HUD • September 29, 2023

HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers

by Deborah Bethune

HUD No. 23-186
HUD Public Affairs
(202) 708-0685

FOR RELEASE
Thursday
August 31, 2023

HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers

Department increases Fair Market Rents by 12 percent on average across the U.S., releases vouchers to 36 states to help more families afford housing

WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced two actions that together will enable more families to rent a healthy, stable home at an affordable cost: publishing Fair Market Rents (FMRs) for Fiscal Year (FY) 2024 and releasing an additional $113 million in Housing Choice Vouchers to public housing agencies to help 9,500 families to meet these growing costs.

“Housing choice vouchers are some of the strongest tools we have to help families find stable and affordable housing,” said HUD Secretary Marcia L. Fudge. “This year, HUD found that rents rose once again, accentuating the strain on costs for American families. These updated Fair Market Rents and our funding will ensure households can utilize vouchers in a competitive rental market.”

First, the Office of Policy Development and Research (PD&R) published Fair Market Rents (FMRs) for FY 2024, which helps to determine the maximum amount a Housing Choice Voucher will cover. Nationally, FMRs will increase by an average of approximately 12 percent, which will increase the number of units that families using housing vouchers can access.

“Increases in Fair Market Rents help families find homes of their choosing in competitive housing markets,” said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. “This year we are continuing improvements we made last year to how we calculate Fair Market Rents to make sure they are keeping up with rising rents. We’ve already seen these improvements help more voucher holders find housing that is affordable, and we expect these new updates will help even more families.”

The Office of Public and Indian Housing (PIH) also announced an additional $113 million in Housing Choice Voucher funding awards for 118 high-performing public housing agencies in 36 states. These funds will enable these agencies to provide rental assistance to 9,500 additional households in the coming year.

“We want to make sure communities have the tools they need to help families lease homes,” said Richard J. Monocchio, Principal Deputy Assistant Secretary for Public and Indian Housing. “The additional funding we are awarding to housing authorities today helps these agencies that are already maximizing funds to house as many families as possible.”

The Housing Choice Voucher program enables families to afford rental units in the private market. Given recent rental cost increases, families who receive vouchers are experiencing greater difficulty successfully using their vouchers to find affordable, safe, and quality housing. The new FMR levels announced today – on top of an approximately 10 percent increase nationally in FY 2023 – will help the voucher program keep up with rent increases in the private market, expand the number of affordable units, and help more families rent homes at an affordable cost.

Housing Choice Vouchers are a key element of the Biden-Harris Administration’s strategy to reduce homelessness and provide American families with tangible resources to address rising living costs. Since entering office, the Biden-Harris Administration has awarded more than 100,000 new housing vouchers to help more families afford a healthy, stable place to rent.

As of August 31, 2023, the voucher allocations are listed here by Florida:

$766,113

Source: HUD.gov

Articles • Finance • First Time Home Buyer • Homeownership • September 22, 2023

How much income & down payment is needed for a $400k home?

by Deborah Bethune

Have you been looking at homes, but are concerned with affording a home priced at $400,000 or more? Just because home prices are elevated doesn’t mean you can’t achieve your goal of home ownership.

Believe it or not, but the median home price in the U.S. in Q1 2023 was $429,000. That means that most folks were getting mortgages for homes that cost more than $400,000. That number may seem like it’s a challenge to afford, but it’s still possible, even in the current environment.

There are several steps you can take to improve your ability to afford a home priced at $400,000 or more. Saving for a down payment, reducing personal debts, and managing your credit score are just a few ways to afford a home priced around the median U.S. home price.

You can continue reading to get specific advice or apply for a mortgage pre-approval. A mortgage pre-approval is a common first step that homebuyers take to begin their journey to a new home.

How much income do I need to afford a $400k home?

To afford a $400,000 home, assuming a 20% down payment and a 6.5% interest rate on a 30-year mortgage, you would need a gross monthly income of approximately $7,786.55. This assumes you have $1,000 in monthly debt.

