Central Florida Real Estate~The Good, the Bad & The Ugly by LaShawn Norden, REALTOR

Faster Foreclosure Periods for Abandoned Homes in Florida Forthcoming

Tue, 28 Feb 2012 08:56:19 -0800

According to Realty Trac, there is an estimated 368,000 backlogged foreclosure cases in Florida. On Monday, February 27, 2012 there was a 6-4 vote in a meeting held of the Senate Banking and Insurance Committee on a proposal commonly known as SB1890, which is a bill that was designed to shorten the time a bank would have to wait to pursue a foreclosure on abandoned homes. While there are opponets to the bill from those who fear that homeowners won't have "their day in court," there are just as many advocates for the bill from others who believe that abandoned homes are only stalling the recovery of the housing market. The proposal states that any lien holder could fast-track the foreclosure process if a property is abandoned or the homeowner doesn't defend their situation within 20 days of being served. And so, each side of the proposal shall now be pushing for their side to prevail. If your vote were to be counted, which side would you choose? And, at what point would you say a home has been "abandoned? Helping homeowners prevent foreclosure is one of my passions. As a Certified Distressed Property Expert, I welcome the opportunity to chat with you about selling your home as a short sale. There are many more options available to sellers today than in year's past and advocating for our sellers is what I love most about selling real estate in Central Florida. Contact me for a confidential, no-obligation review of your situation...at NO COST to you! Happy Selling! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Back-Up Offer ~ Ever Considered One?

Mon, 07 Nov 2011 13:28:01 -0800

In Central Florida, there are nearly 10,000 properties under contract each month. While some might say those are “good” numbers to have, in order to get a true picture of the real estate market, it’s best to look at how many closed sales there are each month as well. The Orlando Regional REALTOR Association distributes a summary of the prior month’s activity called the “Market Pulse” each month which shares the number of active listings, homes under contract, average days on market and the number of closed properties. While it’s encouraging to see that nearly the same number of homes are “under contract or pending” as are actively on the market, it’s not so encouraging to see that only about 25% of the homes are closing each month. There are several reasons for this such as buyers submitting multiple offers on homes but only closing on one, or lenders taking months to approve a short sale and then the Buyer’s financing falls apart, but regardless of the reasons, it begs the question: Are there benefits of a back-up offer? From my point of view (as a Buyer’s Agent), since 3 out of 4 homes are NOT closing each month, why not consider putting in a back-up offer if it’s on a home that the Buyer likes and there is reason to believe it may not close with the first-position Buyer? While some agents only want to show homes “actively” for sale, there is enough evidence to suggest that there is lots of inventory that may be a better fit for the Buyer and it’s worth pursuing a back-up offer in some cases. Determining WHEN it’s worth pursuing is for another post! Subscribe here to get the follow up to this topic! Happy Buying! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

3 Reasons Sellers Should Leave for a Showing

Tue, 01 Nov 2011 04:41:41 -0700

When a home is listed, Sellers often ask if they should leave the home when a Buyer is scheduled for a showing. As an experienced REALTOR in Central Florida who has represented hundreds of clients, my answer is always the same...YES! Sellers often feel the need to stick around to tell the Buyer about the upgraded electrical system or some other improvement they’ve made that they think the Buyer might care about, but what they don’t realize is they may be hurting themselves rather than helping themselves by not leaving when a showing is scheduled. Here are the 3 reasons that Sellers should leave for a showing: Buyers like to look at the home at their pace, not the Sellers pace. All too often, if Sellers are home for a showing, they feel the need to give the Buyer and their REALTOR a tour of the home. Studies show that Buyers spend more time “looking” at the home when a Seller is not home, which means there is a better chance the Buyer will see what they want (and like) compared to what the Seller thinks is the best selling feature of the property. When Buyers find a home they like, they want to open closets, pantries, attics and other doors in a home and they may feel uncomfortable doing so if the Seller is present. Giving Buyers the privacy to “look” only increases the odds that they will also feel comfortable talking about where to place furniture or what children will be housed in a particular bedroom. Buyers are less likely to make an offer on a home where they have met the Seller. If the listing price is higher than what the Buyer is willing to offer they may not submit it for fear of offending this new person they just met. Most people find it awkward to offer someone less than what they are asking, and home buyers are no different. Most Buyers know what they want & need in their new home and having a Seller present when they are touring it does nothing but hinder their ability to determine if the home is the right one for them! So, my advice to Sellers is to leave the home for showings and let the property sell itself. Happy Selling! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Top 8 Things a Seller Should Do Before a Showing

