Monday, February 8, 2010

Military Sellers Reimbursed for Losses, Orange Park FL

WASHINGTON – Feb. 8, 2010 – Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department identified Florida as having the most home sellers who qualify for the program.

The Pentagon’s Housing Assistance Program now applies to:

• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed

• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative

• military personnel moving to a new base

Previously, applicants had to demonstrate that the closing of their base contributed to the decline of the area’s real estate market and a resulting loss in sales. That requirement has been waived under the expanded program.

As of Jan. 18, 2010, almost 4,000 eligible applicants for the expanded program have been identified and 429 claims have already been paid for a total $32.8 million, according to the Pentagon.

After Florida, the Defense Department says it also expects applications from California, Virginia and Georgia.

For more details about the program, including eligibility and limitations visit and search for HAP.

Info pulled from

Wednesday, February 3, 2010

The Difference between a Condo & Townhome

The difference between a condo and a townhome is how the property was set up, legally, by the developer. Basically, in a condo, you own only the inside of the Unit...usually from the drywall in (that can vary according to your documents, though.) The owners, collectively, own the rest of the building, the land and any recreational ammenities such as a pool or whatever.

A "townhouse" isn't really a legal term, but it generally refers to a row of one story, or multiple story units, where owners share common walls, but no one lives above or below you. In what is typically called a "townhome" community, you own a piece of land, and the structure built on it. The HOA owns the common areas and any amenities. Even though you "own" the building in a townhome complex, the homeowners association usually has the responsibility to maintain the outside of the building, such as the roof, siding, etc.

It shouldn't make much difference to a buyer. You will want to look at what the HOA maintains, and what they charge in assessments. Also, check to see if they have reserves. A good HOA will reserve money for big projects, like replacing the roofs. If they have not done this, you could get stuck with a huge special assessment at some point. Good Luck