Great First-Time Homebuyer News!

Governor signs $8K homebuyer credit into law

TALLAHASSEE, Fla. – May 27, 2009 – Gov. Charlie Crist signed the budget bill (SB 2600) today that lays out how the state will spend its $65.6 billion in the fiscal year that starts July 1. Included is $30.1 million for the Florida Homebuyer Opportunity Program, which will help with downpayment assistance.

Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out.

The state spending plan passed today also includes the following for real estate-related programs:

• Up to $400,000 to prevent, combat and publicize the dangers of unlicensed real estate activity in Florida.
• $540,000 to continue and complete a study to make recommendations on passive strategies on nitrogen reduction that complement the use of onsite wastewater treatment systems.
• $3 million in the Real Estate Trust Fund for the Education and Research Foundation.
• A reduction in the eviction filing fees from $265 to $180 – the only fee reduction in the 2009-10 budget, and one with a negative fiscal impact of up to $36 million.

© FLORIDA ASSOCIATION OF REALTORS

BREAKING NEWS: Advanced Credit For First-Time Homebuyer Tax Credit!!!

The Florida Association of Realtors rocks! Thanks for looking out for my clients' best interest!!!

2009 FLORIDA LEGISLATURE ADJOURNS

TALLAHASSEE, Fla. - May 8, 2009 - Having approved a $66.5 billion state budget, the 2009 Florida Legislature adjourned minutes ago. For the Florida real estate industry, the budget includes several gems. Perhaps the shiniest: $30.1 million for downpayment assistance programs.

Beginning July 1, those who qualify for the federal first-time homebuyers tax credit will be able to apply for downpayment assistance in advance of closing, and then repay the amount borrowed when they get their tax refund.

"What an incredible opportunity for thousands of families," says Cynthia Shelton, 2009 FAR president. "The beauty of this program is that the state will be paid back and, conceivably, more potential homebuyers could take advantage prior to the Dec. 1 expiration of the $8,000 federal first time homebuyer tax credit."

The program will operate through local county housing administrators, though details are still being worked out. Keep reading FAR's EarlyBird e-news and checking the home page of floridarealtors.org for updates.

The state spending plan passed today also includes the following for real estate-related programs:

• Up to $400,000 to prevent, combat and publicize the dangers of unlicensed real estate activity in Florida.
• $540,000 to continue and complete a study to make recommendations on passive strategies on nitrogen reduction that complement the use of onsite wastewater treatment systems.
• $3 million in the Real Estate Trust Fund for the Education and Research Foundation.
• A reduction in the eviction filing fees from $265 to $180 - the only fee reduction in the 2009-10 budget and one with a negative fiscal impact of up to $36 million. Even though the session was extended to today for the purpose of budget negotiations, all non-budget legislation was finalized last Friday. Here are the highlights reported previously:
• SJR 532, a constitutional amendment that will ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. First-time homebuyers could benefit, too, with an additional homestead exemption up to $100,000.
• HB 521, a bill that puts the burden of proving that a property tax assessment is correct on the appraiser, not the property owner.
• In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders (HB 1495). The Legislature also repealed the requirement that, effective Jan. 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on the structure of $500,000 or more, provide prospective buyers the structure's windstorm mitigation rating.
• The growth management bill (SB 360) FAR supported passed as a big package. It includes a provision to encourage urban infill by eliminating transportation concurrency, one that allows for expedited comprehensive plan reviews, and another that eliminates the development of regional impact process (DRIs) in urban areas. The bill also extends previously obtained permits and approvals by two years, creates a transition process for moving towards a mobility fee system, and streamlines and reduces inefficiency in the state's approach to growth management.

For additional updates, please visit FAR's legislative Web site: http://www.floridarealtorslegislative.org
© 2009 FLORIDA ASSOCIATION OF REALTORS

NEW CONDO DISCLOSURE LAW Took EFFECT JANUARY 1, 2009

Beginning Jan. 1, 2009, condo buyers are entitled to receive from sellers (who are not developers) a disclosure developed by the Florida Department of Business and Professional Regulation (DBPR) which details the rights and responsibilities of condominium boards and unit owners, voting rights, meeting notices and other governance matters.

The disclosure, known as the Condominium Governance Form, is now available in PDF form from the DBPR Web site:
http://www.myflorida.com/dbpr/lsc/LSCMHCondominiumForms.html

Smart Growth VS Smart Growth

About a month ago, I had the opportunity to meet both Carolyn Mason and Jono Miller at the Sarasota Association of Realtors Annual Meeting where they and John Mullarky were invited to join a panel interview by Laura Benson before all of our members.

