Make sure you include an inspection addendum when buying a home "as is". Including an addendum or clause to the contract that allows you the right to inspect a home and cancel the contract during the inspection period is strongly recommended. Having the right to inspect the home and cancel protects you from hidden or unknown defects.
FAR/BAR As Is Contract
When buying a home “as is” you might want to consider using the FAR/BAR As Is contract. The FAR/BAR As Is contract allows the buyer to cancel their contract with the seller if after the inspection the buyer deems the property unacceptable.
FAR as in addendum
Another choice available to you is the FAR As Is With Right to Inspect addendum that you can attach to the contract. The as is addendum gives the buyer the right to inspect the home and to cancel the contract if the cost of repairs exceeds an amount decided on in negotiations or if left blank on the addendum the contract allows for cancellation if the amount exceeds $250.00.
Make sure you protect yourself when buying a home as is. You should be careful about giving up your right to inspect the home you are purchasing and you should negotiate with the seller the ability to cancel the contract if your inspections reveal major issues.
Related Florida real estate blog posts on home inspections
Dec 26, 2009
Tax credit + REO + Short sales = Home sales in 2010
The formula for home sales in 2010 will be similar to 2009, at least during the first 4 months. The formula looks like;
Tax credit + REO + Short sales = Home sales in 2010
In order for this formula to be successful potential buyers who could qualify for the first time home buyer and long-time home buyers need to be aware of the limited time the tax credit is available to them. We will be getting the tax credit message out with a combination of traditional methods and online marketing.
The REO and short sale market will continue to be strong according to most reports during the first quarter of 2010. Some are reporting a huge supply of bank owned, REO property will be hitting the market during January, February and March of 2010.
In my office we enjoyed a significant increase in homes sold during 2009 compared to 2009. I expect the number of houses sold during 2010 to surpass the number sold in 2009 throughout the Orlando-Kissimmee Central Florida area.
Related Florida real estate blog posts on home sales
Tax credit + REO + Short sales = Home sales in 2010
In order for this formula to be successful potential buyers who could qualify for the first time home buyer and long-time home buyers need to be aware of the limited time the tax credit is available to them. We will be getting the tax credit message out with a combination of traditional methods and online marketing.
The REO and short sale market will continue to be strong according to most reports during the first quarter of 2010. Some are reporting a huge supply of bank owned, REO property will be hitting the market during January, February and March of 2010.
In my office we enjoyed a significant increase in homes sold during 2009 compared to 2009. I expect the number of houses sold during 2010 to surpass the number sold in 2009 throughout the Orlando-Kissimmee Central Florida area.
Related Florida real estate blog posts on home sales
Dec 23, 2009
What is the long-time resident home buying tax credit?
The Government expanded the first time home buyer tax credit to include those the IRS describes as a long-time resident.
The expansion allows the qualifying long-time resident home buyer to receive up to $6,500 tax credit if they buy, are under contract to buy, a replacement home they will use as their principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. An additional qualification factor for the long-time residence is that they must have lived in the same principal residence for any five-consecutive-year period during the eight-year period.
If you own a home and are thinking about buying another home to use as your personal residence, give me a call to discuss the long-time residence tax credit.
Related Florida real estate blog posts on home buyer tax credit
The expansion allows the qualifying long-time resident home buyer to receive up to $6,500 tax credit if they buy, are under contract to buy, a replacement home they will use as their principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. An additional qualification factor for the long-time residence is that they must have lived in the same principal residence for any five-consecutive-year period during the eight-year period.
If you own a home and are thinking about buying another home to use as your personal residence, give me a call to discuss the long-time residence tax credit.
Related Florida real estate blog posts on home buyer tax credit
The information only a local real estate agent can provide you.
Real estate agents provide a lot of information to prospective home buyers and sellers. We can help our customers with understanding contracts, financing, real estate taxes, current market conditions or trends. But there is other information that customers want that requires that the agent be a member of the community.
