Source: FEMA Releases Rate Overview for Flood Insurance Risk 2.0
FEMA Releases Rate Overview for Flood Insurance Risk 2.0
FEMA did not release a tool to answer the question on most Fla. homeowners’ minds:
2016 Graden
If you are looking for a spacious 5 bedroom single family home in a gated Palm Beach Gardens neighborhood 2016 Graden is the property for you. The two story home is light, bright and welcoming. The home has 4 bedrooms on the second story and 1 guest suite/office/gym with private entrance of the entrance courtyard. Sit on the balcony off the master suite and enjoy the birds and turtles in the lake behind your home. Evergrene has two 24/7 manned gates, a resort-style clubhouse with pool, tennis courts, splash pad, gym, library and much more. Close to the beach, mall, restaurants, golf courses and Palm Beach International Airport.
![](https://randrflorida.com/wp-content/uploads/2021/03/48__mlp6887_8_9-1030x688.jpg)
Remove the appraisal contingency from the FAR BAR As Is Contract
As of November 1 2021 the new version (6) of the FAR BAR As-Is is in effect and the financing paragraph changed ALLOT. We are now back to the way it once was which is to say that, for the financing section, the appraisal MUST be completed within the Loan Approval Period.
OK, so here’s a question I never thought I would be asked. Can I have Contract subject to Loan Approval (so NOT cash) and remove the appraisal language?
Short answer is YES, but it’s VERY risky. Both parties can agree to strike that language from the financing paragraph and that would remove the ‘out’ for the Buyer should the Property fail to appraise. So, the Buyer is approved BUT the house is NOT because it did not appraise. THIS IS VERY RISKY AND ALMOST SURE TO CAUSE A FIGHT OVER RELEASE OF ANY ESCROW FUNDS. This is the new version of the appraisal language…
![](https://randrflorida.com/wp-content/uploads/2021/11/image-1.png)
Or, one could use language similar to something like this ASSUMING that the loan product allows for the Buyer to ‘make up the difference’ on the Loan:Value.
“Should any appraisal of the Property (ordered either by the lender for the Buyer, by the Buyer themselves or any others) indicate that the value of the Property is less than the Purchase Price then the Buyer will proceed as if the appraised value of the Property is equal to or in excess of the Purchase Price.” And, again of course, the Lender must be OK with this. Be aware that this is NOT standard language and should be drafted by a lawyer to protect both parties.
So, if the Property fails to appraise BEFORE Loan Approval is given and the application fails to meet underwriting guidelines because of this, AND ONLY THIS, then the application could be denied by the Lender (they can do whatever they want) BUT the Buyer (IMO) could NOT withdraw from the Contract without penalty. Section 8(b)(1) was satisfied and 8(b)(2) was struck in this instance. That’s way too risky for most folks.
Read THIS POST to see why a Buyer would want a separate addendum to the Contract for an appraisal
3000 N Ocean, 39H Singer Island
If you are looking for spectacular panoramic views from every room, 3000 N Ocean, 39H is the property for you. Located on the 39th floor of the Tiara building on Singer Island, this unit has taken two apartments and combined them to create a light, bright and spacious unit with over 2500 square feet of living area and large balconies throughout. The views are breathtaking from the ocean all the way to the intracoastal and beyond. The condo currently has 2 bedrooms, 3 bathrooms and an office/den area. The living, dining and kitchen are generously sized and floor to ceiling impact glass windows surround you and provide water views from every angle. The Tiara has a 24/7 manned gate, covered parking, valet, concierge, on-site sky lounge/restaurant, private beach, beachfront restaurant, pool, hot tub, gym, library, billiards room, and spa.
Feb 2021 Housing Sales in Jupiter and Palm Beach Gardens
The housing sales numbers for Jupiter and Palm Beach Gardens tell a story that we all know. Sales are brisk and we now have just under 2 months supply at the current absorption rates.
RE Q&A: Be Careful with Divorces, Deeds and Mortgages
Source: RE Q&A: Be Careful with Divorces, Deeds and Mortgages
RE Q&A: Be Careful with Divorces, Deeds and Mortgages
A husband signed the rental-property deeds over to his ex-wife, but the mortgage is still in both of their names. How does he get those switched over to her?
FORT LAUDERDALE, Fla. – Question: As part of my recent divorce settlement, I signed deeds to my ex-wife for two rental properties. However, the mortgages are still in my name, making me legally responsible for the properties. What is the easiest way to transfer ownership legally and place the properties in her name? – Paul
Answer: You already transferred ownership of the two properties to your ex-wife when you signed the deeds. Unfortunately, you are still on the hook for the mortgage loans.
You are in the unenviable position of owing money for properties you no longer own. Your ex-wife is now the owner, but if she does not make the monthly mortgage payment, the lender will try to collect from you.
When you take out a mortgage loan, you are signing two contracts. The first is the “promissory note,” and it is your agreement to repay the money you borrowed. This document is the “loan.”
The other form is the “mortgage,” which places a lien on your property, allowing the lender to foreclose and sell the property, with the proceeds from the sale going toward your debt.
If you fail to make your monthly payments or break one of the other terms of this arrangement, such as not keeping insurance on the property or paying the property tax, your lender can sue you individually, foreclose the property, or both.
However, because you no longer own these properties, you do not get the rent payments, and if your ex-wife decides to use the money for something else, the properties may eventually be foreclosed – but you still will be on the hook for the loans. This will damage your credit and leave you responsible for any deficiency between the amount owed on the loan and the property’s value.
Your mortgage lender was not part of your divorce and does not have to transfer the loan to your ex-wife just because she now owns the properties. While you can ask it to do so, it is very unlikely since the bank is better off having both the properties and your good credit as collateral to make sure it gets paid back.
Your situation is why many divorcing couples sell their investment properties if the spouse receiving the property cannot take out a new loan in just their name. Depending on what your divorce judgment says on this issue, you may need to go back to the court to add appropriate protections.
© 2021 Sun Sentinel (Fort Lauderdale, Fla.). Distributed by Tribune Content Agency, LLC
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