Miami Condo Short Sale Contract is Binding
A real estate contract signed and accepted by the Seller and the Buyer, whether for a Miami condo or home, is a binding and fully enforceable contract, regardless if the contract is “subject to short sale lender approval” or not. If such real estate contract is subject to Seller’s lender approval it does not necessarily mean that if the lender requires any alteration the Seller or Buyer can immediately cancel the contract. It is important to clearly include contract terms, usually in the “Additional Terms” section of the contract, stating, either on behalf of the Buyer, Seller, or both, that if particular terms are not approved by the Seller’s lender, that the party in question may cancel the contract, usually with full release of all deposits. Also, an executed contract should be marked as “Pending” in the MLS, per your local MLS rules.
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Miami Condo Short Sale
Short sale transactions for Miami condos and homes are becoming very common now, and many third parties such as short sale processing companies and real estate agents are involved in the process. Despite Miami condo short sales becoming a common occurrence, there are still problems out there with the information given to short sale sellers about the ramifications of accepting a short sale.
Miami Condo Short Sale Tax Issues. Every tax rule has limitations, thus, in a nutshell no seller should rely on any one person regarding the possible tax consequences of completing a short sale, especially if that person suggests that his or her answer is both simple and 100% correct. A good method to understand the possible tax consequences is to ask three people from different professional fields, and ask each for the published source supporting their opinion. Experienced investors selling through short sale will verify the consequences by asking their Realtor, Attorney, and Accountant.
Miami Condo Short Sale Deficiency Judgment. Lenders have the right to attempt to collect what is due on a debt by any legal means available. Do not trust that just because a short sale was approved that the underlying debt is forgiven. It is usually not forgiven. Before you sell your Miami condo or home through short sale, schedule a meeting with a Florida collections and litigation attorney and ask what the worse case scenarios could be by completing the short sale as applied to your particular situation. Include details about your job, assets, bank accounts, safety deposit boxes, property, etc., for the comprehensive answer.
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Miami Condo First Time Home Buyer Free Tax Credit
United States Congress, in February 2009, altered the first time Miami condo and home buyer tax credit, making it $8,000.00, and eliminating the repayment requirement. First time Miami condo and home buyers can take advantage of this primary residence tax credit through December 1, 2009. Unless Congress votes to extend the program, buyers need to be sure to take part in the program by December 1, 2009.
According to the IRS Website:
“For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.
For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.“
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Miami Condo Foreclosure Rescue Fraud
Miami condo and home buyers, sellers and owners were recently given some protection and education when recent laws were passed by the Florida Legislature to help educate and inform Florida residents about fraudulent foreclosure rescue and avoidance schemes. A recent article byJ. B. Davis of Attorneys Title Insurance Fund, Inc., describes, in part, the basics of the legislation as follows:
“Session Law Ch. 2008-79, HB 643, concerning foreclosure fraud and the regulation of mortgage rescue companies, was passed by the Florida Legislature creating Sec. 501.1377, F.S., which became effective Oct. 1, 2008. The newly created statute targets “foreclosure-rescue consultants” and “equity purchasers” in an attempt to protect homeowners who may be vulnerable to fraud, deception and unfair dealings as a result of being in default on their mortgages, in foreclosure or at risk of losing their homes. Sec. 501.1377(1), F.S. Under the statute, persons or entities engaging in foreclosure rescue schemes must now disclose the terms of the transaction in a written agreement and provide homeowners with the opportunity to cancel a conveyance of their home in advance of a closing.
At the outset, it may be helpful to recognize that the statutory scheme differentiates between “foreclosure-rescue consultants” and “equity purchasers.” Sec. 501.1377(2)(a) and (b), F.S. Foreclosure-rescue consultants provide services defined as “foreclosure-related rescue services” and the written agreement required to be provided is a “foreclosure-related rescue services agreement.” Sec. 501.1377(2)(c) and (4), F.S. An equity purchaser, on the other hand, seeks a conveyance of the homeowner’s subject property to the equity purchaser and the homeowner retains a legal or equitable interest in the property being conveyed. Such transaction is defined as a “foreclosure-rescue transaction” and the written agreement required to be provided to the homeowner is a “foreclosure-rescue transaction agreement.” Sec. 501.1377(2)(d) and (5), F.S. A foreclosure lis pendens must be of record in connection with a foreclosure-rescue transaction by an equity purchaser, but a foreclosure lis pendens may or may not be of record where a transaction involves a foreclosure-rescue consultant who provides foreclosure-related rescue services.“
Although the details of what is and what is not improper foreclosure rescue services may be unclear or otherwise difficult to fully understand, the important thing is to always get the appropriate WRITTEN agreement of the terms of service, and always get a second or even a third opinion from a Board Certified Real Estate Attorney and/or an experienced mortgage and lending law attorney.
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Miami Condo Reverse Mortgage
Miami Condo and home reverse mortgages are one of the recent targets of fraud schemes in the Florida real estate arena. Reverse mortgages, whether on a Miami Condo or home anywhere in Florida or the United States, by definition allow senior property owners (defined as age 62 years or older) to borrow against the equity in their homes without the hassle of having to secure a normal equity line of credit. In particular, as part of the Housing and Economic Recovery Act of 2008, senior homeowners are now able to use a reverse mortgage to purchase a primary residence. Unfortunately less than reputable sellers and developers are using the new rules to sell low quality properties, often with inflated values, to seniors who may not be fully aware of the estate planning issues and the complete cost of ownership of the properties, including furnishings, taxes, utilities, condominium fees, special assessments, and other unfamiliar fees. Additionally, to avoid the down payment requirements, some sellers contract with the senior buyers to “give” or otherwise deed them the properties first, with the subsequent requirement of completing reverse mortgages to pay for the “gifts.”
Many Florida reverse mortgage companies will focus on their job of getting the reverse mortgage application properly completed and approved for the Miami condo or other property, rather than the underlying property quality, estate planning issues, or individual ramifications of the decision. Reverse mortgages are more complicated than standard mortgages, and have many different and generally substantially higher fees. As a result, borrowers, and where appropriate, their families, should always consult BOTH a Board Certified Real Estate attorney AND a Certified Public Accountant before signing the paperwork. This will cover both the legal and estate planning issues involved.
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