Personally, I was impressed with the opinions and approaches of Carolyn Mason and Jono Miller because, I must admit in case you don't know me, I'm a firm supporter of both 1) actions to support and keep the working/middle class in Sarasota and 2) making sure Sarasota keeps its reputation for being one of the best LITTLE cities to work and play. Regarding John Mullarkey, I think the name of his boat is funny--that's about it. And he's Irish(ish).

I still don't know which way I'll vote but I did think Doug Sword's article in the Sarasota Herald Tribune today did a pretty good job of summarizing the positions of the candidates. Read below.

"At first blush, it is a straightforward contest, a pro-business Republican running against an environmentalist Democrat for an open seat on the County Commission.

"But the obvious comparisons end there.

"Carolyn Mason, a former Democrat turned Republican, is a widowed mother of three who worked her family's way out of public housing, bought a house and eventually became Sarasota's mayor. She would also be the first black to win a seat on the County Commission in its 87-year history.

"Jono Miller is the head of New College's environmental studies program and has long been a favorite of slow-growth and neighborhood activists. But he seems to have convinced much of the business community that he would not be a slam-dunk vote against growth if he gets on the commission."

For the full article, click here: http://www.heraldtribune.com/article/20081024/ARTICLE/810240368/2055/NEWS?Title=County_commission_race_still_surprises

Pains In The...

"Lenders Told They Can't Hide" By Todd Ruger
Published: Monday, October 20, 2008 at 1:00 a.m. Last Modified: Monday, October 20, 2008 at 1:23 a.m.

As more and more Florida homeowners slip into foreclosure, the law firms handling the cases for the banks have become harder to reach, those familiar with the system say. Homeowners and their attorneys, and even judges, cannot get a call back, making it impossible to dispute a debt or work out deals other than foreclosure until the case is in front of a judge.

"The lenders are just not talking to them," Chief Circuit Judge Lee Haworth said. Now, Haworth and other 12th Judicial Circuit court judges are going to force those law firms to meet with the homeowner within 45 days for a frank discussion on alternatives to foreclosure. Those discussions could center around refinancing, forgiving part of the debt or clarifying the amount required to reinstate or pay off the loan.

The Homestead Foreclosure Conciliation Program will start in December. It aims to keep people in their homes and reduce the strain on the court system from foreclosure cases, which are on pace to double this year compared with 2007. The program applies only to property registered as a primary residence under the homestead exemption. Local bar associations and legal aid organizations agreed to provide some attorneys to assist those homeowners during the meeting at no cost.

The law firms representing lenders are also required to notify any homeowner of the program, contact them and invite them to participate.

The large increase in foreclosures has strained almost every part of the foreclosure process, from serving legal papers to finding courtroom time. Coming to a solution within 45 days would avoid protracted legal battles and reduce the number of cases going through the system. Those long legal battles seem to be the only way to get law firms representing banks to return calls, Miami-based foreclosure attorney Rick Neustein said. "Most of the time they don't want to talk to us until they see this thing is being hotly contested," Neustein said. "They don't get serious until we're defending the foreclosure for nine months." Haworth said the main issue is only a small number of law firms handle the foreclosure cases for the banks for small legal fees, so they want to put as little time as possible into a case.

If the law firms do not comply with the new order, they will face courtroom sanctions that would cost them money, since it would take their attorneys more time to handle the cases. The law firms for lenders would not be able to settle the case through a summary judgment, a quick resolution to cases. The lender attorneys would no longer be able to appear at hearings over the telephone. And that lender's cases would be assigned the lowest priority for court hearing times, which may delay the case for an extended period.

Florida was the No. 4 state for foreclosures in August. Across the country, foreclosure filings in August rose 12 percent from the previous month and 27 percent from August 2007. The 303,879 filings -- default notices, auction sales notices and bank repossessions -- represent one filing for every 416 households. According to numbers provided by Sally Olsen Rackey of Sarasota's Hembree & Associates, one out of every three houses sold in Sarasota County since the beginning of the year was a foreclosure sale.

NAR Lobbies For Housing Rescue Package

NAR unveiled a four-point legislative plan to reinvigorate the housing market, and is calling on Congress to act. Among other things, the plan would get rid of the pay-it-back requirement for the current $7,500 first-time homebuyer tax credit, and it would expand that tax credit to all buyers of primary homes.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-101608.cfm.

NAR's Take On The EESA

The National Association of Realtors (NAR) supported and continues to support the Emergency Economic Stability Act (ESSA). There's been myriad opinions in the media and on the streets about the pros and cons and much speculation as to who will benefit most from its passage.

For a point-by-point analysis of the major provisions according to NAR, visit: http://takeaction.realtoractioncenter.com/campaign/eesa/explanation.

Let me know what you think.

