Selling It Sunny Side UP!

Big Change to Credit Scores Could Impact Homebuyers

Some buyers who qualified for a mortgage won’t by summer – but others who didn’t qualify might be better off after a calculation change affects about 110 million consumers. In general, older credit-score issues, such as late payments, will have less impact than recent ones.

NEW YORK – About 40 million consumers who have fallen behind on their bills or have rising debt levels could see their credit scores fall significantly under changes being made to FICO.

Fair Isaac, which produces the widely used credit score, said the severity of the downward shift for those with the lowest credit scores, 600 or below, would depend on how recently the consumer had fallen behind and by how much.

About 40 million consumers who already have high credit scores, at least 680, could see it rise even further. “Consumers that have been managing their credit well … paying bills on time, keeping their balances in check are likely going to see a gain in score,” Dave Shellenberger, vice president of product management scores, said in a statement.

Overall about 110 million people will see their scores swing about 20 points in either direction, according to Fair Isaac. Companies could adopt the new scoring model as soon as this summer, the company said.

The changes come as consumers are accumulating record levels of debt that has worried some economists but has shown no sign of slowing amid a strong economy. Consumers are putting more on their credit cards and taking out more personal loans. Personal loan balances over $30,000 have jumped 15% in the past five years, Experian recently found.

Despite increasing debt loads, delinquency rates have remained relatively low. About 6% of consumers were late on a payment in 2019 compared with 15% in 2009, according to WalletHub.

The changes being implemented by Fair Isaac were first reported by The Wall Street Journal.

Fair Isaac periodically updates its scoring model. In recent years, the changes have generally raised consumers’ scores, increasing the population of people receiving credit card offers and loans.

FICO credit score ranges from a low of 300 to a high of 850. A high score – along with other financial factors – can translate into lower interest rates and more lending options for borrowers. A low score can make it difficult to get a credit card or rent an apartment.

Last year, Fair Isaac said the national average credit score had hit an all-time high of 706 compared with an all-time low of 686 during the Great Recession.

This new model will help reduce defaults, including a potential 9% reduction among new auto loans, Fair Isaac said. New scores, for example, could factor in consumers’ checking and savings account balances over two years rather than just a couple of months. That will give lenders more insight into how people are managing their credit, Fair Isaac said.

“Many lenders want to leverage the most comprehensive data possible to make precise lending decisions,” Jim Wehmann, executive vice president for Scores at FICO, said in a statement.

© Copyright 2020, Erie Times-News, Renae Merle. All rights reserved.

Posted by Joe Minotto on January 28th, 2020 4:02 PM

2020 Brings Remote Notaries, Lower Taxes, Texting Bans

It’s now easier and more convenient to close deals between distant buyers and sellers thanks to new remote notary laws, and the business rent tax cut will save businesses an estimated $65 million in 2020. However, it’s now illegal statewide to text while driving.

TALLAHASSEE, Fla. – A handful of laws went into effect on Jan. 1, 2020, that will positively impact the real estate industry – and one law that affects Realtors who try to accomplish texting business while driving.

Online remote notaries

State law caught up with technology on Jan. 1, 2020, with the approval of online remote notaries. Many states already allow the use of online remote notaries in real estate transactions, and the change will make it notably easier, faster and more convenient to close real estate transactions when the buyer and seller can’t be in the same room. The new law stems from HB 409, which the Florida Legislature passed last year.

Business rent tax

Florida Realtors has advocated for cuts to the state’s business rent tax for many years, and another cut became effective on Jan. 1 – 0.2% this time. Businesses throughout Florida will save more than $65 million each year. The new state tax rate on commercial leases is now 5.5%, down from 5.7% in 2018 and 6% in 2017.

Other parts of the business-rent-tax bill passed in 2019, HB 7123, have already taken effect, including the August 2019 sales tax holiday on hurricane preparedness supplies. Florida economists projected shoppers saved about $41.7 million during the sales-tax holiday.

Texting while driving

It’s been illegal to text while driving in Florida since July 1 – but on Jan. 1, 2020, officers will stop writing warnings and start writing tickets. A first offense is $30; a second is $60 ($158.18 with court costs) if it happens within five years.