Fri, 16 Sep 2011 05:16:09 -0700

As a listing agent for home sellers in Central Florida, I’m often asked how to best prepare for a showing. Below are the Top 8 things I suggest to our sellers: Cut the grass & pull the weeds: When buyers pull up to a home and get out of their car, the lawn is one of the first things they notice. If the grass is overgrown or there are weeds everywhere, address it. Curb appeal is essential! Turn the lights on in all rooms/make sure bulbs are working: It’s frustrating to a buyer when bulbs are out and they can’t “see” in bedrooms, closets or laundry rooms because there is no light. Open window blinds/shutters/curtains: Natural light is often times an appealing feature to buyers. If you have it, showcase it! Empty the trash cans: It shouldn’t be a surprise, but buyers don’t care to see (or smell) what you had for dinner the night before, or see your bathroom wastebaskets filled with your personal trash. Flush the toilets AND put the toilet seats down: While this may seem like common sense, it’s a total turn-off for the buyer to see a peed-in toilet that hasn’t been flushed. Deodorize: If you have pets or cooked something that may be offensive to a buyer (fish, garlic, curry), use a deodorizing spray to help minimize the smell. Buyers are highly sensitive to smells and sellers need to know it can “make or break” a sale for some buyers. De-personalize as much as possible: Family photos, collectibles, trophies, diplomas and personal mail should be packed up or stored out of sight. Buyers are curious by nature and there is no reason for them to know anything about the seller, but instead, focus on the home itself. Leave!!: When a seller asks if they should leave the home when there is a showing, I always reply with “YES!!” Buyers should be given the freedom to take as much time as they want to look at the home without feeling the pressure from the seller watching over them. For the past 10 years, I have been helping Central Florida sellers market and sell their homes. When meeting with sellers, I share these tips (along with others) to help them sell their home faster & for more money than their competition. If you are a seller in Central Florida and are in need of a listing agent who knows the market and who will properly advise you, I would welcome the opportunity! Happy Selling! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Why Buyers Should Ask for Proof of Short Sale Offer Submission

Wed, 01 Jun 2011 14:40:05 -0700

Chances are, if you are a buyer and are interested in purchasing a home in Central Florida, you will likely encounter more short sales than traditional or foreclosure listings in your search. When considering writing an offer on a listing that is a short sale, make sure that your buyer’s agent knows (and is able to explain) the details of the Contract for Sale and Purchase and the required Short Sale Approval Contingency addendum.If your buyer’s agent is knowledgeable about the short sale process, they can also put a few additional safety measures in place to make sure that if your offer is accepted by the seller, that it is actually submitted to their lender for approval at the price and terms you offered.A few suggested contingencies/terms that can be added to the Contract:1) Require the seller/seller’s agent to provide written documentation that the Contract for Sale and Purchase and all supporting documents have been submitted to the seller’s lender within the required timeframe allowed per the Contract. If the seller’s lender is Bank of America, Wells Fargo or another entity that uses a website portal for offer submission, you can ask for copies of the emails showing the short sale process has been initiated.2) Require the seller/seller’s agent to provide a copy of the preliminary HUD-1 statement (used by the seller’s lender to determine if they will “net” enough money to accept the short sale offer). The purpose of securing a copy of the HUD-1 is to ensure the correct terms have been used when submitted so that no “last minute” surprises come up liked missing seller paid closing costs or an incorrect purchase price.3) Require that the seller/seller’s agent share correspondence from the seller’s lender that will effect the status of the offer (a counter offer in price, a change of closing date or any other term modifying the terms of the original offer) within 24 hours of receipt from the lender.Lack of communication regarding the status of the lender’s approval is one of the biggest complaints I hear from buyers who have had a “bad experience” with short sales. By writing in the above terms (along with those already in the Contract for Sale and Purchase & the Short Sale Approval Contingency), the burden of proof is placed on the seller and their agent to fulfill them or the buyer may have cause to cancel their Contract.For those seeking an experienced Buyer’s Agent in Central Florida who will advocate for your interests every step of the way, I welcome the opportunity to assist you!Happy Buying! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

What does “Active with Contract” status mean?

Mon, 23 May 2011 13:40:43 -0700

In early May 2011, the Mid Florida Regional MLS (the source where all homes in Central Florida are listed for sale), changed their rules to allow for homes that are under contract to remain on the market using a new status called “Active with Contract.” According to the MFRMLS, the definition of “Active with Contract” means “there is a contract on the property with a contingency; however, the MLS Participating Office will continue to market the property.” This new status will require a Seller to specifically request in writing that their property remain on the market while the contingencies in the Buyer’s contract have been satisfied. As per MFRMLS, at least one contingency, such as “pending 3rd party approval, financing or inspections (amongst others), must be checked in the MLS data base in order for this new status to be permitted. If one of the required contingencies is selected, the property will remain in “active” status for export purposes to sites such as REALTOR.com and local IDX websites that pull “active” properties in hopes to capture a Buyer’s interest. While there are pros and cons to this new status (depending on if you are a Buyer or Seller), it’s certain that this new status may cause a few rumblings in the Orlando & surrounding real estate markets. What are your thoughts on having this new status available? Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

