HeroSimplev3

beds

1 Bedroom

2 Bedroom

3 Bedroom

4 Bedroom

Buy a Home

Sell My Home

cost

Under $50k

$50k-$100k

$100k-$200k

$200k-$300k

$300k-$400k

$400k+

baths

1 Bath

2 Baths

3 Baths

4+ Baths

Rent

Sell

Everyone Deserves the Opportunity of Home

Exceptional Properties. Exceptional Clients.

Have you ever considered moving to beautiful Key Largo, Florida? &nbsp;Key Largo is a desirable community &amp; great location. &nbsp;Key Largo, Florida&nbsp;boasts a variety of local landmarks, excellent schools, parks and much much more. &nbsp;Take a look at some of the most popular searches in Key Largo, Florida&nbsp;and the surrounding areas.See:&nbsp;<a href="https://www.floridakeysrealestatelistings.com/map-search">Homes for Sale in Key Largo, Florida</a>Not quite the location that you are looking for? &nbsp;That is okay. &nbsp;Through my website you can search for the exact home you are looking for in the exact city, county or community you are looking for. &nbsp;Search for your perfect home, in the perfect location by taking advantage of my&nbsp;<a href="https://www.floridakeysrealestatelistings.com/advanced-search">Advanced Search</a>&nbsp;tool built directly into this website.

Have You Ever Considered Purchasing a Home in Key Largo, Florida

75615 Overseas Hwy. Islamorada Fl 33036 MLS# 582264 2,499,000Islamorada! Yes the Purple Island, has so much to offer but first let me tell you about&nbsp;this spectacular home! Entering the private gated property you will see the attention to&nbsp;detail that went into creating this masterpiece. Sunrises from every room! What a way&nbsp;to start your day! There is a Yoga Platform overlooking the ocean. A party area with a huge custom bar overlooking the waterfall pool, beach and ocean. Guests? Invite them&nbsp;all. There are three Ensuite Bedroom/Baths for complete privacy. And did I mention all&nbsp;with amazing ocean-views! If you are looking for a property and only the best will do, this home is awaiting you!Cook your favorite meal in the Chefs Kitchen that overlooks the ocean providing panoramic views. Have&nbsp;morning coffee on the beautiful spacious balcony overlooking the private beach. This&nbsp;house has been meticulously designed to mirror the curvature of the ocean's&nbsp;edge&nbsp;allowing for maximum views. Do you see the common thread running through all of these descriptions? Yes, it’s the view!! And Island living at its best.&nbsp;Let me tell you about the area.&nbsp;This magnificent home is located in&nbsp;Islamorada, also&nbsp;referred to as the Purple Island, and&nbsp;home to some of the&nbsp;<a href="https://www.tripadvisor.com/Restaurants-g34346-Islamorada_Florida_Keys_Florida.html">best&nbsp;restaurants</a>. We have Chefs from around the world right here on this beautiful island.&nbsp;This home is just minutes away from most of these restaurants for convenience and&nbsp;entertaining events. Watersports include boating, fishing, diving and so much more. One of my favorite&nbsp;dive sites is directly behind this property at&nbsp;<a href="https://www.tripadvisor.com/Attraction_Review-g34346-d8541639-Reviews-Alligator_Reef_Light_House-Islamorada_Florida_Keys_Florida.html">Alligator Reef Lighthouse</a>. It is&nbsp;considered one of the best diving and snorkeling locations in all the Florida Keys. For boating take a trip to the&nbsp;famous&nbsp;<a href="https://www.youtube.com/watch?v=f48rPmJPXU8">Sand bar</a>, it's is just north by water of this location.Islamorada is one of the most sought after zip codes in the Keys. Celebrities and&nbsp;Presidents a like make Islamorada their relaxing home away from home, which makes&nbsp;this property a perfect investment property. The demand for&nbsp;<a href="http://www.islamoradachamber.com/">Vacation rentals</a>&nbsp;and luxury living are high making the possibilities endless. There are not many properties&nbsp;that can offer 100 ft of private beach exposure and a deep water mooring directly behind the property.This home has so much to offer it truly is a must see. The fact that it's an ICF poured&nbsp;concrete structure with a concrete roof designed to exceed a Category 5 windstorm,&nbsp;well beyond all required building codes, makes&nbsp;the insurance rates more affordable&nbsp;than most ocean front homes in the area. If I have peaked your interest and you would like to take a closer look at this property please give me a call. It would be my pleasure to share this jewel of a home with you.