Amendment 5 Confusion

Among myriad opinions floating around in the street and the press regarding the removal of Amendment 5 from the November ballot, the Florida Supreme Court issues a explanation:

AMENDMENT 5

Florida's Supreme Court justices, in a 15-page unanimous opinion, explained their decision to remove Amendment 5 from the November ballot. They said that voters would be misled by a claim that local school property taxes would be replaced with an "equivalent" amount of state funds when that guaranteed replacement is only good for the first year.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-091608.cfm.

Get Your Allstate Discount

Allstate's agreed to give a 5.6% discount to its current clients in addition to paying a $5 million fine. Make sure your discount makes it to your bill....

For more details: http://www.floridarealtors.org/NewsAndEvents/n1-081808.cfm.

New Housing Stimulus Bill Highlights

Here's a link summarizing the Housing Stimulus Bill passed by the House and Senate and signed into law by George Bush: http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions.

Here's a brochure with additional explanation of the bill's highlights: http://www.scribd.com/doc/4711482/2008-Housing-Bill-Summary.

Thanks Pam!

How To Fight The Tax Assessor

2008 Trim notices are mailed this month for both Sarasota and Manatee Counties. You have 25 days to file a petition with the Value Adjustment Board. Try it! You could save some money....

Here's an article from the SHT about someone who did it and won: http://www.heraldtribune.com/article/20080810/ARTICLE/808100304/2107&title=How_to_fight_the_tax_assessor.

Once the form is filed, you'll need to prepare info for your hearing date. PLEASE call or email me for help during this part of the process as I can collect verifiable data on values in your neighborhood to help prove why your home should be valued for less and save you money!

Sarasota City Hall Landscape Honored As Florida Friendly Yard

To see firsthand what a quintessential Florida Friendly Yard looks like, take a peek at City Hall, 1565 First Street. The City of Sarasota was notified yesterday its City Hall landscape achieved the highest recognition level for Florida Friendly Yards. The recognition was awarded by environmental experts at the University of Florida extension office in Sarasota County.

The City achieved the “Golden Oak” recognition level, the highest of three levels, by assuring the landscape protects our natural resources. The landscape demonstrates to the public that serious environmental issues, such as storm water runoff, water shortages, and disappearing wildlife habitats, can be addressed without sacrificing attractive landscaping. “We wanted to showcase the plantings at City Hall as an educational tool because it is a public space that receives many visitors,” said Michele Mician, Neighborhood Coordinator who oversees green initiatives for the City of Sarasota. Some of the techniques used at City Hall include:

• Planting more native species

• Recycling grass clippings

• Collecting rainwater and using it to water plants

• Using drip irrigation

• Avoiding fertilizers and pesticides

• Positioning trees and shrubs to improve the building’s cooling capacity

• Planting low maintenance plants

• Providing cover for wildlife

• Purchasing plant materials from local native plant stores

• Positioning plants according to the principals of Crime Prevention through Environmental Design (CPTED)

Moving forward with green initiatives is one of the City Commission’s top five critical priorities. In October 2007, the Environmental Management Task Force, comprised of City employees, was created to oversee sustainability issues within City government. “The landscape department includes a master gardener whose expertise helped make the garden bed at City Hall Florida friendly,” said Neil Gaines, a Public Works employee who is a member of the EMTF.

In addition to the Florida Friendly Yard, visitors to City Hall can also see a set of rain barrels, which capture rainwater. Ultimately, that water is used to irrigate plants and flowers at City Hall through a drip system.

For more information about green initiatives visit yourgreencity.sarasotagov.com.

For more information, please contact:Jan Thornburg, Public Information Officer (941) 954-2613

Source: City Hall Press Release 8/7/8

Foreclosure Rescue Scams on the Rise

Foreclosure rescue scams, in which con artists prey on struggling home owners, are becoming more of a problem, according to the Federal Trade Commission. The FTC has already filed three major foreclosure rescue cases this year, compared with zero a year ago; and one case involves thousands of victims and property worth millions of dollars, according to FTC regional director Brad Elbein, who heads the agency's foreclosure rescue campaign.

Some scammers promise to negotiate with a lender for a fee, then just take the money and run. In other cases, home owners pay rent to live in the house but sign title to a rescue company that is supposed to pay the mortgage. Instead, the company sells the house, taking whatever equity is left.

At least 14 states have passed new laws this year to protect home owners, including a new one in Idaho that requires a written contract with a rescue company and gives homeowners five days to change their minds. "The scope is probably going to be potentially as large as the mortgage fraud problem itself," says Sharon Ormsby, the FBI's chief of financial crimes.

Source: USA Today, Donna Leinwand (08/04/08)

How The New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

Here’s how it works:

• The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.


• This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.


• The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.


