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July, 2010
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The slogan at the Sarasota Association of Realtors is "Now is the time to buy. Most people in America and our area on the West Coast of Florida say, Wow , I can't believe what a good value that property is", and still they sit on their hands waiting for confirmation that our market has hit bottom.' Fear of loss is the number one motivator or in this case de-motivator.
MY answer to this challenge is to buy properties under the current corrected market value. The best way to do this is by purchasing a short sale property. A short sale is when a lender is willing to allow a seller to liquidate a property for less than the mortgage balance. An example of this is the following:
A 3,600 sq ft single family home under air with screened and heated pool and spa, many builder upgrades, 4 bedrooms 3 bathrooms on a lake in a gated community.
Property purchased in late 2005 $1,026,000
Mortgage Balance $ 800,000
Current Appraised value $ 646,000
Bank will accept on short sale $ 575,000 or less than £ 327,000
There seems to be some rules that should be considered when purchasing a short sale.
•1. Patience - It can take between 3 to 6 months to get the approval from the bank to close. During this period there is little communication from the bank as they do their process.
•2. Banks will do their own valuation of the property - This is called a BPO or Brokers Price Opinion. These BPO's try to assess the value of the property as of the proposed closing date. WE do our own BPO to make sure our offers to the bank are within their approved guidelines.
•3. Lenders are anxious to sell these properties and will sometimes approve the sale at about 85% to 90% of this BPO value.
•4. For offers to be taken seriously their needs to be a small deposit with the contract and proof of funds to close provided. Cash offers are always best.
MY recommendations are as follows. Currently there are many people who have lost their homes to the unfortunate financial circumstances. These people in most cases have paid their bills on time most of their lives and need rental housing. We lease and manage many homes in our area and we get calls daily for homes in our area from families who are looking to reduce their monthly living expenses. If they purchased their home in 2004, 2005 or 2006, they paid top dollar. Their mortgage payments including taxes and insurance are probably twice to cost to rent the same home in this market.
This condition brings on a great opportunity. If you can buy homes in the right areas at a proper price you can gain a long term tenant paying a fair rent that will give you a rental return that will cover the monthly expenses. This could be the way to own a Florida home at a great price giving you time to consider if and when you want to emigrate here. If it is strictly an investment the equity increase in 5 years could double your investment.
We have many properties available as short sales. The range from a 5 bedroom 3 bath single family home in a prestigious Golf Community with all the upgrades and a golf view that originally was valued at $1,895,000 and is now listed at $899,000 to a 3 bedroom 2 bath condominium on a golf course valued at $599,000 in 2005 listed for $270,000. I have a home walking distance to the Siesta Key Beach for currently listed at $519,000 but can probably be purchased for $350,000.
I am sure I have the right home to fit your needs as there are many short sale homes available right now. If you would like a brochure with some of these homes please email me at greg@gregsheller.com or call me on skypeuser: gregsheller or 020 3286 1950. My website is www.gregsheller.com | |
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Spring decorating: five savvy home decorating tips eco-style
(ARA) - As spring rounds the corner, so does the desire to lighten the mood in life and home. Whether you choose to de-clutter or add a splash of spring color, simple eco-friendly changes to home decor set the tone for a much lighter, and brighter, season.
Follow these five tips to affordable eco-friendly home decorating.
Let color lift the mood
Color has long been credited for its mood-changing qualities. "Color really makes things more upbeat and changes the energy in a space," says Mary Ann Thornam, interior design academic department chair at The Art Institute of Colorado.
Leadership in Energy and Environmental Design (LEED) accredited professional-certified designer and instructor from Miami International University of Art & Design, Jorge A. Pernas, suggests not just going out and buying any old type of paint, but "request to see their line of Volatile Organic Compound (VOC) free products - they are very eco-friendly; these paints don't emit any toxic fumes and are completely odorless, making it possible to literally paint a bedroom and be able to sleep in it that same evening."
Lighten the landscape, lighten the mood
Lighting is another simple, affordable and eco-friendly way of sprucing up the home. Pernas suggests converting all task lighting to compact fluorescent bulbs. The reduction in energy consumption translates into a lower monthly bill and an overall reduction in your carbon footprint.
You've heard of feng shui. Furniture placement plays a major role in the ergonomic quality of your living space. Developing a more flexible floor plan by angling and shifting pieces can often help give the area the appearance of more space - making it feel less cluttered.
Another easy way to update the overall look of a room is by replacing curtains/tapestries, slipcovers and bedding with organic sheets and materials, giving the space an updated look that is both affordable and eco-friendly.
