Dave Tipton, Broker Tampa Bay Area Real Estate

MLS Property Search Service

I recently received a letter from a client who wanted to express his appreciation for the FREE Tampa Bay Area MLS Property Search Service that Preferred Professionals Real Estate Brokerage offers on our website.  The client went on to say that he appreciated the fact that our website did not make him jump through hoops in order to have access to this invaluable tool for locating homes and properties in the Tampa Bay Area.  In fact you can search all of the property currently listed in the MLS state wide on the Preferred Professionals website.

It is our belief at Preferred Professionals, that if we provide service prior to our representing people, the majority who benefit from this service will come back to us when it's time to make a purchase. This theory has proven itself time and time again.

Please feel free to check out our website for FREE MLS searches and for tons of other helpful information concerning buying or selling real estate.  We even have investor information and programs available.

Dave Tipton, Broker-   Diamond Dwellings Realty- Brandon FL Dwellings

Clik Here For:   FREE Tampa Bay Area MLS Property Search Service

IS THIS A MISPRINT? MARCH STATISTICS SHOW TAMPA BAY HOME SALES UP 46%

The Greater Tampa Association of Realtors (GTAR) March 2008 statistics show Tampa and Hillsborough County Home Sales up 46% in comparison with January 2008.

March sales of all housing units showed an increase of 42.9 percent from the previous month. Hillsborough County in March compared with 813 for the month of February. The March figures also reflect an increase of 46 percent from January's total of 791 units sold.

Also of note, current Inventory is down slightly and months of on-hand inventory is down significantly from 25.20 months in February to 17.33 months of inventory in March 2008. This means that at the current rate of sales there is enough inventory on the market to last 17.33 months. During normal times the local market would have between 6 months to 12 months of inventory on the market at any given time.

Pasco County to our north had an even better increase for March. The West Pasco Board of REALTORS® reports that the county's home sale numbers are up 55% from January 2008.

Is this the beginning of a trend or just an anomaly? Let's keep a close watch on these statistics and stay tuned to see what next month brings the local housing market.

If you have any questions or comments please call or e-mail us. BrandonDwellings@verizon.net

Dave Tipton, Broker- Diamond Dwellings, Brandon Florida

813-653-1241

These are the customary closing costs for both buyers and sellers in the Tampa Bay Area. Remember everything in a contract is negotiable. This will help you estimate the amount of your closing costs for the sale or purchase of real estate in this area. Other states may have different costs associated with a real estate closing. For a precise estimate contact your real estate professional or your title insurance company.

Buyers Customary Closing Costs

Fees Payable to the Clerk of the Circuit Court

• Recording the deed, $10.00.
• Recording the mortgage, $50.00 (estimate).
• Documentary stamps on mortgage are $0.35 per hundred based on loan amount, rounded up to the next highest hundred.
• Intangible tax on the mortgage is $0.20 per hundred based on loan amount.
• Recording miscellaneous documents incident to closing is $10.00 for the first page and $8.50 for additional pages for each document.

Fees Payable to the Title Insurance Company

• Mortgagee title insurance premium (insures lender), when issued simultaneously with an owner's policy is approximately $325.00
• Endorsements to mortgage title policy, as required by lender, are $35.00 each. Florida Form 9 and Navigational Servitude endorsements are 10% of the combined owner's and mortgage premiums.
• Courier fee will apply for loan packages which must be returned to lender with 24 hours of closing - approximately $15.00 each.

Mortgage Closing Cost

The following are possible fees (estimated) the buyer's lender may charge in connection with the new loan:

• Discount points - one point is equal to 1% of the loan amount.
• Origination fee - estimate 1% of the loan amount.
• Document preparation fee - $150.00 and up.
• Appraisal fee - $250.00 and up.
• Courier fees - $50.00 and up.
• Tax service fee - $65.00 and up.
• Credit report - $50.00 and up.
• Underwriting fee - $150.00 and up.
• Termite and wood destroying organism report - $50.00 and up.
• Survey - $175.00 and up.
• Hazard insurance - varies.
• Flood insurance - varies.

