Home Inspection and Repair Negotiation

Home Inspection and Repair Negotiation

House Inspection Port St Lucie Most home sellers and buyers assume that price negotiation is finalized upon signing of the contract by all parties until the inspection report unearths some hidden problems. The inspection reports are actually software programs, which the inspection companies purchase a subscription for the software. The reports are fairly standard and although the forms may look different from one company to another, but the content covers the same items including roof, electrical, plumbing, and termite. Depending on the inspector some reports are very detailed while others concentrate on major issues. The problem with the detailed information is the possible negative effects of them on inexperienced home buyers who may become overwhelmed with a laundry list of repairs, which in reality majority are minor issues.

Regardless of the report type, some repairs are costly enough to either break the deal or trigger another round of negotiation. The following are the actions necessary by both the seller and buyer in order to remedy the issues raised in the inspection report:

Cancellation of the Contract – Buyers is completely turned off or have a change of heart and will simply opt for the termination of the contract. This is absolutely within the contracts’ guidelines as long as the inspection period has not expired. The default inspection period is 15 days in Florida Sales and Purchase Contracts, but could be any number of days as long as both parties have agreed to the terms.
Seller Concession – Seller will pay buyer a predetermined amount at closing for repairs of the items listed in the inspection report.
Lowering the Price – Seller will agree to a lower sale price to compensate for the necessary repairs.
No Concession – The best outcome for the sellers is for buyers to continue with the purchasing process by accepting the property “AS IS” without asking for any concession from the seller. This normally happens in a strong seller’s market when prices are on a continuous rise and buyers feel the market adjustment will easily justify the costs to remedy the inspection issues.

It is important to note that not all inspection issues are repairs related, an example is the requirement for tenting the property in case of the severe termite presence. Also, the inspection is not the only event to trigger a price renegotiation, as appraisal reports could also force the sellers to lower the contract price to match the appraised amount.

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Port St Lucie Real Estate Market Report

by Hamid Hakimi | Buying Real Estate, Port St Lucie Real Estate

Port St Lucie Real Estate Market Report

Port St Lucie Real Estate Market Report June 2015

Home Prices in Port St Lucie

Median prices for homes sold in Port St Lucie Real Estate Market saw an increase of $30,000 in one year alone. Waiting to purchase a home in Port St Lucie area means losing $1000’s and the reports prove that. The Florida Association of Realtors (FAR) has compiled a report on St Lucie County and Port St Lucie real estate market for the first quarter of 2016 in comparison to the same period in 2015. The report is a clear indication of a market with ever-rising prices. The Median Sale Price for Quarter-1 of 2016 is indicated to be at $195,000 a sharp increase of $30,000 from the $165,000 average price of the same quarter in 2015.

The latest report is the local market update for the month of May 2016 compared to the same month in 2015. This report shows a 15.6% increase for the month of May, with a $24,000 increase in Median Sale Price. The Median Sale Price for May of 2016 was $178,000 up from the $154,000 in 2015.

Although the trend is a clear indication of a seller’s market the low-interest rates have created a unique buyer’s market as well. This combination of events is fueling the price increase and the way we see it, this will continue at least until the beginning of the next year. According to the reports, the Federal Reserve will not touch the current interest rates at least until 2017 and even then it is not clear if there will be an increase. Any changes in the interest rate in 2017 will be the direct result of the drop in the unemployment rate at that time as well as other economic

Port St Lucie Home Sales 1st Quarter 2015

Port St Lucie Home Sales 2016 The Port St Lucie home sales market report compiled by the Florida Association of Realtors shows a $30,000 increase in Median Sales Price in Q-1 of 2016 compared to the same period in 2015.

The Median sales price for homes sold in Port St Lucie in 2015 was $165,000 while in 2016 the median is registered at $195,000. Other noteworthy figures in this report were both the Median Time to Contract and Median Time to Sale. The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sale, on the other hand, portrays a bigger picture.

The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sell, on the other hand, portrays a bigger picture. The significance of this numbers remains in the anticipated effects of closing time after the enactment of the Consumer Protection Act, or as otherwise known Dodd-Frank Act, in October of 2015. The well-publicized changes had a noticeable effect on the mortgage industry, which created the discussion of prolonged closing periods.

