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“Take Control of Your Mortgage” will be the subject of a free seminar for homeowners facing foreclosure on Saturday, Feb. 27 from 10 a.m. to noon at Colonial Oaks Park, 5300 Colonial Oaks Blvd. Panelists will include: Xena Vallone of Xena Vallone Realty; attorney Kenneth Chapman Jr. of Chapman, Chapman & Chapman and CPA Kelly Saba of Miles & Thirion, CPA, PA. The seminar is sponsored by Sarasota-Bradenton Attorneys Real Estate Council. Registration is not required, but would be appreciated. To pre-register online, go to www.sarasotarec.com. E-mail any questions to sbarec@gmail.com

When/Where: Saturday, Feb. 27 from 10 a.m. to noon at Colonial Oaks Park, 5300 Colonial Oaks Blvd

“Take Control of Your Mortgage” will be the subject of a free seminar for homeowners facing foreclosure on Saturday, Feb. 27 from 10 a.m. to noon at Colonial Oaks Park, 5300 Colonial Oaks Blvd. Panelists will include: Xena Vallone of Xena Vallone Realty; attorney Kenneth Chapman Jr. of Chapman, Chapman & Chapman and CPA Kelly Saba of Miles & Thirion, CPA, PA. The seminar is sponsored by Sarasota-Bradenton Attorneys Real Estate Council. Registration is not required, but would be appreciated. To pre-register online, go to www.sarasotarec.com. E-mail any questions to sbarec@gmail.com

Related articles Lost your house? You still have to pay (money.cnn.com)

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The Internal Revenue Service recently released the new form that eligible home buyers need to claim the first-time home buyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time home buyer credit.

The new form and instructions follow major changes in November to the home buyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law extended the credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.

With the release of Form 5405, First-Time Home Buyer Credit and Repayment of the Credit, and the related instructions, eligible home buyers can now start to file their 2009 tax returns. Taxpayers claiming the home buyer credit must file a paper tax return because of the added documentation requirements.

The IRS expects to start processing 2009 tax returns claiming the home buyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements. The updates allow the IRS to put in place critical systemic checks to deter fraud related to the home buyer credit.

Some of these early taxpayers claiming the home buyer credit may see tax refunds take an additional two to three weeks. In addition to filling out a Form 5405, all eligible home buyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

-A copy of the settlement statement showing all parties’ names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.

-For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.

-For a newly-constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

In addition, the new law allows a long-time resident of the same main home to claim the home buyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the home buyer credit, and it encourages home buyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:

-Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
-Property tax records or
-Homeowner’s insurance records.

The IRS also reminds home buyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.

Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those home buyers filing early, the IRS expects the first refunds based on the home buyer credit will be issued toward the end of March 2010. The IRS encourages taxpayers to use direct deposit to speed their refund.

For more information, visit www.IRS.gov.

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• 723 sq. ft., 1 bath, 2 bdrm apartment - MLS® $89,950

Venice, Sarasota County  -  Charming two bedroom, one bath turnkey furnished condo just steps from the beach in Venice. This property makes a great seasonal rental with its flexible rental policy. The condominium also allows a small pet.

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Venice, Sarasota County  -  Announcing a price reduction on 202-111 Airport W Ave, a 723 sq. ft., 1 bath, 2 bdrm apartment. Now MLS® $89,950 - .

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• 1,714 sq. ft., 2 bath, 3 bdrm single story - MLS® $215,000

Sarasota, Sarasota County  -  Over .5 acre of privacy abounds in this 3 bedroom/2 bath home located west of the trail in Sarasota. Over 1700 square feet of living area offers great potential to the next buyer to update to modern tastes.

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Sarasota, Sarasota County  -  Announcing a price reduction on 1750 QUESTAR LN, a 1,714 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $215,000 - .

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January 13, 2010

With 648 total property sales reported in December 2009, the Sarasota real estate market saw the most closed transactions since March 2007, a 33 month span. Overall sales in December 2009 were also 52 percent higher than December 2008, when only 406 properties changed hands, and 70 sales higher than the 578 sales reported in November 2009. Median sale prices were also up last month for both single family homes and condos.

For the full year 2009, the trend lines have been dramatic. Monthly home sales have climbed to the high 500s and low-to-mid 600s, compared to 2008 when sales often dipped to the low 400s and even into the 300s. The overall number of closed sales in 2009 stood at 6,699, compared to only 5,459 in all of 2008, for a 22.7 percent increase. In addition, the overall property inventory has plunged from the 10,000 to 13,000 range in 2008, down to the low 6,000 level at the end of 2009.

