Naples Real Estate Single Family Homes and Condos

Search Like an Agent with your Own Listingbook Account!

noreply@blogger.com (Vanessa Franklin) — Sat, 10 Oct 2009 18:48:00 +0000

Now you can search the MLS just like I do! Sign up today and start receiving Foreclosure and Shortsale information the moment it comes on the market. This search will give you the heads up when a new property has come onto the market, you can even receive daily morning reports if you want them.

Set Up your Listingbook Account here: Get My Listingbook Account Now!

Short Sale 1099 Made Simple to Understand

noreply@blogger.com (Vanessa Franklin) — Sat, 10 Oct 2009 18:10:00 +0000

Many sellers are under a great deal of misinformation about the applicability of the issuance of IRS 1099 forms as they relate to short sales.

When a bank forgives debt in reality the benefit the taxpayer receives is the same as receiving income. Banks that accept short sales and forgive all or part of the debt are obligated, as a matter of law, to issue a 1099 to the taxpayer. In many instances banks are so overwhelmed they simply have been derelict in issuing 1099’s to their sellers. Although many IRS regulations can be confusing it is easy as 1, 2, 3 to understand as they relate to short sales.

1. Principal Residences. The Mortgage Forgiveness Debt Relief and Debt Cancellation Act is in effect until December 31, 2012. Under this law, sellers of a primary residence are forgiven up to Two (2) million of debt, if married and one (1) million if single or married filing separately. Do not confuse this with the capital gain exclusion of $500,000.00 and $250,000.00 respectively. Put another way, if an individual sells his primary residence there basically will be no tax consequence for a short sale.

2. Rental Properties. If the property is a rental property or has been rented in the past and appeared on previous tax returns then the transaction may be treated as a business loss. In this instance, the income received (debt relief) will be washed away by the business loss (sale of the property) on a dollar for dollar basis. In short, for income producing properties, provided the property is sold at a loss, typically there will be no tax consequence for a short sale.

3. Solely Second Homes, Vacant Lots or Speculative Buying. In these instances you may get spanked by the IRS. If you never rented out your property, find a way to do so. Without treating the property like a business a taxpayer cannot claim the corresponding business loss. If a lot or a condo was purchased for purposes of flipping and was never rented you will feel the pain of a 1099. Provided money was lost on the investment capital losses may be carried forward to offset some of the gain, however, these losses are deemed capital losses as opposed to ordinary business losses. As a result, the 1099 will only be marginalized slightly by the capital loss.

In summary, principal residences are virtually immune from 1099’s. As to all other properties it is time to find a creative CPA that will classify and treat this property as a business and just not a bad investment. This was a general discussion of the impact of 1099’s on short sales. Be sure to seek qualified advise as it may relate to your specific facts and circumstances.

Courtesy of Ronald S. Webster,
Attorney at Law
Offices of Ronald S. Webster,
985 North Collier Blvd,
Marco Island,
FL 34145

How to Avoid 8 Costly Moving Mistakes

noreply@blogger.com (Vanessa Franklin) — Sat, 23 May 2009 16:57:00 +0000

If you have a move in your future, there are definite ways to make the process go as smoothly as possible. Plan ahead and you'll avoid these 8 costly moving mistakes.

1. Scheduling your move on the same day of closing
While most buyers take possession of their new home on the day of closing, there are a lot of conflicts that can arise unexpectedly. Be sure to keep in constant communication with your escrow company so as not to delay your moving plans.

2. Not requiring a written estimate
It's fine to have moving companies give you an estimate over the phone or Internet. But to get a firm price, you need to ask the company to send a representative to walk through your home while you point out exactly what you want transported. Be sure you understand the conditions of the estimate - can they raise your bill on delivery? Does the contract allow them to bill you for more later?

3. Choosing a moving company based on price alone
You could end up spending more time and money in the end trying to fix a moving disaster. Check out the company's references (try to get two), licensing, insurance and length of time in business.

4. Not making a first night survival kit
Better to be safe than sorry. If your shipment hasn't arrived or you're simply too tired to unpack everything, you'll be thankful to have an accessible overnight bag with some essential items you'll need for the first night in your new place. Don't forget toiletries, medication, children's and pet's necessities - and maybe even a bottle of champagne to celebrate.

5. Not using a dolly or a hand truck
Whether you're moving yourself or just rearranging things after a professional move, the money you spend to rent or buy moving equipment will pay for itself by dodging back strains and chiropractic visits.

6. Refusing extra coverage for loss and breakage
The basic limited liability coverage offered to you, free of charge, by the movers will not be sufficient. And most homeowners' policies don't cover items broken or lost in a move. Extra insurance can be purchased through an independent insurance company, which will cover you for the duration of the move. Your mover will be able to direct you to a company that will bind your move.

