The Buyer’s Responsibilities

Your role during the escrow process should be an active one. Don’t wait for the seller to volunteer information – stay on top of it yourself and take reasonable care, along with me, your agent, to protect yourself.

For example, when you review the Transfer and Disclosure Statement, TDS, keep an eye out for questions answered “unknown” or left unanswered. Ask about them until you are satisfied with the answers.

Let’s talk about your specific concerns or plans for the property. Concerned about the open parcel behind the house? Ask about it!

You may also wish to investigate the following non-physical conditions, including:

• Governmental zoning, requirements and limitations
• Governmental permits, inspections or certificates
• Limitations, restrictions and requirements affecting use of the property
• Rent and occupancy control
• Schools
• Proximity and adequacy of law enforcement, crime statistics, proximity of registered sex offenders (see section on Megan’s Law) and other criminals
• Proximity to fire, police and other services
• Proximity to commercial, industry or agricultural activities
• Existing and proposed transportation, construction and development, which may affect noise, view or traffic, airport noise, or odor
• Wild and domestic animals, other nuisances, hazards or circumstances

For Further Protection – Home Warranties: Home warranties have become a more popular option on homes for sale. For protection you may wish to have a home warranty that either you or the seller pays for. (It’s negotiable.) Warranties range in price from $300 – $600 and, for a fixed rate, generally cover limited aspects including plumbing, electrical, pest control and a host of other related areas. If you have a problem, generally you’ll pay $35-$50 to have a professional come out inspect and fix problems that are covered. Warranty agents typically are on hand 24 hours a day, 7 days a week to take your calls in emergencies.

Renting vs Buying A Home in Florida

There’s nothing quite like a home that you can truly call your own. A place where you can have the gleaming hardwood floors you’ve always dreamed of, a space to cultivate your own vine-lined patio, a way to provide a good neighborhood for your kids to grow up in, and a freedom from the whims of your landlord. These are the images that immediately come to mind, for many of us.

Yet some of the biggest advantages of owning a home are less romantic and more practical – in fact, there are financial advantages to owning a home:

* Tax Deductibility You can deduct the cost of your mortgage loan interest from your state and federal income taxes. Since interest generally will account for most of your payment during the first half of your mortgage, the savings can be significant. Some of your costs at the time of closing (including prepaid mortgage interest) can be taken as deductions on that year’s income tax return, and points paid up front at the time of closing represent additional mortgage interest and may be taken as a deduction.
* Tax Deductibility of Property Taxes You can deduct all of the property taxes you pay.
* Appreciation Potential Real estate is considered a good long-term investment because it usually appreciates in value. The effects of borrowing potential can increase as the value of the home appreciates.
* Capital Gains Exclusion When it’s time to sell your home the amount of capital gains you have to pay is reduced. A homeowner can exclude up to $500,000 per couple if married and filing jointly, or $250,000 if single or filing separately for homes that have been the taxpayer’s principal residence for the previous two years.
* Capital Gain Treatment Congress allows preferential tax treatment on gains from capital assets held for more than one year. This would be important for a homeowner who has gains in excess of the allowable exclusion.
* Principal Accumulation Mortgages are designed to pay the interest for the time that the money has been used, as well as to retire the principal debt over a period of time. This payment plan means that part of the payment each month is for principal accumulation.
* Personal Enjoyment Pride of ownership is a valid reason for wanting to own a home. You can personalize your home while enjoying the financial benefits.

For the best evaluation of your financial situation, consult your financial advisor. He/she will be the most qualified to discuss the financial consequences of a home purchase decision, as well as help you to establish a plan that will achieve your home ownership goals.

Get Your Home Market Analysis

In today’s market everyone is asking the question – What is my home worth in today’s market?  Know you can get the latest quarterly median home price for your market, and its percentage change from the previous quarter by clicking here.

When looking at the value of your home in today’s market you need to look to an experienced real estate agent in giving you the true value of your home.  You can know have a Home Value Market Analysis completed and emailed to you by visiting http://www.MaureenCool.com

Are You Considering A Reverse Mortgage?