These fees vary widely from lender to lender, as to whether or not they are charged to buyer and what amount. The actual lender fees will be disclosed by the lender on the good faith estimate of closing costs.

Don't forget to prorate the current year's real estate taxes: credit (if unpaid) or charge (if already paid). Calculate charges collected by the lender to establish the buyer's escrow account which will pay the annual real estate taxes, hazard and flood insurance renewal premiums when they are due.

Sellers Customary Closing Costs

Fees payable to Clerk of the Circuit Court

• Documentary stamp on the deed is $0.70 per hundred dollars, based on the contract sales price rounded up to the next highest hundred dollars.

Fees Payable to the Title Insurance Company

• Title insurance premium for owner's policy is based on contract sales price, rounded up to the next highest hundred. Premiums are figured at $5.75 per thousand dollars for the first $100,000 and $5.00 per thousand dollars for $100,001 and up.
• Combined closing, title search and title examination fees are $200.00. Furnishing your original owner's title policy may save you some money.

Real Estate Commission

• As per your listing agreement with your real estate professional

Dave Tipton, Broker- Diamond Dwellings, Brandon Florida

813-653-1241

The first thing you should know about buying a Tampa Bay Area REO is that you have greater negotiating leverage if the property has been on the market for a while. When an REO first goes on the market, the bank may be unwilling to negotiate down on its asking price as it wants to get as much of what was owed on the original loan back as possible. However, once a home or condo has sat too long on the market with few bites, a bank becomes more willing to take what it can get since its primary goal is to get the asset off the books and increase shareholder value. Banks have no desire to be in the real estate business. So, here are some tips on how to negotiate with a bank when buying a REO property.

1. Make offers on Tampa Bay Area REO's only if they have been on the market for more than 30 days.

2. If the bank rejects your offer, wait another 30 days and resubmit it. Over time banks become more willing to negotiate with buyers and will be willing to take less.

3. Hire your own attorney to review the bank's Purchase Contract. Since most banks use their own attorney to write the Purchase Contract, it will not favor the buyer so you need a good real estate attorney to review it.

4. You are not obligated to obtain your loan through the bank offering the property for sale. They may ask you to submit a loan application to pre-qualify you for the purchase, you can still seek a loan from another bank with a better rate or terms.

5. Make sure you have an approval letter from your lender before you submit an offer that assures you your loan will not run into unexpected delays because the selling bank may charge additional fees if the closing date is delayed.

6. Since most REO's are sold "As Is," make sure your offer is contingent upon having a home inspection done. Some times sellers damage the property or strip assets from the home before they leave.

813-653-1241

Please allow us to assist you in your search for that perfect property and represent your interests in the negotiation process.

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Tampa Florida Bank Owned Properties- AKA Foreclosures

Tampa Florida Area Short Sales and Pre-Foreclosure Real Estate Inventory

Real Estate Short-Sales Abound in Current Market

5 Foreclosure Laws You Should Be Familiar With

Beginning in May, the IRS will send one-time economic stimulus payments to more than 130 million households across America. Most people who are eligible for a stimulus payment will receive it automatically, provided they file a 2007 federal income tax return.

What do I have to do?

Most people need not do anything to get their payment. The payment is automatic when you file your 2007 tax return. The IRS will use your return to determine eligibility and figure
the payment amount.

How much will I get?

In most cases, you'll get an amount equal to your tax liability on the return, up to $600
for individuals ($1,200 for taxpayers who file a joint return). You may get more if you
have qualifying children.

What if I don't need to file?

Even if you have little income and don't normally file a return, you may need to take a
special step to get a payment of up to $300 ($600 on a joint return). Here's what you
do. See if you had at least $3,000 from any combination of these income sources:
wages, self-employment or certain Social Security or Railroad Retirement benefits,
or from veterans' disability compensation, pension or survivors' benefits from the
Department of Veterans Affairs. If you did, then fill out a few simple lines on a Form
1040A or Form 1040 to qualify for your payment.


To get more information about how to get your economic stimulus payment visit the IRS Web site: http://www.irs.gov/

Dave Tipton, Broker- Diamond Dwellings- Brandon Florida

Tampa Bay Area Realtors