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11 Ways to Get Cheaper Home Insurance Premiums

Home-InsuranceUse the same insurance company for multiple policies

Many companies will offer you a discount if you have multiple policies with them.  Don’t hesitate to ask your insurance company about special rates if you use them for car insurance, home insurance, life insurance and contents insurance. It’s generally a good idea to always get a combined home and contents insurance policy.

In fact, ask for every possible discount!

While asking for a multiple policy discount, why not ask for more discounts?  Some insurance companies offer seniors discounts, no claim discounts, marital status discounts and nonsmoker discounts.  Ask for a list of all discounts they provide and ask if they will match discounts that other insurance companies provide.  If you have been with the company for a number of years, ask them for a loyalty discount. Read more…

4 Mortgages with Low Money Down

low-money-down-mortgagesHomebuyers treading the real estate market in search of their dream home often focus on the factors that suit their needs while they living at the property. Many overlook the home’s future resale value. Yet, according to the National Association of Realtors®, you should approach choosing a home as a business decision. The location of the property, its size, layout and condition all influence whether the home is a sound investment, or whether you will have resale problems later on.

Check out the Neighborhood

Location influences the value of real estate more than anything else. Homes in a desirable location attract a larger pool of buyers; competing buyers typically push up prices. Although a good location is subjective, most homebuyers want homes on a safe, quiet street with good transport links and amenities such as schools, banks and shops. Homes facing a strip mall or business park often sell for less due to their unappealing view. Conversely, homes with a good view sell at a premium. Check out any future developments that might impact the view before you buy.

Layout and Configuration

Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, inadequate bedroom and bathroom facilities could negatively impact the value of the property. Homebuyers typically want three or more bedrooms, according to the National Association of Realtors. Beware homes with five bedrooms or more, however, as this could be too much for homebuyers to handle. Walk-in closets, open plan living accommodation, laundry rooms, a high-functioning kitchen and a master bathroom usually raise the resale value.

Additions and Renovations

Some remodeling projects add instant value to your home. Replacing old, worn out siding provides the greatest return on investment and achieves the highest resale price. Adding a bedroom puts your home into another price category, so convert your attic or finish the basement for an instant injection of equity.  Quick kitchen fixes, such a replacing the cabinet doors and adding new sinks and faucets, typically increase the value of your home by the exact dollar amount you spend on the update. Adding a master bath can add 20 percent to your home’s value.

The Role of the Agent

The price of your home is affected by external factors. For example, if a local employer moves out of town, the value of  Florida homes will likely decrease. Interest rate hikes, unemployment rates and even birth rates impact house prices. Thus, it is impossible to accurately predict the future resale value of a home. However, an experienced real estate agent can help

If your home is ready to sell, ask your agent to prepare a home value estimate. This document analyzes the current selling prices of comparable homes in your neighborhood and sets a price range for your home. For future sales, ask your agent to consider local price trends, employment statistics, transport plans and incoming employers to estimate the likelihood of you achieving a good price when you eventually sell.

Call 561-965-1225 to speak with a qualified real estate agent about your real estate needs.

5 Reasons to Offer Owner Financing

owner-financingIt seems a bit counterintuitive for someone who is home to allow a buyer to pay over time for their property. After all, wouldn’t it be better to get all the money in one go thereby requiring the buyer to get financing from a bank? Well, sometimes it’s more lucrative for the seller to offer financing and here’s why:

Better Selling Price

In a buyer’s market, it can take a while for a property to sell, and once a home has been on the market for longer than 60 days, real estate agents often encourage the seller to drop the price. To attract more interest, they make sure that all the marketing materials, including the For Sale sign, clearly show that the price has been reduced. However, instead of cutting the price, it might be more advantageous for the homeowner to offer a prospective buyer financing.

