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Frequently Asked Questions

Q:

What is FloridaStateHomes?

A:

FloridaStateHomes is a resource that aggregates all the information you need to buy or sell your home, from listings to guides to localized directories. Our content is updated daily to ensure you have the most up-to-date information possible.

Q:

How do I send FloridaStateHomes feedback?

A:

We welcome all feedback! Contact us at feedback@floridastatehomes.com and receive a response within 24 hours.

Q:

How do I apply for a mortgage?

A:

You can apply for a mortgage by first choosing a bank or mortgage lender, and completing a mortgage application. The typical items you will need to successfully complete a mortgage application are a current credit report, your Social Security Card or other valid form of identification (driver's license or state ID), W-2 forms for the last three (3) years, federal tax returns, pay stubs covering the last thirty (30) days, bank statements from the last three (3) months, and a completed application form.

Q:

What is a short sale?

A:

A short sale is a sale of a home where the seller owes more to their mortgage lender on the property than its current market value. This may be due to the seller's inability to keep up with mortgage payments or to a decline in the home's value for alternative reasons. If it is a short sale, the mortgage lender has agreed to allow a sale of the property for an amount less than what is owed, subject to their approval. Since a short sale is subject to a mortgage lender's approval, it often takes several weeks or months longer to complete than a normal sale of a home.

Q:

Can I purchase a home with bad credit?

A:

It is difficult to purchase a home with poor credit history, but yes, you can purchase a home even with bad credit with the help of several federally insured mortgage loan programs that have been designed to help homebuyers with bad credit. These are FHA loans, VA mortgage loans (for veterans of the armed services), and subprime mortgage loans.

Q:

What is title insurance?

A:

The title of a property is the proof (or the deed) that a person or entity actually owns the property in question for sale. Most lenders require some form of title insurance. Like in all other cases, insurance is meant to protect all parties (buyer, seller, lender) in case a deal falls through via question of ownership. Lenders universally lean on the American Land Title Association (ALTA) guidelines for loan policies on transactions, which mandate that insurance be utilized. Even property transactions made for cash require some amount of title insurance to be carried. Also be aware that some municipalities charge Real Estate Transfer Taxes as well.

Q:

What is an REO?

A:

Real Estate Owned (or REO) properties are properties that are typically owned by a lender or owner such as a bank, government agency or loan insurer after an unsuccessful attempt at foreclosure proceedings and an auction sale. On the surface the properties may seem distressed, but they could be of great value to savvy investors. The buyer can negotiate on price or selling points because ultimately the bank has already lost money on the original foreclosed home and has gained nothing at auction and just wants to recoup something financially.

Q:

What is foreclosure?

A:

Foreclosure is meant to be a last resort for lenders to get value out of a home when the homeowner cannot pay their mortgage any longer. However, a foreclosed home often goes to public auction where it sells for a fraction of the home's worth and often much less than the value of the mortgage. For a home pending a foreclosure process, the homeowner usually has thirty days to pay the balance in full, execute a completed short sale or complete a bankruptcy filing or they will likely lose their home.

Q:

What is REIT?

A:

REIT or Real Estate Investment Trusts operate as a big pool of investments where properties are often managed collectively for financial gain. REITs make historically sound investments even in a down market because dividends are mandatory. They often charge nominal fees to join, are accountable to shareholders (unless they are privately held), and have a sitting board as a decision-making body.

Q:

What should I look for in hiring a home inspector?

A:

Home Inspection is an evaluation of your home and how much or how little work needs to be done before it can be bought or sold. Always hire a certified professional home inspector with flawless references whenever possible. Costs may vary, but a legitimate home inspection costs $300-$500 dollars on average and should take two to three hours to complete.

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