Categories
Buying Selling

New Provisions of FAR/BAR “As Is” Residential Contract For Sale and Purchase

The new “AS IS” contract has changed to clarify areas that were vague in the previous contract.  These clarifications include, but are not limited to:

  • An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale.  Note:  if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section.  A chandelier can easily be changed and is not considered a fixture.
  • Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
  • Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
  • States that if  “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back.  So basically, getting a commitment with conditions is only worth the paper it is written on.
  • Specifies the costs to be paid by Buyer and Seller.
  • Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
  • Uses Calendar days instead of Business days in computing time periods.

Overall, these changes help both the Buyer and Seller by setting the expectations for each party.  Let me know if you would like a copy of the new “AS-IS” contract.  For clarification of the contract and legal opinions, please contact your attorney.

Categories
Buying Selling

New Provisions of FAR/BAR "As Is" Residential Contract For Sale and Purchase

The new “AS IS” contract has changed to clarify areas that were vague in the previous contract.  These clarifications include, but are not limited to:

  • An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale.  Note:  if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section.  A chandelier can easily be changed and is not considered a fixture.
  • Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
  • Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
  • States that if  “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back.  So basically, getting a commitment with conditions is only worth the paper it is written on.
  • Specifies the costs to be paid by Buyer and Seller.
  • Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
  • Uses Calendar days instead of Business days in computing time periods.

Overall, these changes help both the Buyer and Seller by setting the expectations for each party.  Let me know if you would like a copy of the new “AS-IS” contract.  For clarification of the contract and legal opinions, please contact your attorney.

Categories
Buying Selling

Housing in Miami, Florida vs Charlotte, North Carolina

1411 Walkers Crossing DriveJust heading back from Charlotte, North Carolina, where the real estate market is still really slow.  This 1993-built, 1472 square foot, 3 bedroom 2.5 bath, pool home in a neighborhood close to an amusement park, shopping and downtown is being offered at $164,900, which is  less than the the median home price in Miami-Dade, ($182,900 in August, 2010).  Although the pricing is lower than our median price, they have had very few showings since it was listed.  For the most part, single family houses in Miami-Dade under $300,000 are selling fast and with multiple offers.  There are currently only 74 active listings in Miami-Dade on the MLS that were built in 1993 or later, with 3 bedrooms 2.5 baths, under $200,000.

Categories
Buying Luxury Real Estate Selling

Luxury Homes Sales – EWM is #1

Categories
Selling

Selling Your Home? Look at All of These Real Estate Websites

Your Home On All of These Websites
Your Home On All of These Websites

List with me and your home will show up on the major real estate websites!  Maximizing exposure on the web increases the chances of selling your home.

Categories
Buying Coral Gables Selling

Deering Bay, Coral Gables, FL – Progressive Brokers Open

Categories
Buying Foreclosures Selling

Are Real Estate Sales Really Up in Miami?

If you read the papers, listens to the news, or talk to friends, neighbors and acquaintences about the real estate market, you could be very confused as to what is “real” about it.

  • Foreclosures and short sales are still high.
  • Unemployment is still high and actually rose more vs. high and dropping.
  • Inventory is still high.

Yet, week after week, our EWM office in Coral Gables is selling more than we are listing.  This week alone, we had over $28,000,000 (yes, that is million and it was closer to $29) in sales and leases, the majority in sales.  We had 29 sales vs 8 sale listings.   What is even more amazing about the sales in our office this week:

  • 11 of them (38%) were over $500,000 vs 9 that were under$300,000, which is where most of the market has been this year;
  • 7 of them were over $1,000,000 so the high end market is starting to move.

What is especially important in these numbers is that the higher end sales are not relying on the first time home buyers tax credit, since they don’t qualify, and they are buying anyway.  This leads me to believe that the real estate market is starting to stabilize, especially in certain areas.

Categories
Buying Investment Real Estate Selling

Home Buyers Tax Credit Ends April 30

If you are planning on using the Home Buyers Tax Credit to purchase your home, time is running out. 

Categories
Buying Selling

Miami Real Estate – Plenty of Housing Data Due Next Week

The S&P Case-Shiller Home Price Index for December will be out on Tuesday followed by the Commerce Department’s new home sales report on Wednesday and existing home sales report on Friday.  These three reports will help give Wall Street, and the rest of the country, an idea of how the overall housing market is doing.

Categories
Buying Foreclosures Selling

Are Recent Improvements in Home Sales and Median Prices Here to Stay?

Both on a national and local South Florida level, home sales have been improving and in some areas median prices have actually been increasing.  Although we have been seeing a trend in increasing sales and decreasing  inventories in Miami-Dade County, Moody’s Investor Services estimates there will be an additional 8% decrease in home prices in 2010 due to an increased number of foreclosures, short-sales, and deeds in lieu of foreclosure sales that will be coming on the market.  Moody’s estimates are based on loans that are currently in some form of modification process but that will not be eligible for permanent modification.