South Florida On The Market

If you're on the fence and thinking about the Buy vs. Rent decision, so called "rent-to-own" deals may sound like the best of both worlds. Unfortunately, the exact opposite is often true. Learn more about these arrangements and whether or not it is right for you. What is Rent-to-Own? Rent-to-own (or lease-to-own as it's sometimes called) typically involves a renter paying a landlord an above-market monthly rent payment with a portion of that rent going towards the eventual down payment on the home's purchase. The renter pays a fee to the landlord/owner and sets a time frame for the lease, which is usually less than three years. In a typical arrangement, the selling price of the home is fixed for the term of the lease and the renter retains the right to decline purchasing the property when the lease has ended. These agreements can give homeowners an opportunity to move without selling at depressed prices, and they allow renters to save for a down payment whi

So you have decided to tackle a home improvement project, but like a mosquito buzzing in your ear a question lingers - Are you making the right choices when it comes to investing time and effort into improving your home? It's a valid concern because not all home improvements are created equal. To separate fact from fiction let's take a look at the top 10 home improvement myths: Any remodeling project will add value to your home Not true - while many remodeling projects will add value to your home, some can be seen as a negative by future buyers. For instance, combining two smaller bedrooms to create one larger bedroom may better fit your lifestyle today, but it may cause the home to lose value in the eyes of a future buyer who needs the two separate rooms. Buying the highest quality materials attracts more buyers Installing the highest quality materials always seems like a wise decision, but it can backfire. For instance, using the most expensive tile in a bathroom may impres

Zeroing in on yet another deficiency of a faulty appraisal process that is hurting home values, hampering a housing recovery and often killing sales of homes coming in below the contract sales price, the Government Accountability Office (GAO) earlier this month reported that the Appraisal Subcommittee, which oversees the appraiser regulatory programs established by the states, needs to improve its monitoring procedures. “These findings underscore the need to establish an effective oversight system to ensure that appraisals accurately reflect true market values and don’t harm aspiring home buyers or builders,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. A recent NAHB survey shows that one out three builders have lost signed sales contracts because of flawed appraisals and a fall survey conducted by the National Association of REALTORS® shows that 18 percent of REALTORS® reported a recent contract cancellation or delay as a result of a low appraisal. Numerous flaw

  You've survived house hunting and the bidding and negotiating on your new home, and now it's time to make it yours. But to do so, you have to sit down with various people, which may include the seller, your real estate agent, title and mortgage company officials and possibly your attorney at what's known in real estate lingo as the "closing table." At closing, you will close on the purchase of your new home, and if you are taking out a mortgage, on your home loan, as well. The whole process may take about an hour. Here's what's expected of you: Complete the walkthrough Before the actual closing, you'll most likely have the opportunity to perform a walkthrough of the property and confirm that the condition of the home is as it should be, as specified in the sales contract. Bring enough cash At closing, you'll be paying for your share of the closing costs, and will be bringing the down payment, so be sure to bring a certified check or a cashier

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Freddie Mac recently released the results of its Primary Mortgage Market Survey®, showing mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high. The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks. The survey concluded that the 30-year fixed-rate mortgage averaged 3.89 percent, with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent. The 15-year FRM this week averaged 3.16 percent with an average 0.8 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent. Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM

Despite the “doom and gloom” in today’s headlines, in the current economic climate, homeownership is more affordable than ever, thanks to low interest rates and lower home values. For those buyers who manage to have a 20% (or more) downpayment, they believe this will get them the lowest monthly mortgage payment. However, simply because buyers can afford to put down this amount does not necessarily mean they should. Those buyers who have saved enough to put 20%—or more—down on the purchase of a home may want to consider another approach—preserving some of their cash for savings, investing or other purposes. It may sound counterintuitive, but with today’s interest rates and the competitive pricing of private mortgage insurance (MI), borrowers can retain some of their money by putting less money down on a home—say only 10%—and still get a low monthly payment. Real estate professionals have a responsibility to all home buyers to help them evaluate their purchasing power based on existi