Tag Archives: Vice President of the United States

U.S. Revival Stands to Influence Florida Home Prices

19 Mar

U.S. Revival Stands to Influence Florida Home Prices

The truism has it that real estate is the most local of assets. If you exclude California-style earthquakes, the land a home is built upon tends to stay pretty much in one place. That being the case, Cascades St. Lucie West home prices tend to reflect our local Florida conditions: when business is popping and everyone feels confident about the future, Florida home prices tend to move upward.

Even so, as the complete numbers roll in from last year’s national real estate market, anyone with a rooting interest in Florida home prices has to be cheered.

The fact is, American home prices climbed 5.9% last year – the greatest yearly gain since 2006. Calling that only a ‘sharp’ rise is like calling the Super Bowl an ‘interesting’ football game. So, even though Cascades St. Lucie West home prices reflect local conditions, that kind of jump indicates the kind of national movement that is bound to echo through every corner of the country.

The U.S. Census Bureau and the Department of Housing and Urban Development also report that new national housing starts rose in 2012’s final month to an annual seasonally-adjusted rate of 954,000 (way more than the experts expected).  It sounds like a big number, and it is — an increase of 12% from the revised November rate of 851,000, and a gain of 36.9% over the previous year’s 697,000!

The National Association of Homebuilders also reported a third consecutive six-year high in its builder confidence index. It’s still below the point NAHB considers builder “optimism” balances with builder “pessimism,” but moving strongly in the right direction.

Now that we’re at a point where we can look back over last year’s performance, it’s easy to look back and say “That year sure would have been a good time to buy or sell!” To me, it looks likely that this time next year, we’ll have more of the same.

If 2013 is the year you’re considering making a move, I would be genuinely delighted to put together a plan of action that fits your goals and your timetable.  I hope you’ll give me a call!

Having the right real estate agent means having an agent who is committed to helping you buy your new home with the highest level of expertise in your local market. This commitment level has helped Bold Real Estate Group build a remarkable track record of delivering results

Are you tired of scouring the newspaper and MLS listing sites looking for homes in Florida? Tired of playing telephone tag with Realtors only to hear the home’s already sold? Sit back, relax and let Bold Real Estate Group and our team of professional Realtors do the work for you! Just visit our website and check off the properties you’re looking for. This service is FREE and there’s no obligation!

http://www.BoldRealEstateGroup.com

http://www.Northeast-Florida-Relocation.com

http://www.TheCascadesAtStLucieWest.com

http://www.PGAVillage-Homes.com

http://www.NewYork-Florida-RealEstate.com

http://www.HealthcareRelocationServices.com

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net or 772-224-1634

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Cascades Port St Lucie Local Open House Time is Teamwork Time

2 Nov

Cascades Port St Lucie Local Open House Time is Teamwork Time

Home available for seasonal rent!!!!  contact us today at communityinfo@comcast.net

According to the best estimate, something like 45% of home buyers use an open house viewing before making their purchase decision. I think that sounds about right – it might even be higher here in town. With such a high proportion of serious prospects choosing to drop by an open house, it’s important that we – client and agent — get it right. Under-preparing is seldom an issue: we all want to put our best foot forward when we invite the public into our home.

Yet while it may be tempting to go into overdrive for that preparation, overdoing it can be a problem, too – one that can actually turn off buyers. Some guidelines worth noting:

  • Avoid Information Overload.  It’s common practice to set out a few brochures or pamphlets that let potential buyers know something about the area. But if your flier presentation looks like it belongs in the Florida Tourist Welcome Center, or you’ve put together a local restaurant guide that comes off like a comprehensive college prospectus, your buyer may not have enough time to focus on the home while there.
  • Don’t Kill the Mood. Like many agents, I like to try to set a certain ambiance for potential buyers attending an open house. Yet I also know that when a potential buyer walks through a Port St Lucie  home, he or she needs to be able to project a personal image of the future onto it. In practice, this means that soft music is nice — top 40 is too much.  Subtle and neutral details are a plus: too much color or too many photos can be overkill.  To cater to all demographics, be sure the house is clean and uncluttered — as minimalistic as practical.
  • Keep Refreshments to a Minimum. Ensuring that potential buyers feel comfortable in your open house is the goal, so you and your agent need to draw a line between hosting a mini-buffet and being gracious but businesslike hosts.  You want to provide pleasant and positive refreshments, but an elaborate spread taking over the kitchen and wafting all variety of aromas through the house is distracting. I’ve always been a fan of the classic cheese and crackers display (though I’ve sometimes found it appropriate to add a cookbook propped open to bring to emphasize an especially well thought-out kitchen design).