FAST TRACK| Pre-approved short sales benefit Buyers in Central Florida

Thu, 17 Mar 2011 01:33:59 -0700

Earlier this month, Wachovia/Wells Fargo bank released a program in Central Florida called “Fast Track.” The “Fast Track” program was designed for mortgage holders with loans from Wachoiva, Wells Fargo and World Savings Bank in order to streamline the short sale process. “Fast Track” homes are those that have a pre-approved price, which means that Buyers won’t have to wait weeks or months to see if their offer meets the needs of the lender as the lender will have already conducted a Broker Price Opinion (BPO) or an appraisal, if necessary. Even though it seems as though all lenders should have a program such as “Fast Track,” until now, it’s been just a concept pushed by REALTORS and Buyers alike. Now that a program like “Fast Track” exists, REALTORS who list homes approved for the program will be able to advertise the fact that the property is a “Fast Track” home and that the price is approved. This forward-thinking approach will not only get more homes listed, but at prices Buyers can actually purchase for...which can only be a benefit for Central Florida buyers. As a Certified Distressed Property Expert who has ben personally trained by the Asset Recovery Manager at Wachovia/Wells Fargo, I am excited to share the process & benefits with Central Florida sellers who have negative equity in their homes and who have previously been discouraged from listing their home as a short sale for fear that the process of approval would be complicated and time-consuming. For more information on the “Fast Track” program, please visit our program-specific web page here. Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Wachovia/Wells Fargo "Fast Track" program cuts out requirement for written hardship

Mon, 14 Mar 2011 15:54:20 -0700

Wells Fargo/Wachovia/World Savings Bank recently unveiled a new short sale program in Central Florida that was developed for homeowners holding loans by one of the three entities. The "Fast Track" program is one in which the short sale process has been streamlined, cutting out most of the mundane "paper collection" tasks that have been required in the past, and removing the guessing game of whether a certain offer will be accepted by pre-approving the listing price up front. WOW! It's so refreshing to have a lending institution who realizes that being proactive rather than reactive will only better their "net" monies in the long run! The “Fast Track” program offers many advantages as compared to a normal short sale or foreclosure, including the fact that there is no financial paperwork required, no written hardship letter requested, no deficiency judgement or promissory note required and no late payment history needed. As one of a handful of Real Estate agents in the Central Florida area who have been individually trained by the Asset Recovery Manager at WellsFargo/Wachovia, it would be my pleasure to discuss how the "Fast Track" program may be of assistance to you or someone else you may know with a mortgage held by Wells Fargo, Wachovia or World Savings Bank. For additional information on this program, please visit the program specific website here. Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Fast Track program in Central Florida guarantees a response to offers in less than 10 days!

Sat, 12 Mar 2011 00:03:18 -0800

Believe it or not, there is a lending institution that recognizes the need to be proactive rather than reactive to the growing number of short sales in Central Florida. As many sellers, buyers and real estate agents know, the short sale approval process at most banks takes months (if not longer); and even when progress is made, less than 30% of short sales actually end up closing. While there are many reasons surrounding the low closing ratio, one of the most common reasons is the length of time it takes to get a response to the buyer’s offer. Wachovia Bank recently unveiled a new program in Central Florida called Fast Track. This new program was developed for homeowners holding loans with Wachovia, Wells Fargo and World Savings banks in hopes to expedite the short sale approval process. The Fast Track program differs from the traditional “wait and hear” process because all listing prices are pre-approved and once an offer is executed, there is a guaranteed response time of 10 days or less. As a REALTOR specially trained in the Fast Track program, we look forward to helping many Central Florida homeowners with their short sale approval and strongly believe that this program will change the way sellers, buyers and real estate agents perceive short sales for years to come! For more information about the Fast Track program or how your can register for a Confidential Interview with the local Recovery Asset Manager, please visit YourHomeOurPriority website today! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

“Fast Track” offers pre-approved short sales for Central Florida Wells Fargo & Wachovia mortgage holders!

Thu, 10 Mar 2011 11:45:23 -0800

Wachovia Bank recently unveiled this new program developed for homeowners holding loans with Wachovia, Wells Fargo and World Savings banks. The “Fast Track” program offers many advantages as compared to a normal short sale or foreclosure, as follows: No income, employment or other financial documentation is required. You don’t have to be late on your mortgage payments. No hardship letter is required. You don’t have to apply for a loan modification. Once an offer to purchase is received, the approval process is guaranteed to be 10 days or less. There will be no deficiency judgement or promissory note required on 1st mortgages. If you have a 2nd mortgage, they will receive 10% or up to $10,000 without dispute from your lender. A “Cash for Cooperation” incentive is being offered to help homeowners with the expense of moving. We are thankful to be amongst a handful of Real Estate agents in Central Florida who know of the program and have been personally trained by the Asset Recovery Manager at Wachovia/Wells Fargo. Let our relationships and knowledge work for you! For a CONFIDENTIAL review, please register here: Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Escrow Dispute? Sometimes It’s Better to Compromise than to Lose Time, Sleep & Money!

