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Top 5 Things to Consider when Looking at a House in , by Real Estate Expert Maria Marandici
During the home buying process when youíre seeing house after house every day, the houses can sometimes seem to blend together. What exactly should you be looking for in a home? In this article, Iíll go over the top 5 things you should look for based on my experience with real estate.
Factor #1 ñ Location
The most important factor in considering a home purchase is its location. You can always remodel the kitchen or improve the lighting, but the location can never be changed.
Factor #2 ñ The View
For many, the view is a key factor when purchasing a home. Does your home overlook a beautiful mountain top or does it face a busy, dusty road?
Factor #3 ñ Overall Feel of the House
How does the house feel overall? Does it feel bright? Homely? Lively? Remember that how your house feels right now will always be in the ìbackgroundî once youíve made your purchase decision.
Factor #4 ñ Kitchens & Bathrooms
The kitchens and the bathrooms are often important considerations for buyers. If you want a beautiful kitchen with dazzling countertops and a bathroom to match, then donít settle for anything less when youíre looking at houses. If you do, it may turn into someone you always regret later on.
Factor #5 ñ The Neighborhood
This is another very important factor. What are your neighbors like? Are there community centers, parks or schools nearby? How near or far are the closest restaurants and grocery stores? Before you make your purchase decision, make sure you know your neighborhood.
These 5 things are some of the most important things to consider when youíre looking through properties. Having your criteria in mind can help a lot, but in the end you want to go with the house that you really fall in love with.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at http://www.MariaSellsBoca.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
As a buyer in the market, you’ll find there are many different mortgage options available to you. A buydown mortgage is one such option. This option can help you reduce your interest rate either temporarily or permanently. In this article, we’ll go over the two different options you have for a buydown mortgage so you know exactly how a buydown mortgage works. What is a Buydown Mortgage? A buydown mortgage is when you pay an initial lump sum to “buy down” the interest rate on your loan. This allows you to qualify for larger loan amounts based on your income, because your monthly payments will be lower. Basically, a buydown mortgage is when you pre-pay your interest upfront. There are two types of buydown mortgages: Temporary and permanent. What is a Temporary Buydown Mortgage? Just as the name implies, a temporary buydown mortgage is when you buydown your mortgage for a specific period of time. The most common way to do this is the 1-2-3 method. This means the buyer pays 3% less than the usual interest rate the first year, 2% the second, and 3% the third. Of course, the terms are usually negotiable and you can buy down even more if you choose to. The temporary buydown mortgage is great because it can help you reduce your monthly payments for the first three years of moving into a new home. This can help offset the costs of moving expenses, furnishings, building costs, etc. What is a Permanent Buydown Mortgage? Again, just as the name implies, a permanent buydown mortgage is a buydown mortgage that allows you to pay upfront for the entire loan. Keep in mind that you’ll still have to pay the interest either way. In this case, you’re just paying it upfront. In a “buyer’s market,” it’s not uncommon for sellers to try and entice buyers by offering a permanent buydown mortgage. You now know what a buydown mortgage is, its benefits and how it works. Knowing your options is a big part of choosing a loan. No matter what you choose, it’s important to speak with a local professional in person. So if you have any mortgage questions, I will me more than glad to answer you queries. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com
NAR reports that Pending home sales rise in Florida
Pending home sales rise
WASHINGTON – Sept. 2, 2010 – Following a sharp drop in the months immediately after expiration of the homebuyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June; it’s 19.1 percent below July 2009 when it was 98.1. Pending sales data reflects contracts and not closings, which normally occur with a lag time of one or two months.
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Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” says Lawrence Yun, NAR chief economist. “But the recovery looks to be a long process. Homebuyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”
On the other hand, homes have not been this affordable in recent memory. “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy,” says Yun. “The loan underwriting standards are tighter, but homebuyers can improve their chances of getting a loan by staying well within their budget.”
The PHSI in the Northeast rose 6.3 percent to 62.5 in July and is 21.1 percent below a year ago.
In the Midwest the index increased 4.1 percent to 66.7 and is 25.7 percent below July 2009.
Pending home sales in the South rose 1.2 percent to an index of 86.3, and are 15.6 percent lower than a year ago.
In the West, the index jumped 11.6 percent to 95.0 and is 17.6 percent below July 2009.
The national index had fallen 29.9 percent in May and another 2.8 percent in June.
or just browse the MLS for homes for sale in Boca Raton ocean front condos in Highland Beach, or for properties available for sale in any other cities in Palm Beach and Broward counties.
Looking for a distressed sales in Boca Raton? Visit my Bank owned Boca Raton website, Boca Raton Foreclosures; if you are not looking for bank owned properties in Boca Raton, there are links on the page for all foreclosures in Palm Beach and Broward Counties by city.