The Q1 Median Time to Sell in 2016 proved otherwise by dropping to 95 days from 96 days in the same quarter the previous year or -1%. the first 47 days from the 95 days were allocated to marketing and only the last 48 days was contributed to the closing process. This is while the cash sales, which reduces the necessary time for closing was down -27% from the first quarter of 2015.

The $30,000, or +18.2% increase in Median Sale Price of homes sold in Port St Lucie in the first quarter of 2016 is another wake-up call for the buyers who are still waiting to purchase a home in Port St Lucie since last year. This is while the buyers who did purchase a home have created equity of $35,940 with a Median Price of $195,000. This trend is here to stay for a while.

In conclusion, the upward trend is here to stay for a while and if remains in the same pace it would reward over $70,000 to the lucky home buyers in Port St Lucie who purchased during the first quarter of 2015 or over $35,000 to the buyers who purchased their homes in the first quarter of 2016. With interest still at historically low rates and great for sale home prices in Port St Lucie, this prediction seems to be on the target.

Please contact us for more information and detailed reports on quarterly sales for a single family home, townhomes and villas in St Lucie, Martin and Palm Beach counties.

St Lucie County Real Estate Report Q3, 2015

The report on local real estate activities by Realtors® Association of the Palm Beaches (RAPB) shows the continuation of the established trend of rising prices. The most notable changes for single-family homes in the St Lucie County real estate are:

Median Price- Rose to $167,000 in the 3rd quarter of 2015 from $137,000 in the same period in 2014, a whopping 16.8% increase in one year.
Average Days on Market- Drop to only 26 days in comparison to 49 days in the 3rd quarter of last year. This is a clear indication of low inventory and high demand, which in turn fuels the rising prices.
Inventory- Considering the shortage of inventory of homes for sale in 2014, the drop of 14.7% in inventory represents an even bigger problem. With home builders struggling to add to the inventory and continuous shortage of inventory the higher prices are inevitable. The problem for surrounding counties is more severe as some like Palm Beach County has reached the boiling point of maxed out prices much earlier in 2014.

Overall the Port St Lucie real estate report for 2015 indicates a stronger seller’s market which combined with anxious buyers has resulted in listings ending up in the multiple offer situation. This is a reminder of how the market went crazy in the last decade real estate boom. Multiple offers, price war, anxious buyers trying to buy before prices increase even higher while sellers holding back in the hope of cashing out even more in tomorrow’s market. Unless the new home construction catches up with the shortage of inventory, the rise in interest rate seems to be the only unfortunate remedy for slowing down the train before the wreckage arrives as it did only a few years back.

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St Lucie County Down Payment and Closing Costs Assistance Program

by Hamid Hakimi | Buyers Information, Port St Lucie Real Estate

St Lucie County Down Payment and Closing Costs Assistance Program

Down Payment Assistance

St Lucie County Down Payment and Closing Costs Assistance Program

At the time of publication, the County is not accepting applications but there are many other programs available pending the qualifications of the buyers. Some of these programs are offered to the residents of Florida and are not exclusive to St Lucie County while others are exclusive to St Lucie County and Treasure Coast residents. The most prominent program for St Lucie, Indian River, and Martin County offers up to $7,500 toward down payment and closing costs assistance to qualified homebuyers.

St Lucie County Down Payment Assistance Program Requirements:

$10,000 downpayment assistance as a deferred 2nd mortgage at 0% interest. The $10,000 becomes a GRANT if the borrower stays in the property for 5 years and does not need to be paid back unless the property is sold, rented or refinanced
Grant Money (no repayment) – 3% – 4% first come first serve on funds
Eligible for FHA, VA, and Conventional financing. Conventional loans may not be available from time to time
Applicants who are first-time homebuyers or have not owned a home in the past 3 years (some exceptions apply)
Homebuyer education course certificate from an approved entity
A minimum credit score of 640 required
Must meet income limits for households depending on the county

St Lucie County Downpayment Assistance Program

In General, St. Lucie County down payment assistance is limited to the homes built in certain areas of the county, primarily the unincorporated St Lucie County. In recent times, the 3 predominant areas for this program have been Lakewood Park, River Park, and Indian River Estates. However, as mentioned above, there are many other State and Federally sponsored down payment and closing cost programs available, and you can contact us at 772-323-6730 for more information. The SLC program has been closed, please check for the latest details

Like most counties in the US, St Lucie County Down Payment and Closing Costs Program could change the terms and availability of funds at any given time.

