first time home buyers: First Time Home Buyers / Tampa / Recap
- 12/14/10 12:36 PM
Well that's about it for the Home Buying process. All of the steps are in order, you can use all of them or most of them. The down payment assistance portion is optional, if you have the down payment to complete the transaction, you be in the best position to make a purchase, remember all closing costs paid by the Seller on your behalf comes off the Sellers bottom line. so you have to think of a Seller contribution in the terms of, whatever the Seller will contribute is actually money that the Buyer is financing in order to obtain the loan. … (0 comments)
first time home buyers: First Time Home Buyers/ Tampa / The Closing Part 2
- 12/10/10 01:10 AM
As we discussed in the last blog, hopefully the funding number camethrough in a timely manner and we are going to finish up the closing. One thing I did not adress, is the deposit. If you left your deposit with the closing Title Company, they already have the deposit, if it is being held elsewhere, your Realtor will bring it, or have it wire transferred to the closing Title company. The balance to close must be brought to the closing by the Buyer, you will be notified by the closer as to the amount needed, and funds must be in the … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Funding the Loan
- 12/09/10 06:38 AM
Well the closing portion has taken quite a bit longer than I anticipated, but, closings sometime take much longer than we expect. In the old days, (a couple of years back), the bank would send the check for your purchase, and closings went pretty quickly, now days in the digital age, funds are sent by wire transfer, one would think this would speed things up right? No, now we have to wait for a funding number, this means, after all the paperwork is done and everybody is ready to leave, and you want to go to your new house, we have to … (0 comments)
first time home buyers: First Time Home Buyers / Tampa /HUD 1 Buyers Side
- 12/08/10 10:57 AM
Well I ran out of room on my last blog and we need to address the Buyers side of the HUD. The Buyer is responsible for all of the closing costs attached to the loan. Also, the tax stamps on the mortgage and the intangible tax on the mortgage. You also need to pay your homeowner insurance and set up an escrow for your properly taxes. Do you see why I didn't just tack this on to the last blog? But wait, there's more, you also need to prorate the items that the seller has already paid, such as the prepaid ad … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / HUD 1
- 12/08/10 09:10 AM
Now that you have some idea of what goes on at a closing, I will give you an Idea of what a Hud 1is. When ever you do a transaction where money and property changes hands. You need a tally sheet in order to keep track of the money. The Department of Housing and Urban Development, decided it would be best if a standardized form was used for all Real Estate transactions, hence the HUD 1. Until you receive a recorded deed, this documentrepresents the final sale of the property from seller to buyer. It is also used as a record of all … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / The Closing
- 12/07/10 03:59 PM
This is a long one so I am going to devote one blog to the closing and the other to the HUD 1 which is the balance sheet on which all of the numbers ar collected and tallied. The closing is held at a Title Company, all of the parties need to sign the papers to transfer the title to the new owners. Everyone does not need to be there at the same time, but everyone need to sign, that are signatories on the original purchase contract. In Tampa Bay the seller customarily pays for the Tittle Insurance policy and selects … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Final Walk Through
- 12/07/10 04:18 AM
The day is finally here, all the inspections are completed and all the paperwork is at the Title Company. Only one last thing to do before we close,we need to take one more look at the property before we sign the papers. Usually the walk through is done right before the closing, but it can be done the day before, this is a good idea if the closing is scheduled early in the morning. When we arrive at the house a cursory inspection of the grounds is completed and we look at the exterior for any obvious changes since the home … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Homeowners Insurance
- 12/06/10 03:38 PM
Well we are almost to the finish line, but wait, your mortgage company won't let you close on your new home until you insure it. Sounds easier than it really is. In Florida there are several different kinds of Insurance you will need, specific to the Tampa bay area. First you need your basic Fire and Liability Insurance that most people around the country also need. But if you live west of I-75 you will most likely need wind insurance, because of Hurricane possibilities. Closer to the water you will need flood insurance, close to an existing sinkhole area, you guessed … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Home Warranty
- 12/06/10 02:33 AM
The inspections went well on you home, but the inspector noted that many of the items in your home are getting old and you should start budgeting for replacement of these items. Wow, what did I get myself into? There is a simple and relatively inexpensive way to guard against unexpected expenses. A home warranty is provided by several companies, they provide repair or replacement of many of the appliances and systems in your home. They generally cost in the $300 to $500 range, for one year, with deductibles of $50 to $75. As an example, you turn on your shower and … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Inspections
- 12/03/10 03:19 PM
After you get an accepted offer, you have an opportunity to have your home inspected, please, please, please, have the home inspected. It may seem like a lot of money, $300 to $500, to have an inspector look at your home, but remember, this may be the biggest investment of your life and if you get a house with structural problems, a bad roof, problems with the plumbing or electric, it can change an idyllic dream of home ownership into a nightmare. Let me also point out a Florida specific inspection that is included by most inspectors. It is called a five … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / Escrow Deposit
