Entries for August, 2010

What Questions to Ask to Determine Seller’s Motivation?

As a Buyer, you are looking to purchase a property and get a great deal.  In today’s market, there will be bank-owned properties, short sales, and fair market sales.  For a fair market sale, following are some questions that you should ask: How long has the Seller owned the property? Why is the Seller looking [...]

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How Do I Make an Offer on a Bank Owned Property (REO)?

Making an offer on a bank owned property is fairly straight-forward and simple. For bank owned properties, there will not be a Sellers Property Disclosure provided.   You will be purchasing the property AS-IS …usually with right to inspect.  Your Real Estate Agent will generate an AS-IS Purchase Contract for your offer.  Your Agent will submit [...]

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What if I Can’t Meet the Short Sale Approval Deadline to Close?

The Seller’s Lender will generate a short sale approval letter with the terms of the sale.   That letter will contain a paragraph stating that they want receipt of proceeds (funds) by a certain date.    Some Lenders state that “if there is a delay in the closing and/or disbursement of the proceeds, the offer may become [...]

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After Receiving the Short Sale Approval Letter from the Lender, How Long Will I Have to Close on the Property?

Once you receive the short sale approval from the Seller’s Lender, your time starts ticking to do your home inspections and due-diligence. Your inspections will determine if you still want to buy the home. If you complete the inspections and want to move forward with the purchase, it will depend upon if you are purchasing the [...]

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How Long Will it Take The Lender to Approve My Offer to Purchase a Short Sale?

Unfortunately with short sales, there is no set timeframe to receive the approval from the Seller’s Lender.      The short sale approval process can take 30 days or 180 days!      Each Lender is different as to how long it will take for them to process the short sale.

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How Much Should You Put Down For the Escrow Money Deposit?

Anytime that you place an offer for a property, you will put down an escrow money deposit (also known as EMD or good-faith deposit).    This is a deposit made by the potential home buyer to show that he or she is serious about buying the house.  Putting an escrow money deposit shows the Seller your level of [...]

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Are You Aware if There Are Sexual Offenders/Predators Living in Your Community?

The Florida Sexual Predators Act (Florida Statute 775.21) requires all sexual offenders and predators to register with the Florida Department of Law Enforcement (FDLE). This information is available to the public and may be obtained by visiting the FDLE website  or by calling the FDLE at 1-888-FL-PREDATOR (1-888-357-7332).

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What is a CDD Fee?

CDD stands for Community Development District.    These are special taxing districts (usually large master planned communities) that impose special taxes and assessments to pay for the operation, construction, and maintenance costs of certain public facilities of the district.  These taxes and assessments are in addition to county and all other taxes and assessments provided by law.   [...]

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What is a Promissory Note?

A promissory note (or mortgage note) must accompany all mortgages in Florida.   The note is a legal instrument and represents the evidence of a debt.   A note is a promise to repay.  It makes the borrower personally liable for the obligation to pay the lender according to the agreed-upon terms of the loan.      The note [...]

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What is Fair Market Value?

Fair Market Value is the price a willing Buyer will pay a willing Seller for a property that has been on the market for a reasonable period of time.   There are variables such as the motivation level of the Buyer and the Seller.

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