A reverse mortgage provides a way for seniors to borrow against the equity in their home with no repayment due until the homeowner dies, moves or sells. Any remaining equity after repayment goes to the borrower or the estate.

A reverse mortgage may be of benefit if:

You need cash assets or income and have no other source available.

You are unable or unwilling to sell your house.

You do not care what the costs are to get the income or assets you need. (Recent law has helped limit the outrageous costs of reverse mortgages.)

You have no concern about which assets are left to your heirs.Make sure you thoroughly scrutinize all costs and provisions.Other possible solutions to increase income or get to assets are selling the home to family members or establishing a home-equity credit line on the house.

— Drew Tignanelli, president of the Financial Consulate in Lutherville, Md.

Yes, if your sources of retirement income (savings, investments, pensions, Social Security) no longer cover your spending. But using the equity in your home should be a last resort after all other resources have been exhausted.

The payments to the homeowner from a reverse mortgage can be received in the form of a monthly annuity, lump sum or revolving line of credit. Compared with a typical home-equity line of credit, establishing a reverse mortgage carries significant fees, so the decision to obtain one should be extensively evaluated.You should make sure it is a reverse mortgage under the Federal Housing Administration Home Equity Conversion Mortgage program so that mortgage insurance will cover the lender if the proceeds from the eventual sale of the home are not sufficient to pay the amount owed.

The History of Columbus Day

In observance of a very special holiday, we celebrate by closing all government offices, schools, etc, but do you know that the first recorded celebration honoring the discovery of America by Europeans took place on October 12, 1792 in New York City. The event, which celebrated the 300th anniversary of Columbus’ landing in the New World, was organized by The Society of St. Tammany (also known as the Columbian Order).

San Francisco’s Italian community held their first Columbus Day celebration in 1869. In 1892, President Benjamin Harrison urged citizens to participate in the the 400th anniversary celebration of Columbus’ first voyage. It was during this event that the Pledge of Allegiance, written by Francis Bellamy, was recited publically for the first time.

Colorado was the first state to observe the holiday in 1905.

In 1937, President Roosevelt proclaimed October 12 as “Columbus Day” and in 1971, President Nixon declared the second Monday of October a national holiday.

Residential Interest Rates for the Week of July 28th

Heartland National Bank Residential Loans

July 28th, 2008

 

Owner Occupied                                                         Investment Property (1-4 family)
 
30 year fixed    6.625%                                                    30 year fixed    7.000%
 
15 year fixed    6.125%                                                    15 year fixed    6.500%

 
•        Free prequalification
 
•        Loan approvals within 24 hours
 
•        Underwriting decisions are made locally
 
•        Stress-free, hassle-free, in-house loan process from application through closing
 
•        Fixed, Adjustable and Bridge loan products
 
•        Up to 100% financing on primary purchases
 
•        Current rate, terms and closing cost estimate provided same day
 

Contact Information

          
Residential Loans
               
Melissa Rego                           mrego@heartlandnb.com

Steve Scheck                            sscheck@heartlandnb.com
         
Commercial Real Estate Loans
           
William Allbritton                      wallbritton@heartlandnb.com  
           
Jim Belflower                            jbelflower@heartlandnb.com 
                      

320 U.S. Highway 27 North, Sebring, Florida 33870   (863) 386-1300 Fax (863) 386-1302
www.heartlandnb.com

Now is the Time to Invest in Real Estate in Sebring, Avon Park & Lake Placid

I just finished two full days at the Allen Hainge Cyber Star Summit in Orlando, July 21-22.  My head is on overload with all the great ideas, latest tech tools, and best marketing ideas for selling real estate.  Some of the top selling agents from around the country attended this event.  Along with all these good tips and talk about the negative media on foreclosures, short sales, high gas prices etc., one of the points agents from around the country kept making is there are great deals just waiting for buyer!  The stock market may be bad.  But now is the best time to invest in real estate for those with money to invest.  Pick up good properties at rock bottom prices.  Invest in your future.

To find out the best deals in Avon Park, Sebring and Lake Placid, give the Cool Team of Maureen and Carl Cool a call today at 863 873-7243 or 1-888-243-2665.  We will be happy to provide a free list of foreclosures and short sales in the Highlands County area by email.   You can request this by emailing me at maureen@ACoolRealtor.com.