Information only a local real estate professional can provide you.
My office recently received a call from a person who lives up north who is “thinking” of buying a home in the Kissimmee area. The buyer has informed us that they are retired and while they would like to buy a home in this area, the home they will be interested in will be a home on a local lake or river because, “we plan on doing a lot of fishing”.
It just so happens I have an agent in the office that does “a lot of fishing”. He knows the local lakes and rivers; he knows where the fish can be found. Having lived in the area for many years our agent was able to send the buyer an email that provided information the buyer needed. The email sent had nothing to do with real estate taxes or the best rates available, all the typical information we provide as real estate professionals, no this email talked about where the biggest large mouth bass can be found, it discussed fishing on the St. John’s River, boat docks and available housing around the area lakes. The customer received a first hand account of what was important to them. When they decide to buy they will be able to do so with confidence because their agent knows the area and can help them find the right home.
There is a huge amount of information available online that buyers and sellers can use when buying or selling real estate. But when it comes to finding local information, like where are the best fishing holes, your best bet is in contacting an agent who lives in the community.
Related Florida real estate blog post on real estate agents
Information only a local real estate professional can provide you.
My office recently received a call from a person who lives up north who is “thinking” of buying a home in the Kissimmee area. The buyer has informed us that they are retired and while they would like to buy a home in this area, the home they will be interested in will be a home on a local lake or river because, “we plan on doing a lot of fishing”.
It just so happens I have an agent in the office that does “a lot of fishing”. He knows the local lakes and rivers; he knows where the fish can be found. Having lived in the area for many years our agent was able to send the buyer an email that provided information the buyer needed. The email sent had nothing to do with real estate taxes or the best rates available, all the typical information we provide as real estate professionals, no this email talked about where the biggest large mouth bass can be found, it discussed fishing on the St. John’s River, boat docks and available housing around the area lakes. The customer received a first hand account of what was important to them. When they decide to buy they will be able to do so with confidence because their agent knows the area and can help them find the right home.
There is a huge amount of information available online that buyers and sellers can use when buying or selling real estate. But when it comes to finding local information, like where are the best fishing holes, your best bet is in contacting an agent who lives in the community.
Related Florida real estate blog post on real estate agents
Top 5 Central Florida Cities with Short Sale Listings
Short Sale listings are when a home owner must sell their home even though they owe the lender more than the home is worth. The selling of this type of listing is subject to the lender agreeing to accept less than owed on the mortgage. For buyers who are patient, buying a home subject to a short sale could result in the buyer picking up a good home in the area they want for a good price.
So which Central Florida cities have the majority of short sale listings available to buyers? The following are the top 5 cities in Central Florida with the largest short sale inventory as of this post.
Top 5 Central Florida Cities with Short Sale Listings
So which Central Florida cities have the majority of short sale listings available to buyers? The following are the top 5 cities in Central Florida with the largest short sale inventory as of this post.
Top 5 Central Florida Cities with Short Sale Listings
- Orlando - 2,694 short sales. Short sales in Orlando range in price from a low of $9,900 to just over $2 million. 1,152 of the active inventory are condos or townhomes. 1735 are listed as single family homes.
- Kissimmee – 1,096 short sales. Prices of short sales in Kissimmee range from $8,500 to $250,000. 359 of the Kissimmee short sales are condos or townhomes.
- Deltona - 396 short sales. Deltona short sale prices are between $24,000 and $259,000. Residential detached homes make up 394 of these short sales.
- Apopka – 272 short sales. Prices in Apopka run from $24,000 to just over $300,000. The majority of the Apopka short sales are residential homes.
- Saint Cloud short sales. Saint Cloud is the second Osceola city on this list. List prices run from $34,000 to nearly $700,000.
If you are interested in purchasing a short sale you should use a real estate agent who is qualified to help you with the transaction from start to finish. As a Certified Distressed Property Expert, I have the skills and know-how to help you find, negotiate and close a short sale transaction. Give me a call today to begin the process.