Certified Home Inspector in . Tips on Buying a home in Boca Raton Florida
So you’re planning to buy a home and you’ve found just the perfect house in . Now, you’re real estate agent tells you that you need to hire a certified home inspector, and you go “huh?” So what is home inspection anyway? And what does a certified home inspector in do?
Examining Your House
Before buying a new home in , a home inspection is needed because sometimes a house may look all right visually only to find out later, after you make the purchase, that the bathroom faucet is leaky, the central air conditioning doesn’t work, and the roof has a leak. A home inspection is designed to prevent that from happening.
As an objective visual examination of the physical structure and systems of a home, from roof to foundation, a home inspection is what you need in order to ensure that you are buying a home that is in good condition. The certified home inspector is a professional who will inform you of any problems or symptoms of problems that are found in the new home you are about to purchase. Aside from pointing out the problems, the certified home inspector may also recommend further evaluation as well as remedies if there are any. Basically, what he does is to summarize the condition of the property, to point out the need for major repairs, and to identify areas that may need attention in the near future.
Certified Home Inspectors for an Intelligent Buying Decision
Certified home inspectors help make you make intelligent decisions when buying a new home . Because what they do is to maximize your knowledge of the property, you are then in a better place to make intelligent decisions before executing an agreement of sale or purchase.
The certified home inspector not only points out the problems of a potential home. He also finds the positive aspects, as well the maintenance needed in order to keep it in good shape. It is because of this that a home inspection is an important requirement when shopping for a home. After the certified home inspector’s work is done, both parties will have a much clearer understanding of the value and the needs of the property.
How to Ensure a Thorough Home Inspection
In order to make the most out of a home inspection, you need to get a certified home inspector who is qualified to do a thorough job of inspecting the physical structures and systems of the home. In the early days, there were only a few standards of practice to follow in order to become a certified home inspector. And in some areas, this is still true even today, but the whole industry has already raised its level of professionalism.
The aspects of the house which the certified home inspector will examine include:
The structure, such as the entry ways, foundations, siding and porches, etc. The exterior, including decks, balconies, eaves, soffits, and fascias. Roofing Plumbing Electrical System Heating and Air Conditioning Systems Home Interior Ventilation Appliances Fireplaces
A certified home inspector in who is thorough in doing his job will result in lots of information. Such information will assist the buyer make the right choice in buying a new home.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
or just browse the MLS for homes for sale in Boca Raton ocean front condos in Highland Beach, or for properties available for sale in any other cities in Palm Beach and Broward counties.
Looking for a distressed sales in Boca Raton? Visit my Bank owned Boca Raton website, Boca Raton Foreclosures; if you are not looking for bank owned properties in Boca Raton, there are links on the page for all foreclosures in Palm Beach and Broward Counties by city.
5 Simple and Easy Tips to Buying Real Estate in , By Experienced Agent Maria Marandici
For some buyers, buying a home is a stressful process. For others, itís a fun and exciting process of choosing their dream home. In this article, Iíll give you 5 simple and easy tips to buying real estate in to help you make the process smoother and more enjoyable.
Tip#1 ñ Create a ìDreamî List
Create a list of everything you want in a house. What do you want the garden to look like? What kind of kitchen counter tops do you want? What kind of neighborhood? What kind of feel do you want?
Have your ideal home in mind when you go out home searching. Know which criteria youíre absolutely set on, and which youíre willing to compromise. Also be willing to be surprised by houses that you like, which you werenít expecting.
Tip #2 ñ Understand the Whole Process
Understand the whole process, from beginning to end. This will help take pressure off your shoulders, so you can enjoy the process more.
Tip #3 ñ Know Your Mortgage Options
There are tons of different mortgage options available. Do your research beforehand so you know exactly which options are available to you.
Tip #4 ñ Get to Know Your Neighborhood
One of the important yet often overlooked areas of buying a home is the neighborhood. Itís important to know what kind of neighbors you have, whether or not thereís schools, playgrounds, shopping malls, groceries and the like in the area.
Itís also important to know the crime rate in the area as well as whether or not thereís a neighborhood watch.
Tip #5 ñ Personalize Your Relationship with the Seller
Often times having a personalized relationship with the seller will help you close the deal. That isnít to say become friends with the seller, but if the seller feels like youíll really take care of their future home, theyíre more likely to be willing to sell for a lower price.
These 5 tips should make your home buying experience both smoother and more enjoyable.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at http://www.MariaSellsBoca.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
What To Do After Closing: Real Estate Expert Maria Marandici Provides You With A Useful Checklist.
What To Do After Closing: Real Estate Expert Maria Marandici Provides You With A Useful Checklist.
