Sunrise
Posted by John Detweiler on Aug 26, 2012 in General | Comments Off on Sunrise
Single family home
Boca Raton Real Estate – A little information on Short Sales
Posted by John Detweiler on Aug 24, 2012 in General | Comments Off on Boca Raton Real Estate – A little information on Short Sales
Boca Raton Real Estate
We all know by now even in top areas in the county Palm Beach County Real Estate and within the county spots like Boca Raton Fl Real Estate and even Boca Raton Waterfront Real Estate can depreciate from time to time and with that short sales can show up before too long. Just what is a short sale? A short sale occurs when a property is purchased save for $100,000 and then appreciates to $200,000 and the owner refinances the property for $160,000. The property then drops in value back to $100,000 and then the owner sells the property short of the current loan unpaid balance. So what’s happening is the current value is short of the current loan amount. The only way the property can be sold is by the current owner bringing the difference between the value and the unpaid balance of the loan to the closing or the bank letting the property be sold short of the current unpaid balance of the loan. That is what creates the short sale. The buyer of the property buys the property with a free and clear title but the seller goes away from the sale with out any money at all. The bank goes away from the property with a loss on the sale it’s just a question of how much the bank is willing to lose on the short sale. In the example I just mentioned the bank would lose $60,000 plus some expenses for example the commissions on the property to the real estate brokers, the documentary stamps which are due on sale which is a form of tax and probably some title insurance charges, closing charges, and attorneys fees, etc.
Boca Raton Real Estate – One of the first steps in buying
Posted by John Detweiler on Aug 22, 2012 in General | Comments Off on Boca Raton Real Estate – One of the first steps in buying
Boca Raton Real Estate
One of the first things to do when you start searching for Boca Raton Real Estate is to get a preapproval from a lending institution. The way you get a preapproval is to simply call a financial institution and ask them for a preapproval. What they will then do is possibly ask to pull your credit thereby obtaining a credit report. The credit report will tell the financial institution what you credit rating is. Most banks will look at your FICA score in order to judge your credit rating. That is probably the most important thing credit wise that they look at. Years ago your credit report did not include and FICA score but now it does on most of the more conclusive reports.. Scores normally run between about 400 to 800 points. A good credit score is normally considered in the 600 range and a very good credit score is considered to be one in the 700 range. An excellent credit score would be one in the high 700s too low 800 range. The higher your credit score the better possibility you have any obtain financing from a financial institution. Some banks include finding out your credit when doing your preapproval letter and some don’t. It is best that you have your bank do that because the preapproval letter carries more weight when it states that your credit report has been examined. After your preapproval letter is completed it will be dated and can be used for 1 to 2 months while searching for a property. After that time it’s probably best to get an updated credit report with the current date on it. What this credit report will enable you to do is to have a very precise figure on exactly how much you should spend on a home with reasonable assurance up front that you will be approved and not be disappointed because you can’t get the home you like. So the next step is to find a good real estate agent with knowledge of the area your interesting in and have them send you properties to consider in that area. And then go looking for you dream home. If you are looking for Boca Raton Fl Real Estate consider giving us a call. Check back soon for the next step or two in getting the home you have always wanted!
When you are searching for Boca Raton Real Estate – take a break
Posted by John Detweiler on Aug 19, 2012 in General | Comments Off on When you are searching for Boca Raton Real Estate – take a break
Boca Raton real estate is your objective but certainly while searching for Boca Raton real estate is not hard to find some fun things to do. But not many parts of the country or you can take a break and as it shows you in this video below have time to spend an incredibly warm clear water in an area just north of Boca Raton off the Palm Beach Inlet. This is just one of many, many ways to spend a day in the Boca Raton area. From the Boca Raton waterfront real estate you can get out the the ocean in just a short ride on the inland waterway, through the inlet, and out to the ocean. The ocean is usually nearly crystal blue which you won’t find everywhere on the east coast. The water most months of the year is very comfortable and you can jump right in. You can go down to the beach and almost any day you will see the parasailors and windsurfers having a great time. It’s just fun to watch even if you don’t want to do it.
You can spend a lot of time searching up and down the East Coast and you’ll probably gravitate back to the Boca Raton area not only for its incredible real estate, its great restaurants, its great location rated between Fort Lauderdale and West Palm Beach but as mentioned above for its incredible year-round ocean water temperature which affords swimming whenever you want even in December and January. If you want to see the contrast just go up to New Jersey in the middle of the summer temperatures feed in the water. It’s normally a temperature that you like your Coca-Cola.
When searching for Boca Raton real estate be sure to keep in mind the value may not be what it seems when you include equity membership — initiation fees — monthly or quarterly maintenance — food and beverage minimums — tipping fees, etc.
Posted by John Detweiler on Aug 18, 2012 in General | Comments Off on When searching for Boca Raton real estate be sure to keep in mind the value may not be what it seems when you include equity membership — initiation fees — monthly or quarterly maintenance — food and beverage minimums — tipping fees, etc.
When searching for Boca Raton real estate you need to be quite careful. It may look like as a great value but as you research them further many times you find that there are quite a few related cost to the property. For example there are several communities that have mandatory equity fees when you purchase. Not only are these equity fees many times very high, but they are not financial in most cases. So you’re buying your property and your pain 200,000 and your able to finance in many cases up to 90 or 95% of the value this is not the case with equity membership. The equity memberships usually run between 30,000 and 125,000 in indoor around Boca Raton. So you’re needing to come up with this extra money in cash along with your down payment and your other cost related to purchasing the property. When you decide to sell you may or may not get back all of your money. In many cases you get back a percent of this initial cost and sometimes you have to wait to get that return. If you want something beyond the social membership i.e. tennis or golf these fees will even go higher. In this economy very few people will want to tackle these kind of costs.
In addition to the equity membership most communities also have an initiation fee and those are now what’s problems on run anywhere from $10,000 to as much as $30,000 depending on the community. Of course your initiation fee is a totally nonrefundable fee. You will also have quarterly maintenance in many cases a food and beverage minimum. The communities sometimes brag that there is no tipping but they will charge you a monthly or annual tipping fee. So there’s no tipping instead there is mandatory tipping!
The link below is a good example what I’m mentioning here . this property appears to be a great value in Boca West but if you look further you find that the property has at mandatory $70,000 equity membership and then many other fees as well .