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Sold in Niceville Florida with USDA Financing

1/31/2012

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Allow 45 days to closing in the contract for a USDA-Rural Housing Loan!
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As agents we really just want the truth about how long it is going to take to get the financing completed. 
My customer’s lender said “we can get this through in a month” well she
did on her end, but then the file had to go to USDA underwriting, the lender told us “they are quick and the file should be completed in a few hours”. Needless to say two weeks later we are finally closing with the approval from USDA.  In the meantime, everyone that has put this deal together, is being strung along, “we will have approval shortly”, etc., etc., it makes for a lot of unhappy people.  I recommend lenders be honest and upfront with all involved in the
transaction from the beginning, if it is going to take 45 days to close then
please just say it will take 45 days to get this loan closed and close it on time.

Bev Dudley, Realtor
Fleur de Lis Realty


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Destin Florida is Real Estate Heaven!

1/20/2012

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Destin and the surrounding areas have so much diversity, there's something to offer almost everyone.  From the affordable family homes to the 'Oh, my goodness,did I die and go to Luxury Heaven' homes, as well as condominiums on the same spectrum.  Sugar white soft sand, clear Gulf waters and fabulous climate, as well as more activities than one can imagine.  These things make Destin a real estate agents dream area to sell.

Jen Deane LeBlanc, Broker-Owner
Fleur de Lis Realty
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Clearing Complications of Encroachments and Easements

1/17/2012

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I recently listed a house as a short sale the legal description
included lots 1, 2 and 3. The sellers also owned lot 4 not included in the short
sale. So the sellers had to short sale their house and sell the adjacent lot as
a regular sale. I listed the house and the lot separately and recommended that a
buyer purchase the two properties together.

Then I had a buyer come along that ONLY wanted to buy lot 4.
  While doing research the boundary survey reviled a shed attached to the house
  was encroaching onto lot 4 and the RV structure on lot 4 was encroaching onto
  lots 1, 2 and 3. That was not the only problem. Walton County had abandoned the
  road in front of all lots 1, 2, 3, and 4 and deeded one half of the road to the
  sellers. Now the buyer would need an easement to access lot 4. 

The solution... have the buyer for lot 4 remove the encroachments
and the sellers grant an easement across lots 1, 2 and 3 for access to lot
4.

We closed on the lot and the buyer removed the encroachments,
easement was granted. The house with lots 1, 2 and 3 sold about 3 weeks later. 

Problem solved!!

Bev Dudley, Realtor
Fleur de Lis Realty
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Buying a Short Sale Requires Patients

1/16/2012

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The short sale process is very time consuming, buyers are not always aware of what
is involved and they become impatient thinking nothing is being done. Buyers do
not understand that it is the “seller” that must be approved for the short sale
by the short sale lender.
Months 1 and 2
the process is time consuming because the short sale
lender is trying to determine the hardship of current borrower, and why they can
no longer repay the loan. This hardship can be a number of things, such as loss
of income, divorce, military transfer orders, job relocation, etc. The current
borrower gives all of their financial documents to the short sale lender just as
they did when they applied for the loan. Once it is established that the current borrower can no longer repay the obligation, the short sale lender will entertain the offer from the new buyer.
Month 3
most short sales listings are price at or below Fair Market
Value, buyers usually tend to want to make a lower offer than asking price. This
can cause problems during the process if your buyer is not well informed. Say
the fair market value for the home is $200,000, and the price has been reduced
to $175,000 before an offer has been made, then the buyer makes offer of
$150,000 then the contract is presented to the short sale lender. The short sale
lender will order an appraisal on the property and if the appraisal comes back
with a value of $180,000 the short sale lender has an option to counter an offer
to the buyer. This happens quite often and the buyer either comes up to the
price or walks away from the contract.
Month 4
once the short sale lender has approved the short sale “in
writing” the buyer will have 30 to 45 days to close on the property. Short sale
properties are sold “as is” with the right to inspect. Once the inspection is
complete and satisfactory to the buyer, the closing process will continue with
an appraisal from their lender, survey, termite inspection, etc.

Month 5
the closing should take place.

This is the process to a short sale closing, buyers should be informed that the price on the contract can be countered by the short sale lender; buyers should be educated
about the current market value of the property so they will not be surprised if
the purchase price is countered.

The example presented here is a very simple process, most short sales do not go this smoothly, and buyers should be prepared for longer time frames especially if the borrower (seller) owes more than $775,000 on the mortgage. Mortgage balances higher than $775,000 can take 6 months to a year for approval.

Bev Dudley, Realtor
Fleur de Lis
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Buying a home with little or no money down.

1/12/2012

1 Comment

 
If you are not eligible for a VA loan and you do not have much cash for closing cost, USDA Rural Housing loan may be the answer for you.  This USDA loan will not require a down payment and you could even roll in some closing cost into the loan if the property appraises for more than the contract price.  Not all homes are eligible for this loan.  Homes in Fort Walton Beach are not eligible, but most homes in Destin qualifiy for this loan.   

To check the eligibility of a home you can visit eligibility.sc.egov.usda.gov/

Bev Dudley, Realtor
Fleur de Lis Realty
1 Comment

Homestead Exemption

1/11/2012

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If you own and reside in a home in Florida, as of January 1st you may qualify for the homestead exemption. You must file for this exemption by March 1st 2012 to qualify this year. If you file after the March 1st deadline you will not be eligible for the exemption until the following year. You must file in person, also go online or call the office in advance for required documentation. 

Okaloosa County Property Appraiser's Office: 
73 Eglin Parkway NE Suite 202, Fort Walton Beach or 
101 E. James Lee Blvd., Room 104, Crestview
www.okaloosapa.com

Walton County Property Appraiser's Office:
571 US Highway 90 East, DeFuniak Springs or 
31 Coastal Centre Blvd. Suite 600  Santa Rosa Beach
www.waltonpa.com


Bev Dudley, Realtor
Fleur de Lis Realty
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Mortgages and Coastal Barrier Zones

1/6/2012

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 I recently sold a couple of homes in a Coastal Barrier Zone, better known as a COBRA zone, we had to change one of the buyer's financing from an FHA loan to a Conventional loan at the last minute.
 
VA and FHA loans are not available in COBRA zones because the Coastal Barrier Resources Act removed the Federal government from financial involvement associated with building and development of these protected areas. Communities may permit development in these areas, provided the development meets the Flood Insurance Rate Maps.
 
But as a buyer you will be required to go with a Conventional loan and a higher down payment if you plan to purchase a home in the COBRA zone. You can check to see if the property you plan to purchase is in a COBRA zone by visiting FEMA.com or http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11  


Don't caught off guard at the last moment with the wrong type of loan.


Bev Dudley, Realtor
Fleur de Lis Realty
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Save money when you sell your property!

1/5/2012

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As a Realtor I have been with several companies, and I must say that I have taken something from each experience. I have wanted to implement a plan in Real Estate to help sellers sell their property and save them money on commission since the beginning of my 18 years in Real Estate. Now that I have made the change to Fleur de Lis Realty I have the opportunity to do just that.  We will charge no commission over $60,000 for million dollar plus properties and we are also here to help sellers with properties that are less in value.  Call us first to sell your property, we may be a small company, but we are huge on experience.  Serving Fort Walton, Destin, Miramar Beach, Sandestin, Santa Rosa Beach, Grayton Beach, Watercolor, Seaside, Seagrove Beach, Seacrest Beach and Rosemary Beach in Florida.

Bev Dudley, Realtor 
Fleur de Lis Realty
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