Should I inspect the house I am buying for mold?

Mold is commonly found in-doors including homes that are being lived in. Leaking roofs, bad plumbing, or even recent flooding can contribute to mold being found inside a person’s home. Buyers have good reason to be concerned about the possibility of mold in a home they are buying. Because of this concern buyers are encouraged to have a mold inspection preformed on the home prior to closing.


Controlling household mold

According to the EPA (Environmental Protection Agency), “If mold is a problem in your home, clean up the mold and get rid of the excess water or moisture. Fix leaky plumbing or other sources of water. Wash mold off hard surfaces with detergent and water and dry completely. Absorbent materials (such as ceiling tiles & carpet) that become moldy may have to be replaced.” However, if there is a lot of mold or it covers a substantial area, you may need to consult with or hire a remediation contractor to help you with the clean up.

Mold Inspection Addendum

The 2002 Florida Association of Realtors mold inspection addendum allows a, “mold inspection period”, giving the buyer time to hire a professional service to inspect for mold. If there is a significant presence of mold discovered during the inspection and the removal of it exceeds the agreed upon price set between the buyer and seller, the buyer will have the option to cancel the contract.

The purchase contract provides protection for the home buyer and seller. If you are purchasing or selling a home, call me for a free consultation about dealing with mold inspections and more.

Photo credit by seishin17

5 things you should know if you have not bought a house in the past few years.

If you have not bought a home since the early 2000s you will need to be brought up to speed on what has changed, what to watch out for and what you need to consider before buying a house during 2010.

1. Prices are low. I mean real low. The median home prices of homes in the Orlando area are at an 8 year low. How low will they go? Where are the best deals?

2.  Financing guidelines have tightened. This is especially true of ARM and interest only loans. What financing is best suited for you? What can you expect to pay in closing cost and/or down payment?

3.  Low list prices are resulting in an increase in the number of homes selling. The Orlando real estate association is reporting a 32% increase in home sales so far in 2010 compared to the same time period in 2009. Will this increase result in higher sale prices?

4.  REO. REO or real estate owned is a huge component of today’s real estate market.  Properties that banks have foreclosed on are having a huge impact on the increase of sales currently being experienced. What is involved with purchasing a bank owned REO property?

5.  Short sales. Sellers who are upside down on their mortgage and are facing a distressed situation are asking their lender to accept less than is owed on the house in order for the owner to avoid foreclosure. Short sale prices are competitive with bank owned listings but the time it takes to negotiate and close these types of transaction are a real concern to potential buyers. Is buying a short sale a smart move?

I have only listed 5 things you should be aware of if it has been awhile since you bought a home. To discuss any of the 5 listed in detail or to find out what else you should know about buying a home, call me at 407-304-0255.

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.


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How does buying a short sale impact a home buyer?

How does buying a short sale impact a home buyer?

If you are a buyer buying a home that is subject to a short sale contingency, the impact will vary depending on yours and the homes situation. Each case will be different and you should consult with an attorney and use the services of a real estate professional who is skilled in handling short sales.

Positive impact

One of the positive impacts of buying a short sale is that often times the home will be competitively priced. Short sale sellers are not typically pricing their homes unrealistically. When the seller's lender approves the short sale price, the buyers will be satisfied in most cases that they have paid a fair market price for the home.

Negative Impact

One negative impact of buying a short sale is the amount of time it takes to complete the process. With some short sale transactions the process is never completed causing the buyer to lose valuable time. Once again each short sale situation can be different. Lenders may not respond to a seller's request for approval of a contract for several months or could decline approval after months of waiting.

Short sale inventory is going to make up a significant portion of the Central Florida real estate market for some time to come. If you are in the market to purchase a home and want to know how it will impact you specifically, contact me for a professional consultation.


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How much should I offer on the home?

Q: I found a home I really like. How much should I offer on the home?

Congratulations on finding a home! I am assuming from your question that you are not willing to offer the listing price being asked for by the seller and are trying instead to decide on what you believe to be a fair price to offer less than asking price.

Determing how much to offer

How much you offer is strictly a personal decision and should be based on your opinion of the home’s value. Your real estate agent can provide you with comparable sales listed in the MLS for you to review. Your county property appraiser may have a website that will allow you to look at recent sales in the area. You can also ask your agent how long the home has been on the market and have there been any price reductions or enhancements during this time. You should also be asking yourself how the home compares in price to other homes you have recently visited. What are the features of this home that you like? Can you find those same features in a home with a lower asking price?

What is next?