When you plan your own Cascades open house, you and your agent should make the most of the strong points of your offering – being careful not to upstage them. Call me anytime if you are looking for one of those kinds of agents. I am one who will be your strong partner from the moment you list until the last closing doc is signed!

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, an agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Are you tired of scouring the newspaper and MLS listing sites looking for homes in Florida?   Tired of playing telephone tag with Realtors only to hear the home’s already sold?  Sit back, relax and let Bold Real Estate Group and our team of professional Realtors do the work for you!  Just visit our website and check off the properties yuor’re looking for.  This service is FREE and there’s no obligation!

View thousands of listings  www.BoldRealEstateGroup.com,  www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.Northeast-Florida-Relocation.comwww.HealthcareRelocationServices.com

Cascades Furnished Home For Rent

23 Feb

Cascades Furnished Home For Rent.  Gorgeous turnkey LIMOGE builder’s model features spectacular lake views from the family room and large master bedroom.  Professionally decorated with lots of built-in area in spacious family room, neutral 18″ ceramic tile in living areas.

Nicely done gourmet kitchen cabinets, breakfast area, accordion hurricane shutters.  This lovely home features 2 bedrooms, 2 full bathrooms, dining room area with great view of the wide lake. Natural gas range and interior heating, appliance home warranty plan, plenty of closet space, two car garage, screened lanai overlooking beautiful lake.  This home is located in Cascades a 55+ resort lifestyle manned-gated community offering 24 hours service for privacy.  The Cascades offers it’s own 9-hole golf course, 10 lighted Har-Tru Tennis Courts, a  26,000 sq.ft. Clubhouse, outdoor pool & spa, fitness center, sauna, multi-purpose ballroom, media room, library, available to enjoy year round and much more! The community is conveniently located, minutes away from theaters, houses of worship, great restaurants, movie theaters, post offices and hospitals.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

How To Save On Your Taxes Using The IRS Code 1031 Exchange

23 Feb

How To Save On Your Taxes Using The IRS Code 1031 Exchange.  What exactly is the 1031 Exchange and how does it work?  Well let’s first define 1031 Exchange.

1031 Exchange:  “no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of the like kind, which is to be held either for productive use in a trade or business or for investment”.

This rule was based on the 1031 section of the IRS code and the term 1031 Exchange is a term that is used within the real estate business.   Now let’s take a look at how it works.

1. It will allow any taxpayer to defer the taxes on a property sale if it is exchanged one investment property for another similar type of  property that is being used for business or investment purposes

2. You will need to hire a real estate lawyer to apply the legal processes that are required in the 1031 Exchange

3. If you would rather, you can hire a Qualified Intermediary or QI as a third party that is independent of the process.  A QI will hold the profits from the sale of the first property that you sell until you are able to invest into another property or properties.  You should have a minimum of two properties involved in this transaction

4. You are not allowed to use your own home to qualify for the 1031 Exchange.  The 1031 Exchange only allows the exchange of one property for another of the like kind.  When I say like kind, it does not mean the condition of the property or the value of the property but only that they are similar in their types like one investment property for another investment property

5. There are two very strict timeline guidelines: the Identification Period and the Exchange Period.  These dates cannot be extended to meet your needs and the process has to be completed within the time that is allowed by the IRS to take benefits out of complimentary tax treatment

• Identification Period = 45 days from the actual date you sell your property and the time you view the new property that you want to buy

• Exchange Period = 180 days from the classification date up to the closing date.  During this time you must get through the entire exchange process

Your best bet is to find a realtor who is very familiar with the 1031 Exchange tax code and dealing with investment properties.  The 1031 Exchange can be very beneficial to you; however, you will have to make sure that you do everything accordingly.   The only way you can make sure of this is if you have a realtor and a real estate lawyer to handle the proceedings for you.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Avoid the most common buyer errors

15 Feb

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Avoid the most common buyer errors. Shopping for a new home is an emotional experience. It’s also time consuming and  comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

  • Paying too much
  • Losing a dream home to another buyer
  • Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).

Unexpected repairs
For $300 – $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Remember additional cost
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.

Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the sale.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Do You Really Need A Real Estate Agent?

9 Feb

Do You Really Need A Real Estate Agent?  The short answer is no, but why wouldn’t you want to?  There are so many anxieties that come with buying a home, whether you are a first time home buyer or someone that has purchased several homes in your lifetime.  It doesn’t matter; the stresses and anxieties will always be there.  However, your realtor goes through this process on a daily basis, often times many times each day.  So what does this mean for you?

Let’s look at what your Realtor can do to make everything much easier for you from start to finish.

