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What To Know When Buying A Foreclosed Home

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For new aspiring homeowners, making that first leap into the real estate market can be a financially challenging one. Finding the perfect home that doesn’t break the budget can often lead potential buyers to feel like their purchasing options are limited. Recently foreclosed properties have presented themselves as diamonds in the rough for many new home buyers looking for a great deal on their first purchase. With foreclosures on the rise in areas like Texas and Southwest Florida, there are no shortages of options available for those willing to take a chance on a repossessed property. However, buying a foreclosed home isn’t as cut and dry as many other real estate purchases. There are some important considerations that should be made when closing on a foreclosed home, and knowing what to look for is essential. Maintenance and Condition of Property Its a very rare case that foreclosed homes are in perfect move-in-ready conditions. In fact, the opposite is usually true when it comes to t
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Do I Need Title Insurance, Even If I Am Paying Cash?

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  Do I Need Title Insurance, Even If I Am Paying Cash? Title insurance is an insurance policy that is required by the lender when taking a mortgage. The insurance policy is meant to benefit the lender in several ways. The lender requires the insurance policy to gain knowledge and understanding about the property in question. Information gathered include the ownership of the property and whether any charge has been placed before by any other lender. The information is meant to protect the lender in the event that there may be any issues with the property. Therefore, it is imperative to take a title insurance policy when taking a mortgage using a loan rather than cash. However, when paying for the mortgage using cash, you can decide to leave out the policy or take it since it is optional and the beneficiary is yourself rather than a third party. Title insurance has two primary policies that include the loan policy and the Owner’s policy. The loan policy title insurance is taken by those
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4 Undiscovered Title Problems That Can Be A Nightmare For New Homeowners

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  Title problems have a tendency of showing up during the title search and after the closing. This is the time that most homeowners would hope that their title insurance policy would help them in solving some of the problems they have. And subject to the policy terms, you can use your title insurance to get protection from the problems that might come to light after you have sealed the deal. It is very important to avoid the problems connected with the title before the closing. You can only understand the title problems if you have any idea of what a title may mean. The title, in simple terms, is evidence that shows that an owner is in full and lawful possession of a particular piece of property or real estate. Owning a deed to a property means owning the property. Here are four undiscovered title problems that can cause new homeowners a difficult time. Errors in Public Records It is usually said that to err is human, but these mistakes can be very devastating when they particularly af
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Is It A Buyers Market Or A Sellers Market?

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  If you have been paying attention to the housing market recently you might be a little confused. Is it a buyers market, or is it a sellers market? For sure, the past couple of years have been a sellers market. We have seen houses flying off the books and prices steadily rising. So much so that some people have begun to speculate that we were once again approaching bubble territory.   What Is Happening With The Housing Market? But then, over the past month, everything seems to have changed. In many places, prices are beginning to drop. Sales have stagnated, and many realtors have notice less showings.   One Real Estate Agent I know proclaimed “Within a week it went from a sellers market to a buyers market!” This is a striking development. As recently as August of this year most experts agreed that  we wouldn’t see a buyers market until 2020 . Whether this is a shift in the market, a correction, or a hiccup, the question really is “does it matter?”. It Depends on Why If you are current
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Location: Naples, FL, USA
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Buyer Closing Costs and Prepaids in Florida: What You Need To Know

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  There are various things to learn as a first-time homebuyer. Even if you are a seasoned realtor, states have different requirements and restrictions, so what is a necessity in your town may not be a prerequisite in another. If you are looking to purchase a new home or property in Florida, buyer closing costs and prepaids are some of the critical areas you should review. Below is a brief look at these costs, including what to anticipate: Property Price The price of the property you are purchasing remains the major buyer closing cost. It is also known as the Contract Sales Price on the Integrated Disclosures. Lender’s Fees There are various lender charges you will be expected to pay during the closing stages. This includes: Application Fee –  Is offered to cover the cost of setting up your new file Processing Fee –  Is required to cover all the costs of arranging the loan and or managing the loaning process Underwriting Fee –  Is required to pay the underwriter for their due diligence
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4 Reasons You Need Owners Title Insurance

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There is a lot to think about when buying a home. From mortgage costs to property taxes to homeowners and mortgage insurance. Some people don’t want to think about Owners Title Insurance as well, but they should. Here are 4 reasons why you will be happy you took the time to find and buy an owners title insurance policy. Title Insurance Protects Your Investment A home is a large investment. For many people it will be the single largest investment they have. (I do know someone who bought a truck that cost more then their mobile home, and I know someone else with a Lamborghini that cost more then their condo, but for the average person, the home is the most valuable investment they have). Title insurance protects that investment from any legal issues that may come up from before you purchased the property. You protect your car, your home, your property, and even your life with insurance. Title Insurance protects your title to the land and home you live in.   Title Insurance Reduces Your R
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Is It Worth It To Buy A SWFL Fixer-Upper Home?

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Southwest Florida is a great place to buy a home. But is it worth it to buy a SWFL fixer-upper home instead of a new build or a recently renovated home? There are pros and cons to each type of home you may want to buy and it isn’t always what you might think. Here are a few things to think about when considering what type of home to buy. Cost Most people think a SWFL fixer-upper home will save you a lot of money. And it is true that the cost of a fixer-upper is lower then that of a comparable home that is ready to move into, the reason is that you will be putting the difference into your renovations. However, if you have time    to wait for deals, can do some of the work yourself, or are flexible with your wants, then you can save some money by renovating a fixer-upper. However, if you are going to gut the house and start from scratch, you may end up paying far more then you would for an already renovated home… but this one will be exactly what you want. Style Some people I know are ve
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Location: Naples, FL, USA
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