Before purchasing a home, it is vital that you have a better understanding of title insurance policies that are available for both lender and homeowner protection.

If obtaining a mortgage, title insurance will be a requirement to shelter the lender for the full amount of the loan until it is completely paid off.  

However, owner title insurance will be something you need to consider if you want to protect your own interests as well, since the aforementioned would not cover your own equitable interests in the property.  Typically in Florida an owners title policy is provided to you by the seller but read your contract carefully to make sure.

When purchasing a home, buyers are actually obtaining a right to occupy the land and property space which comes in the form of a title.  Therefore, insurance is necessary to identify any issues that may be attached to the title of the home before closing on the property. 

• Several Issues That This Search Could Uncover Include:
• Easements that may allow for roads, sidewalks, cables, etc. to be built on your land
• Judgments or liens that are a result of unpaid taxes or money that is owed
• Errors or forged signatures contained within deeds, trusts or wills
• Undisclosed heirs or rightful owners to the property
• Additional legal issues or pending suits such as divorce that could affect the purchase

Owner title insurance will protect both homeowners and their heirs from any claims that arise as a result of problems that were initiated prior to obtaining the coverage.  In the event that you were to inherit your own liens or judgments against the home, a new policy would then protect the next buyer if these bills were overlooked and remained unpaid upon closing.

Did you know that approximately 1/3 of all title searches will uncover some type of issue on a property?  Although these tend to be extremely thorough and accurate, there are still those rare instances where certain matters will remain undetected.  Title insurance is therefore the solution for any such cases that may arise.

In the event that you purchase a policy and claims do arise, the policy will reimburse you for any losses that are incurred under the coverage.  Therefore, the stress, fees and wasted time that you can avoid when faced with such unfortunate circumstances are well worth the small investment.

A year ago the University of Florida did a study of housing trends in Flagler County.  At the time they were projecting a housing shortage in Palm Coast by the end of 2012 in early 2013.  Quite frankly I found that possibility difficult to imagine. But I think it is time that we consider it a legitimate possibility.  This morning I was taking look at some of our local housing statistics.  The first very noticeable thing is that the number of single family homes for sale in Palm Coast now stands 844.  When I first began selling home in Palm Coast in 2007 there were over 3,000 home for sale.  One of the specialty market I follow most closely at waterfront homes.  The current inventory of salt water canal homes in Palm Coast now stands at 89.  This is down from 150 just two years ago. 

What does this mean for home buyers today?  I still don't believe that you are at great risk of the market running away from you because as prices start to increase even slightly owners who  are currently on the sidelines are likely to become sellers.  However, selection of available homes will become tighter and it is going to become increasingly difficult to find the home with all the features that you want.

Okay this has nothing to do with real estate but it is funniest video I have seen in a very long time.  Check it out: http://www.youtube.com/watch?v=nGeKSiCQkPw&feature=youtu.be

Congratulations to the Indian Trails Middle School.  Indian Trails is now one of 12 finalists in Samsung’s national Solve for Tomorrow video contest.

The nine Samsung Solve for Tomorrow judges—culled from the executive ranks of participating companies, the National Environmental Education Foundation and the American Association for the Advancement of Science—will select four grand prize winners.

And you can select the fifth grand prize winner, called the Community Choice Winner. You can cast your vote, and vote again and again—but no more than once a day—from now until the voting ends on March 12 just before midnight, by clicking on this link, and voting for the Indian Trails video. Remember: you can vote once a day through March 12. (Yes, the website requires you to register before you can vote, then to confirm your registration through that link they send to your email box, but you only have to do it once.)

Flagler-Volusia county line is now a key border in the new regulations.

Given Florida's recent history with redfish -- a severe overfishing status and emergency temporary harvest bans in the 1980s -- new rules taking effect today that increase bag limits in parts of the state are being heralded as a major milestone for this iconic fish.

Flagler-Volusia county line is now a key border in the new regulations.

Redfish daily bag limits increase from one to two fish per person, but only in Flagler County north to the Georgia border, and in the Panhandle.

State rules change today for redfish and trout:

REDFISH RULES –– Effective Feb. 1, redfish move from statewide management to regional management. In the northeast and northwest regions, anglers can take two reds per person per day in the 18- to 27-inch slot limit. Elsewhere, bag limits are one per person. Statewide, there is now a vessel limit of eight redfish. And the number of redfish that can be transported on land is six per person.

TROUT RULES –– Effective Feb. 1, the seasonal recreational fishing closures in February in North Florida and Nov. - Dec. in South Florida are gone. The three management zones are split into four. The bag limit in northeast Florida increases from five to six fish. One fish over the 15- to 20-inch slot limit can still be kept as part of that limit. Commercial season lengths increase statewide and commercial vessel limit increases from 50 to 150 fish with two fishermen aboard.

SOURCE: Florida Fish and Wildlife Conservation Commission

Studying the market trends can help you determine how to best price your home when listing it for sale and how to position your offer when you are ready to buy.  Here are some interesting things I have noticed in the past six months.

Bank owned homes sell for more and they sell the fastest.  The median discount on the asking price of a bank owned home is less than one percent.  Frequently there is no discount at all.  Nearly 50% of all foreclosed homes in Palm Coast and Flagler Beach sold for more than the asking price.  How much more?  In one extreme case a home recently sold 32% above the asking price.  The typical time from list to close of on a bank owned home is 42 days.  The short escrow period reflects the fact that the majority of REO transactions are cash deals and because the almost always vacant property quick closings are easy to arrange.

The typical discount on a short sale is 4% off the list price.  The average days on market for a short sale is 215 days.  which includes that negotiation period with the seller's lender.

Finally, in non-distressed sales the median discount to the list price is 7% and average days on market is 95 days. 

After evaluating over 100 master planned communities in the Southeast, RealEstateScoreCard.com announces its 2012 BLISS AWARD winners and Grand Haven in Palm Coast was named best community if Florida.  Here is part of what RealEstateScoreCard had to say:

Located on the west side of the Intracoastal Waterway, this established waterfront and golf community is only 10 minutes from the award winning Flagler Beaches. Celebrating 10 years, 23 neighborhoods have been substantially built out at Grand Haven featuring all types of home products, the average price at $250k. The community’s curb appeal and parks on the Intracoastal Waterway enhance the bicycling and walking experience. The Jack Nicklaus golf course and Grand Haven Golf Club were recently acquired by Escalante Golf taking the financial stress away from property owners. Community amenities include tennis, bocce ball courts, fitness center, resort-style swimming pool and children’s playgrounds. Grand Haven has one of the most active social club environments we seen, providing plenty of opportunities for residents to meet new friends and share common interests.

As some one personally lived in Grand Haven for six years I personally attest the fantastic club atmosphere.  Grand Haven is still a place I frequently visit.  Especially on Friday nights when the community village center is the place to be.  Hey, its Friday.  Guess I know where I will be tonight.

I am looking forward to watching my New England Patriots play for the superbowl this afternoon.  Watching the pregame show I could not help but notice that Boston got 4 inches of snow yesterday.  Here is our seven day forecast.  I think I will watch the game by the pool with a margarita.  Are you tired of the cold?  Come visit Palm Coast today.  The only thing hotter than the deals is the weather!  Click here for this week's Best buys.