Income Restrictions for Down Payment Assistance Program

The income restriction for the Down Payment Assistance Program in St Lucie County varies by the number of people in a household.

Single Family (Governmental) Program Option

Family of 1-2: $84,500 (Non-Target Areas) – $101,400 (Target Area)
Family of 3 or more: $97,175 (Non-Target Areas) – $118,300 (Target Areas)

Applying for Down Payment Assistance

To apply for the Down Payment Assistance Program, home buyers in St. Lucie County should first obtain pre-approval from a participating lender. Please note, not all lenders are participating in DPA programs. Contact us directly to start your file and transfer it to our participation lender. While the lenders would verify the creditworthiness of home buyers, a minimum credit score of 640 is a requirement for most Down Payment and Closing Costs Programs. For homebuyers with less than the required credit score, our lender will guide them to improve the score at no cost to applicants. The pre-approval from lenders should cover home purchases with at least a $75,000 value located in the designated areas of the county.

The Amount of Down Payment Assistance

The amount of Down Payment Assistance varies based on many factors such as the amount of pre-approval by the lender, the income of the applicant, and the value of the home. For St Lucie County the maximum purchase amount is as follows:

New & Existing Homes: $358,308(Non-Target Areas) – $437,932 (Target Areas)

Timeline for Down Payment Assistance

The following steps indicate the approximate timeline for applying and obtaining Down Payment and Closing Costs Assistance:

Lender’s Pre-Approval- Normally the lenders will issue a pre-approval letter on the same day that the homebuyer meets with their mortgage bankers.
Pre-Screening for Down Payment Assistance Program- Pre-screening to determine the eligibility of the applicant for the Down Payment Assistance Program will take only a few minutes by answering the questionnaire in the Home Purchase Pre-Screening tab on the county’s website. After submitting the pre-screening questionnaire a county staff member will contact the homebuyer within 48 hours to instruct them on the next steps necessary to complete the program.
Application for Down Payment Assistance Program- After the county completes pre-screening and an application is submitted, it will take an average of 4 to 6 weeks to process the application.
Out-of-Pocket Expenses for Down Payment Assistance Program- While there are no fees for processing the application for Down Payment Assistance Program, the County requires a minimum contribution of $500 by the home buyers toward the purchase of the home.
Repayment of Down Payment Assistance– The good news is that the homeowners do not have to repay the Down Payment Assistance Loans during the affordability period as long as the dwelling remains as their primary residence. The payment of the deferred amount could be between 5 to 20 years, depending on the amount of Down Payment Assistance received by homeowners.
Searching for a Home with Down Payment Assistance– It is of utmost importance for home buyers to avoid signing any purchase contract prior to receiving the approval for Down Payment Assistance Program. The consequences could include lawsuits by sellers for non-performance and possible loss of their down payment for such contacts is possible if they default in purchasing the property due to denial of their Down Payment Assistance application by the county.
Home Buyer Education Workshop- Upon entering into a purchase agreement, the home buyers should immediately inform the lender and the county as well as attend a Home Buyer Education Workshop. These workshops could be completed online or in a classroom. The HUD conducts workshops, for more information, please visit HUD’s website’s section designated for Home Buyers Education Workshop.

For more information and to speak to a Realtor@ and a list of the participating lenders please contact us at:

Email: info@portstlucie.city.

Phone: (772) 323-6730

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Port St Lucie Real Estate Market Report

by Hamid Hakimi | Port St Lucie Real Estate, Sellers Market

Port St Lucie Real Estate Market Report

Port St Lucie Home Sales 1st Quarter 2015

Port St Lucie Home Sales 2016 The Port St Lucie home sales market report compiled by the Florida Association of Realtors shows a $30,000 increase in Median Sales Price in Q-1 of 2016 compared to the same period in 2015.