When offering financing, the homeowner gains more power to negotiate because he is providing a valuable service and making life easier for the buyer. Many buyers will be happy to pay the full price because they don’t have to deal with a bank, which can be a tiresome process. Additionally, while a homeowner will charge some form of interest, the cost of financing will be nowhere near the cost of a traditional mortgage, especially when you take into account all the fees involved.

Larger Buyer Pool

With more than 40 percent of United States being ineligible for traditional financing, a homeowner can increase the buyer pool significantly. While not all of those people would make good financing prospects, there are still plenty of people who could easily cover the payments of such a loan. In other words, the property becomes more saleable, and the homeowner has access to more prospective buyers just by adding “Owner Will Finance” or “Easy Terms” to their marketing materials.

Faster Closing of the Sale

Whenever a traditional lender is involved in the sale of a property, it’s not uncommon for the closing period to be as long as eight weeks and sometimes more. However, if the homeowner is offering financing, then the closing period drops substantially as it can take as little as two or three weeks. There is less paperwork involved, and the due diligence isn’t as rigorous. Note, though, that such a transaction should always be conducted using a title company with a good reputation.

Profiting from Properties That Are Difficult to Finance

There are plenty of properties that lenders are wary of providing financing for, including land, low value properties, mixed use properties, and more. However, a smart investor can make a substantial profit because these types of properties are often sold at a greatly reduced price. He can then offer prospective buyers financing, meaning the property can be sold at close to full value.

Increased Earning Potential

The reason banks offer loans is to make a profit, and they do so by charging interest and other fees. So, a homeowner offering financing can earn a similar profit.

If you are selling your property for $150,000 at an interest rate of 8% per annum and the loan period is 25 years, the monthly payment will be $1,157. The total amount the buyer will pay over the life of the loan is $347,319, netting you a total profit of $197,319.

It might seem like a long time to wait to make a profit, but if you think about how much you could earn by putting the money in a savings account, you might find that it’s a better deal. For example, you can only expect to earn about 3.5% per year from a savings account. Now, let’s say you sold the property for the same $150,000, and put that money in a savings account. If you didn’t touch it for 25 years, you’d have a total of $236,324. In other words, you’d be more than $110,000 poorer.

Of course, you can always put the money in a mutual fund or some other investment. However, there’s a lot more risk attached, and there’s a good chance you won’t earn anything. Even if you choose a fund with a great track record, you’re unlikely to earn more than 8% per year, but with much greater risk. After all, if you offer financing and the buyer defaults, you can always recover your property, whereas with a mutual fund, you’d lose everything.

Don’t Go It Alone

If you’re considering offering financing, it’s important to consult a professional qualified in seller-financing to make sure all the documents are in order. At some stage in the future, you might want to convert this contract into cash, which you can do by transferring your note, deed of trust, contract, or mortgage to an investor. However, to make sure you are getting the most for it, you should consult an investor who specializes in notes to find out what they consider to be good terms and how the contract should be structured.

Give us a call at 561-965-1225 to chat about selling your house.

5 Tips for Homebuyers to Help Avoid Financial Pitfalls

Avoid-financial-pitfallsAs a homebuyer, navigating the financial responsibilities of buying a home can be incredibly challenging. Most newer homebuyers are unaware of all the costs associated with buying and owning a home – but are quickly made aware of them if they are working with a good real estate agent. But even with the help of a real estate agent, it can be easy to make serious mistakes in terms of your finances. The following are five tips to help ensure that you don’t make these financial mistakes when buying your first home.

