CELEBRITY PADS ~ Matt Damon's Waterfront Miami Mansion

Got $20 million to spare? Well, actor Matt Damon is selling his Miami Beach mansion.

The main house has seven bedrooms, nine baths and one half-bath, as well as a pool, rooftop terrace, theater room, wine cellar and gourmet kitchen.

 The waterfront property also includes a two-bedroom, two-bathroom guest house.

 

What Should I Expect At Closing???

Closing or “settlement” is when you will sign the final mortgage documents and the property will be legally transferred to you. It typically involves you and any co-borrowers, a closing agent and your real estate agent, although closing practices may vary in your local area.
When preparing for the loan closing, you should contact your closing agent to determine how much money you will need to bring to closing and any other steps for completing the purchase of your home. (They will usually provide the HUD-1 a few days prior to closing to see the exact breakdown of funds.)
You will sign many documents at closing and it is important that you read the documents carefully and ask as many questions as necessary. These documents include:

• The Mortgage Note. A legal document that provides evidence of your debt and your formal promise to repay the mortgage loan.
• The Mortgage or Deed of Trust. The security instrument that you give to the lender that protects the lender’s interest in your property. When you sign the deed of trust, you are giving the lender the right to take the property back by foreclosure if you fail to pay the mortgage according to the set terms.
• The final Truth-in-Lending Disclosure. This document reflects any changes to the terms of your mortgage loan since your application date.
• Affidavits and Declarations. Statements declaring something to be true, such as the property will be your principal place of residence.
• The HUD-1 Statement. Discloses the final details of your mortgage loan including:
  • The actual settlement charges you will be paying
  • A comparison of the costs disclosed on your GFE to the costs being charged at closing
  • Your final loan terms

• Avoid feeling rushed by reading all the documents that will be sent to you prior to closing. Oftentimes, real estate agents will review your documents in detail with you before the closing date to ensure you are comfortable. Don’t hesitate to ask your agent for this.
• Don’t be afraid to ask questions about the legal terminology in closing documents. It is important that you understand everything you are signing; most homebuyers ask a lot of questions and it is expected.
• The documents in the mortgage process are the same for everyone, regardless of race or ethnic origin.

Closing on a home involves a number of important steps. Make sure to pay the same level of attention to these steps as you did when you were house hunting. This is such an exciting process, with a HUGE reward at the end...YOUR HOME!

What is an FHA loan????

An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.Almost anybody can qualify for a loan. There are no income limits – like you may find with first time home buyer programs. However, there are limits on how much you can borrow. In general, you’re limited to modest loan amounts relative to home prices in your area.

These loans are not perfect, but they are a great help to some borrowers. They allow people to buy a home with a down payment as small as 3.5%. Other loan programs generally require a much larger down payment.

FHA offers a few other bells and whistles as well:

• Easier to use gifts for down payment and closing costs
• No prepayment penalty (a big plus for subprime borrowers)
• An FHA loan may be assumable
• Possible leniency during financial hard times
• Funding for home improvement (through FHA 203k programs)

The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1%. They also pay a modest ongoing fee with each monthly payment. If a borrower defaults on an FHA loan, the FHA uses collected insurance premiums to pay off the mortgage.

You can visit http://www.fha.com/lending_limits_state?state=MICHIGAN to see the FHA loan limits for the State of Michigan.

Home energy saving tips for this COLD winter season!

• Cover all bare floors. Carpeting or rugs add to comfort and heat retention, especially if there is little or no floor insulation.
• Raise the temperature slowly to keep your bill lower. Quickly raising your heat pump's temperature activates the heat strip, which uses tons of energy.
• Set your thermostat to 68-70 degrees during the day in the winter, and 65-68 degrees at night to keep your home comfortable and save on heating costs.
• Close the flue in your fireplace and install glass doors to keep in the warm air.
• Limit your use of portable heaters. They’re great for "spot" heating, but running a 1,500-watt heater 24/7 can be expensive.
• Don’t block air vents with drapes and furniture.
• Get an energy-efficient heat pump and you could cut your heating costs in half. 
• Change the filters in your heating system every month for optimum efficiency.
• Give your air compressor space to work efficiently. Never stack anything against your HVAC or drape anything over it.
• Set your thermostat to 60 degrees if going on vacation during the winter months, but don’t turn it off.
• Heat your home with the sun's help. Leave window shades or blinds open during the daytime. And consider using solar heat to supplement your normal heating source.
• Lower your thermostat every time you leave the house.

STAY WARM!!

