The Sunshine State is where everyone would love to be right now, especially if you are in an area of the country that is having sub-zero temperatures and feet of snow falling at a time. Orlando is one of the fastest growing and cleanest cities in the United States. With some of the most beautiful weather year round and some great newer houses available, why not start looking for a home there now? We not only offer help with the purchase of a home in the Orlando area, we also can assist you with a sale or just with any real estate questions you may have.
Florida has long been the retirement state of choice for many Americans, but times are changing and Florida is becoming its own producer of many goods and services. Why would you wait all your life to retire some place that you could easily move to now and start enjoying it? We have a comprehensive market report for the Orlando area and we also offer a variety of other resources to help you in your home buying needs. We have trained and knowledgeable staff members that can help you search for the property that best fits you and give you suggestions on what may be coming on the market soon.
With the economy the way it currently is it’s no wonder that people are trying to save every cent they can. The real estate market is in crisis mode and that is good for the buyer. There are so many listings that it can take hours to go through them. You can be picky about just what you want and where you want it in today’s market. However, you need to be cautious of some real estate agents that will try and make themselves look great and try to get you to purchase a home you do not want. We have been helping our customers for years and we pride ourselves on the fact that the customer is always number one with us and that we will do everything we can to make sure that you get the house you want at the price you want.
Orlando wants you to come enjoy its beauty and vast opportunities. Come see Disney and Sea World and enjoy in all that Orlando has to offer you. Then when you are done, give us a call and let us know where you want to make home, we have the knowledge and insight to help you get what you want. Let’s start living the dream of working in paradise by calling our real estate agents today!
Monday, February 23, 2009
Wednesday, February 18, 2009
Welcome to Sunny Orlando, Florida!
Whether you are moving to Orlando, Florida, and are in need of a new home or you already live in Orlando and wish to sell your home for whatever reason there are knowledgeable and experienced Orlando real estate agents that are eager to help you sell or purchase your home. Working with a professional Orlando real estate agent will offer you the benefits of having up to date information on home that come available in the areas you prefer or the benefits of having someone else listing your property for you so you are free from having to schedule times for prospective buyers to view your home as well as the fact that your real estate agent will handle all the legal ends of selling or buying your property.
Take advantage of the short sale properties or foreclosure properties available in the beautiful city of Orlando. Your experienced Orlando real estate agent can direct you to the properties you are interested in and handle the communication between you and the seller in order to make your purchase easier. A knowledgeable Orlando real estate agent can guide you through the legal ends of purchasing a property that is in short sale or foreclosure as well as be of great assistance in listing your home if you are in the middle of a short sale agreement with your bank. No matter the property you wish to purchase or sell when working with an experienced and well trained Orlando real estate agent you are sure to be satisfied with the sell or purchase process of your home.
Choose to live in the middle of all the action and in the middle of the night life that Orlando has to offer with the many restaurants, night clubs, and shopping centers -- not to mention the fun Orlando has to offer for the children such as Disney, Sea World and other famous theme parks. Being a resident of Orlando will allow you to take advantage of the many discounts offered by the local theme parks as well as the fact that you can return home to your own bed at the end of a day filled with theme parks and adventure.
If you are searching for a quieter atmosphere but wish to have the fun and adventure within driving distance your knowledgeable Orlando real estate agent can find the perfect home in the quiet neighborhood with the action and fun only a short driving distance away. So start today and get your local Orlando real estate agent on the phone to ensure you are getting the home of your dreams in the setting your desire.
Take advantage of the short sale properties or foreclosure properties available in the beautiful city of Orlando. Your experienced Orlando real estate agent can direct you to the properties you are interested in and handle the communication between you and the seller in order to make your purchase easier. A knowledgeable Orlando real estate agent can guide you through the legal ends of purchasing a property that is in short sale or foreclosure as well as be of great assistance in listing your home if you are in the middle of a short sale agreement with your bank. No matter the property you wish to purchase or sell when working with an experienced and well trained Orlando real estate agent you are sure to be satisfied with the sell or purchase process of your home.
