Kicking Off National Homeownership Month!

Kicking Off National Homeownership Month!

Kicking Off National Homeownership Month! | Keeping Current Matters

National Homeownership Month actually started as a week-long celebration of homeownership during the Clinton administration in 1995. In 2002, President George W. Bush proclaimed June as the National Homeownership Month. Here is an excerpt from his proclamation:

“Homeownership is an important part of the American Dream…A home provides shelter and a safe place where families can prosper and children can thrive. For many Americans, their home is an important financial investment, and it can be a source of great personal pride and an important part of community stability.”

“Homeownership encourages personal responsibility and the values necessary for strong families. Where homeownership flourishes, neighborhoods are more stable, residents are more civic-minded, schools are better, and crime rates decline.”

“During National Homeownership Month, I encourage all Americans to learn more about financial management and to explore homeownership opportunities in their communities. By taking this important step, individuals and families help safeguard their financial futures and contribute to the strength of our Nation.”

If you are one of the many renters out there who would like to make the transition from renter to homeowner, contact a local real estate professional who can help evaluate your ability to do so.
Marcos Fullana, local real estate professional 305-385-8342 / mk@choiceone.us Choice One Real Estate Miami, Cutler Bay, Palmetto Bay, Pinecrest, Coral Gables
Choice One Key Title and Escrow is presented award

Choice One Key Title and Escrow is presented award

Representing Key Title and Escrow, Kim Chavez, president of the firm was presented with the Foundation of Excellence Award. This award is awarded to top title agents in the industry for Outstanding Performance in Claims Prevention. In addition to the Excellence Award Key Title and Escrow was also presented with the Heritage Award for over 10 years of outstanding professional service. These awards were presented by industry leading title underwriter Stewart Title.

Choice One Key Title and Escrow is located at 18400 SW 97 Ave. Cutler Bay, FL. 33157. Providing real estate title and escrow closing service fast, accurate and statewide. You may contact Key Title and Escrow at 305-235-4571 or email kim@titleescrow.us

 

7 Tips for Buying Your First Home In The U.S.

7 Tips for Buying Your First Home In The U.S.

Nothing says you’re truly an American like owning a home. And just over half of all foreign-born households living in the U.S. own their own home. If you’re ready to join them, try these seven tips for American-style home buying success — the process here may be quite different from what you’re used to.

1. Be ready to prove who you are. You don’t have to get your citizenship, a green card, or any particular type of visa before you buy a home. But you do need:

  • An Individual Taxpayer Identification Number. That’s a number assigned by the Internal Revenue Service to foreign nationals who need to file income tax returns.
  • A valid foreign passport, or two or more current photo identifications, such as a driver’s license, to show who you are.

Although property ownership isn’t tied to immigration or visa status, there are rules about how long you can stay, so if you’re not a citizen, check out U.S. visa requirements before you purchase.

2. Plan to get a mortgage, so you don’t have to save your money for years to become a home owner and start building equity. The U.S. home loan market offers many safe, affordable mortgages, including ones that allow Muslims to buy a home without violating Islamic laws against paying interest.

To get a U.S. mortgage, you must establish credit and earn a good credit score. To boost your score:

  • Open U.S. bank and credit card accounts.
  • Report all your income on your tax returns. Lenders use tax returns to verify your income and decide how much you can afford to borrow to buy a home.

When it’s time to apply for a mortgage, you’ll find major banks with global operations have experience working with foreign buyers and tend to have a process for verifying credit established in other countries.

3. Work with a REALTOR® who is a Certified International Property Specialist (CIPS) and who has experience, training, and education in helping foreign-born home buyers. An experienced real estate or title attorney can help you protect your interests, too.

Tell your REALTOR® how the home buying process works in your native country and ask her to explain U.S. home-buying customs to identify any differences. Even within the U.S., local differences exist in how people buy and sell homes. Knowing how homes are sold here and what to expect with closing costs, inspections, and the negotiation process reduces your stress and helps you get a good deal on your first home.

4. Don’t be shocked by Americans’ casual attitudes toward buying or selling real estate; it’s a byproduct of the relaxed U.S. business culture. Although real estate contracts must be in writing, the process leading up to the sales contract signing may be more informal and casual than it would be in your home country.

5. Learn to convert from the U.S. standard measurement into metric, or pick up a metric converter app so you can better estimate room and home sizes while shopping.

