FHA condominium project approval changes delayed until December 7, 2009.
FHA's new policy guidance for condominium project approval has major changes pending. They were going to be in effect as of October 1st and were delayed until November 1st. The latest news is that no changes will take effect until December 7, 2009.
FHA notice on delay in FHA condominium changes: Implementation of FHA's new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009.
The new guidance, to be issued within the next two weeks, will:
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41.
Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.
2009 has been a great opportunity to find and buy Real Estate at a discount. One of the best options for people has been the bank-owned home and foreclosure market. In Florida, we have found that because of the large number of foreclosures, prices are low and inventory is high, so people have found that a home that sold for $500,000 is now available for $200,000, $250,000 homes sell for $100,000, and $150,000 for $75,000.
Essentially, there are three different stages at which you can buy a foreclosure property. Investors and homebuyers can purchase a foreclosure property in the first phase of default - before a foreclosure auction takes place. Secondly, investors can purchase a property in at the public foreclosure auction. And finally, a foreclosure property can be purchased from the bank or lending institution if no one bids at the public sale and the bank repossesses the property.
Once a property is repossessed by a bank or lender, the property will probably be listed for sale through a real estate agent. Good buys are available, but they require research, preparation, patience and persistence. Buying a bank-owned home in foreclosure isn't easy, and it's hardly without risk. Before you consider plunging into the foreclosure market, be sure to do some in-depth research.
Here is a list of things you can do to successfully purchase a bank-owned REO:
1. Inspect Property.
Most foreclosure properties are referred to by investors as "distressed" properties. Bank-owned foreclosure homes are usually sold "as is," which means that the 15 percent discount you just saved on the purchase price can easily be eaten up by unforeseen expenses - such as repairs not immediately apparent in an exterior inspection. Many owners of homes that go into foreclosure have been struggling financially, which usually means that the house has not received needed repairs or general maintenance for a while. Some homeowners who lose their property to a lender frequently damage the property. So be prepared to do renovations and repairs. Hire a licensed home inspector to give you a written estimate of the cost to repair the property. Budget that number into your purchase price. Repair costs can be used later in your negotiation with the bank to reduce the asking price.
2. Title Search.
Once a home has been located, search the public records for liens and outstanding taxes. You can perform a preliminary check of title on RealtyTrac and then hire a title company to run a full, insured title search before closing the deal. Liens on the property can drive up the purchase price. Common liens typically are placed on a property for unpaid loans borrowed against the property, taxes or unpaid contractors (mechanics liens). These liens remain intact until the money is paid, which means that you may have to pay off the liens on the foreclosed property you are buying - even though you're not the one who didn't pay the property taxes. Banks should clear the title before selling but never assume this is the case - just as you would if you were buying a property from anyone else.
3. Negotiate.
Investors should be prepared to negotiate a lower down payment, a lower interest rate, a reduction in closing costs and a lower asking price. Many lenders may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment. Moreover, some lenders might offer to finance the property at a below-market rate or with a lower-than-usual down payment. Don't be afraid to ask for a better price and favorable terms.
4. The Offer.
Although most banks want to unload their foreclosed properties, they won't necessarily do so cheaply. So you aren't guaranteed a fabulous price. But remember you're dealing with an eager seller. Even though the bank's REO manager or their listing agent might suggest that the list price is "firm," never be afraid to negotiate price - especially if the foreclosed bank-owned home needs repairs. When submitting a low offer, you need to substantiate the reduced price in writing and document your case. You should furnish photographs and cost estimates for repairs to support your offer amount.
5. Financing.
With good credit, many banks will loan the full price of the foreclosure or more. If the home is to be used as a rental, many banks will require only a 10 percent down payment. Foreclosure investors with a large amount of equity in another home may get a line of credit from their bank to purchase a foreclosure. When they convert the line of credit to a mortgage, no down payment may be required.
How does my home inspection affect my mortgage?
As a Mortgage Broker, we require a disclosure to be signed at application that reminds all of our clients that for your protection, you SHOULD get a home inspection. If you have trouble finding one, or don't know anything about home inspections, then this information should be helpful to you.
