Real Estate News & Updates from Across the First Coast 

July 17, 2016

Community Spotlight - Timber Creek Plantation

This week we spotlight Timber Creek Plantation in Yulee, Florida.  To learn move about TCP visit our new dedicated community page here.

Posted in Real Estate
May 19, 2016

The HUD Home Buying Process

Home Home Buying Process

HUD is the U.S Department of Housing and Urban Development. HUD acquires 1-4 unit residential properties as a result of a foreclosure action on an FHA-Insured mortgage. HUD then becomes the property owner and offers the home for sale to recover the loss on the foreclosure claim.

HUD utilizes Asset Managers to market and manage HUD-owned properties. The Asset Managers then distribute listings to the listing brokers local to each specific HUD home to be listed for sale. The Field Service Manager is the HUD Contractor responsible for property maintenance and preservation services such as inspecting the property, securing the property, cosmetic enhancements and repairs and providing ongoing maintenance until the home is sold.

Those interested in purchasing a HUD Home will need a realtor to assist them with the purchasing process. Buyers should choose a local broker who is registered to bid with HUD. The selling agent and the listing agent may receive up to 3% commission based on the sales price of the property.  At the beginning of the bidding process, there is an initial period set aside to give potential owner-occupants priority bidding opportunities. An owner-occupant is someone who is buying the home as their primary residence. If the property goes unsold during this initial bidding process, the home becomes available to all buyers, including investors.

All bids need to be submitted via www.HUDHomestore.com by a broker who is registered to bid with HUD. After searching the properties and finding the property you would like to place a bid on, click the HUD Registered Bidder tab in the lower right hand corner and follow the instructions. HUD does not offer financing for homes, so buyers will need to contact a lender or mortgage broker unless they will be paying with cash. Buyers may use FHA or conventional financing to purchase a HUD home. Once a bid has been accepted, the buyer will then need to present an earnest money deposit. Buyers make an earnest money deposit to show that they are serious about wanting to complete the purchase. If the seller (HUD) accepts the offer, the earnest money deposit is held in an escrow account by the real estate broker or by a closing agent until closing. The funds are then applied to the buyer’s portion of the remaining costs. If the offer is rejected, the earnest money deposit is usually returned since no binding contract has been entered into. If the buyer retracts the offer and/or does not fulfill its obligations under the contract, the earnest money is forfeited.

After a contract is accepted and signed by HUD, the buyer has a 15-day time frame to complete a professional home inspection to see if there are any substantial property deficiencies not disclosed to the buyer through the Property Condition Report. HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making all needed repairs, all purchasers are strongly encouraged to get home inspection from a licensed professional. Buyers are also encouraged to perform a walk through inspection at or near the date of your contract acceptance and again immediately prior to closing. The buyer assumes full responsibility for the property and its condition on the date of closing. HUD will make no settlement for damages reported to HID after the close of escrow.

 

For more information on HUD Homes including who to contact to report damage, searching for properties that are currently available and information on programs offered by HUD, please visit www.HUDHomeStore.com

Posted in Real Estate
July 22, 2015

Florida Military Clause

Here is the scoop about the Florida Military Clause direct from the 2015 Florida Statutes.  These are additional protections Florida law gives servicemembers above what the Federal Servicemembers Civil Relief Act provides.

83.682 Termination of rental agreement by a servicemember.—

(1) Any servicemember may terminate his or her rental agreement by providing the landlord with a written notice of termination to be effective on the date stated in the notice that is at least 30 days after the landlord’s receipt of the notice if any of the following criteria are met:

(a) The servicemember is required, pursuant to a permanent change of station orders, to move 35 miles or more from the location of the rental premises;

(b) The servicemember is prematurely or involuntarily discharged or released from active duty or state active duty;

(c) The servicemember is released from active duty or state active duty after having leased the rental premises while on active duty or state active duty status and the rental premises is 35 miles or more from the servicemember’s home of record prior to entering active duty or state active duty;

(d) After entering into a rental agreement, the servicemember receives military orders requiring him or her to move into government quarters or the servicemember becomes eligible to live in and opts to move into government quarters;

(e) The servicemember receives temporary duty orders, temporary change of station orders, or state active duty orders to an area 35 miles or more from the location of the rental premises, provided such orders are for a period exceeding 60 days; or

(f) The servicemember has leased the property, but prior to taking possession of the rental premises, receives a change of orders to an area that is 35 miles or more from the location of the rental premises.

(2) The notice to the landlord must be accompanied by either a copy of the official military orders or a written verification signed by the servicemember’s commanding officer.

(3) In the event a servicemember dies during active duty, an adult member of his or her immediate family may terminate the servicemember’s rental agreement by providing the landlord with a written notice of termination to be effective on the date stated in the notice that is at least 30 days after the landlord’s receipt of the notice. The notice to the landlord must be accompanied by either a copy of the official military orders showing the servicemember was on active duty or a written verification signed by the servicemember’s commanding officer and a copy of the servicemember’s death certificate.

(4) Upon termination of a rental agreement under this section, the tenant is liable for the rent due under the rental agreement prorated to the effective date of the termination payable at such time as would have otherwise been required by the terms of the rental agreement. The tenant is not liable for any other rent or damages due to the early termination of the tenancy as provided for in this section. Notwithstanding any provision of this section to the contrary, if a tenant terminates the rental agreement pursuant to this section 14 or more days prior to occupancy, no damages or penalties of any kind will be assessable.

(5) The provisions of this section may not be waived or modified by the agreement of the parties under any circumstances.

First Coast Real Estate & Property Management is proud to serve our military community from both our Northeast Florida and Panhandle locations.  We offer half price rental applications as well as discounts on our management services to Active Duty Military.  Give us a call today at 904-236-4800 to see how we can make your next PCS a smooth one.

July 14, 2015

Leilani Whitley Joins First Coast Real Estate

Leilani-Whitley-CAM

July 4, 2015

Happy Independence Day

Happy Independence Day from the entire team here at First Coast Real Estate & Property Management.

 

Posted in Company News
June 19, 2015

Justin Miller Joins First Coast Real Estate

Justin-Miller-Property-Manager