Triton Properties buys 4 apartment buildings along DETROIT RIVERFRONT

Denver, Colo.-based Triton Properties Inc. has purchased four apartment buildings totaling 143 units near and along the east Detroit riverfront for an undisclosed amount.
The buildings in the sale are:

• The 49-unit Kean Apartments, at E. Jefferson Avenue and Hibbard Street.
• The 43-unit Hibbard Apartments, at E. Jefferson Avenue and Hibbard.
• The 9-unit Parker Apartments, at Parker and E. Lafayette streets.
• The 42-unit Van Dyke Apartments, at Van Dyke and E. Lafayette streets.

Detroit-based Cynex Enterprises owned the buildings, according to Rich Deptula, senior vice president of investment and loan sale advisory services for Farmington Hills-based Friedman Integrated Real Estate Solutions LLC, which represented Cynex.

The purchase is the latest for Triton, which bought the Alden Park Towers at E. Jefferson and Parker for $2 million in August 2012. Triton completed a $5 million renovation of the property earlier this year.
“They have done an incredible job turning around and repositioning Alden Park,” said Barry Swatsenbarg, national director of investment and loan sale advisory services for Friedman.

April Sedillos, executive vice president of Triton, said the company will first address deferred building maintenance. Triton is still developing budgets for capital improvements to the buildings.

Sounds like there are some new and EXCITING projects coming up in Detroit!

What type of HOME are you looking for???

There's a wide selection of homes out there -- which is one is right for you? Depending on how much maintenance you want to do, how much privacy you need, or if you want something custom built to suit your particular tastes, each home type has its own features and benefits. And depending on the different stages of people's lives -- whether they have children or are retiring -- one type of home can be more attractive than the other.

Single-familly homes

These detached homes -- houses that sit on there own lot -- come in one- (ranch), two- and three-level styles. Their exterior appearance can be contemporary, Colonial, Tudor, Victorian or Georgian, for example. As the name implies, single-family homes are ideal for families, especially those with children. Elderly folks who prefer not to climb stairs usually opt for a single-level ranch home. Privacy is an attractive characteristic of these homes, which usually have a fenced back yard. On the other hand, you'll have to keep up with more maintenance than with other home types.

Condominiums (condos)

Condos are individually owned homes attached to one another in a building (like apartments), and feature common facilities, such as recreation areas and fitness rooms. Each condominium building belongs to an association of all its owners. The association determines the monthly assessment fees and rules and regulations that govern the entire building. The association also decides on maintenance and improvements to the condo building. Like a single-family home, you build equity when you own a condo, but unlike a house, you have less maintenance to deal with. Among the drawbacks of condos is less privacy, and during a housing-market downturn, they usually depreciate more than a house.

Cooperative apartments (co-ops)
Similar to condos but sometimes less expensive, co-ops are popular in large urban areas. New York City is known for them. A co-op is different from a condo, in that instead of buying the unit, you buy shares in a corporation that owns the building. And before you can buy shares, you have to be approved by the building's co-op board. Each shareholder has the right to lease a specific unit in the building. Keep in mind that you may have a more difficult time selling your co-op unit because of the board-approval process.

Townhouses
Whether they're one, two or three stories tall, townhouses (also called townhomes) are typically vertical in design. Some even come with attached garages. They blend the privacy of a single-family home with the benefits of the exterior condo maintenance, which is usually done by the homeowners' association. Many townhouses are built in what are called planned unit developments (PUD), clustered communities that have areas for residential and commercial use, and public areas such as schools, parks and the like.

Fixer-Uppers
These are usually condos and single-family homes that are in need of extensive repairs, maintenance or updating. Fixer-uppers are usually a good value to buyers who want to put some 'sweat equity' into a property and add some personal touches to it. On the other hand, they can also be a financial drain if they have any major defects, such as foundation cracks and defective heating and air conditioning units. Have a professional home inspector check the home from top to bottom before you decide to buy it.

New-Construction Homes
How would you like your home to look? New construction housing allows you to design a home from top to bottom. You can pick your choice of finishes, cabinets and bath fixtures and more. Some builders also allow you to move walls in predesigned models and pick the lot within their community to place your home. Expect to pay more money for a new construction. Preconstruction typically offers you reduced pricing before a development or building gets under way. You need to be fairly creative to visualize your new home from floor plans, because there usually aren't models to view until the project gets underway. If you decide to purchase new construction, make sure you research the developer or builder's track record before you sign the purchase contract.

CELEBRITY PADS~ DRAKE sells condo for 4.2 Million

Drake may no longer have roots in his native Canada. The "Started from the Bottom" rapper, known for his impressive sweater collection, recently listed his three-bedroom Toronto condo for $4.2 million.

Last year, Drake bought a $7.7 million home in Hidden Hills, Calif., after offloading his two Miami condos.