Florida Real Estate Buyers Information

It is more important than ever for Buyers to take the time and educate themselves in the buying and selling process. Buyers should sift through the vast amount of information available to them and select the services they need, but not without the assistance of an experienced Real Estate Consultant. When you have a tooth-ache you would not consider buying dental tools and attempt to fix the problem on your own! Why do Buyers attempt to make the largest investment of their lives without the professional advice and help of a Real Estate Consulting Representative?

When making what might be the largest single investment of your life correct information is a valuable. Louann Smith a licensed Florida real estate agent could save you thousands of dollars and prevent you from making costly mistakes.

Our extensive Real Estate Library of information is your resource. The few tips below are just a sample of the valuable information we have to offer. From Adjustable Rate Mortgages to Zoning and Regulations All Buyers and Sellers Realty of Florida will have all the information you need to make you an informed Buyer. Simply make your request for additional information today with Contact Us or a call Louann at 772-359-7549.

• What is your plan for purchasing a home? In today's Florida Treasure Coast real estate market it is important to understand the level of commitment and amount of paperwork, along with the amount of detail and demands on your money, time and patience. Louann understands the Buyer's disadvantage and turns it into the Buyer's advantage.
• Do you feel confident that you can negotiate the best possible price for the home of your dreams? Your Real Estate Consultant is trained and experienced in negotiating the best price for you, saving you thousands of dollars. You should put Louann Smith a licensed Florida real estate professional to work for you.
• All properties are not created equal, so are you willing to risk buying the wrong house in the wrong neighborhood? This could become a financial nightmare or disaster for you and your family after the closing. It is highly recommended that you rely upon the Real Estate Consulting Agent and their knowledge of the area to help you make an informed decision before the closing.
• Do you understand all the clauses, details and terminology found in the sale contract, purchase disclosures and closing documents? A Real Estate Sales Contract is a bilateral contract because it contains promises to perform by both parties. A Buyer without representation when entering into any contract is in a vulnerable position.
• When the transaction hits a roadblock, do you know what resources you need. Louann will make it easy to clear the way to a smooth transaction. Louann Smith has the experience necessary to ensure the smoothest, safest path.

When looking at homes for sale on the Florida multiple listing service (MLS) here are some more tips and some great information on what to expect in the buying and selling process. If you find all this information overwhelming contact Louann a experienced in the Florida Treasure Coast realtor. She will walk you through the process and protect your interests. She is a certified realtor for Coldwell Banker who is a national real estate company.

Why you should own your own home:

Credit:

Owning a home helps you establish financial credibility.

Independence:

Owning your own home provides you with independence and more privacy than renting. You are free to paint walls, plant flowers, keep pets and anything else within legal bounds.

Investment:

As you make more payments and own more of your home, you add to its investment value. Most improvements you make will also add to its value.

Pride:

A home reflects its owner's values and lifestyle. Owning a home can provide you with a source of pride, enjoyment and satisfaction.

Security:

A home can provide security against inflation because the value of your home increases as prices go up.

Stability:

Being established in a community provides a sense of belonging, stability and security.

Tax Advantages:

Interest on your mortgage loan is deductible on your yearly personal income tax return. Many of the closing costs associated with purchasing your home are deductible, as are your property taxes.

How to find the right home:

Real Estate Agents

You can sit down with a real estate agent and discuss your needs, type of area, style of home, amenities and everything you really want in your next home. Real estate agents can help you by accessing a Listing Service which covers all properties listed for sale within a specific area. Together, you can select the homes you would like to see, set appointments and preview homes in a short period of time. An agent can guide you through the entire process.

Newspaper Ads/Internet

Many people go through the real estate classified section or browse the Internet to find a home that appeals to them. However, your real estate agent will have many listings available that may not appear in the newspaper or Internet on a continuous basis. New listings come on the market daily.

Multiple Listing Service

Your real estate agent should have access to the multiple listing service if it is available in your area. It usually includes the following details about homes and properties for sale:

• Location
• Price
• Photograph
• Utilities
• Amenities
• Annual property tax
• Current financing (when assumable)
• Listing company

When Previewing A Home

Write notes when previewing a home so you will be able to discuss the details later with your real estate agent.

Ask questions about the home and discuss any objections or concerns you may have.

Ask about the community - schools, shopping and transportation.

Ask specific questions about the construction of the home; electrical, plumbing, heating, cooling systems, etc.

Have Fun

Relax. Finding your new home can be a rewarding experience. Have a good time and enjoy the process.

Things to look for:

Check For Properly Working Appliances/Fixtures

Bathroom Sinks Showers/tubs Toilets Vent fan Heating fan Appliances Dishwasher Stove Oven Ice maker Garbage disposal Range hood Refrigerator Freezer Microwave Trash compactor Kitchen Kitchen cabinet doors Drawers Sinks General Lights (interior & exterior) Windows Heating system Ceiling fans Hot water system Air conditioning system

Electrical outlets Door bells Doors Water purifier Fireplace damper Garage door Ensure House Is Well-Built All Systems Are In Working Condition: Exterior Condition Brick bulging or cracking Shingles missing or broken Siding rotted or missing Gutters damaged or need to be cleaned Concrete cracked in sidewalks/driveway Basement Water seepage in basement Cracks in foundation Poor ventilation Interior Sub-flooring damaged or loose Cracked walls or ceiling Cracked tiles Loose plaster Flooring damaged Soft, springy floors Water stains near windows Water stains on ceiling below bathroom Water stains in attic

What does a home inspector do?

What is an inspection?

There are numerous types of inspections. An inspection is meant to evaluate, at minimum, the structural and mechanical condition of a property. It is not the same as an appraisal which evaluates the market value of a property. Persons involved in real estate transactions need unbiased information about the physical condition of property they plan to buy or sell and your contract should include a contingency that you obtain a satisfactory inspection report. Talk with your agent about the types of inspections available.

Home Inspectors vs. Engineers

Home Inspector: A person who examines any component of a building, through visual means and through normal user controls, without the use of mathematical sciences.

Engineering:

Analysis or design work requiring extensive preparation and experience in the use of mathematics, physics, chemistry and the engineering sciences.

Finding a qualified Inspector

Referrals from satisfied customers

Referral from a local real estate agent or mortgage company

Local consumer affairs office

Yellow Pages under "Building Inspection Services"

Ask if she/he is a member of the American Society of Home Inspectors (ASHI). The ASHI has established standards of practice which include the specific services, limitations and exclusions that can be expected from private home inspectors.

What the inspection, at minimum, includes

Every inspection should include, but not be limited to, an evaluation of at least the following:

Foundations
Plumbing and electrical systems
Doors
Ceiling, walls and floors
Roof
Hazardous materials concerns
Heating and air conditioning systems
Common areas (in condominiums)
Insulation
Ventilation

Some questions you might ask:

What is the difference between "pre-qualified" and "pre-approved"?

If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debts and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.

What are closing costs?

Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually about 4-6% of the total sales price of a property. Some of the closing costs you might encounter are: application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, origination fees, tax registration and title insurance premium.

What is a point?

One point is equal to 1% of the new loan amount. Whenever government regulation, state usury laws and/or competitive practices prohibit the lender from charging a rate of interest that would make the real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging "points", the lender can bring the real estate loan up to those other investments.

What is earnest money?

When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is full acceptance of the offer. Typically, an earnest money is 3-5% of the offer amount.

What is title insurance?

Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

For more information about buying a home on the Florida Treasure Coast, contact Louann Smith via email or call her at 1-772-359-7549. She will be glad to assist you in finding your perfect home.