South Florida Real Estate

Get Organized this Summer

debraleeakerman — Wed, 26 May 2010 17:41:06 +0000

Home Information: Make sure you have a home inventory list of all your assets. To download a free home Inventory spreadsheet template click here.
Phone Numbers: Prepare a list of important numbers and keep it on the refrigerator. To print a quick and easy phone number list click here.
Emergency Kit: Review and/or prepare your hurricane emergency kit. For a hurricane emergency kit check list click here.
Credit Check: Pull your credit report at www.FreeAnnualCreditReport.com.
Get Organized Now: Visit this great site on various systems to get organized now. Click here to get organized now!

*Bonus: Clean your BBQ Grill and get ready for all those Summer BBQ’s

Debra’s Daily Deals

debraleeakerman — Sun, 23 May 2010 23:30:39 +0000

Debra’s Daily Deals: Ocean Access Ft. Lauderdale: 1 bdrm 1 bath, owner financing, free boat dockage, http://bit.ly/9qlIaO

Debra’s Daily Deals

debraleeakerman — Thu, 20 May 2010 18:28:06 +0000

Debra’s Daily Deals: 5 Townhomes with 3 bedrooms for under $150,000 and a 2 bedroom townhome for $114,000 on the lake located in the community of Melrose Pointe at Monarch Lakes located in west Miramar, FL Click here for more information: http://bit.ly/bjmMGD

Debra’s Daily Deals

debraleeakerman — Thu, 20 May 2010 04:38:00 +0000

Debra’s Daily Deal: 3 bedroom 2-1/2 bath, 1500 s.f. townhome in Tamarac Florida for under $100k! Comment for more details.

Debra’s Daily Deals

debraleeakerman — Tue, 18 May 2010 03:43:32 +0000

Debra’s Daily Deals: 99 South Beach Condos (2 bedrooms 2 baths) on the water. Between $100-$230k http://bit.ly/axeOth

The 6 Biggest and Costly Mistakes Home Buyers Make

debraleeakerman — Tue, 18 May 2010 02:22:31 +0000

1. NOT KNOWING YOUR CREDIT SCORE –THAT’S MISTAKE #1!
You need to know your credit score prior to even looking at the first home.

If your score is lower than what is needed to buy, you need to start immediately on improving that credit score. Mortgage interest rates are based on your credit score. Pull your free annual credit report at https://www.annualcreditreport.com, print it out and verify all the information including the personal information: your name, current contact info, and address. Once you have filtered out the errors and corrections, you can submit those corrections to each of the credit bureaus. Each bureau will investigate your requests and send you a new (free) report in 30 days.

Paying down your balances to no more than 30% of the limit will help increase your scores dramatically. The lower your credit score, the higher the costs of borrowing. Both Fannie Mae and Freddie Mac charge higher up-front fees to borrowers with 740 and below credit scores.

2. BUYING A CAR BEFORE A HOUSE? NO, NO, NO!
When you open new credit accounts, such as credit cards or auto loans, your FICO credit score could drop according to the creator of the FICO score. Home buyers are advised to wait until they close on their home before taking on any new credit.

If you are thinking about buying a home, do not open any new credit accounts during the process as this may affect your credit score and limit your income-to-debt ratio.

3. HOME INSPECTIONS – ARE THEY NECESSARY? ABSOLUTELY!
Home inspections are even more important today, than ever. Along with an increase in mortgage defaults and foreclosures, homeowners are less likely to keep up with appliances, and home repairs. Home inspections are great tools for understanding the true value of any home. Only with an inspection can problems with the home’s foundation, electrical, plumbing, roof, insulation, heating or air conditioner be found. Mold and termite inspections in South Florida are highly recommended. Buying a home AS-IS is okay, but only with the “right to conduct a home inspection” agreement.

4. NO LAWYER – NOT NECESSARILY!
Your home buying experience is full of professionals: Realtors, Inspectors, Mortgage Bankers, Title Escrow Professionals and your own Lawyer. It is not mandatory that you hire an attorney but it is recommended you do.

5. UNDERSTANDING THE PROCESS.
Know the risk of your escrow deposit. If you back-out of any contract just because you changed your mind – your deposit may be at risk. If your contract is contingent on your ability to receive financing, your deposit(s) may be refunded. The home under contract must appraise for the amount you are financing, if it does not, you may be obligated to bring the difference to closing or you may be able to cancel the contract.

6. DO YOU REALLY NEED ALL THAT INSURANCE? ABSOLUTELY! EVEN IF YOU PAY CASH!
Your standard policy pays for theft, wind, fire, lightning, hail, and explosion damage. However, damage caused by flooding and earthquakes are separate policies and problems caused by neglect of routine maintenance may not be covered.