The Median sales price for homes sold in Port St Lucie in 2015 was $165,000 while in 2016 the median is registered at $195,000. Other noteworthy figures in this report were both the Median Time to Contract and Median Time to Sale. The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sale , on the other hand, portrays a bigger picture.

The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sale , on the other hand, portrays a bigger picture. The significance of this numbers remains in the anticipated effects of closing time after the enactment of the Consumer Protection Act, or as otherwise known Dodd-Frank Act, in October of 2015. The well-publicized changes had a noticeable effect on the mortgage industry, which created the discussion of prolonged closing periods.

The Q1 Median Time to Sell in 2016 proved otherwise by dropping to 95 days from 96 days in the same quarter the previous year or -1%. the first 47 days from the 95 days was allocated to marketing and only the last 48 days was contributed to the closing process. This is while the cash sales, which reduces the necessary time for closing was down -27% from the first quarter of 2015.

The $30,000, or +18.2% increase in Median Sale Price of homes sold in Port St Lucie in the first quarter of 2016 is another wake-up call for the buyers who are still waiting to purchase a home in port St Lucie since last year. This is while the buyers who did purchase a home have created an equity of $35,940 with Median Price of $195,000. This trend is here to stay for a while.

In conclusion, the upward trend is here to stay for a while and if remains in the same pace it would reward over $70,000 to the lucky home buyers in Port St Lucie who purchased during the first quarter of 2015 or over $35,000 to the buyers who purchased their homes in the first quarter of 2016. With interest still at historically low rates and great for sale home prices in Port St Lucie, this prediction seems to be on the target.

Please contact us for more information and a detailed reports on quarterly sales for single family home, townhomes and villas in St Lucie, Martin and Palm Beach counties.

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Short Sale Free of Cost for Sellers

by Hamid Hakimi | Foreclosure Properties

Short Sale Free of Cost for Sellers

Short Sale at No Cost to Homeowners

We are pleased to announce a recent joint venture, aimed at assisting the homeowners with upside down mortgages, between Coldwell Banker Thomas J. White Realty and The Law Office of Paul A. Krasker, the two trusted brands in real estate sales and purchase and real estate law. The collaboration offers a unique opportunity to homeowners to walk away from their debts through a short sale process without any future financial consequences and also creates the opportunity to receive up to $10,000, and in some instances even more, for their relocation expenses.

The process is streamlined to reduce the stress of homeowners who are in financial hardship due to some unfortunate circumstances. The Port St Lucie short sale opportunity replaces the dreaded foreclosure or bankruptcy treats. There are many advantages to the short selling of your home. The damage to credit is temporary in comparison to the other two options and FHA loans for purchase of a new home is possible 6 months after the short sale. Furthermore, the stigma of bankruptcy is proven to have adverse effects in future of the homeowners, while with the short sale they can get their financial stability back in a shorter period of time.

The process begins with listing the home as a Port St Lucie short sale transaction through one of the short sale specialists at Coldwell Banker Thomas J. White Realty. Upon finding a buyer by your real estate agent, the experts at The Law Office of Paul A. Krasker takes over the negotiations with the lender till all terms are agreed on by both buyer and the lender. The foreclosure procedure comes to halt through motions filled by the attorney at the law office during all the short sale process . This afford the homeowners an enjoyable stay in their residence without the stress associated with phone calls and letters from the lenders. The amount of the homeowner’s work in short selling their homes is limited to gathering and signing the necessary paperwork. The real estate agent and the law office employees will act as the authorized persons to work on behalf of the homeowner and negotiate with buyers and lenders.

The best part of short selling your home is the fact that there is no cost to sellers for both the work by Coldwell Banker Thomas J White Realtors or The Law Office of Paul A. Krasker’s employees. In other words, you will receive FREE SERVICES from two of most recognizable names in real estate industry and have the opportunity to get paid as well.