6. If you’re not fluent in English, or prefer speaking in your native language, choose inspectors, mortgage bankers, and REALTORS® fluent in your own language. Although it’s possible to get translated copies of standard real estate documents, you’ll likely have to sign the English versions during your home purchase.

7. Consider all the real-estate related expenses you’ll have as a home owner, including property taxes, home owners insurance, and maintenance costs. Set up a financial plan for your home so you know how much money to set aside for ongoing expenses.

 

By: Dona DeZube: © Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

What do I mean when I say MLS?

What do I mean when I say MLS?

Odds are you’ve spent a little time online searching for homes. After all, most home searches begin online. You may have even used a broker’s website or a site like Trulia or Zillow to help you browse listings.

But where does listing information come from?

Way back in the day, prior to the Information Age revolution, brokers used to gather and exchange information about their properties. The idea was fairly straightforward: I’ll help you sell your properties if you help me sell mine. It’s a “private offer of cooperation and compensation.” Cooperation meant the real estate industry could thrive and buyers and sellers could enjoy smoother transactions.

This spirit of cooperation gave rise to Multiple Listing Service(s) (MLS). By consolidating information about housing inventory in an MLS, listing brokers and buyers’ brokers can easily share up-to-date information about homes on the market. Though an MLS is typically a private database available to brokers, much of the information is syndicated to outside sites in the interest of casting wider net for buyers and sellers.

As an MLS is the primary source of information about a property, it tends to be the most accurate. It may also contain private information for use by brokers only, such as times the home is available for showings and seller contact information.

There are upwards of 850 MLS databases in the U.S. alone, and to a certain extent, there is market pressure to centralize these into a national MLS database. We’re sure to see changes in how Multiple Listing Services are used in the future, but the core benefits to home sellers and buyers is sure to remain.

Ready to put the power of an MLS to work for you? Search with me today for homes on the market right now. I’d be happy to help you find your next home:

Marcos Fullana 786-385-8342 or email: mk@choiceone.us.Marcos Fullana 786-385-8342

Buying a House at Foreclosure Auction is Risky Business

Buying a House at Foreclosure Auction is Risky Business

You can buy a home at a significant discount at a foreclosure auction, but you’ll face a host of challenges. Don’t get burned; be solutions-ready.

If you want to get a good deal at a foreclosure auction, know what you’re buying and how you’ll be expected to pay for it.

Start by understanding the foreclosure auction rules for your area. State and local governments set their own rules for such factors as:

  • Bidding process
  • Amount of deposit
  • Where the auction is held
  • Whether the home owners can get their properties back after the sale

You can learn about the process in your area by talking to officials at your county tax department or to a REALTOR®.

Although foreclosure auctions follow local rules, there are some universal challenges you’ll face no matter where you shop for foreclosed properties. Here’s how to solve them.

Solutions to 6 common foreclosure auction challenges

1. Challenge: Getting reliable information about foreclosure sales. Many companies charge fees to send you lists of foreclosures that may not be current, or sell expensive foreclosure-buying “systems” that promise to teach you how to make millions in real estate.

Solution: Most foreclosure sales are still announced in local newspapers. And you can get accurate information about buying foreclosures from reliable book publishers:

Foreclosure Investing For Dummies (For Dummies, 2007)

Keys To Buying Foreclosed and Bargain Homes (Barron’s Educational Series, 2008)

2. Challenge: You can’t get inside the property before the auction to inspect it for structural problems and repairs. Many foreclosure auction properties are in bad shape because the owners couldn’t afford the upkeep. And sometimes angry home owners purposely damage the property to punish the foreclosing lender.

Solution: Walk around the home to check its exterior condition. If it’s vacant, look through the windows. Ask the neighbors what they know about the property. If it was a rental, check the inspection records on file with the local government.

You can safely assume there’s something wrong with any house sold at a foreclosure auction, so cover yourself by bidding no more than 70% of the home’s market value.

3. Challenge: You need to figure out the market value of the house to prepare your bid. Some foreclosure auction announcements include information about the size of the original mortgage. That’s not how much the house is worth or even what the owners owe now. If the current owners bought at the top of the market, their mortgage may be more than the home is worth in today’s market and they could owe even more if there’s a second mortgage on the house.

Solution: Commission your real estate agent to do a broker’s price opinion (BPO) on the home you want to bid on. The BPO will show you comparable sales, telling you what similar, nearby homes that weren’t foreclosure sales have recently sold for.