For local Realtors®, the monthly and annual trend stands in contrast to the national picture. Sales nationally have slowed during the early winter months, but not in Sarasota.

“This is very good news, especially considering the fact that our market is showing considerable strength against a national backdrop of uncertainty,” said 2010 SAR President Erick Shumway. “Sales are continuing to rise, and we’re starting to see a return of appreciation as the available property market tightens and buyers look more toward arm’s length sales instead of short sales and foreclosed properties.”

Locally, pending sales stood at an even 700 in December 2009, a drop of 11 percent from the 794 in November, but much higher than December 2008, when only 571 pendings were reported. Pending sales are an indicator of current buyer activity and are a strong indicator of closed sales for the next one to three months.

The first-time homebuyer tax credit was extended and expanded to include many other homebuyers on Nov. 6, so the home buying sales rush could easily continue through the season and the first quarter of 2010. Recent statistics continue to point to a local market in a prolonged recovery period.

The median sale prices for single family homes and condominiums have apparently stabilized after the extended drop experienced in 2008. The median sale price for single family homes actually jumped by 4.7 percent to $170,000, almost identical to December 2008’s figure of $175,000. For single family homes, the median for the full year was $163,000.

The condominium median prices continue to see-saw, rising to $199,000 in December 2009 after dropping to $178,750 in November from the $220,000 figure reported in October. In December 2008, the median price stood at $255,000, which was somewhat of an aberration due to the low volume of sales that month. Only 80 condos were sold in December 2008, and many were in the million-dollar plus range. The median sale price for condominiums for the full-year of 2009 was $190,000. This puts December 2009 on the upside for the year in both categories.

Short sales and bank-owned property sales continue to impact median sale prices locally. Normal arm’s length sales bring more than double the price on average than those for distressed properties. For the full year 2009, distressed property sales accounted for 40.7 percent of all sales, compared to 2008’s total of only 21.2 percent. Thus, while the median sale prices did drop in 2009, this was due in very large part to the distressed segment of the sales.

The inventory level in December 2009 was at the lowest level since late summer of 2005 and the years prior to the boom period from 2003 - 2005.

“One of the biggest statistical positives in December was the month’s supply of homes, which fell to 8.1 months for single family homes and 12.3 months for condos,” noted Erick Shumway. “These are the lowest figures in two years. Once they reach 6 months, the market is considered to be in equilibrium between buyers and sellers. Last year at this time, the figures were 19.1 months for single family and 31.8 months for condos. This is a huge difference in only a short period of time.”

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What do you find when you visit Siesta Key, besides the great bargains in Siesta Key real estate? You will find sunny beaches with crystal-white, powdery sand that stretch for miles. Shops that range from the chic and elegant to the hip and funky, with all sorts of fashion, beach accessories and souvenirs. Restaurants where you can go to grab a quick breakfast or lunch in your flip-flops and sandy toes, or to relax in style over an extraordinary dinner and drinks while watching the spectacular sunset over the Gulf of Mexico. Enjoy the sunshine and tropical breezes and forget you troubles and worries and start thinking about how soon you might be able to move here permanently. There is plenty of outdoor recreation here and on the other islands like: fishing, shelling, swimming, parasailing, boating, snorkeling and more. Shallow water near the shoreline of Siesta Key, and year-round lifeguard protection make it a great family beach

Siesta Key beaches are among the finest in the world, and there are plenty of awards to prove it. Siesta Key has three wonderful beaches on the Gulf of Mexico, where you can play or relax or just walk along the beach at the water’s edge and enjoy the view of everything that is natural and beautiful on this Key Island.

The Public Beach’s many amenities include tennis and volleyball courts, shaded playground and picnic area, and convenient concession stands. There are many different types of homes on the three beaches, and most are used as vacation rentals or accommodations for the tourists. These make excellent Sarasota real estate investments. .

