Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Why your Association Needs to Know How to Properly Process an Application            

Remember that the SELLER is one of your neighbors and the BUYER is your future neighbor.  In these times, the condo is under as much scrutiny by the banks as the buyer is from the Association, so be courteous and professional.

Once the property is listed, you are dealing with the Seller’s agent.  Condos that have the Right of First Refusal need a document signed by your unit owner stating that their unit is up for sale, with which Real Estate Company and at what price.  Ask for an emailed copy of the listing printed out from the MultiList real estate computer system to check for correct information, maintenance fees, parking space info and application fees.

Once a contract is executed by both parties it needs to be immediately submitted to Association WITH the buyer agent’s business card or contact info.  The contact person for you from this point on is the Buyer’s agent. 

When you receive an executed contract, you should also receive an information sheet that includes the contact information for the Buyer, Seller, Buyer’s agent, Listing agent, Closing company and Lender.  For a sample of a Contact Info sheet, please contact us at INSIDEHILLCREST@aol.com.

First of all, review your application.  You are dealing with a POTENTIAL buyer, not a resident.  The application is a request for information in order to do a screening. Try to keep the application as concise as possible.  It is less burdensome on the buyer’s, and easier for board members to review.  If you use a company to do your background and credit checks, e.g. Veristat, start with their required information and consent page and then add a page for other information the board needs.   There is absolutely NO REASON that your application needs to be more then 10 pages AT MOST – and this should include:

1. Guidelines and Fees for the application process; legally the application fee cannot exceed $100 per person (or married couple), $150 for the estoppel letter, and hopefully, a reasonable fee for the Condo Questionnaire.

2. Request for necessary information and Release Authorization in order to complete credit and background check to submit to screening company.

3. Legally required Frequently Asked Question and Answer Sheet for your building.

4. Receipt of  Condo Docs (to be sure the applicant has received the Articles of Incorporation, By-Laws, Declaration of Condominium, Financials, and Governance Form)

5.  Occupancy Affadavit – signed and notarized as to who will be occupying the unit and auto information for the residents.

6.  Rules and Regulation sign-off sheet that stresses your building’s restrictions; i.e.  over-55, one car, no pets, cats only, etc.

You do not need the Emergency Contact sheet until they are an approved resident.  As for “references” – anybody ever call a personal reference that had anything negative to say?  Use a professional screening company.

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Hollywood State of the Market

          

            As most of you know, my primary farm area is Hollywood homes.  Buyer agents call me first for info and I direct them to the best listings – even if they are not mine.

The majority of my recent listings have received offers within the first two weeks.  This is the year of the buyer.  Hollywood has a great reputation partly thanks to our “Crown Jewel of South Florida” campaign.  Most homes sell within the first 90 days.

Now that the real estate bubble has popped, the time is ripe to move from renting to owning.  Interest rates are at an all-time low and inventories are still adequate.  No matter what you hear in the news, not every area is the same.  Here in Hollywood, home prices are not only stabilizing but inching up.  This is the Year of the Buyer.  However, you need to shop smart and so your homework.

HIRE A PROFESSIONAL REALTOR! A professional will do an in-depth consultation with you to refine your search and save you time.  Also, a professional Realtor knows how to negotiate price and navigate the legalities of the contract and closing.  The seller pays the commissions so why on earth would you go it alone?!  Email me to make an appointment for a professional consultation at cindy@ateamflorida.com.

STUDY THE NEIGHBORHOODS – drive around so you know exactly where you want to be depending on what is important to you; do you want to be close to schools, shopping, or near the beach?  You can get our fresh Florida breezes as far away as 10 miles of the beach.

Realize that there may still be deals but there are no “steals”.  Anything that is a great value will be snapped up by a cash buyer before you can write out a contract.  The investors are hovering like vultures and they have done so much research, they know exactly when that great short sale or foreclosure will hit the market.

KNOW THE TRUE VALUES – I will thoroughly educate you on market values.  If you fall in love with a house or condo, chances are others will feel the same.  Bidding wars are becoming fairly commonplace.  It is not unusual to pay full list price or even higher for a great property. 

STAY WITHIN YOUR BUDGET – Choose a home/condo that is no more than 2 ½ times your yearly income.  If the annual cost of your mortgage and other debts exceeds 40% of your income, think twice.  If you pay cash for a condo but are on a limited fixed income such as Social Security, you should at least have matching funds – the same amount of money that you paid for the property - in savings.

Buyer Beware

Cindy Abraham, Keller Williams Realty Professionals

Root canals can take time and the process may be painful, but they don’t seem to be particularly difficult. I would wager you can get enough info on the internet to do your own and save the expense of hiring a dentist.

Buying a home or condo is the same.  Why pay a professional Realtor to help you buy a home when you can get the info on the internet and go it alone?  Plus the extra time it takes for the search, price negotiations and navigating all the legal requirements more than makes up for the expense of a hiring a licensed Realtor.

Oh wait, I forgot – the BUYER doesn’t pay the Realtor, the seller does.  So basically you are entering into a business transaction with a professional who is representing the other side.  Doesn’t seem to work for divorces but…

Frankly, I understand why someone would start their search on the internet.  It gives you a good idea of what is out there, which neighborhoods would be best for you (you can check schools and crime rates), how much you can afford…etc.  I get it.  But do you know that the info you get on Zillow, Trulia, Realtor.com and others is NOT always accurate?  The only accurate data for what is really available on the market is in the MLS.  I give my buyers two chances (‘cause I am a patient woman) to tell me they found something on Realtor.com or one of those other sites that I “missed”.  Then when I find out – like I always do – that the property is off the market or already under contract or worse – not how it looks in the pictures – they finally realize that I probably have access to a more complete picture of the market than they do.