75615 Overseas Hwy, Key Largo, Fl 33037

<a href="https://1ps94.edit.ihouseelite.com/-/listing/300673223/1501-Ocean-Bay-Drive-Key-Largo-FL-33037">MLS#579779</a>I would like to take you on a trip to the Islands and the experience of the Keys Life as I personally see it. This unit is a spacious 4 bedroom 3 bath townhouse located within minutes of world renowned diving and fishing. This property is conveniently located within the first Key in the of the fabulous&nbsp;<a href="http://www.florida-keys-experience.com/the-florida-keys.html">Florida Keys Chain of Islands</a>. The benefit to this location is you are minutes away to the mainland of Miami/Homestead and the&nbsp;<a href="http://www.miami-airport.com/">Miami International Airport</a>.Although close to the hustle and bustle of Miami the minute you enter the Gates of this 21 unit complex you begin to feel the serenity pour over you.&nbsp;Beautiful sunrises, Pelicans gracefully souring over the harbor, seagull and cormorant drying their wing on the pier pilings are all common scenes from the balconies over looking the harbor and ocean views from this unit.&nbsp;Imagine this.&nbsp;Getting on your boat located in one of your three deeded slips and heading out for a day of snorkeling at&nbsp;<a href="https://floridakeys.noaa.gov/zones/spas/molasses.html">Molasses Reef</a>&nbsp;or&nbsp;<a href="http://pennekamppark.com/">John Pennekamp Park</a>.&nbsp;All within minutes of your back door. Then&nbsp;returning perfectly toasted by the sun and salt of the days experience.&nbsp; What could possibly finish this fantastic day off but a dip in the cool fresh water pool with an inviting cabana and bar area to host your boating friends and family!&nbsp; Oh and don’t forget you have access to the out door living space located just outside your ground level “man cave” for hosting a Keys style gathering. It is unusual to find a Townhouse with so much outdoors space in addition to the ground level waterfront patio. Every bedroom has access to a balcony, This allows you to experience the full effect of Island living. I hope you have enjoyed seeing this property described through my eyes. If you would like to see it for yourself, please give me a call.&nbsp;I would be happy to show it to you, it’s always a pleasure to visit this well appointed property.1501 Ocean Bay Drive Unit 7, Key Largo, Fl 33037Key Largo Yacht Club

1501 Ocean Bay Dr. Unit 7, Key Largo Yacht Club

With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.The housing market, like every type of market, unavoidably has its ups and downs. That doesn’t mean buying a home is a bad investment. As a long-term investment, homeownership is still one of the best investments for individual households. Historically, real estate has consistently increased in value, despite shorter periods of depreciation due to local markets and/or national economic conditions. The data shows that homes generally appreciate about 5% per year.<h2>Savings &amp; Investment</h2>Five percent may not seem like a great return on investment, but you have to think about it in the context of the situation. For example, let’s say you put 10% down on a $200,000 house. That’s a $20,000 down payment, or initial investment. At a 5% annual appreciation rate, your $200,000 home would gain $10,000 in value during the first year. Earning $10,000 on an investment of $20,000 is a whopping 50% return.For further perspective, let’s say instead of spending that $20,000 on a down payment, you invested it in the stock market. With a 5% return, you would gain only $1,000 in profit.<h2>Tax Benefits</h2>So now you’re saying that a home may have a higher return, but that’s before you consider all of the costs of home ownership, such as taxes, etc. Well, think of it this way: your property taxes as well as the interest on your mortgage are both tax deductible. You can deduct those costs from your income, thus reducing your overall taxable income. In other words, the government is subsidizing your home.<h2>Other Benefits</h2>It’s easy to get carried away with all of the economic reasons for home ownership, but it’s important to remember that not every reason is financial. Have you ever wanted to paint the walls of your apartment? Well when you’re renting, you can’t. Has anything in your apartment ever needed updating, but the landlord refused to do it? When you own a home, you can make the space yours in almost any way you want. And you benefit when you do home improvements, both financially and psychologically. Homes generally have more space, for storage, living, etc. than other living arrangements. Not to mention that you have space outdoors for barbecuing, pets, and kids. Owning your home carries with it a sense of pride, accomplishment, and even an elevated social status.So when you’re considering buying a home, consider the broad range of benefits that owning a home can have. And always make sure you have an experienced real estate agent and loan officer to help make sure you’re getting a home that is right for you, both financially and psychologically.