Sat, 15 Jan 2011 11:22:12 -0800

If you are a Buyer planning to purchase a home, there’s a pretty good chance you’ll be required to give an “escrow” deposit when you and the Seller come to a written agreement and the property is “under contract.” In Central Florida, an “escrow” deposit is synonymous with an “earnest money” deposit. While the amount of the deposit is negotiable, having it held in an “escrow account” is not. The Florida Realtors-Florida Bar (often referred to as the FAR-BAR) Contract for Sale and Purchase requires that the escrow deposit be held in a third-party account, either managed by the Real Estate Company or the Title Company, whichever entity responsible for “holding” the funds. In the event a dispute occurs over the funds, the release will determined by the rules governing the entity holding them. If the funds are held by a Real Estate Company, an escrow Escrow Disbursement Order can be issued by the Florida Real Estate Commission (at no charge to the parties involved in the dispute). If the funds are held at a Title Company, they will likely only be released if the parties agree during mediation, when dictated in arbitration or when there is litigation and and order is given by the Court. With the above being said, it’s important for Buyers to know where their escrow money is being “held” AND that they understand that if held by a Title Company, the likelihood of recovering their full funds when a dispute arises is highly unlikely. Since the Contract for Sale and Purchase lends itself to having the Seller dictate the Escrow Agent (unless negotiated when the Contract is written), it’s reasonable to assume that escrow monies may be eaten up by mediation, arbitration or attorney’s fees unless the parties can come to a compromise beforehand. Often times, Buyers and Sellers become so emotionally engaged in a dispute that they often spend a lot of time and lose a lot of sleep fighting for money that they believe they are entitled to...only to end up with less of all three. Even though it may be hard to accept, it’s always smarter to try and compromise when there is an escrow dispute. By doing so, typically both the Buyer and Seller keep more money (even if they agree to split it) than they would have if the case goes all the way to Court. Happy Buying! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Florida Buyers to Pay for Lender Required Repairs on a House They Don't Yet Own!

Wed, 12 Jan 2011 11:22:28 -0800

In June 2010, the Florida Association of Realtors and the Florida Bar approved and released a new “AS IS” Residential Contract For Sale and Purchase. The new contract was expanded to ten pages and there were several changes that may surprise Buyers who are purchasing a home in Florida if not known about and responded to at the time of contract writing. One of the additions to this contract that may impact Buyers is the paragraph titled: Property Inspection; Right to Cancel. Unlike prior year contracts, the new one clearly states in italics and bold print: “Unless Buyer exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property and any violation of governmental, building, environmental, and safety code, restrictions, or requirements, but subject to Seller’s continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all repairs and improvements requires by Buyer’s lender.” As a result of the last 15 words of the above paragraph, Buyers should request that specific language be written in a Counter Offer so that they aren’t required to assume costs they weren’t planning on (or can’t afford to make). Since many Buyers choose not to pay for their appraisal until inspections are complete, it’s often not known until after the expiration of the inspection period if the Buyer’s lender will require any repairs to be made. At that point, the Buyer will then be obligated to make the repairs at their own expense unless a specific protection clause is in place for the Buyer OR that clause is stricken through the Contract. While I am not an attorney, I am a an experienced Buyer’s Agent who advocates for her clients and who understands the importance of knowing how the new FAR/BAR AS-IS contract impacts them. I’d welcome the opportunity to assist you in understanding this important change (and others!) to the Florida real estate Purchase Contract. Happy Buying! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Buyers Should Inquire About Delinquent HOA Fees Early

Wed, 17 Nov 2010 13:09:19 -0800

In today’s real estate market, it’s not unusual for many of the homes a Buyer sees to be vacant or seemingly “abandoned” by the Seller. While a Buyer might like the idea of purchasing a home that’s not occupied, it might be worthwhile to verify the status of any required Home Owner Association dues before getting too excited about a potential offer. In some cases, homes have been vacant for many months...or even longer. When vacating, Sellers may have opted to stop paying their homeowner association fees (as well as their mortgage, property taxes and insurance) and in doing so, may rack up thousands in fees and even cause a lien to be placed on the property. One of the easiest & least time consuming ways for a Buyer to find out the status of any outstanding homeowner association fees is to request a copy of the Seller’s Real Property Disclosure Statement before writing an offer. This document should state whether there are any “existing, pending or proposed legal actions, claims, special assessments, municipal service taxing charges or unpaid assessment (including homeowners’ association maintenance fees or proposed increases in assessments and/or maintenance fees) affecting the property.” Once the Disclosure Statement is received, if it’s not current (within 30 days), it might also be a good idea to request that the Seller re-affirm the information disclosed at the time they originally completed it. If the Buyer wants firm evidence of what the Seller discloses, or an updated Disclosure Statement isn’t provided, the Buyer may also choose to hire a Real Estate attorney or Title Agent who can request an “estoppel” letter from the Homeowners’ Association or have a Title Commitment pulled that will identify any defects to the title that must be cleared. While hiring a Real Estate attorney or Title Agent may cost the Buyer a couple hundred dollars, it might prevent hundreds more being spent on inspections and appraisals on a property that has title defects. Being represented by a Buyer’s Agent who understands the importance of asking for the right documents at the right time can save a Buyer time and money. If you or someone you know is in need of an experienced Buyer’s Agent in Central Florida, I’d welcome the opportunity to be considered. Happy Buying, Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Seminole County FL homeowners- Pay by Nov 30 to get a discount on property taxes