To understand how to get to this number, you first have to understand how much your monthly payment would be with this mortgage type. With the listed conditions, this works out to 2,348.22 per month. Then, add in your additional debts, that’s $3,348.22. Then take your payments and divide by a debt-to-income ratio of 43%. That should give you a necessary monthly income of $7,786.55 to afford a home worth $400,000 with the conditions described.

Keep in mind that mortgage lenders look at debt-to-income ratios to help determine affordability. DTI ratio measures how much money you earn versus what you spend on debts. It’s calculated by dividing monthly debt payments by your gross monthly income. As a general guideline, your DTI ratio needs to be under 43% to be considered for most mortgage loans.

Please remember that the 43% DTI ratio is only a guideline. Several factors, such as your credit score, property taxes, insurance expenses, and other debts, can impact the mortgage approval. To get a better idea of your finances and figure out how much money you need, talk to a mortgage expert. A mortgage professional can customize the calculation to fit your situation and find the right mortgage for you.

What do down payment options look like for a $400,000 mortgage?

When purchasing a home worth $400,000, you have several down payment options available. The down payment is the initial upfront payment you make towards the total cost of the home. Here are some common down payment options:

20% down payment options

Putting down 20% of the home’s purchase price is a traditional and ideal down payment option. For a $400,000 home, a 20% down payment would be $80,000. This option may help you avoid private mortgage insurance (PMI) and can lead to more favorable loan terms.

15% down payment options

A 15% down payment on a $400,000 home would be $60,000. This is a moderate down payment option that can help reduce the initial cash outlay while still providing some benefits in terms of potentially lower monthly payments compared to lower down payment options.

10% down payment options

A 10% down payment on a $400,000 home would be $40,000. This is a lower down payment option that may be suitable for buyers who want to purchase the property sooner with a smaller initial cash requirement.

5% down payment options

A 5% down payment on a $400,000 home would be $20,000. This is a lower down payment option, but it may lead to higher monthly mortgage payments and the need for private mortgage insurance (PMI).

3% down payment options

Some loan programs, such as certain types of conventional loans and government-backed loans (e.g., FHA loans), offer down payment options as low as 3%. For a $400,000 home, a 3% down payment would be $12,000. While this can make homeownership more accessible, it often comes with higher monthly payments and the added cost of PMI.

It’s important to consider the pros and cons of each down payment option. While a lower down payment can make homeownership more attainable, it may also lead to higher long-term costs due to increased interest payments and potential mortgage insurance premiums. Additionally, each lender may have different requirements and options for down payments, so it’s essential to explore different loan programs and discuss your specific situation with a mortgage lender to determine the best down payment option for you.

KEY TIPS TO USE TO AFFORD A $400K MORTGAGE

To afford a $400,000 mortgage, follow these tips to enhance your financial preparedness:

Save for a down payment

Aim to save for 10%-to-20% of the home’s purchase price, which would be $40,000-to-$80,000 for a $400,000 home. Making a larger down payment can lead to better mortgage terms and lower monthly payments.
Improve your credit score

A good credit score will make it easier to qualify for a mortgage with favorable interest rates. Pay your bills on time, reduce debts, and avoid opening new credit accounts before applying for a mortgage.
Assess your budget

Analyze your current income, expenses, and savings to determine how much you can allocate to housing costs. It’s a good idea to maintain a debt-to-income ratio of 43% or lower to keep your finances where they need to be to get mortgage approval.
Get pre-approved for a mortgage

Get pre-approved for a mortgage to understand how much a lender is willing to lend you. This will help you set realistic expectations and narrow down your home search.
Consider additional costs

Remember that homeownership comes with additional expenses beyond the mortgage, such as property taxes, insurance, maintenance, and utilities. You should factor these into your budget when shopping for a home.
Shop around for a mortgage

Different lenders offer different rates and terms, so compare mortgage options to find the best mortgage deal for your situation.
Be patient and realistic

Affording a $400,000 mortgage may take time and discipline. Avoid rushing into a purchase that strains your finances and be patient in your home search.
Consult with professionals

Get advice from a money expert to make smart decisions and customize your financial plan to fit your situation.

