Choosing a new home is the biggest financial decision most people will ever make. There are many decisions involved in choosing a new home, and many people don't even know where to begin.

What is a Home Inspector and Why do I Need One?

 A Home Inspector has been specially trained to carefully look at all components of the house and provide a report of the general condition.  Much like a physician performs a physical, the Home Inspector will do the same with your house - look for abnormalities that may present concerns for you after you purchase.  You will want a home inspection to mitigate the risk of having to invest thousands of additional dollars in hidden repairs after the sale has closed.

How Much Does a Real Estate Agent Cost Me?

It is customary in the Northeast Florida market as well as most markets in the United States, that the seller pays the commission of both the agent that listed the property for sale, as well as the agent who brought the buyer to the property when the transaction goes to closing.  In addition to real estate commission, some agents or brokerage firms may have additional charges or fees.  A professional real estate agent will discuss their fee as well as all costs to be anticipated in the purchase.  Always ask and do not assume that all agents are paid the same, because fees and times of payment differ from agent to agent and company to company.

What is a Binder Deposit?

A binder deposit, also known as earnest money, is given at the time an offer is made on a house.  It shows the seller that you are serious about your offer, enough to risk losing the deposit if the terms of the accepted offer are not met.  The amount that is given to "bind" the contract is held in escrow either by one of the brokerage firms or by a title company in their escrow account, and may be refundable under certain instances should the transaction not close.  The binder deposit is returned to you at closing, typically shown as a credit on the HUD-1 settlement statement.

Are there Special Financing Programs for First-Time Home Buyers?

Yes!  There are multiple programs available for first-time home buyers, ranging from low down payment loans, "silent" second mortgage programs, tax credits and more!  If you are interested in programs that are available in NE Florida, click here to request additional information.

I would like to move-up into a larger home, but need to sell my current house.  Should I wait until I find a house to put mine on the market?

In a normal market, meaning it takes 3 to 6 months for an average home to sell, you should begin your search at the same time that you list your home for sale.  This is helpful because you most likely will not find the perfect home on the first search trip.  You will want to begin searching first through the internet to build your "short" list, followed by physical inspection of the properties.  Photos and virtual tours are terrific, but there is no substitute for walking into a house, inspecting the details and seeing a floorplan or surface finish in person.  Once you have a contract on the house you are selling, that's when you need to be prepared to move quickly - so if you have already done your preliminary search, you will be ready to make an offer on your next house fast!  Every situation is different, so talk with Missi to determine what the best course of action is for you.

What is a CDD fee?

A CDD fee, or Community Development District fee, is a special assessment imposed by a county or other governing body.  The fee is generally collected for a specific period of time, and the funds collected go toward development or improvement of roads, schools and infrastructure needed to accommodate new or rapidly developing areas.  During the construction boom, many counties in Florida began assessing CDD fees in addition to real estate taxes, to help offset the cost of building new schools, roads, bridges, etc., that was needed to accommodate the rapid growth that was taking place.  Many times the positive impact of these fees is already being experienced in these neighborhood with brand new schools, reduced traffic congestion and convenient and modern retail areas.

Not all areas in all counties are subject to CDD fees.  I can help you identify these areas, and discuss the pros and cons of the fees. 

Additional information on the home buying process can be found from the U. S. Department of Housing and Urban Development (HUD), by clicking here.

Do you have a question that has not been answered?  Send your question to Missi for your own personalized response today by clicking HERE!