Choose to live in the middle of all the action and in the middle of the night life that Orlando has to offer with the many restaurants, night clubs, and shopping centers -- not to mention the fun Orlando has to offer for the children such as Disney, Sea World and other famous theme parks. Being a resident of Orlando will allow you to take advantage of the many discounts offered by the local theme parks as well as the fact that you can return home to your own bed at the end of a day filled with theme parks and adventure.
If you are searching for a quieter atmosphere but wish to have the fun and adventure within driving distance your knowledgeable Orlando real estate agent can find the perfect home in the quiet neighborhood with the action and fun only a short driving distance away. So start today and get your local Orlando real estate agent on the phone to ensure you are getting the home of your dreams in the setting your desire.
Tuesday, February 3, 2009
Foreclosure News
On January 28, Jerry Jackson of the Orlando Sentinel reported that Florida State Representative Darren Soto plans to propose a “foreclosure bill of rights” which would help slow foreclosures in the state of Florida. Similar legislation has also been proposed in other states, including Texas and New York.
Here are some details regarding his proposal:
(1) This law would apply to “homestead properties,” not second homes or investment properties. The ramifications of this provision would mean that only people claiming the real estate as their primary home would receive the benefits of the bill, as opposed to vacationers and landlords.
(2) Banks would be required to make a “good faith” effort to renegotiate home loans. This would curb lenders from falsely promising to renegotiate home loans, and place some pressure on lenders to help solve the mortgage crisis. Mortgage lenders may now be subject to criminal charges and civil liability for false promises.
(3) Banks would be further required to comply with mandatory document disclosures. The effect of this would be twofold. First, the mortgagor will be obligated to disclose all correspondence and information with the homeowner. This may help one of the problems of the mortgage fallout misinformation. Second, this will help the homeowner decide if the lender is acting in her best interests, and alert her to changes in the terms of the loan.
(4) Lenders cannot immediately run to court to initiate a foreclosure action and are subject to mandatory mediation proceedings. In a mediation proceeding, both sides get together to try to negotiate a deal through a mediator and settle the matter out of court.
(5) To help the lenders, the law will provide for a “forbearance lien” which will “allow lender to recoup the amount of the principal they agree to reduce, when the property was eventually sold.” The banks, while forgoing some of their capital in the short run, will regain some of it down the road.
(6) The bill will also specify settlement negotiation requirements. This will encourage settlement that will hopefully satisfy both parties. If the terms are set, this will make settling possible foreclosure actions easier and more efficient.
(7) Banks would be supplied criteria for the commercial reasonableness of renegotiated loans. In a foreclosure action the banks hold a large advantage in that they can take the property from the homeowner at any time. This power position gives them leverage in the renegotiation of loans. This provision would help even the playing field between the lender and the mortgagee.
Here are some details regarding his proposal:
(1) This law would apply to “homestead properties,” not second homes or investment properties. The ramifications of this provision would mean that only people claiming the real estate as their primary home would receive the benefits of the bill, as opposed to vacationers and landlords.
(2) Banks would be required to make a “good faith” effort to renegotiate home loans. This would curb lenders from falsely promising to renegotiate home loans, and place some pressure on lenders to help solve the mortgage crisis. Mortgage lenders may now be subject to criminal charges and civil liability for false promises.
(3) Banks would be further required to comply with mandatory document disclosures. The effect of this would be twofold. First, the mortgagor will be obligated to disclose all correspondence and information with the homeowner. This may help one of the problems of the mortgage fallout misinformation. Second, this will help the homeowner decide if the lender is acting in her best interests, and alert her to changes in the terms of the loan.
(4) Lenders cannot immediately run to court to initiate a foreclosure action and are subject to mandatory mediation proceedings. In a mediation proceeding, both sides get together to try to negotiate a deal through a mediator and settle the matter out of court.
(5) To help the lenders, the law will provide for a “forbearance lien” which will “allow lender to recoup the amount of the principal they agree to reduce, when the property was eventually sold.” The banks, while forgoing some of their capital in the short run, will regain some of it down the road.