7. Not labeling boxes
When packing boxes, make sure you label the top and sides of boxes with contents, location of contents in your house and any special instructions, such as "fragile" or "open first." Also, by keeping a list of the contents on the outside of the box, you won't have to dig through several boxes marked "kitchen" just to find a pan.

8. Not keeping your receipts
If you're moving closer to a job, your moving costs may be tax-deductible. Keep receipts for moving household goods, utility change fees and lodging and travel expenses. However, if your employer covers those costs, you won't be allowed to deduct them.

Source: HomePages.com

Inspirational Video

noreply@blogger.com (Vanessa Franklin) — Mon, 04 May 2009 20:19:00 +0000

For those of us who think times are tough, take a look at this inspirational video, then think again....

Stoneybrook @ Gateway - Approved Short Sale and Ready to Go

noreply@blogger.com (Vanessa Franklin) — Thu, 02 Apr 2009 16:27:00 +0000

Listed by Vanessa Franklin Amerivest Realty, 239.290.5627
Gemstone Ct, Ft Myers
Rappatoni MLS: 200904477
Sunshine MLS: 209003655

Approved shortsale at $249,000 for this beautiful two story, 4 bedroom plus Den home has everything you need with almost 3000 square feet of living space and $30,000 in upgrades. This home has closet space and pantries galore and boasts wood laminate floor tray ceilings and much more. Stoneybrook at Gateway has a Tom Fazio designed golf course and the amenities include an aerobics studio, clubhouse, fitness center, fitness trails, playground, volleyball/soccer/baseball fields, swimming pool, tennis court and tot lot. With the Southwest Florida region airport closeby. This is an approved Short Sale at $249,000. See it and you'll want it. Call Vanessa Franklin 239 290 5627 for a showing today.

Fight Foreclosure - Make 'Em Produce the Note!

noreply@blogger.com (Vanessa Franklin) — Tue, 31 Mar 2009 01:21:00 +0000

If your home is currently in foreclosure, there may still be a chance to save it. As a result of lenders buying and selling mortgages your note could have changed hands several times over the course of the loan. But where is the actual note? In some warehouse somewhere? Make ‘em prove they own the debt they say you owe.

Go to the Consumer Warning Network website for some very interesting reading.

Also, Google the words "Produce the Note" and read the plethora of other articles on the subject.

First Published April 4, 2008 from Consumer Warning Network

Chinese Drywall - What's the Scoop?

noreply@blogger.com (Vanessa Franklin) — Fri, 27 Mar 2009 18:50:00 +0000

WHAT IS CHINESE DRYWALL?

Chinese drywall is defective or tainted drywall (also referred to as wallboard or plasterboard) imported from China. Not all drywall manufactured from China is tainted. Some defective drywall is not stamped at all and there are a few reported cases where defective drywall bears the name of a U.S. company. It is unknown whether the drywall was actually manufactured in the U.S. or made in China and re-branded here.

There are several theories regarding the cause of the defective drywall. Many believe that the tainted drywall was manufactured at a gypsum mine in Tianjin, China which used fly ash, a waste material that is a byproduct from power plants using coal. Fly ash can leak into the air and emit sulfur compounds. Testing by the Florida Department of Health, however, has revealed significant amounts of organic material present in the Chinese drywall - ranging from 5 to up to 15 percent. Dr. David Krause, the State Toxicologist, states that these findings appear to contradict the theory that waste product from coal-fired power plants are to blame, as they would not be organic. Thomas Eager, an MIT professor believes the combination of cellulose, moisture and sulfates in the gypsum are reacting to release sulfurous acids that are corroding copper and other metals.

WHY IS CHINESE DRYWALL DESTROYING HOMES?

The jury is still out, but it is believed that humidity causes the sulfur in the tainted drywall to offgas (i.e., migrate into the indoor air), which not only creates a noxious odor, but corrodes copper and other metals. DO NOT WASH YOUR WALLS OR STEAM CLEAN YOUR FLOORS OR CARPET IF YOU SUSPECT THAT YOU HAVE CHINESE DRYWALL.

WHAT IS THE TIME-FRAME?

Hundreds of millions of sheets of Chinese drywall were imported from 2004 to 2006, but Chinese drywall has recently been found in homes built or remodeled as early as 2001. Accordingly, this phenomenon cannot be explained solely by the shortage of American-manufactured drywall.

WHERE WAS THE DRYWALL IMPORTED AND WHICH BUILDERS USED CHINESE DRYWALL?

Although not confirmed, the presence of Chinese drywall has been reported in 41 states and is estimated to have been installed in over 100,000 homes in the United States. Last week, it was reported that homes in Canada have also been affected. One must wonder - has any tainted drywall been found in China or Germany (which is where Knauf is based).

