, Southbay is the perfect location for everyone.
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
Sarasota Real Estate Sales up 52%
Here is some good news from the Sarasota Board of Realtors. The Sarasota Real Estate Market is coming on strong with 648 properties sold in December, 2009. This is a 52% increase over December, 2008 Sarasota sales of homes and condos and is the best sales month since in 33 months dating back to March '07. Sarasota home and condo inventory has fallen dramatically from the 2008 high of 13,000 down to December '09 level of 6,000 units for sale. Hey Pete ! Can I have a Raise? 1/15/10 bg
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
SARASOTA SALES ACTIVITY
The phone are ringing at Prudential Palmes Realty ! The Sarasota Real Estate market seems to getting much stronger. Bank owned Sarasota Homes and Condos are in demand with only 100 or so available for sale in Sarasota County. Recently I have seen many bank owned foreclosures sell in a few days. All of the bargin Siesta Key condos are selling briskly and we are getting 8 or more email inquires from around the country and Europe about Real Estate for sale in Sarasota. Pete Marroitt is very busy showing Sarasota and Venice golf course homes and waterfront homes and condos.
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty
http://www.valuesarasotahomes.com/
http://www.valuesarasotahomes.com/
TAKE A WALK
Ok ....I agree with you there are many good reasons to TAKE A WALK. Many Floridans are head scratching and weighing their options right now and walking away from Home Sweet Home is one of them .
If you have lost your job and now your VP status has been reduced to shelf stocking at Wally World and your daughter just started her first year in college....That's probably a great reasons to take a walk. You just turned 67, your are upside down $200k and you are facing your third back surgery while your employer has been hiring lots of young guys, maybe it's time to take a walk.
Unfortunately, I am starting to hear of people devising all kinds of odd and self-serving excuses that take advantage of this mess. They are professional victims just the like the people that show up after every Florida hurricane to benefit from the situation and others misfortune. Or middle-class people that stand in line for hours for free cheese that was intended to feed the hungry.
"THE NATURAL LIGHTING IN THIS HOUSE ISN'T RIGHT AND I CAN'T SELL IT SO I THINK I'LL JUST LET IT GO INTO FORECOLSURE"
I was present to hear all about this unfortunate tragedy when a home decorating junkie was discussing her personal housing crisis. It's people like this that will certainly prolong the end to the mess we are all in. How long will all of this last? When will it all end? I don't know but please cut me a hunk of that free cheese. I'll eat it tonight on my 10 minute break at Wally World.
Here's a good read. Be sure to click on the interactive map.
http://online.wsj.com/article/SB126100260600594531.html#project%3DSTRATEGIC_DEFAULTS_0912%26articleTabs%3Darticle
If you have lost your job and now your VP status has been reduced to shelf stocking at Wally World and your daughter just started her first year in college....That's probably a great reasons to take a walk. You just turned 67, your are upside down $200k and you are facing your third back surgery while your employer has been hiring lots of young guys, maybe it's time to take a walk.
Unfortunately, I am starting to hear of people devising all kinds of odd and self-serving excuses that take advantage of this mess. They are professional victims just the like the people that show up after every Florida hurricane to benefit from the situation and others misfortune. Or middle-class people that stand in line for hours for free cheese that was intended to feed the hungry.
"THE NATURAL LIGHTING IN THIS HOUSE ISN'T RIGHT AND I CAN'T SELL IT SO I THINK I'LL JUST LET IT GO INTO FORECOLSURE"
I was present to hear all about this unfortunate tragedy when a home decorating junkie was discussing her personal housing crisis. It's people like this that will certainly prolong the end to the mess we are all in. How long will all of this last? When will it all end? I don't know but please cut me a hunk of that free cheese. I'll eat it tonight on my 10 minute break at Wally World.
Here's a good read. Be sure to click on the interactive map.
http://online.wsj.com/article/SB126100260600594531.html#project%3DSTRATEGIC_DEFAULTS_0912%26articleTabs%3Darticle
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty .
http://www.valuesarasotahomes.com/
http://www.valuesarasotahomes.com/
WHEN SHOULD I BUY OR SELL ?
