Using Home Equity To Buy Another Property
- Private money lenders
- Seller financing
- Peer-to-peer lending
- Hard Money Loans
- Personal Loans
Filed under: Blog, Boca Raton real estate, cash out refinance, contracts, Down Sizing, Exclusive Buyer Agency, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, HELOC, home equity, Home Financing, Homebuyer Advice, House Closings, International Home Buyers, International investors, Mortgage Information, peer to peer lending, private money lender, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Refinancing, Retirement, Reverse Mortgage, second home, Self Directed IRA, Seller Financing, South Florida Real Estate, vacation home by Kim Bregman
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Buying a home and moving is stressful on many levels. Here are some Apps to make the moving an easier endeavor. Like other productivity apps that can be downloaded on your smartphone, move-planning apps will help you keep everything organized.
Dolly: So you’ve arrived at your new home and realized you don’t have the person-power to haul that bedroom furniture upstairs? No problem! Dolly (free, iOS, Android) connects you with helpful delivery people looking to make a few bucks. These strong-backed guys and gals have no qualms about carrying your furniture to its new resting place in your new home and there’s never any haggling over price.
Flying Ruler: Flying Ruler will help you measure anything in your home. Not sure if that sofa will fit in your new living room? Is it too large to come through the front door? Flying Ruler can help you be sure. This app is a tape measure, ruler, protractor, and a goniometer.
Google Keep: Google Keep (free, iOS, Android) is the ultimate sharable note application. When you’re planning a move you will quickly find yourself making lists … and then making lists of those lists. That’s where Google Keep’s shareable, synced lists and notes come in so incredibly handy. When things get really hectic you can even record voice memos and Google Keep will actually transcribe them into readable text for you to browse later.
Handy: With Handy you can schedule a move-out or move-in cleaning by a vetted and background-checked professional. You can also book handyman services like furniture assembly, TV mounting or picture hanging to help you settle into your new home. Moving assistance is available, too! You’ll leave with your home in better condition than you found it in, and your new place feeling like home right away.
Magicplan: Floor plans are a crucial tool for envisioning your new living space and deciding where to place furniture and home goods. Use Magicplan on your phone or tablet to scan and measure rooms, then compile them using their drag-and-drop interface to create a complete floor plan.
MakeSpace: If you’re downsizing or moving to a home short on storage space, MakeSpace will come in handy. Just book an appointment, and its team of professional movers will come to pick up your stuff and haul it off to storage. When you want your items back, schedule a delivery, and the team will return your goods. MakeSpace will bring complimentary supplies, like bubble wrap and free MakeSpace bins.
Meta ( Facebook) Marketplace: If you’ve ever moved you already know that you eventually get to a point where you’ve packed up all the important stuff and would rather just throw everything else in the garbage than wrap it, box it and haul it. That’s no longer necessary because there are people all over your town who will buy your old stuff and they’re on Facebook Marketplace (free, iOS, Android).
MoveAdvisor: MoveAdvisor is another comprehensive moving app allowing you to take inventory, find movers and establish a moving timeline all in one place. The app itself is free of charge to download and use, but you’ll have to pay for any services you book.
Moved: Designed to be your personal moving concierge, Moved manages the entire moving process for you. The app is a one-stop shop for your move. It will organize your move every step of the way, from finding movers, hiring packers and selling unwanted items, to updating your address and even hiring cleaners and painters. The service also helps you find moving professionals, affordable packing materials, and storage facilities
OfferUp: OfferUp is the largest mobile marketplace in the United States to buy and sell goods locally, and you can do so straight from your phone! Just take photos of the items you’re selling, describe the items and set a price. Buyers can message you through the app and make an offer, then arrange to meet you and retrieve the item.
RideShipper: You’ve got a car, bike, boat, or something else you need shipped? With RideShipper you fill in the free vehicle shipping quote and you get almost instantly up to 4 estimates from reputable shipping companies.
Sortly: Sortly is an inventory app built with small businesses in mind, but also great at cataloging all your beloved items and ensuring that they make it to your new home in one piece. Use your smartphone camera to snap images of items and Sortly automatically catalogs them for you. You can add barcode info for additional details and check off items as you’re unpacking.
TaskRabbit: Need someone to help you move, pack, unpack or help with almost any moving-related task you may need? With Taskrabbit you’re able to state the task you need done and get matched with a freelancer (referred to as “Taskers” on the platform) who can do it for you.
TurboScan: One thing you don’t need to haul along to your new home is piles and piles of papers you’ve let stack up over years of home office neglect. You could scan them with your printer, but that would take forever, so download the TurboScan app (free, iOS, Android) and capture perfect scans of every document in mere seconds.
