Viewing Entries Tagged: tampa foreclosures
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Wednesday, February 1, 2012
Old Apartments Help Tampa Real Estate Market
Posted In Categories: Tampa Foreclosures, Tampa Real Estate, Tampa Short Sales
The Tampa Real Estate market has a high demand for rental properties. Cash investors are buying up old apartment buildings, many of which were foreclosed on, and doing major renovations to attract renters for higher monthly rents.
Many people who lost homes due to foreclosure are forced to rent because of the impact of the foreclosure on their credit. These previous homeowners typically do not want to lower their standard of living and want apartments that are newer with more upgrades.
Another benefit these newly renovated apartment buildings brings to the market is the opportunity for jobs for contractors and the increased neighborhood values and higher rents. Rentals are in high demand in the Tampa area and the once negative perception of renting is going away. Tampa homeowners who have recently done short sale or gone through a foreclosure are prime candidates for these newly renovated apartment buildings throughout the area.
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Friday, January 27, 2012
Don’t Blame the Appraiser
Posted In Categories: Florida Homeowners, Tampa Foreclosures, Tampa Real Estate
The Appraisal Institute says don’t blame the appraiser if your house isn’t worth what you thought it was. The Tampa Real Estate market was hit hard with distressed sales leading to some homes not appraising. Some say appraisers are at fault for producing opinion’s of value that don’t match the sales price or what Buyers and Sellers feel a home is truly worth. But, appraisers wouldn’t agree.The purpose of an appraisal is to help lenders make a decision to finance, not reinforce a listing or sale price. A sales price may not be a correct representation of a home’s actual market value. Appraisers are third party experts that are sent by lenders to produce an unbiased opinion of price.
Unfortunately, with the depressed market many homes simply aren’t worth in today’s market what homeowners think they are worth. In many cases, it is necessary to use distressed sales as comparables due to the high number of distressed sales in the area. The Florida Real Estate market was especially hit hard with distressed properties, so some homeowners should expect those properties to be used as comparables by appraisers.
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Friday, January 20, 2012
Florida Foreclosures at Lowest Level since 2007
Posted In Categories: Tampa Foreclosures, Tampa Real Estate
Florida foreclosures are at their lowest levels since 2007 with approximately 1.9 million homes entering foreclosure in 2011. Experts say the decline is partially due to the halt on foreclosures that was initiated by many banks in 2011. Many banks were involved in incorrectly handling foreclosure paperwork that has recently been referred to as ”robo-singing.” While this contributed to skewed numbers for 2011 the fact remains that 2011′s foreclosures were down 34% from 2010 and have been the lowest since 2007.The prediction for 2012 is that foreclosure rates will be higher but will still remain below the peak of 2010. The Florida Real Estate market ranks as one of the states with the highest foreclosure rates in the nation. The outlook remains positive for Florida however with December’s foreclosure filings showing 20% lower than the prior year end figures.
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Thursday, January 19, 2012
Homeowners Who Short Sale May Owe Federal Income Taxes in 2013
Posted In Categories: Tampa Foreclosures, Tampa Short Sales
Homeowners who have a short sale or foreclosure after this year may owe federal income taxes. A new law effective January 1, 2013 states that the amount the lender forgives in either a short sale or foreclosure for a primary residence will be subject to federal income taxes. In order to avoid this tax liability homeowners should complete short sales in 2012 and the bank must officially sign off in writing by December 31, 2012 forgiving the loan.