By taking these steps, you can work towards affording a $400,000 mortgage and be better prepared for the responsibilities of homeownership. To handle a $400,000 mortgage comfortably, it’s crucial to plan well and make informed choices about your finances.

Where can I apply for a mortgage today?

Have you already identified a home in the $400,000 range? If you already have a home in mind, that’s fantastic. If you don’t, you can still apply for a mortgage pre-approval.

When you get pre-approved for a mortgage, it provides you with an idea of what you’ll likely get approved for. It also shows real estate agents and home sellers that you’re serious about looking for a home. Apply online with Guaranteed Rate to start your journey towards a new home.

Disclaimer:

An applicant is subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Guaranteed Rate does not provide tax advice. Please contact your tax adviser for any tax-related questions.

This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax, or investment advice. You are encouraged to consult your legal, tax, or investment professional for specific advice.

Source: Guaranteed Rate | Matthew Dewoskin

Buyer • Buyers Sellers Investors • Sellers • Survey • September 15, 2023

Encroachments and Easements: What You Need to Know

by Deborah Bethune

A gated entrance to a yard

Whenever a home is about to change ownership, a thorough title search will include a property survey to determine the property lines, including the presence of any encroachments or easements. While both terms refer to the use of the property by someone other than the owner, they are different in meaning and scope.

Encroachments are unpermitted intrusions onto the land of another – such as a large tree branch hanging over the fence, or the fence itself built a foot or two over the property line. Whether intentional or by mistake, and even if the encroachment doesn’t bother the new owner, it can be problematic in ensuring a clear title for the purpose of title insurance. It may even impact the new owner’s homeowner insurance liability if someone is injured by an encroaching item, such as that overhanging tree branch breaking off and injuring someone.

Minor encroachments – say some shrubs that have overgrown the property line – rarely cause an issue because they can easily be trimmed or removed. However, a major or structural encroachment, such as a neighbor’s garage or driveway that extends across the property line, can lead to legal disputes and other consequences. In rare cases, if the structural encroachment is severe enough, the new owner may need to sell that portion of the property to the offending neighbor or file a lawsuit to have the encroachment removed.

Easements, on the other hand, are permitted intrusions onto the property, such as a utility company’s right to enter the property to perform maintenance duties, or even a neighbor’s right to drive across part of your property to access a public road that cannot be accessed any other way.

In other words, unlike encroachments, easements are legally granted rights to use another person’s land for a specific purpose.

While easements are rarely an issue, it’s a good idea for homebuyers to safeguard their property rights by seeking legal advice regarding a major encroachment.

Sources: Bobbi Pronin| Quicken Loans, Investopedia

Uncategorized • September 12, 2023

Questions About Your 2023 Property Assessment or Exemptions?

by Deborah Bethune

The Broward County Property Appraiser mailed over 776,000 TRIM (proposed tax) Notices to Broward County property owners last month. The 2023 Just/Market Values are based on the market data from 2022 as Florida Statutes require the office to use January 1 as the date of assessment each year.

The TRIM Notice shows the 2023 Just/Market Value, any tax-saving exemptions the property owner receives, and the proposed tax amounts as set by the various taxing authorities listed on the notice. It is important to remember the Property Appraiser’s Office does not set or collect taxes.

If you believe you are entitled to a Homestead Exemption or any other exemption not shown on the TRIM Notice, you may still late file for any 2023 exemption until September 18, 2023. For a list of all the available tax-saving exemptions and to apply for these exemptions online, please visit our website at https://web.bcpa.net/bcpaclient/#/Homestead or call us at 954-357-6830.

If you have any questions about your 2023 Just/Market Value or exemptions, please email or call Broward County Property Appraiser prior to September 18, 2023.

