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JPFCO REAL ESTATE NEWS

Feb 1, 2011       Issue: 184

J Pepper Frazier Company
Nantucket's Madequecham Beach on a Brisk January Day
 
 New Listings VIEW ALL

Jul 26, 2017

Cliff
$5,975,000

Jul 26, 2017

Middle Moors
$1,995,000
 
 Recently Sold VIEW ALL 

Jun 22, 2017

Mid Island
$930,000

Jun 26, 2017

Town
$5,585,000

Jun 26, 2017

Cliff
$2,450,000

Jun 16, 2017

South of Town
$325,250
 

REAL ESTATE BUZZ
Are the Banks Loosening?

Hard to say. Some banks are making loans, but they seem to be the smaller banks, like TD Banknorth, whereas Nantucket Bank, who is now owned by the Spanish monster Santander, is regretfully doing very little in the real estate market on Nantucket. I do know that you have to be a strong borrower to get a loan or re-fi. Each bank/lender has their own criteria.

Step one is for the lender to pull your credit to see if they even want to talk with you. If the lender does want to continue talks, then the next steps are gathering your financials and getting the property appraised. At these steps you need to make sure your property has the value to qualify for the loan, i.e. if you are going for an $800K loan and the maximum the lender will lend is 80% loan to value, you should make sure the property’s value is at least $1MM. For the most part, the lenders are making the potential borrower pay for the appraisal(s). So, if you go for the $800K with a max. LTV at 80% and the appraiser comes back with a $900K value, you will probably not get the loan and be out $500 +/- plus a bunch of time and energy.

If you get through the appraisal(s) and your financials look good, then you should be able to move to closing. So, before you waste any time, money or energy to get a loan/re-fi, you should ask yourself, 1) Will the property appraise and 2) Do I have the three “C’s”-cash, credit and collateral for the lender to think I am a good risk? It’s not easy, but if you can pull it off, you should be sitting pretty because these rates could be a once in a lifetime opportunity…
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RENTAL BUZZ
  1099, New Landlord Requirements

Tucked into the Small Business Jobs Act enacted in September 2010 is a provision that expands Form 1099 reporting requirements to include independent landlords, even those owners who have turned over all or most management duties to someone else. As a result, now landlords must issue a Form 1099‐MISC to any independent contractor who provides services and is paid $600 or greater in a calendar year, beginning with payments made after December 31, 2010.

All service providers, that are not incorporated, and are not paid by debit or credit card, paid more than $600 will need to be issued a 1099 for their services and their services ONLY. No 1099 should be issued for materials, subcontracted services from another subcontractor, or for payments you made with your credit card. Do you pay a web developer to do a website to list your house? Does a cleaning company come do your turn overs? Do you pay a caretaker? You will now need to complete 1099 and 1096 forms for all.

For further information about this new law, or bookkeeping help, please visit Fogged In Bookkeeping.
    Fogged In Bookkeeping  
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NANTUCKET REAL ESTATE NEWSWIRE
 

NOTES FROM PEPPER THE ELDER
  Americana

I love Americana. Rally 'round the flag boys, sort of stuff. There are some great small towns in the eastern U.S.; Portsmouh NH, Sarasota Fl and Burlington VT come immediately to mind. But there is no greater example of this genre than Nantucket. It is truly a piece of living history. Even Macy's started there. An impeccably preserved 19th century whaling village. New Bedford and Nantucket were the whaling capitals of the world. One was protected by conservationists and architectural puritans. And the other? Well, let's not go into New Beige right now. We're very fortunate to have Nantucket and I hope people realize that. My wife grew up in Bermuda and she is witnessing the absolute destruction of Hamilton, which used to be charming, right before her eyes. I know the H.D.C. can be a pain, but thank God for it. Nantucket is sui generis and it is to be appreciated. So much for my donning of the Ol' Chamber of Commerce Hat.
 
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