Wednesday, September 24, 2008

DOR ISSUES SHORT SALES DOC STAMP RULING

Way to go Florida! This will help all "Short Sale" buyers in Florida!

The Florida Department of Revenue (DOR) issued a ruling late yesterday (9/23/2008) stating that doc stamp taxes owed on a short sale should be based on the sale price paid by the purchaser and not on the sale price PLUS any amount forgiven by the home seller's lender.

DOR's ruling is effective immediately. A problem arose because Florida law does not clearly explain doc stamp fees on a short sale; consequently, local governments were making their own decisions and charging different amounts. FAR stepped in to officially request a Technical Assistance Advisory (TAA) from DOR, which would give Realtors a specific document that explains the short sale doc stamp procedure. "

Just like Florida Realtors, DOR officials were concerned about how this issue could affect Florida homebuyers and sellers and its potential impact on the real estate market's recovery," says FAR Public Policy Representative Trey Price. "Advisories can sometimes take months or even a year before a conclusion is made, however, so DOR's quick decision illustrates their understanding of the importance of this issue."

The TAA is available at http://www.floridarealtors.org/LegalCenter/HotTopics/index.cfm. Still have questions? Contact FAR's Public Policy Office in Tallahassee at 850-224-1400.

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Tuesday, September 23, 2008

BUYING in Todays Market

As realtors, we constantly hear from our buyers, “We want the best deal out there”. To be honest, the “Best Deal” varies from buyer to buyer. There are many things to consider as far as deals are concerned and any time restraints on the buyer. The information below will help you determine where YOU as a BUYER should look for the “Best Deal”. To start your home search, log on to www.athomeintampabay.com


There are three distinct types of Sellers and each type of property they are selling has its own idiosyncrasies. Understanding them will help you in the process of trying to decide what is best for you and your particular needs. The three types are Bank Owned Properties often known as REO’s or foreclosures, Short Sales which are often referred to as pre-foreclosure properties and then there are the Typical Sellers who have their houses on the market because they have a need to move for all of the normal reasons that people move. Let’s take a look at all 3 and how they fit into your plans for a purchase.

Bank Owned Foreclosure Properties:

Price: These are often the best prices of any of the houses on the market for many reasons that will become apparent as you read further.

Condition: These are often properties that need a considerable amount of work due to the condition in which the previous Seller left them. Many of them need a great deal of cosmetic work, appliances, sometimes structural work, etc. which is why they usually carry a “bargain” price. Because these properties are sold as is, it is important that you plan to have the home inspected. In order to do this, you need to be prepared to pay to turn on utilities if necessary.

Offers: Your offering price, while it is important to the Bank, is not the only important factor. If you are a cash buyer, a buyer who is going for a small mortgage or you are willing to purchase the property “as is where is” (which is how most Bank owned properties are sold), your offer will carry more weight. At the time you submit an offer, you must submit a Pre Approval Letter stating that you are qualified financially to purchase this property or proof of funds for a cash involvement. You should also be aware that it may take the Bank quite some time to even look at your offer, more time to accept it in writing and that they may continue to seek other offers even after you have submitted yours. A quick answer to your offer will rarely happen.

Closings: If you need a quick closing and need to plan on an absolute date for closing, foreclosure properties may not be the answer for you. While these properties have certainly been known to go fast from the time of offer to closing, this is not something that you can count on as an absolute. If you are not under any particular time frame, then this won’t be an issue.

Pre-foreclosure Short Sales:

Price: These are properties that will be contingent upon a bank accepting your offer even after the seller has accepted and signed their agreement on the price. The bank will have to agree to a price that is usually less than what the original mortgage was. Often they are well priced or better priced than some other properties in the same market.

Condition: Goes from bad to excellent depending on how long the seller has been in financial difficulty. Your home inspection will help you determine what (if any) delayed maintenance there might be.

Your offer: Since your offer is contingent upon Bank approval just like the foreclosure properties, you should plan on submitting a pre-approval letter with your offer. Price is going to be important on this type of purchase since the bank will be discounting what is actually owed to them and the amount you plan to finance is important. The bank can be slow to answer even after the seller has agreed to your price as it is in their best interest to continue to shop for a better offer. A quick answer to your offer is often difficult to obtain.