If the wrong home inspector gets involved, you could have trouble with a "FAST inspection" that doesn't tell you what type of maintenance will be required on the home OR even worse in some cases, "TOO MUCH information inspection report", that details even the tiniest flaw and scares you away from buying a perfectly good home.
Most appraisal companies that are chosen by the lender require the inspection report to be given to them if one was performed, and if your report is TOO PICKY, then we may not be able to secure financing.
What is the difference between inspection companies?
The only device some home inspection companies have to offer is a low price (remember, you get what you pay for) or a "warranty" (considered phony by most inspectors). If you choose based on what the inspector does (provide a real educational experience) you will be happier. It is a good idea to call at least 3 companies. Good companies try to have the buyer there if possible- like to have them with him.
Increase the chances of your being satisfied with the home inspection by choosing an inspector with a minimum of five years of home inspection experience who has personally performed a few thousand home inspections. No matter what job you hire a person to do, experience counts. When someone has a background in building homes, construction or a related field they generally have a better knowledge of what things are supposed to look like, so I always ask them to tell me what they did before they were home inspectors.
Questions I ask when talking to home inspectors.
How many inspections have you done?
How long is your report?
Do you go in attic, roof, crawlspace?
How long do the inspections take?
On the inspection, you can ask the scope of the inspection, most will check the following:
• Climb up on the roof
• Crawl through the attic and crawl space
• Open the electrical panel
• Check the furnace heat exchanger (FHA requirement)
• Look for wood borers and rot - wood close to earth has an increased risk of wood borer and rot damage. (FHA requirement)
• Check for toxic substances
• Operate all the appliances and equipment
Also find out if the company will report on potentially dangerous or harmful elements, such as:
• Unlined fireplace flues
• Aluminum general lighting circuitry
• Un-vented gas space heaters
• Toxic substances like asbestos
• Inadequate combustion air or clearances to heating equipment
• Recessed and overheating light fixtures buried in attic insulation
• Inadequate insulation
• Overextended electrical systems
• Un-tempered glass shower doors
• Restrictive ventilation in attics and crawl spaces.
• Evidence of previous termite treatments
When receiving the report, make sure they will....
• Put your property into perspective by comparing it with its peers (i.e., homes of similar vintage, material usage, intent)
• Summarize the major points of concern and the significant qualities of the property
• Identify potential remodeling problems, such as materials containing asbestos; electrical systems which cannot be expanded to accommodate a new kitchen; and old galvanized plumbing supply pipes which will not deliver an adequate supply of water or may leak
• Inform you about amateur workmanship or substandard maintenance, or advise when to consult an expert to look more closely at suspected problem areas
• Detail the maintenance for all the components of the home
Home Inspection Companies:
Ask your REALTOR for a recommendation- Home Inspection companies will typically work Real Estate Agents very closely and your agent will probably be present at the time of the inspection, so they will have a 1st hand account of how detailed the Home Inspector is. Make sure you check with your Realtor to see if they have a reliable inspector that has earned their trust.
___________________________________________________
Kevin Dowd- Westcoast Inspections
727-439-2285
FHA approved 203(k) consultant
Can also do Wind Mitigation and 4 point Insurance Inspections
_____________________________________________________
Steve Zimmer - Gulf Coast Inspection Services
Phone: 727-458-4616
szimmer@tampabay.rr.com
http://www.ashi.org/homeinspectors/Florida/Redington%20Shores/2256JJ/
Based out of reddington shores
18 years- Certified by ASHI and SBCI 1991 for county
Was in construction business for 6 years
________________________________________________________
Steve Majko- Mako Residential Services
Phone: 727-743-4082
http://www.Makoresidential.com
Licensed contractor - does re-models
Does about 3 inspections per week
Also can do 4 point inspections
________________________________________________________
Hope that helps you find a home that not only looks great, but is sturdy and safe for you and your family.