Is Buying a Home Still a Smart Plan

As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent tell you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection). Not only should you never skip an inspection, but also you should be present with the inspector during the inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find on the written report. Once the inspection is complete, review the inspection report carefully.You have to demand an inspection when you present your offer. It must be written in as a contingency. If you do not approve the inspection report, then do not buy the home. Most real estate contracts automatically provide an inspection contingency.

Importance of Inspection

It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.

Getting a Legitimate Lender and Getting Pre-Approved

With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed.While this isn’t the only reason for which homes are foreclosed, it has been a widespread one. With all the foreclosed properties, there has also been extensive interest in buying these properties at a bargain price.It is true that foreclosed properties can be priced at a significant discount, but they are also a much riskier investment. Before making an offer on a foreclosed property, do your due diligence.Things you must do before buying a foreclosure:<ul><li>Do a title search - make sure that when you purchase a foreclosure that you are the only person who has any ownership claim</li><li>Check for liens - find out if there are any liens against the property because you will be responsible for paying them</li><li>Check for a second mortgage - you don’t want to be surprised by an extra mortgage that you will need to pay</li><li>Know how good of a “bargain” you’re getting - foreclosures are sold “as is” and in many cases you will not be able to do a proper inspection. You may end up paying thousands of dollars repairing the property before it is fit to be lived in.</li></ul>It is also important to consider that there are different types of foreclosure properties and each type comes with its own advantages and disadvantages. The different types of foreclosure purchases are:<ol><li>Pre-foreclosure</li><li>Auction</li><li>Real Estate Owned (REO), also called “bank owned”</li></ol><h2>Pre-Foreclosure</h2>A pre-foreclosure is when you buy the home directly from the homeowner, before the bank officially forecloses. This type of purchase does not require as much capital as other foreclosures. Also, since you are purchasing straight from the homeowner, you will be able to gather all of the necessary information, such as inspection reports, title information, etc. that may not be available with other foreclosure properties. Once you take over the mortgage, you will be responsible for all future payments as well as any overdue back payments.<h2>Auction</h2>A foreclosure property will usually end up at an auction. Real estate auction practices vary by state but common practice is for the auction to be held on courthouse steps, in front of the foreclosed home, or at the county clerk’s office.Real estate auctions offer the best chance for a great deal but also hold the greatest risk. Auction properties are sold as is, with no opportunity for potential buyers to perform inspections. When buying a home at auction, the buyer must pay cash, usually a cashier’s check. It is also possible that there may still be tenants living in the home. In such a case, you would be responsible for the often costly eviction process.<h2>REO</h2>Once a foreclosure has gone to auction and failed to sell, it becomes a Real Estate Owned, or bank owned, property. Most homes do not sell at auction, most fail to even get any bids.An REO property is the least likely of the foreclosure properties to represent a bargain, but it is also the least risky. The property can be fully inspected, any title issues can be found and dealt with, and the sale can be subject to a mortgage. REO properties also tend to be in better condition than other foreclosure properties.Another thing to keep in mind when purchasing a foreclosure is that some states have a redemption period that allows the original owner to buy back the property by paying the remaining balance owed. You may be able to have this redemption period waived, so check the state laws on this topic before purchasing.Still interested in buying a foreclosure property? If so, always do your research before purchasing!

Thinking About Buying a Foreclosure?

FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.6% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get a savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder.Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.There are of course other issues as well. Can you afford to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have the time and capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and problems that come up when any home is sold?Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find it. Professional real estate agents also have an extensive network that allows them to more easily find a buyer.So before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sell sooner rather than later.

