Real Estate Tips & FAQ

Can I get a free market analysis on my house?

As one of our many services, Realty Atlantic offers a free market analysis to prospective buyers and sellers. Please call our offices at (386) 445-1231 and speak to any of our associates.

Can I get pre-approved for a mortgage?

Absolutely! We strongly recommend that you get pre-approved prior to house hunting. This will work to your advantage when negotiating a price with sellers. This can be done over the phone. Call us at 800-398-1005

I owe more on my house than it’s worth. Can I get re-financed?

Yes! You may qualify under either the HAMP or the HARP Programs. These programs offer reduced principal and below-market interest rates. Call for more information.

How long do I have to wait to qualify for another mortgage after a short sale’

Usually you can qualify for a conventional mortgage with 10% down after four (4) years; two (2) years with 20% down; FHA with 3.5% down after three (3) years. The time starts the day of the deed transfer.

My house was foreclosed on. I have a job now. Can I qualify for a mortgage?

Historically there is a waiting period of seven (7) years after the date that ownership changes to secure a conventional loan and three (3) years to secure an FHA mortgage. The alternative is to purchase with seller financing.

What is Title Insurance and how much does it cost? Is it mandatory?

A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy. The cost of title insurance is on a sliding scale and is regulated by the State. Purchase price up to $100,000.00 is a one-time fee of $575.00 then $5.00 per $1,000.00 up to a million. Title Insurance is mandatory as most lenders require it. If there is no lender involved, it would still be wise to obtain title insurance.

How can I figure out what my closing costs will be?

Closing costs are itemized expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer’s expenses), or be deducted from the proceeds of the sale (in the case of the seller’s expenses). Closing costs include pro-rations (taxes, insurance, association fees, etc) survey costs, points, settlement fee, state documentary stamps on deed, mortgage and note, and all other miscellaneous costs that belong to either the buyer or seller. These itemized costs are prepared on a Settlement Statement (HUD -1) also called Closing Statement. It’s advisible to request a copy of a “Preliminary HUD” prior to closing.

What is a short sale and how does it work?

A short sale condition is created when the sales price of a subject property is less than that owed. Usually mortgagees (lenders) will at times work with the mortgagors (owners) to adjust the principal of the mortgages to equal the market value in order to facilitate a sale.