Mexico Beach Realty Group LLC
Kinsey Haddock
850-331-0207850-331-0207

Buying and Selling in Palm Harbor Florida

Understand the process.

Buying real estate is a complex matter and can be especially confusing for the first-time homebuyer. Do yourself a favor and learn as much about the process as you can before you begin. There are plenty of resources on the Internet, and most real estate offices will have pamphlets to explain things in plain language. You may also be able to research the real estate process by attending community-sponsored classes, or you can take a look at books like Home Buying For Dummies by Eric Tyson and Ray Brown, (IDG Books Worldwide, Inc.)

Use a REALTOR(R).

As a buyer, it usually costs nothing to hire a real estate professional to help you find and purchase a home–your Realtor will likely get a portion of the commission the seller pays to his Realtor. When choosing an agent, get referrals from friends, relatives, and co-workers, and then interview as many agents as possible. Pick an agent that works in the neighborhoods you’re interested in. Listen to your agent, but make your own decision.

Buying – Work with a Realtor / Real Estate Agent

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process. In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. And improve the chances of Reselling your home quickly should you have to relocate again. Your opening bid should be based on the sales trend of( Current Market Value) of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking. This is a good rule of thumb in your approach to buying your next home.

Get Pre Qualified Today Email: sblacker@ojmortgage.com

Buying – Work with a Realtor / Real Estate Agent

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. And improve the chances of Reselling your home quickly should you have to relocate again.

Your opening bid should be based on the sales trend of( Current Market Value) of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking. This is a good rule of thumb in your approach to buying your next home.

Inspection Process – Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road. http://money.cnn.com

Disclosure’s – this is a set of document’s entailing what is wrong with the home or need to be fixed prior to closing or of record so there is no misunderstanding as to the properties condition now or in the future possibly. Always ask your realtor to see these. This is a process of due diligence on all sides to the transaction so as to disclose in good faith.

 

Pre- Qualify– Shopping around for a mortgage should go beyond comparing interest rates. Rates are important, but would-be borrowers must consider points, closing costs and different types of loans, once you submit your mortgage application to the lender, the clock starts ticking. Make sure you quickly send in any documents requested during the approval process. http://www.bankrate.com/

 

Financing – Study your credit

Most lenders require a minimum credit score of 680 to comply with Fannie Mae and Freddie Mac’s guidelines. ( other lenders many not require scores this high ) Federal Housing Administration loans, which are guaranteed by the FHA, allow for lower scores, but most lenders want to stay away from scores lower than 620. BankRate.com – http://www.bankrate.com/finance/mortgages/12-mortgage-moves-buy-home-2012-1.aspx#ixzz1lv6HwssC

Selling -Price it right from the get-go

The old-school strategy of real estate sellers crossing their arms and holding out for a better offer will be brushed off by most homebuyers. Consider that of the homes that took four months or more to sell in the past year, almost half of their owners accepted less than 90 percent of the asking price, according to the National Association of Realtors – BankRate.com – http://www.bankrate.com/finance/real-estate/12-real-estate-tips-2012-1.aspx#ixzz1lv5dFVtc

Repairs– The subject property should be brought up to an acceptable condition for the future owners also many times the lender or future grantee prior to being conveyed. This insures that the life expectancy of the property with be prolonged for future owners and tenants.

Closing Process- After the searching for a buyer has been done, the negotiations have been completed, the house has been inspected, and the mortgage has been applied for and committed to, the focus suddenly turns to the Closing, Settlement, or Escrow as it is known in some localities. For simplicity, in our discussions here we will refer to the process when it all comes together and you finally sell your house as Closing. An understanding of the elements of and players in the closing, as well as a concise preparation for it, will eliminate many nervous hours as the day approaches.

What is involved?

It is the proverbial “signing on the dotted line:” the process of which will take the title to the house out of your name and put it into someone else’s–your buyers. The keys to the house leave your hands for the last time and are delivered to the buyers. The weeks and months of anticipation are all settled in a very short amount of time at the closing.

Closing procedures will vary from locality to locality. In some areas, the buyers and sellers (as well as their Real Estate Agents – Realtors) will all attend the closing. In other areas, only the buyers will be present. The closing will take place at the office of an Attorney, a Title Company, or an Escrow Company (again, there is some variance here based on your local laws and tradition). In general, though, the closing will be attended by all of the buyers involved and their Real Estate Agent, as well as the Closing Agent.

As a seller, you will in all probability have an attorney who will represent you, either physically at the closing or through a review of all the documents relating to the sale. At the very least, your attorney will prepare the deed and coordinate all paperwork with the buyer’s attorney or closing agent.

 

 

What forms are involved?

Although there may be additional documents involved, the primary items which are dealt with at the Closing are:

The Settlement Statement

The Contract (to purchase)

The Loan Papers (for the buyers)

Title Insurance (for the buyers)

Homeowners Insurance (for the buyers)

The Title or Deed

The Down Payment and Closing Costs (of the buyers)

Payoffs of any existing mortgages

Funds available to the sellers upon recording of new deed / or Title Agent Release.