Florida, Georgia and North Carolina residents affected by Hurricane Matthew will begin surveying damages to their property and belongings.

Florida Chief Financial Officer Jeff Atwater and Insurance Commissioner David Altmaier put together the following tips to help Floridians begin the process of filing insurance claims for damaged property and belongings and this may prove useful to residents in other states as well:

Tip 1: Locate all applicable insurance policies. This may include a homeowners’ policy, flood policy (flood coverage is not covered under a typical homeowners’ policy and is separate coverage), and an automobile policy (may cover damage to your car from flooding).

Tip 2: Document all damaged property and belongings. Take photos or shoot video footage before attempting any temporary repairs. When you file an insurance claim, you may be asked for visual documentation of damages.

A photographic home inventory is a handy resource for this situation. A free smartphone app developed by the National Association of Insurance Commissioners called “MyHome Scr.APP.book” can help you take and store a room-by-room log of photos.

Tip 3: Contact your insurance company or insurance agent as soon as possible to report damages.Insurance policies require prompt reporting of claims, so it is important to act as soon as possible.

Tip 4: Cover damaged areas exposed to the elements to prevent further damage. Your insurance company may reimburse the expense of these temporary repairs, so keep all receipts.

Do not dispose of any damaged personal property until your insurance company adjuster has had an opportunity to survey it.

Florida consumers who have questions about their insurance coverage are encouraged to call CFO Atwater’s Department of Financial Services, Division of Consumer Services’ Insurance Helpline. Helpline experts can be reached by calling 1-877-MY-FL-CFO (1- 877-693-5236), or online at: myfloridacfo.com/hurricanematthew.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Insurance Claims, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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As Hurricane Matthew churns through the Atlantic with a possible landfall in Florida, the Property Casualty Insurers Association of America (PCI) urged property owners to take some basic precautions to protect themselves and their belongings.

“With the potential for Hurricane Matthew to hit somewhere along the East Coast, the Governor has issued a state of emergency for all 67 counties in Florida,” says Logan McFaddin, PCI Florida regional manager. “This caliber of a system could bring major flooding and damages along Florida’s East Coast.”

In addition to making sure residents have emergency kits and plans ready, PCI urges residents and business owners to take precautionary measures to prevent damage to vulnerable property. Flooding from storm surge during hurricanes and tropical storms can be especially dangerous for residents along the coast and further inland. PCI recommends that homeowners who sustain damage report it as early as possible to their insurance company.

McFaddin says flood insurance is advisable, but “there is typically a 30-day waiting period between the date of purchase and when flood coverage will go into effect.”

PCI hurricane precautions

Review your property insurance policy, especially the “declarations” page, and check whether your policy pays replacement costs or actual cash value for a covered loss.

Inventory household items, and photograph or videotape them for further documentation. Keep this information and insurance policies in a safe place.

Keep the name, address and claims-reporting telephone number of your insurer and agent in a safe and easily accessible place.

Protect your property by covering all windows with plywood or shutters, moving vehicles into the garage when possible, and placing grills and patio furniture indoors.

Keep all receipts for any repairs so your insurance company can reimburse you.

Check with your insurance adjuster for referrals to professional restoration, cleaning and salvage companies if additional assistance is needed.

Make sure watercraft are stored in a secure area, like a garage or covered boat dock. A typical homeowners policy will cover property damage in limited instances for small watercraft, and separate boat policies will provide broader, more extensive property and liability protection for larger, faster boat, yachts, jet skis and wave runners.

There will certainly be an extended period with power outages.  After the storm, empty out your freezer and refrigerator of all perishable items and put in covered trash receptacles.  Unplug all appliances and electronics since there will certainly be surges when power is restored.

Be mindful of downed power lines when going outside after the storm.  Broken branches can also be dangerous and will continue to fall given the winds and rain that follow the storm.  Remove debris from your property to ensure continued safety.

Filed under: Blog, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, real estate news, South Florida Real Estate by Kim Bregman
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The Federal Reserve kept the benchmark rate unchanged on September 21st, in a divided vote that alludes to the possibility of a hike before the end of the year.