Dec 21, 2009
Fannie Mae allows renters of foreclosed homes the opportunity to stay in their homes
Fannie Mae allows renters of foreclosed homes the opportunity to stay in their homes
If you are renting a Fannie Mae owned home and the home has been foreclosed on or been deeded-in-lieu of foreclosure, you have options that include staying in the home.
Fannie Mae Rental Policy
The Fannie Mae rental policy applies to tenants who live in any type of single family housing including:
- 2-4 unit properties
- Condos
- co-ops
- Manufactured housing
- Detached homes
The homeowner association must not prevent rentals in the community. A real estate broker or a property management company will manage the property for Fannie Mae. Renters will have the option of a payment if they wish to move to other housing or can sign a month-to-month lease.
For additional details you can call 1-800-7FANNIE (1-800-732-6643).
Dec 20, 2009
Guest Bedroom. My next house will have a guest bedroom!
The holidays are a time when family and friends gather together, play together and stay together. If it is your house that everyone gathers at then you know the importance of having a lot of space. When your guests plan on staying over, no space is more important than a guest bedroom.
Many homeowners have decided after the holidays or whenever family or friends stay over for an extended period of time that the next home they purchase will be a home with a guest bedroom.
During 2010, purchasing a home with a guest bedroom makes sense when you consider the positives of buying a home now.
Many homeowners have decided after the holidays or whenever family or friends stay over for an extended period of time that the next home they purchase will be a home with a guest bedroom.
During 2010, purchasing a home with a guest bedroom makes sense when you consider the positives of buying a home now.
- If it will be the first home you will own, you may qualify for up to $8,000 in tax credit money.
- If you own a home now, you may still qualify for up to $6,500 in tax credit money.
In addition, home prices are as low as they have been in years. In Florida you have many choices when searching for homes with guest bedrooms. You can choose from homes with;
- mother-in-law suites
- attached apartments
- homes with two master bedrooms
- homes with 5 bedrooms plus
So many choices and so many reasons why buying a new home now is a good idea. If buying a home with a guest bedroom is in your plans, give me a call to receive a free list of available homes in your price range and area.
State Farm Staying, Dropping Policies, Raising Rates
State Farm and the State of Florida have reached an agreement that will keep State Farm in Florida insuring residential customers.
"This agreement is the product of a long and arduous negotiation process,” remarked Commissioner McCarty. Read full press release
The agreement allows for State Farm to non-renew policies and increase rates. According to a press release issued by State Farm, customers who will not have their policies renewed will receive a six-month advance notice. Rate increases will happen as policies are renewed. Describing the Florida property insurance market as “not easy times”, the steps being taken are necessary in order to stabilize State Farms financial condition in Florida.
Related Florida real estate blogs related to insurance
"This agreement is the product of a long and arduous negotiation process,” remarked Commissioner McCarty. Read full press release
The agreement allows for State Farm to non-renew policies and increase rates. According to a press release issued by State Farm, customers who will not have their policies renewed will receive a six-month advance notice. Rate increases will happen as policies are renewed. Describing the Florida property insurance market as “not easy times”, the steps being taken are necessary in order to stabilize State Farms financial condition in Florida.
Related Florida real estate blogs related to insurance
I find a house for sale online but when I call about the house, it has already been sold. Help!
Like the majority of homebuyers in Central Florida you are taking advantage of the Internet to search for homes online. You are finding a wealth of information on the various real estate sites along with page after page of houses being advertised for sale throughout Central Florida. However when you call the listing agent or agent listed on the webpage, you are being told that the house or houses you are interested in getting more information about have already sold. What can you do to make sure you find out about these homes as soon as they are listed?
Ask me to help.
As a full time real estate agent I have systems in place that let me know immediately when a new home comes on the market. This way, I never miss an opportunity to let a customer or client know when a home that matches their area, price and size enters the market place.