Given the volume of Chinese drywall, any home built or remodeled (irrespective of the builder) from 2001 to the present could have Chinese drywall.

Visit ChineseDrywall.com for full report and how to tell whether your homes was built with Chinese drywall.

Tax Credit for First Time Home Buyers

noreply@blogger.com (Vanessa Franklin) — Wed, 25 Mar 2009 17:36:00 +0000

There's a lot of confusion out there about this tax credit so I thought it might be a good idea to find a reliable source for information on the First Time Home Buyer Credit. I found a reliable source - the IRS but I am not so sure that it clears up the confusion!

Nevertheless, click here to go to the IRS website and have at it!

Call me or post a reply if you find other sources which explain it better.

Happy House Hunting.

Signs of Letup in Home Price Slide

noreply@blogger.com (Vanessa Franklin) — Wed, 31 Dec 2008 15:17:00 +0000

The decline in residential property prices appears to be slowing, according to preliminary data from First American CoreLogic.

A preview of its November report shows that home prices fell 9.6 percent last month, compared with 10.4 percent in October and 11.2 percent in September.

"The consistent deceleration over the past two months with November indicating the same trend in price declines is encouraging because it could portend the trough in price declines," says Mark Fleming, chief economist for First American CoreLogic.

Still, layoffs and the swollen supply of unsold homes remain a concern, he notes.

Source: American Banker (12/29/08)

Count Down to Santa with the Kids

noreply@blogger.com (Vanessa Franklin) — Thu, 18 Dec 2008 20:51:00 +0000

My son Dudley and I have had wonderful conversations on Christmas eve, tracking Santa and his Elves. Dudley's eleven now and I wonder if I can squeak one more magical tracking experience with him before the inevitable....

Take my advice, make time, let them stay up a little later, get the hot chocolate with marshmallows, snacks and imagination and track Santa with NORAD this Christmas eve. Don't forget to turn on the sound and do the Kids Countdown quizzes leading up to Christmas.

Sincere Christmas and Holidays wishes. Peace, Love and Tranquility and may your God go with you.

HOPE for Homeowners

noreply@blogger.com (Vanessa Franklin) — Thu, 06 Nov 2008 20:06:00 +0000

The Housing and Economic Recovery Act of 2008 amends the National Housing Act to authorize a new temporary FHA mortgage insurance program called the HOPE for Homeowners (H4H) Program. Under this Program, certain borrowers facing difficulty in paying their mortgages will be eligible to refinance into affordable FHA-insured mortgages. The H4H program is effective for endorsements on or after October 1, 2008 through September 30, 2011.

If you would like more information on this program, please call me Vanessa Franklin, 239 290 5627 and I will be happy to send you a copy of the HOPE Guidelines.

you may also look at the HUD Website to read about HOPE.

Please, if you have experience with HOPE, either good or bad, please add to this blog so that others might find the information useful in their own circumstances.

Mortgage Forgiveness Debt Relief Act Extended Through 2012

noreply@blogger.com (Vanessa Franklin) — Tue, 07 Oct 2008 09:24:00 +0000

Under the The "Emergency Economic Stabilization Act of 2008" the Mortgage Forgiveness Debt Relief Act has been extended to 2012. Below are some answers to common questions regarding this Act. Always consult a tax specialist to discuss your personal circmstances.

Source: US Internal Revenue Service

Mortgage Forgiveness Debt Relief Act

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does that mean?
Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.

Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

Do I have to complete the entire Form 982?
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
You can download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982, page 4.

Is there anything else I need to know before filing?
Yes. Because the Mortgage Forgiveness Debt Relief Act of 2007 was passed so late in the year, the software systems used by tax preparers and at the Internal Revenue Service need to be updated to accept the revised Form 982. The IRS expects to be able to process the new Form 982 electronically on March 3, 2008.

Naples in Top Ten Best Places to Live!

noreply@blogger.com (Vanessa Franklin) — Fri, 25 Jul 2008 21:25:00 +0000

With 34 million members and the world’s largest-circulation magazine, AARP has ranked Naples/Marco Island as the 10th-best place to live and retire.

AARP examined health and lifestyle habits of residents in cities across the United States.

The nation’s largest nonpartisan organization for people 50 and older has come up with a list of the 10 “healthiest hometowns” for robust living and retirement.

Naples/Marco Island joins the ranks of standouts such as San Francisco, Boulder, Colo., and Minneapolis/St. Paul., Minn. At the top of the list is Ann Arbor, Mich., followed by Honolulu, Hawaii, and Madison, Wis.

“Wow, what an impressive group that we are linked to,” Naples Mayor Bill Barnett said. “AARP is a very respected group. It says a lot for us.”