For more information and arranging an in-person meeting with our short sale specialist simply call or email us at:

Phone: (772) 323-6730

Email: info@portstlucie.city

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Foreclosure Properties in Port St Lucie Second Quarter

by Hamid Hakimi | Foreclosure Properties

Foreclosure Properties in Port St Lucie Second Quarter

Port St Lucie Foreclosure Homes

Buying Foreclosure Homes

There are many advantages in buying Port St Lucie foreclosure homes and condos. The idea of buying properties for less than the fair market value and having an immediate equity is the primary reason for most home buyers and investors in buying the Port St Lucie foreclosure homes. Although the built-in equity is a great incentive to any home buyer, but this scenario not necessarily comes through in all foreclosure-related transactions. In many occasions, we have witnessed the overbidding mistakes by over zealous investors and home buyers of Port St Lucie foreclosure homes. The overbidding occurs because of two different factors; either the buyers don’t have an idea of a correct fair market value or they underestimate the cost of repairs and remodeling.

To correct the above mistakes, the buyers of foreclosure properties must employ an experienced Realtor@ who is an expert in foreclosure, REO, bank owned properties. At times, they may have to seek advice from a licensed contractor to obtain a better estimate for repair costs. Experienced appraisers are also a great source for estimating the possible added value to the property after a rehab. A typical property appraiser is trained to estimate the value of upgraded items in remodeled homes. Using this knowledge would assist investors and home buyers of foreclosure homes to analyze if an upgrade will have a positive return when they try to sell the property.

The following reports are designed to offer a snapshot of the foreclosure homes in Port St Lucie during various months of the year. The listing trend for foreclosure properties in Port St Lucie in the second quarter seems to stay consistent with previous periods.

Foreclosure List for April 2016

For the 2nd week of April, there is a total of 43 foreclosure listings in the city of Port St Lucie, which includes single family homes, condos, townhomes, and villas. The price range is from $59,900 for an 866 SF, 2/2 condo to $390,660 for a 2,488 SF, 3 bedrooms, 3 baths single family home. Click below for a list of foreclosure homes for first half of April 2016.

Foreclosure Listings 4-14-16

Foreclosure Listings 4-26-16

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Home Sale Capital Gain Taxes

by Hamid Hakimi | Real Estate Tips

Home Sale Capital Gain Taxes

Capital Gain Taxes on Sale of Your Home

Capital Gaine Tax Deductions While most people may be aware of the of the $250,000 exclusions in capital gain taxes on the sale of homes, $500,000 if file joint returns, but there is more to this law than those two numbers. Knowing the qualifying factors and limitations of the law may become beneficial to homeowners planning to sell their homes.

Qualifying Homes for Exclusion of Capital Gain Taxes

The exclusion for capital gain tax applies only to the primary residence. If there are more than one home, the homeowner could designate only the residence that they truly live in as their primary residence. The IRS guidelines are strictly enforced when it comes to designating such properties. Some of the rules include the place where homeowner works, vote and spend most of their time during a calendar year.

Residency Duration

The homeowners have to live in their residence at least 2 of the last 5 years. The 24 months period is not concurrently, and could be broken into segments.

Homeownership Duration

Same as the Residency Duration, the homeowner must own the home for at least 24 months during the past 5 years.

Maximum Duration and Unforeseen Circumstances

The maximum duration of homeownership and residency do not apply to unforeseen circumstances such as death, divorce, change of job to over 50 miles and serious health issues.

Maximum Deductions Could Be Less Than $250,000 and $500,000

For homeowners who have lived in their primary residence for less than 24 months may qualify for capital gain tax exemption, but the amount of the maximum deductions may be less than $250,000 or $500,000. The total amount of the deduction is prorated only for homeowners who have to sell their homes under some unforeseen circumstances. For example, if a couple who file joint return taxes are forced to sell their property after 1 year of ownership due to unforeseen circumstances will qualify for half of the $500,000 capital gain exemption, or $250,000 instead of the $500,000

Married Couple Deductions and Ownership Rules

The $500,000 deduction for married couples also falls under the 24 months out of past 5 years ownership and residency restrictions. The residency rule applies to both spouses but the ownership does not. Only one spouse could own the home but both must meet the occupancy period threshold.

