Archive for May, 2010
Standing around at a cocktail party or the water cooler you first hear about the dynamic with the personalities of a real estate transaction than the home that was just purchased or sold. The sellers who took every light-bulb, the low-ball offer, the realty agent who took negotiations on a needless tangent that derailed the transaction, the home inspector that killed the deal and the sellers attorney whose specialty is litigation not real estate contracts.
Home buyers and sellers don’t go through the home sale or purchase process very often and either want to forget the troubles or figure that the occasional reactive roller coaster ride of buying or selling a home is the norm. Often the buyer and seller don’t realize that they can contribute to the roller coaster ride out of naivety or a lack of information. To take back the transaction process and become more proactive Mark Nash author of 1001Tips for Buying and Selling a Home offers some examples of personalities you might run into and how to manage them.
-Sellers. They have what you want, the house, but they need buyers to move on. Everything should be in writing, the contract, counteroffers and acceptance. Timelines for responses should be clear. Personal property included with the sale must be listed in detail. Possession should be clearly defined down to the minute. Keep terms and demands reasonable. Don’t create unnecessary hurdles for buyers; they can contribute to buyer’s remorse. You don’t have to like or meet the buyers. Perform the purchase contract in good faith.
-Buyers. They have what the sellers need, the money to cash out and move on. Review real estate contracts long before you write one. Understand the home purchase process before you enter into it. Don’t think you’ll get everything you want; this is not an adversarial business transaction. Plan your strategy beforehand and during negotiations what you really want for price, closing date and contingencies; once you’ve agreed to terms in writing, it becomes difficult to change them. Don’t waive rights that are boilerplate in a contract such as an attorney approval period, home inspection or the sale of your current home, without speaking to an attorney. Keep emotions in check.
-Real estate agents. Take the time to find a good one before you start the process to buy or sell a home. Ask friends, family and business associates for agent referrals. Listen carefully to what you hear about their agent experiences. The agent you retain should be a full-time, experienced (at least 3 years in the business) and produces a minimum sales volume for the market in the mid-range. Stay away from friends or family as your agent, I have seen too many agents who manipulate familiar relationships. Ask to see lists of closed buyer and sellers from the last 2 years.
-Attorneys. You need one to purchase or sell a home despite the contrary. Search for an experienced legal advisor who specializes in residential real estate law. Your uncle or a friend of a friend who is a lawyer that has a focus in corporate law, might derail a transaction because they have a propensity to litigate and not negotiate.
-Home Inspectors. Most states now require home inspectors to be certified or licensed which is good for consumers. Utilize a professional inspector that has been recommended to you by someone who has used them in the last six months. Avoid hiring an inspector your real estate agent uses, they might be a bit too cozy for your unbiased needs. Look for an inspector who looks at the big picture, every home, new or old, has some minor repair issues. You want to investigate the structural integrity and discover any material defects in a home. The best inspectors don’t give advice on negotiating the purchase price based on inspector results or solicit buyers for the work to repair inspection deficiencies.
-Mortgage Loan Consultants. Don’t be lured by low teaser rates on mortgages, often their are hefty fees later to close the loan. Look for a major mortgage company that has competitive rates, responsive and organized loan consultants and require your consultant to attend the closing, I’ve seen more mortgage melt-downs at closing than I care to remember.
By: Mark Nash
Florida is considered as a prime location for home acquisition in the region. The tropical climate all year round is perfect for various activities that those in the area might find to their liking. If you want to make sure that you get the perfect home, all you need to do is to follow these helpful tips to get you started on your acquisition.
Tip # 1: Plan In Advance
We can never deny the fact that Florida offers prime properties in assorted locations. From Miami Beach to Sarasota, the options are practically limitless if you don’t know what you’re looking for. Such residential properties in the region include single-family homes, apartments, condos, bachelor’s pads, and so on.
For starters, you need to determine what type of residential unit would be perfect for your needs. Check out the different residential properties in various locations by searching them out using the Internet. Consider the architectural design, home feature, built-in amenities, landscape, and the facilities in the surrounding areas that you might possible need if you plan to settle down in the region.
While you’re at it, you might want to settle your finances first, since the prime residential properties in Florida can be quite expensive. The best choice in Florida home acquisition is through a mortgage loan. Look for a financial lender that can offer you affordable interest rates and payments terms that won’t strain your budget while purchasing a residential property for your very own.
Tip # 2: Consult A Real Estate Agent
You can hire a real estate agent to look for the perfect home for you if you want to avoid looking for them on your own. These real estate experts are well connected with real estate firms and developers in Florida, and can look for these properties in a shorter period of time.
Provide them with your home specification, budget, and preferred location so that they can narrow down their search. When they have all the properties at hand, they will be showing them to you one-by-one and will be offering you some advices on how to acquire them on your own.
If you let them take care of the entire deal, they will prepare all the necessary requirements, as well as meeting with the home seller with your best interest at heart. Considering that real estate agents are familiar with legal agencies and real estate bureaus, they can expedite the legal process in home acquisition in record breaking time.
With careful planning and a little help from real estate agents, you can easily pick out the perfect family home that will suit your needs — less effort.
http://commercial-realestate-florida.xon.us — Florida Residential Real Estate
By: Vanessa A. Doctor
In many ways 2006 was the non-year for real estate. The National Association of Realtors(R) reported that sales will be down in 2006 about 9 percent from 2005, a record setting year.Many markets waited for spring market which was disappointing. Markets then believed buyers would re-group in summer,and buyers were a no-show. Fall and last market hopes were dashed when fall came and went, with plenty of traffic at open houses, but few contracts.
Pent-up demand from a lackluster 2006 should drive buyers back to market. But, these savvy buyers will be on the lookout for realistic prices and seller give-backs. Most buyers will tell you point-blank that their income gains in the last five years have not matched rises in home home prices. Real estate markets won’t bounce back until home sellers realize as prices go up, the pool of buyers shrinks proportionately. Buyers with a home to sell will include a home-sale contingency, so sellers should be prepared to accept one.
Inventory levels will remain in the six to seven moth range. Listing leftover’s from 2006, will roll into 2007. The leftovers are either un-realistic sellers whose pricing is from the “froth years” or their homes haven’t been updated to keep up with the stiff competition and time-starved buyers.
Mortgage rates will remain in the 5.5% to 7% range. Historically low, but low rates by themselves haven’t motivated buyers to write real estate contracts in 2006.
Foreclosures will rise. Risky loans such as Interest-Only, Option ARM’s and 100% financing will tap out buyers whose used these “appreciation-oriented” mortgages.
Prices will drop 4-10% before leveling off in the majority of non-seller’s markets. Homes that are priced right and are in good condition which offer features and finishes that buyers demand, will sell close to list price in moderate market times. Flat or negative appreciation.
Florida, Arizona, California and Washington D.C., will have unstable markets. Until sellers get a reality-oriented wake-up call markets in these locales will sputter and hiccup.
Ten states posted solid sales gains in the second quarter of 2006 versus 2005. Reported the National Association of Realtors(R). The gains ranged from an impressive 48% in Alaska to a low of 5.3 percent in Georgia. The other eight states included Arkansas, Texas, North and South Carolina, Vermont, Tennessee, New Mexico, and Wyoming.
Residential real estate will return to being viewed as shelter and housing and trend away from being viewed as a speculative investment.
What about 2008? Stable, pre-frenzy market with appreciation at 1% annually.
By: Mark Nash