June 1 – July 15, 2008 Real Estate Update: Sebring, Avon Park & Lake Placid

June 1 – July 15, 2008  Real estate sales in Highlands County are down a little, but this tends to happen during the summer.  Our real season is January through March with summer being the slowest.  The greatest amount of sales are short sales or bank forclosures.  There are some really good deals out there.  I just saw a home go into the MLS close to Florida Hospital that is a foreclosure for $69,900.  It is a four bedroom home (the garage was converted to the fourth bedroom).  For an investor or first time home buyer, this is a steal.  RE/MAX continues to lead our county with number of sales.  I am fortunate enough to continue being one of the top selling agents in Highlands County.  Finding good buyers to qualify continues to be an issue.  But, the buyers are there!
 
This is the recap of activity for the past six weeks June 1 – July 15, 2008 in Highlands County.
 
Single Family Homes
 
Currently Listed                      1,578
Contingent or Pending             116
Sold   6/1 – 7/15                     77
       Sebring                           42
        Avon Park                      11
        Lake Placid                     23
 
Condos, Villas, Duplex
 
Active                                   357
Contingent or Pending            15
Sold                                     9
 
Mobile Homes – Owned Land

Active                                    134
Contingent or Pending             9
Sold                                      7
 
The majority of the sales were under $125,000, 15 sales were over $250,000 and 5 sales were over $400,000.  The houses that are price to sell are selling.   With all the media about short sales and foreclosure sometimes really good deal of great homes that are in the best condition are missed.  Work with an experienced agent…Call Maureen Cool to find the best deals.  Maureen keeps up with listing daily and knows what is new on the market that is prices right.  Let Maureen help you find your next home.  Now is the time to buy!.  Let the next great deal be yours!  Call Maureen Cool today at 863- 873-7243.

Residential Interest Rates for the Week of July 14th

Heartland National Bank Residential Loans

July 14th, 2008

 

Owner Occupied                                                         Investment Property (1-4 family)
 
30 year fixed    6.375%                                                    30 year fixed    6.875%
 
15 year fixed    6.000%                                                    15 year fixed    6.625%

 
•        Free prequalification
 
•        Loan approvals within 24 hours
 
•        Underwriting decisions are made locally
 
•        Stress-free, hassle-free, in-house loan process from application through closing
 
•        Fixed, Adjustable and Bridge loan products
 
•        Up to 100% financing on primary purchases
 
•        Current rate, terms and closing cost estimate provided same day
 

Contact Information

          
Residential Loans
               
Melissa Rego                           mrego@heartlandnb.com

Steve Scheck                            sscheck@heartlandnb.com
         
Commercial Real Estate Loans
           
William Allbritton                      wallbritton@heartlandnb.com  
           
Jim Belflower                            jbelflower@heartlandnb.com 
                      

320 U.S. Highway 27 North, Sebring, Florida 33870   (863) 386-1300 Fax (863) 386-1302
www.heartlandnb.com

April-May 2008 Real Estate Update Sebring, Avon Park & Lake Placid

This is what is happening in the real estate market in Highlands County for the months of April and May 2008.  Homes are selling, but again it is the lower priced homes under $175,000.  RE/MAX Realty Plus continues to out sell everyone else in Highlands County at more than 2 to 1.  RE/MAX continues to dominate the market which is good news for those listed with us!    The inventory for homes on the market is still at an all time high.  Homes need to be priced correctly and in the best possible condition to compete in this market.
 
This is a quick look at what has happened over the past two months.
 
Single Family Homes April 1 – May 31
 
Currently Listed                       1,659
Contingent or Pending              140
Closings for April & May           151
Sebring                                   75
Avon Park                               24
Lake Placid                             44
 
Condos, Villas, Duplex
 
Currently Listed                       356
Contingent or Pending              11
Closings for April & May            23  
 
Mobile Homes – Owned Land 
 
Currently Listed                         163
Contingent or Pending                13
Closed April & May                     22