Tampa Homes For Sale | Tampa Real Estate Listings and News

The Federal Housing Administration (FHA) is changing the way it handles credit disputes when approving mortgage applications.  FHA Buyers that have a dispute on file of $1000 or more will be required to either pay the debt or enter into a repayment agreement with at least 3 months of on-time payments before FHA loan approval will be issued.

FHA notes that they have discovered many current borrowers with mortgage payment delinquencies had prior credit deficiencies including unpaid collections and unresolved disputed accounts prior to their loan approval.

This new policy will definitely eliminate some buyers our of the marketplace but FHA says it will protect the program and help it’s emergency fund that has fallen below the congressionally mandated limits by reducing risk to FHA-insured loans.

A California marketing company will pay your mortgage if you let them paint an ad on the side of your house.  The company called Brainiacs is painting houses with bright colors and putting up logos and pictures. The first home to participate was in California and now the company is looking for more.  They are targeting Florida due to the large number of distressed properties.  

The company is looking for 100 homes by the end of the year nationwide and has accepted 215 applications from Tampa Homeowners. The houses will be painted back to normal colors after the advertising campaign is over.

Low appraisals coming in under the contract price are causing real estate transactions everywhere to fall apart.  Especially in a distressed market such as the Tampa Real Estate market where foreclosures and short sales are being used as comparable sales by appraisers.

In many cases agents find re-negotiating the sales price necessary to save the deal. Sometimes buyers and sellers will each agree to give a little and meet in the middle to make up the difference.  However, it is important to remember that typically banks will only finance the appraised price and not the contract price so the buyer may have to make up the difference upfront.

The current state of the market and increase of low appraisals have been a constant source of frustration for real estate professionals, homebuyers and sellers as they further complicate real estate transactions.

The Tampa Real Estate market has some good news to celebrate.  It has been reported that Florida is the top destination among international buyers.  According to the National Association of Reltors, 31% of international sales are coming from Florida markets. 

Other states that have topped the list include California at 12%, Texas at 9%, and Arizona at 6%. These three state and Florida make up more than half of all international sales in the United States.

Bank of America has announced a new program that will reduce the approval process on short sales to 20 days.  Realtors and Sellers listing Tampa Short Sales will be excited to get faster approvals under this new plan which still utilized the Equator system.

Agents that are already working on short sales with Bank of America will be required to complete ceratin tasks relating to the new process prior to April 13th.  The new process will begin on April 14th and 5 documents will be required for short sales initiated with an offer including: the Purchase Contract, HUD-1, IRS Form 4506-T, Bank of America Short Sale addendum, and the Bank of America third-party authorization form.

New timeframes will also be implemented with the new process including a reduction in the time agents have to submit a counter offer in Equator which is now 5 days. Prospective Buyers will also be limited to two counteroffers and responses will be given within 3 days.

FHA home buyers will pay more on the upfront insurance premium charged on FHA-insured mortgages effective immediately. The upfront mortgage premium is increasing from 1% to 1.75% and annual FHA mortgage insurance premiums are increasing by 1/10 of a percentage point.

Another increase for jumbo loans and certain 15 year loans will also go into affect on June 11th.

It is estimated that the fee increase will equal approximately $24 per month for a $200,000 mortgage.  This increase will create more than $1 billion in extra income by 2013 for the U.S. Department of Housing and Urban Development.

Many taxpayers don’t realize that canceled debts on short sales can come back to haunt them later.  Most people don’t realize until its tax time and they get a 1099-C from their lenders that their canceled or fogiven debts are considered taxable income.

For some this makes what has already been a difficult time financially now unbearable.  Fortunately, you may qualify for exemptions on your forgiven debt if you filed for bankruptcy or you were insolvent.  Persons who receive a 1099-C should consult a tax professional for assistance.

In a normal market, multiple bids usually lead to higher home prices with the highest bidder winning.  But in today’s market many sellers are willing to take a little less to accept a cash deal.  Cash deals don’t require apprasials and do not have financing contingencies typically resulting in quick closings and a lower probability of falling through.

At least a third of all homes last year involved an investor and investors usually pay cash.  In December of 2011, 33% of all U.S. home sales were cash deals. In the Florida real estate market those statistics could be higher since the foreclosure rates are higher than the rest of the U.S.

Effective April 1, 2012, FHA will raise its annual mortgage insurance premium by 0.10% on loans under $625,500 and upfront premiums on mortgage insurance will increase by 0.75%.  

FHA says the increase in premiums is necessary to help protect the congressionally mandated 2% reserve threshold of capital reserves. This increase should cost the average FHA Buyer approximately $5 more per month. FHA continues to remain one of the best options for low to moderate income borrowers in today’s real estate market.

The costs of rent in the real estate market could lead to a boost in homes sales some experts say.  During the housing crisis the number of renters dramatically increased and homeownership dropped to new lows.  However, now with the costs of rentals rising nationwide it may tempt many renters to buy a home instead.

In a growing numer of cities nationwide it is cheaper to own than to rent.  Overall Costs in combination with low interest rates and falling home prices might lure more people to purchase this year and leave the rental market behind. This could have a very positive impact on Tampa Real Estate.