Home Ownership

I own my home that is in a flood zone. Are flood insurance issues going to make it difficult to sell now?

Mar 14th, 2014
by edsmith.
Comments are off for this post

At least in terms of the astronomical rate increases that you have been reading about lately, probably not.

The U.S. Senate just passed the Homeowner Flood Insurance Affordability Act which had already been passed by the House this month. Once signed by the President, this Act will negate the majority of the devastating changes that were enacted by the House and Senate last year. More on this at: http://rem.ax/1fXPi7o

For information on this or other real estate topics, please visit www.DestinFloridaRealEstate.com or email us at smith@realtor.com

Are flood insurance premiums still supposed to go up?

Mar 5th, 2014
by edsmith.
Comments are off for this post

Flood insurance (NFIP) premiums have already gone up astronomically in the case of pre-FIRM homes, the result of the Biggert Waters Act. In this area, pre-FIRM generally refers to homes that were built before 1974.  Our elected politicians in D.C. are going through the motions but making little progress in the re-writing of this very bad legislation.
Our salvation may lie in the fact that FEMA failed to follow the rules and did not conduct the required cost studies before enacting. Therefore, a now pending lawsuit in federal court may provide our best option for relief.

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com

 

Are flood insurance premiums still supposed to go up?

Jan 30th, 2014
by edsmith.
Comments are off for this post

Flood insurance (NFIP) premiums have already gone up astronomically in the case of pre-FIRM homes, the result of the Biggert Waters Act. In this area, pre-FIRM generally refers to homes that were built before 1974.  Our elected politicians in D.C. are going through the motions but making little progress in the re-writing of this very bad legislation.

Our salvation may lie in the fact that FEMA failed to follow the rules and did not conduct the required cost studies before enacting. Therefore, a now pending lawsuit in federal court may provide our best option for relief.

More on this at: http://rem.ax/1fnwewZ

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com

Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1

 

Did I miss the opportunity to buy with really cheap interest rates? Are rates going to come back down?

Jan 6th, 2014
by edsmith.
Comments are off for this post

The scaling back of QE is expected to increase mortgage interest rates by 50 basis points over the course of the year. Some believe that the recent increase in rates pre-absorbed that anticipated impact.

However, to put it all in perspective, 2001 marked only the second time in Freddie Mac’s history (1971) that rates averaged below 7%. 2010 marked the first year that rates averaged below 5%. So by comparison, at 4.5%, today’s rates are still very cheap and it is a great time to buy!

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com

 

What happens to a rental property that I own after my bankruptcy?

Nov 8th, 2013
by edsmith.
Comments are off for this post

After your bankruptcy/debt is discharged, you are still the owner of record. Liability associated with the property typically resumes at that point.  After discharge, the bank may choose to file a foreclosure action or they may prefer to entertain a short sale proposal from you.

Some lenders will choose to actually pay you at closing for cooperating with a short sale after bankruptcy. In one such instance, our client received a check for $20,000. You should of course consult with your attorney before pursuing any post-bankruptcy real property action.

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com

Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1

How do we know if it’s best to get a 15 year fixed rate mortgage or a 30 year fixed rate one?

Sep 27th, 2013
by edsmith.
Comments are off for this post

If you can easily afford the 15 year payment, do it. Not only do you pay the loan off much more quickly, but you will receive a lower interest rate as well. This serves to create a dynamic that will result in a much accelerated equity build up and a more financially favorable monthly payment.

As an example, a $250,000  mortgage at 4.25% for 30 years would result in a monthly payment of $1,230.  That same loan amount at 3.5% for 15 years would result in a monthly payment of $1,787. Then consider that over the life of the loan, the 30 year option would result in total monthly payments of $442,800 vs $321,697 in the case of the 15 year. That’s $121,103 in savings!

For more info, please visit us at www.Ed-Terri.com or email us at smith@realtor.com

Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1

 

 

 

Are the foreclosures and short sales drying up? Fewer of them seem to be available for purchase.

Aug 16th, 2013
by edsmith.
Comments are off for this post

Yes, they are. Distressed properties only represent 20% of the sales market this year as opposed to more than 40% just two years ago. Foreclosure filings are down an average of 37% as compared with last year. Strong buyer demand for distressed properties has caused the average sale price for such properties to increase by 27% as compared with last year as well.

The low interest rates that we are seeing have played a significant role in the reduction of distressed inventory. Call us for a list of what’s available today and be ready to act quickly!

For more info, please visit us at www.destinfloridarealestate.com . Please email questions to smith@realtor.com

What are the most inexpensive improvements that we can make to our house to make it show better?

Aug 6th, 2013
by edsmith.
Comments are off for this post

No two houses ever seem to be in identical conditions. One home may need paint while another may need landscaping upgrades. We can easily compile a list of decorating suggestions to help “dress your house for success”.  The entire process takes less than 30 minutes.

However, some commonly overlooked interior items when sprucing up are things such as A/C registers, door knobs, door hinges, cabinet hardware and light fixtures.  These can be inexpensive items to replace and may really help freshen up the appearance!

For more info, please visit us at www.destinfloridarealestate.com . Please email questions to smith@realtor.com

We enclosed our attached screened porch on the back of our house. Our existing A/C unit won’t keep it cool. Will it hurt our resale value if we add a window unit to keep the new area cool?

Jul 5th, 2013
by edsmith.
Comments are off for this post

In most cases yes, a window unit will detract from the value of your property. A much better option may be one of the new mini split air systems that are available both locally and online.

These are permanently installed climate control systems that work well in situations just like yours. Also perfect for mother-in-law quarters, garages or any area that needs additional climate control. No duct work is required making the installation very simple. You will need an A/C contractor to install your system, but the price can be extremely affordable.

For more info, please visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

Why can’t I rebuild my property that’s seaward of the Coastal Construction Control Line if it ever gets destroyed?

Apr 25th, 2013
by edsmith.
Comments are off for this post

This is actually a very common misconception. In most circumstances, you could rebuild. Being situated seaward of the “CCCL” does not in itself prohibit you from rebuilding a damaged or destroyed property. In fact, activities that are not expected to cause any impacts or measurable interference with the coastal system are generally exempt. However, modifications to the foundation of such a property may very well trigger additional requirements and permits.

For more info, type this URL into your web browser: rem.ax/15Rm4RO
or visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

← Earlier Posts