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Below is a list of some of the most common issues that arise when applying for a mortgage: Taxes & Insurance – make sure to find out what the lender is using for taxes, insurance, and association dues when looking at properties to ensure accuracy. If they come in higher than what is being used the loan can be denied. Seller Seasoning – Some lenders require that the Seller own the property for at least 90 days unless it was a bank disposition company. On an FHA loan if the property is being sold between 91-180 days for more than 100%…

There is good news for military personnel who own Florida real estate. Voters in the sunshine state approved a constitutional amendment during the November elections that will allow service members to save on their property taxes. According to a Jacksonville.com, article, service members deployed outside the U.S. who are part of Operation Enduring Freedom, Operation Iraqi Freedom or Operation New Dawn may take advantage of the tax exemption. In order to receive the benefit, military members must file with their county’s property appraiser. It is reported that approximately 150 Duval County residents have applied for the exemption as of mid-June. The…

Below is a list of some of the most common issues that occur when applying for a mortgage: Taxes & Insurance – make sure to find out what the mortgage person is using for taxes, insurance, and association dues when looking at properties because this can cause a loan to be denied if they are higher. Seller Seasoning – If the seller hasn’t owned the property for at least 90 days some lenders will not allow that on FHA or Conventional loans unless it was a bank disposition company. Also, on an FHA loan if the property is being sold…

Most people don’t give much thought to their homeowner’s insurance policy unless a tree punches a hole in their roof or they come home from vacation to find that the basement has been flooded. While 96 percent of homeowners have insurance, 64 percent of homes are undervalued for insurance purposes, according to a 2008 study by Marshall & Swift, a research firm. You should review your policy periodically to make sure you could recover from a catastrophe (tornado, flood, hurricane, earthquake) and that your policy covers these types of natural disasters. Typical homeowners coverage falls into three categories: Replacement Cost: This covers…

This second wave of foreclosures combined with the fact that many people’s 401(k)s have bounced back with the stock market, and most economists agree that the bottom of the recession has hit means that competition for these foreclosed homes is, in many cases, fierce. There’s a renewed, final dash to get in on what some perceive as the best real-estate deals they’ll get in awhile. But how do you know which foreclosure is a good buy, and which to walk by? Here are some tips to help guide you through the selection process: Get it checked out by a…

While buying a home is a huge financial expenditure, homeowners need to keep in mind that the spending doesn’t stop once the home is purchased. Whether you are moving into a new or old home, homeowners need to be aware of the ongoing maintenance that any home requires. Dan Steward First, buyers should understand the 1% rule. This rule postulates that normal maintenance on a home is about 1% of the value of the home per year. For example, a $250,000 home would require $2,500 per year to maintain. This would be enough to replace the roof covering and then,…

Buying and owning a home is a big expense — besides the purchase price, there are the property taxes, heating and cooling costs, maintenance expenses…the list goes on. But the good news is that there are tax savings available to homeowners. Read on to find out about some of the top tax deductions and credits available to those who own a home. Mortgage interest and points Most homeowners can deduct the interest paid on their mortgage as an itemized deduction on Internal Revenue Service form 1040, Schedule A. (Deductions reduce your adjusted gross income when computing your taxable income.)…

Home values have dropped substantially across the nation, making it hard for consumers to understand why home insurance costs have increased 40%-50% during the same period. Florida one of the top three most expensive states to insure a home ( along with Texas and Louisiana); the average policy costs about four time that of the cheapest states, Idaho, Utah and Oregon. Some of the best ways to reduce your costs are to shop around for coverage and increase the deductibles on your policy. The most common deductible is $500, but raising it to $1000 or $2,500…

What many potential buyers in North Carolina do not know is that upon first substantial contact every single real estate broker should present them with the Working With Real Estate Agents Brochure. Â This is a mandate from the North Carolina Real Estate Commission. This is our governing body here in North Carolina and not negotiable. To briefly outline the brochure it is designed to familiarize the potential buyer with the types of agency agreements that are allowed in North Carolina. As we all know real estate laws can be different from state to state. So this is North…