The September/October edition of AARP’s magazine is highlighting the healthiest hometowns, and where people live during the second half of their lives can make all the difference for longevity and vitality.

Researchers looked at the physical characteristics of metropolitan areas along with nearly 30 health-related criteria, such as life expectancy, physicians per capita, the percentage of the population that smokes, access to health plans and affordable ones, healthy eating and exercise habits.

The magazine publishes a story annually about retirement locations with a different focus every year, and this year’s focus is health, according to Kathy Marma, AARP spokesman in Florida.

The inclusion of college towns in the top healthiest cities can be attributed to large universities that tend to have teaching hospitals to attract doctors. The student lifestyle calls for outdoor amenities for fitness and what AARP describes as “lifestyle perks.”

The AARP article says Naples still deserves its real-estate nickname of “Florida’s last paradise” despite the building boom.

“The area has hung on to its small-town feel: its beaches and art scene (more than 134 galleries in the vicinity) are often voted tops in the nation,” the article says. “And for link lovers, it’s heaven: Naples-Marco Island has the second most golf holes per capita in the country. In our survey, residents got high scores for regular exercise, healthy eating, and not smoking, so it’s no surprise that the area has one of the lowest cancer mortality rates going.”

Not surprisingly, the article mentions the area’s real estate market.

“The downside is high housing prices and a high cost of living,” the articles states. “Naples has been hard hit by the foreclosure crisis — but that means you might be able to find some bargains here.”

Mike Reagen, president of the Naples Area Chamber of Commerce, said the AARP research dovetails with what author Richard Florida said in his best-seller, “Who’s Your City?” where he ranks Naples as among the top 10 places for people 65 and older.

The author and professor of business and creativity at Toronto University says where people choose to live has a profound effect on all aspects of their lives.

“It sounds reinforcing,” Reagen said of AARP’s finding about Naples and Marco Island.

In the next two to three years, the next wave of the baby boom generation will be looking for a place to retire and this area will be appealing to many, Reagen said.

The area has great infrastructure of good medical care, the arts, recreational amenities, and an ideal climate that will attract more retirees, he said.

What Gary Elliott, president of the Marco Island Chamber of Commerce, sees all the time is that people enjoy living in the region, plus they enjoy working here.

“My theory is when people arrive in Naples and Marco Island, they are euphoric,” Elliott said. “People came here with a good attitude.”

When people relocate or retire to the region, they came from successful careers and they continue to lead vibrant lives here, he said.

That helps with longevity.

He did a survey last month for the Marco chamber and reported that more younger families are moving to Marco, comparing 2000 census data to his own research. He went to the schools on Marco and private schools to find out how many children are now living in Marco.

In 2000, there were 1,622 children under 18 living in Marco and today that figure is 1,900 — a 17 percent increase, he said.

“I think in the next census we will see a lot of younger families,” he said. “Marco is a great place to live.”

What’s also notable is the Internet and other technology makes it possible for people who work in consulting and other non-location jobs can live anywhere they want, he said.

Real estate activity in Marco has been solid for properties in the lower price range of under-$350,000 for inland properties, he said.

The AARP finding could help bring more people to Naples/Marco Island for relocating or retiring but Arlene Carozza, Realtor and president of the Naples Area Board of Realtors, said she doesn’t believe this region has more foreclosures than anywhere else and could have less.

“When we get good news like that, that it’s a wonderful place to live, it certainly helps all of us,” she said. “No 10. We will take that. It says something for the area.”

She came from the Orlando area and was amazed by the array of cultural amenities in the area for the city of this size, especially with the Naples Philharmonic Center for the Arts.

“Naples is still small-town like with white sand beaches and gorgeous water and shopping,” she said.

Real estate is selling steadily and has been since January, she said.

“We have had a steady upgrowth. More people are purchasing homes and it’s not just the beach area, it’s right across the board,” she said.

Despite that, Naples does have a lot of retirees.

AARP also found Naples/Marco Island ranks second among a larger group of cities for longest life expectancy of 80.97 years, behind Ames, Iowa, with a life expectancy of 81.02.

The Collier County Health Department backs up the region’s life expectancy standing, which in 2002 stood at 82.9. Life expectancy for the United States for the same period was 77.4 years, according to a 2002 report from the department.

“We are pleased to see the dedication of the health community recognized,” Dr. Joan Colfer, executive director of the health department said in a statement about the AARP finding.

She credits the local medical community for lowering cancer rates and adding to residents’ longevity.

“In addition, we applaud Collier County citizens for being proactive in their personal health and wellness,” she said.

Ann Gardner, Naples’ community representative for the American Cancer Society, learned of Naples’ standing on the “Good Morning, America” TV show Wednesday and wasn’t surprised.