Closings: This is similar to Bank owned foreclosures. Please see those comments above.

Seller Owned properties:

Price: While not usually the least expensive of what is on the market, they are usually fairly priced – just not priced as a distress sale might be.

Condition: The majority of these houses are in excellent condition and show well as these Sellers are competing with properties that are distress sales and priced under market value.

Your Offer: While these sellers usually have their houses priced according to the market, they are not in a position to play major negotiating games nor do they need to if they were priced fairly for the location and condition. If you are used to dealing with foreclosures and short sales and making low offers, you may find that this won’t work for you with these sellers. These sellers may request a pre -approval letter with your offer as well due to the mortgage issues that have arisen in this market correction. For many obvious reasons they don’t want to take their property off the market if you do not qualify for a mortgage to purchase their house. Some of these houses are sold as is, but many sellers are willing to make repairs that the buyer feels are important that are covered by the language of the contract.

Closings: This is where you can usually be in the driver’s seat. If you have specific needs to close quickly and on time. Seller’s who are competing with distress sales can make up some of that difference by allowing the buyer to determine how fast they want to close

Information offered by Julie Park and Simon Swain, Realtors; Prudential Tropical Realty

http://www.athomeintampabay.com/

Saturday, September 20, 2008

Staged homes SELL!

You NEVER get a second chance to make a FIRST impression!

You have probably heard how important first impressions can be. But did you know that within 15 seconds a buyer has already developed an opinion of your property? This is why establishing the right first impression is critical to achieving a successful sale. If you are considering the sale or purchase of a home, log on to our website at www.AtHomeInTampaBay.com

The following is an outline of those elements which create the overall first impression, including suggestions on how to make sure the buyer reacts as favorably as possible.

The Home Front:

Your property’s landscape is not limited to the lawn and shrubs but encompasses everything from the street to your doorstep. For this reason, you must make sure each component of the visual landscape looks its best. The real estate industry refers to this as “curb appeal.”

Street: Make sure the street in front of your house is free of litter or debris. If necessary give it a fresh sweep.

Fire Hydrant: Although you do not own the fire hydrant in front of your house, you should still be concerned about how it looks. If it needs a freshening up, get permission from your town to paint it.

Sidewalk: Sweep your sidewalk if needed and remove weeds that may be growing between the cracks.

Fence: A freshly painted fence gives a home a crisp look. You should never let a peeling, tired-looking fence or squeaky gate stand between a prospective buyer and a positive first impression.


Mailbox/Light Fixtures: A quick painting of an old mailbox will let the buyer know you care about the details. If outdoor lamps look rusted and worn out, new ones will cast a positive light on your property.

Landscaping: Neatly trimmed shrubs are essential. Taking the time to do this costs little, but has a big impact. Besides being freshly mowed and trimmed, a lawn should look healthy. If there are spots that look beyond help, a little sod goes a long way to restoring the look of a well-maintained lawn.

Front Walkway: Like the sidewalk, the walkway should be clean and free of weeds. If sections are badly cracked, consider having them repaired.

Driveway: There are two elements of the driveway with which you should be concerned. The first is its surface condition. If stained or otherwise worn-looking, consider resealing it with a high quality sealer product. Second is the appearance of the car parked in the driveway. A newly waxed, well-maintained automobile will make a much different statement about you and your property than an unattrative, poorly cared for car. If you think your car will be a detriment to the look of your property, park it down the street.

Paint: A fresh coat of paint can be one of the best investments you can make to increase the value of your property. If you do not want to spend the money to paint the entire house, consider just the shutters or the front of the house.

Siding: If you have vinyl or aluminum siding, have a cleaning service wash or repaint it using a product designed for these materials.

Windows: Attractive windows can help increase the appeal of your property:
*Replace any cracked or broken glass.
*Make sure the windows are sparkling clean.
*Add shutters to the front of your house.
*Apply touch-up paint where needed.