Scott Hoag
Mortgage Consultant
Office: 727-344-3995
Fax: 727-347-5297
Gulf & Southern Mortgage
5521 38th Ave N
St Petersburg, FL 33710
Celebrate the 4th!
Independence Day parties abound throughout the St. Pete/Clearwater area. Take in a parade, enjoy a picnic and watch fireworks from the beach or take in some live music, no one does the 4th of July like St. Pete/Clearwater.
OTHER LINKS TO AREA ACTIVITIES
4th of July Celebrations and Fireworks LINKS for Saint Petersburg, Clearwater and Gulf Beaches
2009 - Highlight on St Pete celebration
2009 - Clearwater, Beaches and Pinellas County celebrations
Patriotic Music
God Bless the USA (Lee Greenwood)
Fast Cars and Freedom (Rascal Flatts)
Only in America (Brooks and Dunn)
Born in the USA (Bruce Springsteen)
Pasted from <http://www.us1035.com/common/celebrate/>
Clearwater Celebrates America
Spend the afternoon at the park. Overlooking the beautiful intercoastal waterway at Coachman Park, this Independence Day celebration features the Mostly Pops Orchestra with John and Mary K. Wilson at 7:30 p.m.. A spectacular fireworks show will follow at 9:30 p.m. This all-American family event includes children's activities, food and beverages for purchase and exhibitor and sponsor booths for browsing. Admission is free and gates open at 4 p.m.
www.myclearwater.com.
Coachman Park
301 Drew. St., Clearwater
727-562-4700
4th of July Extravaganza at The Pier.
A full day of fantastic family activities await you at The Pier. Starting at 1pm on the east courtyard, sing along with your old favorites with live music by the Cool Daddies. Or, step inside to catch the alternating characters of a one man circus. And, don't miss your chance to be a star in your own free dance video with the "Dance Heads". If you've never tried a drum circle, this is your chance. Get into the beat with one of the available free drums or bring your own. Live music continues with the popular rock band "Save The Radio" until 8pm. For the perfect view of fireworks, grab a spot on the observation deck and watch the spectacular show over the water. Starting at 9pm. Free to attend.
For complete details and a schedule of event times, please check www.stpetepier.com
The Pier
800 2nd Ave. N.E., St. Petersburg
1pm to 11pm
727-821-6443.
Rays vs. Texas Rangers
What better way to celebrate the Fourth of July than with America's favorite pastime. Bring your blankets and chairs or use theirs, The Pier will have an outdoor big screen showing of the game that takes place in Texas, starting at 8pm. Rays fans won't want to miss this! Food and beverages are available at the food court and Pier restaurants. No coolers please.
The Pier
800 2nd Ave. N.E., St. Petersburg
727-821-6443
www.devilrays.com
Largo 4th of July Celebration
Come early to get a good spot on the grass. DJ led music will start at 7pm with interactive kids activities close to the stage. Fireworks will begin at 9pm. Parking is available on site and free. No alcohol, pets, or personal fireworks.
Largo Central Park, 101 Central Park Drive, Largo
www.largoevents.com
Get to Gulfport
Enjoy a real home-town Fourth of July in the quaint city of Gulfport. Throughout the day a diverse variety of vendors line along Beach Boulevard while food vendors are set up along intersecting Shore Boulevard. Live music fills the air. And, the colorful old-fashioned parade is led by the Mayor and also includes many community groups participating. Cap that off with a fabulous fireworks display off the pier and it's a fun all-day event for the whole family to enjoy. Free.
4TH of July U.S. Constitution Boat Parade
Enjoy a patriotic, fun filled Rally that will kick off the First Annual Fourth of July U.S. Constitution boat parade. Gather at Gators Cafe, the festivities will start at noon.
There will be music and prize drawings throughout the afternoon. Decorate your boat - Show it off - Wave Flags! Or, just watch the boat parade sail by just after 3:00 P.M. Sit back and enjoy this extravaganza of patriotic boats passing before you. The two boats that best represent an Article OR Amendment of the Constitution will receive a prize.
