Levi Salmans | Orlando Horse Properties

A few tips for your feed room.

• Line your grain bin with sheet metal to keep rodents out. If you use two or more feeds, add partitions to keep them separate.
• Keep only about a week’s worth of grain and a day’s worth of hay in your feed room. Store the rest in another building, for both cleanliness and cost. (Storing hay in the barn may increase your fire insurance premium.)
• To minimize mess, load one day’s worth of hay (one or two bales) in a wheelbarrow and wheel it over from your storage area in the morning; stow it in your feed room between meals.
• Install cabinets to store supplements. First, though, measure what you’ll be storing; gallon jugs and quart bottles won’t fit on shelves of a width and height meant for coffee mugs.
• If you’re installing a washer and dryer, put them here (not in your tack room; they’d add too much moisture to the air).
• A “utility room” in your barn is a great place to store mucking and cleaning tools away from feed, tack and other equipment. The area does not need to be large, about 3 by 8 feet – more if you add a washer and dryer.

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Good air flow in your barn is crucial to your horse’s health. Warm, stale air is a breeding ground for fungus and lung problems.

A loft can create low ceilings, trapping warm air.

Install a roof exhaust fan. It’ll cost about $140, and a cupola to house it may cost $200 from a contractor (or $50 to $100 from a home-supply company such as The Home Depot)-but it’s an investment in your horses’ health. (An alternative: Install two exhaust fans, one at either end, near the roof peak.)

Ceiling fans over stalls improve circulation.

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A well-designed, well-built horse barn is light, airy, pleasant to work in, easy to keep clean-and every bit as comfortable as your home. In the long run, it pays off in lower upkeep costs, fewer vet bills, and added property value.

Your barn should be on a site that is well drained and offers easy access to utilities and the road. You’ll want good ventilation; however, you don’t want your center isle to be a wind tunnel. Therefore, the center isle should be positioned on a 45 – degree angle to the prevailing wind. Also, position your delivery and parking area so that it won’t mix with horse traffic.

I hear more and more stories of good people buying a home with property and assuming that horses can be kept on it.  One couple I read about, bought their dream home with lots of open land. They were so excited that they were finally going to get their 12 year old daughter the horse she had asked for every Christmas since she was 3! They found the perfect Paso Fino horse and gave her the surprise of her life!

Three weeks later, code enforcement knocked on the door to let them know that they had to move “Patches” immediately, that he was not allowed to be kept there. As you can imagine it was heart breaking news.

When looking for property remember; just because the place you have in mind looks like it is out in the country doesn’t mean that it is zoned for horses or other livestock.  If you are in the market for horse property, your Realtor can supply you with zoning information. If you are in the Orlando area you can check with the City of Orlando zoning and planning or Orange County Zoning.

Some More Tips:

• Do your research. When buying direct from the home-owner, be aware that some information might not be divulged.

• Find out how many horses can be kept on your Orlando property.
• Use a qualified Realtor whom specializes in property zoned for horses.

If you are looking to purchase or list your equestrian real estate, contact Levi Salmans. Call me at 407-291-6952.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

Visit our website for information on Orlando Horse Properties.

Homeowners Benefit from short sales over foreclosures.  A foreclosure puts a long-lasting black mark on your credit history and the process can be long and costly. Short selling can be much faster and less expensive, and it doesn’t look as bad on your credit report as a foreclosure. Got questions, call Levi, he’s a CDPE, Certified Distress Property Expert, CSSS Certified Short Sale Specialist and Short Sale certified by REOMAC. Levi Salmans 407-489-0155.

Many homeowners are in dire straights. Hit with hardships, they can’t make the mortgage payment. Your to far upside down to sell, giving the house back to the bank has it’s consequences. By understanding the consequences homeowners have the power to control their financial future. They will be able to determine how quickly they can re-establish their credit and buy another home.

Fannie Mae has established credit guidelines for borrowers who experience one of the following circumstances. And, in general, the wait time will now range from two to five years.

