Waterfront Buying: Top 10 Tips from Agents : HGTV FrontDoor Real Estate

Waterfront Buying: Top 10 Tips from Agents

Before purchasing that dream home, master these tips from the experts.

From pre-approval to paying points, buying a home is always a complicated process. But throw "waterfront" in the mix, and things get even more complex. Fortunately, real estate agents who regularly deal with waterfront properties know the ins and outs of this process. These 10 tips from the pros will give you a heads-up on what to expect when purchasing a home by the water.

1. Find a real estate agent who's a true waterfront specialist. The average agent won't have the detailed knowledge of waterfront properties in your area to help you find the best deal on a property that's right for you, says Ramara Garrett, owner of Waverly Property Group in Daytona Beach, Fla. "You may think you've found a great deal, but the reason it's a great deal is because there are oyster beds and people can't get their boats in and out," Garrett says.
2. Consider the property more than the structure. "Oftentimes, people fall in love with a house, but after they buy it, they realize the swimming is mucky, the view's not very good, it's difficult to get down to the water, or the place is not very private," says Tom Ferent, a broker with Mr. Lakefront, which specializes in lakefront properties in Maine. You can change the house, but you can't change the location, so buy a property that you really love.
3. Choose a property that truly fits your lifestyle. You may find a beautiful property for sale, but it's half an hour away from getting out to the ocean. "If you love to go out deep-sea fishing, that's going to make a difference in how often you actually do it," Garrett says. Focus on the activities you're passionate about and choose a property accordingly.
4. Look into loans early. Since many waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category, Garrett says. Lenders will therefore only consider very qualified buyers. "Buyers ought to start that process before they start looking for a property because that can take a lot longer than a normal home loan," Garrett says.
5. Make sure the structure can withstand the weather. Waterfront homes receive more abuse from the elements than the average home, so extra measures should be taken to protect them. For instance, Garrett recommends investing in storm shutters for homes in hurricane-prone areas and stainless-steel locks to avoid corrosion from salt air.
6. Insurance can be costly and complicated. Look into this early to make sure you know what you're getting into. For instance, Garrett says waterfront homeowners in Florida have to buy three policies (a wind policy, a flood policy and a general hazard policy) typically not all through the same insurer.
7. Find out what you can do with the property. If you want to make any changes to your waterfront property, such as adding a dock or a seawall, start this process early to ensure that these alterations will be possible. "Government agencies are very strict to deal with, and you don't want to commit to purchasing a million-dollar home without knowing that you can really do what you want to make it your own," Garrett says. Also find out what kind of activities are allowed on the body of water, as some areas have restrictions on jet skis, speedboats and other watercraft, says Les Taylor, principal broker of Waterfront Properties of Maine.
8. Talk to neighbors. Get insider information from neighbors by asking if they enjoy living in the community, if they have any issues with the property you're thinking about purchasing, or if there are any waterfront-related problems, Taylor says.
9. In rural areas, look into utilities. Waterfront buyers who are accustomed to the convenience of suburban life may assume that electricity, clean water, an adequate septic system, cable and Internet will be readily available at their new property, but this is not always the case. Bringing these services in to remote areas can be very expensive, says Taylor, so investigate these issues before buying.
10. Get to know your responsibilities as a waterfront homeowner. If you're part of a homeowners association, find out what kind of upkeep and maintenance of the property will be required from you by reviewing the conditions, covenants and restrictions, or CC&Rs, and talking to the HOA's management company, says Gordon Baker of Re/Max Elite in Chandler, Ariz.

By Shannon Petrie, FrontDoor.com | Published: 9/24/2008

Credit Scores can Lead to Confusion

Credit Score Confusion Leads to Controversy

For a key to your financial future, $7 to $20 doesn't seem like much to pay – which is why consumers regularly pony up for a peek at their credit scores. Now a new lawsuit suggests that what they're getting may not be worth it.
Consumers can now order their credit scores from more than 20 web sites, up from around five just a few years ago. But while consumers tend to think of one, uniform credit score, there are actually seven different scores for sale, each of which relies on its own magic mix of payment history, credit applications, debt and other factors. In at least one instance, whether consumers understand the difference between credit scores is now a matter for the courts: A new class-action lawsuit alleges one company is deliberately trying to confuse consumers about which score they're buying.