Bid well below those comparable sales to leave yourself room to pay for repairs and unexpected problems. Ask the agency that runs the auction how to find winning bid amounts from recent auctions. Use that information to guide your current bid, too. A look at local tax and assessment records will tell you more about previous and current auction properties, like square footage and lot size.

4. Challenge: You don’t know if there are liens on the home. Some auctions don’t give you clean title to the property, meaning liens from the federal government or other entities may not be removed during the foreclosure auction process. You’d have to pay off those liens if you won the property.

Solution: Focus your efforts on two or three homes in desirable locations. To find out about any liens, pay a real estate attorney to run a title search on each property and issue a commitment to insure the title after purchase. Ask how the policy treats liens filed between the time of the search and the time you close.

A less-expensive option: Hire an independent title search professional called an abstracter or an online company. Both search options should be under $200, title insurance costs vary by state.

5. Challenge: You have to pay cash and pay it quickly. Most auctions require bidders to come up with the full purchase price in cash within 30 days.

Solution: Don’t count on getting a mortgage that fast. Look for other sources of cash that make financial sense for you.

  • Take out a home equity line of credit or do a cash-out refinance.
  • Tap retirement accounts, provided it makes sense for you from a tax perspective.
  • Work with other investors to fund a partnership to invest in foreclosed homes.

6. Challenge: You’re in love with a house that you’re aware is headed to foreclosure, but you’re afraid to bid on it at the foreclosure auction because you know nothing about the process.

Solution #1: Contact the owners and offer to purchase the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage.

Solution #2: You may be able to buy the house after the foreclosure sale. Foreclosure sales are run by a government agency (often the sheriff), which collects the money from the highest bidder and gives it to the bank to pay off the mortgage.

Banks will often bid at the sale to make sure someone doesn’t pay less than the house is worth (translation: not giving the bank enough money to satisfy the mortgage).

If the bank is the high bidder, it’ll take title to the house and put it up for sale. Then, buying the home is just like buying any other house. You can buy an owner’s title insurance policy so you know the house is free of liens; you can get a home inspection to check for needed repairs; and you’ll have plenty of time to line up your financing.

A real estate agent can alert you the day the bank puts the home on the market, so you can submit your purchase offer.

Since the bank pays the real estate agent’s fees, you likely won’t pay more than you’d have bid at the foreclosure auction to outbid the bank, and you’ll avoid most of the risks and unknowns of buying at the auction.

 

 

By: Marcia Jedd:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

8 Super-Secret Hiding Places for Holiday Presents

8 Super-Secret Hiding Places for Holiday Presents

Published: November 21, 2012

After you’ve fought the crowds for the best bargains, you’ll face another dilemma: Where to hide all those presents?

Whether you’ve got a nosy spouse or a curious kid, you need a good hiding place to squirrel away those gifts until you find time to get them wrapped and under the tree. Here are some ideas we came up with:

1. Borrow a friend’s house. Swap storage spaces with a trusted friend or neighbor, and you won’t spoil any surprises. This is particularly useful if you’re buying someone a big present, like a bicycle or a car — you might talk a neighbor into letting you borrow space in their garage until Christmas morning.

2. Pop the trunk. This won’t work if you have an SUV or hatchback, but if you’ve got a car with a trunk that’s closed off from the backseat, it’s a primo place to hide gifts. Small children will never get in there.

3. Make your office work for you. If your office is a safe, secure place, squirrel some presents there. This is only an option if you work out of your home, though — home offices are prime targets for prying eyes.

4. Take stock of kitchen pots. Got a huge stock pot? Unless you’re planning to make a giant vat of soup anytime soon, the stock pot can hold a load of small gifts, and chances are your family will never think to look there.

5. Make use of your underwear drawer. Small presents can easily fit there. Your spouse probably won’t hesitate to look there, but your kids might stop short of rifling through your skivvies. (We hope.)

6. Crack the crawl space. If you don’t mind a little dirt and some creepy-crawlies, the crawl space can hold some sizable presents. Don’t store anything there for too long, though — unless your crawl space is insulated. Moisture and temperature changes could damage items. Plastic toys are OK to keep outside; electronics should be stored inside.

7. Rent a storage space. If you’ve got a ton of presents to hide, you’ll need to look outside your house. Some storage units offer one-month-minimum specials for as low as $25. Check the storage units in your area for deals.

8. Go for the cleaning supply closet. Worst-case scenario: Your kids might find presents there, but they’d also find the cleaning supplies, which means they might actually clean something. Now that would be a Christmas miracle.

Where do you hide holiday presents?

 

By: Courtney Craig:© Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

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