  1. Don’t focus on distressed properties because you think you’ll find a good deal
    A lot of first-time homebuyers will explore distressed properties, such as foreclosures or short sales, in the search of a bargain. If you’re looking to invest your money, then a distressed property can be a great deal. But you need to have plenty of time on your hands. If you’re actually looking for a home to move into, then you don’t want to waste your time looking at distressed properties. Deals for distressed properties not only take months to close, but the amount of money you may have to put into renovations may not be worth it. Spending all of your time looking at distressed properties could also result in missing out on well-priced homes that may have suited all of your needs. As a homebuyer, keep in mind that you are looking for a new home first and foremost — bargains are nice, but you shouldn’t be focused on finding one. Focus on finding what you love and need.
  1. You don’t need to borrow the full amount that your lender is offering
    Just because you are approved for a mortgage doesn’t mean you have to borrow the full amount that the lender is offering. A general rule of thumb is to borrow around 20 percent less than what the lender is offering. So if the lender has approved a $350,000 mortgage, you should consider only looking for homes priced at $280,000 or less. This will help to protect you financially. The amount offered by the lender is typically the most that they are comfortable lending to you in terms of what they think you can pay back on a monthly basis. This means that you could barely end up affording the mortgage payments if you take out the full amount — and you don’t want to be financially uncomfortable.

 

  1. Think twice about getting a short-term adjustable-rate mortgage
    A short-term mortgage is going to cost you an arm and a leg every month. Yes, you will end up paying off your loan sooner, which will help relieve your debt. But is it worth the financial discomfort? Not to mention that an adjustable-rate means that you’ll never know how much your mortgage payments might be — it could vary from month to month. A longer-term fixed-rate mortgage is a much safer play. With a fixed-rate mortgage, you’ll know exactly what you’ll be paying every month, making it much easier to budget. A long-term mortgage isn’t as bad as it might sound either. You may be making payments for 15 to 30 years, but remember those payments aren’t going to seem like that much after a decade or two since they will remain constant throughout, even with inflation.

 

  1. Don’t use up all of your cash in order to buy the house
    Make sure that you prepare for the many costs associated with buying a home, from the down payment to the appraisal fees, agent fees, lawyer fees and more. Not to mention all the other costs that you need to prepare yourself down the line, including your mortgage payments, homeowners’ insurance, HOA fees, property taxes and more. When saving up money, keep all of these costs in mind. You don’t want to end up emptying out your savings account by your very first day as a homeowner, as this can end up putting you in a very dire financial situation.

 

  1. Make sure that you speak to the neighbors first
    There’s a good chance that you are going to be living next to your neighbors for a very long time, so you’ll want to make sure that you don’t end up regretting putting all of your money into a home where you can’t stand your neighbors. There’s not much you can do if you end up buying a home next to a fraternity that throws wild parties twice a week or if your neighbors have dogs that bark throughout the night. This is not a situation you want to find yourself in as a first-time homebuyer since you won’t be in a good financial situation to be able to get out of it.

Being a first-time homebuyer can be both exciting and daunting at the same time. Because there is so much on the line, financially speaking, you’ll want to make sure that you do your research and speak in detail to your real estate agent in order to prevent yourself from making any potentially costly mistakes, whether it’s borrowing the full amount of the mortgage you’re offered or using all of your savings to buy the home.

Want to know more? Call the Jackie Ellis Team at 561-965-1225.

6 Questions to Ask When Selling a House

Home-for-SaleIf you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

1. Why are you moving?

Be honest with yourself. Why do you want to move? Are the neighbors terrible? Do you not like the kitchen? Are there major plumbing issues? What is it about your home that makes you feel like selling it? Your answer might be simple. After all, maybe your family is growing and you need more space. It is possible though, that your answer is more complex. Maybe you’ve been having problems with your Home Owner’s Association or you simply don’t like the area.

2. Are there any serious problems with the house?

Potential buyers will have the house inspected before they purchase your home. What will the inspector find? Are there any serious problems with the home? If there are, realize that you need to disclose this to potential buyers. Major problems will also impact the price of your house. If your home has a lot of issues, consider fixing them before you put your home on the market in order to get the best possible price.

3. What are other houses in the neighborhood selling for?

Are other homes in your area selling well? If they are selling, how much are they going for? If your neighbors’ houses are selling for well above the market average, chances are that you’ll be able to sell your home at a similar price. If the market in your area is poor, though, you may want to wait awhile to put your house up for sale so that you can get a better price.