Lowering Capital Gain Taxes Through Deductions

Not all sales of properties qualify for the $250,000 or $500,000 exemptions on capital gain taxes, but this doesn’t mean there are no other deductions available to reduce the amount of capital gain taxes. Generally, most expenses occurred in selling a home are deductible from the total capital gain. To reach the net capital gain, the home sellers could deduct the closing costs, commissions, advertising expenses as well as the costs associated with improving or remodeling the home.

For Example, If a homeowner has a capital gain of $300,000, but has spent $30,000 in kitchen remodeling, $20,000 in new roof and $5,000 in new A/C and a total of $35,0000 in commission and closing costs, he has occurred $90,000 in total expenses, which could be deducted from his capital gain. In this case, the homeowner capital gain is $300,000 gain – $90,000 Expenses= $210,000.

For professional advice, it is always best to speak with your Accountant on these matters.

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New FHA Loans for Condos

by Hamid Hakimi | Mortgages

New FHA Loans for Condos

New FHA Guidelines

New FHA Loan Guidelines For Condos

National Association of Realtors @, NAR, is celebrating another victory after the new FHA loan guidelines for condos passes the house legislation. The H.R. 3700, Housing Opportunities Through Modernization Act, is intended to ease up on stringent rules on FHA approved loans for condos as well as the new guide lines for FHA re-certification process for condominiums. The reform was necessary to streamline the condominium financing by reducing the restrictions that were in place on mortgages for the purchase of condominiums. The changes to recertification of condominium complex, which required a costly process every 2 years, was one of the most significant hurdles in purchase and finance of condominiums.

FHA for Condos

The reform is designed to allow more first time and lower priced home buyers to enter the market, which in return will promote the access to more affordable housing offered by many condominiums to home buyers. The H.R. 3700 passed the house and expected to be approved by the senate and eventually by President Obama. Realtors@ and NAR initiatives in promoting homeownership was a major force in introducing such legislation to the congress. In October of 2015, the NAR president, Chris Polychron testified and offerd his support for H.R. 3700, Housing Opportunities Through Modernization Act, before the US House Financial Services Subcommittee on Housing and Insurance. The support and efforts of NAR for changes in FHA guidelines proved to be a success when the US Congress put their stamp of approval on the new reform legislation.

The new guidelines will also lower the 50% requirement previously set for owner-occupancy to 35%, which while replacing their transfer fees policy with less restrictive model offered by Federal Housing Finance Agency. The H.R. 370 will give the potential purchasers of condos access to more affordable and flexible financing tools as well as wider selection of condominium units to purchase through approval of more condo development by FHA.

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Down Payment Assistance for Home Buyers

by Hamid Hakimi | Buying Real Estate, Relocating to Port St Lucie

Down Payment Assistance for Home Buyers

Down Payment Assistace For the past few years there have been many down payment assistance programs available to home buyers through the federal government, state and, local governments housing departments, but somehow it seems that the public has been kept in the dark about the existence of such programs. Right next to credit issues, coming up with the down payment on top of the closing costs have always been one of the main hurdles for home buyers. In most instances the lack of savings has resulted in paying more each month for rent than what the same homeowners would pay for the mortgage if they purchased their own home. To make the matter worse, the lack of the sufficient rental homes in the Port St Lucie market has spiked the prices with renters paying 40% to 50% more on monthly rentals than the people who are purchasing the same type of properties.

Downpayment Assistance Programs

The downpayment assistance programs vary by the area the property is located at. While the local governments may offer different programs, the government agencies are another excellent source as well. When searching for down payment assistance through government the home buyers should not limit their research only to the HUD and FHA resources. There are many other agencies which offer great down payment assistance as well as loan services and guarantees which public is not familiar with. One of the best examples is USDA. The USDA offers different loan programs for low to moderate income families, which could vary from direct loan, loan guarantee, construction ad repair loans. The loan programs offer up to 100% financing, which in a sense it is a downpayment assistance program because there is no need for down payments. The loans are mainly designed to encourage homeowners to move to rural areas. Homeowners may think the move to rural area is not an option for them but in reality some of the areas considered as rural by USDA could fall within minutes of bigger metropolitan areas. For example, in St Lucie County the area of Lakewood Park north of Indrio Rd and all the way to the east of US-1, Federal Hwy are eligible for USDA home loans please refer to the map, the pink area is NOT eligible.

