Maybe you have
heard from the financial crisis in housing industry from years ago. At that
time only the lenders had the opportunity and the money to foreclosure on a
home. But as soon as the homeowner was in default and did not pay the mortgage,
they often also stopped paying their homeowner association fees when their property
was located in a mandatory homeowner association community.
The unpaid association fees to the homeowner association resulted in a shortfall of
the association's budget and the remaining homeowners of the association had to cover
that shortfall. This financial problem of the homeowner association
started to happen shortly after the financial crisis in many state and the
homeowner association began to foreclose on the defaulting homeowners themselves.
However, in these cases the mortgage of the lender was not erased from the property
records and the banks could still foreclose on the property later and they often did. During this period
the lender did not pay the homeowner association fees but the new title owner, which were
often the homeowner associations could at least rent the property and cover their shortfall with the rental payments.
Now 22 states and
the District of Columbia have granted the homeowner associations a so-called
Super-Priority Lien. This means that such a homeowner association liens that
results from not paying the homeowner association dues will have the priority
before the mortgage lien of the lenders.
This is a potential risk for the
lenders and can lead to higher interest rates for such a mortgage in a homeowner
association community or a higher down payment requirement for the purchase. Either way you
as the home buyer will have to pay the price. Therefore check with your lender
their policy in this matter before you make your decision to buy a home in
homeowner association community.
Need more
information? You can contact us at andrea@florida-informations.com.
In Real Estate always on your side - http://www.amazon.com/Your-Residence-Paradise-Property-Purchase/dp/0986252913
Many sellers and also their agents when they are hired by
such a seller are not very smart when they agree to make a pocket listing. Both
the seller and their agent will leave good money on the table.
The reason for this is that the pocket listings are not
marketed to the biggest possible audience because it is a pocket listing. The
nature of a pocket listing is that it sits in the pocket of the seller or the
agent and only a hand selected buyer audience will have the chance to make an
offer.
On the other hand the members of this ‘elite’ crowd may not include that potential
buyer with the deep pockets that the seller is hoping for or need to get out of his/her property. The buyer with the
deep pockets is often outside this crowd and the seller will not get to this buyer
because this buyer does not know that the
seller wanted to sell his/her property. That is not a good position for the
seller.
Therefore Mr. Seller you should think twice what is
better for you – Make a pocket listing and get a lower price from a limited
buyer audience or publish your listing with an broker on the MLS and get a higher
sale price and a potential higher gain from your sale because your property is
seen by a much bigger buyer crowd with deeper pocket?
You have a real estate question? We love to assist you – andrea@florida-informations.com.
In Real Estate we are always on your side - http://www.amazon.com/Your-Residence-Paradise-Property-Purchase/dp/0986252913
Everybody
wants to keep as much money as possible in his/her own pocket that is
understandable. And may be the reason to cheat on your property taxes and therefore you
do not tell your tax appraiser about the alteration that you have done to your
home – your new addition or your new pool without the proper permits from the
city and the adjustment to the property taxes.
But
that is not a good idea in our technological new world. Each person has a cell
phone and we record and document everything want we see and what we do and post
it right away to the social networks everywhere not realizing that we expose not
only ourselves but also our neighbor. And don’t forget, what you can do, the tax
appraisers can do too but only on a much higher level.
The
property appraisers are normally not allowed to trespass your property for
their assessment pictures and when you have a fence they are not allowed to
peek over it. However, they have something much better for their purposes – the
aerial pictures and this services is legal for them and you can do anything
against that. Therefore you should think twice when you enhance your property
with items like a pool without getting a permit and a tax adjustment. It is
only a matter of time until the property appraiser will notice it.
On
the other hand you should not forget, that your property tax is used for your
own good. Your taxes pay for schools, fire department, the sheriff or police
and the hospitals. Therefore when you cheat on the property taxes you only hurt yourself
and your family.
You
have any questions to this topic? You can reach us at andrea@florida-informations.com.
In Real Estate always on your side -
http://www.amazon.com/Your-Residence-Paradise-Property-Purchase/dp/0986252913
In
new survey over 500 CEO were interviewed and asked to rate their business home
state in regards to the regulatory environment. Florida made it on place 2 behind Texas for the most desirable states to open a business.
The
reason for this decision is the economic growth of the state that is also
pushed by the governor with is pro-business laws. The state of Florida has no
person income tax and favorable tax rates for business.
A
further big benefit for business is the transportation and infrastructure.
Florida has several big ports that not only connect the countries within the Caribbean
but also to South and Central America and eastward to Europe and Africa.
The
state with the worst rank for business is California and it has this status for
the last 10 years. Therefore think twice where to open your business.
Want
to know more how to do business in Florida? Contact us at info@florida-informations.com. We are always on your side.
The
rents are increasing and the home inventory is still low so that potential
buyers have to be prepared meeting a hard competition in their home hunt.
However, on the bright side the mortgage interest rates are still low and it is
much easier to get a mortgage for your dream homes because the lenders'
requirements are less stringent.
The
competition for buyers may even get worse because some homeowners who thought
about moving to a new home reconsider their financial situation and may stay a
little bit longer in their today’s home. On the other hand the interests rates
may also rise in the next few month as already communicate months ago, even
when the increase will be very moderate so that the recovery will not be
disturbed.
When
the interest rate increase it is for the lender more profitable to loan
money so that the availability of the money will grow too.
For FHA borrower there
is also good news. The credit insurance premium for a mortgage of 95
% of the home value is decreasing from 1.35 % annually to 0.85 % and that will
help these borrowers in realizing their home dream.
You
want to know more about the actual market trends? Contact us at andrea@florida-informations.com.
In Real Estate we are always on your side
-
http://www.amazon.com/Your-Residence-Paradise-Property-Purchase/dp/0986252913
The
Tesla Motors Company is looking for a new business field and based on their expertise -
the energy efficiency business. They want to go into the production of
stationary batteries for homes.
Today
the homeowner who has solar panels on the roof has only the option to use the produced
power themselves in their house and the surplus of the power will either get
lost or in some areas they can offer that power into to the power grid of their
city. Normally they get a payment for the produced and delivered power into the
grid. However, on other days when the production of power is not enough they
have to use the city power grid to cover that need.
The
motor company want to go in the field in producing stationary batteries for homes
and business. The energy that is produced during the day is planned to be
stored in these batteries for the night hours. In this case the energy producer
use its own energy and has no need for a different power source and has not to pay the power company.
Let’s
us see how the Tesla company will manage the existing challenges like the size
and the life span of the batteries. The company has big plan and expectations
towards their project. It will be exciting to observe this challenging plan.
You
want more information about energy efficiency? Send us an email at info@florida-informations.com. We are always at your side.
Many homeowner
only see the purchase price and are happy when their transaction closes.
However, after the closing they do not pay rent anymore but there are some
expenses that they have to keep in mind.
Every property
should be insured so that the financial and property damage is covered in case a disaster strikes. The homeowner insurance pays for the property damages
and possession losses. Normally you as the homeowner have also a deductible
amount and that is your obligation to cover. The insurance kicks in when the damage
amount is higher than your insurance deductible.
The homeowner
insurance usually insures wind and fire but not earthquake and flood. For these
disasters you need an additional insurance coverage. It is also important where your home is
located. When your home is for example close to coast lines with high storm
risks, this insurance is significantly more expensive than in areas with low
storm risk.
Additional
obligations for you as the homeowner is the maintenance of your home and the
annual property taxes as well as the trash removal. When your home is located
in a homeowner association community the monthly association fees are a
necessary expense too. You should not ignore these payments.
You want to
know your obligations? Contact us at andrea@florida-informations.com
