Thought this was an interesting article regarding the need to have Flood Insurance on your property. It doesn't cost that much and with it and Windstorm coverage on the property your better protected if a storm hits.
Supreme Court limits insurance company liabilityTALLAHASSEE, Fla. (AP) – Sept. 21, 2007 –
Insurance companies can be required to pay only for actual damages and just those resulting from covered perils such as wind storms or fires – not other causes – the Florida Supreme Court said Thursday in two rulings affecting homeowner policies.The opinions, both unanimous, rejected prior appellate court decisions that let hurricane victims whose homes were a total loss collect up to their windstorm policy limits even though flooding was at least partly to blame.One ruling could affect an undetermined number of people who lost homes to hurricanes in 2004. Nearly all are victims of Hurricane Ivan and did not have federal flood insurance or their damages exceeded flood policy limits.Most are customers of the state-created Citizens Property Insurance Corp., which stands to save nearly $150 million as a result of the ruling, said Citizens spokesman Rocky Scott. Citizens general counsel Perry Cone said the decision affects about 200 lawsuits pending against the company including class actions with multiple plaintiffs.The Legislature in 2005, though, changed state law to clarify that wind policies provide coverage only for wind damage – not flooding.“The Legislature only fixed something the courts should have gotten right in the first place,” said William Stander, a spokesman for the Property Casualty Association of America.
Thursday, September 27, 2007
Monday, September 17, 2007
Positive thoughts for Florida Real Estate
I recently came across this article and thought I should share excerpts from it.
Real Estate is a long term investment and there are plenty of good buys in the Keys right now if your looking for a second home or a vacation property. If you wait too long you may miss a chance to own a piece of Paradise.
I went out his weekend and the tuna were hitting and sailfish should be showing up soon. Of course it was nice and warm and the dip in the pool after fishing was great. You can't beat the Upper Keys your only 2 hours away, at the most from to two world class airports and the great city of Miami and at the same time close to a funky place like Key West.
Article:
National Association of Realtors senior economist Lawrence Yun said: there has been a negative flow of news – like foreclosures, hurricanes, property taxes and insurance increases – that has left buyers with the impression that the bottom is far from being hit, Yun said.“They have jobs, their income is rising but they are saying, ‘I’m going to step back,’ “ Yun said.So, what does Yun say real estate agents can do to help matters?Tell Florida’s story, he said.Yes, foreclosures have risen fast but they are now just at the national level, Yun said.As for hurricanes that scare some buyers, only six Category 3 or greater storms have landed on Florida’s mainland from 1950 to 2003, although eight touched down in between 2004 and 2005, Yun said.“The chances of that happening again are low,” Yun said of the disastrous two-year period. “I would not be surprised to see insurance companies coming in to grab profits.”Yun predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010, once people again realize that Florida’s assets are unique.Yun said it’s the perfect time to buy while buyers are sleeping.
© Copyright 2007 Florida Association of Realtors®
Check out my web site for information about the Keys and property listings.
http://www.robskeel.com/
http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
Real Estate is a long term investment and there are plenty of good buys in the Keys right now if your looking for a second home or a vacation property. If you wait too long you may miss a chance to own a piece of Paradise.
I went out his weekend and the tuna were hitting and sailfish should be showing up soon. Of course it was nice and warm and the dip in the pool after fishing was great. You can't beat the Upper Keys your only 2 hours away, at the most from to two world class airports and the great city of Miami and at the same time close to a funky place like Key West.
Article:
National Association of Realtors senior economist Lawrence Yun said: there has been a negative flow of news – like foreclosures, hurricanes, property taxes and insurance increases – that has left buyers with the impression that the bottom is far from being hit, Yun said.“They have jobs, their income is rising but they are saying, ‘I’m going to step back,’ “ Yun said.So, what does Yun say real estate agents can do to help matters?Tell Florida’s story, he said.Yes, foreclosures have risen fast but they are now just at the national level, Yun said.As for hurricanes that scare some buyers, only six Category 3 or greater storms have landed on Florida’s mainland from 1950 to 2003, although eight touched down in between 2004 and 2005, Yun said.“The chances of that happening again are low,” Yun said of the disastrous two-year period. “I would not be surprised to see insurance companies coming in to grab profits.”Yun predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010, once people again realize that Florida’s assets are unique.Yun said it’s the perfect time to buy while buyers are sleeping.
© Copyright 2007 Florida Association of Realtors®
Check out my web site for information about the Keys and property listings.
http://www.robskeel.com/
http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
Wednesday, September 12, 2007
Foreclosurer Information
I have had a number of buyers tell me they are interested in foreclosed properties. You have to be very careful when your looking to purchase foreclosures as the following article explains.