While texting was a secondary offense in the past, officers can now stop a driver who is otherwise obeying traffic laws if they’re seen texting.

In addition, motorists can’t use phones for texting or any reason, including hand-held talking, when driving in school and work zones. While hands-free talking is allowed in cars equipped with the skill, officers can stop drivers if they see a phone in a motorists’ hand.

© 2020 Florida Realtors®

Posted by Joe Minotto on January 5th, 2020 3:34 PM

HOAs, local governments and even counties may have laws that oversee driveway parking – rules intended to maintain the residential character of a community.

FORT LAUDERDALE, Fla. – Question: We recently received a fine for parking my spouse’s work truck on our driveway overnight. The pickup is in great shape and is not an eyesore. It is our house; why can’t we park on our own driveway? – Jennifer

Answer: As a homeowner, you have to follow many levels of rules in how you maintain and use your property. The rules range from the federal government down to your community association, with every level in between seemingly having their say.

The purpose of these rules so to maintain the residential character of your community. Different areas have been designated, or zoned, for specific uses. This way, industrial parks are not mixed in with houses.

Work vehicles are often a cause of concern. Many people who work with their trucks need to park them at home, while their neighbors do not want large, dirty or damaged vehicles ruining the residential feel of their community. These restrictions do not apply to commercial vehicles used by tradespeople while they are performing their job, only to parking overnight.

In most areas, you are allowed to keep one work vehicle at your house as long as it is out of sight, such as in a garage or around the side of your house.

However, many community associations have even more stringent rules, often banning all commercial vehicles from the community outside of set hours.

While it can be frustrating, these rules are unlikely to change because the vast majority of people who do not own a commercial vehicle do not want them in their neighborhood.

Your best bet is to keep your pickup truck in a garage. If this is not possible, you can find vehicle storage and commercial parking lots near most communities with a quick internet search.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.

© 2019 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.

Posted by Joe Minotto on December 3rd, 2019 4:51 PM

The Village at Wilton Manors is a limited opportunity to purchase a new construction townhome in an intimate community just blocks from all the excitement of Wilton Drive. For more information contact us for the complete brochure on this exclusive New Urban Community.

Posted by Joe Minotto on November 5th, 2019 11:01 AM

The new tax code can be confusing but check for tax deductions or exemptions – like legal fees, escrow fees or other costs directly tied to the sale of your home.

1. Selling costs

Good news! These deductions are still allowed under the new tax law as long as they are directly tied to the sale of the home and a married couple – or a single taxpayer – lived in the home for at least two out of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property.

“You can deduct any costs associated with selling the home-including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Center, N.Y.

This could also include home staging fees, according to Thomas J. Williams, a tax accountant who operates Your Small Biz Accountant in Kissimmee, Fla.

Just remember that you can't deduct these costs in the same way as, say, mortgage interest. Instead, you subtract them from the sales price of your home, which in turn positively affects your capital gains tax.

2. Home improvements and repairs

Score again. The new tax law left this deduction as well. If you renovated a few rooms to make your home more marketable (and so you can fetch a higher sales price), now you can deduct those upgrade costs as well. This includes painting the house or repairing the roof or water heater.

But there’s a catch, and it all boils down to timing.

“If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,” says Zimmelman.

3. Property taxes

This deduction is still allowed, but your total deductions are capped at $10,000, Zimmelman says.

If you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes this year up to $10,000.

4. Mortgage interest

As with property taxes, you can deduct the interest on your mortgage for the portion of the year you owned your home. However, the rules have changed slightly from last year.

Just remember that under the new tax code, new homeowners (and home sellers) can deduct the interest on up to only $750,000 of mortgage debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original amount up to $1 million, according to Zimmelman.

Note that the mortgage interest and property taxes are itemized deductions. This means that for it to work in your favor, all of your itemized deductions need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly doubled to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly (for comparison, it used to be $12,700 for married couples filing jointly).

5. But what’s up with capital gains tax for sellers?

Lawmakers tried to change the capital gains rule, but it managed to survive – so it’s still one home sellers can use. It isn’t technically a deduction (it’s an exclusion), but you’re still going to like it.

As a reminder, capital gains are your profits from selling your home – whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here’s the good news:

You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years.