Siesta Key is a barrier island just off of the central western coast of Florida, and it is situated between Sarasota Bay and the Gulf of Mexico. A portion of it lies within the city boundary of Sarasota, but the majority of the key is in Sarasota County. The Key is located approximately 55 miles south of Tampa on Florida’s Gulf Coast and has wonderful homes for sale or rent through many competent real estate offices, with professionals ready, willing and able to help you with a purchase or rental. Founded in 1846, there are now approximately 24,000 full- and part-time residents of Siesta Key. Siesta Key offers accommodations of every sort for vacationers and part-time residents, from beach cottages and apartments to luxurious condos that will please the most discriminating travelers. Owning rental property in the Sarasota area is a wise choice as 1000s of visitors come here each year to enjoy the sunshine and the recreation options, and of course the lazy lifestyle. There are wonderful single family homes, modern condos and town homes, cottages and apartments that are on the market at bargain pricing. Business properties are also available on the Keys, with good traffic patterns and great locations. See a local Realtor, real estate broker or agent and ask to see the MLS Listings for the available properties for sale on Siesta Key. Your real estate professional can also help with your rental needs.

The Popular Areas in and around Siesta Key to check for vacation real estate and rentals/homes for sale. These are the hot spots for tourists and visitors offering the most popular accommodations:

1. Crescent Beach area offers condos, resorts and beach clubs, apartments, cottages and single family homes for your stay. Many have heated pools, spas, tennis courts, and other luxury vacation amenities.

2. Siesta Beach area where you can rent a condo across from the Public Beach, with a glass wall overlooking the Gulf of Mexico, if you want a great view of the water and the sand. Or arrange to stay in one of the quaint beach cottages or comfortable resorts.

3. The popular Public Beach, which has a playground, tennis and beach volleyball courts, shaded picnic areas, and convenient concession stands for a cool drink or a bite to eat.

4. Turtle Beach area where you can stay in a cozy cottage, a stylish inn, a resort or a private/individually owned condo.

Turtle Beach is the perfect spot for a beach vacation that focuses on relaxation and recreation.

5. Siesta Village area where there are many wonderful accommodations available in Siesta Key. Vacation rentals include condos, apartments, cottages, resorts and single family homes. This is the perfect area for those who want accommodations close to shopping and dining, as well as the beach.

6. The Mainland where accommodations are available for those who want to stay while visiting Siesta Key. There are two hotels near the south bridge; one is a major chain and one is locally owned. Rental homes, condos and apartments are also available throughout the area.

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Consumers will no longer be left in the dark about the closing costs involved to complete the sale or purchase of a home- costs that account for an average of 5% of the purchase price.

Changes in the Real Estate Settlement Procedures Act (RESPA) that took effect on January 1, 2010 require lenders to fully disclose all closing costs including the costs of obtaining a loan and estimated costs for title insurance, settlement and other services within three days after a buyer applies for a mortgage.

Forms used in the closing process, including the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement, have been overhauled to make it easier for consumers to understand estimated costs and compare them with final costs at closing. The new GFE encourages consumers to shop and compare fees from various lenders before choosing a mortgage. The new HUD-1 makes it easy to compare the GFE estimates with the final HUD-1 closing statement and flag discrepancies prior to closing.

However, estimates provided by the Good Faith Estimate are usually binding for only ten days, unless there are certain changed circumstances. Buyers have only a few weeks to complete required tasks like reviewing their title report and retaining settlement services before the closing. They may have to act quickly to meet deadlines in sales contracts.

“The message to buyers is don’t delay. Take control by working with your real estate agent to shop for and compare closing costs in your area. Compare the fees in your Good Faith Estimate with actual costs and the services provided by competing vendors,” said Tony Farwell, CEO of Closing.com, a website that provides a one-stop-shop for real estate closing and related services. The Department of Housing and Urban Development estimates that consumers will save an average of $668 on every loan as a result of the new regulations.

Farwell said that home buyers, working with their real estate professionals, should formulate a strategy to find the best vendors for their closing service needs in the short time available.

Here are some questions to cover with a real estate agent or broker:

1. Which closing services are required in your area and which are optional? Local laws and customs vary. Your agent may strongly recommend that you include optional services like a home inspection and home warranty.

2. On the Good Faith Estimate, did the lender use vendors who know your market well? It’s a good idea to shop for alternatives that might be less expensive or provide better service. Many vendors provide a higher, blended rate for lender’s to use in their GFEs that would be more costly than a quote for your transaction or property.

3. Upon reviewing your GFE, can you identify areas where you can save money without compromising quality? Smart buyers can save hundreds, even thousands by finding their own closing cost providers.

 

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The housing market, which brought the economy to its knees in 2008, struggled to recover in 2009. The modest gains of the past year can be credited in many ways to federal support that will be removed at some point in 2010.

That makes for an uncertain outlook for the year ahead, one filled with questions about what policymakers will choose to do and how markets will react to those decisions. “The can has been kicked down the road,” says Ivy Zelman, chief executive of Zelman & Associates, a housing-research firm.

