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.

Foreclosure Lake Home $155,000

This is a super buy and you need to act right now to get a waterfront Lake of the Ozarks foreclosure of this quality.  This 3/2 homes is on Shawnee Bend, and includes a dock!  You simply can’t go wrong at $155,000.

You will have to have a letter of pre-qualification and be prepared for multiple offers, so use an agent that has dealt with this situation many times before and knows what to do.  Call John Garrett at 573-480-6420.  John is a foreclosure specialist, and can give you references from his last 5 foreclosure buyers upon request.

The Missouri Property Tax Credit Claim gives credit to certain senior citizens and 100 percent disabled individuals for a portion of the real estate taxes. The credit is for a maximum of $1,100 for owners who owned and occupied their home.

Click here for the Property Tax Credit Qualification Chart.

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

Many real estate sales in 2011 at the Lake of the Ozarks were paid for with cash.   Surprised?  With record low interest rates and the great tax break you get for buying vacation and second homes, it is a bit surprising.   The National Association of REALTORS estimates that 30% of purchases this year are all cash, up from 15% a few years ago.

One reason why people are doing this is that they are getting little to no return on the investments elsewhere, so they might as well be investing in something with an upside.  You aren’t getting much of anything from a  CD right now.   Real Estate foreclosures at the Lake of the Ozarks have actually declined from the previous years number for the first year since 2006.  So real estate is at least stabilizing, that is the first step before it can start appreciating again.

Sometime you can get a lower purchase price if you offer cash.  A few years back this really didn’t translate into a discount of much at all, now savvy agents and sellers realize the benefit of a qualified buyer.   

Some advantages of a cash closing also included saving on closing costs.  At the least, you save on the lenders title policy, and the option to get title insurance at all will be your decision.   You will also save  on appraisal. if you have a clear picture of the deal you are buying and it’s real value.  Mortgages are taking longer to complete, a there are more fees than ever before. 

The best option is to buy with cash, the cash offer and quick closing date will get you ahead of someone making a similar offer but that has the uncertainty of a financing contingency.  Then you can refinance the property at your leisure, without the stress and hassle of a closing date hanging over your head.  

If you have any questions about financing real estate at the Lake of the Ozarks, a condominium or waterfront home, call John Garrett today.   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.

John Garrett, Broker Agent at Prudential Lake Ozark realty sold another Emerald Bay unit.  This awesome 3 bedroom unit was immaculate and had a great view and a boat dock as well.

If you are interested in buying a condo at Emerald Bay, or any of the great condos at the Lake of the Ozarks, give the Condo expert a call.  John Garrett will make sure to represent your best interest every step of the way.  Buying a condo can be tricky IF you use no agent or an agent that really doesn’t understand condominiums.  Call John at 573-480-6420 today. 

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. 

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