What Should You Know about Foreclosure Homes on Anna Maria Island

Credit for this photo goes to EquiFax

A foreclosure on a home is a when a homeowner failed to pay the mortgage. A foreclosure usually takes a while to fully complete and after 3-6 months of not receiving any payment the lender of the home records a public notice with the County Recorder’s Office stating that the homeowner has defaulted on his mortgage. After the homeowner receives the Notice of Default, the homeowner enters pre-foreclosure. During this time frame (which is usually 30-120 days depending on location) the homeowner can work out an agreement with the lender by performing a short sale or pay off the outstanding amount owned. If the amount is paid the foreclosure ends.

   If the deadline ends and the amount is still not paid the lender sets a date for the home to be sold at a foreclosure auction. The notice of the auction is then recorded with the County Recorder’s Office with notifications sent to the homeowner, posted on the property, and printed in the newspaper. If a third party does not purchase the property at the auction the lender takes ownership of the home and it becomes a bank-owned property or REO (real estate owned).

•           Be cautious of the current owner- if the owner still lives there you now have to worry about evicting the owner and they could possibly vandalize the home before leaving it.
•          Buy from a bank- look for a home owned by a bank or REO. The bank is usually required to pay off senior liens like back taxes and you can now inspect the home for damage.
•      Beat the crowds- after the home goes to foreclosure, but before it’s listed you could approach the lender directly and say that you are interested in it. If it’s a local or community bank and the home has been on listing for a while they may be more than happy to get rid of it.
•          Find a realtor that specializes in foreclosure homes in Holmes Beach, Bradenton Beach, or Anna Maria- they can help advise you in pricing, local zoning issues or state law constraints, as well as looking in to public records on if the property has any recorded liens; such as, unpaid taxes, repair/ maintenance bills, or homeowner association dues. Once you purchase the home you’re now responsible for those outstanding liens.

I'd be happy to help you start your search for a home for sale on Anna Maria Island. Call me at 941-545-8877 for all your real estate needs! Let's get you started living the Anna Maria Life!

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Information on First-Time Homebuyer Programs

Credit for this photo goes to Express

You've found that perfect first home you've always been looking for on Anna Maria Island- big swimming pool, fenced in backyard, spacious kitchen, and tons of room to have friends and family over. Being a first time homebuyer, I'm sure you searched the internet for options. You may have been one of many getting overwhelmed by all the information available. Don't worry! I've don't some research myself in order to help you get started with what you need.

First, what is a first time home buyer program and what does it do? It's a program that was set up to help make purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans.

Now, if you're unfamiliar with what a mortgage loan is, it's a loan that is given to you by using your home/property in exchange for funds that you agree to pay back in a certain time frame for a certain cost.

After looking at Florida Housing's website, I found a wizard that may be able to help provide you with more information regarding the first time home buyer programs. Using this tool it gave a little bit of insight for what you may be eligible for as well as more information regarding income limits, purchase price limits, down payment assistance, and more.

Example List of Available Florida First Time Homebuyer Programs:

•          Florida First (FHA, VA, & RD only) with an interest rate of 4.5000% this program is available to all first time homebuyers by reducing the cost of your first mortgage.
•        Florida Military Heroes (FHA, VA, & RD only) with an interest rate of 4.2500% this program is a 30 year fixed rate mortage loan program that was designed to help veterans and active duty personnel. It reduces the first mortgage interest rate and veterans don't have to be first time homebuyers.
•          Both the FL HFA Preferred Conventional Loan Program and the HFA Preferred Plus Conventional Loan Program have an interest rate of 4.2500%. They both offer reduced first mortgage interest rates.

The programs listed above are just a few of many. You're never in the search alone. Check my website out at Anna Maria Life. I would be honored to help you search for your first, second, or any home you're looking to move into. Call me, Billi, at 941-545-8877 for any of your Anna Maria Island real estate needs.

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What Should I Look for When Purchasing an Existing Home

It’s best to do careful research and evaluation of existing homes for sale before buying your new home. By checking everything out beforehand it ensures that your new home will be comfortable, cost effective, and holds its value in the future.

