What is a Short Sale?
Video Summary
A short sale occurs when the buyer of a property gets behind on payments and, rather than enter the foreclosure process, he attempts to sell the property for less than the amount owed. “Short” refers to the difference between the sale price and the amount owed on the mortgage(s). Many properties are being sold as short sales now because of the recent dip in home values. MLS listings usually indicate when a property is a short sale. The lender must agree to the sale price of the property and agree to negotiate with the original buyer as to whether the debt will be given or there will still be a debt. The process can take a very long time to negotiate a sale price and terms that the lender, the borrower, and the new buyer can agree on.
- Published in Real Estate - Foreclosure, Videos
What is a Quitclaim Deed?
Video Summary
A Quitclaim Deed is a form of conveyance whereby the person is transferring whatever interest they have in a property with no warranties. They do not state or warrant that they have any interest in the property. To give an example, I could sign a quitclaim deed for your house, although I have no ownership in it, and give it to a third party. I’m not stating that I have any ownership interest in your house, therefore I would be conveying no title in the property and would have no liability to transfer the deed to someone else, other than clouding the title, which could become a problem for you.
On the other hand, if I gave you a quitclaim deed to property that I own, I would be conveying marketable title or clear title to the property, or whatever interest I may have, whether it be subject to a mortgage or not.
So a Quitclaim Deed is simply a form of conveyance or a deed that says I convey whatever interest I may have in the property to you, whether it be no interest or a good title to the property. If you’re interested in us handling your real estate transactions or preparing deeds for you, give us a call at (727) 847-2288.
- Published in Real Estate, Videos
What Assets Are Protected from Creditors When I Pass Away?
Video Summary
Hi. I’m Chip Waller. Many people are concerned about what assets are protected from the creditors when they pass away. The primary asset that the creditors cannot reach is your home. Many times your home is your most valuable asset. Given this present economic recession and real estate bust, the value of your home has gone down substantially, and if there’s a mortgage on it, there may not be any equity, but that is an asset that is protected, and the creditors cannot reach the home if you leave it to your children or your grandchildren or relatives.
If you leave your house to your relatives, it doesn’t matter how much credit card debt or judgments or any other debt that you may have; they will not attach to the home, and it will be passed to your heirs. If you leave it to a non-heir, then it can be reached by your creditors, and it’s called your homestead, and it’s protected under the Florida constitution.
If you’re interested in seeing about having your estate plan prepared either through a trust or a will, we can further discuss what assets are protected from creditors. Please give me a call at (727) 847-2288. Thank you.
Can I Transfer My Homestead Exemption?
Video Summary
Can a homestead exemption be transferred to another piece of property? The simple answer is no, you cannot. However, when you purchase a different property you can apply for a homestead exemption on that property. If you sell your property after January 1 of a year in which you have homesteaded your property, the purchaser of the property will benefit from your homestead exemption for that calendar year.
You can, however, transfer your “Save Our Homes” assessed value to another home in the state of Florida. This process can be complicated but we would be happy to help. Please call us at (727) 847-2288.
- Published in Real Estate, Videos