Contact Information

Exemptions & General Questions | CSEmgmt@bcpa.net | 954-357-6830
Residential Property Values | ResTrim@bcpa.net | 954-357-6831
Condo, Co-op & Timeshare Property Values | CondoTRIM@bcpa.net | 954-357-6832
Commercial Real Property/Duplexes Values | CommercialTRIM@bcpa.net | 954-357-6835
Tangible (Commercial) Personal Property | tpp-docs@bcpa.net | 954-357-6836
Agricultural Property Classification | ag-docs@bcpa.net | 954-357-6822
Report Homestead Fraud | dpsc@bcpa.net | 954-357-6900

If you have questions or concerns about any of the proposed tax rates or non-ad valorem fees, including fire assessments, please contact the taxing authority listed on the TRIM Notice.

The ABSOLUTE deadline to file an application for any 2023 exemption or to appeal your property’s 2023 just value is September 18, 2023.

Value Adjustment Board

The Value Adjustment Board (VAB) is an independent quasi-judicial review board. If you believe your Just/Market Value is not what a buyer would have reasonably paid for your property on January 1, 2023, you should first contact our office. If after speaking with one of our appraisers, you still do not agree, you can file an appeal with the Broward County Value Adjustment Board. If you were denied an exemption, you may also file an appeal with the Value Adjustment Board challenging this denial. The absolute deadline for Value Adjustment Board petitions is September 18, 2023. If you would like to file a petition online, please visit the VAB website at https://bcvab.broward.org/axiaweb2023 Should you have any questions for the Value Adjustment Board, they can be reached at vab@broward.org or 954-357-7205.

Contact directly Marty Kiar, CFA | Broward County Property Appraiser | martykiar@bcpa.net for assistance.

Source: bcpa.net

Buyer • Buyers Sellers Investors • New Construction • September 10, 2023

Babcock Ranch | Solar Power, Sustainable, New Construction

by Deborah Bethune

Schedule a Tour

Builders

50% of Babcock Ranch’s footprint is set aside for green spaces, and we’ve intentionally developed our town to include stewardship, sustainability, preservation, and restoration as key design features. More than 90% of Babcock Ranch is built upon already impacted pasture, farm, and rock-mined land, and developments are surrounded by areas that will remain forested.

Water conservation is woven into the green infrastructure of Babcock Ranch. From landscaping with native, low-impact plants to constructing a weir system to restore the historical hydraulics of the Curry Lake Preserve ecosystem and rehydrate surrounding wetlands. This area is now home to a thriving ecosystem. Native vegetation has reclaimed the land from invasive species, crayfish have returned to its waters, and hosts of birds once again call Curry Lake home.

Sustainability is at the heart of Babcock Ranch, and these environmental investments are just one of the ways we’ve designed our town to live in harmony with the land. Our homes are all built to Florida Green Building requirements, with community-wide standards for energy efficiency, conservation, and low-impact landscaping.

Neighborhood parks, community gardens, and expansive trails for alternative transportation provide ways for residents to connect with their neighbors and our environment. Through these sustainability efforts, Babcock Ranch provides residents with a greener way of life and builds upon the Babcock family’s careful stewardship of the land and surrounding preserve areas. Contact Me to Learn More…

Source: Babcock Ranch

Articles • Disaster Preparedness • Florida Realtors • September 7, 2023

Information to Help You in the Aftermath of Hurricane Idalia

by Deborah Bethune

Hurricane Idalia

Resources to help you recover and rebuild.

A message from the Florida Realtors® president: Click to watch the video.

Federal disaster declaration: President Joe Biden approved a federal disaster declaration to help state and local recovery efforts after Category 3 Hurricane Idalia slammed into North Florida’s Big Bend region and caused widespread damage. The disaster declaration will make federal money available for people affected by the storm in Citrus, Dixie, Hamilton, Lafayette, Levy, Suwannee, and Taylor counties. Idalia made landfall Wednesday morning in the Keaton Beach area of Taylor County before sweeping north into Georgia.