For Sale By Owner - A Good Idea?

If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want.If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor. A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.It’s always good to know how low you will go in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so they can be met.

Know Why You are Selling

It’s the big day.The day you go to the title or escrow company, sign your name on the dotted line, hand over a check and prepare to take ownership of your new home.It’s also the day that you and the seller will pay “closing” or settlement costs, an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real property.It’s too often a day filled with uncertainty and stress.To help you better understand this confusing subject, the Land Title Association has answered some of the questions most commonly asked about title, closing and closing costs.<h3>What services will I be paying for when I pay closing costs?</h3>You will usually be paying for such things as real estate commissions, appraisal fees, loan fees, escrow charges, advance payments such as property taxes and homeowner’s insurance, title insurance premiums, pest inspections and the like.<h3>How much should I expect to pay in closing costs?</h3>The amount you pay for closing costs will vary; however, when buying your home and obtaining a new loan, an estimate of your closing costs will be provided to you pursuant to the Real Estate Settlement Procedures Act after you submit your loan application. This disclosure provides you with a good faith estimate of what your closing costs will be in the real estate process. An itemized list of charges will be prepared when you close your transaction and take title to your new property.<h3>Can I pay for my closing costs in installments?</h3>No, and it is easy to understand why. Many different parties will have fulfilled their responsibilities and be awaiting payment upon closing. The title or escrow company will disburse money to those parties, pursuant to the escrow instructions, when funds are available.<h3>Will I be allowed to write a personal check to cover my closing cost?</h3>Your closing funds should be in the form of a cashier’s check, issued by an institution from the state of your purchase, made payable to the title company or escrow office in the amount requested. A personal check may delay the closing or may be unacceptable to the title or escrow company. An out-of-state check could also cause a delay in your closing due to possible delays in clearing the check.<h3>How much can I expect to pay for Title Insurance?</h3>This point is often misunderstood. Although the title company or escrow office usually serves as a meeting ground for closing the sale, only a small percentage of total closing fees are actually for title insurance protection.Your title insurance premium may actually amount to less than one percent of the purchase price of your home, and less than ten percent of your total closing costs. The title policy is good for as long as you and your heirs own the property with the payment of only one premium.<h3>Why are separate owner’s and lender’s title insurance policies issued?</h3>Both you and your lender will want the security offered by title insurance.Your home is an important purchase, and you will want to be certain your home is yours, all yours. Title insurance companies insure your rights and interests in order to protect you against claims.Your lender is looking to insure the enforceability of their lien on your property and marketability. What is meant by “marketability”? Local lenders will originate a loan here, and, often, sell it to an out-of-state investor. This investor, who may never see the property, needs to know that he has a valid and enforceable lien. Title insurance is the way of making certain. Without a current title policy, the loan is essentially unmarketable.<h3>What does my Title dollar pay for?</h3>Title insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination.Risk elimination can only be accomplished after an intensive period of risk identification.Title companies spend a high percentage of their operating revenue each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. The issuance of a title insurance policy is highly labor-intensive. It is based upon the maintenance of a title “plant” or library of title records, in many cases dating back over a hundred years. Each day, recorded documents affecting real property are posted to these plants so that when a title search on a particular parcel is requested, the information is already organized for rapid and accurate retrieval.Trained title experts are able, with the aid of their extensive title plants, to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, you can seek to clear those encumbrances which you do not wish to assume.The goal of title companies is to conduct such a thorough search and evaluation of public records that no claims will ever arise. Of course, this is impossible--we live in an imperfect world, where human error and changing legal interpretations make 100 percent risk elimination impossible. When claims do arise, title insurance companies have professional claims personnel to make sure that your property rights are protected pursuant to the terms of your policy.To conclude, when you pay for your title insurance policy, you are paying for a team of professionals who have worked together to deliver you a title insurance policy which represents protection for your ownership of real property.<h3>Who can I look for straight answers on Title, Closing, and closing costs?</h3>Title or escrow company personnel are available to review and explain your title policy and your closing statement.Article by CLTA

Closing and Title Costs

<div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto; width: 588px;"><img src="https://library-ihouseprd.b-cdn.net/blog/home-inspector.jpg" data-origin="100," alt="" data-proportion="true" data-size="588px,329px" data-align="center" data-index="0" data-file-name="home-inspector.jpg" data-file-size="0" style="width: 588px; height: 329px;"></figure></div>As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent tell you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection). Not only should you never skip an inspection, but also you should be present with the inspector during the inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find on the written report. Once the inspection is complete, review the inspection report carefully.You have to demand an inspection when you present your offer. It must be written in as a contingency. If you do not approve the inspection report, then do not buy the home. Most real estate contracts automatically provide an inspection contingency.

Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.

Why You Should Not Make Any Major Credit Purchases

<div class="se-component se-image-container __se__float- __se__float-center" contenteditable="false"><figure style="margin: auto; width: 588px;"><img src="https://library-ihouseprd.b-cdn.net/blog/credit-report.jpg" data-origin="100,930" alt="" data-proportion="true" data-size="588px,539px" data-align="center" data-index="0" data-file-name="credit-report.jpg" data-file-size="0" style="width: 588px; height: 539px;"></figure></div>When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.“What’s a FICO® score?” is a common reaction.Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum, and assorted other variables. When the credit report prints in your lender’s office, the total score is displayed. Your score can be anywhere between the high 300’s and the low 850’s.Lenders wanted to determine if there was any relationship between these credit scores and whether borrowers made their payments on time, so they did a study. The study showed that borrowers with scores above 680 almost always made their payments on time. Borrowers with scores below 600 seemed fairly certain to develop problems.As a result, credit scoring became a more important factor in approving mortgage loans. Credit scores also made it easier to develop artificial intelligence computer programs that could make a “yes” decision for loans that should obviously be approved. Nowadays, a computer and not a person may have actually approved your mortgage.In short, lower credit scores require a more thorough review than higher scores. Often, mortgage lenders will not even consider a score below 600.Some of the things that affect your FICO score are:<ul><li style="font-size: 14px;">Delinquencies</li><li style="font-size: 14px;">Too many accounts opened within the last twelve months</li><li style="font-size: 14px;">Short credit history</li><li style="font-size: 14px;">Balances on revolving credit are near the maximum limits</li><li style="font-size: 14px;">Public records, such as tax liens, judgments, or bankruptcies</li><li style="font-size: 14px;">No recent credit card balances</li><li style="font-size: 14px;">Too many recent credit inquiries</li><li style="font-size: 14px;">Too few revolving accounts</li><li style="font-size: 14px;">Too many revolving accounts</li></ul>FICO® actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores.

