Real Estate Blog

 

 

WHEN YOUR CREDIT CHANGES


It's a combination car, pickup
truck and SUV. You really want it. The features are
great, the style is the latest, and it's affordable after
the down payment, the cost
is only $300 a month.
"Would you buy this car today if I can include the genuine wood grain, rubberized
side moldings?" asks the salesman.
Before emitting a strong "yes", stop and consider what's about to happen. You will
be increasing your debt load and monthly payments, things which make mortgage
lenders edgy. If you want to buy a home in the coming months, you need to
carefully consider your financial choices.
The issue here is not cars. If you need a car for safe travel, then safety comes first.
But if you merely want a new car or
superduper
music system, an

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Seller’s Estimated Closing Costs (N.E. Florida):


Documentary Stamps on the Deed:

This is a State tax equal to .007 of the sales price. For example, if the sales price is $200,000, then the doc stamps on the deed is $1400.

Owner’s Title Insurance:

This is a policy of protection against a loss in a claim against your ownership. The cost of this insurance is .005375 of the sales price on homes over $100,000.

Settlement Fee/Attorney Closing Fee:

This is the fee the title company or the attorney will charge to close the transaction and account for all funds. Estimate $250 to $500.

Satisfaction of Mortgage Recording Fee:

Paid to the county. Estimate $10 per page.

Real Estate

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Buyer's Estimated Closing Costs (N.E. Florida)


Appraisal Fee:

To substantiate the value of the property, the bank will require an appraisal by a licensed appraiser. The fee for this service will vary according to the type of property and the appraiser’s fee structure. Estimate $250 to $500.

Home Inspection:

Typically, the bank requires a copy of the inspection report. The fee can range from $300 to $500 depending on the inspection company and the size of the house. This is usually paid at time of inspection.

Wood Destroying Organism (WDO) Inspection:

The bank will also require a copy of this inspection. The inspector is looking for any damage to the wood in the house caused by insects or water

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Buyer's Estimated Closing Costs (N.E. Florida)

Appraisal Fee:

To substantiate the value of the property, the bank will require an appraisal by a licensed appraiser. The fee for this service will vary according to the type of property and the appraiser’s fee structure. Estimate $250 to $500.

Home Inspection:

Typically, the bank requires a copy of the inspection report. The fee can range from $300 to $500 depending on the inspection company and the size of the house. This is usually paid at time of inspection.

Wood Destroying Organism (WDO) Inspection:

The bank will also require a copy of this inspection. The inspector is looking for any damage to the wood in the house caused by insects or water

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Happy 4th of July

I would to wish everyone a safe and Happy Independence Day.

If you are traveling, please drive responsible. 

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Buying a new home is very exciting, but can be overwhelming even to those who have bought a home previously. Below is a brief overview of what buyers can expect and hopefully help them understand the process.

1.       Lender pre-approval .  Before starting the search for your new home, it’s smart to contact a lender to find out what you actually pre-qualify for. This way you can look at homes that you are qualified to purchase. You may already have an idea of the price range you would like to be in but your lender can provide a solid idea of what you can afford and what they will lend. Keep in mind that when you make an offer, you will need a pre-qualification/pre-approval letter to submit with your offer.

2.       Realtor.  Your Realtor will help

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The Foreclosure Crisis: 10 Years Later | MyKCM

CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.

Dr. Frank Nothaft, Chief Economist for CoreLogic, had this to say,

“The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that

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It's a Seller's Market! Should I Downsize Now? | MyKCM

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

  1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
  2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6
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4 Great Reasons to Buy This Spring! | MyKCM


Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of

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When we sold our house, we removed the washer hose and took the washer down the stairs to our new place. I did not notice that the valve in the wall was leaking a very small amount of water, until the next day when I noticed a ceiling stain in the room below. Now I always check to be sure that the valve is ok. I have also screwed on a cover from the hardware store to contain any leakage from an old valve
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