How to speed up aid: Click here for strategies to help Hurricane Idalia survivors get federal aid faster.

Housing help

Florida Housing: This free state resource for renters and property managers in Florida features dynamic search options that can help you find available rental housing that fits your needs and income.

HurricaneHomes.org: Local Realtor associations are building a safe platform for the community to access rentals for temporary housing in Fort Myers, Cape Coral, Naples, Bonita Springs, and Marco Island. The website, HurricaneHomes.org, will be available in the coming days and provides listings for housing whose properties have been vetted as reliable, safe, and clean. The listings are given by Realtors in the area.

Operation Blue Roof: Operated by the U.S. Army Corps of Engineers, Operation Blue Roof provides homeowners and permanently occupied rental properties in disaster areas with fiber-reinforced sheeting to cover their damaged roofs until arrangements can be made for permanent repairs.

Legal questions

Click here for an overview of key bad weather provisions in the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase revised in October of 2021, along with one reference to the casualty provision contained in the Florida Residential Landlord and Tenant Act.

Landlord-tenant concerns: Click here for answers to common questions about rental properties from the Florida Realtors legal team.

Buyer • Cash Buyers • July 24, 2023

Cash Rules

by Deborah Bethune

Since October 2022, the share of buyers purchasing their home without a mortgage has been more than one-quarter of the market and includes buyers who purchased primary homes, investors, and vacation buyers.

These all-cash home buyers are happily avoiding the higher mortgage interest rates, which touched 7% in the Fall of 2022 before trending down to the current level of 6.28% as of this writing. While the Spring of 2022 saw a similar share of all cash home buyers, one needs to look back to 2014 before seeing similar shares. In 2014, the mortgage interest rates were in the low 4% range. In the months before the COVID-19 pandemic, the percentage of all-cash buyers hovered in the teens. While mortgage rates may be one component, they do not tell the whole story. So what happened, and who is paying all cash for homes?

One factor at play is the multiple bid scenarios that took place throughout the COVID-19 pandemic. Home buyers placed competitive offers on homes while inventory grew increasingly difficult to find. In March 2022, sellers received an average of 5.5 offers. Today, the average is 2.7 offers. As buyers wanted to find the perfect property before interest rates rose, they were willing to offer all cash to sellers so their offer was not contingent on financing. Additionally, buyers migrated to more affordable locations in low-density areas, allowing them to purchase a home with all cash if they had housing equity from their past property. Thus, the typical homeowner who had owned their home for a decade had more than $200,000 in housing equity to make a trade.

When looking at the buyers who are able to pay all cash, it tells a bleaker story and a story of those who hold the cards in the housing market and those who do not. The largest share of home buyers today are Baby Boomers. Among Older Baby Boomers aged 68 to 76, more than half paid all cash for their recent home purchase. Among the Silent Generation (makeup just 4% of recent buyers), 53% paid all cash for their home. The next question may be, well, wouldn’t seniors always pay all cash for their homes? The data shows us that this is not necessarily the case. Before last year, about one-third of Older Boomers paid for their home without a mortgage, and among the Silent Generation, the share never surpassed 48% in the historical data. Older buyers have significantly more housing equity, helping them make housing trades without needing a mortgage today.

Line graph: Share of Buyers Who Purchased With All Cash By Generation

A surprising trend emerges when examining the share of all-cash buyers by household composition. Single women buyers are the most likely buyer to purchase their home with all cash. These women may be widowed or divorced and have housing equity to make these trades—twenty-eight percent purchased without a mortgage. For married couples, the share stands at 27% of buyers.

Bar chart: Share of Buyers Who Purchased With All Cash By Household Composition

Clearly, the ability to purchase a home without a mortgage is significantly harder without housing equity to assist. Moving outside their current residence is not an option for many buyers, as career choices and family ties may have them settled in one area. This can be discouraging for first-time buyers trying to enter a market alongside all-cash buyers. This is especially true as multiple bids have resumed in some localized areas of the country. As buyers navigate this market with those flush with cash and those struggling even to save, having experts by their side—REALTORS® and mortgage brokers—is essential. More housing inventory could improve housing affordability for all buyers moving forward.