Unpakt: Moving companies are everywhere, but which one will give you the best rate? Get rid of the stress of searching for the best deal and let Unpakt find it for you. Compare prices between a variety of local and reputable moving companies and even contact the mover of your choice right from the app. Unpakt offers a price guarantee that only changes if you add or remove an item or service.
Filed under: apps, Blog, Boca Raton real estate, Down Sizing, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Interior Design, Moving Apps, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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Closing costs are inevitable when you’re buying or selling a property. While they vary from state to state, the amount you’ll pay in Florida depends on both the property and the county it sits in. As a buyer, you’ll have to cover most of the fees and taxes. In Florida, you’ll also have to post a fee for documentary stamps (or doc stamps), which is a percentage of the sales price. Then there are the taxes. You’ll likely be subject to property and transfer taxes.
Neither party is responsible for 100% of the closing costs in Florida, which includes fees, taxes, insurance costs and more. The buyer typically pays between 3% to 4% of the home loan’s value and is responsible for the bulk of the fees and taxes. The seller usually pays between 5% to 10% of the home’s sale price. Closing costs also vary among counties.
Condos are regulated by the Florida Condominium Act. The legislation lays out your rights to the property and gives you an “undivided interest” in all the common areas of the building. You’ll have to pay a monthly maintenance fee or a yearly homeowners association fee to cover the servicing of those areas that fall under the “undivided interest.” The fee isn’t tax-deductible.
If you are getting a mortgage The fees shown on the Good Faith Estimate can be difficult to understand but can be broken down into five sections.
One-time fees
Recurring fees
Lenders typically require an appraisal as part of the underwriting process, before financing a home purchase. Appraisals will vary in price depending on the location and size of the property. The lender hires an appraiser to provide the fair market value of the home, and the buyer pays the lender.
Every lender will charge a mortgage origination fee, which covers their service and administrative costs. The average loan origination fee is 1% of the total loan amount. Buyers should shop for lenders with both experience and low origination fees.
Lenders typically require borrowers to purchase insurance to protect the financial institution from future title claims. This policy is called lender’s title insurance and the cost depends on the location and size of the property.
Owners title insurance protects the Buyer from future claims against the title. The customary party that pays for the Owners Title Policy varies by County in Florida. In Sarasota,Collier, Miami-Dade and Broward County, the Buyer pays for title insurance and chooses the title company. In all other counties, it is the Seller’s responsibility.
During the purchase and sale transaction, your funds will enter a holding account managed by a third party — an escrow company. When the transaction is complete, the escrow representative will disperse your down payment, fees, and loan proceeds to the appropriate individuals.
A home inspection is a common contingency for a home purchase. As the buyer, you can hire an inspector to evaluate the condition of the home and its systems prior to purchase. Home inspection costs vary depending on the size and age of the property. You will pay the inspector for their service out-of-pocket, and this amount is separate from the purchase and sale transaction.
Florida is a Title Theory state and does not require that an attorney be used to close a real estate transaction. Private real estate attorneys, or borrower’s attorneys, are an additional and optional cost for buyers who want a specialist to assist them with contract-related issues or professional advice beyond the scope of their agent’s abilities. Private real estate attorneys charge by the hour or charged a fixed rate for the transaction and rates vary based on their level of expertise and services provided.
During a financed home purchase, several institutions need to process information and create official records.
When locking your interest rate with your lender, you’re allowed to buy down the rate. To do this, you pay “points” — essentially, paying interest in advance. One point is equal to 1% of the loan; but that does not translate to a 1% drop in interest rate. Not all buyers choose to buy down their interest rate, but when they do, the rates vary by lender.
As a stipulation of your financing, you will be required to purchase homeowners’ insurance. You will continue to pay the insurance premium on a yearly or twice-yearly basis directly to your insurer, or monthly via an escrow payment that is part of your monthly mortgage payment to your loan servicer. Homeowners insurance policy fees range based on the amount of coverage and the size of the property.
Your property taxes will be prorated based on your closing date. Some buyers pay their taxes in lump sums annually or biannually. If you don’t pay this way, you might escrow the taxes, which means they would be included as an escrow line item in your monthly mortgage payment to your loan servicer. Property taxes are paid in arrears in Florida.
If your loan amount is more than 20% of the value of the home, you are typically required to pay insurance to protect your lender’s investment. Mortgage insurance is generally escrowed but may vary from lender to lender. Some lenders will also charge a one-time application fee for mortgage insurance.
Depending on the location of your property, you may also be obligated to purchase flood insurance to help protect your lender’s investment. Flood insurance policies range by risk level, based on location and are a Federal Program and the pricing cannot be competitively shopped for.
