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Sun Blog: Real Estate Rules & Regulations

Real Estate Rules & Regulations

FHA Requirements for a Seller

While FHA has relaxed some of the repair requirements for FHA loan approval, there are still many that a seller should consider. If a seller is intent on selling a home "as-is", the seller should be aware of the items FHA will enforce. However, if a seller is still amenable to an FHA mortgage, they should be sure to place a specific dollar cap on repairs that the FHA … [Read more...] about FHA Requirements for a Seller

FIRPTA Foreign Investment in Real Property Tax Act

FIRPTA Foreign Investment in Real Property Tax Act The United States Federal Tax Law requires that a foreign citizen who sells real estate owned in this country pay taxes on the profit of such sale. To insure that the tax is paid, 15% of the proceeds at closing are withheld and transferred to the United States Treasury. The 15% withholding is mandatory if the seller is a … [Read more...] about FIRPTA Foreign Investment in Real Property Tax Act

Missed Condo or HOA Payments

Missed condo or HOA payments soon to effect credit score Some property owners have been rather cavalier in submitting their payments to Condominium Associations or Home Owners Associations. If they make the payment a few weeks, months or even years late, there was really nothing to worry about. That is about to change. One major credit reporting agency is planning to … [Read more...] about Missed Condo or HOA Payments

Adverse Possession

A mortgage broker in Ft. Lauderdale is using an old Florida stature from 1869 to save abandoned homes and may face consequences. Using the a statute called adverse possession, common in all 50 states, the broker is finding homes that have been designated by the county as a “public nuisance”. He then cleans up the home, pays the taxes and rents the properties for low cost to … [Read more...] about Adverse Possession

Foreclosures in Port Charlotte, Punta Gorda, North Port, Englewood, Rotonda FL

The newspapers are still filled with articles and editorials about the so called mortgage mess. The federal reserve is looking into banking practices and there is certainly a need for legislation that encourages lenders to modify loans. Many owners would benefit from a simple adjustment in the interest rate the banks charge. With rates at an all time low, owners who are … [Read more...] about Foreclosures in Port Charlotte, Punta Gorda, North Port, Englewood, Rotonda FL

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