Attention Investors:

Bank Owned Townhouse 3 bedroom/2bath NW side of town off of Mission Road

MLS: 180310

List Price 99,900

See below for comparables

CMA Summary ReportResidential - Sold
ADDRESS MLS # Status Area Sale/Rent SQF DOM LP $/SQF SP $/SQF
4000 CHINOOK ST 174202 Sold NW-02 For Sale 1217 93 $140,000 $115.04 $138,500 $113.80
4021 CHINOOK ST 164846 Sold NW-02 For Sale 1201 21 $140,000 $116.57 $140,000 $116.57
Total Listings Avg Avg Avg Avg Avg
2 $140,000 $115 $139,250 $115

Residential Summary Statistics

High Low Average Median
LP: $140,000 $140,000 $140,000 $140,000
SP: $140,000 $138,500 $139,250 $139,250

Subject property needs repair & rehab

The surprise reduction in the federal funds rate from 4.25 down to 3.5 percent marked the biggest funds rate cut on records going back to 1990.

For a complete article click the following link:


http://hosted.ap.org/dynamic/stories/F/FED_INTEREST_RATES?SITE=PASCR&SECTION=HOME&TEMPLATE=DEFAULT

According to the Associated Press Bank of America has agreed to purchase Countrywide. It is no secret that Countrywide has faced challanges in mortgage defaults and foreclosures, especially in subprime loans – those made to borrowers with weak credit.

According to the article, the agreement has been approved by both companies’ boards and is subject to regulatory and Countrywide’s shareholders approval.


To read the full article click the link below.


http://www.floridarealtors.org/NewsAndEvents/n1-011108.cfm

Have a great weekend!

Sheryl

According to a recent news article, now is a great time for first time home buyers to get financing. Due to market changes and the elimination of a number of lenders, the lenders who are still standing are very competitive, and service levels have gone up, too.

Some Key lending ratios for first-time borrowers:

• Total debt - including student loans ¬ shouldn’t exceed 50 percent of gross monthly income. That includes property taxes and insurance.

• Total housing payments ¬ including property taxes and insurance - shouldn’t exceed 34 percent of gross monthly income.

For complete article visit http://www.floridarealtors.org/NewsAndEvents/n5-110807.cfm

The Florida Legislature passed a property tax reform bill late last night just in time for the deadline to appear on January's ballot. For more information on what was included in this legislation visit the following link:

http://www.floridarealtors.org/NewsAndEvents/n1-103007.cfm

Lawmakers are hoping to come to an agreement on a property tax bill. According to the Tallahassee Democrat, Legislators have been sent home until Thursday with the hopes of returning to meet the October 29 deadline for getting it on the ballot. Below are a couple of articles related to the debate.

http://www.tallahassee.com/apps/pbcs.dll/article?AID=/20071023/CAPITOLNEWS/71023004

http://www.floridarealtors.org/NewsAndEvents/n2-102207.cfm

Sheryl@driggersproperties.com

Should I buy a place of my own or just rent? This is a question many people have posed to themselves over time. Buying your own place sounds intimidating to some people. But from a tax perspective, buying a house makes a lot of sense.

The cost to rent a place to live is not tax deductible. The following costs of owning a place to live may be deductible: mortgage interest, real estate taxes and mortgage insurance premiums (new for 2007). And these expenses can be considered for two residences, your main residence and a vacation home. I say may be deductible because these expenses are considered itemized deductions. When preparing your federal income tax return, you will compare all of your itemized deductions to the standard deduction and take the higher of the two amounts. Most of my tax clients itemize only when they own their own house.

One of the other benefits of owning a house comes when you sell the house. If you the house has been your primary residence for two (2) out of the last five (5) years, you can exclude up to $250,000 of gain on the sale from taxes ($500,000 for married filing jointly taxpayers). For example, if you bought your primary residence for $250,000 in 2005 you could sell that house after 2007 for up to $500,000 ($750,000 for married taxpayers) and pay no capital gain taxes on that transaction.

If you have any questions regarding the tax implications of owning your own house, please contact Rodney Reams, CPA. He is the managing member of Reams and Reams, CPAs, in Tallahassee, Florida at (850) 325-6476.