• High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: The Washington Post, Michelle Singletary (07/03/08)

Sarasota County Seeks Applicants For Value Adjustment Board

Just received this notice and thought someone out there might be interested:

The Sarasota County commissioners are seeking applicants to serve as the citizen representatives to the Value Adjustment Board.

The Value Adjustment Board (VAB) hears appeals from property owners challenging assessments of their property for taxation purposes by the Property Appraiser. The five members of the VAB currently include three county commissioners and two school board members. After Sept. 1, the membership structure will change to include two county commissioners, one school board member and two residents.

Any resident who owns a homesteaded property in Sarasota County is eligible for appointment so long as they are not a member or employee of any taxing authority. Any person representing a property owner in an administrative or judicial review of property taxes is also ineligible for membership on the VAB.

Commissioners will consider appointments to the new advisory committee at their Aug. 26 meeting.

The deadline for applications is 5 p.m. Monday, Aug. 18. To apply, click on Advisory Boards and Councils located under the County A-Z link. An advisory board application form is available with instructions for completion. Mail applications to the Clerk to the Value Adjustment Board, P.O. Box 8, Sarasota, FL 34230, or hand-deliver them to Board Records, Second Floor, County Administration Center, 1660 Ringling Blvd., Sarasota.

For more information about the VAB, call the Sarasota County Call Center at 941-861-5000 and ask for the Board Records office.

The State Plans To Deny Insurance Price Hikes

Florida Insurance Commissioner Kevin McCarty announced yesterday that the state plans to reject Florida Farm Bureau insurance companies' request for an average 28 percent statewide property insurance rate increase. State Farm will defend its 47.1 percent increase request next week.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-080608.cfm.

Wow! For First-Time Homebuyers!!!!!!!!!!!!!

A provision of the recently-passed federal housing recovery bill gives first-time buyers an interest-free loan of up to $7,500 in the form of an income tax credit. The benefit ends June 30, 2009.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-080108.cfm

Reasons why you should buy now: http://www.time2buysarasota.com/faq.html

Free Trees!

CITY SEEKS GREEN CANOPY PARTICIPANTS

Sarasota, FL: The City of Sarasota is looking for residents interested in participating in the Green Canopy Partnership Program. In the program, the City plants trees along the right-of-way of residents’ homes, as long as the residents pledge to water and care for the saplings until they take root. “It’s a true partnership between the City and residents. The City provides the trees and installation, and the residents agree to water them,” said Michele Mician, Sustainability Coordinator. There is no fee to participate in the program.

Since the program began in 2004, hundreds of trees have been purchased and planted by the City, then nurtured by residents. Recently, 31 crape myrtle trees were planted along 7th Street in Gillespie Park as part of the program. “We love them,” said Carmen Adcock, a resident who pledged to care for a tree. “We each have a tree in front of our house that we water according to the directions the City gave us,” said Adcock. Residents who participate in the program must sign a pledge sheet, agreeing to follow the watering guidelines given by City staff.

City of Sarasota arborists study a potential location and determine the right tree for that area. Available sunlight, overhead utility lines, and soil all play a role in determining what species is best suited in an area. Ultimately, the trees benefit the environment and residents’ property. “Trees give properties many value added benefits as well as helping the environment. Environmental benefits such as soil stabilization, increased wildlife habitat, and shade are just some of the valuable returns you can expect when you plant a tree,” said Mician.

The Green Canopy Partnership Program is funded through the Sarasota County penny surtax.
To have trees planted by autumn, residents must submit pledge forms by Fri., August 8, 2008. For more information on this unique program contact Neighborhood Services at 954-2612, or download a Green Canopy Partnership Program pledge form at npo.sarasotagov.com.

Source: http://www.sarasotagov.com/InsideCityGovernment/Content/CAC/Communications/Releases/Tree_canopy.htm

To Your Freedom!

Banks To Cancel Loans?

The 7th U.S. Circuit Court of Appeals is expected to rule sometime this month on a case that could force the U.S. banking industry to cancel or rescind loans if borrowers prove that their lenders violated a federal lending disclosure law.

The decisions stems from a lawsuit filed by a Wisconsin couple who last year sued their bank and sought class action status. The judge not only agreed to that but also ruled that borrowers could force the bank to rescind their loans as a class remedy.

Should the 7th U.S. Circuit Court of Appeals agree that rescission be a class remedy, banking industry analysts predict “confusion and market disruption” as banks curtail lending further.

“If class treatment is found to be available for rescission ... the result all over the country could be massive class suits,” says Christine Scheuneman, a partner at Pillsbury Winthrop Shaw Pittman LLP, which represented Chevy Chase Bank in the initial lawsuit.

Supporters of rescission as a remedy say the banking industry is overstating the results of such a ruling.Both sides agree that the U.S. Supreme Court will likely decide the case.

Source: Reuters News, Gina Keating (06/30/08)© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688