I am constantly ask by my clients when will be the best time to buy a new home or condo. If you are trading up, losing on your present home or condo can be an advantage since the new home you will be buying is also being sold at a discount, (IE) The $300,000 home or condo you purchased in 2005 is sold for $150,000 but your new home that sold for $600,000 a few years ago is now available for $300,000. Your $150,000 loss turns into a $300,000 gain. You gain more on the new Sarasota real estate you purchase more than you lose on your last home or condo you just sold when trading up. If you purchased you present home before that BOOM then buying now can be a win situation all around.
If you simply need a place to live (IE) just moving to Sarasota, my short answer is I doesn't matter if you need a place to live in the near future and you plan to live in your new home for 10 plus years. " Let's find the best priced homes or condos that meet all of your criteria and in your perfect location. After viewing these homes we'll determine which of these is truly the best deal. Finally, tell me if you love this home " It's like buying stock in a quality company. It doesn't matter when you buy. It is what you buy and how long are you going to keep it. If you are in the Sarasota Housing market short term housing RENT! The Sarasota real estate market is priced righ for almost everyone. You can buy Sarasota, Florida waterfront beach condo on Siest Key righ now for under $300,000 or a spacious almost new pool home for under $300,000 in a upscale city, Sarasota, Florida.
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
Wall STREET JOURNAL SAYS NO ONE IS INTERESTED IN LOWER RATES!
TWO LITTLE WORDS.......APPRASIAL ISSUES
You can't get excited about interest reats if you can't refinance or buy. Real estate could quickly rebound and everyone would refinance if it weren't for two little words " Appraisal Issues" We are all just renting our homes from the lenders until we someday actually pay off the mortgage. When our "rent" declines by 25%, which the rates have fallen that much since their highs in 2008, it would make sense that everyone would jump at the chance to buy and refi now. On a $200,000 mortgage you would save about $2,500 / yr P&I. If you have appraisal issues then you can't refinance and If you are upside down can't sell so you can't buy again.
Fear of Loss ( not ever being able to afford a home if you don't buy now) and ease of access to mortgage money is what fueled our last boom and drove the US economy. The Fed doubling short term interest rates
raising rates 17 rimes in 18 months is what sunk us and started the downward spiral. So here we are today in the winter of 2009, stuck in the mud, 4 years after the 2005 peak. Getting rid of appraisal requirements for rate and term refinances and making mortgage purchase easier for buyers is a step in the right direction.... That's my $000,000.02 Bill Garrison Sarasota, Fl www.ValuesarasotaHomes.Com is full of Bank Owned foreclosures and Short Sale properties for sale in Sarasota and Manatee County, Florida That's my $000,000.02
You can't get excited about interest reats if you can't refinance or buy. Real estate could quickly rebound and everyone would refinance if it weren't for two little words " Appraisal Issues" We are all just renting our homes from the lenders until we someday actually pay off the mortgage. When our "rent" declines by 25%, which the rates have fallen that much since their highs in 2008, it would make sense that everyone would jump at the chance to buy and refi now. On a $200,000 mortgage you would save about $2,500 / yr P&I. If you have appraisal issues then you can't refinance and If you are upside down can't sell so you can't buy again.
Fear of Loss ( not ever being able to afford a home if you don't buy now) and ease of access to mortgage money is what fueled our last boom and drove the US economy. The Fed doubling short term interest rates
raising rates 17 rimes in 18 months is what sunk us and started the downward spiral. So here we are today in the winter of 2009, stuck in the mud, 4 years after the 2005 peak. Getting rid of appraisal requirements for rate and term refinances and making mortgage purchase easier for buyers is a step in the right direction.... That's my $000,000.02 Bill Garrison Sarasota, Fl www.ValuesarasotaHomes.Com is full of Bank Owned foreclosures and Short Sale properties for sale in Sarasota and Manatee County, Florida That's my $000,000.02
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
“Jurassic Park ”
7:39 am December 11, 2009
Bill Garrison , Sarasota Fl wrote:
Why Loan Modifications Are Like “TITANIC” and we need a Life Boat !
