VA home buying process

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


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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

Contract pending

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.

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..

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I'd LOVE 2 be your Realtor!

I'd LOVE 2 be your Realtor! Debbiesmall.net debbiesmall.net@gmail.com Realtor Florida Luxury Realty #debbiesmall #loveFL #HolidayLakes #westpasco #baileysbluff #gulfharbors #baileysbluff #beaconsquare

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

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

Just Listed!

5552 TULIP DR, NEW PORT RICHEY 34652 MLS#W7604778: http://youtu.be/ECVSuiG8u9Q

Sold!

4307 Sail Drive; New Port Richey, FL 34652: http://youtu.be/_-PusMgrO00

Short Sales, Foreclosures and Income Taxes: a Summary

Short Sales, Foreclosures and Income Taxes: a Summary If a taxpayer owes mortgaged debt to a lender and the lender cancels or forgives that debt in a short sale or foreclosure, in general the cancelled debt is taxable. However, the canceled amount may be excluded from taxation under the Mortgage Forgiveness Debt Relief Act of 2007. In general, this law allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure or short sale, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2,000,000 of forgiven debt is eligible for this exclusion ($1,000,000 if married filing separately).

Just Sold!

Just Sold!  Waterfront Pool home in Lovely Beacon Square#debbiesmall debbiesmall.net #WestPasco #loveFL #NewPortRichey #FloridaLuxuryRealty # #baileysbluff #GulfHarbors #beaconsquare #HolidayLakes #holiday # waterfront #poolhome

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What is a CDD?

In addition to and HOA, some neighborhoods also have a CDD. Today I was asked what CDD stands for and exactly what it is. Here you go: A Community Development District (CDD) is a local, special purpose government framework authorized by Chapter 190[1] of the Florida Statutes as amended and is an alternative to municipal incorporation for managing and financing infrastructure required to support development of a community.[1] Authority for CDDs was established by Florida's "Uniform Community Development District Act of 1980". The legislation was considered a major advancement in managing growth efficiently and effectively. Although CDD's provided a new mechanism for the financing and management of new communities, their operation was consistent with the regulations and procedures of local governments, including state ethics and financial disclosure laws for CDD supervisors.[2] All meetings and records must comply with the Florida Sunshine Law and an annual audit is also required.[2] As of 2012, Florida had over 600 CDDs with municipal bonds totaling $6.5 billion. Nearly three-quarters of them were established during the housing boom years between 2003 and 2008. The developer makes payments to the CDD for all properties in the district that they own. As long as new homes were selling, they had the money to cover that expense. When the bottom dropped out of the housing market in 2008, property sales in CDDs plummeted, as did developer income. Many developers did not have cash reserves to cover more than a year of CDD payments, so they had no choice but to declare bankruptcy, and 168 CDDs have defaulted on municipal bonds valued at $5.1 billion.[3] County politicians endorse them because they increase property values (plus taxes) and create infrastructure without cost to government. Developers love them because they don't have to use their own money to pay for all the development infrastructure up front. Residents like them because the initial price of their property should be lower due to deferred infrastructure costs.[4] The theory behind CDDs holds that services and public facilities used by residents and landowners will be available early in the development process, and are controlled by those who use them, and are paid for by self-imposed assessments and fees. Because the CDD is controlled by the landowners/residents, the decision of what services are offered and which facilities are constructed is up to the landowners/residents, not the developer. The cost of capital for CDDs is lower than that of the developer, saving money. Services can be bid out to private companies or provided by the CDD, and residents are not at the mercy of developer-owned enterprises.[2][4]

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