Northwest Florida Real Estate Agent Blog
Many Properties Covered on Our New Episode; Watch It Today - 08/18/2007
Many Properties Covered on Our New Episode; Watch It Today
I want to thank Kaylyn Knopes and Michelle Styron for appearing on episode 4 of Team Sold Real Estate TV that airs on CW, FOX, & WEAR-3 after Jimmy Kimmel (Friday night). Just visit TeamSoldTV.com and click "Schedule" on the menu to the left to find out our airtimes. Or, if you are outside of our viewing area, we have you covered as well; all our episodes will be available at www.TeamSoldTV.com. Just click on the link under "Episodes" in the "Interactive" section to view the complete show. Email us your questions now at www.TeamSoldTV.com and we will answer them on upcoming shows. We will also be showing you many unique properties from Panama City to Pensacola as well.
Watch Team Sold Real Estate TV at TeamSoldTV.com - 08/18/2007
We are proud to present, as a service to everyone viewing our site, that we will be bringing you every episode of our brand new TV show called "Team Sold Real Estate TV" that airs on CW, FOX, & WEAR-3 after Jimmy Kimmel. Just visit TeamSoldTV.com and click on the link under "Episodes" in the middle of our page in the "Interactive" section. Our show will will be bringing you information that we hope you will find helpful, from many of the home industries' top professionals from title companies to loan officers. Our first two episodes feature Patrice Bobo-Miles with Countrywide Home Loans. Email us your questions now at www.TeamSoldTV.com and we will answer your questions on upcoming shows. We will also be showing you many unique properties from Panama City to Pensacola in upcoming shows as well. If you are outside of our viewing area we have you covered; all our episodes will be available right here.
Team Sold on TV - 08/18/2007
We are proud to announce that now, as a service to everyone in our viewing area (all of the Emerald Coast), we will be bringing you our very first episode of our brand new TV show called " eam Sold Real Estate TV," starting January 5, 2007, on WEAR-3 after Jimmy Kimmel.
We will be bringing you information that we hope you will find helpful from many of the home industries' top
professionals, from title companies to loan officers.
Email us your questions now at www.Teamsoldtv.com and we will be answering your questions on upcoming shows.
We will also be showing you many unique properties from Panama City to Pensacola in upcoming shows as well.
If you are outside of our viewing area we still have you covered; all our episodes will be available on YouTube. Stay tuned!
Saving money at closing - 08/18/2007
Savings Tips
Fees for some standard items, such as appraisal, credit report and title insurance should be almost the same at every lender. The same goes for payments to local governments, such as documentation stamps and recording fees.
A bank or mortgage company may be willing to drop some of the fees if you opt out of a service. For instance, they may overnight documents back and forth for faster approval. If you are not in a hurry, you can ask that the documents be sent by regular mail and the overnight charges be dropped.
Watch out for "junk fees" or additional charges. Most mortgage programs include them, but you should be able to negotiate them down or eliminate them.
Other Ways to Save on Costs
Try to close your mortgage near the end of the month. Because all mortgage loans are due on the first of the month, you will have to pay interest from the day you close until the end of the month. You can avoid or greatly reduce prepaid interest due by closing the last day of the month or near that date, and save yourself hundreds of dollars.
As part of the sale contract, you can negotiate with the seller of the property to help pay for some of the closing costs, points or other fees.
Plan ahead with your mortgage lender. Don't wait until the day of closing to try to reduce costs.
Qualified Intermediary receives Certified Exchange Specialist TM Recognition - 08/18/2007
Destin, Florida: Old South 1031 Exchange Services, LLC, a nationwide 1031 Qualified Intermediary announces that Andrew Gustafson, a principal of the firm, is one of twelve business professionals in the state of Florida and less than two hundred nationally to earn the Certified Exchange Specialist (CES) designation, after meeting the examination and work-experience criteria established by the Federation of Exchange Accommodators (FEA). The FEA is a non-profit trade organization with a nationwide network of certified professionals accountants, attorneys, real estate brokers, and others to help investors handle the requirements of Section 1031 transactions.
Section 1031 Exchanges are complex transactions that permit investors to defer capital gains taxes on the sale of certain types of business, investment, or income property, provided specific criteria are met, including the replacement of the property with one or more properties of "like kind." Investment real estate is the most common type of property exchanged in this manner, though many other types of property can be bought and sold through a 1031 exchange. Examples include construction equipment, easements, livestock, oil and gas, minerals, timber, water rights, airplanes, boats and yachts, and motor vehicles, among others.
The FEA is encouraging taxpayers to consider using a Certified Exchange Specialist to act as a "qualified intermediary" for their 1031 for good reason. According to Andrew Gustafson, "Almost anyone can claim to be a Qualified Intermediary. The problem is that Section 1031 Exchanges are complicated and highly specific, so even a small mistake could completely wipe out the potential tax benefits. The FEA's certification program is intended to allow taxpayers to make informed decisions when selecting a Qualified Intermediary."
Fees on a mortgage - 08/18/2007
Fees on a mortgage cover almost every cost associated with getting a loan. You've already encountered fees upfront for a credit report and a property appraisal.
But there are many more fees that you will be expected to pay at closing or settlement, which is generally 30 to 60 days after finalizing the sales contract. These closing costs are outlined in the "good faith estimate." The Real Estate Settlement Procedures Act requires every bank or mortgage company to give the buyer the estimate within three days of applying for the loan. It will list expenses related to inspections, taxes, title insurance and a host of other charges. You also should receive an information booklet, "Settlement Costs -- a HUD Guide."
Tip:The best approach is to get a copy of the good faith estimate before you make a commitment to any lender.
Typical Closing Costs
Here is a list of typical closing costs. In general, closing costs amount to 3 percent to 6 percent of the sale price. Note items with an asterisk (*) are explained below. For an estimated price range, see the separate Standard Closing Costs.
Loan application fees and credit report
Title search and insurance fees*
Lender's attorney fees
Property appraisal
Inspections
Survey
Recording fees
Transfer taxes
Buyer's attorney
Documentary stamps on new note
Points and origination fees
Condominium application fee
Escrow account balances/prepaids*
Title Insurance
This is a policy that insures against errors in the title search, essentially guaranteeing you and your lender's financial interest in the property. It checks for any defects, liens or encumbrances on the property that may affect the rights of ownership, possesion or use of the property. It is issued after a complete examination of the public records. It also insures against such things as forgery, fraud, missing heirs or divorce actions. Keep in mind that the required title insurance protects the lender. You may want to take out an owner's title insurance to protect yourself.
Escrow
At closing you may have to put aside money into special escrow accounts to cover other costs associated with buying a home, such as private mortgage insurance (PMI), property taxes and homeowner's insurance. This will ensure that taxes and insurance premiums on the property are paid on time. Federal law limits the amount of "cushion" to two months of escrow payments. Be sure to ask the lender what escrow payments will be required at closing. Some mortgage companies may waive escrow requirements if you pay more points or a higher interest rate.
Savings Tips
You may be able to lower the cost of title insurance if the home you're buying hasn't been owned for a long time by the seller. The insurer may be willing to give you a re-issue rate, hence lower a premium, if there have been no claims against the title since the previous title search was done. If both you and the seller are getting title insurance, you can save by using the same title insurance firm. The cost will be lower since the insuror researches the property only once for both of you.
It is important to review the estimate of closing costs and to ask questions about fees that seem unfamiliar. Lenders differ and can get creative when it comes to other types of charges
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.
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