Delight in de-cluttering
With the new season comes the inspiration to cleanse and purge items that you no longer need. Replace heavier accent objects, such as ceramics, with lighter pieces, like baskets. Reposition artwork and add mirrors whenever possible as they open up a room and give the illusion of more space. Of course, when in doubt, recycle it out.
Shop and swap
As the focus on sustainability becomes more widespread, so do your options for eco-friendly products that do not deplete the earth or your pocketbook. Some options include swapping with a group of friends to changing out items that no longer fit your space, or shopping in thrift stores and consignment shops. Of course, when those options won't do, Pernas suggests purchasing eco-friendly, simple selections such as bamboo rugs, organic cotton sheets or recycled glass.
Bring the outside in
With spring comes the urge to open windows and breathe in the fresh air. Bring the natural goodness of the outside into your home with the addition of potted flowers and plants or window boxes.
Visit the local farmers market to find your favorite plants or flowers and place them in locations where you spend time daily. Vegetation not only adds oxygen, but also brightens the backdrop.
The key to savvy decorating is not overpowering the existing elements. "Small changes can make a dramatic difference in the personality of a room," says Thornam. To learn more about The Art Institutes schools, visit www.artinstitutes.edu/nz.
Courtesy of ARAcontent
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QUESTION:
If the real estate agent representing the Buyer knows of a flooding problem, must they disclose this information to the buyer?
ANSWER:
Real estate agents are not going to be as familiar with a property as the seller. If you received a Transfer Disclosure Statement and either the listing agent or the selling agent knew of a problem not listed by the seller, they should have added it to the form. It is generally required that they do so. However, they may not have known - and they cannot disclose problems they don't know about or that were concealed by the seller. |
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Fast fixes for foreclosed homes
(ARA) - The high volume of foreclosed homes on the market is allowing some astute buyers to turn eyesores into eye-catching properties with only minimal investment. While not every property can be fixed up affordably, there are some common projects that dramatically improve a foreclosed home's appeal and value.
"Many people are finding huge opportunities in fixing up foreclosures," says Tom Sullivan, founder of Lumber Liquidators, the nation's largest specialty retailer of hardwood flooring. "Most of these houses can be completely transformed with just a few improvements. Often, the fixes are easy enough to be do-it-yourself projects."
Here are some popular cost-effective options for breathing new life into a home in need.
Add new countertops.
The kitchen is one of the most important rooms in any home, since it is a space where people spend a lot of time - from cooking dinner to entertaining friends. One of the most dramatic changes that can be made to a kitchen is adding new countertops. It alters the appearance of the space by changing the color scheme, depth and texture of the whole room.
Countertops range in price depending on room size, type of material and mode of installation. In an average kitchen, a new laminate countertop starts at around $1,000, with granite or quartz ranging from $3,000 to $6,000. Butcher-block countertops are another attractive, yet cost-effective option. Williamsburg Butcher Block Company offers options in both maple and American cherry starting around $310.
Replace the bathtub.
Foreclosed houses frequently come with water stains left by standing water in sinks, toilets and bathtubs. Updating a bathroom by installing a new bathtub not only removes the problem, but, because the tub is a core item, it creates a more pleasant feeling in the room. Bathtubs are available in many different styles and sizes, so there is likely to be one that suits any taste, from traditional to contemporary. Bathtubs start at around $300, depending on the size and style.
Trade carpeting for new wood flooring.
Foreclosed houses are frequently abandoned with soiled carpet that continues to gather buildup over time. Mold is also common in homes that have been left bare for extended periods. To get rid of hidden odors, allergens, irritants and mold, replace carpet with wood, particularly in high-traffic areas such as living rooms and great rooms.
In addition to reviving these common areas, swapping carpet for wood adds style and creates a more spacious feel. The choice of wood can also make a big difference. Light wood colors can make a room appear larger, medium-toned woods can make a room appear more traditional and dark flooring can make a room appear warmer.
"The introduction of so many new species, colors and types of wood flooring in recent years gives homeowners a lot of options when renovating a room at different price points," says Sullivan.
Laminate flooring can deliver the appearance of solid hardwoods, but costs less than $1 per square foot at places like Lumber Liquidators. This allows budget do-it-yourselfers the ability to transform a 400-square-foot area for as little as $750.
In addition to making a foreclosed home look new again, completing these easy and affordable updates can go a long way in restoring the value of the property when it comes time to sell.
Courtesy of ARA Content
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Gregory Sheller
REALTOR®
888-998-9005
941-266-8777 (direct)
941-954-5454 (office)
941-308-3974 (fax)
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