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Financing in 34145 : Real Estate Advice

  • All77
  • Local Info11
  • Home Buying37
  • Home Selling2
  • Market Conditions0

Activity 4
Steve Hackman, Real Estate Pro in Marco Island, FL
Fri Mar 22, 2013
Steve Hackman answered:
I think you would appraise higher now and it is unlikely it would come it at the same amount from different apprialsers. Some of the lenders are now offering as little as 10% LTV ratio. AS most others mentioned, don't be afraid to contact 1-2 loca lenders and get their programs. ... more
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Ann Stuart, Real Estate Pro in Naples, FL
Sat Feb 9, 2013
Ann Stuart answered:
Dear Faye,

Mike Hoy from Citibank knows Marco Island and Naples and he very experienced. His direct number is (239) 860-6112 or you may email him at mike.hoy@citi.com You will really like him.

Ann Stuart
Broker Associate
Premiere Plus Realty
Marco Island
(810) 623-0231
annstuartpremiereplus@gmail.com
... more
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Ann Stuart, Real Estate Pro in Naples, FL
Wed Jul 25, 2012
Ann Stuart answered:
Hi,

If Mike Hoy at Citibank cannot loan on the condo, he will find you the right person. His direct line is (239) 860-6112, or email him at mike.hoy@citi.com.

Thank you.
Ann Stuart
Broker Associate
Premiere Plus Realty
Marco Island
(810) 623-0231
annstuartpremiereplus@gmail.com
... more
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Fred Griffin,  in Tallahassee, FL
Thu Jun 25, 2009
Fred Griffin answered:
You should get a written response from the Lender that will be making the loan.

You should consult with a Qualified Attorney.

----------------------------

The Key is "Full Disclosure" - let the Lender (and other parties involved) know exactly what is going on,
and have them explain to you what the potential consequences are.
---------------------------------

In the State of Florida, if you add any name other than a spouse to your Deed,
it can be considered a Transfer of Interest in Real Property (a New Deed).

That New Deed could incur additional Documentary Stamps (Tax) of .70 cents per $100 of value.
For example, on a $300,000 Deed, there would be a Documentary Stamp (Tax) of $2100.

(There are exceptions to this in Miami-Dade County.)

Please visit the State of Florida Department of Revenue Website for a complete explanation:

http://dor.myflorida.com/dor/taxes/doc_stamp.html

------------------------------------

Another potential pitfall to adding names to the Deed after the original closing:

The Mortgage Holder may consider it to be a change in ownership,
and they may decide to trigger (enforce) the Due on Sale Clause in the Mortgage.
(A demand for the entire amount of the Loan Balance to be due and payable immediately).
--------------------------------

Again, please get Legal Advice from a qualified Attorney before signing any documents.

Best wishes,
Fred
... more
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