Roof: The roof may be the single most important aspect of your home front. A well maintained roof will say a lot about the overall condition of the property:
*Replace any broken or missing shingles or tiles.
*Repair flashing where needed.
*Paint eaves and fascia boards.
*If the roof is old and needs to be replaced consider having the work done before showing the property.

Gutters/Downspouts: Neat and trim-looking gutters and downspouts make a house look shipshape. Consider replacing highly visible ones if they are in need of serious repair. If run off areas are eroded, you can install concrete (or other) “spillways”.

Doorway: The doorway is the focal point of your house.
*Repaint the door.
*Apply new door hardware.
*Install a brass kick plate.
*Replace house numbers.
*Put a flower box or planter alongside the door.
*Install a new front light fixture.

Light: It is proven that people react more favorably to property shown under bright light than dark. The following steps should help you keep your home as bright as possible.
*Keep windows clean.
*Use adequate wattage in light bulbs.
*Consider replacing older fluorescent lamps, which darken with use.
*Use mirrors to magnify the feeling of light and space.
*Use track lights to create a high-tech look.
*Use light wall colors.
*Open drapes and blinds and turn on lights prior to showings.

Color: A fundamental rule when selling your house is to keep colors neutral and light. The following are specific suggestions:
*White, beige and gray are the most popular exterior colors.
*Shades of white, off-white and very light pastels are the safest choices for the interior.
*Avoid lightly patterned wallpaper whenever possible.
*Try to limit bright colors to accents like fresh flowers, towels, area rugs and shower curtains.

Sound: The sounds of peace and quiet are some of the best sounds to have when your home is being shown to a prospective buyer. But there are other sound considerations you should also be aware of.
*Avoid barking dogs and noisy children, if possible.
*Also avoid sounds of work like vacuums, dishwashers and lawn mowers.
*Make sure there are no sounds of mechanical problems like banging pipes or faulty appliances.
*Light classical or instrumental music can be effective in creating a pleasing atmosphere.

Smell: Smell has more impact than you might expect. It can work for or against you.
The smell of newness is positive. This scent can be achieved by applying a fresh coat of polyurethane to natural wood or latex paint to walls.
The smell of cleanliness is important to the selling environment of your house. Beyond actually cleaning, lemon oil or lemon wax can help create a lasting scent of freshness. Fresh flowers can also be effective.
For a real heart-warming touch, place a dish of vanilla in a warm oven to create the aroma of fresh-baked cookies or bread.
Sweeten the refrigerator with a box of baking soda.
Smells to avoid include strong pet odors, tobacco, cooking and oil or gas.

Packaging the Interior

Entry: The entry is where the first impression of the interior is created. Here you have the opportunity to make a big statement in a small area.
*Repaint the entry using light, neutral colors.
*Move a prized antique or attractive furnishing to the entry, where it will have maximum impact. Install simple chair rail molding to the wall.
*Apply a fresh coat of polyurethane to a wood floor.
*Tile or linoleum flooring should shine.
*Replace plastic switch plate covers with brass or porcelain.
*A new hall light fixture can make a great impression.
*Make sure the room is well lit.

Kitchen: The kitchen is perhaps the most important room in the house. It can have a major impact on the value of your property. If your kitchen needs some real help, you may want to make extensive improvements. The following is a list of ideas to increase the appeal of your kitchen without spending a great deal of money:
*Make sure the room is virtually spotless and smells fresh. Try putting a quarter section of a lemon in the disposal and grinding it up.
*Consider replacing outdated light fixtures with new lighting.
*If your appliances are dated by colors like harvest gold or avocado, consider having them professionally refinished in a new color like almond or plain white. This will make appliances look new at a fraction of the cost of actually replacing them.
*Spruce up the kitchen cabinets by installing new knobs or hardware.
*If your cabinets look especially old, you can have a professional replace the doors or door fronts. *Organize your kitchen cabinets to demonstrate how much room you have. Cabinet organizers are a good investment for this.
*Remove small kitchen appliances and gadgets from countertops to create an uncluttered look.
*Chipped or damaged countertops should be repaired or replaced.
*If your linoleum floor is badly worn, replace it with neutral no-wax flooring or tile.
*A freshly painted kitchen may be well worth the investment.

