About Navarre's Holley By The Sea

By LIZ STREED, GCREP-GL-Realtor

PRUDENTIAL Holley Properties R.E.

The last step in the home buying process is what real estate professionals commonly refer to as "the closing." The closing, or settlement or close of escrow, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title-and most importantly the keys!

Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals or attorney, and title-company representative.

What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.

Real estate documents are just as important. There's the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller's and buyer's (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.

Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.

Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier's or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer's annual real estate taxes and homeowner's insurance will be paid through the lender, an escrow account will also be established.

Once all the papers are signed and funds are disbursed, the buyer will receive the keys and is now a homeowner.

Liz Streed can be reached at (850) 368-7735. PRUDENTIAL Holley Properties R.E. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity

By LIZ STREED, GCREP-GL-Realtor

PRUDENTIAL Holley Properties R.E.

A sale can be made or lost as a direct result of your home's curb appeal. When it comes to selling your home, the first impression is probably the most important impression. If the outside of the property doesn't create interest or appear well-maintained, a buyer may choose to not even come inside the home. Here are five ways to create curb appeal.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry. Re-condition your deck. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain.

Manicure the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home's roof or outer walls. Add some color to your landscape by planting annuals and placing planters of flowers in strategic spots. You can even spruce up the property by hanging flowering baskets. Add flowering plants in the back yard, too.

Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Make sure winter's cold weather didn't leave any gutters sagging or loose. Replace any missing shingles from the roof. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don't forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.

Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting. Put away gardening tools and toys. Clean up the barbecue area. Eliminate any "evidence" of pets, and restrict them to the back yard when showing the home. Move extra vehicles from the view of passersby.

Clean. Clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.

The old saying about making a good first impression couldn't be truer than when you are selling your home. Even the smallest enhancements can make a big difference in creating love at first sight for buyers.

Liz Streed can be reached at 850-368-7735. PRUDENTIAL Holley Properties R.E. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

I recently attended a 2 day course in Pensacola, FL on distressed properties and it was worth its weight in gold! I am now a Certified Distressed Property Expert©.

I was a little skeptical of the course at first because "expert" sounded over the top to me, and how could a 2-day course turn me into an expert? Well I may not be an expert -yet, but I'm well on my way to becoming one!

One day after completing the course I called my first ever expired- a short sale! They'd had their home on the market for one year and to my horror I discovered the homeowners had been in the foreclosure process for the past 11 months!

The wife and husband had separated and the wife didn't know the listing had expired. She was terrified of losing her home. (I'd hoped that meant losing her home to foreclosure and not to a short sale!) The husband knew the listing had expired but didn't know what he was going to do.

My mind raced through what I had just been taught and I realized the Summary Judgment was just around the corner. Did they know what was coming? Had they been prepped for what was about to happen?

A tremendous amount of knowledge, planning, and expertise went into the CDPE course, and the real-life situation I just described is why. The needs of a homeowner are so much greater when they are in default or facing default on their mortgage.

My conversation with the husband ended with him asking me: "Do you think you can help me?" "Yes", I said with confidence and conviction, "Yes, I can help you!" I'm glad I took this course and a lot of distressed property owners will be glad, too!

CBS News Clip - The Mortgage Meltdown, Dec. 14, 2008

http://www.cbsnews.com/video/watch/?id=4668112n%3fsource=search_video

Kelly Lehmann, Realtor®

Certified Distressed Property Expert©