Sat, 13 Nov 2010 12:21:17 -0800

In the past 30 days, owners of residential property in Seminole County , Florida began receiving their tax bill. Since many of the purchases this year were made by First Time Home Buyers, I thought it might be helpful to explain how property taxes in Seminole County are calculated. On the tax bill, one will note that it’s broken into non-ad valorem taxes and ad valorem taxes. According to the Seminole County Tax Collector’s website, the non-ad valorem taxes are charged per unit, rather than on the value of the property and may include fees for services such as road paving and garbage collection. The ad-valorem taxes are those that are based on the value of the real property as assessed by the Seminole County Property Appraiser. Because most of Seminole County has seen a decrease in the value of the residential property in the past 12 months, it is expected that when tax bills are received, they will be less than the 2009 taxes. For those who do not have their property taxes withheld into escrow, payments should be made by November 30, 2010 to receive a 4% discount in the fees due. To know for certain whether your taxes will be paid by your lender (because they are held in escrow as they are being paid by you each month as part of your mortgage payment), it is advisable for owners to contact their lender to verify that the tax bill has been received and to determine when the lender will be paying the amount due. For “Frequently Asked Questions about Taxes,” I’d encourage you to visit the Seminole County Tax Collector’s website. For those seeking to sell or purchase a home in Seminole County, Florida, I’d welcome the opportunity to assist you. As a Seminole County resident for more than 35 years, I am passionate about maintaining values and sharing all that this fine County has to offer! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Buying a BOA short sale? If so, be prepared to give first born.

Thu, 04 Nov 2010 01:07:38 -0700

Ok, so maybe I’m exaggerating. As a listing agent in Central Florida, the real estate market has forced those who are serious about their business to tackle the sale of short sales. With that task, we are faced with listing homes that have their mortgage held or serviced by Bank of America (BOA). Most recently, I was using the online offer submission service for BOA, Equator when new fields populated that required information about the Buyer. As the listing agent, I found it odd that I was being asked to provide information about the Buyer other than their approval letter and the offer they had submitted (like in the “good ol’ days!) and thought it worthy of sharing to help other Listing Agent’s and Buyer’s Agent’s by posting the new requirements here. For Buyers who are writing an offer on a Bank of America property, they and their agents need to be prepared to provide the following for offer submission: -Full name of Buyer -Address of Buyer -Phone Number of Buyer -First five digits of the Buyer’s social security number -Buyer’s birth date -Buyer’s lender approval letter -Financing interest rate being offered to Buyer (from their lender) -Proof of funds for downpayment and/or closing costs for Buyer The Equator system no longer just requires “basic” information on the Buyer, they are now requiring much more...I’m just wondering when that “more” will mean the Buyer’s blood type or first born in addition to their credit standing! In hopes that this post will help Buyers seeking to purchase a Bank of America backed property... Happy Selling, Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

BPO more valuable than a FHA appraisal? To BOA it may be.

Tue, 02 Nov 2010 15:35:01 -0700

Buyers purchasing a short sale that is owned or serviced by Bank of America (BOA) should be aware that they have recently started using “interval pricing” when it comes to determining value. Simply put, when a Seller of a property that is under contract for a short sale has their loan held by or serviced by Bank of America, BOA will hire at least one independent real estate agent to conduct an interior Broker Price Opinion (BPO) to determine the worth of the property. In the past, BOA allowed the agent’s who conducted the BPO’s to give a price that they felt the property was worth based on comparable sales. Just recently, BOA is now requiring a “interval pricing” strategy, which means that they give a low and a high range of value. While this may be helpful in securing a higher “net” to BOA, it makes little sense that they would use this approach when the Buyer of the property is securing a FHA loan, as their lender will require that the appraisal be conducted by a state licensed appraiser who meets HVCC guidelines; thereby, is being held to a higher standard that the real estate practitioner who conducted the original BPO. Just recently, a Seller I was representing lost a sale due to BOA’s new BPO “interval pricing” requirement, as the BPO value range came in for the property at $60,000 while the BPO value range came in between $60,000 and $70,000 and BOA refused to weigh the appraisal value higher than $60,000, even though the FHA appraisal was for $60,000. Since the value of a FHA appraisal “stays” with the property for 90 days, the Seller was unable to sell to the Buyer and the sale fell through. I share this with all Buyers and their agents as they make offers on BOA owned loans in hopes that you will be prepared for the fight ahead, as it may be necessary to file a dispute with BOA’s Review Board. Happy Selling, Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Buyers of Short Sales: Make Sure Your Closing Costs are Accounted For