4. Should you use a real estate agent?

Before you start advertising that your home is for sale, consider whether or not you want to use a real estate agent. Some families choose to do their own marketing, promoting, and selling, but others like that a real estate will help drive buyers to your home. If you don’t have a background in real estate or home buying, an agent could be a valuable asset. Not only will she help you promote your house, but she’ll also help you make minor adjustments to your home that could help it sell faster.

5. What should potential buyers know about?

Finally, ask yourself what potential buyers need to know before they buy your home. If there is anything that you would want to know before you purchased a home, make sure you give your buyers the same consideration. For example, if your neighborhood has problems with noise or vandalism, make sure that you disclose this to your buyers. Never try to hide serious problems in order to make a sale. Instead, be up front and forthcoming about anything you feel is cause for concern.

When you choose The Jackie Ellis Team, you …

  • Get an agent that is productive. You want an agent that doesn’t just “practice” real estate as a part time job. You want a full time agent that can focus on you and your property. Agents must meet a minimum requirement to be part of the network. You won’t get a “newbie” and you also won’t get an agent too busy to put your goals first.
  • Get an agent that is known to be honest and ethical. To be a in our team, one must have a quality reputation in their office and in their community. We require a letter of recommendation from the office leadership, peers, and past clients.
  • Get an agent with proven results. We all know that price has the biggest factor in how and when a home will sell. This being said, the agents marketing efforts can increase showings which increases offers and many times the final purchase price. The Jackie Ellis Team work hard to get your home shown to the most people through their comprehensive marketing systems.

Call us today at 561-965-1225.

A Seller’s Guide to Negotiations

seller-negotiationsYou’ve employed a Realtor®, established a listing price for your home and put your house on the market. Several buyers have attended showings, and one or two have been highly complementary about your home.

Sooner or later, you’re going to get a buyer that’s interested enough to make an offer. The problem is, when the offer arrives on your agent’s desk, it’s not entirely what you were expecting. Perhaps the price is too low, or the offer is so stuffed with contingencies you fear that you will never reach closing. Is this the end of the road?

In most cases, it’s actually just the beginning of a successful transaction. Negotiations and counter offers are a normal part of the home selling process. With a little to and fro, you can soon reach a deal you’re happy with. Here’s how you get there.

Receiving an offer

Before you can make a counteroffer, you need an offer. A buyer makes this by filling out a standard document called a residential purchase agreement. Don’t let the name confuse you. The Pre-printed “contract” is not legally binding until both parties agree to its terms and sign the contract in evidence of this fact. Until you sign, the document is simply an offer.

A buyer’s offer is their opening gambit. Using the standard document, the buyer inserts all the terms they would like to include in the deal, such as:

  • the price
  • the down payment
  • who pays closing costs
  • any contingencies, such as a finance contingency if the buyer needs mortgage finance to proceed with the deal, or a condition that the buyer sells their current home before they buy this one.

If you like the offer, you can accept it by signing the offer document. At this point, the offer turns into a binding purchase agreement. Neither you nor the buyer can back out of the deal unless the contract allows you to do this, for example, if the buyer’s home inspection throws up material repairs that the buyer is not willing to take on.

In most cases, the original offer from the buyer is not acceptable. You now have two choices: reject the offer outright or make adjustments to it. This is known as a making a counter offer.

Making a counteroffer

Like an offer, the seller’s counter offer is made on a Pre-printed documented called, plainly, a counter offer. This is your opportunity to change any of the terms suggested by the buyer and to write in your own terms. For example, you might:

  • raise the offer price
  • request a higher earnest money deposit
  • delete some of the personal property the buyer is asking you to sell with the home
  • bring forward the date by which the buyer has to satisfy acceptable contingencies, for example, by insisting the buyer approves a home inspection within 10 days of the offer being accepted.