“It’s definitely pretty cool to see that,” she said. “It means people are taking care of themselves.”
Top 10

1. Ann Arbor, Mich. - Eighty-six percent of residents exercise daily.

2. Honolulu, Hawaii - Ninety-five percent of residents are covered by health insurance.

3. Madison, Wis. - Extensive bus system and numerous bike trails.

4. Santa Fe. N.M.- Has a city-funded health campaign for older residents.

5. Fargo, N.D. - Good air quality and uses biodiesel fuel for buses.

6. Boulder, Colo. - Has 45,000 acres of pristine open space.

7. Charlottesville, Va. - Lots of family doctors, oncologists and cardiologists.

8. Minneapolis/St. Paul, Minn. - Residents exercise regularly.

9. San Francisco Bay, Calif. - Residents are least likely to be overweight or smoke.

10. Naples - Residents score high for regular exercise, healthy eating and not smoking.

Source: AARP By LIZ FREEMAN (Contact)
Originally published 9:03 a.m., Wednesday, July 23, 2008
Updated 9:14 p.m., Wednesday, July 23, 2008

Stoneybrooke at Gateway $275,000 Huge 4 Bedroom 3 Bathroom Home

noreply@blogger.com (Vanessa Franklin) — Thu, 17 Jul 2008 15:55:00 +0000

Stoneybrook at Gateway Beautiful two story home a steal at $275,000 - View Virtual Tour

WOW Great Value! Berkshire Lakes 2/2 $110,000 and Lakeside 2/2 with Garage $249,900

noreply@blogger.com (Vanessa Franklin) — Thu, 17 Jul 2008 15:46:00 +0000

Lakeside 2/2 with Garage $249,900 - View Virtual Tour

Newcastle Berkshire Lakes 2/2 $110,000 - View Virtual Tour

Call Vanessa Franklin 239 290 5627 if you need more information.

Finding Yourself in Financial Trouble?

noreply@blogger.com (Vanessa Franklin) — Fri, 30 May 2008 14:25:00 +0000

This poem was sent to me and I thought it might be appropriate to share with my bloggers. Many people are in difficulty with their finances right now and this poem might give strength to those who are having a hard time with short sales or foreclosure problems.

Don’t Quit

When things go wrong, as they sometimes will,
When the road you’re trudging seems all up hill,
When funds are low and the debts are high
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don’t you quit.

Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out,
Don’t give up though the pace seems slow
You may succeed with another blow.

Success is failure turned inside out,
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you’re hardest hit,
It’s when things seem worst that you must not quit.

Anon.

Sent by Kevin Robbins, Superior Mortgage, 239 357 2600

Vanessa Franklin Earns Realtor.com Award Of Excellence

noreply@blogger.com (Vanessa Franklin) — Thu, 29 May 2008 21:47:00 +0000

Congratulations to Vanessa Franklin of Amerivest Realty who was given an Online Marketing Award of Excellence from Realtor.com, the official site of the National Association of Realtors.

The award recognizes top agents who consistently provide great marketing services on behalf of their buyers and sellers. Each of Vanessa's listings are enhanced to the fullest using multiple photographs, virtual tours, scrolling text, links to Europe and the rest of the world with WorldProperties.com plus other great features, to gain maximum exposure for her clients.

You can visit Vanessa's website to see customer testimonials at naplesfranklin.com

Be Forewarned When Purchasing Foreclosure Properties

noreply@blogger.com (Vanessa Franklin) — Wed, 28 May 2008 13:38:00 +0000

May 19, 2008

Do Not Throw Your Buyer Under the Bus.....

Be Forwarned When Purchasing Foreclosure Properties!

I am often asked the difference between a short sale property vs. a foreclosed property. In the first instance, with short sales, the Seller not the bank owns the property. The bank must approve the sale which typically and realistically takes about 90 days for the bank to formally approve or deny.

In sharp contrast, with a foreclosed property, the Bank already owns the property and typically will accept or reject, or counter the offer to purchase within 3 business days.

With short sales, if approved, the Buyer is free to select their closing agent to examine and issue title insurance, In sharp contrast, with foreclosures, the Bank selects the closing agent and mandates who issues the title insurance. Unfortunately, this is where the problems begin and Buyers are often thrown under the bus.

Unfortunately, all title policies are not created equal! When buying property from a bank the title policy typically lists exceptions (exclusions) from coverage. They may seem insignificant to an untrained eye, but be careful from first hand experience they could prove financially disastrous.