So many Americans bought a ticket on the USS TO BIG TO FAIL… MR Greenspan advised us to use adjustable rate mortgages. The White House said every American should buy a home. FNMA allowed borrowers to buy up to 10 investment properties. Moodys and S&P rated all of those junk CDOs as AAA…. and the ship sank….. Now Americans need a life boat…. Were are the life boats? You don’t want to help out American familys because it might impact government agencys? Really sad to see what’s happening to our country … That’s my $000,0000.02 bg
1:06 am December 10, 2009
Grrrrrrrrrr........... wrote:
Oh….Jeepers maybe B of A will have to sell one of it’s 17 corp jets….. What’s gonna happen to the P&L’s of those lenders and pension funds when a potential 1,000,000 mortgages go into default and the monthly payments turn into $0.00. Hmmm…Wonder if all of the appliances will vanish and maybe in a few years “home sweet home” will finally get sold at 50% of the could have been save mortgage. Oh and how many people do you know that have kept their home for fourty years? 20 years? 10 ? Death, divorce, job relocation, retirement and a hundred other reasons would keep most modifications lasting only a fraction of that term. Most just want a to keep roof over their heads until this economy shakes out. A discounted mortgage has got to be better than monthly payments tunring to $0,00 and an eventual 50% off sale on what’s left of the property …… It’s almost Christmas and I need my $1,000,000 bonus, Is it in the mail ?
December 9, 2009, 5:24 PM ET Why Loan Modifications Are Like ‘Jurassic Park’
By James R. Hagerty
Everett Collection
Controlling the dinosaurs in “Jurassic Park” proved difficult. As he appeared before the House Financial Services Committee Tuesday to discuss the slow progress of government efforts to force lenders to ease payment terms on home mortgages, Anthony B. Sanders was reminded of the movie “Jurassic Park.”
It might be possible to bring dinosaurs back to life, but does that make it a good idea? Similarly, says Dr. Sanders, a professor of real estate finance at George Mason University, it might be possible to slash interest rates on millions of loans, but that doesn’t mean we should.
What if the government’s Home Affordable Modification Program somehow finally gains traction and manages to reduce interest rates to 2% on millions of loans and extend their terms to 40 years? That would just create fresh problems, Dr. Sanders says.
“Our banking industry, Fannie Mae, Freddie Mac and our Federal Reserve would now be sitting on trillions of dollars of mortgages, many at super-low interest rates and stretched maturities to 40 years,” he writes. Any rise in inflation and interest rates would then slash the value of those mortgages. “When one considers the precarious balance sheets of our lending institutions and our government agencies, we should think very, very carefully about loading up their balance sheets with these mortgages,” he warns, adding:
“Congress and the Administration should bear in mind that it is not just the banks that will suffer, but our pension funds, our own government agencies and the viability of the economy going forward.” Banks would be “stuck with low-interest, long-maturity loans on their books that will prevent them from lending to other borrowers or small businesses for a long, long time.”
The solution, he says, is to encourage financial institutions to sell distressed loans and mortgage securities at big discounts from face value to private investors, who could then restructure the loans on realistic terms related to today’s house prices. Such sales would force banks and other financial institutions to book big losses, but perhaps regulators could allow those losses to be absorbed in stages over five years.
If U.S. financial institutions don’t clean up their balance sheets by shedding dud assets soon, “we will make the Japanese zombie banks look the role model for a healthy financial system,” Dr. Sanders says.
But what about all those borrowers struggling to avoid foreclosure? “The (loan) servicers and financial institutions should be able to modify distressed loans as they see as economically appropriate,” Dr. Sanders says. “After all, these are private market contracts between borrowers and lenders.”
Please follow me for housing news on Twitter at: http://twitter.com/jamesrhagerty
Bill Garrison , Sarasota Fl wrote:
Why Loan Modifications Are Like “TITANIC” and we need a Life Boat !
So many Americans bought a ticket on the USS TO BIG TO FAIL… MR Greenspan advised us to use adjustable rate mortgages. The White House said every American should buy a home. FNMA allowed borrowers to buy up to 10 investment properties. Moodys and S&P rated all of those junk CDOs as AAA…. and the ship sank….. Now Americans need a life boat…. Were are the life boats? You don’t want to help out American familys because it might impact government agencys? Really sad to see what’s happening to our country … That’s my $000,0000.02 bg
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty .
1:06 am December 10, 2009
Grrrrrrrrrr........... wrote:
Oh….Jeepers maybe B of A will have to sell one of it’s 17 corp jets….. What’s gonna happen to the P&L’s of those lenders and pension funds when a potential 1,000,000 mortgages go into default and the monthly payments turn into $0.00. Hmmm…Wonder if all of the appliances will vanish and maybe in a few years “home sweet home” will finally get sold at 50% of the could have been save mortgage. Oh and how many people do you know that have kept their home for fourty years? 20 years? 10 ? Death, divorce, job relocation, retirement and a hundred other reasons would keep most modifications lasting only a fraction of that term. Most just want a to keep roof over their heads until this economy shakes out. A discounted mortgage has got to be better than monthly payments tunring to $0,00 and an eventual 50% off sale on what’s left of the property …… It’s almost Christmas and I need my $1,000,000 bonus, Is it in the mail ?
December 9, 2009, 5:24 PM ET Why Loan Modifications Are Like ‘Jurassic Park’
By James R. Hagerty
Everett Collection
Controlling the dinosaurs in “Jurassic Park” proved difficult. As he appeared before the House Financial Services Committee Tuesday to discuss the slow progress of government efforts to force lenders to ease payment terms on home mortgages, Anthony B. Sanders was reminded of the movie “Jurassic Park.”
It might be possible to bring dinosaurs back to life, but does that make it a good idea? Similarly, says Dr. Sanders, a professor of real estate finance at George Mason University, it might be possible to slash interest rates on millions of loans, but that doesn’t mean we should.
What if the government’s Home Affordable Modification Program somehow finally gains traction and manages to reduce interest rates to 2% on millions of loans and extend their terms to 40 years? That would just create fresh problems, Dr. Sanders says.
“Our banking industry, Fannie Mae, Freddie Mac and our Federal Reserve would now be sitting on trillions of dollars of mortgages, many at super-low interest rates and stretched maturities to 40 years,” he writes. Any rise in inflation and interest rates would then slash the value of those mortgages. “When one considers the precarious balance sheets of our lending institutions and our government agencies, we should think very, very carefully about loading up their balance sheets with these mortgages,” he warns, adding:
“Congress and the Administration should bear in mind that it is not just the banks that will suffer, but our pension funds, our own government agencies and the viability of the economy going forward.” Banks would be “stuck with low-interest, long-maturity loans on their books that will prevent them from lending to other borrowers or small businesses for a long, long time.”
The solution, he says, is to encourage financial institutions to sell distressed loans and mortgage securities at big discounts from face value to private investors, who could then restructure the loans on realistic terms related to today’s house prices. Such sales would force banks and other financial institutions to book big losses, but perhaps regulators could allow those losses to be absorbed in stages over five years.
If U.S. financial institutions don’t clean up their balance sheets by shedding dud assets soon, “we will make the Japanese zombie banks look the role model for a healthy financial system,” Dr. Sanders says.
But what about all those borrowers struggling to avoid foreclosure? “The (loan) servicers and financial institutions should be able to modify distressed loans as they see as economically appropriate,” Dr. Sanders says. “After all, these are private market contracts between borrowers and lenders.”
Please follow me for housing news on Twitter at: http://twitter.com/jamesrhagerty
They Just Don't Get It !
Here's a real estate up date that's part of my Wall Street Journal RSS feed you'll find at the bottom of http://www.valuesarasotahomes.com/ and my reply
By Nick Timiraos
As the Federal Housing Administration begins considering how to pull back from its expanded share of the U.S. mortgage market, the agency could face pressure from some lawmakers and those in the real-estate industry who don’t want the FHA to do anything too dramatic.
Lawmakers from high-cost housing districts, for example, want to ensure that the FHA doesn’t disappear from their neighborhoods. They’ve introduced a bill that would make permanent the higher loan limits that Congress temporarily expanded last year. That allowed the agency to insure loans as large as $729,750 in the nation’s most expensive housing markets, up from a $362,000 national cap. California now accounts for around 13% of FHA-backed loans, up from less than 2% during the housing boom, partly because of the higher limits.
Without the higher county-by-county adjustments, “many areas of the country will not get the benefit of the FHA,” said Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee. “We didn’t think it was fair for California to be frozen out of the program.” Mr. Frank said he thinks limits should be increased to around $800,000.
Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development, said the agency believes the expanded loan limits should be temporary. The larger loans account for less than 2% of all FHA-backed loans. While default rates are slightly lower than on all FHA-backed loans, the loans have little seasoning, because the FHA only began insuring larger loans last year.