The good news is that I can set up the same time of alert system for you. After we have had a chance to discuss your real estate needs, I can enter your search criteria into my MLS program and you will receive automatic updates by email of new listings that match the features you have provided.
What does this cost?
I provide this service to those buyers who have agreed to work with me absolutely free! That’s right, there is no cost to you. You will start receiving results in your email box almost immediately. Of course the good deals do go quickly, so when a house is emailed to you that you find interesting, you will not want to delay scheduling a time to view the home and hopefully making an offer.
Are you ready to get started? Call me 407-304-0255.
Related Florida real estate blog posts on buying a house
Ask me to help.
As a full time real estate agent I have systems in place that let me know immediately when a new home comes on the market. This way, I never miss an opportunity to let a customer or client know when a home that matches their area, price and size enters the market place.
The good news is that I can set up the same time of alert system for you. After we have had a chance to discuss your real estate needs, I can enter your search criteria into my MLS program and you will receive automatic updates by email of new listings that match the features you have provided.
What does this cost?
I provide this service to those buyers who have agreed to work with me absolutely free! That’s right, there is no cost to you. You will start receiving results in your email box almost immediately. Of course the good deals do go quickly, so when a house is emailed to you that you find interesting, you will not want to delay scheduling a time to view the home and hopefully making an offer.
Are you ready to get started? Call me 407-304-0255.
Related Florida real estate blog posts on buying a house
Dec 19, 2009
Should you attend the home inspection?
Once a contract has been negotiated and accepted by both the buyer and seller the home inspection will be one of the next steps in the process. The buyer will want to hire a home inspection company to check the home out from top to bottom. Who should attend the home inspection?
Buyer
As the buyer you should make every effort to attend the inspection. The inspection process is your opportunity to discover hidden defects. The inspector will alert you to repair and maintenance issues. I would not suggest depending on a third party to relay the information to you after the fact. Your real estate agent will most likely be there with you but you should not count on your agent to be your eyes and ears. Schedule a time with the inspection company that allows you to be there.
Seller
If you do plan on attending you will want to make sure you do not interfere with the process. You should stay out of the way of the buyer and their inspector, allowing them the space they need to accomplish their task and to discuss their findings in private. You may want to have warranties and/or recent repairs or maintenance information available should the inspector or buyer ask for them.
The goal of the home inspection is to move both parties one-step closer to closing the transaction. Buyers and sellers who understand their roles in the home inspection will help expedite the process.
Related Florida real estate home inspection blog posts
Buyer
As the buyer you should make every effort to attend the inspection. The inspection process is your opportunity to discover hidden defects. The inspector will alert you to repair and maintenance issues. I would not suggest depending on a third party to relay the information to you after the fact. Your real estate agent will most likely be there with you but you should not count on your agent to be your eyes and ears. Schedule a time with the inspection company that allows you to be there.
Seller
If you do plan on attending you will want to make sure you do not interfere with the process. You should stay out of the way of the buyer and their inspector, allowing them the space they need to accomplish their task and to discuss their findings in private. You may want to have warranties and/or recent repairs or maintenance information available should the inspector or buyer ask for them.
The goal of the home inspection is to move both parties one-step closer to closing the transaction. Buyers and sellers who understand their roles in the home inspection will help expedite the process.
Related Florida real estate home inspection blog posts
Dec 17, 2009
Short sale reasons
In order for a lender to consider approving a short sale, the homeowner will need to prove a hardship that prevents them from being able to pay the lender the full amount owed. Valid short sale reasons the lender might consider include:
- A situation that requires the homeowner to have to relocate or move from the home
- Loss of job or reduction of wages
- Health issues or concerns that prevent the homeowner from working
- Divorce
- Medical costs
- A closing or failure of a business or self employment
- Death of a spouse
- Increase in mortgage payment or other monthly obligations
Any situation that creates a hardship and makes it impossible for the homeowner to repay their mortgage might be considered by the lender as a valid reason. Please contact me to discuss your personal situation.
