Will a poor credit score ever go away?

Will a poor credit score ever go away?

Your credit score will change gradually as a result of how you handle your credit. A score is just a snap shot and will change gradually with time and as you open and close accounts. Bankruptcies, collections, charge offs and tax liens do eventually fall off in 8-15 years of absolutely no contact with you. If there is contact or the debt is sold the process can start over based on the new date of last activity.

ARE THE ALTERNATIVES TO FORECLOSURE ANY BETTER AS FAR AS MY FICO SCORE IS CONCERNED?

Are the alternatives to foreclosure any better as fare as my FICO score is concerned?

The common alternatives to foreclosure, such as short sales, and deeds-in-lieu of foreclosure are all "not paid as agreed" accounts and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better of worse for your FICO score.

If you are considering bankruptcy as an alternative to foreclosure, that may have a greater impact to your FICO score, While a foreclosure is a single account that you default on, declaring bankruptcy has the opportunity to affect multiple accounts and therefore has the potential to have a greater negative impact on your FICO score. source myFICO.com

How to Flip a House: 7 Signs You'll Rake in Huge Profits

http://www.realtor.com/advice/buy/how-to-flip-a-house-signs-investment/?identityID=10816602&MID=2017_0609_WeeklyNL&RID=1284676722&cid=eml-2017-0609-WeeklyNL-blog_5_flipahouseinvestments-blogs_buy

Flood Reform

HUB Event: Flood Reform - Recent Changes (Clearwater) http://rtb-us-east.linkedin.com/lax/clk?trk=0_b3SvrmYfvRva3BledZduGw4JXe8s_h-_nE9uUp4H1MsZquTvXWLh_ekBTYoNIgdGsK47SRlBf3DuoiKqQjJs_HjkwHcy3f6Aa67KCDzUMLbaJgJixuL7AxndmsaaZwAiiq9S5pH8oaZZod_eO_9r660KbnA3MnBEU2fY7YXig9edaYBevBaxkNV6HK_W5prFwpLXt3iN5COygeCfJlOrd3SbSXcgxSuKile8BIHpLanBEE59lscZBx5nYnqnb7-eY4lTHclXUubpT5yyN8lWp4jS7CtBHmNQqNsvwA9bHGGklQaJDUmJ5E8zO171zv3Jtv-5Rt8_o8zOqGhwIFnbpo2x2Y4F1RP-PlS5ZB3qoX22vedZrYDnr5xqcls-OQfawHLmJot5_jR0D8kYc9z6eCHGDf3gPxWnOK3XzYwYKJUCgpsITjyAT7UWiD19z0G9wOWUlv8vpX9tVAmH7T-bQkNI14EgS3RV-iAv6XME1NSnTAVJQCIdwHG_zgP4ShNh_5OUNhOZ7amw9OanIr0WRZHrvnAwRNf47OZnF_yeEzEHAYIkAHePKA0bvRhgWUW2xutpQlQpWny-fYAEB-stBIVhpgeZM8HwQx5z1V-g29I8AZQkIS29abClaTWL53o3xwqWj8LN2K61ZiQKdcGkN6wYSt3jgF2hLL0twzO0psXLpXWCp5O84xlM3oW7rZCYoDstJd4nlxImrfhgKukA6MayEozVaFsFbGAZXy-l5kGfAn5wAMN4wf-Qt9TYny9isbvbTBeK21b_fvvEpdCQHwhnKUQuLJ-jYIMpV58F-0ouGBLvbdvRMedDNAhxqSjhfLetM0-8DrSab8NXpnraMQTvKDFIgOD72lswaUaF5IlDRuDxoxLn9O6rMmpiedioQuC43wSmCSJnzlw1FuQMCfGk1Q4YFfrefyhaKqlqDLq&action=click&laxrid=ae4b1317-d71e-4b3b-9a9d-5b1ba7d02686&laxbid=2&eid=2&laxerid=31fc1e5e-dae3-49a9-bfbd-d093ab3c182b&ii=1&aui=31fc1e5e-dae3-49a9-bfbd-d093ab3c182b&si=da714042baa5e89eb2c6ac8f&abi=c55e60cf-537a-4b93-846e-aa582c27b036&wp=6.86&pay=1&curr=USD&aid=&url=http%3A%2F%2Fbit.ly%2F28Play0&urlhash=dDEQ

