Living in Naples, Florida (Southwest Florida) means we are headed into the rainy season, which also means a chance of Hurricanes. Although there was an eleven year period between the most recent Hurricane Irma and the one prior, it is always good to be prepared each year. Here is some helpful hurricane preparation guidance provided by a local insurance company, Responsive Insurance, that I work with closely.
In Southwest Florida, furnished home purchases are much more common than in other parts of the US. This is due to the strong second home / vacation home market in the area. The thought of walking into a furnished home may seem ideal and easy, especially if you really like the furnishings. However, how to handle the furniture in the transaction is worth careful consideration.
One thing I hear often causes a little anxiety for buyers and sellers is that you don't see your final settlement statements until a few days before closing. Given that this is an important transaction with significant financial implications, people are anxious when they can't see the final financials until so close to closing. Certainly, lenders can provide estimates of their fees and costs and title companies can provide estimates of other closing costs, but some things (taxes, HOA fees, etc) may not be available until closer to closing, which is why it is delayed. In addition to having the amounts, people are often also curious about what all the different fees are. Here is a quick guide to try to help with that.
When it comes to purchasing a home, it can be challenging to understand how mortgage companies will view our financial situations in order to make lending decisions. Having a better understanding of this going into the home buying process is very helpful. So, let's take a look at how lenders view debt versus income.
Thanks to Hurricane Irma, we had some roof repair needs that we had to deal with. Our first round with the insurance company resulted in a denial to pay for our roof repairs because it didn't meet the 25% rule... however, we learned later that our roof tiles were no longer being produced and that the roof repairs needed were more than originally assumed... so we decided to try again with getting the insurance company to accept the claim and cover it. During this process, we came into contact with a number of roofing companies that were willing to take the lead on helping us. It was our first experience with having to consider the Assignment of Benefits, which led to some self-initiated research that I wanted to share with others.
Real estate transactions can be complex with lots of moving parts and considerations. There are a lot of factors, due dates, and financials involved. Here is a simple guide to explain the different types of fees and costs that are often involved in purchasing or selling property.
Most of the time it is pretty straight forward who needs to sign listing agreements and sales contracts for real estate transactions. But, what do you do when a property is owned as an LLC? This is a topic that requires legal guidance. Since I am not qualified to give legal advise, we will defer to the experts in this area. Sam Saad, a local real estate attorney, has shared some great guidance in this article he published today. His contact information is at the bottom of the article should you have any further questions on this topic.
How many different insurances are there with home purchases... home insurance, title insurance, mortgage insurance? In my last article, I shared information about Mortgage Insurance, which is in place to protect the lender. In this article, we will talk about Title Insurance, which is in place to protect the buyer.
Mortgage Insurance is a topic most people have heard of but many don't understand. What is mortgage insurance? Who pays for mortgage insurance? Is mortgage insurance required? Who does mortgage insurance protect? These and other questions are answered in this article.
It wasn't uncommon that there was a "natural" progression to everyone's home buying activity. You would start with something smaller that might work for you as an individual or a couple... a starter home it was called. Then you would work your way up as your family composition and financial situation changed. But, do you need to follow that same path or could you make your dream home your starter home?
NAPLES REAL ESTATE BLOG
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