- 12/03/10 03:40 AM
Congratulations! They accepted your offer, now we need to give an escrow deposit. I find there is a lot of confusion about the deposit, so let me devote this post to this very important aspect of the home purchase process. When writing an offer for Real Estate, you include a deposit, this serves as a sign of good faith on the part of the buyer and is derived from contract law, which states that contracts should include a "consideration" to bind the contract. This money is generally held by a Title Company, Lawyer, Real Estate Broker or other financial institution. This money is … (1 comments)
first time home buyers: First Time Home Buyers / Tampa / Negotiations
- 12/02/10 03:12 PM
Many buyers ask me," how much should we offer?" My answer, list price is always good, some take that advise, but truth be told, very few want to pay full price. So, Let's negotiate. Generally a good guideline is the MLS statistics, most homes in our area sell for 97.75% of asking price so, if you want to negotiate, offer 95% and you can meet in the middle and be just about perfect, statistically. Remember, you are the one making the offer, whatever you want to offer is worth considering, but realistically, you need to take into consideration how long a … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / The Offer
- 12/02/10 04:47 AM
Now, you found the house you want, it fits into your price range and has everything you are looking for in amenities and location. Now What? It's time to write the offer. An offer is just what it's called, an offer to purchase the property, in it you give a price and a closing date, these are the two most important items, and your Realtor will help you come to a fair price by going over the previously sold, "Like" properties. it is kind of scientific but, also requires a "Feel" for the market. When it comes time to make an … (0 comments)
first time home buyers: First Time Home Buyers / Tampa / House Hunting Part 2
- 12/01/10 02:04 PM
Let's continue with our search, you have your down payment locked up, you know how much you want to spend each month on a home, we figure out how much house you can get for that payment. Now the most important choice you will make, where do you want to Live? Using the IDX feature we discussed in the previous blog, you can zero in on an area that has all the things you are looking for, such as, how close to work, how close to the parents, other relatives. What schools will the kids go to, (please disregard if you … (1 comments)
first time home buyers: First Time Home Buyers / Tampa / House Hunting
- 12/01/10 03:57 AM
I almost forgot a major step in the process, the one that I am personally involved in, the hunt for your new home. After you do your counseling and talk to your lender to find your price range, I will assist you in finding the perfect property. Be aware that in this market, the perfect home may not be that perfect when you see it, with the proliferation of Bank Owned properties, a lot are in, what we call, rough condition. But if you go in with open eyes and are not afraid to do some cleaning and painting, you can … (0 comments)
first time home buyers: First Time Home Buyers /Tampa/ Assistance Programs
- 11/30/10 08:27 AM
Once you have finished your Counseling class you are now eligible to apply for one of the many assistance programs available. Use the link to the Florida Hud site in my previous blog, and go to the Assistance programs link, from here you can browse through many of the different programs on a State and National level. Now go to the bottom of the page and you will see links to the different counties in Florida, I sell mostly in Pasco, Hillsborrough and Pinellas Counties, in each of these, there are different programs with different qualification guidelines and amounts available, to fit … (0 comments)
first time home buyers: First Time Home Buyers/Tampa/Downpayment Assistance
- 11/29/10 03:18 PM
First, I would like to note that this is tutorial for Florida First Time Home Buyers, if you are reading this from another State, Go to HUD.Gov and look up your State for your programs available to you. Now follow along, Florida Buyers go to http://www.hud.gov/local/index.cfm?state=fl&topic=homeownership. From this page click on Housing Counseling Agencies. You must take a class from one of these agencies in order to qualify for Down Payment Assistance. My Daughter recently completed this program and qualified for a down payment assistance loan of $7500, which can be used for down payment, closing costs and prepaid items. She … (5 comments)
first time home buyers: First Time Home Buyers in Tampa Bay
- 11/29/10 08:05 AM
Everywhere I look, I see that the Real Estate Market in the Tampa Bay area is moving in an upward fashion. This means that inventories are shrinking and prices are increasing. Looking over statistics it shows that "The Bottom" of the market in this area, was January 2009. This being said, every month that goes by, is pushing more and more prospective First Time Home Buyers out of the market, In my next few blogs I will include helpful information on Down Payment Assistance, Home Inspections, Home Warranties and Financing Options. Keep watching for my posts and in the meantime, go to: http://www.realestateoftampabay.com and … (1 comments)
Well that's about it for the Home Buying process. All of the steps are in order, you can use all of them or most of them. The down payment assistance portion is optional, if you have the down payment to complete the transaction, you be in the best position to make a purchase, remember all closing costs paid by the Seller on your behalf comes off the Sellers bottom line. so you have to think of a Seller contribution in the terms of, whatever the Seller will contribute is actually money that the Buyer is financing in order to obtain the loan. … (0 comments)
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