“The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”

“Our decision does not reflect a lack of confidence in the economy,” Fed Chair Janet Yellen said in a press conference, later adding, “We’re generally pleased with how the U.S. economy is doing.”Today’s action was largely expected by analysts as policymakers stood fast this summer, despite initially forecasting four hikes this year. The federal funds rate informs the trajectory of mortgage rates, which remain at historic lows.

Perhaps no sector has benefited more from ultra-low rates than housing, which was devastated by the real estate crash. Home sales are expected to total about 5.7 million this year, up from 5.4 million in 2014 and 4.6 million in 2011. The recovery can at least partly be traced to 30-year fixed mortgage rates that remain below 4%, down from about 6% in 2008, keeping borrowing costs low for buyers.

But today’s housing market is supported by far more than low mortgage rates — namely steady job and economic growth. What’s more, 30-year mortgages are priced off 10-year Treasury note yields, which do rise as short-term rates climb, but not as steeply.

Doug Duncan, chief economist of Fannie Mae, the giant government-sponsored funder of mortgages, expects this week’s Fed hike of a quarter of a percentage point to have virtually no immediate impact on Treasury or mortgage rates, noting markets already have priced in the move. Assuming the Fed raises its rate by a percentage point over the next year, Duncan expects 30-year mortgage rates to drift from 3.9% to 4.1% during the period. That would boost the monthly cost of a typical $225,000 mortgage by $26 to $1,454 — not enough to deter most buyers.

Adjustable-rate mortgages, many of which are modified annually, could increase about twice as rapidly, by about a half a percentage point. Yet as long as job growth and aggregate U.S. incomes increase proportionally, Duncan expects any market impact to be modest. A far bigger restraint on home sales, he says, is a limited supply that should push up prices by nearly 5% both this year and in 2016. As a result, Duncan expects home sales to increase 4% in 2016, down from 8% this year, with higher rates holding back 1% to 2% of deals.

“As long as the rate rise is gradual, I don’t see it as a hugely important factor,” he says.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Kim Around the Web, Mortgage Information, Real Estate, Real Estate Closings, real estate news by Kim Bregman
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Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Kim Around the Web, Real Estate, real estate news, Real estate trends, Relocation, South Florida Real Estate, western north carolina real estate by Kim Bregman
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When buying a home, most people focus on how much the home costs and what interest rate they can get on the loan. While understanding the lending process is very important, the other fees that home buyers overlook when it comes to their home purchase.

There are some fees that will require up-front payment. Other fees may be rolled into the loan for your home. It’s important to understand the difference and know what you’ll be expected to pay.

Earnest Money Deposit

To prove you’re “earnest” in your purchase commitment, a buyer can expect to deposit to a trust account 1% to 2% of the total purchase price as an earnest money deposit within days of entering into a contract.This amount can change depending on market factors. If demand in your area is high, a seller could expect a larger deposit. If the market is cold, a seller could be happy with less than 1%.

Other governing factors like state limitations and rules can cap how much earnest money a seller can ask for.

Escrow account

An escrow account is basically a way for your mortgage company to make sure you have enough money to cover related taxes, insurance and possibly mortgage insurance. The amount you need to pay varies by location, lender, and loan type. It could cover costs for a few months to a year.

If you only provide a small down payment, you may be required to purchase private mortgage insurance. Private mortgage insurance, commonly referred to as PMI, is typically provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults.

Sometimes this means you are required to pay a full year’s worth at time of purchase, or it will be rolled into your monthly payment.

Escrow accounts are common for loans with less than a 20% down payment and mandatory for FHA loans, but it’s not required for VA loans.

Origination Fees & Points

The origination fee is the price you pay the loan officer or broker for completing the loan, and it includes underwriting, originating, and processing costs.

The origination fee is a small percentage of the total loan. A typical origination fee is about 1%, but it can vary. You should shop lenders for more than interest rate, but all of the fees associated with the loan.

Inspections

You want to be assured your new home is structurally sound and free of defects before you complete the purchase. Those assurances come with a price.