USDA Eligibility Map St Lucie County

To find the availability of USDA home loans in you area please refer to USDA Eligibility Map.

To find out about the downpayment assistance programs in your area will require a little time and research.

The most recent attempt in the facilitation of down payment assistance comes from Wells Fargo through the LIFT Program and their partnership with NeighborWorks America. According to Wells Fargo, they have allocated $300,000,000 to Lift Program in 40 communities across the US and so far they have been able to assist 11,000 homeowners with their down payments. Currently, only the four communities of Miami, Orlando, Tampa and Jacksonville have been part of the pilot program for downpayment assistance in Florida.

Click for or a list of the all 40 communities eligible for downpayment assistance in the US. Also, you can register and apply for the LIFT Down Payment Assitance Program

#NeighborWorks

#HomeLIFT

#NeighborhoodLIFT

# CityLIFT

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The HUD1 Was Renamed Closing Disclosure

by Hamid Hakimi | Buying Real Estate

The HUD1 Was Renamed Closing Disclosure

Changes in HUD1 and the New Closing Disclosure

As of October 3^rd, 2014 the changes in HUD1 took effect and the new Closing Disclosure, CD, replaced the old HUD1 forms for the closing of all residential real estate transactions. The changes in mortgage lending and HUD1 closing statement are part of the Dodd/Frank laws aimed at consumer protection against shady mortgage companies in the aftermath of the last decades mortgage debacle. The new regulations would help the prevention of fleecing home buyers with last minute changes to their loan terms, which became a norm in many loans originated during the last real estate boom.

Other changes reflect on a triggering mechanism of 3 days review window, which will delay the closing as a result of any of the 3 required actions. Although the 3 changes required to trigger the delay are very clear in the new law, but there are still some misunderstanding among the general public. The main factors for this have been the misinformation and in some instances the wrong commentaries, which has been floating around the internet. To clear the confusion the 3 triggering events are listed below:

Three Changes Triggering 3 Days Review Extension

Interest Rate Increase- Any increase of over 1/8 of a point in APR of fixed loans and ¼ of a point in APR for a flexible loan will trigger the 3-day review extension in the closing of a sale of a residential property. Please note that the decrease in APR would not trigger the extension of closing.
Prepayment Penalty- If the prepayment penalty is added to any loan prior to closing it will trigger the 3-day review extension. This is to prevent the additional costs of the refinance or sale of a property imposed on homeowners with loans which include prepayment penalty clause added to the mortgage terms
The Basic Loan Product Change- This rule is in place to prevent mortgage lender from changing the loan products and structure from a fixed mortgage to adjustable or interest only mortgage product. Such changes will automatically trigger the 3-day review extension in order to afford enough time for the home buyers to understand and attempt to negotiate the new terms of their mortgage.

There are absolutely no other trigger points to automatically delay the closing of a real estate transaction based on the Dodd/Frank Law. While many other events could delay a transaction but they are not related to this law. The following list demonstrates other reasons for a delay or even fall through of a closing, which is not related to Dodd/Frank Law:

Walk Through Issues- If any issues are raised during the final walkthrough of the property that did not exist in prior inspections of the property could delay or stop the closing completely. The delay may result in seller remedying the issue or compensating the buyer and at times void the transaction completely. Such delays could happen in any transaction but are stemmed from Daud/Frank Law.
Changes to Final Payment- Any changes to the final payments in Closing Statement, CD, will not trigger the 3-day delay in closing. Most often these changes are due to miscalculations or changes to the amount of the commission disbursement, prorated taxes or HOA fees and other similar charges.
Typo in Closing Statement- Any changes due to a typo in the name of the parties, address and similar sections of the Closing Statement, CD, will not trigger the 3 days review extension period.

