Tampa Bay Appraiser's Blog

Opportunistic investors are standing behind cash-strapped home builders.  As risky as it sounds, the strategy just may pay off.  Since the traditional relationship between builder and lender has dried up, residential builders have begun turning to private equity.  In many cases investors are putting up 80% or more of the capital.  Just as single investors are looking for deals with distressed properties, home-builders are going bargain shopping for distressed projects. 

For developers, private equity firms bring much-needed cash infusion.  For investors, it’s a classic contrarian play of adding new homes to an already flooded market inventory.  On a small scale it’s an approach that can work, whereas if done on a large scale, it would be doomed from the beginning.  Some analysts would ask the question, “Why aren’t housing starts at zero?”  The answer is they’re as close to zero as they’re going to get.  In some cases it still makes sense to build.  So careful analysis and well-chosen projects could pay off.  continue reading…

Have no illusions. A short sale is rolling the dice. Here’s why.   

The potential for banks not accepting short sales or deeds in lieu of foreclosure may have everything to do with the Pooling and Servicing Agreement (PSA) in which that particular loan is associated with.

Most loans are sold on the secondary market or “pooled” together and sold to be held in trust as collateral for mortgage-backed securities. The most famous Government Sponsored Enterprises are Fannie, Freddie, and Ginnie. Once the loans are considered “non-performing” they, the GSE’s can pull money from a multi-million dollar escrow fund to cover their lawyer’s fees. These pools of mortgages are bound to the Pooling and Servicing Agreement (PSA). At the point where the loan is described as non-performing the servicer is entitled to get double the servicing fees. continue reading…

I’m not here to tell you SHOULD use Twitter. I’m here to share one thing. Twitter is nothing more than a microcosm for life. It’s more about a way to live rather than to approach social networking. Twitter in some form will persevere whether it’s gone in five years or less. Through focus and filtering it will evolve as we will.

It’s true. People aren’t in their right minds when they tweet. When they add value or educate I believe Twitter will continue to evolve and enlighten. But some of these individuals aren’t as identified as others with their minds. They use focus and filtering BEFORE they update their status. I dream about the day when those on Facebook will realize this. continue reading…

Automated Appraisals Don’t Tell All….

Homeowners using Automated Valuation Models (AVM’s) or ”free online home values” to determine the value of a property need to know what those results aren’t telling them.

1. Whether unique features of a property might add to or detract from market value. So a computer returns an estimated value of $150,000. Did it account for the sewage treatment station next door? The railroad tracks nearby with trains that blow their whistles every night? The school district? The desirability of its tree-lined street versus the next street over? continue reading…

If you were a first time homebuyer in 2009 then you want to make sure you read the IRS Rules for the 2009 First Time Homebuyers Tax Credit.

You will want to download and prepare your own or take to your tax professional who prepares your taxes the 2009 the new IRS 5405 form for claiming your portion of the tax credit.

Many first time homebuyers are under the impression that they are automatically qualified for the full $8000 credit. The credit is for 10% of the qualifying home purchase so a $300,000 home has a potential tax credit value of $3000. It isn’t too late to take advantage of the extension to the tax credit. You have until April 30, 2010 to have your new home under contract and you need to close by July 1, 2010 in order to qualify.

If you are active duty military and were stationed outside the U.S. for over 3 months in 2009 you have an extension until November 1, 2010 to take advantage of the tax credit. If we can be of assistance, please contact us today.

Rick Frissell. Realtor- Florida’s Beautiful Homes™

813-340-6828

Rick@RickFrissell.Com