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Closing Cost Review - 08/18/2007
Closing Cost Review
How much money do you need to bring to the table on closing day?
Reminder: Keep your copy of the "good faith estimate" and compare it to the final list of closing costs. Question any changes or additions. Your closing agent should allow you to review the settlement form one business day before closing.
You may want to preview a sample of the HUD-1 Settlement Statement at the web site of the Department of Housing and Urban Development. The site also has other helpful information about closings and settlement.
At this point, having secured the mortgage loan, you already have paid for the loan application fee, the property appraisal and some of the down payment. At the closing, you will need to pay the balance of your down payment. There are other costs that still must be paid in order to close the sale, unless you already have arranged and paid for them. (If so, bring receipts and other documentation with you to the closing.) These costs can include:
Title search and insurance
Survey
Termite or other inspections
Homeowner's hazard insurance
Flood insurance
Taxes
Attorney and closing agent fees
Additional fees related to the loan:
Loan origination fee
Points, if any
Private mortgage insurance (PMI)
Balance of your down payment
Reminder: Have separate certified checks for all closing costs. Some of the costs, such as points, are tax deductible. Also, bring your checkbook, so you can write a personal check for small miscellaneous expenses such as photocopying.
Florida's official web site recorded 74.5 million visitors - 08/18/2007
Florida's official web site recorded 74.5 million visitors in 2005. Investors in Florida are growing financially successful by taking advantage of the growing preconstruction real estate market. Cities, such as Orlando and Panama City, make Florida one of our nation's strongest economic states. Florida also has many advantages, for instance theme parks, museums, beautiful beaches, and also a wide variety of military bases. As you search Florida's Investment Properties you will see a variety of listings for every major city in the Emerald Coast and various vacation hotspots. Why buy property that is more expensive and needs to be fixed-up, when you can invest in a preconstruction real estate opportunity? These real estate properties can act as your home away from home or can easily be rented out to other families during the year to provide a steady income.
Florida is the acting central location for all preconstruction real estate opportunities at this time. Pensacola is more than just another city on a map and this tends to attract tourists from all over the globe. Various attractive hotspots surround this great city allowing for opportunities for investors to make money on pre-construction investments. Allowing for a great vacation spot for a diverse group of people.
The preconstruction real estate market in Florida is growing rapidly. The average selling price for a property in Florida rose 17% over 2005. The average selling price for a preconstruction property rose 26% in 2005. As you can see, even the traditional real estate market in Florida is growing at 6% over the national average, and preconstruction real estate is strong. Developers will sometimes cut their preconstruction project into phases allowing for someone who invested in the project during an earlier phase to pay considerably less then someone who invested during a later phase.
Thank you to the Real Estate Development Center for this article.
The Difference Between Real Estate Agent and Realtor - 08/18/2007
The Difference Between Real Estate Agent and Realtor
Though the two terms are often used interchangably, real estate agents and REALTORS have different connotations. While both types of real estate professionals help clients buy and sell property in a similar fashion, REALTORS are members of the National Association of REALTORS. Retaining membership to this prestigious organization requires a strict adherence to seventeen tenets of ethical behavior in real estate transactions.
While evaluating the ethical behavior if each individual real estate professional would prove impossible and the morality of each REALTOR is not guaranteed, it is fact that unaffiliated real estate agents are not required to conform to these policies.
The Seventeen Commandments of REALTORS
1. Treat your clients, buyers, sellers, landlords, or tenants, fairly and honestly while protecting and promoting their interests.
2. Do not misrepresent, exaggerate, or lie about any property. However, you are not responsible for latent defects or providing advice unrelated to real estate.
3. Cooperate with other brokers, except when cooperation is not in your clients best interest.
4. If you have any personal interest in the property (for yourself, friends, family, or co-workers), you must tell the property owner. If selling your own home, you must reveal this information to the buyer.
5. Do not represent a property of which you have marked interest without disclosing this information to all affected parties.
6. Do not take any commissions or additional fees for favors or recommendations without notifying the client when these costs are first mentioned.
7. Do not accept compensation from more than one party per transaction without prior approval from all parties involved.
8. Keep your personal assets in a separate account from your professional funds.
9. Make sure all agreements and contracts are written explicitly in laymens terms that all clients will understand. After signing, give each party a copy of the contract.
10. Do not discriminate based on race, color, religion, gender, handicap, familial status, or national origin.
11. Conform to quality standards of the specific type real estate transaction. Do not undertake a job if it is outside of your field without the assistance of a professional competent in said field.
12. Represent yourself honestly to the public, clearly stating your professional status.
13. Do not pretend you are a lawyer.
14. Cooperate, be honest, and present all facts if you are charged with unethical practice. Do not disrupt the proceedings.
15. Do not engage in slanderous activity against competitors.
16. Do not interfere with other REALTORS exclusive relationships with their clients.
17. In the event of a dispute, go to the REALTOR board for arbitration rather than going to a regular legal court.
Information provided from Realtor.org.
Increased Internet Exposure - 08/18/2007
ERA Has Increased Internet Exposure..."Always there for you
As a company founded on technology, ERA Real Estate has always embraced the idea of turning innovative thinking into a competitive advantage for its agents and customers. With that in mind, I am glad to announce a unique marketing initative we have established with Google, the internet search leader, to provide increased online exposure for our sellers' property listings.