Foreclosure and Multiple Bankruptcies – A 5 year wait period before you can purchase a primary residence.

In the case of foreclosure, additional requirements and restrictions will apply after five years and up to seven years as well, which include making a minimum 10% down-payment, having a credit score of at least 680, and having limited cash-out refinance options. Also, the purchase of second homes or investment properties is not permitted.

A shorter time limit (three years) does apply to both foreclosures and multiple bankruptcy cases if the borrower had what Fannie Mae considers to be “extenuating circumstances” that led to the foreclosure. Of course, the borrower must provide evidence and documentation that the action resulted, from, in their words, “…nonrecurring events…beyond the borrower’s control that result  in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.”

Deed-in-lieu Foreclosure – A person must wait four years before purchasing another home. However, if they suffered what Fannie Mae considers extenuating circumstances, then they too can qualify to have their waiting period shortened (in this case to two years).

Bankruptcies – With the exception of Chapter 13 judgment, a four-year wait from the discharge or dismissal date is required before purchasing a home. Unless there is extenuating circumstances apply. In that case, the wait is cut in half to two years as well.

Short Sale – Two years is the standard waiting period for short sales (whether the mortgage was delinquent or not), as well as Chapter 13 bankruptcy judgments. There are no exceptions permitted for extenuating circumstances. After the wait period you will be able to purchase primary residence and investment or second homes.

Requirements to re-establish credit

In all cases, there are several requirements that must be met before credit can be reestablished. These include:

• Having all accounts current as of the date of the mortgage application
• Including a minimum of four credit references (one of which must be housing-related and cover the period following the foreclosure, bankruptcy or short sale)
• Include no more than two installment or revolving debt payments thirty days past due in the last twenty-four months, or any payments sixty or more days past due since the discharge or dismissal of the bankruptcy or the completion of the foreclosure-related action.

This is a general overview of Fannie Mae’s new credit guidelines; for more detailed information, please visit their web site.

For more information about Orlando Horse Properties visit our website.

If you are upside down and can no longer make your mortgage payment (because of job loss, divorce, option ARM or other hardship) don’t give up. Foreclosure is NOT a good option. Eighty percent of the time a bank would rather short sale over foreclose. You’re able to sell the house at a loss with the bank’s blessing; they agree to eat the loss. Your credit takes a much smaller hit and you will be able to purchase another home within 2 years.

To be successful, you’ve got to get the right Realtor. In short sales it’s critical. Your Realtor must understand the process, package submission and negotiation.   Levi Salmans is a CDPE, Certified Distress Property Expert, CSSS Certified Short Sale Specialist and Short Sale certified by REOMAC. Call Levi Salmans today at 407.291.6952.

Money magazine projects that Orlando home prices will drop to 1990 levels. Ouch! That’s a tough hit for homeowners. Wow! What a bargain for buyers. You are buying an appreciating asset at a 10 year savings. This means you are able to purchase a $212,000 house for $150,000. Housing prices always come back. Therefore you’ll have approximately $62,000 of built in equity (based on 3.5% appreciation rate). Plus, interest rates are low. It’s the perfect time for move up buyers to rent their old home and buy bigger.

If  you are looking for properties in Orlando, Call Levi for some help 407-291-6952! Nows the time so don’t wait any longer!

New appraisal rules aimed at making home appraisals more accurate are raising your cost and delaying your closing.

Appraisal costs are up $100 to $200 because under the new rules a third party, often an appraisal-management company, must serve as a middle man between a mortgage broker and appraiser. Under the new rules the appraisal is not “portable”. Meaning if a buyer chooses to apply to different lenders, each lender will need their appraisal.

There are also concerns about appraisal quality. Some appraisal-management companies decide which individual appraisers to contact based on lowest cost. The lower they can contract the more the appraisal-management’s earns. We are seeing appraisals coming from appraisers as far away as Clearwater and Palm Bay. There isn’t enough emphasis being placed on appraiser familiar with the immediate area.