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September 2008 Newsletter

Ready, Set, Buy If you are a first-time home buyer, the news for you in most parts of the country is good. Mortgage rates are relatively low and higher inventory and lower asking prices mean market conditions are in your favor. If your finances are in order, now is the time to start that home search. Begin with some good, old-fashioned preparation. Carefully review your budget. Determine how much you will have to offer as a down payment and how much you can afford to pay monthly. Remember to calculate not just your mortgage payment, but all your costs including taxes, utilities, food, entertainment, insurances, etc. Getting a good handle on your finances is critical to making the right real estate decision. Next, think long and hard about what you want from this purchase. Is it a starter home that you want to stay in less than five years? Or maybe you want a home that can accommodate a growing family. Take some time to define your parameters like location, number of rooms, school system, and proximity to transportation. Once you have outlined your budget and your wants and needs, you are ready to begin viewing listings online and in person. A real estate professional can be a huge asset during this process. He or she can prescreen homes and make sure they fit your budget and your needs. An agent can also provide insights on whether the asking price is fair and help identify a listing's strengths and weaknesses. But even with this help, keeping track of all the pros and cons can be a challenge. Many first-time buyers keep a log or journal during their search. When you visit homes, ask if you can take pictures of the property. At the same time takes notes. Write down the things you love, like and dislike about each listing. In the end, a combination of thorough preparation, a good Realtor and organization can help make your first-time purchase a successful one.  Be a Better Borrower The stories of foreclosure and loss in today's mortgage crisis are painful. If you are in the market, here are five things you should do. 1. Begin with a good understanding of your finances. Examine your budget and income and determine how much you can pay as a down payment and afford each month (mortgage plus bills). Remember to factor in a cushion for unexpected costs such as unemployment. 2. Understand the lending process. Take time to learn about credit, mortgage terms, interest rates and points. Keep in mind that when you assume a mortgage you may be buying your dream home, but are also taking on a significant debt. 3. Get pre-approved. Once you have a handle on your finances and the lending process, get pre-approved for a mortgage. This gives you defined parameters for your home search and makes you a more appealing prospect to sellers. 4. Search out a reputable lender. Ask for recommendations from your real estate professional and from friends and family. Research the lenders you are considering before making a selection. Of course you should shop around for the best rates, but remember there are other important factors at play. 5. Listen to your heart and look ahead. If something seems too good to be true, it probably is. Also, take the time to analyze the fine print and make sure the mortgage terms are still manageable five, ten, and twenty years from now. School's In If you have a child starting college this fall, take time to set some ground rules.  This venture has a better chance of success if you start on the same page.  For instance, share what you expect your child to do, like attend all classes or email once a week.  A good understanding can be the basis for a great year.   Featured Properties $475,000 2090 SW Panther Trace Stuart, FL 34997   SPOIL YOURSELF! THIS BROOKE DELUXE IN LAKE TUSCANY OFFERS PRIVACY, A GREAT NEIGHBORHOOD AND 6 BEDROOMS, 4 BATHS. APPROXIMATELY 50 UPGRADES. A LOFT WITH A POOL TABLE AND A "MOVIE THEATRE" ARE FUN SURPRISES. ONLY 2 YEARS OLD. UPSTAIRS ENCLOSED PATIO IS A DELIGHTFUL RETREAT. I-95 ONLY APPROX. 5 MINUTES AWAY & APPROX. 30 MINUTES TO PBI AIRPORT. $385,000 Hobe Sound, FL 33455 Wonderful spacious home on corner lot in Hobe Hills. Swimming pool and gazebo in fenced yard. House has 2 master bedrooms, 1 downstairs, and 1 upstairs. 2nd floor has sitting room and office or nursery. Large family room w/bar, sink , and bar fridge. Also, hook for larger fridge and icemaker. Eat in kitchen. Large bedrooms, charm and comfort describe this home. New roof 2005. Pool resurfaced 4/08, septic field 8/07, windows, siding and shutters 2003, solar hot water .Attic fan/program thermostats $239,900 7185 SE Quincy Terrace HOBE SOUND, FL 33455 CHARMING IMMACULATE HOME IN QUINCY LANDING AT HERITAGE RIDGE. THIS 2/3 BD 2 BATH HOUSE HAS AN EAT-IN KITCHEN, AS WELL AS DINING ROOM 3RD BD USED AS DEN/OFFICE. LARGE SCREENED TILED PATIO FACES THE GOLF COURSE. BAY WINDOW IN GUEST BEDROOM HAS A WINDOW SEAT & ADDITIONAL STORAGE. NEW ROOF IN 2005. NEW KITCHEN APPLIANCES IN 2007. HOME HAS BEEN FRESHLY PAINTED OUTSIDE. TENNIS, COMMUNITY POOL & SPA AVAILABLE. DRIVING   $165,000 STUART, FL 34997 ESTATE SALE - GREAT HOUSE FOR THE MONEY! SPACIOUS & BRIGHT, EAT-IN KITCHEN, SPLIT FLOOR PLAN, NICE SCREENED PATIO OVERLOOKING PRESERVE. COMMUNITY OFFERS CLUBHOUSE & POOL, PLUS WOODWORKING SHOP FOR 55+ ACTIVE ADULTS.