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Home Buying in 33470 : Real Estate Advice

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  • Local Info3
  • Home Buying16
  • Home Selling4
  • Market Conditions1

Activity 12
Fri Oct 13, 2017
Colebilbrough11 asked:
Wed Jan 28, 2015
Brian & Jennifer Wilder asked:
As an agent for over 16 years I am amazed at how few home owners re-key their new home. I have found that each home has at lest 3 additional keys that had been given out since the home…
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Sat Oct 5, 2013
marial71 answered:
As a buyer that is frustrating because we want to pick our own appliances and cabinets. It is actually a plus for people looking because we can remodel it the way we like. Please somebody tell the banks this!!! Thanks! ... more
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Mon Mar 18, 2013
Sandra Gold answered:
Dear Sir or Madam,

There are some great listings in Loxahatchee at this time. Contact me to get a free list of all homes available.

Sandra Gold - Realtor
Keller Williams
... more
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Tue Feb 5, 2013
Neil Blair-Bennett answered:
Be very careful in limiting yourself to only foreclosures. There is a huge misconception out there that foreclosures offer the best deals. If you are insistent on going that route here are some tips.

Mistake 1. All foreclosed homes are bargains.
Understand that the institution selling the property (lender, government agency, etc.) wants to clear its inventory. The home's condition is not their concern. Be prepared to do your homework -- and rely on a professional real estate specialist (like us!) -- to avoid any land mines.

Mistake 2. Overbidding.
Foreclosed-home buyers must know area home values, condition of nearby properties, neighborhood trends, street noise, airplane traffic, zoning and other issues that affect the property's value. Sometimes bank-owned REO properties are priced below market value to attract multiple bids and drive up the sales price. We'll help you bid right.

Mistake 3. No inspection necessary.
Some buyers of foreclosed homes think a professional home inspection is too expensive -- that's a costly mistake. Lenders and others who sell a property "as is" may not be obligated to repair problems and defects.

Only a licensed home inspector can identify problems from electrical wiring or plumbing to radon or pest infestation to serious structural or system problems. If you don't have inspections conducted on a property prior to making a purchase offer, you'll want to include an inspection contingency in your contract. That contingency allows you to terminate the contract if inspections reveal problems the seller won't fix and you don't want to handle yourself.

Also, be sure to do a final walk-through inspection just before closing/settlement to ensure the condition of the property has not changed for the worse and that any agreed-upon improvements by the seller have been made to specifications.

Mistake 4. No clear title.
Most sellers of foreclosed properties will deliver a General Warranty Deed for the property, which guarantees that the seller holds clear title to the property and has the right to sell it to you. Be sure to add a clear-title contingency to your contract with the seller, just to make sure.

Having a professional title search conducted before closing/settlement is critical to ensure you won't be surprised by hidden ownership claims or liens. (A lien is a legal claim against a home for such things as unpaid property or income taxes, unpaid contractors or loans borrowed against the property. Liens can stay intact until the money is paid, which means you may have to pay off any outstanding liens as the new owner if the institutional seller has not already done so.) Without a clear title, you may not be able to get owner's title insurance to protect you against future unforeseen claims.

It would seem that there are some very competent agents in your area who know how to avoid these mistakes. Pick one, and good luck.
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Sat Mar 3, 2012
Cindy Hartman answered:
Hi Steve,

The loan amount was what your lender qualified you for (amount you qualify due to your current income and expenses etc. that they calculate what mortgage payment you can comfortably repay monthly ) in conjunction with what you offered on the home you'd like to buy.

The FHA appraisal is an independent appraisal of the appraisal's opinion of the actual value of the property you are going to purchase, as of the day he/she appraises it. The bank usually will not loan more that the independent appraiser's opinion of the value of the property. So if you still want to purchase the property, you will have to come up with the difference from what the bank will lend you on it and what it costs, or re negotiate with the seller to lower the purchase price to the appraised value. Or, if you have an appraisal contingency, walk away.

Hope this helps.

... more
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Tue Dec 1, 2009
Teddy Jagessar answered:
I hope you have found a home by now, yes there are homes for sale on the M2 canal
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Tue Dec 1, 2009
Teddy Jagessar answered:
Many people in Loxahatchee prefers the dirt road as a lifestyle. However with more lpeople moving in the last boom thne paved roads are prefered. Most of the Roads with names are paved or will be most with numbers are not ... more
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Tue Dec 1, 2009
Teddy Jagessar answered:
If you want a Short Sale property find out the Banks that hold the Loan Homeq and ASC are easy to work with. BofA and Chase are more difficult. Also One loan is better than Two as the second can cause problems and delay ... more
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Tue Dec 1, 2009
Teddy Jagessar answered:
I so not know of any such programs, you would be wise to speak to a Mortgage Professional as they are more up to speed on these matters
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Tue Dec 1, 2009
Teddy Jagessar answered:
The Bank Counter Addendum allows the Bank to pull put at any time in most cases. It is always subject to The Investor approval.
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