• Home inspection: This is critical for homebuyers. A good inspector will be able to notify you of structural problems, defective applianes, leaks, and other potentially serious problems. Expect to pay $300 to $800 for a home inspection, although cost varies by location and the size of the home and how many stories it is.
• Radon inspection: An EPA-recommended step, this inspection will determine whether your prospective home has elevated levels of the cancer-causing agent radon. A professional radon inspection can cost several hundred dollars.
• Pest inspections: Roaches are one thing. Termites or wood fungus are a whole different story. Expect to pay up to $150 for a Wood Destroying Organism inspection.

Attorney

Some states, such as North Carolina, require an attorney to be present at closing. In other states, such as Florida, this is optional. If you use a lawyer, expect to cover the costs, which vary by area and lawyer and what the attorney is being asked to do.

Credit check

Just because you can get your credit report for free doesn’t mean your lender can (and they will actually pull all three). You have to reimburse the lender, usually around for these reports that usually run about $30.

Insurance

If you live in a hazard-prone area, you might need to purchase extra insurance in addition to homeowners insurance, these can include wind and flood. Lenders will require that you purchase the required insurance to protect their investment. If you are a cash buyer, you have the option of buying insurance or self-insuring. Make sure you understand the risks.

Appraisal

Your lender will not approve a loan for a home without knowing what its fair market value is. They will determine this value based on an appraisal.  Appraisal costs vary by market area and the size and complexity of the property. An appraisal will typically cost $250 to $1000.

Title Insurance

Title insurance covers you in the unlikely case that the person who sold you the house didn’t actually own it or if information on the title was false. Typically this is verified before the purchase of your home, but this insurance protects the lender or the buyer against loss arising from disputes over ownership of a property.

The lender will require you to have title insurance for the value of the loan. You are also required to have title insurance on the value of the property. Whether the buyer or seller pays for this is area specific and is a protocol not a mandate and can be negotiated as a condition of the contract.

Survey

A survey is not required in all instances, but your lender may require a professional surveyor to determine exactly where your property lines are drawn. Your attorney will also review the survey to ensure that there are no encroachments. Prices vary widely, but expect to pay at least $100.

Document preparation fees:

The lender, broker, Title Company or closing attorney will usually have a fee to cover the preparation of the required documents for the loan and closing paperwork. These fees are typically rolled in closing costs for the home and may be covered by either the homebuyer or seller.

State Recording Fees:

Depending on where you live, there may be a fee required for recording and holding the information regarding the sale.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, real estate news, Real estate trends, Relocation, South Florida Real Estate, Title Insurance, western north carolina real estate by Kim Bregman
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Florida’s housing market reported higher median prices and fewer days to a contract in June, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 27,086 last month – slightly higher (0.4%) than the June 2015 level of 26,973 closed sales.

“Florida’s housing market is experiencing tight supply and pent-up demand.  That is affecting the pace of sales and putting pressure on statewide median prices. Florida’s economic growth, rising jobs outlook and acclaimed quality of life continue to draw new residents eager to call the Sunshine State home.

Home sellers continued to get more of their original asking price at the closing table in June: Sellers of existing single-family homes received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $225,000, up 10.8 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $164,000, up 8.6 percent over the year-ago figure.

In June, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 55th month in a row.  According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in May 2016 was $241,000, up 4.6 percent from the previous year the national median existing condo price was $229,600.  In California, the statewide median sales price for single-family existing homes in May was $518,760; in Massachusetts, it was $353,000; in Maryland, it was $282,257; and in New York, it was $212,500.

Short sales for townhouse-condo properties declined 43.2 percent while short sales for single-family homes dropped 37.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Much of 2016’s slowdown in sales growth is due to the dwindling inventory of distressed properties throughout Florida,” said Florida Realtors® Chief Economist Brad O’Connor. “In June of last year, about 20 percent of sales across all property types were of the distressed variety. This June, by contrast, only 10 percent of sales were distressed. These declines are not due a lack of demand, but rather, a clear lack of supply. Florida’s distressed properties continue to slowly but surely work their way through the pipeline.

