Team Sold TV: March 2007

Monday, March 26, 2007

Revisit Some Past Episodes on TeamSoldTV.com Today

We want to invite you to visit our site at http://www.TeamSoldRealEstateTV.com and watch, from the first episode, all properties that have been viewed to date. 5484 Highway 192, Defuniak Springs, Florida is now sold, we are happy to announce. However, many properties are still available.
Watch the tours of: Lot 10, Eugene Court on Lake Rosemary, a great Florida lakefront lot in Defuniak Springs, Florida for sale on episode 2; Lot 29 and Lot 30, Falcon Way, The Pines subdivision, Crestview, Florida, both level, buildable lots that are a quarter acre in a subdivision for $30,000 with Auburn Water available; a 26-acre tract on Innsbrook Lane in Holt, Florida; a 5-bedroom, 3-bathroom John King Road home on an oversized half acre lot, south of I-10; commercial lots on Bay Street in Crestview, Florida, a corner lot over an acre in size; and 10-acre Stallion Drive, Crestview, Florida with an updated 2-bedroom 1989 in an all 10-acre-tracts subdivision for $125,000, all in episode 3.
You can view these in-depth tours which are not normally seen online -- not just pictures but good information that may help you find your dream home. You can get a clear picture on many properties on our show today. We are airing new episode number 5 this Friday at its normal time.
I want to thank Lisa Sanford for appearing on multiple episodes of Team Sold Real Estate TV that airs on the CW, FOX, & WEAR-3 after Jimmy Kimmel (Friday night). Just visit TeamSoldTV.com and click "Schedule" on the menu to the left to find out our airtimes. Or, if you are outside of our viewing area, we have you covered as well; all our episodes will be available at TeamSoldTV.com. Just click on the link under "Episodes" in the "Interactive" section on the front page to view the complete show.
Email us your questions now at http://www.teamsoldtv.com/ and we will answer them on upcoming shows. We will also be showing you many unique properties from Panama City to Pensacola as well.

Florida Real Estate with Team Sold TV and Brandon Jordan, your Northwest Florida Realtor serving Okaloosa and Walton Counties and ActiveRain featured Realtor for Okaloosa County since 2007. We provide this information and much more on our site for you at no charge, so please remember us when you're looking to buy or sell real estate.

Watch Team Sold TV now online

We are proud to present, as a service to everyone viewing our site, that we will be bringing you every episode of our brand new TV show called "Team Sold Real Estate TV" that airs on CW, FOX, & WEAR-3 after Jimmy Kimmel. Just visit TeamSoldTV.com and click on the link under "Episodes" in the middle of our page in the "Interactive" section.
Our show will will be bringing you information that we hope you will find helpful, from many of the home industries' top professionals from title companies to loan officers.
Our first two episodes feature Patrice Bobo-Miles with Countrywide Home Loans.
Email us your questions now at http://www.teamsoldtv.com/ and we will answer your questions on upcoming shows. We will also be showing you many unique properties from Panama City to Pensacola in upcoming shows as well. If you are outside of our viewing area we have you covered; all our episodes will be available right here.

Team Sold tv up to YouTube

We are proud to announce that now, as a service to everyone in our viewing area (all of the Emerald Coast), we will be bringing you our very first episode of our brand new TV show called " Team Sold Real Estate TV," starting January 5, 2007, on WEAR-3 after Jimmy Kimmel.
We will be bringing you information that we hope you will find helpful from many of the home industries' topprofessionals, from title companies to loan officers.
Email us your questions now at www.Teamsoldtv.com and we will be answering your questions on upcoming shows.
We will also be showing you many unique properties from Panama City to Pensacola in upcoming shows as well.
If you are outside of our viewing area we still have you covered; all our episodes will be available on YouTube. Stay tuned!

Saving money at closing

Savings TipsFees for some standard items, such as appraisal, credit report and title insurance should be almost the same at every lender. The same goes for payments to local governments, such as documentation stamps and recording fees.
A bank or mortgage company may be willing to drop some of the fees if you opt out of a service. For instance, they may overnight documents back and forth for faster approval. If you are not in a hurry, you can ask that the documents be sent by regular mail and the overnight charges be dropped.
Watch out for "junk fees" or additional charges. Most mortgage programs include them, but you should be able to negotiate them down or eliminate them.
Other Ways to Save on Costs
Try to close your mortgage near the end of the month. Because all mortgage loans are due on the first of the month, you will have to pay interest from the day you close until the end of the month. You can avoid or greatly reduce prepaid interest due by closing the last day of the month or near that date, and save yourself hundreds of dollars.
As part of the sale contract, you can negotiate with the seller of the property to help pay for some of the closing costs, points or other fees.
Plan ahead with your mortgage lender. Don't wait until the day of closing to try to reduce costs.

