Important Dates For New Home Buyers, Military Families and Real Estate Investors

Congratulations if you bought a home in 2010! What a great time to get into the real estate market for the first time.

If you're a real estate investor or toying with the idea of becoming an investor, there are some real benefits to purchasing investment properties before the end of 2011.

Below you will find some helpful reminders, tips and resources for making sure that you don't miss out on deadlines for taking advantage of, and educating yourself on, a few benefits relating to home ownership and real estate investments.

1. Extension of the military home buyer tax credit. For members of the military who are qualified, last year's home buyer tax credit ($,8000 for first-time home buyers and up to $6,500 for repeat home buyers) was extended.  This military tax credit extension applies to qualified military personnel with a fully executed sales contract in place on or before April 30, 2011. You still have time to identify and execute a binding contract for your family, so don't miss out. Your home purchase must be closed by June 30 in order to claim this tax credit.  
2. Homestead extension. In Manatee County, a homeowner must provide proof of permanent Florida residency on or before Jan. 1 of 2011, and then either apply by mail or in person at the Manatee County Property Appraiser’s office before the deadline of March 1, 2011 (See the resource links at the end of this article for a printable homestead exemption brochure with further details on applying for this exemption).
3. Real estate property taxes. In Florida, property taxes are paid in arrears.  The tax year runs from Jan. 1-Dec. 31. Tax notices are mailed out on or around Nov. 1. You are responsible for making sure that your property taxes are paid either by you directly, in full or by installment payments, or through an escrow account held by your mortgage company. If your mortgage company is "escrowing" money for your real estate taxes, you will be sent an "informational notice" with the amount and details of your tax bill to keep for your records (See the resource links at the end of this article for printable information about property taxes, millage rates, and for an installment payment online application).
4. Extension of the FHA "anti-flipping" waiver.  To support the government's effort to stabilize home values and to improve the nation's economy, especially for areas that are experiencing high foreclosure rates, the Federal Housing Administration extended its waiver of the "Anti-Flipping Rule."  This waiver will remain active until Dec. 31. It allows for home buyers to use FHA financing to purchase homes, foreclosures, or HUD properties, and then to resell those properties without the prior "90-day ownership" restriction that used to apply to FHA insured mortgages. This waiver is particularly beneficial to real estate investors wishing to buy properties to rehab and resell as quickly as possible. Selling these investments quickly will reduce carrying costs and reduce the risks associated with vacant properties. Real estate investors will now (through Dec. 31)  also be able to tap into the large pool of FHA home buyers for re-selling that property.  All of the original "anti-flipping waiver" requirements and restrictions apply to the extension. Real estate investors, don't miss out on this historic opportunity and advantage. Contact your Realtor today for a list of smart investment properties.

Other resources:

ARMED FORCES PRINTABLE TAX GUIDE

PRINTABLE HOMESTEAD EXEMPTION BROCHURE

MAIL IN HOMESTEAD APPLICATION

ESTIMATING YOUR PROPERTY TAXES

2010 MANATEE COUNTY & CITY MILLAGE RATES

PROPERTY TAX INSTALLMENT PAYMENT APPLICATION

HAPPY ANNIVERSARY

It's my proud and happy pleasure to congratulate Keller Williams Realty on their 10-year anniversary of exceptional real estate service to Manatee and Sarasota counties. Having been one of the "original six" Keller Williams agents instrumental in bringing Keller Williams Realty to the area, I am very humbled and honored by the progress and growth that we have seen in this company over the past 10 years.  Today, we have four independently owned Keller Willliams offices operating in Bradenton and Sarasota.  Happy 10th anniversary, Keller Williams!