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Wednesday, April 26, 2017

Selling Your Florida Home: How Much Does a Seller Have to Disclose?

Selling your home is not always a smooth process.

The process of selling your occupied home can be a hassle.  Your life is being constantly distrupted.  I know that showing appointment yesterday afternoon at 5:30 placed your routine family life n a tailspin.

But it is to be expected.

Still, last night's showing could have been avoided if your agent had just done some basic things to help you out.

What are these things?

Your agent could have told me (as in the agent comments) that there was a Federal Pacific Electric (FPE) panel in the garage that would prevent my buyer getting insurance or possibly a mortgage.

Your agent should have posted more pictures - even those ugly bathrooms in need of updates.  (Or, at least used the word "retro" in the narrative!)

Your roof is at the end of its life - share that up front.  Again, ability to get a mortgage is impacted. Many buyers do not have the available funds after a purchase to turn around and replace the roof.

The responsibility of your listing agent includes the dissemination of use-able/useful information.

I recently read an MLS entry where an agent note said "all information is subject to errors and omissions and must be verified by the buyer's agent."  This makes me wonder what the seller is hiding because it sure as heck sounds like a "I warned you" defense for potential issues!

But is it the seller who is hiding things?  

There are legal requirements about disclosing issues that are known but not readily apparent.  I always suggest sellers disclose all those things they would like to know if they were in the buyer's position. Realtors have a duty to the process.

Sellers can not control all their agent says or does but, at a minimum, I suggest these actions:
  • Disclose what you know.
  • Have your agent provide a copy of their marketing material/MLS entry.
As for the disruption, it will be over sooner if -
  • your home is priced appropriately, 
  • your home is prepared adequately, 
  • issues disclosed up front,
  • and showing requests accommodated, if possible - even the 5:30 showings at supper time
The more information provided then the more efficient the process.
   
Ready to sell your Viera, Florida home?  Call or text me at 321-693-3850 if I can help!

agent@moving2brevard.com




Tuesday, April 25, 2017

The Number One Rule About Appraisals

I ran into a prospective seller recently who wanted a cash buyer more than one who would be getting a mortgage.  As a real estate agent I can understand the reason as it takes away one of the many potential roadblocks.

(Hiring an experienced real estate agent can minimize the roadblocks when selling your Florida home.)

Over the past several years, with a market experiencing rising prices, appraisal prices have lagged.  After all, an appraisal is based on sold homes - not what is for sale or even under contract.

This particular prospective seller felt he could get an above market value offer as long as there would be no appraisal.

While cash transactions do take away one of the biggest unknowns when selling it is likely an offer will still have an appraisal contingency  Think about it.  Who, whether a cash buyer or not, wants to pay more than a property will appraise for at the time of purchase.

Questions about buying a home in Viera, Florida?  Call or text me at 321-693-3850.


agent@moving2brevard.com

Open House Saturday April 29, 2017 3972 Man-O-War Lane, Grant Valkaria, FL

Open House Saturday, April 29, 2017 from 2:00 until 4:00 at 3972 Man-O-War Lane in Grant Valkaria hosted by Brian Waters, Realtor, Waters Realty of Brevard.

Stop by 3972 Man-O-War Lane in Grant Valkaria (click address for Google Map) to view this 1987 built three bedroom two bath two garage (plus two car detached garage) home.  






Offered at $359,000 this 1,802 sq.ft  brick home is set on over one acre.  This home offers  offers everything  - a family room and formal living room, a breakfast area and formal dining room, along with a bright kitchen make up the main living areas. 

Three bedrooms on a split plan, lots of closet spaces and a well lit indoor laundry and mud room. From there enjoy the fully screened, large back porch that doubles as another room when you pull down the vinyl windows. More back yard patio space behind that for the barbecue or sitting outdoors. 

Attached, side entry, double garage combined with an over-sized, detached, double garage gives space for work and toys. Large driveway and additional parking in front of detached garage and another poured slab behind that for boat, motor home, etc. Great outdoor space on cul-de-sac.

Directions: From US1 to Valkaria Rd to left on Pomello Rd to left on Man-O-War. From I-95 go East on Malabar Rd to right on Babcock then 3 miles to left on Valkaria then 3.3 mi. right on Pomello to Man O War

 

Monday, April 24, 2017

The Home Buying Decision Process - Only One Real Option Available.

Melbourne, Florida.   The current Brevard County, Florida real estate market favors sellers.  There are usually multiple offers on move in ready properties that are reasonably priced.

When a buyer finally locates the target property the decision on making an offer begins to create all sorts of other questions.  This is especially true if there are time considerations.
  
Now the offer thought process begins (not really this one customer but several over the past few months)....
  • Is the house worth what they are asking?  I can run the comparables today but that does not tell me for sure what it is worth but it will paint a picture of what similar properties have sold for recently.  And it is the recent sales that forms the basis for appraisals.  Still, it is the market (buyer) that established sales price (value).   
  • Do you think they will take "whatever?"   As a real estate agent I do not know what a seller may take.  Most listing agents do not know what the seller will take either. And if they do they will not share. I have had buyers ask the question that has no answer:  "How low will the seller go?"
  • Will there be other offers?  Usually an buyer's agent will not know this unless the listing agent comes back with a request for highest and best offers.  Read "Sometimes the highest is not best."
  • If I offer $XXXXXX will I be paying too much?  A buyer rarely knows what price a seller will accept. In the end it is common for some buyers to wonder if they could have gotten it for a lower price.  
  • Will the value go up in the future?  This is one that concerns most buyers - eventually.   While a home purchase is an investment it is currently meeting a need for shelter.  There is no way to now the answer although values do tend to rise over time.  But there are uncertainties like length of ownership future development in the area, the economy and who knows what else!
  • Finally, what if I pay too much?  This is the danger of letting emotions enter into the process.  Do not let competitiveness (need to win) influence the decision.  Being emotional can work against a buyer's best interest.
While all these questions are important the number one question to be answered is....how much do you want the house?  Will a buyer be disappointed if someone else gets the house? What are the other considerations? 

I counsel buyers with these short words...
Make the offer one you can feel good about - whether accepted or rejected.  Feel good about your offer price.  Make a clean, reasonable offer and see what happens. Add a short letter to the seller. Don't be afraid of paying too much.  Be afraid of not getting what you want. 
In real estate there are rarely do overs.  Make decisions based on the best information at hand.  That is the only option.

Thinking of buying a home in Melbourne, Florida?  Call or text me at 321-693-3850 if I can help.  I provide personalized, one on one, service from the first contact to the closing table!

agent@moving2brevard.com

Friday, April 21, 2017

Brevard County, Florida - Condo Market Summary March 2017

Brevard County Townhouse/Condo market summary for March 2017 compared to March 2016:
  • Closed Sales - down -0.4% for March 2017 with 254 units closed compared to 255 in March 2016 with an increase in cash sales of 4.1% compared to March 2016.
  • New Pending Sales - up 12.2% 
  • New Listings - decreased -4.2%.
  • Median Sales Price for Townhomes/Condos - increased 8.7% to $150,000 compared to a year ago which was $138,000.
  • Months Supply of Inventory - down -10% to 3.6 months compared to 4 months in March 2016.
  • Traditional Sales - up 7% with a median sales price of $150,000.
  • Foreclosure/REO Sales - down -55%, with a median sales price of $137,000.
  • Short Sale Closings are down -100%, as there were no sales in March of 2017.
Questions about buying or selling a home in Florida?  Call or text me at 321-693-3850. 
 

 

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