“If distressed properties are taken out of the equation, sales growth among non-distressed properties – the traditional market – remains quite strong. Non-distressed single-family home sales were up 13 percent year-over-year in June, while non-distressed sales of townhouses and condos rose by 7.6 percent.”

Inventory was at a 4.3-months’ supply in June for single-family homes and at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, House Closings, Real Estate, Real Estate Closings, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Buying a home is a major lifestyle and investment decision. Homebuyers have a lot of questions throughout every step of the process and I have found that many of the questions are common to many. Here are some answers to the most common questions I get asked.

Q: What home can I afford?

That depends, of course-on your income and other financial obligations. There are many Home Affordability Calculators for a ballpark figure. A visit to the Optima Properties website will offer you many tools under the  Finance Center!

Before you start to shop, make sure that you know exactly what you can afford by getting pre-qualified by your financial institution of mortgage broker.

Q: Can I buy a home and sell my current one at the same time?

Yes, you can-but it’s the real estate equivalent of walking a tightrope. This is one of the trickiest questions to answer, on the one hand, if you buy a home before you sell the one you’re in, you’re overextended financially; if you sell before you buy, you might need to rent a while before finding a new place. There are ways to do both at once, and one option is to request a “sale contingency” in your contract. This means you only agree to buy a home if you can sell the one you’re in. The only downside is if your seller doesn’t agree and will not agree to this condition….it never hurts to ask!

Q: How many homes should I see before making an offer?

As many as you need to!  While home shoppers these days can look at hundreds of homes online, most need to physically visit the area and stand in the properties before they put in an offer. Keep in mind, this varies tremendously for each person. Some people find their home within hours of looking or make an offer sight unseen because they have definitively defined their criteria. For others, it takes months and sometimes over a year if they are trying to determine the area, lifestyle, and type of home that meets their requirements.

Q: What do you think the seller will accept as a fair price?

As a rule of thumb, knocking 5-10% off the list price

won’t ruffle any feathers for an initial offer. If the property has been sitting on the market for months, you can venture below that, but the bottom line is, you never know how low a seller will go, as they have different motivations for selling.  Your Exclusive Buyer Agent should develop a Comprehensive Market Analysis to determine the market value of the property. This should be your guideline as to how much to offer and how high to go.

Q: How do I know if the property is a good deal?

While there’s no crystal ball on whether a certain home is a bargain and will appreciate, rest assured that with research, you can keep surprises to a minimum. The best way is to check out comps-what similar properties are selling for in the area.

Q: How quickly can I close?

If you are paying cash you can typically close in the time it takes to get the home inspected and have a lien, permit, and title search conducted. The new TRID requirements for home loans have extended the time required to get a mortgage.  I advise all my buyers to not commit to a closing for less than 60 days from the effective date of the contract.

Q: Should I get a home inspection?

My only answer to this question is YES, YES, YES! A certified and licensed home inspector ( not your father in law) will look into the condition of the roof, electricity, heating and air, plumbing, among other functions and conditions of the property.  Even if you are just purchasing land you should check for soil contamination, septic perkability, etc.

Q: Can I back out if I change my mind?

While buyers can always back out of a deal, doing so without good reason may forfeit their earnest money and full deposit.  The form of contract you choose to use may provide you with different outs. Contingencies are great “escape clauses. For example, if you enter into an AS IS contract upon an unsatisfactory home inspection, the buyer can ask for their deposit back. Another contingency is “subject to appraisal.’” That means you can back out if the appraisal either ordered by your closing agent or your lender results in a valuation that is less than the agreed to purchase price.
Bear in mind that the more contingencies you include in your offer the less room you have to negotiate other terms and conditions of the contract with the Seller.

There is not question to small or unimportant when purchasing a home.  There is a wealth of information available and your agent should assist you in getting your questions answered in a timely manner.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, real estate news, Real estate trends, Relocation, Retirement, western north carolina real estate by Kim Bregman
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Rounding out the top five for 2016 after Florida were Wyoming, South Dakota, South Carolina and Colorado.