We have become the first real estate network to make all of its national residential listings available through Google. This new service that allows content providers to submit detailed information to be incorporated into Google search results.
This initative makes it easier for prospective buyers to discover your listings online and is an excellent example of how listings with ERA can help sellers best market their home online.With the internet playing an ever increasing role in our industry, it is vitally important that we take full advantage of the potential presented by this technology. We will continue to work on creating new marketing venues for you to utilitize as part of the ERA network.Thank you to ERA Franchise and Public Relations for their help.
Residential lot loan program - 08/18/2007
Up to 30 year amortization
Interest only payments available
Up to 90% financing (based on appraisal or contract)(*land size restrictions)
Mortgages modified for construction loan (reducing costs for construction loans)
Plan
1 & 1 ARM
3 & 1 ARM
5-Year Fixed Amort.
Min. CashDown Payment
25% 10%
25% 10%
25% 10%
Maximum LTV
75% 90%
75% 90%
75% 90%
Start Rate
6.95% 7.25%
7.50% 7.75%
7.95% 8.25%
Total Points
0 1/2
0 1/2
0 1/2
Amortization
Interest Only
Interest Only
15-Year(**20/30 Year)
Maturity
5 Years
5 Years
5 Years
Caps
2% Annual - 5% Life
2% Annual - 5% Life
N/A
Index
1 Year T-Bill
1 Year T-Bill
N/A
Margin
3.50% 3.75%
3.50% 3.75%
N/A
AdjustmentFrequency
Annually
Annually beginningyear 4
N/A(Note this program is only available in platted/recorded subdivisions and good sales histories.
Areas that do not qualify, lower LTV and higher interest rates may apply.)
A minimum of 25% down required on purchases of $500,000+.
Investor loans - minimum 25% down, 75% LTC/LTV; increase above rate by a minimum of 1% and get a 1% origination fee.
Non-purchase (refinance, renewal, cash out) add a minimum of .50% to above rate.
Non-platted, rural, and without deed restrictions which limit homes to site built add a minimum of 1% to above rate. Minimum 25% down, 75% LTV.
Add .50% to rate for loans qualifying for stated income program (purchased for primary residence only).
Foreign National Program - minimum 25% down, 75%LTC/LTV: increase above rate by a minimum of 1% and get a 1% origination fee and a 6 month reserve account.
All loans are subject to qualification.* Maximum lot size 3 acres
(10 acre if in platted subdivision).
** 20 year available on loans above $35,000, 30 year on loans above $100,000.Rates and terms subject to change. For informational purposes only.
Call Rena Gilpatrick of Peoples First at 850-609-3941 for more information. Thanks again Rena for the information.
Northwest Florida Local Lenders - 08/18/2007
Access Bank and Mortgage 1-888-908-1994
www.accessthebank.com
AmSouth 1-800-374-5791
www.amsouth.com
Army Aviation Center Federal Credit Union
1-800-448-4096
www.aacfcu.com
Bank of America
1-800-432-1000
www.bankofamerica.com
BankTrust
1-800-689-7929
www.banktrustonline.com
Colonial Bank
1-877-502-2265
www.colonialbank.com
Compass Bank
1-800-239-4357
www.compassbank.com
Eglin Federal Credit Union
1-800-367-6159
www.eglinfcu.org
First City Bank
1-888-244-5151
www.firstcitybank.com
First National Bank of Florida
1-800-277-0995
www.fnbfl.com
First National Bank & Trust
1-866-395-0051
www.fnbt.com
Okaloosa County Teachers' Credit Union
850-863-7041
www.okaloosafcu.org
Peoples' First Community Bank
1-800-982-4940
www.peoplesfirst.com
Peoples' National Bank
1-800-303-7010
www.pnbon.com
Regions
1-800-REGIONS
www.regions.com
SunTrust
1-800-786-8787
www.suntrust.com
TrustMark
1-800-844-2000
www.trustmark.com
Tyndall Federal Credit Union
1-877-747-4321
www.tyndallfcu.org
Vanguard Bank
1-800-840-8440
www.vanguardbank.com
Wachovia
1-800-922-4684
www.wachovia.com
Free Credit Report - 08/18/2007
Free Credit Report I have tried it and it is truly free: no charge!Have you ever been denied credit for a purchase even though you thought your credit was great? Have you ever wondered if you were a victim of identity theft? The answer could be in your credit report. Until now you could not access this information without a fee. However, with the passage of the Fair and Accurate Credit Transaction Act, consumers can now get a free credit report annually from each of the three credit reporting bureaus that supply businesses with information on customers -- Equifax, Experian and TransUnion.The address is https://www.annualcreditreport.com/.Thanks to John Flournoy at People's First Community Bank for faxing over the information some time back and for reminding me of this information. If you are thinking of buying property John would be happy to talk with you about all the lending programs that are available. Tell him you are working with Brandon Jordan of ERA American Realty and he will give you $250.00 off your closing costs.You can reach him at his office at (850)651-5252 or email him at johnflournoy@peoplesfirst.com.
First post on Northwest Florida Realtor - 08/18/2007
Are you looking to buy or sell a home or real estate in Northwest Florida? We work in Crestview, Fort Walton Beach, Destin, Niceville, DeFuniak Springs, Eglin Air Force Base, South Walton Beaches, and surrounding areas. Give us a call; we can help with it all! Team Sold.
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