Once you are comfortable with how much to offer it will now be up to the seller to decide if the offer is acceptable. While the price may seem fair to you, usually there is no way of knowing what price the seller would be willing to accept, if any, less than what they have publically indicated by their list price. The seller has the option of accepting your offer, ignoring it or countering for a higher price or for better terms.

End the end you should decide what you are willing to pay for and offer for a home. When you have found a home that appears perfect for you, the answer of how much to offer will be clearer.


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20,000 lung cancer deaths each year are due to radon

According to a question and answer section on the U.S. Environmental Protection Agency website, 20,000 lung cancer deaths each year are due to radon. In Florida when purchasing a home you have the right to perform an inspection testing the radon level of the home.

Radon Inspection Clause of Purchase Contract

The FAR-9 purchase agreement offers information and addresses the home buyer's right under the section 'Real Property Disclosures" to test for radon before closing on the home. Calling radon a "naturally occurring radioactive gas" the clause warns home buyers that radon "may present health risks to persons who are exposed to it over time". Buyers are allowed to have a qualified person test for radon during the inspection period.

State Radon Information and Inspectors

The Florida Department of Health offers a detail, informative web page dealing with radon. The FAQ explains what radon is, how it gets into a building, it offers a list of those certified to measure and provide mitigation and has a tool where you can search for radon testing results in specific zip codes.

If you are concerned about radon levels in a home you are buying, alert your real estate agent and contact a qualified inspector.


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Do you think buying a house at this time is a good idea?

Is buying a house at this time a good idea? Many people are asking this same question. The last few years have created a situation where buying a house has not been an easy decision. Is the decision getting any easier? Perhaps.

The decision to buy a house will first and foremost be a personal decision that depends on the situation of the potential home buyer. A new job, a need to relocate, an addition to the family, a desire to downsize or lifestyle change are all factors that may create a real need to buy a house now.

If you are in one of those types of situations then yes, now is a good time to buy a house. Tax credits, low interest rates, dropping home prices and huge inventories make this a very good time to buy a house.

Email me to discuss if buying a house now is the right time for you.


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- Greg Staker - 407-304-0255

Get a survey when buying a home or property

When purchasing real estate you should strongly consider obtaining a survey of the property. Often when you are financing the purchase of a home, the lender will require that a survey be completed. A survey will show you the size of the property and it can also assist you with:

• Determining if any walls, fences, driveways etc. are shared with neighboring home owners.
• Finding out if there are encroachments or easements that affect the property.
• Show if the property is in a designated flood zone.

Purchasing and reviewing a survey prior to closing is beneficial to you as a buyer and will help to eliminating unexpected surprises after closing.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

Buying a home? What does the community offer?

Part of the selection process when looking for the right home to buy is considering what the home's community offers. What are your preferences when looking for the right community? What are the community features available?

The following are the top 5 community features being offered from the over 35,000 listings for sale in Central Florida:

• Golf community
• Gated community
• Community playground
• Community pool
• Fitness

Additional available community features include; airport/runways, recreation buildings, horse stables, fishing piers and boa ramps.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

Why would anyone offer to buy a home at list price or above in this market?

Maybe so they have a chance of owning it.

Interesting numbers are starting to be reported concerning home sales in Central Florida. I took a look at home sales in Orlando for this month, June and found that for specific homes, those that are REO or bank owned, making an offer at or above list price may be a wise decision.

MLS numbers show that 78 bank owned or foreclosed homes have sold and closed in Orlando for June. The interesting part is that 20 of these homes, or 25%, sold for list price or above! One quarter of the foreclosed inventory went for at or above list. Additionally, the average sales price of these 78 homes is reported as being nearly 95% of list price. Hardly a number that indicates you can steal these REO properties.

The facts are a home will traditionally sell for it’s real value. This is good news to both the home seller and buyer. We encourage you to contact us if you would like assistance in finding a home priced correctly and perfect for you.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

How can I make sure I am not paying too much for a home?

1. Ask your real estate agent to provide you with a market analysis. Make sure this analysis includes sold properties in the area of the home you are considering.
2. Check property tax records to determine the home’s tax value and to view any recent sales history specific to the home.
3. View the MLS listing profile. How long has the home been on the market? What is the list to sale price ratio for this area? Have there been any recent price reductions? Is the seller offering concessions to buyers? Is the seller offering bonuses to the agent who sells their home?
4. Obtain and appraisal. Your lender will require you to have an appraisal completed for the home in order to approve financing. If you are paying cash for the property, you should make your offer subject to an acceptable appraisal.

Taking the steps listed above will help you determine if you are paying too much for a home.

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- Greg Staker - Watson Realty Corp. - 407-304-0255