Dec 13, 2009
Orlando Christmas Holiday Lights Celebration
Christmas and the holiday season is off and running in Orlando! The 2009 Orlando Christmas Holiday Lights Celebration will be on Tuesday, December 15 from 5 - 7 p.m. at Lake Eola Park. This years event will include:
- Music
- Treats
- Polar Express movie
- Santa Claus
Dec 11, 2009
If I have never owned a home & buy a house for investment only with no plans of living in the home, do I qualify for first time home buyer tax credit
Individuals who go to contract by April 30, 2010 and close by June 30, 2010 may qualify for the first time home buyer tax credit of up to $8,000. There are specific qualifications that need to be met in order to qualify for the first time home buyer tax credit.
If you have never owned a home and you purchase a home strictly for investment with no intention of moving into the home as your primary residence, your purchase will not qualify for the tax credit. The IRS describes the home that qualifies as; “Main home. Your main home is the one you live in most of the time.”
There are other qualifications such as income guidelines you will need to meet in order to qualify for the first time home buyer tax credit. If you are interested in purchasing a home and would like to learn more about the tax credit, give me a call. 407-304-0255
Related Florida real estate view tax credit blog posts
If you have never owned a home and you purchase a home strictly for investment with no intention of moving into the home as your primary residence, your purchase will not qualify for the tax credit. The IRS describes the home that qualifies as; “Main home. Your main home is the one you live in most of the time.”
There are other qualifications such as income guidelines you will need to meet in order to qualify for the first time home buyer tax credit. If you are interested in purchasing a home and would like to learn more about the tax credit, give me a call. 407-304-0255
Related Florida real estate view tax credit blog posts
Dec 7, 2009
Emergency unemployment compensation extension provides up to 20 additional weeks of benefits
Emergency unemployment compensation extension provides up to 20 additional weeks of benefits and can be applied for online according to a press release from the Agency for Workforce Innovation.
“The online application will accelerate our ability to provide these critical federal benefits to thousands of eligible unemployed workers,” said Director Lorenzo.
Related blog posts on unemployment
“The online application will accelerate our ability to provide these critical federal benefits to thousands of eligible unemployed workers,” said Director Lorenzo.
Related blog posts on unemployment
Dec 6, 2009
Central Florida real estate listings
As the Central Florida real estate market nears the end of 2009 and awaits the beginning of 2010 potential homebuyers are still actively seeking the best housing deals available in Central Florida.
The extension and expansion of the homebuyer tax credit, low mortgage interest rates, and short sales, REO, foreclosures and pre-foreclosures continue to draw buyers into the market place. The good news is that there are still plenty of Central Florida listings to choose from. However, as 2010 begins, the best deals will surely be picked up quickly.
I have examined the current inventory of Central Florida listings for:
The extension and expansion of the homebuyer tax credit, low mortgage interest rates, and short sales, REO, foreclosures and pre-foreclosures continue to draw buyers into the market place. The good news is that there are still plenty of Central Florida listings to choose from. However, as 2010 begins, the best deals will surely be picked up quickly.
I have examined the current inventory of Central Florida listings for:
- Osceola County
- Orange County
- West Volusia County
- Seminole County
- Lake County
As of this post there are 23,748 residential listings being reported as available. Of those available listings:
- 2,046 are bank owned/REO
- 7,908 are subject to short sale
- 13,784 are listed as neither short sale or REO
Additionally when breaking down the listing inventory by price the results are:
- 6,174 are priced at $100,000 or less
- 14,655 are priced at $200,000 or less
Central Florida real estate listings include condos, homes, and town homes. New construction, waterfront, historic and gated community homes are part of the many different types of homes for sale.
If you are going to buy a home in December or at the start of 2010, now is the time to call me to start looking for just the right home for you.
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