Bathroom: The bathroom has become an important selling feature in today’s home. It is a room that has moved from the utilitarian to the exciting. There are many ways you can improve deficiencies and create interest through various levels of enhancement:
*Place a vase of fresh flowers on the vanity.
*Install a wall telephone for a high-tech look.
*Replace an old toilet seat with an oak one.
*Replace an old light fixture with a new style light strip or make-up light.
*Refinish an old porcelain tub using a porcelain finishing service.
*Place all personal care articles out of sight.
*Freshen the air with lemon scented products.
*Replace an old towel rack with one of brass or oak.
*Add color and richness with new towels and shower curtain.

Living Room: The living room is an area we do very little living in yet it is a major selling point of a house. Buyers look for elegant and impressive living rooms to make the right statements to their friends and relatives.
*Use mirrors whenever possible to enhance the perception of size. The strategic placement of a mirror over a mantle or across from a window can make a room look brighter and larger.
*A fireplace is one feature that everyone can appreciate – show it off to its best advantage. Sweep it clean and make sure the screen in s in good condition. If your house is being shown during the winter, make a cozy, crackling fire. During warmer months, you can dress up the hearth with fresh indoor plants or dried flowers.
*Use inexpensive free-standing “can” lights to create dramatic visual effects behind large plants or pieces of furniture.
*Use chair rail or cornice molding to create a feeling of elegance.
*Professionally clean wall-to-wall carpet or large area rugs. Sand and refinish stained hardwood floors.
*Cean windows and light fixtures.
*Make sure all cosmetic plaster cracks are repaired. (This applies to every room in the house.)
*Use lemon oil on hardwood furniture to create the right look and aroma.
*Liberal use of fresh flowers and plants will enhance the environment.

Bedrooms: The bedrooms can do as much to sell your house as they can to turn off a buyer.
Make sure the bedrooms are absolutely spotless. Rugs should be cleaned, windows washed and fresh smells from flowers or lemon oil should be in the air.
Organize closets to increase their perceived size. Rubberized wire closet organizers do a great job of helping fully utilize space.
Mirrored closet doors can add dramatically to the feeling of size in any bedroom
Bedrooms should be well lit. You may want to add additional lights in the master bedroom.
A ceiling fan can be an attractive and practical accent to any bedroom.

Basement/Attic: The look of the basement and/or attic can say more about the condition of your house than you may think. A buyer who sees a meticulously clean and organized basement and/or attic will have much more confidence in your property than if it were in a state of disarray.
*Paint a bare cement floor oil-based gray.
*Paint the stairway down to the basement and the stairway up to the attic.
*Clean the boiler of the furnace room as well as the heating plant.
*Make sure there are no signs of pest infestation. If needed, call in a pest control company to remedy the problem before the property is shown.
*Hang as many objects as possible on the walls to minimize floor clutter.
*Clean and organize your laundry area.
*Make sure all lights are working.
*Eliminate dampness with a dehumidifier.

Garage: A well-organized garage says a lot for your house.
*Keep the garage neat and organized.
*Clean up any oil stains from your car.
*Paint the garage floor oil-based gray.
*Install a garage door opener.
*Hang gardening tools and loose articles on the wall.
*Hold a garage sale to dispose of unused items that create clutter and may distract a potential buyer.

Swimming Pool/Spa:
The swimming pool or spa should be sparkling clean and in good operating condition.
*Repair or replace broken tiles.
*Patio and concrete decking around the pool should be clean and cracks repaired.
*Pool filter and heating equipment area should be cleaned.
*Replace worn or broken pool equipment (brushes, hoses, sweeps, pool covers, etc.)
*If your pool is stained, you may want to have a professional service drain and acid wash or refinish the surface.

By showing attention to detail and understanding the buyer’s need to visualize your house against a neutral backdrop, you can dramatically increase the saleability of your property!

Friday, September 5, 2008

Tampa Bay Home Market trending upwards!

Tampa's home sales have risen 60% since January!



Nationally, existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors®



Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. Tampa is one of those regions! “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”



If you are looking for the BEST time to buy...you've found it! Log on to our website at:

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