At the bottom? Vermont, Connecticut, Hawaii, Washington D.C. and Rhode Island.

Here are the top six reasons why Florida is the best place to retire, according to WalletHub.

Hole in one!
From Seminole Golf Course in Juno Beach (the state’s top ranked links, according to GolfDigest) to Trump National Doral, Florida has the most golf courses per capita in the nation.

Company
Looking for new friends? You won’t be lonely in the Sunshine State, which has the highest percentage of people aged 65 or over of any state.

Out on the town
It’s not Broadway, but theatergoers in Florida have more and better options than ever before. The state has the sixth-most theaters per capita in the U.S.

Help at home
The cost of hiring a nurse and other in-home help can break the bank for many seniors. But Florida has the eighth-lowest cost of in-home services of any state.

Low taxes
Many retirees don’t realize they may need to pay federal and state taxes on Social Security income and withdrawals from IRA and 401(k) funds. Florida’s low taxes make it the 10th-best state for retirees come tax season, according to WalletHub.

A night at the museum
Miami’s burgeoning cultural scene means locals don’t have to travel to New York for their museum fix. From the Pérez Art Museum Miami to the under-construction Patricia and Phillip Frost Museum of Science to HistoryMiami, South Florida museums are on the upswing. Nationwide, Florida has the 15th-most museums per capita.

So what are you waiting for? Florida is calling.

Miami Herald, Written by Nicholas Nehamas

Filed under: 20 Blogs, Blog, Down Sizing, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, real estate news, Real estate trends, Relocation, Retirement by Kim Bregman
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It’s not too early to file for a property tax exemption for next year;  filing now
will allow Florida  property owners to beat the rush that normally occurs early in the year
as people try to beat the March 1 deadline.

Any Florida property owner with legal title to a home and who uses it as his or 
her permanent, primary residence by Jan. 1 is eligible for this exemption.   Homeowners
making their first claim at this time should contact their respective county property
appraiser’s office to find out how best to file for the exemption — many offices
offer applications online or will mail applications to residents. Homeowners may
also file for a homestead exemption in person, bringing along the deed to their
property or a property tax bill — something to prove they own the home. Most property
appraisers’ offices will accept applications for homestead exemption until the March
1 deadline. Please call your local county property appraiser’s office to find out
more.Visit the link found on my web site for contact information.

https://www.optimaproperties.com/south-florida-resources

Here are the criteria to see if you qualify and the documentation you will need 
to provide along with your application:

$25,000 Homestead Exemption

Every person who has legal or equitable title to real property in the State of Florida
and who resides thereon and in good faith makes it his or her permanent home is 
eligible to file for Homestead Exemption. First time applicants are required to 
furnish their social security number, and should have available evidence of ownership(
i.e., deed, contract, etc. )  If title is held by the husband alone, a wife may 
file for him, with his consent, and vice versa. If filing for the first time, be
prepared to answer these and other questions:


1. In whose name or names was the title to the dwelling recorded as of January 1st?
2. What is the street address of the property?
3. Are you a legal resident of the State of Florida? (A Certificate of Domicile 
or Voter’s Registration will be proof if dated prior to January 1st.)
4. Do you have a Florida license plate on your car and a Florida driver’s license?
5. Were you living in the dwelling which is being claimed for homestead exemption
on January 1st?

Additional $25,000 Homestead Exemption for persons 65 and older

Every person who is eligible for the homestead exemption described above is eligible
for an additional homestead exemption up to $25,000 under the following circumstances:
(1) the county or municipality adopts an ordinance that allows the additional homestead
exemption which applies only to the taxes levied by the unit of government granting
the exemption; (2) the taxpayer is 65 years of age or older on January 1 of the 
year for which the exemption is claimed; (3) the annual household income of the 
taxpayer (defined as the adjusted gross income as defined in s. 62, United States
Internal Revenue Code of all members of a household) for the prior year does not
exceed $20,000 (beginning January 1, 2001, this income threshold is adjusted annually
by the percentage change in the average cost-of-living index); and, (4) the taxpayer
annually submits a sworn statement of household income to the property appraiser
not later than March 1.