“Copyright National Association of REALTORS®. Reproduced with permission.”

Buyer • Contract • Foreign Buyers & Sellers • July 17, 2023

Law Will Impact Some Foreign-Buyer Purchases

by Deborah Bethune

older couple standing outside house

Image Source: Mediaonela/ Getty Images

Two Florida Realtors® lawyers – Vice President of Law and Policy and General Counsel Juana Watkins, and Deputy General Counsel Marcia Tabak – hosted a webinar on July 29 to give members an overview of upcoming changes when a bill passed by the Florida Legislature and signed by Gov. Ron DeSantis (SB 264) went into effect on July 1.

Florida Realtor’s lawyers spoke to 6K+ members during a July 29 webinar, saying a new law impacting some property sales to certain foreign buyers goes into effect July 1. Some details are not yet clear, but a new disclosure appeared in contracts effective Saturday, July 1, 2023, and buyers must sign a new affidavit.

Contract changes: That paragraph says:

ATTENTION: SELLER AND BUYER

CONVEYANCES TO FOREIGN BUYERS: Part III of Chapter 692, Sections 692.201 – 692.205, Florida Statutes, 2023 (the “Act”), in part, limits and regulates the sale, purchase, and ownership of certain Florida properties by certain buyers who are associated with a “foreign country of concern”, namely: the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic. It is a crime to buy or knowingly sell property in violation of the Act.

At the time of purchase, the Buyer must provide a signed Affidavit that complies with the requirements of the Act. Seller and Buyer are advised to seek legal counsel regarding their respective obligations and liabilities under the Act.

Fair housing concerns: Watkins offered another note of caution: There could be Fair Housing Act implications. She offered a warning to agents who might consider taking steps beyond simply explaining the new wording in the contracts: “Ensure that it’s neither your intent nor motive to discriminate against buyers based upon any protected classes,” she says. “Do not ask buyers questions about their national origin.”

The issue is extremely complicated: Buyers may ask Realtors questions. However, the law is untested in the courts, and only a buyer’s lawyer can explain how a specific clause will impact that specific buyer.

The penalties within the law can be harsh, and Watkins strongly urged members not to speculate on the statute’s impact. “Be the source of the source,” she repeated.

Finally, it’s difficult to determine whether a property is included in the new law. According to Tabak, for example, there is not, as of yet, an official list of military installations as referenced by the statute – nor is there a list, map or other way to determine if a property is located near critical infrastructure.

Some issues are still pending: FREC, the Florida Department of Agriculture and Consumer Services and the Florida Department of Economic Opportunity must all implement specific portions of the bill. As a result, many details are still pending.

Don’t offer advice: The penalties for non-compliance can be severe for buyers, sellers, and possibly real estate agents. Watkins often repeated the phrase, “Don’t be the source of the information – be the source of the source.” While customers must be told that the law exists and that they must sign an affidavit saying they’re in compliance with the statute, agents should not volunteer information beyond the details now outlined in the contracts and new addendum.

Buyers should consult legal counsel with questions and concerns.

Buyers Sellers Investors • SunBelt Title • July 6, 2023

Scam Alert: Title Fraud is on the Rise

by Deborah Bethune

A man on a laptop dealing with frustration

A new scam – the latest embodiment of identity theft – has surfaced recently. Real estate title fraud, also known as title theft, occurs when someone changes the ownership of your property to themselves without your knowledge, forging your signature on a deed and recording it. The scammer is then free to sell the property right out from under you.

It comes as no news to real estate professionals that consumer real estate payments, especially wired cash-to-close payments, were the most frequent target of cybercriminals in 2022, according to a report from CertifD. The average loss to consumers amounted to more than $106,000 that year.