Ball shaped camera

Ball-shaped camera could put 360° photography on the map http://mashable.com/2015/08/20/panono-camera-shipping/

VA home buying process

https://www.veteransunited.com/realestate/8-things-you-must-know-about-the-va-appraisal/


#debbiesmall #realestate

DebbieSmall, Realtor

<a href="http://www.trulia.com/profile/debbie-small-agent-trinity-fl-7887945/reviews"><img src="http://static.trulia-cdn.com/images/dossier/5_STAR_Agent_Badge_300ppi_Light_Btn.png" width="235" height="50" border="0" alt="Debbie Small - Agent with Florida Luxury Realty"/></a

Cuba

http://www.wsj.com/articles/real-estate-revolution-hits-cuba-1428055201

HOA

http://realtormag.realtor.org/news-and-commentary/commentary/article/2015/02/note-caution-about-hoas#sf7705006

when hiring a contractor

Protecting Yourself

If you hire a contractor and the improvements cost more than $2,500, you should know the following:

• You may be liable if you pay your contractor and he then fails to pay his suppliers or contractors. There is a way to protect yourself. A Release of Lien is a written statement that removes your property from the threat of lien. Before you make any payment, be sure you receive this waiver from suppliers and subcontractors covering the materials used and work performed on your property.
• Request from the contractor, via certified or registered mail, a list of all subcontractors and suppliers who have a contract with the contractor to provide services or materials to your property.
• If your contract calls for partial payments before the work is completed, get a Partial Release of Lien covering all workers and materials used to that point.
• Before you make the last payment to your contractor, obtain an affidavit from your contractor that specifies all unpaid parties who performed labor, services or provided services or materials to your property. Make sure that your contractor provides you with final releases from these parties before you make the final payment.
• Always file a Notice of Commencement before beginning a home construction or remodeling project. The local authority that issues building permits is required to provide this form. You must record the form with the Clerk of the Circuit Court in the county where the property being improved is located. Also post a certified copy at the job site. (In lieu of a certified copy, you may post an affidavit stating that a Notice of Commencement has been recorded. Attach a copy of the Notice of Commencement to the affidavit.)
• In addition, the building department is prohibited from performing the first inspection if the Notice of Commencement is not also filed with the building department. You can also supply a notarized statement that the Notice has been filed, with a copy attached.

The Notice of Commencement notes the intent to begin improvements, the location of the property, description of the work and the amount of bond (if any). It also identifies the property owner, contractor, surety, lender and other pertinent information. Failure to record a Notice of Commencement or incorrect information on the Notice could contribute to your having to pay twice for the same work or materials.

Florida building codes

The Florida Building Code applies to: ". . . the construction, erection, alteration, modification, repair, equipment, use and occupancy, location, maintenance, removal and demolition of every public and private building, structure.” 101.4.2

Prior to 1992, Florida did not have a statewide building code. Hurricane Andrew (August 1992) caused about $16 billion in insured damage and revealed a statewide problem: Florida had an outdated system of locally administered building codes, codes compliance, and enforcement. The Florida Building Codes Study Commission was created to review the existing system and to make suggestions for improvement. Based on the weaknesses revealed during the sixteen months of study, the need for a single, statewide code was firmly established. The Florida Building Code was created by regulation (HB 4181) in 1998 and took effect in March of 2001.

The Florida Building Code is updated every three years and supersedes all local codes. Local amendments are only acceptable if they exceed existing requirements. This unified code serves as the sole document whose purpose is to incorporate all building standards adopted by all enforcement agencies and state agencies that license different types of facilities

FIRPTA and DEFRA

FIRPTA and DEFRA

The Foreign Investment and Real Property Tax Act (FIRPTA) was enacted in 1980 for the purpose of taxing gains accrued from the disposition of real property to foreign investors. However, the law was not specific in creating the appropriate mechanism to make foreign investors comply with the law.