However, look for the rules of this exemption to possibly change in a future tax bill.

Ralph DiBugnara, president of Home Qualified and vice president at Residential Home Funding, says lawmakers might push to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five.

Copyright © 2019, The Lawton Constitution.

Posted by Joe Minotto on October 2nd, 2019 1:32 PM

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¤570,000.00
1929 NW 3rd Ave

Wilton Manors, FL 33311



Beds: 3 Rooms: 3
Full Baths: 2 Sq. Ft.: 0
Garage: 0 Built: 1956
 


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Atlantic Properties International
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Posted by Joe Minotto on September 24th, 2019 8:12 PM

Florida Senators introduced a bill that would allow Candian snowbirds to stay in the US for up to eight months - an increase from the current six months.

The legislation would allow some Canadian citizensage 50 who own or rent a U. S. residence to remain in the country up to 240 days each year. The bill will prohibit qualifing visitors from working for American employers or seeking public assistance.

Under current law Canadians may remain in the US for up to 6 months.   According to VISIT Florida, approximately 3.5 million Canadians visited Florida in 2018 alone. 

Watch this space if and when Bill S 2507 passes Congress.

Posted by Joe Minotto on September 23rd, 2019 7:20 PM
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Posted by Joe Minotto on March 23rd, 2018 7:19 PM

Sell your house before you buy

One of the easiest ways to slow down a purchase is to add in a contingency sale. And let’s be honest: In fast-moving markets, buyers often don’t want to deal with a contingency offer. But if you unload your home before you begin your search in earnest, you suddenly set yourself up for success. You’ll have a good amount of equity in the bank and flexibility with your closing date, both of which put you ahead of other buyers. You only have to be willing to put your things in storage for a few months and rent month to month. Bonus: You’re mostly packed before you’ve even moved!


Posted by Joe Minotto on April 29th, 2016 10:53 AM

Get preapproved for a home loan

We’ve said it before: It takes a lot of paperwork to buy a home. And almost all of it pertains to the mortgage approval process. You need W-2s, 1099s, bank statements, debt info, gift letters, and so much more. So gather ye olde paperwork while ye may, then work with your mortgage broker to get preapproved before you start shopping for a house. That way, you can walk into an open house with a preapproval letter showing you’re a serious buyer who’s bank-approved and can afford the home price. And remember: Prequalified isn’t the same thing as preapproved.

GET PRE- QUALIFIED NOW FOR A MORTGAGE CLICK LINK :  Apply Now
Posted by Joe Minotto on April 29th, 2016 10:49 AM
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$169,000.00
917 NE 23rd Dr # 4
Unit/Suite #4
Wilton Manors, FL 33305



Beds: 2 Rooms: 0
Full Baths: 1 Sq. Ft.: 706
Garage: 0 Built: 1967
 

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9548811753
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Posted by Joe Minotto on March 27th, 2015 3:03 PM
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$795,000.00
1151 N Atlantic Blvd. # 10D
Unit/Suite #10D
Fort Lauderdale, FL 33304



Beds: 2 Rooms: 0
Full Baths: 2 Sq. Ft.: 1700
Garage: 0 Built: 1966
 

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Marshall Minotto Network/Atlantic Properties International Inc.
9548811753
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Posted by Joe Minotto on May 28th, 2014 8:43 AM
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$129,900.00
2387 SW 13TH WAY

Boynton Beach, FL 33426



Beds: 2 Rooms: 0
Full Baths: 1 Sq. Ft.: 1368
Garage: 0 Built: 1973
 

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9548811753
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Posted by Joe Minotto on May 17th, 2014 10:13 PM
We at Marshall Minotto Network have gone GREEN!

We are paperless!
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Posted by Joe Minotto on April 24th, 2014 2:46 PM
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$395,000.00
232 NW 23RD ST

Wilton Manors, FL 33311



Beds: 0 Rooms: 0
Full Baths: 0 Sq. Ft.: 1923
Garage: 0 Built: 1954
 

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9548811753
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Posted by Joe Minotto on April 24th, 2014 6:10 AM
We’re excited to announce the launch of our new and improved search tool and website! Our new system enhancements feature substantially faster load times for the search map and listings, plus overall improved functionality and usability.  