(6) The bill will also specify settlement negotiation requirements. This will encourage settlement that will hopefully satisfy both parties. If the terms are set, this will make settling possible foreclosure actions easier and more efficient.
(7) Banks would be supplied criteria for the commercial reasonableness of renegotiated loans. In a foreclosure action the banks hold a large advantage in that they can take the property from the homeowner at any time. This power position gives them leverage in the renegotiation of loans. This provision would help even the playing field between the lender and the mortgagee.
Real Estate Tax Rules
With tax season here, confusion often reigns supreme when considering gains and losses. Often, real estate gives taxpayers a headache when dealing with the IRS. According to a report by the National Association of Realtors, as much as 18% of the home sales last year were short sales. This post will shed some light on the tax consequences of a short sale and how a taxpayer should treat the sale on your 1040 for 2009.
If you’ve ever prepared your own taxes, you probably know the general rule that a taxpayer must include as ordinary income the “discharge of indebtedness.” The basic application of this rule occurs when a creditor decreases the amount of debt owed by a debtor. This obviously applies to a short sale, in which the mortgagor allows the mortgagee to sell the property for less than the mortgage and discharges the rest of the debt.
The IRS considers the difference between the amount originally owed and the new, lower amount income that must be declared. According to analysis conducted by Clayton Holdings, Inc., a successful short sale typically results in about a 19% loss between the mortgage price and the sale price. This amount can be cumbersome- approximately $38,000 would be owed on a house worth $200,000.
However, there are certain exceptions to this general rule. Under the Internal Revenue Code, a taxpayer may exclude the “discharge of indebtedness” if: (1) the discharge occurs during bankruptcy proceedings, (2) the taxpayer is insolvent, or (3) if the property is business real estate. For more information, please look to the IRS Code § 108(a).
The first two exceptions are relatively straight forward. If you are in the middle of declaring for or have actually declared bankruptcy, you will be able to exclude the difference between your mortgage and the sale price of your home.
The third exception allows a little wiggle room. The obvious application of this provision allows a business owner who is short selling his property to exclude the “discharge of indebtedness” from his ordinary income. However, this exception may also apply to the taxpayer who is holding real estate as investment property for the production of income. Therefore, a landlord who rents out her real estate may be able to disclaim the “discharge of indebtedness” if she has a short sale on the rental property.
Please consult a tax professional for more advice on reporting and excluding income related to your short sale. He or she may be able to work with you to find a possible exclusion for your short sale income.
If you’ve ever prepared your own taxes, you probably know the general rule that a taxpayer must include as ordinary income the “discharge of indebtedness.” The basic application of this rule occurs when a creditor decreases the amount of debt owed by a debtor. This obviously applies to a short sale, in which the mortgagor allows the mortgagee to sell the property for less than the mortgage and discharges the rest of the debt.
The IRS considers the difference between the amount originally owed and the new, lower amount income that must be declared. According to analysis conducted by Clayton Holdings, Inc., a successful short sale typically results in about a 19% loss between the mortgage price and the sale price. This amount can be cumbersome- approximately $38,000 would be owed on a house worth $200,000.
However, there are certain exceptions to this general rule. Under the Internal Revenue Code, a taxpayer may exclude the “discharge of indebtedness” if: (1) the discharge occurs during bankruptcy proceedings, (2) the taxpayer is insolvent, or (3) if the property is business real estate. For more information, please look to the IRS Code § 108(a).
The first two exceptions are relatively straight forward. If you are in the middle of declaring for or have actually declared bankruptcy, you will be able to exclude the difference between your mortgage and the sale price of your home.
The third exception allows a little wiggle room. The obvious application of this provision allows a business owner who is short selling his property to exclude the “discharge of indebtedness” from his ordinary income. However, this exception may also apply to the taxpayer who is holding real estate as investment property for the production of income. Therefore, a landlord who rents out her real estate may be able to disclaim the “discharge of indebtedness” if she has a short sale on the rental property.
Please consult a tax professional for more advice on reporting and excluding income related to your short sale. He or she may be able to work with you to find a possible exclusion for your short sale income.
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