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Buying New Homes in Port St Lucie

by Hamid Hakimi | Pre Construction

Buying New Homes in Port St Lucie

Pre-Construction or New Homes in Port St Lucie

55+ New Homes in Port St Lucie

With the demand for more inventory 0n the rise, builders are struggling to construct more homes to feed the market of buying pre-construction or new homes in Port St Lucie. While the resale market is seriously affected by the shortage of inventory, the construction of new homes in Port St Lucie and neighboring communities is rushing to match the demand. The lower prices along with a great lifestyle in Port St Lucie has been enticing many out of area buyers to look for homes in this area. In recent months, we have witnessed a major shift in port St Lucie home sales with such buyers who are willing to commute to their work in the surrounding Palm beach and Martin Counties in return for a more amenities and better homes in Port St Lucie. These home buyers would never be able to afford such properties in their old neighborhoods and are more than happy to take on the 45 minutes drive to their work.

With such a surge in the buyer’s pool, the question remains on whether to buy resale homes or take advantage of the perks that the new homes in the pre-construction stage offer to homebuyers. The third option for the new home buyers is to purchase move-in ready new homes from developers inventory. Although the savings in purchasing of these new homes might be less than the homes in pre- construction phase but there is no waiting period for the delivery of the completed homes.

Zero Energy Smart Homes

Considering the sharp increase in the rental prices, buying homes in most cases offers less monthly mortgage payments than renting. With the abundance of new home communities for out of area home buyers, they can find a home in Port St Lucie area to please any discriminating taste without breaking the bank. Buyers of new homes in Port St Lucie and especially in Tradition can choose from high-efficiency smart homes equipped with GE Zero Energy@, EcoGreen@ in Estates to age restricted 55+ new homes in Vitalia at Tradition.

For Active Adult, 55 and over, new home buyers the obvious choice is Vitalia at Tradition. This wonderful community has been a hit since the project was picked up by AV Homes, who changed the name from Seasons at Tradition to its current name Vitalia at Tradition. Levitt and Sons started the project in 2006 under its previous name, which later was purchased by Avatar Home, which changed the company’s name after 80 years to AV Homes. The new phase of construction under the name of Vitalia at Tradition started in 2012 with plans to build 1,200 homes as an age restricted 55++ community. The sales of the homes in Vitalia at Tradition proved to surpass the expectation and in 2014 Av Homes presented the city of Port St Lucie with plans to build 1,500 more homes in the community. The homes in Vitalia are comprised of 2 and 4 bedroom homes in sizes approximately 1,600 to 2,600 square feet.

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St Lucie County Home Buyers

by Hamid Hakimi | Housing Market

St Lucie County Home Buyers

St Lucie County Home Sales Report

Homes for Sale in Port St Lucie The new report for St Lucie County Home Sales Report for November 2015 is released and there are few changes when compared to the same period last year. The first important statistic belongs to the median price homes for sale in St Lucie County. With home prices on the rise, there is no major surprise in the median prices jumping from $139,900 to $155,000. Actually, this is lower than some of the previous months when the median prices were above $160,000. Although the 38.3% increase for November is very significant but the overall prices of homes for sale in the county and especially in Port St Lucie are still below the average prices in the neighboring Martin County, Indian River County, and Palm Beach County. The lower prices in great communities have prompted many home buyers of these Counties to join the home buyers in Port St Lucie to purchase homes before the prices go up even further.

The second number in the report is the Number of Days on the Market statistics. This number along with the active inventory are the main indicators of the type of market we are currently experiencing. The low numbers representing the Sellers Market while the high numbers is an indication of the Buyers Market. For a balanced market, we expect the Days on the Market to be between 60 to 90 days and an inventory of 6 months. The Number of Days on the Market for the November report is 29 days versus the 47 days in the previous year. The inventory of the available homes for sale in St Lucie County, on the other hand, has stayed the same for 3.7 months. Both of these numbers are well below the numbers in what is considered as a normal real estate market, a perfect portrait of a seller’s market. We can expect higher prices in upcoming months, based on these two statistics alone. The only break for slowing down this trend is an increased interest rate, which is destined to rise by the Federal Reserve. If the increased interest rate is not substantial we might witness the continuation of the seller market for rest of the year till either the interest rate or higher home prices become obstacles in obtaining mortgage loans for home buyers.