Sun, 06 Jun 2010 15:01:27 -0700

Many Buyers in today's real estate market are asking for the Seller to pay a portion (or all) of their allowable closing costs, pre-paid items (such as homeowner's insurance) and other loan related fees. If purchasing a property that is being sold as a short sale, the Buyer is ultimately asking the Seller's lender to accept less from the sale than they would receive if the offer was not contingent upon these additional costs being included. While many lender's are approving short sales with Seller paid closing costs, without it being stipulted and accounted for during all phases of the sales process, the Buyer may find themselves unable to purchase even if the sale is approved. To guarantee that the Buyer's closing costs are accounted for when the offer is submitted to the Seller's lender(s) for approval, it's a good idea to: State that the Contract for Sale and Purchase is contingent upon the Seller contributing "x" dollars to the Buyer's closing costs, pre-paids and all allowable fees. The "x" is the amount of funds needed by the Buyer. State that the contract is contingent upon the Seller providing to the Buyer a copy of the preliminary settlement statement (HUD-1), showing these fees being accounted for in the "net." If the Seller's title company fails to account for these funds when drafting the HUD-1, the lender may approve the sale...but without the funds the Buyer needs to close. Once the Seller's lender approves the sale, they will send an "approval letter" to the Seller and/or Seller's Agent. In this letter, the total closing costs, including any funds required by the Buyer to purchase, should be documented. Without those fees being listed, the Buyer won't receive them...regardless of what the Contract for Sale and Purchase or the preliminary HUD-1 statement states. Buyer's Agents owe it to their customers to make sure the closing costs are accounted...if they hope to be sitting at the closing table with them in the weeks that follow the approval! As a Buyer's Agent in Central Florida, I advocate for my customers during every phase of their purchase! Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Central Florida Buyers Need a "Hold Harmless Agreement" When Purchasing a Short Sale or Foreclosure

Mon, 08 Mar 2010 12:34:19 -0800

With the increase of the number of short sales on the market today in Central Florida, many buyers are finding these homes unoccupied with no utilities on. In most cases, the sellers have vacated the property and discontinued power and water/sewer services in an attempt to save money on a home that they already believe they may "lose" to the bank in foreclosure proceedings. While this scenario may not prevent a Buyer from seeing the home and writing an offer, it does become an issue when it comes time for the home inspection and/or appraisal (especially if the Buyer is securing a FHA loan to purchase the property). With that said, even though the FAR/BAR Sale & Purchase Agreement states on lines 263-264 that the "Seller shall, upon reasonable notice, provide utilities service and access to the Property for appraisal and inspections, including a walk-through prior to Closing" it is not uncommon to find out that Sellers are either unwilling and/or financially unable to restore utilities. Rather than have the transaction fall though due to this issue, it might be worthwhile to determine if the Sellers will allow the Buyers to reinstate the utilities for inspection and appraisal purposes. If the Sellers are willing, I'd suggest that the Buyers ask for a "Hold Harmless Agreement" that will allow them to turn on the power and water, but not be liable for damages if the house floods or burns down as a result. As a Buyer's Agent who strives to protect the interests of all customers I work with, this form is one of many used when representing a Buyer who is purchasing a short sale or foreclosed home. If you would find this form helpful to you in your real estate purchase or in representing a Buyer, please let me know and I'll be happy to email you a copy. Please email me at LaShawn@LaShawnNorden.com or call/text me at (321) 377-0157 and I'll be certain to get you the document. Happy Buying, LaShawn Norden, PA, Certified Distressed Property Expert, REALTOR, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Tenants might pay their rent, but they could be sabotaging your ability to sell at the same time!

Mon, 01 Feb 2010 14:03:45 -0800

This past week, I've shown more than 50 Central Florida properties to a multitude of Buyers. While most of the Buyers I am working with are first-time purchasers, they are savvy, educated and well prepared. Thankfully, most of the properties I showed this past week were either vacant or owner-occupied and were easy to show...however, there were several that were "tenant occupied" and nearly impossible to show. Now that the week is over and each of the Buyers have elected not to pursue any of the "tenant occupied" properties, I wanted to share the reasons why with Sellers and their Real Estate agents so that they might have some insight as to how their tenants might be sabotaging their sale. Just this week, the Buyers and I encountered tenants who: Required an appointment to show the property. After four attempts to schedule with no response, this property was moved to the back of the Buyer's interest list Removed the key from the lock-box so that it couldn't be shown (and weren't afraid to tell me that!) Installed a dead-bolt lock on the interior of the home that could only be opened from the inside (so the key in the lockbox was useless) Left dirty dishes, clothes (including undies) all over the floor and had so much stuff crammed in the closets and scattered everywhere, that the Buyer couldn't see past the clutter and mess Failed to show up at the scheduled "showing" time and since there was no lockbox, we couldn't get in at all Told me they were tired of showing the property and we'd have to "just wait" until they moved out to see it While I can understand a tenant being frustrated that the property is being marketed for sale and that it's an inconvenience to accommodate showings, Sellers and their Real Estate agents need to know that the actions (or lack thereof) of the tenant may very well be sabotaging their sale and determine BEFORE they list the property for sale if the tenant is more trouble than they are worth. LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Is your Central Florida home over-insured?