To be binding, you must sign the counter offer and deliver it to the buyer or the buyer’s agent. Once you do this:

  • Legally, you have REJECTED the buyer’s original offer. Think carefully before filing a counter offer as it cancels the buyer’s original offer. You cannot later go back and accept the original offer if you change your mind.
  • Your counter offer is a NEW OFFER. This puts the ball back in the buyer’s court.
  • Counter offers always contain an expiration date, for example, 5pm on the third day after the counter offer is signed. You can set the counter offer to expire within one hour if you wish though it’s recommended that you give the buyer a reasonable amount of time to consider the terms you are proposing.

If the buyer does not respond by the expiration date, the counter offer expires. You have now fallen out of negotiations with that particular buyer. Those negotiations can only be reactivated by the buyer submitting a fresh offer.

What the buyer does next

When he receives a counter offer, the buyer has three choices:

  1. Accept the offer. The buyer does this by signing the counter offer before the expiration date and delivering the signed offer to you or your real estate agent.
  2. Reject the offer. The buyer can discard your counter offer and take no further action. At this point, the deal is off the table and can only be reactivated by the buyer making a fresh offer.
  3. Counter the counter offer. The buyer can make a second counter-offer, or even a third or a fourth, until you reach a deal. Thankfully, multiple counter offers are rare. Most well-advised buyers and sellers reach agreement after one or two rounds of negotiation.

When you should counter offer, and when you should not

Counter offers are where the rubber meets the road of the value you get from your real estate agent. They handle offers and counter offers day in, day out and will have a good handle on whether a buyer’s offer is good enough as it stands.

Multiple factors come into play here. Obviously you have a price expectation, and your real estate agent will do his best to meet that expectation. If the offer is clearly unreasonable, your real estate agent invariably will advise you to submit a counter offer.

However, if you are selling your home in a buyer’s market, the buyer may have his pick of suitable homes in your area. Making a counter offer — even one that seems reasonable — may drive the buyer towards the second home on his list, and you may end up with no deal.

Conversely, in a seller’s market with a shortage of suitable homes for sale, the buyer may be prepared to hang in through two or three rounds of counter offers to secure their dream home. In this scenario, you can probably afford to push for your perfect deal.

A second factor your real estate agent will investigate is the buyer’s motivation. If the offer is unacceptable and you need to counter, what type of counter offer will best hit the buyer’s buttons? A counter offer that raises the price, or one that keep the price lower but reduces the closing costs paid by the seller? The net dollar price of the two counter offers may be the same, but the buyer may find one deal more palatable than the other.

The best advice is, listen to your Realtor® and tread lightly. If you can live with most of the items in the offer, it’s probably better to take it. After all, having a willing and able buyer under contract is worth far more than having a home sitting on the market waiting for the perfect offer to come along.

Thinking of selling your house? Let’s start a conversation even if it’s early. We have expert real estate agents across the nation happy to discuss your plans. Feel free to use our 15 second Home Value Estimator and take a look at what your home may sell for today.

Of course, we look forward to speaking with you. Give us a call at 561-965-1225.

Avoid these Emotional Mistakes When Selling a House

Emotional-Selling-a-HomeThere’s no doubt that selling a home represents a complex, multi-step process even in the best of markets. When you’re looking to sell in a buyer’s market, however, you have even less room for error – that buyer you alienate could be your last chance to sell for a long time to come.