Real Life Case #1. In November 2007, I was under the mistaken impression I would provide the title insurance for the Buyer. A preliminary search revealed that the bank did not properly serve all the correct parties in the foreclosure process. When the bank offered a title policy it overlooked this glaring problem. As a result, no deal. If the Buyer had closed with the Bank's Title Policy he would have been in for a surprise when they elected to sell.

Real Life Case #2. In February 2008, I had a foreclosure closing whereby I reviewed the proposed closing documents, closing statement and title policy. When I asked the bank to remove the exception and not exclude governmental liens from the title policy, the bank's closing agent stated it was not their policy to do so. Antennas went up and I performed an independent title search and discovered there were government fines outstanding in excess of $70,000....... all of which would not have been covered by the title policy. Obviously we didn't close but two months later negotiated a credit to address the problem and subsequently closed.

Real Life Case #3. In March 2008, when asked to review the Bank's proposed closing documents, it was clear that although the deed was notarized, it did not have two witnesses in accordance with Florida Statutes. The title company for the bank was recently set up by the bank and their corporate counsel was in Texas ........where witnesses are not required! The entire deed was defective!

Real Life Case #4. In April 2008, I represented a Buyer who was under contract to close with the bank. A few days before closing, I strongly recommended the Buyer obtain a survey and elevation certificate even though it was a cash purchase. The elevation certificate revealed improvements located below the flood plane level. Again, this raised antenna's. A phone call and letter to the local zoning department revealed that previous fines had been levied and the former owner had been mandated to remove approximately 1,000 square feet of the non-conforming improved living space. The bank was not aware, did not disclose this and the title policy they offered did not cover this. The bank has since offered $100,000 price reduction. So far, no deal. Think what would have happened without obtaining the elevation certificate.

I could go on and on with first hand accounts of potential pitfalls, but I will not seek to be redundant. Bottom line is when buying foreclosed properties from a bank this is one case where it is imperative to have a trained real estate attorney review both the closing documents and the title policy. All bank sales are "As Is" . While I do not recommend the unnecessary expense of two separate title policies, practice has taught me to perform an independent title search.

If you have any questions or concerns, feel free to contact me. I am there to protect you as well as your buyer. I want to earn your business.

Next Week: The Return of Retirement Accounts. With the attractive prices now being offered find out why more baby boomer's are tapping into their retirement accounts to buy property....NOW!

Courtesy of Law Offices of Ronald S. Webster

Mad Money CNBC - Toll Brothers and Naples Market

noreply@blogger.com (Vanessa Franklin) — Fri, 16 May 2008 17:56:00 +0000

Toll Brothers on Mad Money CNBC references the Naples market. See the penultimate paragraph. Try to watch the whole article if you can - great stuff.

View whole article and video

Short Sales Coming Up Short!

noreply@blogger.com (Vanessa Franklin) — Sun, 04 May 2008 13:12:00 +0000

Realtors across the country believe mortgage lenders make the housing downturn worse by taking months to make decisions on short sales and sticking to high internal target prices. As a result, more home buyers avoid short sale properties, forcing foreclosure sales that typically result in lenders accepting lower prices than they could have achieved in the short sale. “The only question banks should ask is can they make more in a short sale than in foreclosure,” according to Lighthouse Point, Fla.-based Realtor Ron Rosen, who cites a “broken” system. “The answer is that in nine out of 10 cases they will lose more money in a foreclosure.” Some Realtors contend that lenders lack the appropriate systems and staff to handle short sale requests, while lenders insist the short sale process is complicated by the need for approvals from investors and mortgage insurers. Still, Realtors note that a more efficient short sale process would boost prices and reduce inventory.

Source: Reuters (04/22/08) Carey, Nick
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688

Call Vanessa Franklin, 239 290 5627 an experienced short sale listing agent for more information on short sales and foreclosures.

Floor plans released for Avonlea neighborhood at Lely Resort

noreply@blogger.com (Vanessa Franklin) — Fri, 22 Feb 2008 18:44:00 +0000

Stock Construction has released the floor plans for the Avonlea neighborhood in Lely Resort, a country club community in Naples.

Located in the northern half of Lely Resort, Avonlea is a private neighborhood of single-family homes on three cul-de-sacs surrounded by nature preserves and fairways of The Classics golf course.

Avonlea offers five Mediterranean-style floor plans, each offering a three-car garage and pool and spa options. Pricing begins at $594,990.

The Scottsdale has three bedrooms, a study and three baths with 2,546 square feet under air and 4,142 total square feet. This open floor plan includes living and dining rooms and an informal breakfast room adjacent to the kitchen. The lanai offers a free-form pool and spa surrounded by a furnished sun deck with an outdoor kitchen.

The Monterey is a courtyard-style four-bedroom, three-bath home with 2,651 square feet under air and 4,036 total square feet, including an attached three-car garage and a screened and covered lanai with outdoor kitchen. There is a family room as well as formal living and dining rooms. The home offers a private detached guest suite overlooking the pool.