Sat, 30 Jan 2010 03:21:34 -0800

It's hard to believe that a few short years ago, I wrote a similar article...only at that time, the point of the piece was to inform sellers and my past clients that they should contact their homeowner's insurance company to make sure that their home had ENOUGH coverage. In the mid 2000's, property values in Florida has increased in value by more than 40% over two years. When that happened, many property owners found their homes "under" insured and had to contact their insurance company to have their coverage increased to make sure they had ample coverage in the event of a fire, flood or some other hazard. However, in the past two years, those same Central Florida homeowners have probably seen their property values decrease by about that same 40% and now is the time to evaluate the coverage they have on their home. While some people believe that being "over" covered is better than being "under" covered, I'm of the philosophy that there is a happy median that homeowners should consider. At a average appreciation of 3% per year, it's going to take at least 10 years for Central Florida owners to recognize a 30% increase in their home's value. With that said, it may be a good idea for homeowners to contact their insurance company to make sure they aren't "over" covered, as they may be able to save a few hundred dollars a year by doing so. If you are a Central Florida homeowner and need a referral to a reputable Homeowner's Insurance company who is conservative, yet honest when it comes to Hazard/Homeowner coverage needed, please let me know and I'll be happy to send you the names & numbers of a few companies I've worked with over the years so that you too can stop flushing money down the toilet! LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Why aren’t banks REQUIRED to disclose the terms of their “bank addendum” upfront?

Thu, 28 Jan 2010 09:37:33 -0800

If you are a buyer who is in the market for a home, you have more than likely seen (and possibly written offers on) properties that are foreclosures/REO’s (real estate owned). Hopefully, if you have found a home, written an offer and had it accepted by the seller, when you were asked to sign the “bank addendum,” there was nothing shocking in that document or anything that made you re-think your decision to purchase the property. However, more times than not, many sellers of these REO properties are not disclosing the terms of their “bank addendums” when the property is listed. As a result, Buyers and their agents are left trying to figure out why the seller didn’t disclose the fact that the Buyer would be responsible for paying the documentary stamps or title insurance until AFTER such time that the Buyer submitted their offer and the bank accepted it…subject to the Buyer signing the “bank addendum,” of course. When a situation such as this occurs, it often frustrates the Buyer and their agent as having this information prior to offer submission would have allowed the Buyer to structure their offer to cover these unexpected costs, such as asking for the seller to contribute to their closing costs. While there is nothing that forces the Buyer to accept the addendum terms and proceed with the sale, many Buyers feel that they have been the victim of a “bait and switch” scheme and are then distrustful of the whole purchase process as a result. While there is no ‘rule” that requires banks to disclose their bank addendum terms upfront, there should be. There is no reason why Buyers and their agents shouldn’t be told of costs associated with purchasing a property prior to the Buyer submitting an offer. Full disclosure in any market is good for all parties…and this market is no different. As a licensed, full-time REALTOR® who has represented Buyers in their purchase of a foreclosed home in Volusia, Seminole & Orange Counties in Central Florida, I’d welcome the opportunity to help you find out as much as you can about a property before you make your offer! LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

Finding a Central Florida home that doesn’t require your dog to go on a diet!

Tue, 26 Jan 2010 21:55:01 -0800

Some Central Florida communities require that property owners be a member of the Home Owner's Association in order to live there. Communities that have this requirement typically have recorded documents called "Codes, Covenants & Restrictions" that state what "rules" property owners must follow. One of the sections in these CC&R's that pet owners who are considering the purchase of a home within a particular community should pay special attention to is the "Pet" portion of the documents. Within this section, many communities specify the number of pets, type of pets and size of pets that are allowed. While some communities may be more strict than others when it comes to enforcement, it's important to know before entering into a Contract for Sale and Purchase if the Association rules have such restrictions. One of the tools that Buyers and their agents can now use to search for communities with such restrictions is within the Mid-Florida MLS (multiple listing services, which is the data base for listed homes in Central Florida). As of today, the MLS now has required fields that populate whenever a new property is listed that membership in the Home Owners Association is required. These fields relate to the number and max weight (size of pets) that homeowners are allowed to have. While it may be that your dog doesn't need to go on a diet, if he/she weighs 30 lbs. and the community has a restriction on dogs which require them to be 25 lbs. or less, potential new homeowners may have to decide if Fido needs to stop getting treats after dinner or if they want to "pass" on that community for fear of receiving "violation" notices once they move in and their neighbor reports them as having a "over weight" dog! If you are a Buyer and are in need of a Buyer's Agent who will help you find the right community for you and your pet, I'd love to help you! Since my own Puggle, Elvis, is 32 pounds, I can relate to those of you who believe that your pet is a member of the family and that he should be happy in his new home too! If you already have a real estate agent in Central Florida, I'd highly encourage you to inform your agent of this new "searchable" field in the MLS so that you are not seeing homes that you won't consider purchasing if they have a "pet" restriction that would prevent you from purchasing! Happy House Hunting, LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

