Blog – Page 25

3 Ways To Totally Mess Up Your Real Estate Closing!

October 27, 2021 By Deborah Ward

The offer was made, accepted and your dream home is now under contract. All that’s left is closing. Nothing can go wrong, right? Wrong! There are a few ways that you can totally mess up your real estate closing. Here are the biggies.

NO BIG PURCHASES!

First, and most important, NO BIG PURCHASES! Your lender will be double checking your accounts, finances, and so on up until the day of settlement. If you do something to drastically change your credit score or debt to income ratio, bank balances and so on, they will revoke their loan approval.

So no furniture purchases. No new credit cards. No new cars. Nothing that will upset that mortgage financing. That includes trying to hide money gifts to help with that purchase.

You must disclose any gifts of money to your lender early in the process because they need to review due to legal regulations evaluating gifts.

Don’t procrastinate with paperwork

When your lender, the closing company or attorney or Realtor ask for paperwork, get it to them on time. Not providing needed paperwork to your lender may mean they revoke approval of the loan. They will need tax records, pay stubs and other documentation proving your ability to repay their loan. The closing company will need inspection reports and so on. Not sending them will delay the closing. Don’t procrastinate.

Don’t change jobs

Another no-no is changing jobs mid process. Having a stable employment history is something that lenders want to see. If you are having trouble holding a job, you are a risk to them. That also includes switching positions from a salaried to a commission/bonus position with your current employer. Lenders look for a two year history in a current position and if the method of payment, I.e. from W-2 to 1099 you no longer have any income history in that position.

There are others, but these three will be a definite problem and will probably derail, and definitely delay your closing. Be smart and that new home will be yours…on time!

How Real Estate Agents Determine How To Price Your Home

October 27, 2021 By Deborah Ward

Have you ever wondered how a Realtor determines the value of the homes we list? While the process may differ from Realtor to Realtor, we all use the same basics. It’s no big secret, so here are the basics.

A lot of experienced Realtors often have a “gut” feeling about what a home is worth, but we always back it up with the facts. One thing they use is a Competitive Market Analysis (CMA).

This is a pretty comprehensive report that takes a lot of things into consideration. First, a CMA will look at homes that are similar in size, features and amenities and that have sold recently.

That first part will give a starting range. Next, we look at home that are currently for sale.

While not as concrete as an actual sale, it can help narrow the range a bit by seeing what features and amenities are fetching a higher asking. In the same vein they also look at homes that failed to sell.

If a home that is very similar to the one we are pricing failed to sell, we can look to see why and avoid the same fate. Looking at all of these factors, along with anything special or unique about the property, such as it being waterfront property or having a lot of acreage will give the Realtor a tighter range.

Now we consider market factors. This is a big part of the equation. The market basically means are there more sellers than buyers, making it a buyers market, or more buyers than sellers, making it a sellers market.

Other things factor in, such as is there a lot of new construction in close proximity? What is nearby, as in shopping, dining and entertainment, and schools? How is the economy in the area; healthy and growing or downward and dying?

Using all of this, we then take the owner into consideration. Not only what the owner expects to sell for, but also how they will help or hinder the sale. Will they keep the home in showing condition or leave messes? Will they restrict showings and so on. The Realtor may lower their estimation based on the CMA and market factors a bit to compensate for an inflexible seller.

See, easy peasy… ok maybe not, if you want help pricing your Tampa Bay home, give us a call today! 727-410-0336

Sand Key Condos | Pinellas County Florida Real Estate

October 27, 2021 By Deborah Ward

Sand Key in Pinellas County Florida has a number of condo communities. The Sand Key community has plenty of single family homes, but for those looking to live in a more maintenance free lifestyle, condos may be for you. Here is information on several of them.

Beach Front and Intracoastal Waterway

The Meridian is a beachfront condo community found on the Gulf of Mexico. Views of the white sands and gorgeous sunsets await you if you live there. The Moorings on Sand Key is found on the intracoastal waterway and are luxury condos in a gated community. Sand Key Club is a beachfront condo community. It has 104 condominiums on 13 floors and is within walking distance of the Shoppes of Sand Key.

Luxury and Views

South Bay is located on the intracoastal but has beachfront views as well. South Beach is in an exclusive neighborhood with amazing views. The Grande is also beachfront. It is comprised of two identical buildings, the Somerset to the south with 117 units and the Watermark to the north with 116 units. Together both buildings have 4 penthouses. Luxury and amazing views. The Ultimar is a beachfront community that lives up to its name. Ultimate luxury in three towers, amazing extras like technology, hardwood floors, gourmet kitchens and amazing views. The Utopia is also beachfront and has a timeless “utopian” beauty. Amazing Gulf views and the perfect place to live. The Harbour Condo is on the intracoastal waterway. Another great condo community to find your perfect place to live on Sand Key.

Price Range

These are just a few, and as with other communities, some are more affordable, others have prices that live up to their “luxury” descriptions. Most start in the $300,000 range and prices for others can soar to over $1 million dollars. You know your budget and what you want in size and amenities. Your best bet? Call a Realtor who can help you find the best fit for your lifestyle and budget.