FICO® Score - a Brief Explanation

<div class="se-component se-image-container __se__float- __se__float-center" contenteditable="false"><figure style="margin: auto; width: 588px;"><img src="https://library-ihouseprd.b-cdn.net/blog/financial-documents.jpg" data-origin="100,930" alt="" data-proportion="true" data-size="588px,433px" data-align="center" data-index="0" data-file-name="financial-documents.jpg" data-file-size="0" style="width: 588px; height: 433px;"></figure></div>When buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming from your personal savings, the lender is more confident of your strength as a borrower.In addition, if you can verify that you have additional assets that are not needed for the down payment, it is important to document those, too. Additional assets are reserves you can draw upon during times of trouble, such as unemployment, medical emergencies, and similar occurrences. Additional assets can also help to document that you have a history of saving money, which makes you a more dependable borrower.It is extremely important to completely document the paper trail of any funds you use for down payment and closing costs. The sections below provide guidance on both verifying assets and documenting them as a source of your down payment.<h2>Checking, Savings, &amp; Money Market Accounts</h2>The quickest and easiest way to document funds in your bank account is to provide your lender with copies of your most recent bank statements. Most lenders request two months of bank statements, but some still ask for three. Some lenders still send a Verification of Deposit to your bank in order to determine your current bank balances and average balance for the last two months. However, that is the old way of doing business and most lenders nowadays prefer to have bank statements.If the money you are using for the down payment and closing costs has been in the bank for the entire period covered by the bank statements, you’re fine. These are known as “seasoned funds.” However, if your statements show any large or unusual deposits, the lender will ask you to explain them and document their source.<h2>Stocks, Bonds, Mutual Funds, etc.</h2>Most of those who own stocks get a monthly or quarterly statement from their brokerage. You will need to supply statements for the most recent sixty or ninety days in order to document these assets.Though it is rare nowadays, some people actually have stock certificates instead of having a brokerage account. When this is the situation, make copies of the certificates and provide those copies to your lender. You might also want to supply tax records to indicate you have owned these stocks for some time.If part of your down payment will come from the sale of stocks and investments, you will need to keep all documentation that applies to the sale. Provide these copies to your lender as well.<h2>Gifts</h2>Especially when buying a first home, some borrowers need help coming up with the down payment. This help should come in the form of a gift from a close family member. Lenders will require the donors to sign a special form called a gift letter. The gift letter states the relationship between the parties, the address of the purchased property, the amount of the gift, and sometimes the source of the funds used to make the gift. The gift letter also clearly states that the funds are a gift and not required to be repaid.With most lenders, the donor will have to also provide evidence that they have the ability to make the gift. This can be in the form of a bank or stock statement to show they have the funds available. You should also make a copy of the check used to make the gift and keep a copy of the deposit receipt when you deposit the gift funds into your bank account or escrow.<h2>401K or Retirement Accounts</h2>It is important to provide documentation about your retirement accounts or 401K programs because this is another asset you could draw upon as reserves in case of a problem. It is also another way to show you have a savings history. Just provide a copy of your most recent statement to your lender.Many people use these accounts as a source of funds for their down payment, too. Some employers allow you to cash out a portion of the 401K and some allow you to borrow against it. Be sure to keep copies of all paperwork involving the transaction. If they cut you a check, be sure to make a photocopy of that, too, including any receipt for deposit into your personal bank account.If you are borrowing against your 401K, some lenders will count this as an additional debt to go along with car payments, credit cards and other obligations. This may seem kind of silly because you are borrowing your own money, but from the lender’s viewpoint it is still a monthly obligation that you must come up with and should be taken into account. If you are tight on your debt-to-income ratios in qualifying for a home loan, this could be an important consideration. It may affect whether you choose to cash out the account and pay any tax penalty, or simply borrow against it.<h2>Employers</h2>Some companies provide down payment assistance for their employees. They may feel that Homeowners are more stable and reliable employees, or that providing down payment assistance fosters an environment of higher morale and loyalty to the firm. Just make copies of all the paperwork, including a copy of the check and the receipt when you deposit the funds into your personal bank account. It is important that these funds do not require repayment.<h2>Savings Bonds</h2>If you have Savings Bonds, remember that they are also financial assets. Since you hold the actual bonds in your possession, the easiest and best way to verify them for your mortgage lender is to make photocopies of them. If you choose to cash them in for down payment or closing costs, you should do this at your local bank. Be sure to keep copies of the paperwork the bank provides because that will establish the current value of the bonds and show that you received their cash value.<h2>Personal Property - Cars, Antiques, etc.</h2>Personal property includes automobiles, vehicles, boats, furniture, collections, heirlooms, antiques, art, clothing, and practically everything you own except for real estate. The mortgage application asks you to estimate the value of these items.The larger the loan amount, the more important it is for you to provide details on your personal property. This is because larger loans usually indicate larger incomes, and lenders check to see if your personal property matches your income. If it does not, this sends a red flag to the underwriter and they take a closer look at your application.You are not required to document the value of personal property unless you intend to sell them to come up with your down payment.<h2>Selling Personal Property</h2>For those Homebuyers who do sell personal property in order to come up with their down payment, the verification process can be arduous. Lenders are much stricter about documenting this method of coming up with your source of funds.Selling a car is perhaps the easiest to document. First, you need to photocopy the registration that shows you actually own the vehicle. You will have to provide a copy of the page in the “Blue Book” that shows your model and its value. Then you need to photocopy the bill of sale showing the transfer to another individual and a copy of the check used to purchase the vehicle. Do not get paid in cash because that makes it impossible to show you actually received the funds. Make a copy of the receipt when you deposit the funds into the bank.Other types of personal property are more difficult because you have to show that you actually own the property and that it actually has the value that you sold it for. This is a little harder to do for most assets than it is for automobiles.Records showing you purchased the property would be helpful. You could also provide an old inventory that documents ownership. To determine value, you may have to contract with an independent appraiser or a specialist who has the knowledge for that particular type of property.If you cannot document the item’s value, the lender will not view the sale as an acceptable source of funds. Just like selling a car, you have to prove you own the item, make a copy of the bill of sale, copy the check used to purchase the item, and make a copy of your receipt when you deposit the funds into your bank.