Cash buyers are still required to pay for things like notary fees, property taxes, recording fees, and other local, county and state fees. Unlike a buyer who is using financing, cash buyers won’t have to pay any mortgage-related fees. But most cash buyers still opt to pay for things like appraisals, inspections, and owner’s title insurance.
Closing costs can vary depending on where you live in Florida, the type of property you buy and how much it sells for. While the seller forks over some money, the buyer pays for the bulk of the fees and taxes, which typically add up to 2.5% of the average sale price depending on the time of year you close ( proration sensitive).
Filed under: 2022 Real Estate, appraisal, Blog, Boca Raton real estate, closing costs, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Homebuyer Advice, Homeowners Insurance, House Closings, Mortgage Information, Mortgage Interest Deductions, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Relocation, South Florida Real Estate, Tax deductions, Title Insurance, Uncategorized by Kim Bregman
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Nationally, expect slower housing price appreciation, easing inflation and rising interest rates in 2022, according to a survey of more than 20 top U.S. economic and housing experts by the National Association of Realtors® (NAR). “Overall, survey participants believe we’ll see the housing market and broader economy normalize next year,” Yun said. “Though forecasted to rise 4%, inflation will decelerate after hefty gains in 2021, while home price increases are also expected to ease with an annual appreciation of less than 6%. Slowing price growth will partly be the consequence of interest rate hikes by the Federal Reserve.”
Fed boosts to interest rates do tend to move rates higher on longer-term loans, such as 30-year mortgages. Yun expects the 30-year fixed mortgage rate to increase to 3.5% as the Fed raises interest rates to control inflation but noted this is lower than the pre-pandemic rate of 4%.
In South Florida Home prices are projected to continue to grow, but slower than the past year. “We don’t expect to see the same price appreciation we had last year, though we don’t expect to see a decline in pricing,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University. A Realtor.com forecast predicts that South Florida housing prices may rise almost 6% over the next year, while a Zillow forecast predicts that home price appreciation could shoot up by 15%.
A few factors are going to cause slower price growth: more inventory as sellers try to capitalize on the hot market, new developments hitting the market and an increase in mortgage interest rates. Demand from foreign and out-of-state buyers will continue to drive South Florida’s housing market, but experts also expect new inventory to alleviate some of the pressure that has been fueling the pandemic-era housing boom.
Experts say the market will still favor sellers, as demand and limited inventory will keep the balance in their favor. Bidding wars and multiple offers on homes will probably still be a common.
The supply chain issues, and lack of labor will continue to lead to increased construction costs and thus higher prices for buyers.
Filed under: 2022 Real Estate, Blog, Boca Raton real estate, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Boca Raton real estate, Down Sizing, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home decorating, Homebuyer Advice, Interior Design, Real Estate, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Home Buyer Advice, Home Buyers, home Inspections, Home Maintenance, home safety, Homebuyer Advice, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate, Uncategorized, What Buyers Should Check When Buying an Older Home by Kim Bregman
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Filed under: appraisal, appraisal gap, appraisal gap coverage clause, Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, real estate news, South Florida Real Estate, Uncategorized by Kim Bregman
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Filed under: Blog, Boca Raton real estate, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Boca Raton real estate, contracts, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, House Closings, International Home Buyers, International investors, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Relocation, Retirement, South Florida Real Estate, Title Insurance by Kim Bregman
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The Florida Realtors Association asked construction specialists and attorneys about the questions we should all be asking about the condition of our living spaces and what kinds of updates they need as they deteriorate from heat, humidity, hurricanes and climate change.
What kinds of questions should condo owners, likely with little knowledge of building construction, be asking now?
Ask about the age of your building, when the last inspection was and what kinds of repair work are planned in the near future, said Boca Raton, Fla., attorney Peter Sachs, who is certified in condominium and planned development law. You will also want to know how much money is in the building’s reserve fund and if and when an extra financial assessment is coming, he said.
You have the right to inspect your building’s records, which would include finances and repair work. Florida law requires that condos maintain their official records for seven years.
Who’s at fault when there’s a serious structural problem in a building? Is it the architects, the builders, the engineers, the inspectors or city officials? Or all of the above?
The architect, builder and engineer are all potentially culpable, as is the condo board if they do not act to fix the problem.
The architect would be responsible if there is a serious design flaw, and the engineer if the calculations, supervision or drawings are deficient. The builder would be to blame if corners were cut on materials or if construction failed to comply with the building code. The builder may also be liable for the failings of the architect or engineer.
The board, too, has obligations to residents. “The board has a fiduciary duty to act in the best interests of the unit owners. If the board is negligent and fails to act, or unduly delays, it may be held liable,”.
How often should structural engineers inspect high-rise buildings?