Qualified Intermediary receives Certified Exchange Specialist TM Recognition

Destin, Florida: Old South 1031 Exchange Services, LLC, a nationwide 1031 Qualified Intermediary announces that Andrew Gustafson, a principal of the firm, is one of twelve business professionals in the state of Florida and less than two hundred nationally to earn the Certified Exchange Specialist (CES) designation, after meeting the examination and work-experience criteria established by the Federation of Exchange Accommodators (FEA). The FEA is a non-profit trade organization with a nationwide network of certified professionals accountants, attorneys, real estate brokers, and others to help investors handle the requirements of Section 1031 transactions.
Section 1031 Exchanges are complex transactions that permit investors to defer capital gains taxes on the sale of certain types of business, investment, or income property, provided specific criteria are met, including the replacement of the property with one or more properties of "like kind." Investment real estate is the most common type of property exchanged in this manner, though many other types of property can be bought and sold through a 1031 exchange. Examples include construction equipment, easements, livestock, oil and gas, minerals, timber, water rights, airplanes, boats and yachts, and motor vehicles, among others.
The FEA is encouraging taxpayers to consider using a Certified Exchange Specialist to act as a "qualified intermediary" for their 1031 for good reason. According to Andrew Gustafson, "Almost anyone can claim to be a Qualified Intermediary. The problem is that Section 1031 Exchanges are complicated and highly specific, so even a small mistake could completely wipe out the potential tax benefits. The FEA's certification program is intended to allow taxpayers to make informed decisions when selecting a Qualified Intermediary."

Fees on a Mortgage

Fees on a mortgage cover almost every cost associated with getting a loan. You've already encountered fees upfront for a credit report and a property appraisal.
But there are many more fees that you will be expected to pay at closing or settlement, which is generally 30 to 60 days after finalizing the sales contract. These closing costs are outlined in the "good faith estimate." The Real Estate Settlement Procedures Act requires every bank or mortgage company to give the buyer the estimate within three days of applying for the loan. It will list expenses related to inspections, taxes, title insurance and a host of other charges. You also should receive an information booklet, "Settlement Costs -- a HUD Guide."
Tip:The best approach is to get a copy of the good faith estimate before you make a commitment to any lender.
Typical Closing CostsHere is a list of typical closing costs. In general, closing costs amount to 3 percent to 6 percent of the sale price. Note items with an asterisk (*) are explained below. For an estimated price range, see the separate Standard Closing Costs.

Loan application fees and credit report
Title search and insurance fees*
Lender's attorney fees
Property appraisal
Inspections
Survey
Recording fees
Transfer taxes
Buyer's attorney
Documentary stamps on new note
Points and origination fees
Condominium application fee
Escrow account balances/prepaids*

Title InsuranceThis is a policy that insures against errors in the title search, essentially guaranteeing you and your lender's financial interest in the property. It checks for any defects, liens or encumbrances on the property that may affect the rights of ownership, possesion or use of the property. It is issued after a complete examination of the public records. It also insures against such things as forgery, fraud, missing heirs or divorce actions. Keep in mind that the required title insurance protects the lender. You may want to take out an owner's title insurance to protect yourself.
EscrowAt closing you may have to put aside money into special escrow accounts to cover other costs associated with buying a home, such as private mortgage insurance (PMI), property taxes and homeowner's insurance. This will ensure that taxes and insurance premiums on the property are paid on time. Federal law limits the amount of "cushion" to two months of escrow payments. Be sure to ask the lender what escrow payments will be required at closing. Some mortgage companies may waive escrow requirements if you pay more points or a higher interest rate.
Savings TipsYou may be able to lower the cost of title insurance if the home you're buying hasn't been owned for a long time by the seller. The insurer may be willing to give you a re-issue rate, hence lower a premium, if there have been no claims against the title since the previous title search was done. If both you and the seller are getting title insurance, you can save by using the same title insurance firm. The cost will be lower since the insuror researches the property only once for both of you.
It is important to review the estimate of closing costs and to ask questions about fees that seem unfamiliar. Lenders differ and can get creative when it comes to other types of charges.