When you have just closed the sale and became a new homeowner, you will probably be very happy with your purchase and looking for ways to help protect your new investment. This is not a difficult task if you follow some basic tips, many of which are simple common sense.
The first thing to do when acquiring a new house is to change the door locks. Even if it is a newly built house, you have no way of knowing who may have a key in their possession. It is better to have all the locks in your home changed at the same time. A locksmith can even key all the locks to work with one master key.
The documents that you have received when closing the sale are very important. Ensure that they are kept in a safe place that is easily accessible should you ever need to refer to them. If an issue arises where you need to refer back to them, having these documents readily accessible can avoid you many headaches.
Approximately two to three weeks after the sale, get in touch with the county records office to verify that the title has been recorded under your name. In some cases it may take a bit longer, however you should be in touch with them until this issue is confirmed.
Be sure that the utilities are worked out completely. If you bought a house from another person, transferring the utilities to your name instead of having them disconnected and then reconnected can avoid delays and interruptions in service. It can also save you money, as many companies will not charge you a fee to transfer utilities. If you bought a new house, builders can often arrange for this transfer if you inform them prior to closing.
You should document all your belongings after you have moved in. Instead of simply making a list, you should make a video of everything in your house as well as the building itself. This can be very useful should something happen, such as a fire, burglary or natural disaster. You should keep a copy of the list of your possessions and of the video outside of your home, such as in a safe deposit box at the bank.
If you need more advice on having a smooth closing, get in touch with real estate expert Maria Marandici with Realty Assocaites FL at 561-213-6154.
Tips for Getting a Good First Time Loan for Real Estate, by Real Estate Expert Maria Marandici
Getting a loan can be easier than you might think if you go into it prepared. For the first time buyer, itís important to prepare for your application properly, so that youíre more likely to get approved and so that the whole process will go smoothly. In this article, weíll talk about how to best prepare for your loan application.
Step 1 ñ Improve Your Credit Before You Apply (Optional but Recommended)
If youíre applying 1-2 months before your purchase, it could be difficult to improve your credit. However, if you know youíll be buying your house in 6 months, itís a great idea to start improving your credit now so that you can get a lower interest rate when you do apply for your loan.
Step 2 ñ Find a Good Lender in
Working with a good lender and a good loan officer is vitally important. Your loan officer is the person who will ensure your loan process goes through smoothly. Naturally, you want someone competent, experienced and professional to work with.
Step 3 ñ Understand Your Mortgage Options
Although a good lender will explain your loan options for you, itís still important to go in to the loan process prepared.
There are a wide range of different loans available, from fixed interest rate loans to adjustable rate mortgage loans and everything in between. Visit your lenderís website before meeting with your lender to see what kind of loans your lender offers. Do your research on your loan options so you can have an educated discussion with your loan officer.
Step 4 ñ Go in Prepared
Once you have your credit in good order, youíve found a good lender and you understand your mortgage options, itís important to understand what else your lender is looking for.
What is your debt to income ratio? How much of a down payment are lenders asking for with people in your financial situation?
As you can tell, when it comes to mortgages, it pays to do your homework.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, mortgage tips and more please visit the most complete website online dedicated to everything real estate at http://www.MariaSellsBoca.com. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
Get the Best Deal for a Property in by Using These 4 Powerful Negotiation Tactics, by Maria Marandici, expert in Real Estate
Good negotiation skills can make the difference between a successful deal and an unsuccessful deal. It can be the difference between getting a bargain and being ripped off. Here are some negotiation tips for getting the best deal on a property in .
Tip #1 - Position Yourself as the Chooser
It's been said that whoever cares about the result less in a negotiation is likely to come out on top.
If you're making an offer, the more it seems like you could take it or leave it, the more likely the seller is to acquiesce to your terms. The reverse is true as well.
Tip #2 - Have Reasons to Back Up Your Offer
If you make a low offer on a property, back it up with reasons.
Let's take an example of a property that's worth $100,000 and you wanted to offer $80,000. Which example is more compelling?
Ex #1 - "I'll offer $80,000 for the property because the plumbing is 20 years old and will need repairs soon, the vacancy rate is high compared to nearby buildings and because the building is in violation of a couple building codes."
Ex #2 - "My offer is $80,000."
Giving the seller reasons for your number legitimizes your offer.
Tip #3 - Offer an Exact Number.
If you pick a number like $177,551 the seller is much less likely to want to argue than if you picked $180,000.
If you pick an exact figure for your offer, the subconscious psychology is that there's a reason you picked that figure.
Tip #4 - Flattery Gets You Everywhere
The reality is that people enjoy dealing with people that make them feel good. In the end, they're more likely to give you a better deal if the negotiation experience is a positive one than a negative one.
