Tag: buying real estate

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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

You Have Heard It, But Do You Believe It?

house sketchNow is the time to buy a home, really.  If you don’t believe me, read who is saying that buying a home now is a smart move.

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Buying Mortgage information

Credit Do’s and Don’ts if You Are Thinking of Buying a Home?

Fannie Mae is requiring more stringent reviews of loans from lenders so if you are going to be in the market for a home in the near future keep the following in mind:

  • don’t incur any new debt, especially between the time you apply for the loan and the closing on your property;
  • don’t apply for credit cards or anything that would require a credit check, as they are going to be looking at all credit inquiries, especially those prior to closing;
  • do have plenty of documentation on the source of any large deposits as these are going to scrutinized a lot more closely.  If you are getting a gift from a relative for the down payment, make sure you have a gift letter.  If you are selling stocks or bonds have a copy of the transaction from your financial institution.

Categories
Buying Mortgage information

Credit Do's and Don'ts if You Are Thinking of Buying a Home?

Fannie Mae is requiring more stringent reviews of loans from lenders so if you are going to be in the market for a home in the near future keep the following in mind:

  • don’t incur any new debt, especially between the time you apply for the loan and the closing on your property;
  • don’t apply for credit cards or anything that would require a credit check, as they are going to be looking at all credit inquiries, especially those prior to closing;
  • do have plenty of documentation on the source of any large deposits as these are going to scrutinized a lot more closely.  If you are getting a gift from a relative for the down payment, make sure you have a gift letter.  If you are selling stocks or bonds have a copy of the transaction from your financial institution.

Categories
Buying

Pinecrest Open House 6-27-2010

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Buying Luxury Real Estate Market Summary

Miami Open House Weekend 6-27-2010

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Buying

Wealthy Still Moving to Florida

Forbes’ article Where America’s Money is Moving states that 8 of the top 20 counties where the wealthiest residents are moving are in Florida. In addition to the weather, beaches, lifestyle, drastically reduced real estate, the fact that Florida does not have income taxes continues to make the state one of the top destinations for high income earners.

The number one destination was Collier County. Though most of the people moving there were from other parts of Florida, many also came from northern cities.

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Buying Mortgage information

Mortgage Applications Decline to Lowest Level Since April, 1997

Despite the decrease in interest rates since April 30 of this year, mortgage applications for home purchase are down to the lowest rates since April 11, 1997.  The decrease is largely due to the expiration of the First Time Home Buyers Tax Credit.

Categories
Buying

National Flood Insurance Program Set to Expire — Again

Congress didn’t get around to approving an extension go the National Flood Insurance Program so it will expire for the third time this year.  Talk about frustrating!  If you have a closing in an area that requires flood insurance before Congress gets around to extending the program, have the seller transfer their existing policy to you.  To find out how, visit the FEMA guidelines.

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.