February 8th, 2010
“Congratulations to our Exit Realty Central Agents. Today you were recognized by corporate for being the number one Exit brokerage in Florida. Combined, for the first time you broke over 104 million in sales in one year. Our agents are considered experts and leaders in our industry! This is truly and amazing accomplishment. I personally Thank you as your Broker and Friend.” -Matthew Stamer
Exit Realty Central Office winning 1st place for 2009 the following awards in Listings Taken, Sales Volume and Transactions Closed.
Congrats to our Foreclosure Team winning 1st place for 2009 the following Team Awards in Listings Taken, Sales Volume, and Gross Commission Closed.
Broker/Owner of Exit Realty Central who is ranked in the Top 10 Agents out of ALL 8,000 Central Florida Agents!
Tags: Banks, Finance, First time home buyer, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | No Comments »
January 8th, 2010
Exit Realty Central closed 997 listing and selling sides in 2009 with a average selling price of $114,000.00.
In 2008 Exit Realty Central closed 364 sides with and average selling price of $187,000.00.
This is a 274% increase in sides closed from 2008 to 2009, and a decrease in the average selling price 39% for the year, or 3.2%/month.
The lower prices and the first time homebuyers credit are responsible for the majority of the increased sales.
Bill Calhoon
2008 EXIT REALTY FLORIDA
SALES MANAGER OF THE YEAR
Exit Realty Central
Tags: Banks, Finance, First time home buyer, foreclosures, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | No Comments »
December 8th, 2009
IRS Sets New Rules for Tax Credit
The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.
When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount.
The IRS says the parent doesn’t qualify for any portion of the credit, but if the child hasn’t owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.
When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.
Source: Washington Post Writers Group, Kenneth R. Harney (12/04/2009)
Bill Calhoon
2008 EXIT REALTY FLORIDA
SALES MANAGER OF THE YEAR
EXIT Realty Central
Tags: Banks, Finance, First time home buyer, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | No Comments »
November 6th, 2009
With the nation’s unemployment rate busting through the 10% mark in October, President Obama on Friday signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners trading up. Passed overwhelmingly by Congress, the bill would provide a $6,500 tax credit to homeowners who are buying a new primary residence beginning Dec. 1. The language mandates that to get the credit the homeowner must have owned their home for five consecutive years of the previous eight. But there are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 and $250,000 for couples. There is also an anti-flipping provision: Any homeowner who collects the credit and sells within three years must return the money. The FTHB was extended to cover consumers signing a contract by April 30 and closing by June 30. Meanwhile, the Department of Labor reported Friday that the nation’s unemployment rate rose above 10% for the first time since 1983 in October, a much worse jump than expected. The increase in joblessness will lead to an upswing in residential mortgage delinquencies. In October the unemployment rate spiked to 10.2%, compared to 9.8% in September. Economists had forecast an increase to 9.9%.
If you are interested in searching for homes in the Central Florida market, please click here www.ExitRealtyOrlando.com
Tony Nunziata
Tags: Banks, Finance, First time home buyer, foreclosures, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | 1 Comment »
November 5th, 2009
Great news! The tax credit has been passed by the Senate and the house of representatives and is headed towards the President’s desk and he will sign it soon.
This bill extends the credit until April of 2010, and in addition homeowners who have lived in their homes for five of the past eight years are eligible for up to $6500.00.
You can view (and print) a one-page PDF document that outlines the final provisions using this link:
http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf
Bill Calhoon
2008 EXIT REALTY FLORIDA
SALES MANAGER OF THE YEAR
EXIT Realty Central
Tags: Banks, First time home buyer, foreclosures, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | 1 Comment »
October 7th, 2009
7 million new foreclosure properties are about to hit the market! Exit Realty Central is frequently ranked in the top ten Companies in Central Florida; being that we are such a foreclosure enriched company, one can be assured that we will carry a very healthy percentage of these properties. May of 2008, 5.0 percentage of every mortgage on the ground was 90 + days behind. May of 2009 9.5 percent of mortgages on the ground were at least 90 + Days behind. We expect that May of 2010, after calculating rising rates, 5 year arms coming due, and further job losses, 15 percent of mortgages could be 90 + days behind. For the most part, banks start the initial process of foreclosure once a property reaches the 90 day delinquent stage. SEE THIS ARTICLE BELOW. WOW!
This is neither good nor bad. It is simple a correction of our mistakes. The good news is, if you are in a position to purchase a property, you will probably never have this opportunity again!
If you are interested in searching for homes in the Central Florida market, please click here www.ExitRealtyOrlando.com
Matthew Stamer
Exit Realty Central
Broker / Owner
Office - 407-539-Exit (3948)
Fax - 407-647-Exit (3948)
Tags: Banks, Finance, foreclosures, orlando, real estate
Posted in Community, Finance, Foreclosures | No Comments »
October 5th, 2009
Short sales are sales where the homeowners lender accepts a payoff “short” of the actual amount to pay off the first mortgage, are the most difficult of residential real estate transactions to close. Nationally approximately 89% of all attempted short sales fail to close. The reasons for this are many, including the average amount of time taking anywhere between 4-12 months to close, buyers changing their minds because they found a comparable home cheaper, interest rate increases which cause the buyer not to qualify for financing, and the seller deciding to let the home go to foreclosure or declaring bankruptcy because they are not allowed any compensation on the closing of a short sale.
