Boca Woods Homes for Sale: NEW APPRAISAL RULE FOR HIGH-PRICED MORTAGE LOANS

Friday, January 18, 2013

NEW APPRAISAL RULE FOR HIGH-PRICED MORTAGE LOANS

A new appraisal rule has been issued by The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency.

Effective January 18, 2014, the final rule was issued on new appraisal requirements for Higher-priced mortgage loans (HPML).

A licensed appraiser must provide a written appraisal based n a physical visit to the property, creditors must disclose the purpose of the appraisal and applicants will be given a free copy.

If seller bought the property within six months and the current price exceeds a threshold written into the new rule, the creditor must also pay for a second appraisal. This is intended to cut down on fraudulent property flipping by ensuring the property value has legitimately increased. The types of exempt loans include qualified mortgages, temporary bridge and construction loans, loans for new manufactured homes and loans for mobile homes, trailers and houseboats. Some rural areas and other transactions are exempt.

The complete rule can be downloaded from the Federal Reserve’s website.

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BOCA WOODS MARKET UPDATE

In the last 12 months 64 homes closed ranging from a 2 bedroom 2 bath banked owned property that sold for $47,000 (on the market 98 days) to 3 bedroom, 2 ½ bath 3298 living sq ft pool home that sold for $362,500 (on market for 51 days). Currently there are 20 homes on the market ranging from a 2 bedroom, 2 bath 2008 living sq ft Pinewood model (no pool) listed for $99,000 to a 5 bedroom, 6 bath 5361 living sq ft home with pool listed for $897,000. 5 homes are pending, 4 homes are contingent.

MARILYN KNOWS BOCA WOODS

Boca Woods offers great value with spacious homes, many with water views and screened pools. Membership (mandatory) is $55,000 one time, with a portion returned if you move, and there are annual dues around $13,000/year. Clubhouse has been renovated, has a full service dining room and breakfast café, pro shops for tennis and golf, tee time usually available for golf, and many social activities. Located in southwest Florida, Boca Woods is near shopping, medical facilties, turnpike, and all Boca schools are A-Rated. It is an active adult community.

MEMBERSHIP DUES AND FEES AND OTHER EXPENSES

The equity membership due at closing is a fully refundable $30,000 + $25,000 non-refundable initiation fee. Annual dues are $12,900+ tax. Boca Woods features 2 championship golf courses (often no wait for tee time), pro shop, driving range, Har-Tru tennis courts, newly redecorated clubhouse with 3 restaurants, special interest clubs (single, womens) and a fitness center. Valet parking. Dining room requires a spending minimum of $1500/year. A $106 service charge covers tipping. Special Assessment of $113/month for redoing both golf courses.

MARILYN HANDLES LISTINGS AND SALES

Email marilynfjacobs@gmail.com, let her know price range, # bedrooms, location (city, ocean/countryclub/active adult/ inland house condo or townhouse) and move in and move out dates. Tell your friends to call Marilyn. AT THESE LOW PRICES FOR CONDOS AND HOUSES, NOW IS THE TIME FOR YOU, YOUR FAMILY AND FRIENDS TO BUY A PIECE OF THE AMERICAN DREAM, 2ND HOME, VACATION HOME OR PERMANENT RESIDENCE. Call Marilyn at 561-302-3388 and she will find THE HOME OF YOUR DREAMS. Realtor MARILYN JACOBS is licensed with Realty Associates Florida Properties in Boca Raton, Florida.

SIX OF MARILYN'S LISTINGS... LOOK HOW FASSSST THEY SOLD!

Delray Beach Townhouse: under contract in 14 days. Polo Club house under contract same day listed. Polo Club townhouse and condo both under contract in 21 days. House listed with another agent for a year was under contract in 90 days when Marilyn listed it. Smith Farm house in Lake Worth CLOSED in 63 days with endless showings when the market was "DEAD". Both a house in Delray Beach and a townhouse in Boca Raton were sold over the internet by Marilyn. An out-of-town buyer saw 7 properties on the first day out and immediately purchased one. If you click the SOLD SIGN you will see TESTIMONIALS but first copy the URL below so you can return to this blog.

Known as "a kinder, gentler place," where neighbors care about each other

Boca Woods is a well-planned community, with 645 single family homes built between 1957 and 1991, all with golf course or lake views on over 600 acres. Homes have space between them - not zero lot lines. There are no condos or townhouses in the community. 65% of the residents live there year round.

Golf Membership is Mandatory ($50,000 total). Two golf courses are available with guaranteed tee time. Many scheduled activities provide an active social life. There is a clubhouse, pool and 5,000 sq. ft. fitness center with fitness instructor always on duty; personal training and massages available. There are a driving range, professional golf staff, private lessons and clinics. There are 8 Har-Tru tennis courts with two lighted for night play. There is a ball machine, private instructions and complimentary clinics.

Activities include a computer club, singles club and a women's club. There is a breakfast and lunch cafe and pro shop. Location is on the south side of Glades Road on west side of State Road 7 (US 441).