Closing cost review

How much money do you need to bring to the table on closing day?
Reminder: Keep your copy of the "good faith estimate" and compare it to the final list of closing costs. Question any changes or additions. Your closing agent should allow you to review the settlement form one business day before closing.
You may want to preview a sample of the HUD-1 Settlement Statement at the web site of the Department of Housing and Urban Development. The site also has other helpful information about closings and settlement.
At this point, having secured the mortgage loan, you already have paid for the loan application fee, the property appraisal and some of the down payment. At the closing, you will need to pay the balance of your down payment. There are other costs that still must be paid in order to close the sale, unless you already have arranged and paid for them. (If so, bring receipts and other documentation with you to the closing.) These costs can include:

Title search and insurance
Survey
Termite or other inspections
Homeowner's hazard insurance
Flood insurance
Taxes
Attorney and closing agent fees

Additional fees related to the loan:

Loan origination fee
Points, if any
Private mortgage insurance (PMI)
Balance of your down payment

Reminder: Have separate certified checks for all closing costs. Some of the costs, such as points, are tax deductible. Also, bring your checkbook, so you can write a personal check for small miscellaneous expenses such as photocopying.

Hammock Bay Freeport Florida

Along Highway 20, just 15 minutes north of the sugary white sand beaches of the Florida Panhandle and scenic Highway 30-A, the community of Hammock Bay is taking shape along Choctawhatchee Bay. A 3000-acre master-planned residential community nestled in the quiet surroundings of Freeport, Florida,Hammock Bay offers a comforting balance between coastal living and a more relaxed, inland setting. It's the defining place for something we like to call Hammock Time. And it`s difficult to imagine a better place to call home.
The Hammock Bay story dates back several generations to a simpler time. A time when family and friends were central to daily existence, and home was the setting for the most important things in life. Homes were closely tied with the land, thoughtfully built and cared for, to be passed on for generations. Neighborhoods formed the framework for family life and fun. And today in Hammock Bay, it’s not much different. Our respect for this land -- our home -- dictates how we plan and build Hammock Bay. How we situate homes, open space, trails, clubhouses all echo the traditions we value, creating an easygoing lifestyle that welcomes everyone. Living well has never been so simple.
There are lots of choices for new home communities, but no other community offers so much. At Hammock Bay Freeport you get 3 stunning new clubs free for life*. The Lake Club, with its 6,000 sq ft clubhouse, features a big screen movie theatre, two world-class pools, basketball, tennis courts and playground. The 4,000 sq ft Fitness Center complete with state-of-the-art equipment is just next door. And our secluded Bay Club has 480 feet of shoreline with a sunset boardwalk. We're constructing our New Town Square and The New Freeport City Park baseball and soccer complex. Hammock Bay has 12 miles of walking and biking paths and multiple clearwater lakes. We invite you to come visit Hammock Bay (1.5 miles west of Highway 331 on Highway 20), and find your new home or home site.
Now, take Florida living to a higher level in our landscape masterpiece. Predevelopment pricing offered on a select few remaining lots, while inventories last.
Development of the "Lake Club at Hammock Bay" is underway with a projected completion date of Spring, 2007, andFreeport City Park at Hammock Bay is scheduled for a groundbreaking in late '06.
Copyright 2006 Hammock Bay, Freeport 860 LLC.
*Residents must comply with association rules and regulations as well as maintain a residence at Hammock Bay.

Florida's Official Website

Florida's official web site recorded 74.5 million visitors in 2005. Investors in Florida are growing financially successful by taking advantage of the growing preconstruction real estate market. Cities, such as Orlando and Panama City, make Florida one of our nation's strongest economic states. Florida also has many advantages, for instance theme parks, museums, beautiful beaches, and also a wide variety of military bases. As you search Florida's Investment Properties you will see a variety of listings for every major city in the Emerald Coast and various vacation hotspots. Why buy property that is more expensive and needs to be fixed-up, when you can invest in a preconstruction real estate opportunity? These real estate properties can act as your home away from home or can easily be rented out to other families during the year to provide a steady income.
Florida is the acting central location for all preconstruction real estate opportunities at this time. Pensacola is more than just another city on a map and this tends to attract tourists from all over the globe. Various attractive hotspots surround this great city allowing for opportunities for investors to make money on pre-construction investments. Allowing for a great vacation spot for a diverse group of people.
The preconstruction real estate market in Florida is growing rapidly. The average selling price for a property in Florida rose 17% over 2005. The average selling price for a preconstruction property rose 26% in 2005. As you can see, even the traditional real estate market in Florida is growing at 6% over the national average, and preconstruction real estate is strong. Developers will sometimes cut their preconstruction project into phases allowing for someone who invested in the project during an earlier phase to pay considerably less then someone who invested during a later phase.
Thank you to the Real Estate Development Center for this article.

