When submitting a cash offer on a property sellers require "Proof of Funds" showing the financial ability to purchase the home. The POF can be a screenshot or printout of your account balance or a letter from the financial institution and needs to include: Name of the financial institution, Date, Balance amount that either matches or exceeds the offer amount.
When obtaining a loan to purchase a property a prequalification letter from a lender is required. The letter will need include: Lender information on letterhead, Contact information, Names of those approved for the loan, The total loan amount approved for, The downpayment percentage or amount, The type of loan and the terms.
Audrey has been working with Jon to help her clients with mortgages for over 10 years. "Jon and his team exceed my client's expectations every time. Many of the investors and home buyers I work with aren't sure whether or not to pay cash, get an FHA or Conventional loan, or what the best product is for an investment property. Jon's vast amount of experience and easy-going personality provides them with the confidence in choosing the best financial solutions."
Jon Stoneburner | 941-769-6193 | Jon@mortgageright.com
Offices in Sarasota & Punta Gorda
With low-interest rates, many investors and homebuyers are considering their options. Your lender must know the area property styles, HOA restrictions, insurance requirements, and the appraisers to hire on your behalf. I can work directly with your lender, or you can contact Jon Stoneburner, the lender I have worked with for the last several years. Jon can help you compare rates, obtain a prequal letter and apply for a loan. If you are researching your options Jon is available to discuss your situation, current market conditions, predicted rate change influencers, mortgage type options, and help you to determine if a loan would benefit your financial portfolio. Loans types he offers include conventional, VA, and FHA. He will soon also provide portfolio loans for investors.
Title companies and their attorneys manage most of the real estate sales closing process in Florida. They will hold escrow, analyze surveys, perform a title search, identify liens, order estoppel letters, and prepare closing statements.
Sarasota: 3700 South Tamiami Trail, St 200, Sarasota, FL 34239 941-954-9991
Lakewood Ranch: 8433 Enterprise Cir, Ste 100, Lakewood Ranch, FL 941-907-9022
Venice: 247 S Tamiami Trail #201, Venice, FL 34285 941-954-9991
St Pete: 525 1st Avenue North, St Petersburg FL 33701 941-954-9991
Tampa: 324 S Hyde Park Ave, Suite 325, Tampa, FL 33606 813-467-7500
Who the title company will be and who will pay for title insurance and closing costs is determined during contract negotiations.
SARASOTA COUNTY: Typically Buyer Selects and Pays CHARLOTTE COUNTY: Typically Seller Selects and Pays
Here are two spreadsheets with the formulas sellers can use to determine the net proceeds from the sale of a property.
HOME & FLOOD INSURANCE
--APPLICABLE PDF REPORTS & FORMS ARE LOCATED AT THE BOTTOM OF THIS PAGE--
Flood maps tell you if your home is in a high-risk area and if flood insurance is mandatory. Every zone is classified according to its risk and potential of a flood.
FEMA FLOOD ZONE ADDRESS SEARCH
A Zone ( A, AE, A1-30, AR, AO or AH) The National Flood Insurance Program (NFIP) allows a new or substantially improved non-residential building in an A Zone to have the lowest floor below the Base Flood Elevation (BFE), provided that the design and methods of construction have been certified by a registered professional engineer or architect as being dry floodproofed in accordance with established criteria.
Zones B, C, X Moderate to Low-Risk Zones. In these areas, you are eligible for lower-cost flood insurance, Preferred Risk Policies (PRPs).
V Zone (VE and V1-30) Areas along coasts subject to inundation by the 1-percent-annual-chance flood event with additional hazards associated with storm-induced waves. Mandatory flood insurance purchase requirements apply.
INSURANCE CARRIER REPORTS
Check with your Insurance Agent on which documents they will need. Your Home Inspector can help you get the ones you will need:
CONFORMING & NON-CONFORMING IMPROVEMENTS BELOW BASE FLOOD ELEVATION
Nolan Family Insurance
The Insurance Man & Co
When searching for waterfront homes for sale it is important to be aware of bridge heights, minutes to open water, canal depths, seawalls, docks, lifts, flood insurance, and insure water frontage is adequate for the size and ability to maneuver your boat.
Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.
Homeowner Associations (HOA)
The HOA is the association which homeowners must become a member and required to obey the governing documents including Articles of Incorporation, CC&Rs (Covenants, Conditions, and Restrictions), and By-Laws.
These associations manage the building who have units that share common structural and exterior grounds areas.
Rules and Regulations
If you are purchasing a home as an investment property with the intention to use as a rental, you will need to understand the restrictions, they may include the following:
Association Dues and Fees
Information/Disclosures I will obtain for your review:
Association charges you may need to pay as part of the closing process for HOA and Condo Associations:
COMMUNITY DEVELOPMENT DISTRICT (CDD)
CDD fees are typically in communities with amenities. They offset the builder’s cost for the infrastructure in new communities. CDD fees are collected as part of your property tax bill. The tax amount on a listing will include this fee.
Gated community with single-family homes and villas. The golf course is currently for sale and not open. Golf membership is not required of residents. Fees and links to websites:
Gated golf community with single-family homes, coach homes, and condos. Homes on golf courses include golf membership.
Add a footnote if this applies to your business
The Florida Bar and Florida Realtor Associations provide residential contracts and addendum for the purchase and sale of real property and vacant land. There are two contracts for sale & purchase, the "As-Is" and the "Standard". I primarily use the As-Is contract however there are times when the standard is appropriate. I've included copies of these contracts for your review as well as listing agreements, vacant land contracts, and property/community disclosures. Call me if you have questions. I'm here to help!
Major FR/Bar updates
Paragraph 8, which addresses how the purchase will be paid for, contains many updates. Spend time familiarizing yourself with the changes, so that you understand buyers’ and sellers’ responsibilities when the new contract goes into everyday use.
Florida Realtors © 2021 Florida Realtors®
There are two deadlines that must be met to benefit from the Homestead Exemption:
You will need:
Sarasota County's Property Appraiser’s office determines the value of all real estate and tangible personal property on the 1st of January every year.
FLORIDA POWER & LIGHT (FPL)
WATER, SEWER & TRASH
941.764.4300 25550 Harbor View Rd, Port Charlotte, FL 33980 https://www.charlottecountyfl.gov/departments/utilities/
MANATEE COUNTY, FLORIDA
4410 66th St. W. Bradenton 34210
All new accounts may be set up in person or by phone. Online account setup is not available.
1001 Sarasota Center Blvd., Sarasota, FL 34240
14 South Fort Harrison Ave. Clearwater, FL 33756
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