The Harbourtown is a three-bedrooms, study, three-bath home with 2,772 square feet under air and 4,279 total square feet. This open floor plan is built around the pool and outdoor living area. It includes a large great room overlooking the pool and spa, as well as an island-style kitchen and a formal dining room. The master suite includes bay windows with views of the pool.

The Greenbriar is a three-bedroom, study, three-bath home with 2,824 square feet under air and 4,143 total square feet, including an attached three-car garage. This open floor plan includes a formal living room and an informal family room, both of which have access to the pool and lanai area. It also includes a formal dining room and an island-style kitchen with a breakfast nook.

The Pinehurst is a courtyard-style four-bedroom, with study, 3.5-bath home with 2,889 square feet under air and 5,542 total square feet including an attached three-car garage, courtyard with pool, and a covered lanai at the rear of the home. One of the bedrooms is a detached guest suite that overlooks the courtyard and includes a kitchenette.

Amenities at Lely Resort include The Players Club & Spa, three golf courses and two golf clubhouses within the community. The Players Club & Spa offers 20,000-plus square feet under air and features a fitness center, a full-service spa, a resort-style pool and a tennis complex.

Source: Naples Daily News
February 16, 2008

Move to England, Get a Free House!

noreply@blogger.com (Vanessa Franklin) — Tue, 19 Feb 2008 01:26:00 +0000

A failed businessman who has paid nothing towards a mortgage on his home for more than 15 years, had the debt wiped out by senior judges.

Djabar Babai was told he had effectively acquired "squatters' rights" over his £250,000 detached home, as his dispute with his mortgage lender has dragged on for so long.

Read Full Story

Source: Daily Mail, London, England

NABOR Report Shows Strong Condo Sales

noreply@blogger.com (Vanessa Franklin) — Sun, 17 Feb 2008 15:20:00 +0000

FOR IMMEDIATE RELEASE

Contacts:Arlene Carozza, NABOR, President, 239/877-7411
Michele Karrasch, NABOR, Manager of Events & Marketing, 239/216-4148

NABOR REPORTS JANUARY REAL ESTATE TRANSACTIONS

Report Shows Strong Condo Sales and Reduced Median Price

NAPLES, Fla. – February 14, 2008 – January home sales were up slightly compared to a year ago, including an 11 percent increase in condo sales, announced in a report released by the Naples Area Board of Realtors® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).According to NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty, while overall pending sales decreased year-to-date, the report includes many positive indicators of market activity."The momentum we saw last month is continuing and sales are being made, especially in the condominium market and single-family homes under $300,000." Carozza stated.The report, which provides single-family home and condo data, price ranges and geographic segmentation by zip code, also includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

Overall home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, were up by three units, 264 in January 2008 compared to 261 in January 2007.

Condo sales were 142 in January 2008 compared to 126 in January 2007, an 11 percent increase.

Overall home sales in the less than $300,000 category saw the largest increase with 103 in January 2008 compared to 81 in January 2007. Pending sales increased 42 percent from 128 to 182.

Overall home sales in the $500,000 - $1million category saw a slight decrease with 50 in January compared to 60 for the same month last year. Pending sales dropped from 92 in January 2007 to 65 this year.

The overall median sales price decreased 7.3 percent year-to-date.

Tom Bringardner, president of Premier Properties, acknowledges that reduced pricing in the low end of the market has spurred sales in that segment. "This has helped to absorb some of the excess inventory and will assist in returning the market to normal conditions," he said.

According to Phil Wood, president of John R. Wood Realtors, a seven percent reduction is far less than national media stories would lead one to believe. "The perception is that home prices in Naples have decreased 30 to 40 percent and this is not the case," explained Wood. "The fact is that Naples area properties continue to retain their value, even in the down market of the last two years."

View the Market

Real Estate Investors - Do you have the HERD mentality?

noreply@blogger.com (Vanessa Franklin) — Mon, 04 Feb 2008 02:49:00 +0000

Excerpt from the Book - Making Hard Cash in a Soft Real Estate Market by Wendy Patten and Justin Ryan.

The slowdown in the real estate has sent some investors fleeing from the market. But those bailing out may be missing opportunities, say the authors of Making Hard Cash in a Soft Real Estate Market (Wiley, 2007). There are still big bucks to be made — even in a down cycle. In fact, authors Wendy Patton and Justin Ryan argue that “more money has always been made in a down market than in an up market.” They highlight how investors can snag the best buys, master market-timing and risk management, and prepare finances — all to better help you become a savvy investor in any type of market.