The Federal Government understands what the problems are and have instituted some measures to hopefully facilitate the closing of short sales.
According to a Treasury spokesperson the government will soon offer a $2500.00 subsidy ($1000.00 to the servicer and $1500.00 to the seller) to facilitate more short sale closings and reduce the inventory of homes nationwide. It is hoped that the fees will provide incentive for the servicer to complete the transaction, and to give the homeowner who would normally receive not a penny at the closing, enough money to move somewhere else and leave the home in good condition.
This would also be less of a loss to the servicer than having the home go to foreclosure, which unfortunately occurs roughly 80% of the time a short sale is attempted.
Anyone considering a short sale needs to meet with an attorney who specializes in short sales prior to listing their home because of certain legal penalties that can be incurred associated with the mortgage they obtained to purchase their home. Many of our agents work with Broker’s Title in Maitland, Florida near Orlando that requests a list of documents from seller to be brought to the initial meeting with an attorney. After the attorney reviews the documents and interviews the homeowner, the homeowner decides whether to attempt a short sale, let the property go to foreclosure or seek bankruptcy protection.
Any agent you select to do the short sale should have a minimum of ten successful short sale closings. This is a niche transaction that is difficult and often unsuccessful real estate transaction and requires a Realtor experienced in short sales, not a rookie or even a veteran Realtor who has not done any short sales.There is no charge for the one hour consultation, and the only fee charged for the loan mitigation is $1500.00 at the closing if the short sale is successful.
If you are interested in searching for homes in the Central Florida market, please click here www.ExitRealtyOrlando.com
Tags: Banks, Finance, First time home buyer, foreclosures, orlando
Posted in Foreclosures | 1 Comment »
September 1st, 2009
THE TAX CREDIT IS GOING GOING GONE!
Exit Realty Central is proud to announce, that in co-operation with our bank partners, we are currently carrying well over 200 plus bank foreclosures and will continue to carry an inventory of over 200 bank foreclosures for the duration of 2009 - 2012. We have seen a large increase on multiple offer situations. The best way to secure the foreclosure property that you and your family would want is to offer a strong well thought out offering to the bank as quickly as possible once identifying the property of your choice. For the best, most current list of properties, please contact our front desk or search our web site at www.exitrealtyorlando.com . You will then be placed with one of our qualified foreclosure specialists. Due to our relationships with our banks, Exit Realty Central is your best source for securing the property that you prefer for the price that makes sense. In addition to the great discounted price you can enjoy with these foreclosures, you can also expect the $8,000 tax credit (Seek out a tax professional). Keep in mind you must close on your home by November 30th. At this time, there is no indication that Obama will renew the $8,000.00 tax credit. Hurry!
WHAT NOBODY IS TELLING YOU ABOUT SHORT SALE!
Just an FYI for the protection of our readers
If you plan to short sale your homestead property, and you have at some point taken a second mortgage on that house that was NOT used for the purchase of that home, the IRS could require you to pay taxes on that additional money as earned income. There is a huge chance it will not fall under the protection of (no income taxes paid on the sale of your Homestead). This is not a simple process and you should contact your accountant to further discuss the Short Sale option before signing the papers to do so. Some feel, you are far better off owing the bank, then the IRS. Also, once you agree to a short sale amount, the bank just might be nice enough to release you from all debt owed. When dealing with investment property the surprise will be a 1099 for a dollar amount forgiven. If this is investment property, the IRS would encourage you to pay your taxes on that money. You do not want a 1099. So, does this mean you do not want the bank to forgive the debt? Owe the bank or owe the IRS. Hmmmmm tough one????? In most cases, legal professionals will tell you that you can not bankrupt the IRS. I am not expert on Bankruptcy, so you should strongly consider a Tax Attorney before moving forward.
If you need professional guidance on any of the issues discussed here, please feel free to email me and I will direct you to the Attorney, or tax professional that best fits your situation.
If you are interested in searching for homes in the Central Florida market, please click here www.ExitRealtyOrlando.com
Matthew Stamer
Exit Realty Central
Broker / Owner
Office - 407-539-Exit (3948)
Fax - 407-647-Exit (3948)
Tags: Banks, Finance, First time home buyer, foreclosures, orlando, real estate, Tax Credit
Posted in Community, Finance, Foreclosures | 7 Comments »
August 21st, 2009
We just received a report from Lucia Mutikani with Reuters in Washington that pre-owned home sales jumped 7.2% nationwide in July the fastest sales pace in nearly two years. This is further proof that the housing market is pulling out of its three year slump.
The Orlando area sales were up over 45% from July 2008 to July 2009 with closings increasing each month for the past ten months. Selling prices in the lower end of the market up to $100,000 have jumped nearly 8 % in the past two months and competition is fierce in this price range with multiple offers routine now.
If you are interested in searching for homes in the Central Florida market, please click here www.ExitRealtyOrlando.com
Bill Calhoon
Sales Manager
EXIT Realty Central
Tags: orlando, real estate
Posted in Foreclosures | No Comments »