Sellers of short sales often are not aware of the income tax effects of the short sale transaction and surprised to receive a form 1099-c. Below is information for sellers of potential short sale transactions. A short sale in real estate occurs when the outstanding loan against a property exceeds the market value of the [...]
Fed Rate Drops .5 Percent
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In a surprise move, the Fed slashes rates by 50 basis points today. How will this effect interest rates on mortgages? Federal Reserve cuts in the federal funds rate have an unpredictable impact on long-term mortgage rates. So it’s impossible to know for sure when — or even if — rates will fall as a [...]
Naples Real Estate News 07/16/08
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MORTGAGES Local banks in Naples, Bonita Springs, Estero, through-out Florida, and the nation are telling investors that they should relax – “We’re fine.” A general fear of bank failures has made consumers wary of all financial institutions, even though most banks have no liquidity problems and very little risk. HOMEBUYERS There’s a dilemma for the [...]
Naples Real Estate News 07/15/08
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MORTGAGE REGULATIONS The Federal Reserve issued new guidelines, effective Oct. 1, to curb shady lending practices. “It seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower,” says Fed Chairman Ben Bernanke. HOUSING AID The Fannie [...]
Naples Real Estate News 07/14/08
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HOMEOWNERS INSURANCE Start shopping around now for the best rates on homeowners insurance for your Naples, Bonita Springs or Estero residence. As the largest insurer of homes, condos and apartments in the state, Citizens Property Insurance has nearly 9,000 agents writing policies. But the insurance agents say that Citizens doesn’t pay them enough, especially in [...]