Remember that you're on the same side. The seller wants to sell and you want to buy. Work together to create a win-win deal rather than try to "beat" the seller.
These four tips will get you a long way in getting a great deal for your property.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current properties for sale, property values and more please visit the most complete website online dedicated to everything real estate at http://www.MariaSellsBoca.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
The 3 Real Estate Professionals You Should Know when Buying a House in , by Real Expert Maria Marandici
During the home buying process, itís important to get advice and expertise from experienced individuals. The three most important advisors youíll find during the home buying process are: An experienced real estate agent, your loan officer and your home inspector. In this article, weíll talk about about what each of these professionals can do for you.
Your Real Estate Agent
Your real estate agent is the single most important real estate professional youíll be working with throughout your home buying process. Your real estate agent is the person whoís responsible for finding properties you might be interested in, educating you on the buying process, and finally helping you negotiate a great deal on a property.
Choosing a good real estate agent is absolutely vital. The best real estate agents to work with are the agents that are experienced and have your best interest at heart.
Your Loan Officer
Your loan officer is the ìgo betweenî person between you and the lender. For example, your lender might be ìWashington Mutual,î and the loan officer is the person from Washington Mutual who deals directly with you about your loan.
Having a good loan officer is absolutely essential to the mortgage process. Your loan officer is the person whoíll make sure that your loan goes through. Your loan officer is also the person who will educate you on the different types of loans available and your mortgage options.
Loan officers are paid on commission. Itís important to have a loan officer who looks out for your best interest rather than a loan officer whoís trying to make the highest commissions.
Real Estate Inspector
Your real estate inspector is another important professional in the home buying process. The inspector is the person who will inspect your property and let you know if anything is wrong before you make your purchase.
Make sure you ask a lot of questions during the inspection process. Remember that youíre paying for a professional service, so make the most out of it. Ask questions, even if they seem stupid.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at http://www.MariaSellsBoca.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
So you have decided to hire a home inspector to examine your potential home. Smart decision. And you have also gone through the walk-through with him, asking him all the necessary questions, and making your own notes of what should or shouldn’t be replaced or repaired. Now, you’re just waiting for his written report to arrive shortly. And when you get it, now what?
A home inspector’s report is a long document that a summary of every observation that he made. It can be intimidating, if not overwhelming, especially if you’re worried about whatever repair costs you might have to consider after the home inspector lists them down.
But you don’t need to be alarmed. This is just another reason why you must be present during the inspection. You see, it is one thing to hear about various small problems while you are walking around the property with the home inspector. As your home inspector gives you all the run-down of what the problem areas are and other safety issues, the real context might probably be modified with reassurances that “this is just a maintenance issue” or “it would be good to fix when you get around to it.” You feel relieved when you hear these words, and you should be, because they are designed to make you feel exactly that way.
However, the situation can be entirely different once you read a long list of problems that would make your home less like a dream home and more like a dump. How on earth are you ever going to pay for all this?
Relax. Don’t panic. After you read your home inspector’s report for the first time, take a deep breath and drink if you must. Then, sit down and read it again, this time with a pen and paper at hand.
Okay, now take it one step at a time. Look at each “problem” item on the home inspector’s report first, then ask yourself the following questions:
Is this a minor maintenance problem or a major repair? Is this an issue related to the age of the house? Because if it is, then it might just be part of the “charm” of the home, especially if your house is an old one. You might include floors that slope a bit from settlement or door and windows that are slightly out of plumb on the list of your home’s old charm. Is this a problem that must be dealt with immediately? Or is it just something that should be done eventually? Give what you know about house prices in your locality, might this problem have already been taken into consideration in pricing the house? Does this problem merit further investigation? Are you wiling to walk away from the house because of any or all of these problems?
If you find any minor items in your home inspector’s report, they are not worth discussing. You should know by now that no house is perfect. It is enough that you take care of the really bad ones, or walk away when the cost is just too steep.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 561-213-6154 or email me at Maria@iSellBocaHomes.com.
What is an impound account?
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
Where can I learn more about appealing my Boca Raton FL property taxes?
Contact your local Boca Raton FL tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
Property taxes on all Boca Raton FL real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
What tax benefits are there toBoca Raton FL area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
If you are a Boca Raton FL buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Boca Raton FL area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
Can I deduct the loss I suffered when I sold my Boca Raton FL area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.
What are some pre purchase considerations to think about?
When you buy a resale home, you can find out a lot more about the Boca Raton FL area property and the neighborhood before you buy than when you buy a new home.
Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.
Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the Boca Raton FL area, you can be sure that developers will offer incentives such as low-down-payment financing.
What do you think of a Boca Raton FL area vacation home as an investment?
You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Boca Raton FL area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.
Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Boca Raton FL area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.
