Chuck Mixon

That is right we have two 8K programs out there, and we need to know how they differ and not confuse them. The Federal Government has offered the First Time Home Buyer a tax credit off their federal tax return, even if you don't owe taxes you will still get the up to $8K back. This offer was to stimulate the housing market. The problem was that a large percent of first time home buyers did not have the money for a down payment. They could only apply after the closing, but with out the down payment the closing would never happen.

The State of Florida Legislature created the Florida Home buyers Opportunity Program (FLHOP) to loan the same amount that the Federal Government was giving homeowner in there program, it basically a bridge loan due when the homeowner gets his tax return. So the first difference is that one is a credit the other is a loan that must be paid back.

I need to mention that one other program is available to get you down payment through Federal Housing Administration (FHA). They have a bridge loan program also but you need to still come up with 3.5% for a down payment and will also pay back when you get your refund back.

Florida's program FLHOP was suppose to be up and running July 1, 2009, but funding issues are delaying the program until Aug it looks like. So no need to rush to you Local Housing Administrator to apply for FLHOP, but you can call them and see what the process is to get the loan. Below is a link to find your local administrator. http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx

It is a good idea to promote this program since once the money is paid back to the local governments, if can be kept in the and used in the local economy. So the money will serve more then one purpose in your community and that is a very good reason to spread the word.

All of the programs offer only 10% of the purchase price so if you are not buying a home for $80,000 or more you will not get the full $8K that is offered. As for the Federal Program you will need to fill out IRS Form 5404 and turn it in with you tax return. You can down load the form from this link. www.irs.gov/pub/irs-pdf/f5404.pdf

If you have any questions fell free drop you question in this form and I try and find you an answer as soon as possible. http://www.chucksellsmiami.com/contact.html

C. "Chuck" Mixon, Keyes Compay

Cutler Bay and Palmetto Bay, FL

The PSC has scheduled 5 customers service hearing from June 24 -26, 2009. The two local meeting for Miami-Dade will be today June 25 at 4:00PM at the Miami Science Museum, and Friday at the North Dade Regional Library at 10:30 AM. For more details check the PSC News Release link below. This rate increase if approved will be an increase of about $12.40 per 1000 kwh, currently at $107.04

http://www.psc.state.fl.us/home/news/index.aspx?id=547

Charles "Chuck" Mixon, Realtor

Keyes Company

ChuckSellsMiami.com/blog.html

(The following information is for Miami-Dade County only, and no other part of the State of Florida is effected)

Miami-Dade County passed a Certificate of Use (CU) Ordinance in December 2008. The intension was to inform Buyers of foreclosed property of the real condition not just the standard "As-Is" clause. This ordinance will only cover unincorporated Miami-Dade County, not the surrounding 30 plus municipalities. The expected effective date for enforcement of the ordinance will be April 1, 2009.

At this point the process starts after the Loss Mitigation Department (Bank) takes control of the property. A licensed architect or engineer must inspect and document that the structure is the same as the original plans on file with Miami-Dade Building Department. They will also document the condition of the structure and any repairs needed to bring the structure up to code and in compliance. This document will include an estimate of the cost for all repairs needed.

The report will be reviewed by the Building Department. Once the application and reports have been reviewed and approved they need to take the document to the Clerk's Office so that can be recorded into Public Record. With proof of recording the Building Department should then approve your Request for CU. All the steps above must be completed before the first offer can be accepted by a Realtor.

It is hoped that this ordinance will prevent future problems for potential Buyers that won't do the homework required before the purchase of a new home.

Chuck Mixon, Realtor

Cutler Bay, Florida

Keyes Sunset /Kendall

ChuckMixon@keyes.com

ChuckSellsMiami.com

Well the time has come to stress Cash Buyers only. In less then 12 month we have mover from 3% downpayments to the extreme "cash only buyers" will be accepted. The complex I am speaking of has been RedLined by Fannie-Mae. Am I allowed to to say Redline in this industry? What do you call it when I provided the the Seller with a Pre-Qualified, Job holding willing and able buyer, how is now told that Fannie-Mae will not approve the complex so no bank will make a conventional loan. Are we look at the credit risk of the Borrower who can make the payment and wants to make the payments is out in the cold since no conventional loan are available to purchase this property.

Well since the Seller has now changed to only Cash Offers accepted. I in the market for Cash Buyers looking for 3/2 going for less then $50K in Palmetto Bay, FL. Call me since my 20% down buyers and I are looking for new properties that will take 20% as a downpayment. Seriously check out you market, make sure the property you are going to show is FHA approved, and meets Fannie-Mae Guidelines, so that you can get a loan for your buyer. I have been doing this for awhile and it worked well, not wasting time show listing that were going to fall apart later in the deal. The problem here is that South Florida is changing so fast that the rules were changing almost daily, remember 97% loans to cash only in about 8 months. So share information in the off as things change so you know how to handle each complex in your area. As for the future it looks worst not better I see tighter money for Condo in the future, yes tighter then CASH ONLY. You may ask how so, I feel more complexes will be added to the growing list that now stands at maybe 20% of the market.

As we bring in the New Year so do we bring in the new laws and new requirments of 2009. Florida Law Makers see a need to require a document, notice I did not say form, that will become reqired as part of the paper work of any sale that deals with an association. The document is 5 pages that explains in detail all the rights and obligations of the seller, buyer and the association. From reading the entire document I can not see where any laws have changed, so it appear to me that the new law is basicly provideding a disclosure to all parties involved in the transaction.

I will say that it clears up any questions as to who must do what when. Afew example is that the property owner must provide to the association if requested byt the association proof of insurrance. If proof is not given to the association, the assocation can then purchase insurance coverage to protect the property.

You can read the complete document at the following link: http://www.chucksellsmiami.com/usefuldoc/condogovernanceform.html

Next Blog we will take a look at the new reqirments taking effect later this year with Citizen Insurance

Chuck Mixon

Keyes Company

chucksellsmiami.com