Still, it’s not uncommon for sellers with the best of intentions to make a variety of emotional selling mistakes. Fortunately, most of these errors are preventable – most, in fact, involve swallowing your pride so that you can act in your own best interests. It helps to keep your emotional distance, and to view the house as a financial asset, rather than as a treasured possession. Here are five emotional mistakes home buyers frequently make, and how to avoid them:

  1. Hiring an inexperienced real estate agent.

In a booming market, homes will sell regardless of how enthusiastic your real estate agent is or how hard she works. In a slow market, however, realtor know-how may determine whether your home sells quickly or whether it languishes on the market for months or years. You need to choose someone exceptional, not someone whom you like personally. And in any market, a real estate agent with a wide online presence, access to national buyers, and influence in their local market, will benefit you much. Read more…

Buying a Home with Great Resale Value

buying-a-home-resell-valueHomebuyers treading the real estate market in search of their dream home often focus on the factors that suit their needs while they living at the property. Many overlook the home’s future resale value. Yet, according to the National Association of Realtors®, you should approach choosing a home as a business decision. The location of the property, its size, layout and condition all influence whether the home is a sound investment, or whether you will have resale problems later on.

Check out the Neighborhood

Location influences the value of real estate more than anything else. Homes in a desirable location attract a larger pool of buyers; competing buyers typically push up prices. Although a good location is subjective, most homebuyers want homes on a safe street with good transport links and amenities such as schools, banks and shops. Homes facing a strip mall or business park often sell for less due to their unappealing view. Conversely, homes with a good view sell at a premium. Check out any future developments that might impact the view before you buy.

Layout and Configuration

Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, inadequate bedroom and bathroom facilities could negatively impact the value of the property. Homebuyers typically want three or more bedrooms, according to the National Association of Realtors. Beware homes with five bedrooms or more, however, as this could be too much for homebuyers to handle. Walk-in closets, open plan living accommodation, laundry rooms, a high-functioning kitchen and a master bathroom usually raise the resale value

Additions and Renovations

Some remodeling projects add instant value to your home. Replacing old, worn out siding provides the greatest return on investment and achieves the highest resale price. Adding a bedroom puts your home into another price category, so convert your attic or finish the basement for an instant injection of equity.  Quick kitchen fixes, such a replacing the cabinet doors and adding new sinks and faucets, typically increase the value of your home by the exact dollar amount you spend on the update. Adding a master bath can add 20 percent to your home’s value.

The Role of the Agent

The price of your home is affected by external factors. For example, if a local employer moves out of town, the value of Florida homes will likely decrease. Interest rate hikes, unemployment rates and even birth rates impact house prices. Thus, it is impossible to accurately predict the future resale value of a home. However, an experienced real estate agent can help

If your home is ready to sell, ask your agent to prepare a home value estimate. This document analyzes the current selling prices of comparable homes in your neighborhood and sets a price range for your home. For future sales, ask your agent to consider local price trends, employment statistics, transport plans and incoming employers to estimate the likelihood of you achieving a good price when you eventually sell.

Call 561-965-1225 to speak with a qualified real estate agent about your real estate needs.

Can the Buyer Assume My Mortgage?

assume-mortgageThinking of Selling your home? The Jackie Ellis Team can help you. Call us at 561-965-1225  to discuss your Home Value. It might be worth more than you think!

Assuming a mortgage is the act of taking over someone else’s mortgage debt along with his home. The process goes something like this. The buyer makes a price offer. The seller accepts that offer. But instead of paying the offer price in cash or by mortgage finance, the buyer pays only the seller’s equity and takes over liability for paying off the seller’s mortgage loan. The seller’s equity is the difference between the offer price and the amount left to pay on the seller’s mortgage.

For a buyer, assuming a mortgage has certain advantages. The buyer effectively becomes the borrower for the purpose of the mortgage loan. He inherits the seller’s repayment term, interest rate and mortgage conditions in full. If the note rate is lower than the prevailing market rate, the buyer gets a cheap loan. What’s more, he doesn’t have to pay points, appraisal fees or any other closing costs.  A seller who can advertise a home with these benefits can generate greater interest from buyers.  In theory, mortgage assumption is a win-win for both parties.

As with most things real estate, mortgage assumption doesn’t work like it should on paper. Today, very few sellers can transfer their mortgages. Here’s why.