• How much work will need to be done after you move in? (Make sure to look at all the cabinets, flooring, walls, appliances, etc) If you have to do home improvements how much will it cost you to do them.
• If there are damages to the home can you fix them on your own or will you need to hire a contractor?
• Is there enough room for storage and your furniture? (Measure you furniture before you buy to make sure everything will fit.)
• If you have kids, research the schools in the area. Check how the schools near-by perform and compare to other schools in the state.
• If you have pets, are you going to have enough room for them in the house and outdoors?
• Does the home condition and tax value match the seller’s price?
• Do you like the landscaping or are you going to want to change it? If you are probably going to change it, estimate how much it will cost. Take into consideration if you are going to be able to do it on your own or if you’ll have to hire a contractor.
• Check out the condition of the neighborhood that you’re looking at. How are the neighbors’ houses? Are they looking run down? The condition of the neighborhood could affect your home’s value if you plan on selling it in the future.
• Does the house require a mandatory membership? If so, find out how much and what it goes towards. Check out the neighborhood and talk to the neighbors to see how they like it in that area.
• Make a wish list of things that you’re wanting. This will make it easier to judge how much work may be needed after you move in.
• Make a check list of things that you should check out; such as, cabinets, appliances, faucets, toilets, heating and air systems, and lighting. 

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Tips for First-Time Home Buyers!

You have decided that you’re ready to buy your first home, but you’re not really sure where to begin. It’s always good to take any advice on buying a home so that you’re not going in empty-handed. Hopefully, these tips will help you and your family out when looking at your first home.

•         Consider what type of home suits you and your family. Are you going to be looking for a single-family home, townhouse, condo, or a multi-family building? This is going to be one of the most important factors for when you start looking for a home.
•        How much home can you afford? I know this may sound a bit odd since you’re looking at purchasing a house, but a bank will sometimes give you a loan for more than you can afford. By doing this you don’t realize that you’re already making it to where you can’t afford the total cost of the house. Make sure to look at the total cost of the house besides the monthly payments. Don’t get me wrong, the monthly payments are a big factor, but you want to make sure that you can afford the house as a whole.
•         What specific features do you want in your new home? The type of neighborhood, house size, room layout, and kitchen appliances are all key when looking at a home.
•         How much mortgage do you qualify for? It’s good to double check how much you qualify for before looking at a home; so, that way you’re not looking at a $500,000 home when you can only afford $300,000.
•         Make sure to use a real estate agent. They can help you with procedures, tips, and even locating the house best suited to your wants and needs.
•        Think long-term when looking at a house. Are you going to be starting a family down the road? Are you planning on having older relatives live with you? Also, think on if you’ll be able to re-sell it down the road if you want to. If you’re in a bad neighborhood or just in a poor location selling your home will be a bit difficult.
•         Make a checklist of things that you’re going to want in your home. This goes back to what specific features do you want. If you go to a house that has a really nice view, but doesn’t match any of the features that you’re wanting it’s probably not going to suit what you’re looking for.
•         Read over your contract before signing and ask for the HOA (homeowner’s association) contract before signing as well. Make sure to read everything and that you understand what you’re agreeing to.
•         Look past the staging of the home. You’ll want to make sure the home will suit what you’re going to want to do with it when you move in. If you find that a room doesn’t have enough outlets you may find that you’ll have to do a bit of remodeling that you don’t need to do if another home suits your tastes.

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What is a final walk-through? What does it consist of and how long does it take?

Found the perfect home? Check! Made an offer on the home and the seller accepts it? Check! Inspections? Check! Loan being finalized and closing date set? Check! You’ve almost completed everything that you need in order to purchase your new home. However, there is one more step before owning your dream home- the final walk-through. A final walk-through is an inspection that is performed usually at least 24 hours before the sale on the house has closed. It’s to make sure that the property is in the condition that you had agreed to buy it in. It usually only takes around an hour to two hours to do the walk-though. Never pass up on the chance to do this! You don’t want to pass on the walk-through only to find that something had happened to the home since you had last looked at it.

Here are the things you need to know for your final walk-through:

•          It is not a home inspection. Hopefully you’ve already done that, if not, you need to.
•          Take your contract and any other document you may need to refer to when performing the walk-through.
•         It’s usually recommended to do the final walk-through with the seller present. You can ask them questions about the home, history, and even things they had wanted to do, but never got the time. It’s also a good time to make sure to get all keys to the house, storage, etc. Don’t forget to ask them for their address so you can forward their mail to them.
•          Make a checklist of things to check or do during the final walk-through. It will make it so much easier than trying to remember everything.

Here is what you should check:

•          Turn all light fixtures on and off.
•          Make sure any trash or debris has been cleared from the home.
•          Open & close all windows and doors.
•          Test out all appliances.
•          Flush the toilets to make sure they work properly.
•          Inspect the ceilings, walls, and floors for any possible damage.
•          Test the heating and cooling in the home.
•         Run the garbage disposal and exhaust fans to make sure they work.
•          Check that the garage door openers work correctly as well.

Spending at least a good 30 minutes to an hour is going to be a good investment. It will make sure that you can enjoy your home when you move in instead of making repairs or cleaning up any mess that was left behind.

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