1.  Your Realtor can help you determine what price range of homes you can afford

2.  Your Realtor can customize your home search for you – how many bedrooms do you want, how many baths,  find you the perfect location, help keep you out unsavory areas

3.  Your Realtor could potentially save you thousands of dollars just by using their expertise and knowing all of the ins and outs that will save you money – this is priceless

4.  Your Realtor will arrange for you to view as many homes as you would like and will then encourage you to look at the home of your choice several times at different times of the day even after your final decision to make sure that you are completely comfortable with your selection

5.  Your Realtor will save you time.  Most people are very busy and do not have time to spend on walking through countless open houses that may not even fit their criteria or to spend countless hours scouring the internet

6.  Your Realtor has access to many lenders and will know who to send you to to help you get your pre-approval and then to get you the best possible deal from an easier to work with lender to one that will go to the ends of the earth to get you approved and one that will get you a great interest rate

7.  Your Realtor is a professional real estate agent, which you are probably not, so this alone will give you an advantage because your realtor knows your neighborhood, the schools, the builders, and knows how to negotiate on your behalf

Buying a home is probably the biggest investment you will make in your lifetime so why would you leave this process to chance.  This decision is one that will affect you for many years so you want to make sure that you have an expert on your side.  Someone that knows you, has a relationship with you, cares about you and one that will help you through the entire process every step of the way.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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What You Must Know About Disclosures Before Selling Your Home

12 Jan

What You Must Know About Disclosures Before Selling Your Home

Selling your home can be a very exciting time.  You have enjoyed the time you have spent in your home and you will probably be somewhat sad when moving day comes.  But don’t make things worse by not knowing everything there is to know about giving a full disclosure about your home.

Your realtor will probably pound this in like a prosecutor; but there is a very good reason for giving full disclosure about your home.  So what does “full disclosure” mean and why does my realtor keep warning me about this?  Well, that is because your realtor is trying to keep you out of legal trouble.
What!  Legal Trouble?  How can my telling a little white lie get me into legal trouble?   Well the fact of the matter is –  it is the law –  you must give full disclosure when selling your home.  You must disclose anything and everything that might be wrong  with your home before you sell it.

You have probably lived in your home for years and you know that is has some “quirks”.  No home is perfect, they all have something wrong with them; maybe just a few small things or maybe some really big things.  It doesn’t matter how big or small the issues are they must be disclosed before the sale.

So what exactly do you mean “everything”?  Well, you know that little drip in the bathroom faucet, and the little fact that your dishwasher stops up from time to time, or perhaps the fact that your basement floods or your roof leaks but only when you get a heavy rain.  Yep, that’s the stuff I am talking about.  When I say everything must be disclosed, I mean everything!

When it comes time to sell your home you have some options.  You can make the repairs at your expense  or you can let the buyers know up front what the problems are and let the buyers decide if they want them fixed.  Just remember, if you don’t get these items fixed before putting your home on the market, your buyers will probably come back with an offer on your home minus the cost of the repairs.

Most buyers will have a home inspection done; however, even if they don’t, it is your responsibility to disclose any defects that you know about.  A concealed problem may come back to haunt you after your closing.  There have been many lawsuits that involve undisclosed defects.  So it is in your best interest to disclose, disclose, disclose.  Otherwise, the settlement of a lawsuit will make the cost of those repairs or price concession look like a real bargain!

Talk to your realtor and they will be able to assist you with the disclosure agreement.  Your realtor will be your best friend throughout this entire process and beyond and is the best person to help keep you out of legal trouble.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

Unique Ways To Fund Your Downpayment

12 Jan

Unique Ways To Fund Your Downpayment

One of the biggest concerns many people have when it comes to buying a home is coming up with the down payment.  Or perhaps coming up with a down payment that is large enough to lower their monthly payment.   These are very legitimate concerns ; therefore, we have come up with some unique ways to help you afford your down payment.

1.  The most popular(and maybe not so unique) is to dip into your savings account

2.  Hit up some of your friends – who knows what kind of money they have lying around

3.  Ask all of your relatives – if all of your relatives can give a little, perhaps you can reciprocate the next time they need a favor

4.  Check with your 401k administrator – in certain cases you can borrow some money from it without penalties

5.  Look at your entire portfolio – do you have stock proceeds you can use or maybe you could sell some stocks to beef up your down payment

6.  What assets to you have – do you have anything that you could sell to come up with that extra down payment

7.  Sometimes, depending on the lender , a co-signer might be an option

8.  Does your city offer any down payment subsidy programs – sometimes these subsidies are $5000 to $10,000 – this is free money – who doesn’t want free money.  This will also significantly lower your monthly payments as well