Here’s our list of five big issues to keep an eye on in 2010:

Mortgage rates: The Federal Reserve has kept mortgage rates low for most of 2009 by committing to purchase up to $1.25 trillion in mortgage-backed securities. Mortgage rates stayed at or below 5% for much of 2009 thanks to the Fed’s purchases, which have already been extended once, to March 31. Whether the private market is ready to fill the gap when the Fed exits is one of the hottest debates between economists, investors and analysts. The Mortgage Bankers’ Association says that it expects rates to rise by around one-quarter of a percentage point, but others say rates could jump by as much as a full percentage point. Low mortgage rates helped ignite a fragile recovery in home sales in 2009, and they allowed millions of homeowners (including Federal Reserve Chairman Ben Bernanke) to refinance out of mortgages that might have increased to higher rates.

Fannie, Freddie and the FHA: Nearly nine in 10 mortgages are now being backed by Fannie Mae and Freddie Mac, the mortgage-finance giants taken over by the government, or government agencies such as the Federal Housing Administration. The future of Fannie and Freddie remains nearly as uncertain now as it was one year ago, but the White House has said it will offer its recommendations on how to remake the U.S. housing-finance infrastructure early this year. The FHA, meanwhile, has suffered from heavy losses that could lead to a taxpayer bailout, and it is set to announce a series of measures in the next few weeks to tighten its standards. The New Deal-era agency, which offers loans with minimum 3.5% down payments, backed half of all sales to first time home buyers during the peak April-June buying period. Needless to say, builders are anxious about the prospect of any tightening of loan standards.

Loan modifications: The Obama administration launched the most ambitious government effort to date in February to modify loans for troubled borrowers. That program, however, has been off to an underwhelming start because loan servicers, which collect loan payments, have had to rapidly build staff and systems to administer the program. Borrowers who complete three reduced loan payments are eligible for a permanent modification that reduces their monthly payment for up to five years. Through November, some 728,000 borrowers have signed up for trial modifications, but just 31,000 have moved into permanent workouts, or fewer than 5% of those eligible. Loan modification efforts have helped to hold back the supply of foreclosures for sale. The number of seriously delinquent loans continues to climb, so it’s reasonable to expect a pick up this year in distressed sales and foreclosures that hit the market.

More loan resets: Analysts and pundits have been warning for years about the coming wave of option adjustable-rate mortgages that will jump to sharply higher payments beginning this year. Those loan recasts are concentrated particularly in high-cost housing markets, such as coastal California and other areas where homes became increasingly unaffordable at the height of the housing boom. Meanwhile, more interest-only loans that allowed borrowers to avoid making principle payments for three, five, or seven years will reset to higher payments. Those loans became especially popular among borrowers of jumbo loans, which are too large for government backing and range from $417,000 in most parts of the country to as high as $729,750 in the most expensive housing markets. Many of these borrowers owe more than their homes are worth, leaving them particularly vulnerable to default if they can’t afford the higher payments. That could cause more pain for mid-to-upper end housing markets that began to show more signs of stress in 2009.

Tax credit and home sales: Sales were fueled in the late summer and early fall in part due to an $8,000 tax credit that had been set to expire in November. Congress has extended that through the first half of next year, but some economists say that the tax credit will steal demand from future months. The tax credit led first-time buyers to compete with investors on lower-priced homes, and prices posted six straight months of modest gains through October, according to the Case-Shiller index, which measures home prices in 20 cities. While it wouldn’t be surprising to see prices tick down again during the winter, when home sales are normally cooler, there’s still a good deal of debate between housing economists and analysts over whether a “double-dip” could lead home prices to fall below the bottom that was set last April. Meanwhile, housing analysts expect to see an uptick in short sales, where lenders allow homeowners to sell for less than they owe on the mortgage.

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Xena Vallone Realtyis a full service, Sarasota area, Real Estate company offering Residential, Commercial, Property Management, Leasing and Land acquisition. Our team of experienced real estate professionals provides unparalleled expertise in the unique qualities and demands of the markets we serve. At the heart of our approach is the belief that every client and every property is special, and we are dedicated to providing careful counsel and personalized guidance throughout every real estate transaction.

Xena Vallone and her Associates are committed to “setting the highest standard in the delivery of Real Estate Services.”

Our customers: We are driven by our customers' needs. We provide the most professional, informative, loyal and dedicated service in the industry. The best interests of our clients will always come first and we will place the clients' concerns ahead of our own in each and every transaction, as we are dedicated to the development of long-term client relationships.