To date there hasn't been too many foreclosures in the Upper Keys but I have heard of a few. Educate yourself before you try to find a deal or you could get burned.
tal Association of REALTORS® 2007 Outstanding Design Winner
Be careful when considering purchasing foreclosed properties, official saysSHALIMAR, Fla. – Sept. 11, 2007 – Foreclosures are at a record high across the county, and you’re looking to snag a deal.The first step? Proceed slowly and carefully, says Okaloosa County Clerk of Courts Don Howard.“Anytime you’re buying foreclosed property ... there is some risk involved,” Howard said. “It takes some effort and legwork.”Only basic facts such as the judgment amount and the names of the defendant and plaintiff are listed in a foreclosure filing. Third parties looking to invest must research the properties on their own.“What the general public needs to understand is they’re buying this property as is,” Howard said. “They need to do their homework.”That means visiting the courthouse, looking through records, checking with the tax collector’s office and possibly driving by the property to check it out.“The buyer also needs to make sure the mortgage being foreclosed upon is the first mortgage,” Howard said. “It’s truly a buyer beware type of market.”Although he has no official numbers, Howard suspects more people may be tempted to see what the foreclosure basket has to offer.“The availability of foreclosures is much more simply because the filings are up,” he said. “Considering the falling prices, it might not be a bad time to look.”But some real estate agents say it makes more sense to concentrate on the current market, which has started to correct itself.“I’d much rather be buying today than two or three years ago,” said Jim Gilliland, a veteran Realtor on the Emerald Coast. “Prices are much lower.”In a foreclosure situation, there are many unknowns, such as title issues and repairs, he added.“As a buyer, I don’t think it would be wise to look only at a small percentage of houses on the market,” Gilliland said. “I would prudently look at all the homes.”After a foreclosure is filed at the county courthouse, it is advertised in the local newspaper and a public auction is scheduled.“We, as the administrative arm of the courthouse, hold the sale on the courthouse steps,” Howard said. “The defending party can resolve the foreclosure at any time before the sale.” By law, auctions are held on the courthouse steps – in Crestview and at the annex in Shalimar – at 11 a.m. any weekday. A successful bidder must post a deposit of 5 percent of the sale price.The remaining balance must be paid at the clerk’s office with certifiable funds by 4 p.m. that same day
.Copyright © 2007 Northwest Florida Daily News, Fort Walton Beach, Kari C. Barlow.
Distributed by McClatchy-Tribune Information Services.
Please visit my Web Site www.RobSkeel.com & http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
To date there hasn't been too many foreclosures in the Upper Keys but I have heard of a few. Educate yourself before you try to find a deal or you could get burned.
tal Association of REALTORS® 2007 Outstanding Design Winner
Be careful when considering purchasing foreclosed properties, official saysSHALIMAR, Fla. – Sept. 11, 2007 – Foreclosures are at a record high across the county, and you’re looking to snag a deal.The first step? Proceed slowly and carefully, says Okaloosa County Clerk of Courts Don Howard.“Anytime you’re buying foreclosed property ... there is some risk involved,” Howard said. “It takes some effort and legwork.”Only basic facts such as the judgment amount and the names of the defendant and plaintiff are listed in a foreclosure filing. Third parties looking to invest must research the properties on their own.“What the general public needs to understand is they’re buying this property as is,” Howard said. “They need to do their homework.”That means visiting the courthouse, looking through records, checking with the tax collector’s office and possibly driving by the property to check it out.“The buyer also needs to make sure the mortgage being foreclosed upon is the first mortgage,” Howard said. “It’s truly a buyer beware type of market.”Although he has no official numbers, Howard suspects more people may be tempted to see what the foreclosure basket has to offer.“The availability of foreclosures is much more simply because the filings are up,” he said. “Considering the falling prices, it might not be a bad time to look.”But some real estate agents say it makes more sense to concentrate on the current market, which has started to correct itself.“I’d much rather be buying today than two or three years ago,” said Jim Gilliland, a veteran Realtor on the Emerald Coast. “Prices are much lower.”In a foreclosure situation, there are many unknowns, such as title issues and repairs, he added.“As a buyer, I don’t think it would be wise to look only at a small percentage of houses on the market,” Gilliland said. “I would prudently look at all the homes.”After a foreclosure is filed at the county courthouse, it is advertised in the local newspaper and a public auction is scheduled.“We, as the administrative arm of the courthouse, hold the sale on the courthouse steps,” Howard said. “The defending party can resolve the foreclosure at any time before the sale.” By law, auctions are held on the courthouse steps – in Crestview and at the annex in Shalimar – at 11 a.m. any weekday. A successful bidder must post a deposit of 5 percent of the sale price.The remaining balance must be paid at the clerk’s office with certifiable funds by 4 p.m. that same day
.Copyright © 2007 Northwest Florida Daily News, Fort Walton Beach, Kari C. Barlow.
Distributed by McClatchy-Tribune Information Services.
Please visit my Web Site www.RobSkeel.com & http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
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