Other lawmakers, meanwhile, want to bring back programs that allowed borrowers to receive FHA-backed loans without making down payments. Congress last year ended widely-used programs that had allowed sellers to fund down payments to borrowers through non-profit charities, and the FHA says that those programs have eroded the net worth of the agency’s reserves by $10.5 billion. At Wednesday’s hearing, Reps. Al Green (D., Texas) and Gary Miller (R., Calif.) pressed for the FHA to find new ways that would let buyers qualify for FHA backed loans without making down payments.
“Let’s develop a program for persons who can pay for a home but who are without the necessary down payment,” said Mr. Green, who said he nonetheless understood why there was “a great deal of consternation” over the seller-funded down payment programs.
FHA borrowers are still able to use gifts from state housing finance agencies or relatives to make down payments. Housing officials are unlikely to support any effort to bring back the seller-funded gift program. “The biggest concern and issue is about having an interested party in the transaction providing a down payment,” said Mr. Donovan. “That has been what has led to the incentives that led the program in the wrong direction.”
1:39 pm December 7, 2009
Bill Garrison wrote:
I certainly agree with Al Green and Gary Miller. Why not lower the down payment requirement to 0% for those who would otherwise qualify for a mortgage. Does a few thousand dollars down payment really make a difference? Maybe someone has a 6 year old medical collection on their credit report due to a health insurance error and that has lowered the borrowers credit score to a 639 instead of the new 640 minimum. Does that really have a Bering on the likelihood of a future foreclosure?
How about 0% down only for those persons buying an existing foreclosure property and lowering the credit score requirement back to 580? I bet that would eat up a lot or those foreclosed homes and condos.
It;s more about cash flow thn it is about downpayment. There are many people than don’t have the DP but do have a great income stream. Let’s use up all of this excess housing inventory and put people in these homes vacant homes before they deteriorate into unusable tear down properties. The whole purpose FHA was created was to help people get into homes that did not qualify for a Fannie or Freddy mortgage. If FHA is going broke then they could recoup some of their losses and resale these properties. Maybe the FED should subsidise the monthly insurance premium giving FHA more income and helping the new home owner afford the new mortgage. A few bucks a month from Uncle Sam is better that letting FHA homes set empty only to be eaten up by termites and rotting away until they are uninhabitable.
I am a Sarasota, Florida Realtor and have seen many nice homes and condos turn into really awful shacks due to neglect. http://www.ValueSarasotaHomes.com/BANKOWNED
It seems like there is took much finger pointing and not enough common sense and an unwillingness to take action. That’s my $000,000.02 Bill Garrison Sarasota, Fl
By Nick Timiraos
As the Federal Housing Administration begins considering how to pull back from its expanded share of the U.S. mortgage market, the agency could face pressure from some lawmakers and those in the real-estate industry who don’t want the FHA to do anything too dramatic.
Lawmakers from high-cost housing districts, for example, want to ensure that the FHA doesn’t disappear from their neighborhoods. They’ve introduced a bill that would make permanent the higher loan limits that Congress temporarily expanded last year. That allowed the agency to insure loans as large as $729,750 in the nation’s most expensive housing markets, up from a $362,000 national cap. California now accounts for around 13% of FHA-backed loans, up from less than 2% during the housing boom, partly because of the higher limits.
Without the higher county-by-county adjustments, “many areas of the country will not get the benefit of the FHA,” said Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee. “We didn’t think it was fair for California to be frozen out of the program.” Mr. Frank said he thinks limits should be increased to around $800,000.
Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development, said the agency believes the expanded loan limits should be temporary. The larger loans account for less than 2% of all FHA-backed loans. While default rates are slightly lower than on all FHA-backed loans, the loans have little seasoning, because the FHA only began insuring larger loans last year.
Other lawmakers, meanwhile, want to bring back programs that allowed borrowers to receive FHA-backed loans without making down payments. Congress last year ended widely-used programs that had allowed sellers to fund down payments to borrowers through non-profit charities, and the FHA says that those programs have eroded the net worth of the agency’s reserves by $10.5 billion. At Wednesday’s hearing, Reps. Al Green (D., Texas) and Gary Miller (R., Calif.) pressed for the FHA to find new ways that would let buyers qualify for FHA backed loans without making down payments.
“Let’s develop a program for persons who can pay for a home but who are without the necessary down payment,” said Mr. Green, who said he nonetheless understood why there was “a great deal of consternation” over the seller-funded down payment programs.