You may now search the Greater Fort Lauderdale MLS system with real time and real listings with just a couple of clicks.  
We have made local searches with easy to read maps for your convenience. Along with our new search buttons, We have updated our helpful content to guide you though every step of the Real Estate process. From new Seller's pages to improved Buyer's pages with helpful videos.   Please stop buy our website at www.MarshallMinotto.com and have a look around the new site!   
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Posted by Joe Minotto on April 23rd, 2014 8:27 AM
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$399,000.00
2801 NW 7TH AVE

Wilton Manors, FL 33311



Beds: 3 Rooms: 0
Full Baths: 2 Sq. Ft.: 0
Garage: 0 Built: 1957
 

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9548811753
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Posted by Joe Minotto on April 5th, 2014 6:20 AM
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$349,000.00
1499 NE 39TH ST

Oakland Park, FL 33334



Beds: 2 Rooms: 0
Full Baths: 2 Sq. Ft.: 1451
Garage: 0 Built: 1960
 

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Posted by Joe Minotto on December 3rd, 2013 10:14 AM
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$539,000.00
208 NE 28TH CT

Wilton Manors, FL 33334



Beds: 4 Rooms: 11
Full Baths: 3 Sq. Ft.: 2335
Garage: 0 Built: 1953
 

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9548811753
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Posted by Joe Minotto on November 6th, 2013 7:21 AM
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$99,000.00
1950 N ANDREWS AVE # 206-D

Wilton Manors, FL 33311



Beds: 1 Rooms: 0
Full Baths: 1 Sq. Ft.: 750
Garage: 0 Built: 1970
 

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9548811753
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Posted by Joe Minotto on November 2nd, 2013 12:22 PM
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$387,000.00
232 NW 23RD ST

Wilton Manors, FL 33311



Beds: 0 Rooms: 0
Full Baths: 0 Sq. Ft.: 1668
Garage: 0 Built: 1957
 

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Marshall Minotto Network/Atlantic Properties International Inc.
9548811753
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Posted by Joe Minotto on October 2nd, 2013 8:45 AM
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$1,350.00
1311 NE 18TH ST # 101

Fort Lauderdale, FL 33305



Beds: 1 Rooms: 0
Full Baths: 1 Sq. Ft.: 545
Garage: 0 Built: 1972
 

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Posted by Joe Minotto on September 27th, 2013 3:03 PM
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$159,900.00
432 NW 46TH ST

Oakland Park, FL 33309



Beds: 2 Rooms: 0
Full Baths: 1 Sq. Ft.: 1187
Garage: 0 Built: 1956
 

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Marshall Minotto Network/Atlantic Properties International Inc.
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Posted by Joe Minotto on September 19th, 2013 6:31 AM
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$349,000.00
4825 NE 18TH TER

Fort Lauderdale, FL 33308



Beds: 2 Rooms: 0
Full Baths: 2 Sq. Ft.: 1604
Garage: 0 Built: 1956
 

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Marshall Minotto Network/Atlantic Properties International Inc.
9548811753
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Posted by Joe Minotto on September 5th, 2013 8:00 AM
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$359,000.00
308 NW 21ST ST

Wilton Manors, FL 33311



Beds: 2 Rooms: 0
Full Baths: 2 Sq. Ft.: 1272
Garage: 0 Built: 1956
 

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9548811753
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Posted by Joe Minotto on September 1st, 2013 5:23 AM
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$369,000.00
61 NE 26TH CT

Wilton Manors, FL 33334



Beds: 3 Rooms: 0
Full Baths: 2 Sq. Ft.: 1625
Garage: 0 Built: 1954
 

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Marshall Minotto Network/Atlantic Properties International Inc.
9548811753
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Posted by Joe Minotto on August 31st, 2013 7:27 PM

Posted in:General
Posted by Joe Minotto on August 29th, 2013 11:17 AM
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$109,000.00
3040 NE 16th Ave

Oakland Park, FL 33334



Beds: 1 Rooms: 0
Full Baths: 1 Sq. Ft.: 600
Garage: 0 Built: 0
 

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Marshall Minotto Network/Atlantic Properties International Inc.
9548811753
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Posted by Joe Minotto on August 24th, 2013 9:56 AM

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