More on credit and credit scores:

• Your Financial Health: Two New Scores
• Credit Scores: What You Need Now
• How Does a Cancelled Card Impact Your Credit?

Filed in the southern district of California about two weeks ago, the suit accuses Consumerinfo.com , a subsidiary of credit-reporting bureau Experian, of deceptive advertisements to consumers, according to the complaint. At issue is the PLUS score – often sold for $14.95 with an Experian credit report -- which the lawsuit says is advertised as a credit score used by lenders to determine a consumer's creditworthiness. The lawsuit claims that the company's fine print states the score "is not currently sold to lenders." "This is a proprietary scoring system sold to consumers that has no value in the marketplace," says Jason Hartley, a partner at Stueve Siegel Hanson LLP who's representing the plaintiff.
An Experian spokeswoman says the company's policy prohibits it from sharing "any information regarding threatened or ongoing litigation, if any." (The company has several more weeks to respond to the lawsuit, says Hartley, but has not yet.)

Experts Explain: How Credit Scores Work
Behind the three-digit number that determines so much about your financial life. ( Watch video )

Other credit bureaus, which market other scores, say lenders don't rely on only one scoring model to determine a borrower's creditworthiness. "There are hundreds of scoring models in use in the market today by a variety of financial institutions and credit providers," says a spokesman for TransUnion, a credit bureau that sells a credit score called VantageScore. "No one credit score [is] used to make decisions about one's creditworthiness," says a spokeswoman for Equifax ( EFX: 37.66*, +0.48, +1.29% ) , which also sells its proprietary score as well as the FICO score.
According to the lawsuit, there's more to it. While banks and other lenders may subscribe to or access many different scores, the FICO score, created by Fair Isaac Corp. ( FICO: 29.48*, +0.58, +2.00% ) , is by far the most widely-used, by more than 90% of lenders, according to the lawsuit. Its popularity is in part due to the fact that Fair Isaac developed the first general risk credit score in the late 1980s, says John Ulzheimer, president of consumer education at SmartCredit.com , a credit monitoring site. "It's really your FICO score that matters."
Given the increased marketing of credit scores, analysts say they expect to see more lawsuits like the one filed in California. "There's no question there will be people pursuing cases against other companies – we wanted to start off going after the big guy," says Hartley.
While many of the scores currently for sale rely on similar sets of data, there can be significant differences. For example, VantageScore, which is sold to consumers by Experian and TransUnion, ranges from 501 to 990, while a credit score sold by Equifax's credit ranges from 280 to 850, and FICO scores range from 300 to 850. Others add extra information. For example, in December, Experian started factoring in data about on-time rental payments in some renters' credit reports, data that would impact a VantageScore from that bureau, although a VantageScore from another bureau would not take that into account.
But even a small difference between two credit scores can be enough to confuse a consumer, says Odysseas Papadimitriou, chief executive at CardHub.com . Like the FICO score, the Experian PLUS score maxes out at 850, and it's often quite close to the FICO score; the difference could be around 40 points, says Ulzheimer. That's enough for lenders, who consider a 40-point differential enough to offer better terms to higher scorers. If a bank is relying primarily on the FICO score, a consumer with a high PLUS score but a lower FICO score could find himself disappointed by the bank.
Many companies simply say their scores are meant for educational purposes and that they often give the consumer a ballpark range of where they'll stand with the lender. "It gives a great representation of how your credit is doing," says Catherine Buzzitta, director of marketing at Quizzle.com , which offers its CE Score to consumers with a credit report for free every six months and charges $7 for more frequent access.
For consumers who are satisfied with a ballpark estimate of their credit scores, there are also free options. Bankrate.com features a credit score estimator where consumers plug in information about their credit lines and debt load to get a free estimate of their FICO score; iPhone users have a similar option via the free myFICO app . Sites like CreditSesame.com , CreditKarma.com and Quizzle also offer credit scores for free.