Gators on the Pass
12754 Kingfish Dr. on Treasure Island
www.constitutionparade.com
Beach Fireworks
Madeira Beach
Promising a traditional show ending in a spectacular finale of lights, this event is expected to have a duration of 20 to 30 minutes during which 3,938 rounds of premium display fireworks will be set off. The display will be fired from the city recreation park on Rex Place next to the City Hall complex.
Madeira Beach
300 Municipal Dr., Madeira Beach, FL 33708
Redington Shores
Situated in the heart of the beach communities, Redington Shores has an expansive beach and is famous for its long pier. The fireworks display will take place Saturday, July 4 shortly after dusk in the County beach park.
Redington Shores
182nd Avenue and Gulf Boulevard
St. Pete Beach
Bring your blanket and a picnic basket and settle in for the evening to enjoy fireworks at the beach. Launched along the Gulf of Mexico, you'll enjoy the show starting at dusk. Free.
St. Pete Beach Access Park
4700 Gulf Blvd., St. Petersburg Beach, FL 33706
Treasure Island
Enjoy a great BBQ while enjoying fireworks on the beach. Bring your chair or blanket. Fireworks start at 9pm. Free.
Treasure Island Beach
10400 Gulf Blvd., Treasure Island, FL 33706-4815
www.treasureislandchamber.org
Freedom Fest in Pinellas Park
Why wait till Saturday to celebrate? Friday's Freedom Fest will have live Christian music, food, crafts, kids' activities and fireworks from 2-10 p.m. in Town Square Park Plaza. Saturday features a laser show.
Patriotic Picnic in Tarpon Springs
Enjoy a hometown picnic in Craig Park from 10 a.m. to 2 p.m featuring live music and family-fun activities like a bubblegum blowing contest and sack races. Free hot dogs, soda and water will be provided.
Safety Harbor July 4th
Celebrate in an activities area with carnival games, inflatables and a rock wall on the lawn of the Safety Harbor Resort and Spa. Fireworks display at 9 p.m.
Fireworks in Dunedin on July 3
Party island style at Dunedin's Knology Park with music by the De Lei'ed Parrots and children entertainer Shana Banana. Tropical attire suggested. Fireworks at 9:30 p.m.
Back for 2009 and bigger than ever, downtown St. Petersburg comes alive for the 4th of July with a spectacular evening of live music, tasty food, family fun - and of course - FIREWORKS!
Straub Park is the place to be if you enjoy live music - with the sounds of national country artists throught the evening. The must starts at 5:30PM with Suite Caroline; Due West takes the stage at 6:45PM; and our headliner, Krista Marie, plays at 8PM. http://www.us1035.com/common/celebrate/
Be sure to bring the family. The festival grounds are alcohol-free, plus both you and the kids will love playing dozens family friendly games and activities around the park. Don't worry about going hungry either, food vendors will have a large variety of snacks and non-alcoholic beverages to enjoy.
Then, look to the skies over Tampa Bay starting at 9:00PM as Tampa Bay's largest Fireworks display lights upthe summer sky. 30 minutes worth of fireworks, choreographed beautifuly to patriotic music - it's the perfect ending to a perfect lazy summer day.
The fun's not just limited to land- The Pier will be open with more great activities, live music, and a great view of the 9PM fireworks show!
Schedule of Events:
4th of July Celebrations and Fireworks LINKS for Saint Petersburg, Clearwater and Gulf Beaches
2009 - Highlight on St Pete celebration
2009 - Clearwater, Beaches and Pinellas County celebrations
Patriotic Music
God Bless the USA (Lee Greenwood)
Fast Cars and Freedom (Rascal Flatts)
Only in America (Brooks and Dunn)
Born in the USA (Bruce Springsteen)
Pasted from <http://www.us1035.com/common/celebrate/>
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Mortgage expert for St Petersburg, Clearwater, Palm Harbor, Seminole, Largo, Dunedin, Gulfport and Gulf Beaches Tampa Bay Florida Real Estate and Mortgage Consultant. Mortgages for Homes & Condos
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