How to find "pet friendly" communities in Central Florida

Tue, 26 Jan 2010 00:54:57 -0800

Today is an exciting day for pet owners in Central Florida! As of today, the Mid Florida Regional MLS (which is the data base where all homes in Central Florida are listed for sale), will add a new searchable field for "pets" if that listing is within a community that has a required or optional Condo or Home Owners Association. So, if you are like me and your dog or cat is like a member of the family and you would never give them up if the home you were considering buying had restrictions preventing pets, then this new searchable field is a great addition! If you are looking to purchase a property in Central Florida and are in need of a Buyer's Agent who understands the importance of making all members of the family important when finding a "home," I'd be happy to help you! And if you already have a real estate agent and want to make sure your pet will be welcomed in the new community you hope to live in, call your agent today and ask them to use this new searchable field...your pet will thank you!! LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

The Benefit of Back-Up Contracts for Central Florida Buyers

Sun, 24 Jan 2010 13:21:24 -0800

In Central Florida, only about one third of the properties that are "under contract" in any given month are actually closing. While there are many reasons for this imbalance, the Buyer's inability to obtain financing tends to rank at the top of the list. For this single reason, it may be worthwhile for Buyers to strongly consider writing a "back-up" contract on a property that they may have missed out on because the Seller accepted another offer. In Florida, there is a "Comprehensive Rider to the FAR/BAR Contract for Sale and Purchase," which states: "This back-up contract is subject to the termination of a prior executed contract between Seller and a third party for the sale of the Property. If the prior executed contract is terminated and Seller delivers written notice of the termination to Buyer before 5:00 p.m. on (_________________, ____________) this contingency will be removed and this back up contract will move into first position. If Buyer does not receive notice of the prior contracts termination by the above deadline, Buyer may cancel this back-up contract at any time and Buyer's deposit will be refunded." The above Rider contains standard wording that can be added to a Florida real estate Contract for Sale and Purchase(offer), or, your agent may have a similar document that will insure that your offer is in secondary position in the event the first contract falls through. As a Buyer's agent who has used this technique successfully in the past several years, I would be more than happy to help you structure your offer to be one the seller will not only consider accepting, but will be happy to have as a "back-up" should their chosen offer fall through. Representing Buyers in Seminole, Orange and Volusia County I look forward to being YOUR CENTRAL FLORIDA REAL ESTATE ADVOCATE! LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

The Value of Personal Property in a Real Estate Transaction with a FHA Loan

Mon, 31 Aug 2009 09:06:53 -0700

Over the course of the last several months, I have represented several Buyers who have purchased a home using a FHA mortgage. While one would think that all FHA loans have the same underwriting guidelines, when it comes to the value of personal property in a real estate transaction, this theory has proven to be incorrect. In three of the five transactions, the "end buyer" for the loan requested a specific addendum to the Sale and Purchase Contract that stated that the personal property being conveyed with the home had no value and was being left out of convenience to the Seller. In two of the transactions, I understood the reason why...the first seller was including a washer, dryer and a freezer with the home purchase and in the second transaction, a free-standing jacuzzi was being sold with the property. In the third transaction, however, the built-in appliances (range, dishwasher and microwave) were the only items to convey. In chatting with the loan officer and their FHA underwriter, I was told that many of the "investors" who are the "end" buyer for FHA loans have their own criteria the underwriters must meet in order for them to purchase the loan. So, in a industry where the rules change daily, it was recommended to me to add a clause to all FHA contracts that states: "All personal property listed on the "As Is" Contract for Sale and Purchase agreement, as well as on the Seller's Real Property Disclosure, is being sold with the residence for the Seller's convenience and has no monetary value." With that being said, if you are a Seller who has a stainless steel appliance package in your home, don't be alarmed if the Buyer's agent asks for you to sign an addendum stating that the appliances have no value. It's not that they are trying to get something for free...they are just working within a system where the rules change on an ongoing basis. And if you are a Buyer, it might be a good idea to ask your agent to incorporate the above clause in your sales contract...just to be sure there are no last minute issues! Serving Buyers and Sellers in Central Florida, LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157 LaShawn@LaShawnNorden.com, www.LaShawnNorden.com Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE! Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More. Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!