FHA borrowers are still able to use gifts from state housing finance agencies or relatives to make down payments. Housing officials are unlikely to support any effort to bring back the seller-funded gift program. “The biggest concern and issue is about having an interested party in the transaction providing a down payment,” said Mr. Donovan. “That has been what has led to the incentives that led the program in the wrong direction.”
1:39 pm December 7, 2009
Bill Garrison wrote:
I certainly agree with Al Green and Gary Miller. Why not lower the down payment requirement to 0% for those who would otherwise qualify for a mortgage. Does a few thousand dollars down payment really make a difference? Maybe someone has a 6 year old medical collection on their credit report due to a health insurance error and that has lowered the borrowers credit score to a 639 instead of the new 640 minimum. Does that really have a Bering on the likelihood of a future foreclosure?
How about 0% down only for those persons buying an existing foreclosure property and lowering the credit score requirement back to 580? I bet that would eat up a lot or those foreclosed homes and condos.
It;s more about cash flow thn it is about downpayment. There are many people than don’t have the DP but do have a great income stream. Let’s use up all of this excess housing inventory and put people in these homes vacant homes before they deteriorate into unusable tear down properties. The whole purpose FHA was created was to help people get into homes that did not qualify for a Fannie or Freddy mortgage. If FHA is going broke then they could recoup some of their losses and resale these properties. Maybe the FED should subsidise the monthly insurance premium giving FHA more income and helping the new home owner afford the new mortgage. A few bucks a month from Uncle Sam is better that letting FHA homes set empty only to be eaten up by termites and rotting away until they are uninhabitable.
I am a Sarasota, Florida Realtor and have seen many nice homes and condos turn into really awful shacks due to neglect. http://www.ValueSarasotaHomes.com/BANKOWNED
It seems like there is took much finger pointing and not enough common sense and an unwillingness to take action. That’s my $000,000.02 Bill Garrison Sarasota, Fl
$8000 TAX CREDIT.....SOON TO GO BYE-BYE !
TOO BAD MORE PEOPLE DIDN'T TAKE ADVANTAGE OF THIS WONDERFUL GIFT.
MY GUESS IS THAT "CASH FOR CLUNKERS" TOOK MANY YOUNG BUYERS OUT OF THE MARKET..... HERE IS IS A REPRINT FROM THE NATIONAL ASSOCIATION OF HOME BUILDERS THAT DOES A GREAT JOB EXPLAINING THE PROGRAM ... I THINK WE HAVE ABOUT 10 MORE DAYS FOR MORTGAGE CLIENTS TO TAKE ACTION....Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.
I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.
In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
IDN'T TAKE ADVANTAGE OR THIS WONDERFUL OPPERTUNITY...
Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.
I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.
In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
Foreclosed / Bank-owned / REO
Sarasota Foreclosed, Bank-Owned or REO real estate can be a wonderful opportunity for many people to pick up a home at a great price BUT you have to be careful and knowledgeable in this ball game. Many Sarasota Foreclosed, Bank-Owned properties have had very little or no maintainece and need extra work and money after closing to bring them up to normal condition (ie) leaking roofs, pest problems, plumbing, A/C repairs. They can be a maintenance nightmare unless properly inspected and even then you should be very cautious.
The Bank Asset Managers, the bankers selling the real estate, are tuff guys and play with their own rules that change often. They try to turn these real estate sales into auctions taking several offers at a time then asking for "final and best offers". Many people think these homes are always sold far below market value. "WRONG". Bank-Owned / REO homes and condos are usually for sale at or close to the true market value. I know of real estate that has had 3 seperate appraisals before the selling price was settled. Some of these homes are very good buys many are not. Be cautious and work with a Professional Realtor.
that's my $000,000.02 bg
The Bank Asset Managers, the bankers selling the real estate, are tuff guys and play with their own rules that change often. They try to turn these real estate sales into auctions taking several offers at a time then asking for "final and best offers". Many people think these homes are always sold far below market value. "WRONG". Bank-Owned / REO homes and condos are usually for sale at or close to the true market value. I know of real estate that has had 3 seperate appraisals before the selling price was settled. Some of these homes are very good buys many are not. Be cautious and work with a Professional Realtor.
that's my $000,000.02 bg
Pete Marriott and Bill Garrison Professional Sarasota Realtors ® Prudential Palms Realty . http://www.valuesarasotahomes.com/
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