Guidelines for Anticipated FHA Repairs

Guidelines for Anticipated FHA Repairs Repair/Inspection Requirements FHA permits only “as-is” appraisals on existing properties. FHA appraisers will limit their repair requirements to only those items that pose a threat to the security/safety of an occupant and/or jeopardize the soundness and/or structural integrity of the property. Examples that may represent a risk include, but are
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Go green to save green!

Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes, Save Energy; Check Tax Credit Certification Before You Buy, IRS Advises Washington- People can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their
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If the Bush Tax Cuts expire in 2010

The Bush tax cuts and credits are set to expire at the end of 2010. If they do expire, a lot of folks will experience a significant adjustment to their tax situation.  The “Bush tax cuts” refers to legislation enacted in 2001 and 2003. The cuts lowered tax rates on income, dividends, and capital gains; eliminated the
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Shakers and Stirrers, Wednesday November 17th!

Networking For Professionals presents PHILADELPHIA SHAKERS AND STIRRERS BUSINESS NETWORKING MIXER Wednesday 17 November 2010 Hosted by Kevin Toll Where?  Tavern 17, 220 South 17th Street, Philadelphia, PA 19103 When? 6:00pm – 8:00pm, Wednesday 17th November 2010 Cost: In Advance Online: Members: $10, Non-Members $15, At the door: $20 everyone, cash only. Event Description: *
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New Rules Require Rental Property Owners to Issue 1099s

The recently enacted Small Business Jobs Act contained one provision that may have escaped the notice of taxpayers who own rental property, but will affect them starting in January. Under the provision, owners of property who receive rental income will be required to issue Forms 1099 to service providers for payments of $600 or more
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Important FHA information for Condos

FHA announced several changes in the Condo Project Approval process.  One important change was the elimination of “spot approvals” and that the entire project would have to be approved in order for a unit in that project to receive FHA financing.  Another major change that initially many didn’t realize the importance that each project would
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Timelines for inspection contingency: What are the deadlines?

Though the revised Standard Agreement (“ASR”) has been available for the better part of a year, there is still great confusion regarding the timeline established in the Inspection Contingency.  There are those who insist that when a buyer submits a corrective proposal, the timeline is stretched to 17 days, with no exceptions.  This is not
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Mortgage Updates

Important numbers have been released from the Federal Reserve-first, the lending rate between banks will be held at 0 percent to 0.25 percent.  Second, the Federal Reserve announced they would going to put even more money into our sluggish economy. The Federal Reserve will purchase an additional $600 billion in long-term Treasury bonds over the
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Are you an informed Philadelphia County homebuyer?

If you are a homebuyer or seller in the Philadelphia County, educate yourself about the market and important statistics for both homebuyers and sellers. Units sold in September 2010 were down 30% from 2009.  In September 2010, 722 units were sold, as opposed to the 2009 12-month average of 1,009. Active inventory is decreased by 1%
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