Our people: We strive to provide a professional, supportive environment for our employees and associates. Our associates deal respectfully with the public and each other.

Excellence: We strive for excellence in everything that we do. Every transaction is handled with skill, care and diligence. We deal honestly and fairly with all parties in every transaction.

Integrity: Every action we take reflects the highest ethical standards. We interact with our customers, our associates, and the general public with honesty and integrity. We hold firmly to the National Association of Realtor s’ Code of Ethics.

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When it comes to figuring our whether you have enough money to buy a home, the down payment is normally the biggest stumbling block. Some buyers mistakenly think they have to have 20% down and this is true, if you want to avoid the Private Mortgage Insurance or PMI fee on your monthly payment, since most conventional loan lenders require it. You can still purchase a home for less than 20% down and many homes are purchased with as little as 3% to 5% down under FHA and VA loan programs.

Even conventional loans can be found for as little as 5% down, based on your credit, but this isn’t as commonplace as in the past, since lenders are getting tougher on equity requirements. Part of the reason for the first time home-buyer tax credit is to help with these requirements because it is available for 10% of the down payment, up to $8,000, if you write a contract before April, 2010 and close by June, 2010, which makes now the best time to purchase.

The larger your down payment, the better your chances of getting financing and the more equity you will have, so it is good to save as much as you can. There are many options that can be worked out on down payments including the seller carrying back a second mortgage, if the situation is right. You have to consider that many sellers don’t have equity to help because home prices have dropped. If you can take advantage of the first home buyers programs or the FHA loans, that might be the best options.

Even when the first-time homebuyers’ tax credit expires, there are always special government loan programs for first time buyers. When you find a great program or tax incentive and you are thinking about purchasing a home, you have to act quickly to take advantage of it. Sometimes, you will miss out on the opportunity to get a great deal on a home if you try to save up the down payment on your own.

There is no better way to get into a new home than to take advantage of these programs and tax incentives for your down payment. You shouldn’t let the down payment keep you from purchasing a home, but you should figure 5% as a minimum number, just to be on the safe side. To qualify for the FHA and VA loans, there might be more paperwork to go through and conventional loans for 5% down will require PMI insurance, in most cases, but if your credit is good, you shouldn’t have any problem.

Since homes are at the lowest prices in years and some markets offer deals at 50% of the price the market prices were at just two years ago, now is the best time to buy a home and there are options to help you with the down payment, if you act quickly. The first-time home buyers’ tax credit has been extended, but it’s not guaranteed to happen again. You can always consider the other government programs to help you get into a home at a great price, if you miss the deadline, however.

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Investing in the real estate market is an incredibly popular and at the moment potentially risky endeavor in the United States. It is often a very positive and profitable investment however and many people who are in the right market areas are quite frequently able to make a good deal of money. It is important to absolutely account for all expenses and make sure that you can manage the entire project from purchase to resale in a timeframe that will also maximize your profits.

To that end, recognizing from the beginning of the process exactly what work must be done, how much time it should realistically take, as well as what they will cost will allow you to make a much better starting budget. Beginning with a realistic budget will allow you to determine a more realistic profit projection, which will obviously help you decide if this is the right investment for you to make.

First, it is easy and sometimes a lot of fun to look through many on line services on the Internet that list properties for sale. Sites on eBay, Google and Windows even have properties listings available, so there is certainly no lack of information. These websites also offer many buying-property-tips available on their sites, along with detailed information regarding the listing. These listing can be grouped by price, and this makes staying within a budget a little easier.

Once you have found a property you are interested in, find the contact number on the property, call whoever has posted the listing and get to the property site. If you are too far away, and for whatever reason are purchasing a property without actually visiting it, this would be the time to call in the professional. For those doing their own looking first, go to the property.

When doing a real estate evaluation after finding property, research the area, the schools, the local amenities, and neighboring properties and determine whether it is the appropriate location for your plans. If you want to flip the property, it?s good if the neighborhood is residential and houses move quickly. If the neighborhood is full of rentals, or if you are planning to use it as a rental yourself, the budget for upgrades will be considered differently.

Once you have still determined that you do want to pursue purchasing the property, call an inspector, and get an appraisal. Knowing exactly what you are getting will be more than worth what it costs to have a professional inspection done. You can also possibly find new price reduction possibilities if there are repairs found that you may be able to negotiate with the seller on. The appraisal will be able to give you an idea of comparable properties in the area, what they are selling for, and how long it is taking for them to sell.

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