The “Non Assumable” Clause

A mortgage is inherently assumable unless the loan documents specify that it isn’t. Today, almost all conventional mortgages block mortgage assumption. The reason is simple. If a mortgage is assumable, a creditworthy borrower could transfer his mortgage to a less-than-stellar buyer. The risk of default shoots up, and the lender could lose money on the loan.

To protect their interests, lenders insert a “non-assumable” clause into their loan documents. If your mortgage contains such a clause, you cannot transfer your mortgage to a buyer without the lender’s consent

The “Due on Sale” Clause

A mortgage that does not contain a “non-assumable” clause may still block mortgage assumption through the back door. A “due on sale” clause makes the entire mortgage amount fall due as soon as the borrower transfers her property to someone else. If you transfer the loan and the lender calls in the debt, you must pay up or face serious legal and financial consequences.

Due on sale clauses became popular in the 1970s when interest rates spiked, causing homeowners to assume existing loans rather than borrowing new money from lenders at peak rates. Today, almost all mortgages contain a due on sale clause, including government-backed loans from the FHA and VA.

Due on sale clauses are complex beasts. They are complex because they are discretionary: the lender has the option of calling due the loan but it does not have to force early repayment.  Some sellers and buyers run the gauntlet. They decide that the rewards of assuming a mortgage — lower repayments and zero closing costs — are greater than the risk of the lender calling due the loan. In an economy characterized by stable interest rates, this is a fair argument. Banks are unlikely to call due a performing loan if the note rate is within a few points of the market rate. But if interest rates rise dramatically, lenders have greater incentive to enforce a due on sale clause.

Assuming a Mortgage With the Lender’s Consent

Sellers can always seek the lender’s permission to transfer their mortgage to a buyer. Many lenders will at least consider the request; several will give you a mortgage assumption package that spells out the hurdles you must jump to gain the lender’s permission. Generally speaking, the buyer will have to qualify for the loan. The lender will analyze the buyer’s credit report, debt load, salary and expenses, and will call for her tax returns, employment references and other paperwork before deciding whether the buyer can make the monthly payments. Buyers assuming a FHA loan may find the qualification process easier than those assuming a conventional loan, as FHA underwriting criteria are typically more lenient. However, the decision ultimately rests with the lender.

If you are contemplating as mortgage assumption, the only safe way to proceed is with the lender’s consent. Concealing a mortgage transfer in violation of a due on sale clause might open you up to civil penalties. More immediately, the original borrower remains liable for the loan repayments unless the lender specifically releases him from the loan. Without a legal release, the seller could be called upon to make good the buyer’s default, and late payments and foreclosures will appear as blemishes on the seller’s credit report.

Looking to sell? Call 561-965-1225 to get a true estimate of how much your home is worth.

“What Is The Jackie Ellis Team?”

The Jackie Ellis Team was created by Florida real estate agent Jackie Ellis, who felt the industry needed a group of agents who agreed to do business by certain standards.

When you choose a The Jackie Ellis Team agent, you …

  1. Get an agent that is productive. You want an agent that doesn’t just “practice” real estate as a part time job. You want a full time agent that can focus on you and your property. The Jackie Ellis Team agents must meet a minimum requirement to be part of the network. You won’t get a “newbie” and you also won’t get an agent too busy to put your goals first.
  2. Get an agent that is known to be honest and ethical. To be a The Jackie Ellis Team agent, one must have a quality reputation in their office and in their community. We require a letter of recommendation from the office leadership, peers, and past clients.
  3. Get an agent with proven results. We all know that price has the biggest factor in how and when a home will sell. This being said, the agents marketing efforts can increase showings which increases offers and many times the final purchase price. The Jackie Ellis Team Agents work hard to get your home shown to the most people through their comprehensive marketing systems.

We’re absolutely sure that a The Jackie Ellis Team agent will help sell your home. If you don’t get your asking price, you are not obligated to sell.

You have nothing to lose!

Call us at 561-965-1225.