I used to subscribe to a service that would give me foreclosures in this area. This is totally unnecessary and a waste of money and time. You will not receive up to date info, and you need almost instant info to get the best foreclosure deals.  For a couple of years now, our Lake MLS has had a search field for foreclosures, and I stay on top of all of the local banks foreclosure lists.

If you are serious about looking at foreclosure properties in this area, be ready!  I just had a client write an offer on the first day a foreclosure home came on the market. Turns out there were 5 offer submitted as well. It ended up selling for way over list price.

Getting a per-approval letter is a big first step. The delay in getting this can cost you a great deal. Be ready to make your first offer your best offer, it might knock out the others and prevent a costly bidding war.  

If you require references, I can provide you with the last 10 foreclosure buyers I worked with upon request.   573-480-6420

These types of REO (real estate owned) properties are not always put into the MLS system. I recently purchased a property this way and felt is was greatly undervalued and failed to get proper exposure, as it only appeared on a bank website. It took about 5 clicks into the system to find it.

There are some like this, and while I have an open listing to sell them, I can’t advertise them here or I would. Call me to see if there are any great deals like this right now, today. Consider it a friendly chat with a knowledgeable resource that is willing to share his information. If you’d rather e-mail, that is fine as well.

John Garrett sold another Indian Pointe Condominium. Indian Pointe is a prime location at the Lake of the Ozarks, both by land and by boat. To view all Indian Pointe condos for sale, check here.

Call John Garrett, the Lake of the Ozarks condo expert for Indian Pointe Condos or any condos for sale at the Lake of the Ozarks.   Prudential Lake Ozark Realty 573-480-6420

5 Things to Know About Lake of the Ozarks Title Insurance

Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders.  It is even more important on a foreclosure property.  I’m sure you have heard of the many wrongful foreclosure issues that are out there.   Some title companies actually stopped insuring GMAC foreclosures for a while.  They weren’t the only lender under scrutiny either.

Title is one of those things where you just show up to a closing and there it is, at the bottom of page 2, section 1100 of the HUD-1 settlement statement.  It is probably the most expensive charge on the HUD-1, and you are wondering “who picked this, why do I need it, what the …?”  How I explain title insurance is this:  If someone shows up years later and claim they own the property, or more likely, had a partial claim of some sort in the property, you are insured from that claim.  If they do, in fact, have a claim in the property, the title insurance will make them whole financially.

Here are five other things you should know about Lake of the Ozarks title insurance.

 1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.

2. You pay it once at closing, and again if you refi,  usually based on the price of the property.

3. Our local custom is the seller pays for title commitment, the buyer pays for the title policy and lender policy.

4. The lender will require a lender policy if the purchase is financed.

5. Sometimes you can ask for discount in the title policy.  It doesn’t hurt to ask.   Tell  them, you will use them again and recommend friends and family use them as well.  Do this as soon as the title work is ordered by the real estate agent.

Call John Garrett if you have any questions about this or any other real estate matters.

Lake of the Ozarks – Tax Benefits of Second Home Ownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of second home-ownership and makes Lake of the Ozarks real estate an attractive investment that can be enjoyed by friends and family.  Here’s how it works.

You Purchase:

You have a loan of $150,000 for 30 years, at 7 percent (yes, they are much lower than this right now, but they won’t stay that way forever).  Your payment would be $997.95 per month.  The first payment is made, $122.75 goes to pay down the principal amount of the loan, and $875 is interest paid for that month.   You are allowed to deduct the interest portion of the payment (for this example we will keep the amount of interest paid at $875 for 12 months).

$10,500 = Mortgage interest paid
$  1,200 = Annual property tax
______

$11,700 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 33 percent tax rate: 11,700 x 0.33 = $3,861

$3,861 = Amount you have lowered your federal income tax (at 33 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Call John Garrett with any questions about Lake of the Ozark real estate.  573-480-6420.

Lake of the Ozarks Common Closing Costs for Buyers

When you buy a house at the Lake of the Ozarks, you’ll be glad to know that Missouri is one of the lowest closing costs state in the US. This along with low interest rates and great seller concessions make it an ideal time to buy at the Lake.

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Home inspection
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording
• Title insurance policy premiums
• Land survey
• Notary fees
• Prorations for your share of costs, such as utility bills and property taxes

A Note about Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6^th of the month. You would owe the gas company for only the days from the 6^th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.  Call John Garrett Prudential Lake Ozark Realty at 573-480-6420 with any questions. 

]]> http://blog.lakeoftheozarksreal-estate.com/buy-a-home-lake-of-the-ozarks-closing-costs/feed/ 0 http://blog.lakeoftheozarksreal-estate.com/buy-real-estate-lake-of-the-ozarks/ http://blog.lakeoftheozarksreal-estate.com/buy-real-estate-lake-of-the-ozarks/#comments Tue, 15 Nov 2011 14:24:46 +0000 jgarrett http://blog.lakeoftheozarksreal-estate.com/?p=1067

If you are serious about buying Lake of the Ozarks real estate, now is the time you have been waiting for.  A perfect storm of low interest rates,  a buyer’s real estate market, and foreclosures to lower prices further have created the right time to buy real estate at the Lake of the Ozarks.   Here’s what you need to do:

• You need a qualified buyer’s agent.
• Get pre-qualified with a lender.
• Register with the best MLS search site at the Lake.
• Decide what area of the Lake is right for you.
• Decide the level of “fixing up” you are willing to do.

Buying real estate at the Lake of the Ozarks is not difficult if you follow a good plan.  By doing the 5 items present above, you will have a huge advantage over typical buyers that are wasting their time chasing print ads that have already been sold and looking at outdated real estate web sites.   I have helped people buy their Lake of the Ozarks home (and Condos) since 1995, I have worked everyday, full-time in this market ever since.   I can say without a doubt that now is the best time to buy real estate at the Lake of the Ozarks. 573-480-6420

Low mortgage rates, high inventory of homes, Foreclosures, now is the right time to finally buy at the Lake of the Ozarks. Call John Garrett today to get started. 573-480-6420

Of the 276 resale condos sold this year to date, through the first three quarters, the ones offered at 3.5 BAC (commission offered to a buyers agent), accounted for 185 sold units, or 67% of all condo sales.  They also sold faster, 172 DOM (days on market) versus 198 DOM for ones at 3% or less.

So there isn’t a huge discrepancy is how fast  unit sells based on commission rates, but there is a massive difference in whether or not the condo will ever sell at all!  If your unit NEVER sells then you are really not saving any money by using an agent that charges you less.  Less is NOT more in this case.  

When it is time to sell call John Garrett at 573-480-6420 and know you are making the informed and intelligent choice when it comes to choosing the right real estate agent at the Lake of the Ozarks.