The Deficit Reduction Act of 1984 (DEFRA) established the mechanism for withholding and compliance with the law. It requires that the closing agent of a real estate transaction involving a foreign seller must withhold, file a report, and transmit 10% of the gross sales price to the IRS, within ten days of the closing transaction.

Note: The IRS considers a withholding real estate practitioner as all parties involved in the transaction (real estate brokers, attorneys, buyers). The IRS charges each party individually and collectively in making sure that the 10% withholding takes place at the time of closing. There are civil and possible criminal penalties for failure to comply.

Understanding Property Information (or) where do I find my Folio number?

Composition of County Folio Number

The folio number is a means by which properties are identified in Miami-Dade County.  It is also referred to as the parcel identifier and represents a unique number that computer systems use to associate to a property.  The folios number is formatted as a 13 digit number (99-9999-999-9999).  The composition of the folio number includes Municipality, Township, Range, Section, Sub-division, and Parcel Identifier as described below.

Principle of conformity

http://www.realestatewiki.com/wiki_content/Principle_Of_Conformity_cat40834034_cid20430087.htm

Real estate year in review

http://economistsoutlook.blogs.realtor.org/2015/01/12/part-1-ehs-in-2014-by-the-numbers-popular-closing-dates/#sf6873908

difference between an appraisal and a property inspection?

The Function of an Appraisal

Homebuyers may become confused between the purpose of an appraisal and the purpose of an inspection. An appraiser evaluates a property to determine the value of the property based on its current condition, and the current market conditions. An “as is” value can be based on a property that does not meet minimum health and safety standards. In fact, some values end up being land value less demolition costs. Some mortgage clients require appraisers to take into account readily observable conditions and determine if the property meets minimum health and safety standards.

Compare that to the function of a home inspector who scrutinizes the physical condition of the property and identifies items that should be repaired or replaced. This includes pointing out problems that are not easily discernible to a novice homebuyer, informing them regarding working order, the need for repair or replacement, and telling the homebuyer about possible remaining economic life.

Neither the appraiser nor the inspector is responsible for guaranteeing the condition of the property, its systems, appliances, etc. They do not have to certify that the property is free of defects..

Can a loss generated from residential or commercial realty be used on the tax return of the investor?

Can a loss generated from residential or commercial realty be used on the tax return of the investor? This question is asked often because there is so much confusion as a result of the passive activity loss rules adopted by Congress in 1986. The answer is yes if the basic rules of the Tax Reform Act of 1986 are met. The tax law states that losses from real estate activities in which the investor does not materially participate can only be used to offset income from passive activities. In this unit we will investigate the concept of losses and the proper calculations for the transfer (sale) of property. At the conclusion of this unit the student will be able to; •restate the passive loss rules •discuss proper calculations for the transfer of property •identify IRS provisions affecting investor taxation debbiesmall.net

A, B, C ' s of Real Estate Investing

Class A Investment Property
The "Class A" asset class is for the ultra-conservative real estate investor. This asset class provides stability and is very low risk. Class A properties are more clearly defined as:

Single-Family House
Example Class A Property »

Priced from $100,000 - $150,000.
Overall investment returns of between 12% - 18% per year.
Very stable locations where "Owner Occupants" make up approximately 90% or more of the neighborhood.
Located in very strong, high-ranking school districts.
Lowest vacancy factor at 3.5% overall across this class.
Lowest wear and tear due to more stable and responsible tenants.
Easily liquidated soon after acquisition, if needed, for a slight profit.
Typical investment requires $20,000 - $25,000 per property if using financing.

Class B Investment Property
The "Class B" asset is for the somewhat conservative real estate investor who is willing to take on managed risk. While this provides a higher return than Class A and the overall stability of Class B properties is strong, there may be years with a higher than normal vacancy but with this risk can come reward.

Example Class B Property »

Price points from $75,000 - $100,000.
Overall investment returns of between 15% - 20% per year.
Moderately stable locations where "Owner Occupants" make up approximately 75% of the neighborhood.
Located in average school districts.
Mid-level vacancy factor at 5% overall across this class.
Normal wear and tear is expected.
Easily liquidated soon after acquisition, if needed, for a break-even.
Typical investment requires $14,000 - $20,000 per property if using financing.