$500 Widow’s Exemption

Any widow who is a permanent Florida resident may claim this exemption. If the widow
remarries, she is no longer eligible. If the husband and wife were divorced before
his death, the woman is not considered a widow. You may be asked to produce a death
certificate when filing for the first time.

$500 Widower’s Exemption

Any widower who is a permanent Florida resident may claim this exemption. If the
widower remarries he is no longer eligible. If the husband and wife were divorced
before her death, the man is not considered a widower. You may be asked to produce
a death certificate when filing for the first time.

$500 Disability Exemption

Every Florida resident who is totally and permanently disabled qualifies for this
exemption. If filing for the first time, please present at least one of the following
as proof of your disability: A certificate from a licensed Florida physician or 
a certificate from the United States Department of Veterans Affairs.

$5000 Disability Veteran

Any ex-service member disabled at least 10% in war or by service-connected misfortune
is entitled to a $5000 exemption. If filing for the first time, please present a
certificate from the United States Government.

$500 Exemption for blind persons

Every Florida resident who is blind qualifies for this exemption. If claiming exemption
based on blindness, a certificate from the Division of Blind Services of the Department
of Education or the United States Department of Veterans Affairs or the Federal 
Social Security Administration certifying the applicant to be blind is required.
“Blind person” is defined as an individual having central vision acuity 20/200 
or less in the better eye with correcting glasses, or a disqualifying field defect
in which the peripheral field has contracted to such an extent that the widest diameter
or visual field subtends an angular distance no greater than twenty degrees.

Service-connected total and permanent disability exemption

Any honorably discharged veteran with a service-connected total and permanent disability,
surviving spouses of qualifying veterans and spouses of Florida resident veterans
who died from service-connected causes while on active duty as a member of the United
States Armed forces are entitled to an exemption on real estate used and owned as
a homestead less any portion thereof used for commercial purposes.

Persons entitled to this exemption must have been a permanent resident of this state
as of January 1st of the year of assessment.

Under certain circumstances the benefit of this exemption can carry over to the 
veteran’s spouse in the event of the veteran’s death. Consult your appraiser for
details.

If filing for the first time, please bring a certificate from the United States 
Government or United States Department of Veterans Affairs as your proof of a service-connected
disability or death of your spouse while on active duty.

Exemption for totally and permanently disabled persons


1. Any real estate used and owned as a homestead, less any portion thereof used 
for commercial purposes by any quadriplegic shall be exempt from taxation.
2. Any real estate used and owned as a homestead, less any portion thereof used 
for commercial purposes, by a paraplegic, hemiplegic or other totally and permanently
disabled person, as defined in Section 196.012(10), F.S., who must use a wheelchair
for mobility or who is legally blind, shall be exempt from taxation.

Persons entitled to the exemption under number two (2) above, must be a permanent
resident of the State of Florida as of January 1st of the year of assessment. Also,
the prior year gross income of all persons residing in or upon the homestead shall
not exceed the amount of income, set forth in section 196.101(4), F.S., adjusted
annually by the percentage change of the average cost of living index issued by
the United States Department of Labor. Gross income shall include United States
Department of Veterans Affairs benefits and any social security benefits paid to
the person. A statement of gross income must accompany the application.

If filing for the first time, please bring a certificate from two (2) licensed doctors
of this state or a certificate (per s. 196.091, F.S.) from the United States Department
of Veterans Affairs.

_____________________________

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Kim Around the Web, Real Estate, Real Estate Closings, real estate news, Real estate trends by Kim Bregman
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Buying a house is a difficult process — there are large sums of money involved, the transaction costs and hassle of moving mean that you can’t just buy another house if you don’t like the one you end up with. The best you can do is to educate yourself in all aspects of the house hunt, keep a clear head, and buy a house that best fits your criteria.

There are plenty of articles full of useful tips for first-time homebuyers. I am not going to repeat them. Instead, I will list the lessons I have learned over the past 30 years of working exclusively with buyers that are not often covered.