The Difference Between Real Estate Agent and Realtor

Though the two terms are often used interchangably, real estate agents and REALTORS have different connotations. While both types of real estate professionals help clients buy and sell property in a similar fashion, REALTORS are members of the National Association of REALTORS. Retaining membership to this prestigious organization requires a strict adherence to seventeen tenets of ethical behavior in real estate transactions.
While evaluating the ethical behavior if each individual real estate professional would prove impossible and the morality of each REALTOR is not guaranteed, it is fact that unaffiliated real estate agents are not required to conform to these policies.
The Seventeen Commandments of REALTORS
1. Treat your clients, buyers, sellers, landlords, or tenants, fairly and honestly while protecting and promoting their interests.
2. Do not misrepresent, exaggerate, or lie about any property. However, you are not responsible for latent defects or providing advice unrelated to real estate. 3. Cooperate with other brokers, except when cooperation is not in your clients best interest. 4. If you have any personal interest in the property (for yourself, friends, family, or co-workers), you must tell the property owner. If selling your own home, you must reveal this information to the buyer. 5. Do not represent a property of which you have marked interest without disclosing this information to all affected parties. 6. Do not take any commissions or additional fees for favors or recommendations without notifying the client when these costs are first mentioned. 7. Do not accept compensation from more than one party per transaction without prior approval from all parties involved.
8. Keep your personal assets in a separate account from your professional funds.
9. Make sure all agreements and contracts are written explicitly in laymens terms that all clients will understand. After signing, give each party a copy of the contract. 10. Do not discriminate based on race, color, religion, gender, handicap, familial status, or national origin. 11. Conform to quality standards of the specific type real estate transaction. Do not undertake a job if it is outside of your field without the assistance of a professional competent in said field. 12. Represent yourself honestly to the public, clearly stating your professional status. 13. Do not pretend you are a lawyer. 14. Cooperate, be honest, and present all facts if you are charged with unethical practice. Do not disrupt the proceedings. 15. Do not engage in slanderous activity against competitors. 16. Do not interfere with other REALTORS exclusive relationships with their clients. 17. In the event of a dispute, go to the REALTOR board for arbitration rather than going to a regular legal court.
Information provided from Realtor.org.

ERA Real Estate

As a company founded on technology, ERA Real Estate has always embraced the idea of turning innovative thinking into a competitive advantage for its agents and customers. With that in mind, I am glad to announce a unique marketing initative we have established with Google, the internet search leader, to provide increased online exposure for our sellers' property listings.We have become the first real estate network to make all of its national residential listings available through Google. This new service that allows content providers to submit detailed information to be incorporated into Google search results. This initative makes it easier for prospective buyers to discover your listings online and is an excellent example of how listings with ERA can help sellers best market their home online.With the internet playing an ever increasing role in our industry, it is vitally important that we take full advantage of the potential presented by this technology. We will continue to work on creating new marketing venues for you to utilitize as part of the ERA network.Thank you to ERA Franchise and Public Relations for their help

Residential Lot Loan Program

Up to 30 year amortization
Interest only payments available
Up to 90% financing (based on appraisal or contract)(*land size restrictions)
Mortgages modified for construction loan (reducing costs for construction loans)
Plan
1 & 1 ARM
3 & 1 ARM
5-Year Fixed Amort.
Min. CashDown Payment
25% 10%
25% 10%
25% 10%
Maximum LTV
75% 90%
75% 90%
75% 90%
Start Rate
6.95% 7.25%
7.50% 7.75%
7.95% 8.25%
Total Points
0 1/2
0 1/2
0 1/2
Amortization
Interest Only
Interest Only
15-Year(**20/30 Year)
Maturity
5 Years
5 Years
5 Years
Caps
2% Annual - 5% Life
2% Annual - 5% Life
N/A
Index
1 Year T-Bill
1 Year T-Bill
N/A
Margin
3.50% 3.75%
3.50% 3.75%
N/A
AdjustmentFrequency
Annually
Annually beginningyear 4
N/A(Note this program is only available in platted/recorded subdivisions and good sales histories. Areas that do not qualify, lower LTV and higher interest rates may apply.)

A minimum of 25% down required on purchases of $500,000+.

Investor loans - minimum 25% down, 75% LTC/LTV; increase above rate by a minimum of 1% and get a 1% origination fee.

Non-purchase (refinance, renewal, cash out) add a minimum of .50% to above rate.