Miami-Dade and Broward counties require inspections when a building turns 40, but there’s no similar mandate in the rest of the state. The boards that supervise the buildings should take the initiative and conduct a thorough inspection at least every 10 years, and more often is better, said Yaniv Levi, president of Coast-to-Coast General Contractors in Hollywood, Fla. “It would behoove the association to do it yearly or bi-yearly,” he said. And he recommends the building get a new coat of paint, which also serves to weatherproof it, every seven to 10 years.
How quickly should buildings fix leaks and other water intrusions?
Immediately, Levi said. “As soon as the leak is identified, they should find the source of the intrusion,” he said. “If you catch it early, it won’t develop into something major.”
How can I find out if my building was constructed under the highest safety codes?
If it was built in 2002 or later, you should have the best building codes or close to it. If your building was constructed before 2002, it likely does not meet the highest standards unless it was damaged by a storm and had to be upgraded.
After Hurricane Andrew in 1992 mowed down entire blocks of cheaply built houses, Florida adopted a statewide building code that has become a national model. When Hurricane Wilma struck Fort Lauderdale 13 years later, new downtown buildings, such as the 42-story Las Olas River House, held up well. Older buildings constructed before the building code sustained severe damage.
What should owners do if they believe their board is ignoring a safety issue?
You should ask to have the issue brought up at the next board meeting, said Hallandale Beach, Fla., attorney Larry Tolchinsky. “Get it on the record that the board is ignoring the issue,” he said. “Thereafter, file a lawsuit against the board.” Call the local building or code enforcement department to report your concern and put it in writing; if you can afford it, you may want to hire your own engineer.
It is imperative that condo owners exercise their rights and responsibilities. They should attend meetings, they should ask questions of their board, they should be prepared if reports have been issued. If you feel the board is not doing enough, you can ask for a special meeting to be called, board members to be removed, or go to court and seek an injunction to require the board to take certain actions.
If you believe a code violation isn’t being addressed, let your city or township know. It can issue citations to press for the work to get done.
Should condos have rainy-day accounts to pay for property improvements?
There’s often resistance from condo owners when a board of directors wants to add to the monthly maintenance fees, said West Palm Beach, Fla., attorney Michael Gelfand, who is certified in condominium, planned development and real estate law. Condo associations are required by law to budget for reserve accounts for repairs of significant components, such as painting/waterproofing, roofs and paving, but frequently owners vote down these budgets as well as expensive structural work.
These repairs are often expensive. In emails released by the town of Surfside, an engineer said Champlain Towers South, the collapsed building, needed to spend about $16 million to repair cracked columns and crumbling concrete.
Beyond the legally required reserve accounts, boards of directors take an assortment of approaches. Some have no reserves at all, while others have accounts dedicated to repairs needed every five to 10 years, said Mike Ryan, a Fort Lauderdale attorney and mayor of Sunrise.“ Some condos cater to people with fixed incomes. It’s difficult for them to suddenly get hit with an assessment,” Ryan said. “It’s up to the board how they want to handle this. It’s wise for them to put aside money. If you defer too long, it becomes too costly.” The best strategy for the condo board is often to take the monthly maintenance fees and set aside some of that money for a rainy day fund, he said. This will lessen the financial impact on individual owners when a sudden major repair is needed, and the board must ask each homeowner for money.
What if an owner can’t afford the assessment?
“It’s like a lifeboat,” Gelfand said. “If you can’t pull your weight, you’re off.” The association may foreclose on your unit. Otherwise, their accounts will run a deficit and they won’t be able to pay the bills. Sometimes the association will borrow money from a bank to pay for these large expenditures, Tolchinsky said. “For those unit owners that can’t afford to pay, the association will likely spread the payments over time,” he said. “Up to 10 years in some cases.”
In terms of safety, is it better to live on a high floor or a low floor?
“In my personal opinion there are risks in both cases,” Tolchinsky said. “Living on the ground floor can have flooding issues. Perhaps issues with crime. Higher floors take longer to escape from the building and they have wind issues.”
Is it going to be harder to find concrete repair firms now that everyone is thinking about these questions?
“Perhaps, but my belief is the collapse was more complicated than just issues related to concrete repair,” Tolchinsky said. “Certainly, the cost of having a firm perform these repairs is going to skyrocket. This is based on the level of data and certifications that will likely be needed to be provided to boards and governmental agencies to perform this work. Also, the high demand for building materials and the lack of skilled workers given the tight labor market will make it harder to find concrete repair firms.”
An Exclusive Buyer Agent has a fiduciary duty to the Buyer who is their CLIENT and not their customer as with transactional agent. They will work for you to get all the answers you need to make a valid and informed purchase decision.
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