Think long-term and think re-sale: Are you planning to have kids? Will you be taking care of elderly relatives? You might be planning to live in your first home for only a few years or plan on using it as an income producing property. In that case, who is your target audience when it comes time to sell or rent the house? If you buy a house in a very bad school district or a house with all the bedrooms upstairs when you are ready to sell the house, you will be narrowing the field of potential buyers.

Make a list of items to check when looking at properties: Home-buying is an emotional process. Ideally, you should set aside all your emotions when evaluating a house. Practically, that is impossible. Instead, make a checklist of your must-haves, nice-to-haves or absolutely nots. Then print copies of this checklist or keep it on your tablet. Every time you visit a house, take the checklist along with you; take photographs so you can cross each item off your list. If you fall in love with the house aesthetics but find your checklist shows that the house has none of your must-haves, it will at least make you pause and think.

All the old advice about buying your first home is true. Some examples — have an emergency fund, save for a down payment of 20 percent and closing costs, get your credit into a better shape, and don’t buy more than you can afford.  When budgeting for the house, don’t stop with principal, interest, taxes and insurance; add in utilities, cost of commuting and upgrades and replacement costs for aging roof or appliances. Ask the seller for copies of the utility bills and inquire of the utility companies about budget plans. Will the gas budget for your car go up if you are moving further away from the places you frequently visit? Budget all of these expenses and see if you can still afford the house.

Get Pre-approved:  Why would you want to waste time looking at houses you can’t afford?  Doing the pre-approval process ahead of time is vital. If there is something negative on your credit report, it’s best to find it early in the process, so you have time to correct it.

Ask for the homeowners and condo association documents before you make a decision: If your long- range plan is to rent out the house once you move, then you better insure that there are no rental restrictions that would preclude you from your desired goal. Thoroughly understand the Covenants and Restrictions of any area you are purchasing to ensure that they are in keeping with your lifestyle.

Be sure to read your contract before you sign it: A house is probably the largest purchase you will ever make in your life, so make sure you understand the terms of your contract. If you don’t understand any of the terms, ask your mortgage broker and your real estate agent. Either should be fully knowledgeable to address your contractual questions. I strongly advise that you retain an attorney to handle your closing, review title and loan documents, note title objections, and hold your deposit monies.

Learn about the neighborhood demographics: Do you have kids and are looking at homes without young families?  Are the majority of the residents renters and not homeowners? Define the type of neighborhood you want to live and make this one of your top priorities on your checklist.

Look beyond the staging: The psychology of staging does work; staged houses look far better than houses that are still being occupied. When you are considering a house, mentally try to remove the staging. Pay more attention to the layout of the house and the structure itself. Ugly wallpaper and paint can be easily fixed later.  Does your furniture fit the scale of the room?  Does the house have a functional kitchen?

Indecision:  Ever heard of the saying “Curiosity killed the cat”? Well, here’s another one, “Indecision killed the deal.” Not moving on a house fast enough and taking too much time to make a decision on buying the house is common as well. This indecision gives someone else the opportunity to scoop ups that home before you have a chance to make an offer.  A multiple offer situation is good for the seller, but not so much for the buyer. In this competitive real estate market with low inventory and high buyer turnout, you need to move quickly in order to get the house that you want.

Only checking online sources for mortgage rates and available homebuyer programs?  As much as everyone loves to do everything from their computer or smartphone today, this is one thing that should be done in person or with a phone call. It is always best to call a local mortgage lender and sit down in person with them to talk about the most current rates and programs available. Many of the lenders that you find online are not local and only have teaser rates on their websites. If you choose a mortgage lender that doesn’t have a local presence, a lot can change once they get the paperwork in front of them at the closing table. Insist of using an appraiser that is knowledgeable and does most of their work in area of the property.

Learn as much as you can about real estate, your budget, and your local housing market, but realize that buying a house is all about compromise, and a lot of doubt! No house is PERFECT but if you keep at it the odds are very good that you will find a house that suits your needs and will be a wonderful home for you and your family or your investment goals.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Home Buyer Advice, Home Buyers, Real Estate, Relocation by Kim Bregman
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