From the Book: 5 Investor Tips in a Slower Market

Slower markets can offer rich opportunities for investors: real estate sellers are more open to negotiate and lower home prices — and combined with low interest rates — can help you get properties at bargain levels. Yet, some buyers are reluctant.

“The market may not look perfect,” the authors write. “This is why prices haven’t taken off yet” — and why you want to get in before they do! The book offers the following tips:

1. Timing is everything. Enter the market cycle early. “When it’s quiet, when the media isn’t saying ‘record levels of appreciation,’ that’s when you want to jump in,” the authors write. As billionaire oilman J. Paul Getty once said: “Buy when everyone else is selling and hold until everyone else is buying.”

2. Get financially ready. Before you buy, consider holding costs, tax implications, and cash flow potential. Many things can go wrong when buying investment properties — such as a vacant rental or a property that won’t sell. Have cash reserves (get a partner if you don’t have any) and you’ll be prepared to ride out any market cycle. Identify your risk level and what you want: For example, an investor who wants to turn a quick profit with low holding costs would want to sell their new-home property before construction is complete. On the other hand, an investor looking for a bigger return with less capital gains tax would want to hold the property until after construction is complete and keep it as a rental property for at least one year.

3. Buy and hold. In a distressed market, this can be a smart move. A buy-and-hold strategy can help give the property an opportunity to appreciate over time. Buy at the right price, though. Compare the home’s price to what homes are selling for over a reasonable time period in that
community and what you expect is the lowest price the market will reach. Get in at that price. Consider lease option investments so you can rent the property to cover payments, having the property practically pay for itself each month. Also, continue to pay down the mortgage and eventually you may even have the home paid off — an ideal position for an investor!

4. Find best deal. In a slow market, you can get great deals — and some extras. Builders overbuilt during the housing boom, resulting in high inventories of unsold properties. Now, many builders report slashing prices, offering free upgrades, absorbing all financing points for their buyers, and paying closing costs or fees. Extras aside, other good investment properties include homes five years old or less and properties in the $200,000-range, which can particularly be desirable to a large pool of buyers. Also, look for a property in an emerging market. Some indicators: sales of existing homes and new construction permits are starting to trend upward, supply is steadily dropping, mortgage loan defaults are high but starting to fall, days-on-market move below 90, and low interest rates.

5. Have an exit strategy. Have a selling strategy in place before you buy so you’re not just randomly banking on the property appreciating and then doing a quick sale. Come in with a solid selling plan. For new construction investing, your selling options might be to assign your purchase contract during the construction period, sell when construction is complete, lease and then sell, or a lease option. Reduce the taxable impact of selling your real estate investments by talking to your tax adviser about a 1031 exchange or self-directed IRA. “Know how you will get out before you get in!” the authors advise.

“When markets go soft, things get interesting. Even though an abundance of opportunity exists in a soft market, many people still won’t take action. Why is this? Because by nature, people follow a ‘herd’ mentality. Most people believe that for something to be the ‘right’ thing to do, many people need to be doing it. Actually, this is not true at all. … An experienced insider’s secret — that many folks don’t want you to know — is this … When the markets go soft the playing field is being ‘reset.’ Short-term opportunities are removed and an abundance of opportunity gets created for the seasoned investors who know how things really work.”

About the Authors

Wendy Patton, also the author of Investing in Real Estate With Lease Options and Subject-To Deals (Wiley), is a broker with several real estate offices nationwide. She, along with her co-author Justin Ryan, also are real estate trainers, on such topics as lease options and pre-construction investing. Ryan is also a real estate practitioner in Michigan.

Voters Say Yes on 1

noreply@blogger.com (Vanessa Franklin) — Thu, 31 Jan 2008 01:04:00 +0000

Jan. 30, 2008

Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage yesterday of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move. “People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley, who led the charge last year in support of Amendment 1. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.”

Some Realtors expect to see sales activity from first-time buyers thanks to a slight increase in the homestead exemption provided by Amendment 1, record-low mortgage rates, pent-up demand and a large selection of properties. “Again, given the lower cost of housing and the increased homestead exemption, those who have been dreaming of buying their first home will find this the best market in many years,” Riley adds.

The portability provision of Amendment 1 is retroactive to Jan. 1, 2007. Sellers may transfer their Save Our Homes credit (the difference between the assessed value of a homestead and the market [or “just”] value) provided:

1. The residence sold last year was homesteaded;

2. The new residence qualified for the homestead exemption as of Jan. 1, 2008;

3. The owner applies for the exemption and transfer with the county property appraiser by March 1, 2008.

For specific questions about property tax reform, contact your local property appraiser at http://dor.myflorida.com/dor/property/appraisers.html

© 2008 FLORIDA ASSOCIATION OF REALTORS®