9.  Some banks still offer zero percent down – which means you have no down payment – these are usually reserved for first time home buyers with extremely good credit

10. Perhaps you might consider a lease with an option to buy

11.  Sometimes a seller is willing to fund part or all of your down payment just to get the deal – this is called a carry back mortgage – it will help the seller sell their home faster and help the buyer buy a home that they could not otherwise afford

12.  Talk to your lender about a second mortgage

There are many, many ways to fund your down payment.  Ask your realtor to help you come up with the options that will work best for you.  You might be surprised at just how well versed they are in helping buyers reach their down payment goals.  So use their experience to your advantage and don’t let a little thing like a down payment get in your way.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

The In’s And Out’s Of Locking In An Interest Rate

12 Jan

The In’s And Out’s Of Locking In An Interest Rate

Congratulations on your decision to buy a new home!  Buying a new home can be a very exciting time; however, there are many things to consider and many things to get done.   One of the most important things – if not the most important thing – when buying a new home is your choice of lenders and the interest rates they charge.   Get this wrong and it could cost you thousands of dollars over the life of your loan.

Whether you are buying a new home or just re-financing your current one, it is a good idea to do some comparison shopping for the best lender with the best rates.  A low interest rate isn’t the only thing you should consider when shopping for a loan.  You will also want to consider the terms of the mortgage, what the closing costs will be and you will want to check the reputation of your lender.  Remember, this is going to be your lender for quite possibly 30 years, so you want to make sure they are reputable.

Your real estate agent will be a huge help when it comes to lenders and loans.  They will be able to provide you with a list of lenders that have the best loan packages available and will be able to tell you what their qualifying requirements are.   Your realtor can also tell you which lenders are willing to go above and beyond the call of duty  to provide you with excellent service and the ones that will make sure everything goes smoothly from start to finish.

The first thing your lender and realtor will tell you is that you need to “Lock In” your interest rate.  What that means is that the lender will guarantee you the current interest rate with specific predetermined points and fees for a specific amount of time, usually 30 days.

So after you have applied for your mortgage loan, the rates will more than likely fluctuate from day to day and week to week.  Therefore, if you don’t want to risk losing that great current interest rate, you will need to ask for a rate lock from the lender.   This will lock in your interest rate.

Don’t worry, your real estate agent will be there to help you.   So don’t hesitate to pick up the phone and give them a call.  They are professionals with years of experience just waiting to help you through the home buying process and will be there for you every step of the way.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

11 Jan

What Is Escrow And How Does It Work?

So what exactly is escrow.  If you have recently bought a house or are thinking about buying a house, you will need to know what escrow is.  Here is a quick overview of what escrow is and how it works.

Escrow is a deposit that is held by a third party or escrow agent.  So in other words, an escrow deposit, is the money you put down on your new home.  Your escrow deposit is held in a secure location by a neutral third party.

The escrow agent works for both the lender and the buyer and their purpose is to carry out the instructions that both parties have agreed on.  The escrow agent will release your money once all of the terms of your agreement have been upheld.

Your mortgage lender will more than likely require you to open an escrow account to make sure there is enough money to cover your insurance and taxes.  The way this works is you will make an initial deposit to your escrow account followed my monthly installments.  Most lenders will arrange to have this included in your monthly mortgage payments.  When your taxes and insurance premiums come due the escrow agent will release the funds to the appropriate party.

The reasoning behind having an escrow account is to protect the lender in the event you default on your payments.  The lender is then protected from external perils that could arise as a result of you not paying your taxes or your insurance causing the lender to be left with no collateral.

An escrow account also helps the buyer because it allows you to spread your payments  evenly over a 12 month period.  Just imagine if your yearly taxes were $3000 and your yearly insurance was $1400, that would leave you owing $4400 in one lump sum.

Your escrow amounts could change from year to year due to the possible increase in your taxes and insurance.  Therefore, your lender will review and adjust your escrow amounts annually and you will be given a revised mortgage payment if your taxes or insurance go up.   On the same token; however, if your taxes or insurance rates go down, you will be given a refund.

Sometimes an escrow requirement can be waived.  Some buyers prefer to pay all of their taxes and insurance directly.  Your lender may allow you to do this if your down payment is more than 20% but they will more than likely raise your interest rate slightly to compensate.   One thing to remember is that once you begin putting your funds into an escrow account, it can be difficult to cancel this process so make sure that you fully understand what your options are before doing anything.

Well, I hope that I have fully explained what escrow means and how it works.  However, if there is anything you don’t understand or anything you have questions about, please call your realtor.  Your realtor has many years of experience with these kinds of things and will be more than happy to assist you.

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent  your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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