Want to find out more about the Sand Key Condos? Give us a call today! 727-410-0336

FSBOs Tips – Why We Love FSBOs!

October 27, 2021 By Tara Jacobsen

FSBO’s, or homes for sale by owner, are not a realtor’s nemesis, quite the opposite! In Clearwater, Dunedin and St. Pete we love them. Deborah Ward, the Irish realtor, knows that it can be hard to list your home on your own, and has some great tips to help you out. “Why” you ask yourself “would a realtor help me sell my home myself?” Well, maybe because she knows that she just might have a buyer who would love your home. She hopes that even if you decide not to use her listing services, you might know someone whom you can refer in Clearwater, Dunedin or St. Pete. She also knows that you might just decide to have her list your home. So why not share some great tips!

The first thing sellers think about is how to price their FSBO. Most sellers think their home is worth more than it actually is. Many sellers look at asking prices of homes that they think are like their own and set their price based on that asking price. This is a huge mistake. Your best bet is to have a professional come in and let you know the actual value of your home based on how it looks, what it has and not what you think. It might not be what you want to hear, but priced right it will sell more quickly.

Another common mistake FSBO seller’s make is showing their home to anyone who shows an interest. If you do that you are wasting your time on a lot of people who won’t be able to afford your home. They are unqualified. At the very least, ask people who want to see your home for proof they have been prequalified for a mortgage. Then ask if they have a home that they have to sell before they can purchase your home. If so, is it under contract? A realtor in Clearwater Dunedin or St. Pete would do all of this for you. They would pre-qualify prospective buyers so that their time and yours won’t be wasted.

So don’t be afraid to ask for help. Even if it’s just to get advice or a home value, you never know if the time will come when letting a realtor help can be the answer.

>> Get our FREE FSBO tips <<

A Few Tricks to Make Sure Your Offer Gets Accepted

October 27, 2021 By Deborah Ward

You found it. The perfect house. Now the battle to get it begins. Whether you are the only person who is putting in an offer or one of a few or many, there are a few tricks that can help make sure you get your new home.

First, your best bet is to offer just over asking price

Assuming that your Realtor isn’t showing you fixer uppers, offering just over asking price is the perfect way to show that you are serious. Even just $100 can make all the difference. If you combine that with being in great financial shape and being pre-approved for your mortgage, your offer will shine.

Write to the seller

Think about sending the seller a letter explaining why you want and need their home. Talk about what you love about it. Talk about how it will enhance your life and the lives of your spouse/children, etc. Whatever your situation may be, telling the seller that you love their home and want to make it yours can sway them to your offer. Now be aware that not every agent will give the seller the letter, but if they do it can make a huge difference.

Keep in mind that sellers usually plan on taking their items with them

Unless it’s a fixture, basically something attached to the house that isn’t easily removed, or something that is usual that is left in the home, such as a washer or dryer, don’t weird out the seller and ask for their personal items.

Be flexible

Lastly, be as flexible as you can be with settlement and move in. If you can close quickly, do it. If the seller needs more time, do it. If you need to rent back to them, do it. Add an escalation clause to your offer. An escalation clause in a real estate contract allows you, the buyer, to tell the seller “I will pay x price for this home, but if the seller receives another offer that’s higher than mine, I’m willing to increase my offer to y price.” Of course, only do an escalation clause if you can afford the price to increase!

Why You Shouldn’t Price Your Home Using A Zillow Zestimate

October 27, 2021 By Deborah Ward

You know that you want to sell your home. You also know that getting your listing out wherever people can see it can help you sell for the best price, right? Wrong!

Many sites are way off and one, Zillow.com, has a tool called a “Zestimate” which is supposed to give you an estimate of your home’s value. Problem is, it is very inaccurate, and it will make your home look overpriced.

“Advanced algorithm”?

Yes, the fact is that in most of these cases, the Zestimate appears to be considerably lower than the asking price. Zillow claims that when they come up with their Zestimate, they use specific types of information and an “advanced algorithm” to come up with a figure.

From their FAQ’s:

“We use proprietary automated valuation models that apply advanced algorithms to analyze our data to identify relationships within a specific geographic area, between this home-related data and actual sales prices. Home characteristics, such as square footage, location or the number of bathrooms, are given different weights according to their influence on home sale prices in each specific geography over a specific period of time, resulting in a set of valuation rules, or models that are applied to generate each home’s Zestimate. Specifically, some of the data we use in this algorithm include: Physical attributes: Location, lot size, square footage, number of bedrooms and bathrooms and many other details. Tax assessments: Property tax information, actual property taxes paid, exceptions to tax assessments and other information provided in the tax assessors’ records. Prior and current transactions: Actual sale prices over time of the home itself and comparable recent sales of nearby homes.”

Imperfect information

The problem comes in with where they actually get the information. For instance, some states don’t publish any information about real estate transfers, including sales price.

The physical attributes are put in by the seller, not a real estate professional. When buyers see that inaccurate Zestimate, they think that it’s the actual value and that you are overpricing your home. It makes for bad negotiating.

Trust your Realtor

Your best bet is to trust your Realtor to truthfully and expertly evaluate and value your home. Then let your Realtor choose the sites that have your listing.