In keeping with this trend, Toronto police reported multiple cases of title fraud in the last months of 2022. In one case, a woman had fraudsters gain access to her condo while she was living abroad and sold it, while impersonating her, for $970,000.²

Title theft is becoming increasingly widespread. While three people were arrested by Toronto Police in January of this year and charged with fraudulently selling property, Chicago Title Company said it is currently dealing with more than 30 claims from targeted consumers in the Metro Vancouver area.

Though the first cases of title theft took place in Canada, police in Detroit, Michigan are investigating more than one recent case in which renters have fallen victim to fraudsters falsely claiming to be the landlord.

As trusted advisors to buyers and sellers, real estate agents need to double down on warnings against cyber fraud, particularly as closings draw near. Buyers should be instructed, before wiring funds, to call the intended recipient at a number they know is valid in order to confirm their instructions, and to be wary of any last-minute request to change the wiring instructions.

Authorities also suggest advising clients to:

Make identity theft more difficult by shredding all bank documents, bills, or other paperwork that shows your bank accounts, Social Security number, or other personal information.
Make multifactor-identification processes a standard part of any real estate transaction, and/or request an alert on any title activity on your property.

Sources:

1 – CertifID: Wire fraud report shows elevated risk remains | News | The Title Report
2 – Fraudsters impersonating homeowners to sell real estate on the rise since the pandemic – The Globe and Mail

Source: SunBelt Title | Bobbi Pronin

Uncategorized • May 30, 2023

How to Buy a House in 2023

by Deborah Bethune

Navigate the real estate market with confidence!

Buying a house is an exhilarating journey, regardless of the economic state. Before diving in, equip yourself with the knowledge of home buying. Understanding the intricacies empowers you to make informed decisions for your family and finances. When you are buying a home, here’s how I can help.

Act as an expert guide as a Transaction Broker
Offer objective information and opinions
Give you expanded search power
Stand in your corner during negotiations
Ensure an up-to-date experience
Be your rock during emotional moments
Provide fair and ethical treatment

Get ready to embark on an exciting adventure, and allow me to help guide you home!

Understand why you want to buy a house
Create your current housing budget
Reduce current debt but do not close accounts
Save for a down payment (minimum 3.5% and 3-5% for closing and other costs)
Check your credit score at all three credit bureaus at annualcreditreport.com
Shop for a mortgage by talking to several companies without pulling your credit report
Contact me at Deborah Bethune to discuss your timeline, budget, geographical area, and buyer agreements
View homes
Make an Offer
Schedule home inspection
Negotiate repairs and credit
Secure financing or cash funds
Schedule final walk-through
Attend closing


Contact me with any questions you may have! I look forward to assisting you with your real estate investment. 

#Homebuying #empowerment #firstimehomebuyers #2023realestatemarket
#Realtor #southfloridarealestate #realestate #waterfrontproperties 
#southfloridaliving #debtfreeliving #mortgae #financing #investmentproperties #realty
#justlisted #realestatestyle #househunting #homesforsale #investmentproperty
#homeforsale #realestatesales #realestateinvesting #realestateagent #luxuryrealestate

HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers

HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers

How much income & down payment is needed for a $400k home?

How much income do I need to afford a $400k home?

What do down payment options look like for a $400,000 mortgage?

20% down payment options

15% down payment options

10% down payment options

5% down payment options

3% down payment options

KEY TIPS TO USE TO AFFORD A $400K MORTGAGE

Save for a down payment

Improve your credit score

Assess your budget

Get pre-approved for a mortgage

Consider additional costs

Shop around for a mortgage

Be patient and realistic

Consult with professionals

Where can I apply for a mortgage today?

Encroachments and Easements: What You Need to Know

Questions About Your 2023 Property Assessment or Exemptions?

Babcock Ranch | Solar Power, Sustainable, New Construction

Information to Help You in the Aftermath of Hurricane Idalia

Resources to help you recover and rebuild.

Housing help

Legal questions

Cash Rules

Law Will Impact Some Foreign-Buyer Purchases

Scam Alert: Title Fraud is on the Rise

How to Buy a House in 2023

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