Hurricane Prepareness For Tropical Storm Fay.

August 19, 2008 at 7:13 pm | In Uncategorized | Leave a Comment
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When I lived in Buffalo, New York, I was always prepared for the winter driving weather with warm clothing, three types of boots depending upon the severity of the cold, great snow tires, the gas tank always above 1/2 full and a good snow brush to remove the snow from the car.

Now that I live in Florida, the preparedness has shifted to hurricanes, and part of the preparedness is having your “Hurricane Kit” prepared and ready to go. As you would imagine the kit includes flashlights, batteries, water, and food including those great snacks, candy bars.

Yesterday, in preparation for the storm, another associate, who has 4 children, asked his wife about their Hurricane Kit. She said that it was the large portable, storage container with the blue top in the utility room. When he went to check out the contents, he discovered that all the food including those great snacks and candy bars were gone. It seems Michael, their teenage son, had eaten everything.

Foreclosure Filings For Sarasota County Florida at 7,410 For 12 Months.

August 19, 2008 at 6:16 pm | In Real Estate News, Sarasota Florida Real Estate, Statistics | Leave a Comment
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Sarasota, Florida. The Herald Tribune reports today that there were 7,410 foreclosure filings during the last 12 months ended July 31st, 2008 in Sarasota County, Florida. Twenty five different mortgage companies hold the most properties in foreclosure in Sarasota County. If a property owner fails to pay the mortgage for three consecutive months and does not communicate with the mortgage holder about their intentions, the mortgage holder will file a “lis pendens” which is the first step in the foreclosure process.

The number of bank owned properties (REO’s) sold during that 12 month time frame is 918. The majority of those properties have sold with very deep discounts up to 44% from the price paid during the housing boom.

Clearly, many great financial opportunities to purchase in Sarasota exist and now is the time to buy them. Like my grandfather once told me, ”You want to buy low and sell high”. Let us help you find that property.

Biggars Complete GRI Certification in Real Estate in Sarasota Florida.

August 17, 2008 at 12:19 pm | In Real Estate News, Sarasota Florida Real Estate | Leave a Comment
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Kym and Helen Biggar have successfully completed their GRI (Graduate Realtor Institute) Certification in Real Estate. Cynthia Biggar received her GRI Certification in 2006 and now all three members of Biggar International Group, LLC, affiliated with Keller Williams, have their GRI.

A GRI Certification in Real Estate offers a client a more knowledgeable and professional representation. In the United States, 19% of all Realtors have a GRI Certification.

Housing and Economic Recovery Act of 2008 Goes Live.

August 9, 2008 at 8:16 pm | In Real Estate News, Sarasota Florida Real Estate | Leave a Comment
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Great News for Florida Real Estate!

The President signed the “Housing and Economic Recovery Act of 2008″  on July 30th, 2008 after passing both the House and Senate by wide margins. Here is what this legislation means.

1. Government Sponsored Enterprises (GSE) Reform. Permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,000.

2. FHA Reform. FHA loan limits of $271,050. or 115% of local area median home price, capped at $625,000. Streamlining of processing for FHA condos. Reforms to the HEMC program and reforms to the manufactured housing program. Down payment requirement for FHA loans will go up to 3.5% (from3%).

3. Tax Credit for Home Buyer. A $7,500 tax credit available to any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years which in essence makes it is an interest free loan. 

4. Rescue from FHA Foreclosure. A refinance program for home buyers with problematic sub prime loans. Lenders would write down the qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30 year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. Loan limit for this program is $550,440 nationwide and the program is effective October 1, 2008.

5. Seller Funded Down payment Assistance Programs. Existing FHA proposal to prohibit the use of down payment programs funded by those who have a financial interest in the sale. Program will not prohibit other assistance programs provided by nonprofits funded by other sources such as churches, employers, or family members. The prohibition does not go into effect until October 1, 2008.

6. VA Loan Limits. The VA home loan guarantee program limits to the same level as the economic Stimulus limits through December 31, 2008.

7. Risk Based Pricing. A moratorium on the FHA for using risk based pricing for one year, effective from October 1, 2008 through September 30, 2009.

8. GSE Stabilization. Language proposed by the Treasury Department to authorize the Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

9. Mortgage Revenue Bond Authority. This program authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

10. National Affordable Housing Trust Fund. A Trust Fund that will be funded from a percentage of the profits from the GSEs. In the early years the Trust Fund will cover any costs from defaulted loans in the FHA foreclosure program. In later years, The Trust Fund will be used for the development of affordable housing.

11. CDBG Funding. $4 billion will be provide in neighborhood revitalization programs for communities to purchase foreclosed homes.

12. Low Income Housing Tax Credit. Modernize the program to make it more efficient.

13. Loan Originator Requirements. State run nationwide mortgage origination is strengthened in the licensing and registration system.

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