Non-platted, rural, and without deed restrictions which limit homes to site built add a minimum of 1% to above rate. Minimum 25% down, 75% LTV.

Add .50% to rate for loans qualifying for stated income program (purchased for primary residence only).

Foreign National Program - minimum 25% down, 75%LTC/LTV: increase above rate by a minimum of 1% and get a 1% origination fee and a 6 month reserve account.

All loans are subject to qualification.
* Maximum lot size 3 acres (10 acre if in platted subdivision).
** 20 year available on loans above $35,000, 30 year on loans above $100,000.
Rates and terms subject to change. For informational purposes only.Call Rena Gilpatrick of Peoples First at 850-609-3941 for more information. Thanks again Rena for the information.

Okaloosa County Local Lenders' Toll Free Contact Information

Access Bank and Mortgage1-888-908-1994

www.accessthebank.com

AmSouth1-800-374-5791

www.amsouth.com

Army Aviation Center Federal Credit Union

1-800-448-4096

www.aacfcu.com

Bank of America

1-800-432-1000

www.bankofamerica.com

BankTrust

1-800-689-7929

www.banktrustonline.com

Colonial Bank

1-877-502-2265

www.colonialbank.com

Compass Bank

1-800-239-4357

www.compassbank.com

Eglin Federal Credit Union

1-800-367-6159

www.eglinfcu.org

First City Bank

1-888-244-5151

www.firstcitybank.com

First National Bank of Florida

1-800-277-0995

www.fnbfl.com

First National Bank & Trust

1-866-395-0051

www.fnbt.com

Okaloosa County Teachers' Credit Union

850-863-7041

www.okaloosafcu.org

Peoples' First Community Bank

1-800-982-494

0www.peoplesfirst.com

Peoples' National Bank

1-800-303-7010

www.pnbon.com

Regions

1-800-REGIONS

www.regions.com

SunTrust

1-800-786-8787

www.suntrust.com

TrustMark

1-800-844-2000

www.trustmark.com

Tyndall Federal Credit Union

1-877-747-4321

www.tyndallfcu.org

Vanguard Bank

1-800-840-8440

www.vanguardbank.com

Wachovia1-800-922-4684

www.wachovia.com

VA Funding FEE

Effective October 2006, changes in VA funding fees went into effect. The new changes are impacting both active duty as well as retired service members.First-time use remains 2.15%, but subsequent use rose from 3.30% to 3.35%. 5-10% down gets you 1.50% while a down payment of 10% or more gets you a 1.25% funding fee.For the Reserves and the National Guard, the VA funding fee for first-time home buyers is 2.40%. Subsequent use is 3.35%; a 5-10% down payment gets you a 1.75% funding fee and 10% or more down gets you 1.50%.Total loan amount is equal to the sales price plus an additional amount of sales price times the VA funding fee.Example: with a sales price of $250,000, for an active duty first-time usage:
$250,000 + ($250,000 x 2.15%)$250,000 + $5,375$255,375.Please email me or give me a call if you need phone numbers to local lenders in our area.

Free Credit Reports

I have tried it and it is truly free: no charge!Have you ever been denied credit for a purchase even though you thought your credit was great? Have you ever wondered if you were a victim of identity theft? The answer could be in your credit report. Until now you could not access this information without a fee. However, with the passage of the Fair and Accurate Credit Transaction Act, consumers can now get a free credit report annually from each of the three credit reporting bureaus that supply businesses with information on customers -- Equifax, Experian and TransUnion.The address is http://www.annualcreditreport.com/.Thanks to John Flournoy at People's First Community Bank for faxing over the information some time back and for reminding me of this information. If you are thinking of buying property John would be happy to talk with you about all the lending programs that are available. Tell him you are working with Brandon Jordan of ERA American Realty and he will give you $250.00 off your closing costs.You can reach him at his office at (850)651-5252 or email him at johnflournoy@peoplesfirst.com.

Team Sold TV

Monday, March 26, 2007

Revisit Some Past Episodes on TeamSoldTV.com Today

Watch Team Sold TV now online

Team Sold tv up to YouTube

Saving money at closing

Qualified Intermediary receives Certified Exchange Specialist TM Recognition

Fees on a Mortgage

Closing cost review

Hammock Bay Freeport Florida

Florida's Official Website

The Difference Between Real Estate Agent and Realtor

ERA Real Estate

Residential Lot Loan Program

Okaloosa County Local Lenders' Toll Free Contact Information

VA Funding FEE

Free Credit Reports

Real Estate Blogs

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