Documenting Your Assets - Verifying Your Down Payment

January 12, 2019<h4>It's PARTY TIME people! Come join us as we celebrate the FABULOUS sounds of MOTOWN. We have a great evening planned for you featuring the talented 7 piece live CK Band and special performances (all the way from Las Vegas and New York City) from "Stevie Wonder" and "Michael Jackson". This event will take place on Saturday, January 12, 2019 from 6 pm to 11 pm at the beautiful Playa Largo Resort &amp; Spa in Key Largo. Come join us for amazing food, lots of dancing and GREAT entertainment. General admission tickets are $150 pp. VIP admission is $200 pp.&nbsp; Tables of 10 are available for purchase.&nbsp; The Upper Keys Community Foundation, Inc., a newly formed 501(c)3 organized exclusively for the purpose of carrying out and supporting charitable and educational projects in partnership with the Key Largo Chamber of Commerce, is hosting this event.&nbsp; UKCF is recognized as a tax-exempt public charity under Section 501(c) (3) of the internal Revenue Code. Contributions are tax deductible to the extent allowed by law.&nbsp; The net proceeds from this event will help fund business grants, scholarships and community beautification projects in the Upper Keys. THIS EVENT WILL SELL OUT. DON'T WAIT.&nbsp; Buy/reserve your table of 10 now! For ticket purchases and sponsorship opportunities, please call Marlen Weeks, Director and Event Chair of the UKCF, Inc. at 305-394-1680 or</h4>