Read more: Which Credit Score is Best? - SmartMoney.com http://www.smartmoney.com/personal-finance/debt/which-credit-score-is-best-1302212043057/#ixzz1K5ZJkp1i

Topsail Island and The Oaks at Boca Bay Townhomes, It's a Saturday Garden Party!

The community of Boca Bay Surf City, NC     This weekend while you are out showing property, be sure to stop by the clubhouse in the community of Boca Bay, located in Surf City on Saturday, April 9th, from 11:30 AM - 1:00 PM.  There will be food and drinks, units open to tour, and informational packets to take with you.   Clubhouse is located at: 101 N Boca Bay Lane Surf City, NC 28445 Click on the photo below for a virtual tour: Click on the photo below for a virtual tour: Website                     Directions    202A N Boca Bay Lane, Surf City ~ OPEN HOUSE ~  Saturday, April 9th 11:30AM - 1:00PM MLS#: 85340, 418449 Sales Price:$429,900 Bedrooms:  4 Baths:  4 Sq.ft:  2400 Description:  Great location and fabulous sound views! Walk over to the beach for a swim or go for a swim at the community club house and pool. Well designed home allows for the perfect mix of natural light to make this home bright and airy and add to your beach experience. Relax on one of the many decks. Outdoor storage and hot/cold shower to rinse off after a day at the beach.     131A S Boca Bay Lane PRECONSTRUCTION Stop by the Clubhouse Saturday, April 9th 11:30AM - 1:00PM MLS#: Jacksonville:113784, Wilmington:452550, Topsail:92340 Sales Price:$339,900 Bedrooms:  4 Baths:  3 Sq.ft:  1803 Description:  Bird Watcher Floor Plan in the gorgeous pristine and secluded community of The Oaks at Boca Bay in Surf City. Savor remote, private-island living, with the tranquil waters of the sound embracing the entire community. Go for a swim in the community pool or walk to the beach. Don't miss your opportunity to capture coastal seclusion for yourself. This is a pre-construction listing. Clubhouse & Pool: You've explored the Topsail Island beaches, perhaps spent some time on the ocean, or even the greens. Now it's time for a refreshing dip in the Boca Bay community pool. The pool's clubhouse fits pleasingly into the resort-like feel of the neighborhood and offers a comfortable meeting room and changing facilities. Beach:  You get the best of both worlds at The Oaks at Boca Bay.  The beauty of the sound and Intracoastal Waterway views from your home and the beauty of the beach within walking distance of Boca Bay.  Stroll over to the beach and spend the day and return to your home to watch the sunset over the sound. Day Dock: The waters of the sound invite you to explore its life. The proposed day dock at The Oaks will allow you to drop in your kayak and glide along the marsh's smooth surface. Or remain on the dock where a spacious proposed gazebo makes the perfect setting for gathering with friends and family over a glass of exceptional North Carolina wine. Rand Burchfield 910.352.1414 randburchfield@seacoastrealty.com www.randburchfield.com

$500 Investments for Your Home Improvement

• 

  Invest a Tax Refund in Your Home: $500 Projects

  Here are five great ideas for investing a tax refund in your home if you receive $500 or less back from the IRS this year. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Anyone with miles to go before they sleep will appreciate this IPad app

Keyoobi is the first iPad application that lets users see their day’s appointments as a route using Google Maps.  It shows users the amount of travel time they’ll have between appointments, displays the best route to get there, and identifies clients or prospects in the vicinity that may be scheduled in along the way.
Keyoobi will:

• Integrate with Contacts, Calendar and Maps
• Work for Enterprise users who synch their calendar and contacts with Exchange servers or Gmail
• Display appointment times and Color code routes based on travel time and appointment time
• Group Contacts with customizable pins and categories that are shown on the route map
• Route your next appointment in real time based on current location.

As a real estate agent – I could see using this to plan out appointments with clients, to plan a route for Broker’s Tour or even to plan a route for taking clients out to view property.I also really like that it maps your route most effectively – saving you time. Who doesn’t like to save time?!

Keyoobi retails for $9.99 and is available for download now in the App Store.