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Buy A Florida Vacation Home Blog
Northwest Florida Lakefront property in Defuniak Springs - 08/19/2007
LOT 10 LAKE ROSEMARY ESTATES Acreage: 1.07 WFFeet: 140 ListPrice: $85,000
Lovely lake front with view of two lakes 140 waterfront footage on the lake Don't miss this opportunity for lakefront at this price. One of the fastest growing subdivisions in the area. Right around the corner from the new sunlake subdivision.Owner is a Licensed Real Estate agent.city water available, electric is available, and you can put a septic tank on the property. Seller pays all closing cost.
Buildable lot in Paxton Florida - 08/18/2007
Build your dream home on this wooded half acre lot, select which Florida native trees you want to keep for as much or as little privacy as you would like. The lot sits directly on county Highway 147 which provides you with paved road frontage.Located not far from the Crestivew or Paxton area . With all this it is priced to sell take a look at this affordable lot today.
HWY 147 PAXTON, FL 32538 MLS#:457992 Acreage: 0.50 $15,000
2007 Bond money available Okaloosa County,Santa Rosa County Walton - 08/18/2007
There is another bond issue for first time homebuyers now available in addition to the State of Florida issue. It is the 2007 Escambia County Bond Program. Here are the general parameters: -this issue is available in Okaloosa, Santa Rosa and Walton counties. -must be a first time homebuyer and have a contract to lock-in. A first time homebuyer is defined as someone who has not owned a primary residence in the last 3 years. -RATE-5.19% with 1.50 points. 30 year fixed rate only. -available for conventional, VA, FHA and Rural Development loans. -Maximum total family income-Okaloosa county - 1-2 members-$57,800 and 3 + members-$66,470. Santa Rosa and Walton counties-1-2 members-$54,800 and 3 + members-$63,020. -Maximum sales price limitations-Okaloosa -$281,137, Santa Rosa-$237,031 and Walton-$429,619. -owner occupied only. -no home buyer counseling required. -UP to $7000 in the form of a second mortgage to cover closing cost, prepaids and down payment. The Rate is 0% amortized over 10 years($58.33 per month). There is no monthly payment but the second is paid when the house is sold, or the borrower no longer resides in the property. This bond issue offers the lowest rate currently available on a 30 year fixed rate. If you are working with someone who is a first time homebuyer, please have them call me with any questions. 1-800-303-7010, or 651-5252 local. Thanks in advance, John Flournoy Mortgage Loan Officer
Revisit Some Past Episodes on TeamSoldTV.com Today - 08/18/2007
We want to invite you to visit our site at https://www.TeamSoldTV.com watch, from the first episode, all properties that have been viewed to date. 5484 Highway 192, Defuniak Springs, Florida is now sold,we are happy to announce.
However, many properties are still available. Watch the tours of: Lot 10, Eugene Court on Lake Rosemary, a great Florida lakefront lot in Defuniak Springs, Florida for sale on episode 2; Lot 29 and Lot 30, Falcon Way, The Pines subdivision, Crestview, Florida, both level, buildable lots that are a quarter acre in a subdivision for $30,000 with Auburn Water available;
a 26-acre tract on Innsbrook Lane in Holt, Florida; a 5-bedroom, 3-bathroom John King Road home on an oversized half acre lot, south of I-10; commercial lots on Bay Street in Crestview, Florida, a corner lot over an acre in size; and 10-acre Stallion Drive, Crestview, Florida with an updated 2-bedroom 1989 in an all 10-acre-tracts subdivision for $125,000, all in episode 3.
You can view these in-depth tours which are not normally seen online -- not just pictures but good information that may help you find your dream home. You can get a clear picture on many properties on our show today. We are airing new episode number 5 this Friday at its normal time. I want to thank Lisa Sanford for appearing on multiple episodes of Team Sold Real Estate TV that airs on the 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 TeamSoldTV.com. Just click on the link under "Episodes" in the "Interactive" section on the front page 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.
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