Magic Of Motown Key Largo, Florida January 12, 2019

<div class="se-component se-image-container __se__float-center" contenteditable="false"><figure style="margin: auto; width: 588px;"><img src="https://library-ihouseprd.b-cdn.net/blog/getting-keys.jpg" data-origin="100," alt="" data-proportion="true" data-size="588px,370px" data-align="center" data-index="0" data-file-name="getting-keys.jpg" data-file-size="0" style="width: 588px; height: 370px;"></figure></div>How Should I Take Ownership of the Property I am Buying?Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death.The Land Title Association (LTA) advises those purchasing real property to give careful consideration to the manner in which title will be held. Buyers may wish to consult legal counsel to determine the most advantageous form of ownership for their particular situation, especially in cases of multiple owners of a single property.The LTA has provided the following definitions of common vesting as an informational overview. Consumers should not rely on these as legal definitions. The Association urges real property purchasers to carefully consider their titling decision prior to closing, and to seek counsel should they be unfamiliar with the most suitable ownership choice for their particular situation.Common Methods of Holding Title<h3>SOLE OWNERSHIP</h3>Sole ownership may be described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting in cases of sole ownership are:<ol><li>A Single Man/Woman:A man or woman who has not been legally married. For example: Bruce Buyer, a single man.</li><li>An Unmarried Man/Woman:A man or woman who was previously married and is now legally divorced. For example: Sally Seller, an unmarried woman.</li><li>A Married Man/Woman as His/Her Sole and Separate Property:A married man or woman who wishes to acquire title in his or her name alone.The title company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This establishes that it is the desire of both spouses that title to the property be granted to one spouse as that spouse’s sole and separate property. For example: Bruce Buyer, a married man, as his sole and separate property.</li></ol><h3>CO-OWNERSHIP</h3>Title to property owned by two or more persons may be vested in the following forms:<ol><li>Community Property:A form of vesting title to property owned by husband and wife during their marriage, which they intend to own together. Community property is distinguished from separate property, which is property acquired before marriage, by separate gift or bequest, after legal separation, or which is agreed to be owned only by one spouse.Real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Since all such property is owned equally, husband and wife must sign all agreements and documents of transfer. Under community property, either spouse has the right to dispose of one half of the community property, including transfers by will. For example: Bruce Buyer and Barbara Buyer, husband and wife as community property.</li><li>Joint TenancyA form of vesting title to property owned by two or more persons, who may or may not be married, in equal interest, subject to the right of survivorship in the surviving joint tenant(s). Title must have been acquired at the same time, by the same conveyance, and the document must expressly declare the intention to create a joint tenancy estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Therefore, joint tenancy property is not subject to disposition by will. For example: Bruce Buyer and Barbara Buyer, husband and wife as joint tenants.</li><li>Tenancy in Common:A form of vesting title to property owned by any two or more individuals in undivided fractional interests. These fractional interests may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property, is entitled to a comparable portion of the income from the property and must bear an equivalent share of expenses. Each co-tenant may sell, lease or will to his/her heir that share of the property belonging to him/her. For example: Bruce Buyer, a single man, as to an undivided 3/4 interest and Penny Purchaser, a single woman, as to an undivided 1/4 interest, as tenants in common.</li></ol>Other ways of vesting title include:<ol><li>A Corporation*:A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having an existence and personality separate from such shareholders.</li><li>A Partnership*:A partnership is an association of two or more persons who can carry on business for profit as co-owners, as governed by the Uniform Partnership Act. A partnership may hold title to real property in the name of the partnership.</li><li>As Trustees of A Trust*:A trust is an arrangement whereby legal title to a property is transferred by the grantor to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called the beneficiaries.</li><li>Limited Liability Companies (L.L.C.)This form of ownership is a legal entity and is similar to both the corporation and the partnership. The operating agreement will determine how the L.L.C. functions and is taxed. Like the corporation its existence is separate from its owners.</li></ol>*In cases of corporate, partnership, L.L.C. or trust ownership - required documents may include corporate articles and bylaws, partnership agreements, L.L.C. operating agreement and trust agreements and/or certificates.Remember:How title is vested has important legal consequences. You may wish to consult an attorney to determine the most advantageous form of ownership for your particular situation.

Common Ways of Holding Title

<div class="se-component se-image-container __se__float- __se__float-center" contenteditable="false"><figure style="margin: auto; width: 588px;"><img src="https://library-ihouseprd.b-cdn.net/blog/adjustable-rate-mortgage.jpg" data-origin="100,930" alt="" data-proportion="true" data-size="588px,388px" data-align="center" data-index="0" data-file-name="adjustable-rate-mortgage.jpg" data-file-size="0" style="width: 588px; height: 388px;"></figure></div>Now that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue.Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borrower. If you get a fixed rate mortgage and the interest rate then goes up, it costs the lender money. However, if you have an adjustable rate mortgage, as the interest rate goes up, so does your payment, thus compensating the lender. Adjustable rate mortgages are particularly useful when unpredictable interest rates make fixed rate loans hard to get.One of the main advantages of an adjustable rate mortgage is that the initial interest rate is lower than that of a fixed rate mortgage. A lower rate means lower payments, which may help you qualify for a larger loan. This is an important detail if you expect your future earnings to rise. In this case, the ARM will allow you to qualify for a larger loan amount earlier rather than later.However, this information should only be used with care. If you use an ARM to qualify for a larger loan amount than a fixed rate would allow you and the interest rate then rises drastically or your income doesn’t rise, you may not be able to afford the larger monthly payments, thus causing you to default on your loan.A situation in which an adjustable rate mortgage makes sense would be if you are only going to keep the house for a short period of time. If you are only planning to own your house for only a few years, the risk of the interest rate rising goes down. This means that you will get a better rate with an ARM, making it a good choice. However, if you plan on staying in your home for a long period of time, a fixed rate may be a better option.The lesson here is to have a plan. Know what your goals are in purchasing a home and plan for all eventualities. Do your research when shopping for an ARM and consider the worst-case scenario.

Adjustable Rate Mortgages - The PROS & CONS

ArticleDirectorySimple

<h2>Recent Articles</h2>Stay up to date with the latest news from Born to Sell the Keys by checking out the articles below.