Monthly Archives: June 2012

Shop for Insurance Before you Buy your New Home

Image

State Farm requests insurance increase

TALLAHASSEE, Fla. – June 28, 2012 – State Farm has requested an average increase of 15 percent on its homeowners policies in Florida, its sixth rate hike request in less than three years.   According to an analysis of the request by the Sun Sentinel, the increase, if approved by the Florida Office of Insurance Regulation, would average 14 percent for single-family owners, 49 percent for renters and 27 percent for condo owners.   State Farm says the actual premium cost for a homeowner will vary, however, because it’s also bringing back a handful of discounts. The biggest one – a 10 percent cut in cost – would be granted owners who also use State Farm for their car insurance, for example. The company also says that a homeowner facing a 14 percent price hike could cut it down to 3 percent by opting for a higher deductible.   According to State Farm, it needs permission to raise prices because its “financial position has deteriorated significantly over the past several years.”   The Office of Insurance Regulation has final say over the increase, however. It has a meeting scheduled for July 25 to consider the request.

Citizens Insurance, one of the largest with holdings in Florida is also instituting major rate hikes and possiblly dropping many of their insured due to the high risk and costs of offering coverage in our Hurricane Prone state.

When you are considering purchasing a property the time to think about insurance is before you buy. Contact your insurance agent and discuss the type of property yuor looking for to get estimates on what the insurance will cost. You dont wany any surprises to keep you from moving into the home you desire.

Call me for some client recommended insurance agents. We only recommend agents that have been excellent in their knowledge, service, rates for our past clients. Reach Claudio and I at 954-770-6850

Advertisements

Tax Break for Short Sellers expires Soon!

Since 2007, homeowners whose banks have forgiven unpaid mortgage debt after a short sale, principal reduction or foreclosure have not had to count that money as income on their tax returns.   It’s meant savings of tens of thousands of dollars on the so-called “phantom income” depending on the amount of debt canceled and a person’s tax bracket.   But the Mortgage Forgiveness Debt Relief Act of 2007 will sunset Dec. 31 2012

Accountants and Realtors are urging homeowners considering a short sale to put their properties on the market now so they can sell before year’s end.   A short sale is where the lender agrees to sell a property for less than what the homeowner owes on the mortgage. Banks are getting better at processing short sales, finalizing a contract can still take months

For Example: Bob Homeowner listed his home for a short sale with a good Realtor  after researching the best exit strategy from his underwater mortgage. He quickly had a full price offer of $105,000 and is currently under contract.A successful sale will leave him with $118,000 in unpaid loan debt. If the bank forgives that balance, the money is taxable income. Considering Bob’s tax bracket, he would owe about $29,500 in taxes on that canceled debt. Under the debt relief act, he won’t owe anything.

People selling their homes through a short sale or who are in foreclosure may have the unpaid balance of their loan forgiven by the bank. If so, that debt would be considered taxable income. The Mortgage Forgiveness Debt Relief Act excludes that income from being taxed through Dec. 31, 2012.  If you are considering a short sale, you may want to put your home on the market now so a sale can close before the end of the year and qualify you to take advantage of the debt relief act before it expires.

What’s next?

A bill called the “Homeowners Tax Fairness Act” was filed in March that would extend the tax debt forgiveness program through 2015 if passed. It requires congressional approval.

If you want to find out more about Short Selling your house rather than facing foreclosure and the bankruptcy that often accompanies foreclosure contact us Claudio and Robyn Petasne at 954-260-5570.

As experienced Professional Realtors with Keller Williams Realty we have the knowledge and experience to help you through this financial struggle. Short Selling is a much better option than foreclosure for many reasons.

Please call to discuss how we can help you. You can also get more information at our Short Sale website www.AvoidForeclosureinWestBroward.com

Professional Realtors are your best resource for Avoiding Foreclosure!

Don’t Miss July 4th Fireworks Celebrations!

Another Birthday Celebration for our Amazing Country! The United States of America is 236 years old this July!

There are a lot of great, fun, family-events to consider in Broward County this year Here is a listing of several Great Family Fun Cities!

Parkland, Florida sponsors The Red, White and Blue Bicycle Parade held at Terramar Park, 6575 NW 76th Drive on Monday July 4, 2011 from 9:00am-11:00am.

Bring your bike decorated in patriotic colors and parade around the park while the judges’ award 1st, 2nd and 3rd place prizes. This event is open to residents of all ages who want to show their patriotic sprit.

Evolution Martial Arts will showcase a karate/martial arts demonstration. Broward Sheriff’s Office will also have a bike course set up to test the children on bike safety and the Coral Springs/Parkland Fire Truck will be displaying their famous green fire truck! This is a FREE event open to all Parkland residents.

The City of Coral Springs invites you to come for an evening of Fun and Fireworks at the Annual Independence Day celebration, which takes place from 6-9 p.m. at Mullins Park,Wednesday July 4th  located at 10150 NW 29th St. families will enjoy games, bounce houses, food and entertainment. The fireworks display will begin promptly at 9 p.m. The event is free, but there will be fees for food, bounce houses and games. Parking will be available for $3 fee at the Coral Springs Gymnasium for early arrivers, and also at the main Mullins Park/Center for the Arts parking lot. No pets or alcoholic beverages are allowed in the park. Personal fireworks will be confiscated by Coral Springs Police. For more information, please call 954-345-2200.

Another great option is Fireworks at The Beach on Pompano Beach. The Fireworks Extravaganza will begin promptly at 9 p.m. on the city’s main public beach, north and south of the fishing pier by Atlantic Boulevard. Blankets and lawn chairs are welcome.

Thinking of heading to Fort Lauderdale? The city’s centennial events commemorate the Wade-In 50th anniversary. This historic event led to the integration of Fort Lauderdale Beach. Celebration begins 9 a.m. at Eula Johnson house, 1100 NW Sixth St., followed by a state historic marker unveiling at 11 a.m. at A1A and Las Olas Boulevard. Call 954-828-4755 to reserve a seat on the free Sun Trolley.

The “Fourth of July Spectacular” on the beach will have a DJ, beach games and the American Legion Patriotic Orchestra performing. Brass Evolution will also take the stage. Festivities start at 12:30 p.m. The half-hour fireworks presentation blasts off 9 p.m. at A1A and Las Olas Boulevard.

In Hallandale Beach, the kids will have a blast with a bounce house, arts and crafts, pony rides, music and balloon animals from 4-8 p.m. at The Village at Gulfstream Park. Their Fireworks show is at 9 p.m. over Gulfstream Park Racing and Casino, 501 S. Federal Highway.

The Independence Day weekend on Hollywood Beach will feature nightly musical performances at the theater (Johnson Street and Broadwalk) from 7:30-9 p.m. Caribbean Music Farm is scheduled to play tonight, upbeat jazz by Phil Fest & Friends on Saturday and classic rock ‘n’ by White Noise on Sunday. Then on July 4th, country music group Rodeo Clowns will be followed by Galo’s tribute to Santana (6-10 p.m.). Twenty minutes of fireworks will light up the sky over the Atlantic Ocean at 9 p.m. Park at a downtown parking garage and ride the free express bus to Hollywood Beach. Normal downtown parking rates apply.