Class C Investment Property
This asset class is for the investor willing to take on managed risk for the possibility of higher reward. "Class C" assets provide a much higher potential return than A and B. Class C properties are the least stable and throughout the course of time may experience higher than average vacancy and higher than normal wear and tear.

Example Class C Property »

Price points from $50,000 - $75,000
Overall investment returns of between 20% - 28%
Somewhat stable neighborhoods where the "Owner Occupants" make up approximately 50% of the neighborhood.
These are NOT "War Zone" locations but will usually be within densely populated urban areas.
Located in less-than-average school districts.
Higher level of vacancy at times. 7.5% overall vacancy across this asset class.
Higher than normal wear and tear is expected.
Difficult to liquidate for a break even. Expect to spend a few thousand dollars if you have to sell within your first year of ownership.
Typical investment requires $10,000 - $14,000 if using financing.

Blending together the classes of properties gives an investor a diversified real estate portfolio with balance, predictability and the highest consistent rate of return; not found when a portfolio is tilted toward one single class.

What does AWC in a home listing meam? Is the house still available?

: I keep seeing some listings online that say “AWC” or Active with Contract. What does this mean? Is it available or not? A: Recently in our Multiple Listing Service there was a pretty major change with the addition of the “Active with Contract” status. Here’s what it means to you. When you are searching for a home either via an MLS feed that your Realtor has set up for you, or on a website like Realtor.com – you may notice some homes say “Active” while others say “Active with Contract” or “Pending”. Here’s the difference: Active (ACT) – Home is actively available on the market and does not currently have a contract on it. This doesn’t mean the Seller hasn’t received any offers yet – they may have – and its up to your Realtor to ask the listing agent. It does however mean the Seller hasn’t yet accepted any offers presented. Hurry and go see a listing that is active before it goes AWC or PNC! Active with Contract (AWC) – This status is often seen on short sales, but occasionally you’ll see it on non-distressed properties as well. The reason “AWC” – or Active with Contract – was created was to allow Realtors to continue marketing homes that were under contract already but have contingencies. Contingencies are things like “bank must approve the sale” or “financing” or “inspections” – things which must be completed or overcome in order for the sale to close. So why does the Realtor want to continue marketing an AWC listing? Two reasons. #1 – sometimes short sale contracts fall through either because the bank counters the offer presented at a higher number, causing the Realtor to have to start all over marketing for a new buyer. #2 – because the Realtor wants to find buyers even though the house is under contract and sell them other Active homes. Many times buyers ask me is it worth looking at AWC listings? The answer is maybe, but keep in mind if the current contract should fall through, the listing will go back to Active, and it will pop back up in your email notifications, and you can look at it then. If you really are in love with an AWC home you’ve seen online, your Realtor can always call the listing agent and inquire as to how strong the listing agent feels the current contract is. If its pretty strong, it may be better not to get your hopes up and move on. Pending (PNC) – This means the home is under contract and they are not currently seeking to continue marketing the home. Most contingencies will be removed once a listing goes “Pending”. Still – if you are in love with a pending house – it may be worthwhile to have your Realtor call the listing agent to see what the status is.

Elfers, Florida....Why "Elfers"???

The area was known as the Baillie settlement until the Elfers post office was established on Dec. 14, 1909. Frieda Marie (Bolling) Eiland, the wife of the first postmaster, chose the name of the post office to honor a favorite uncle, whose last name was Elfers. Railroad service came to Elfers for the shipment of citrus in 1913. In 1915, the Elfers School opened; it was the first brick school in western Pasco County. A new building replaced it in 1966.[4] The Elfers School red brick school has been converted into the Elfers CARES Center which celebrated a grand re-opening in 2013. The building now has a cafe, a "spacious auditorium", and is the home of the Avery Branch of the New Port Richey Public Library.[5] Elfers was incorporated from 1925 to 1933. Homes for sale in the Elfers Area lovely Eastbury Gardens