Key Largo is a census-designated place in Monroe County, Florida, United States, located on the island of Key Largo in the upper Florida Keys. The population was 11,886 at the 2000 census. The name comes from the Spanish Cayo Largo, or "long key". It is the first island of the Florida Keys and the originating point of the Overseas Highway to Key West.
Islamorada, a "Village of Islands," is an incorporated village in Monroe County, Florida, United States. It is located on the islands of Tea Table Key, Lower Matecumbe Key, Upper Matecumbe Key, Windley Key and Plantation Key in the Florida Keys.The village was incorporated on November 4, 1997. Prior to this date, Islamorada was only considered to be on the island of Upper Matecumbe Key.As of the 2000 census, the village had a total population of 6,846. As of 2007, the population recorded by the U.S. Census Bureau is 6,386.The name Islamorada, meaning "purple island", came from early Spanish explorers in the area. Its pronunciation has been Anglicized to aisle-a-more-AH-dah.Islamorada was hit almost directly by the Labor Day Hurricane of 1935, causing 423 deaths. A memorial, including the ashes of over 300 victims, exists today at Overseas Highway mile marker 82.
Marathon is a city on Knight's Key, Boot Key, Key Vaca, Fat Deer Key, Long Point Key, Crawl Key and Grassy Key islands in the middle Florida Keys, in Monroe County, Florida, in the United States. As of the 2000 census, the city had a total population of 10,255. As of 2005, the population recorded by the U.S. Census Bureau is 10,626.
Big Pine Key is a census-designated place and unincorporated community in Monroe County, Florida, on an island of the same name in the Florida Keys. As of the 2000 census, the town had a total population of 5,032.
Key West is a city in Monroe County, Florida, United States. The city encompasses the island of Key West, the part of Stock Island north of U.S. 1 (the Overseas Highway) (east), Sigsbee Park (north, originally known as Dredgers Key), Fleming Key (north), and Sunset Key (west, originally known as Tank Island). Both Fleming Key and Sigsbee Park are part of Naval Air Station Key West and are inaccessible by civilians. Key West is the county seat of Monroe County. Key West is known as the southernmost city in the Continental United States. It is also the southern terminus of U.S. 1, State Road A1A, the East Coast Greenway and before 1935, the Florida East Coast Railway. Key West is 129 miles (207 km) southwest (229.9 degrees) of Miami, Florida, (about 160 driving miles) and 106 miles (170 km) north-northeast (21.2 degrees) of Havana Cuba. Cuba, at its closest point, is 94 statute (81 nautical) miles south. Key West is a seaport destination for many passenger cruise ships. The Key West International Airport provides airline service. Hotels and guest houses are available for lodging. Naval Air Station Key West is an important year round training site for naval aviation due to the superb weather conditions. It is also a reason the city was chosen as the Winter White House of President Harry S. Truman. The central business district primarily comprises Duval Street, and includes much of the northwest corner of the island along Whitehead, Simonton, Front, Greene, Caroline, and Eaton Streets and Truman Avenue. The official city motto is "One Human Family."
Buying a Home With Resale Value
Location – Local Community, Town or City
Before you can actually pick out a house, you need to choose what cities or communities you would like to live in. There are many factors you should pay attention to, not only for yourself, but because you intend to eventually sell the home to someone else. Carefully choosing your community is the first step in "location, location, location" and can help maximize your future potential resale value.
Economic Stability
When choosing a community for your purchase, it makes the most sense to buy in a city with a viable and stable economy. Five, ten, or even fifteen years from now – when you want to sell your home – you can have a reasonable expectation that your community will still be a desirable place to live.
In addition to residential neighborhoods, there should be a healthy mixture of commercial and business districts. These not only provide jobs to the local residents, but also add an income source that the city can use to upgrade and maintain roads and city services.
In fact, you should take a drive and see how well the community is maintained. You have probably heard of "pride of ownership" when referring to an individual home or an automobile. Look to live in a city that demonstrates community pride, as well.
Local Government Services
In addition to community pride, check on the services provided by local government. One example would be the local library system. Are there several library branches? Do they stock a good selection of books, including recent best sellers?
You should also look into local crime statistics and see how the city compares to the national average and other local communities. Is the police force effective and responsive to community needs? Are fire stations located strategically around the community so that they also can respond quickly in an emergency?
Another area of inquiry is community services. Does the city sponsor youth sports and have well maintained athletic facilities and parks? Do they sponsor community events, such as an annual parade? Are there activities available for children, teenagers and senior citizens?
Your local agent, if they are a good one, will have amassed a wealth of information on these subjects of inquiry. It is also another reason to always use a local agent.
Schools
Even if you do not have school-age children and do not intend to have children, you must pay attention to the local school system. That is because when you sell the property, many of your potential buyers will have concerns of this nature.
You will want to know if the local schools are overcrowded. Take a drive around and see if there are auxiliary trailers outside the local schools. Call up the local school district and see if elementary aged children always attend the school closest to their home. If not, ask why. Are there enough schools to support the local population? If not, are there plans to build new schools? How will building new schools affect local property taxes?
You should also check to see how local students score on the standardized tests. You can ask your agent about these things, but you should also get the local phone numbers so you can ask yourself.
There are also school reports available for free on the Internet.
Property Taxes
Property taxes may be higher in one town than another nearby city. This can sometimes affect whether potential homebuyers view a community as a desirable place to live. Often, they will choose not to purchase in a community with higher taxes, though this decision is not always justified. Higher property taxes often mean newer and more modern schools, well-maintained roads, and bountiful community services.
In addition, you will often find that the "cost per square foot" of homes is lower in cities that have higher property taxes. This means you can buy a bigger house for less money. Since the mortgage payment may be lower, but the property taxes a bit higher, the monthly housing costs may be approximately the same in each city.
However, many agents and prospective buyers have a bias against a community with higher property taxes. If resale value is important to you, make property taxes a consideration when choosing the location of your new home.
In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Foreclosures: Forclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.
Types of Foreclosures
The mortgage holder can usually initiate foreclosure at a time specified in the mortgage documents, typically some period of time after a default condition occurs. Within the United States, Canada and many other countries, several types of foreclosure exist. Two of them – namely, by judicial sale and by power of sale – are widely used, but other modes of foreclosure are also possible in a few states.
Foreclosure by judicial sale, more commonly known as Judicial Foreclosure, is available in every state and required in many, involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage; then other lien holders; and, finally, the mortgagor/borrower if any proceeds are left. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state. A judicial decision is announced after pleadings at a (usually short) hearing in a state or local court. In some fairly rare instances, foreclosures are filed in Federal courts.
Foreclosure by power of sale, which is also allowed by many states if a power of sale clause is included in the mortgage or if a Deed of trust was used instead of a mortgage. In some states so-called mortgages are actually deeds of trust. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, which is available in a few states including Connecticut, New Hampshire and Vermont, suit is brought by the mortgagee and if successful, a court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is generally available only when the value of the property is less than the debt ("under water"). Historically, strict foreclosure was the original method of foreclosure.