Realtors are professional consultants and salespeople.  If you are searching for a property, a Realtor knows the right questions to ask you to find exactly what you want and find it in the shortest amount of time; and they are TRAINED in the art and science of negotiation.  A professional Realtor will not start showing you properties until s/he has completed a formal consultation including a signed buyer broker agreement, and will also require a loan pre-approval and/or proof of funds for the down payment and closing costs.  There is nothing worse than finding a property you love and then realizing that you cannot afford it. 

            I had one buyer who did not want to take my advice on a Real Estate matter because his dentist advised him differently.  I offered to do his next root canal.

Allow me to paraphrase a favorite adage: “A home buyer who chooses to represent him/herself has a fool for a client.”  Amen.

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Hollywood State of the Market

           

As most of you know, my primary farm area is Hollywood homes.  Buyer agents call me first for info and I direct them to the best listings – even if they are not mine.

The majority of my recent listings have received offers within the first two weeks.  This is the year of the buyer.  Hollywood has a great reputation partly thanks to our “Crown Jewel of South Florida” campaign.  Most homes sell within the first 90 days.

Now that the real estate bubble has popped, the time is ripe to move from renting to owning.  Interest rates are at an all-time low and inventories are still adequate.  No matter what you hear in the news, not every area is the same.  Here in Hollywood, home prices are not only stabilizing but inching up.  This is the Year of the Buyer.  However, you need to shop smart and so your homework.

HIRE A PROFESSIONAL REALTOR! A professional will do an in-depth consultation with you to refine your search and save you time.  Also, a professional Realtor knows how to negotiate price and navigate the legalities of the contract and closing.  The seller pays the commissions so why on earth would you go it alone?!  Call me for a professional consultation.

STUDY THE NEIGHBORHOODS – drive around so you know exactly where you want to be.  And also realize that there may be deals but there are no “steals”.  Anything that is a great value will be snapped up by a cash buyer before you can write out a contract.  The investors are hovering like vultures and they have done so much research, they know exactly when that great short sale or foreclosure will hit the market.

KNOW THE TRUE VALUES – I will thoroughly educate you on market values.  If you fall in love with a house or condo, chances are others will feel the same.  Bidding wars are becoming fairly commonplace.  It is not unusual to pay full list price or even higher for a great property. 

STAY WITHIN YOUR BUDGET – Choose a home/condo that is no more than 2 ½ times your yearly income.  If the annual cost of your mortgage and other debts exceeds 40% of your income, think twice.  If you pay cash for a condo but are on a limited fixed income such as Social Security, you should at least have matching funds – the same amount of money that you paid for the property - in savings.

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Our Veterans – NOT to be Dishonored

There are several different types of loans.  The most common are conventional, FHA and VA.  The simplest definition of a conventional loan is “a loan that is not underwritten by a government agency.”  An FHA loan is “a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.”  A VA loan is “a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA).”  Another difference between conventional and an FHA or VA loans is a much lower down payment requirement for the latter.  Although almost anyone can apply to qualify for a conventional or FHA loan, the only way one can qualify for a VA loan is if the applicant is a veteran of our U.S. military forces; someone who served our country.

Recently I discovered a sad fact.  It seems that because the VA loans are structured so that some fees and costs are not paid to the realtors and title companies handling the property purchase, buyers with VA loans can be – and have been - passed over in favor of buyers with loans that do cover all the fees and costs.  And this is absolutely disgraceful..

I personally worked with a Veteran who was looking to buy a house here in Hollywood.  We must have put offers in on at least seven homes and never could get the offer accepted even if we offered full price or even more than full price.  Finally, we found yet another foreclosure and placed a full price offer on the property.  The bank required that my buyer be pre-qualified by their lender; which is a fairly common practice in order to ensure that the buyer’s claim of the pre-qualification amount is valid.  When the bank rep called my buyer and found out he was a veteran, she told him that she and her husband were also having problems buying a home for the above reasons and, with her help, my buyer was successful in purchasing the home.

I was outraged and went to my broker to find out if this was indeed a common practice.  He called in some of his associates in the mortgage industry and sadly they confirmed my suspicions.  In fact, one of them told me (off the record of course) that he was so disgusted by a similar occurrence that he told the buyer to knock on the homeowner’s door and ask if it was the homeowner or the listing agent who was responsible for the blatant discrimination!   I can see mortgage and real estate brokers wincing as they read this.  Confronting a seller in that manner is probably not something they would recommend, but I totally understood why someone would suggest such a radical move.

I am here to tell you that this practice, if it is truly as widespread as I think it is – MUST STOP!!!   What does it take to get a VA loan?  SERVICE TO OUR COUNTRY!  May we all have a Happy Independence Day on July 5^th – and be thankful to those who are responsible for why we are able to celebrate.

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Disassociate Yourself With Your Home

Say to yourself, "This is not my home; it is a house, a product to be sold much like a box of cereal on the grocery store shelf."

• Make the mental decision to "let go" of your emotions and focus on the fact that soon this house will no longer be yours.
• Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
• Say goodbye to every room.
• Don't look backwards -- look toward the future.

De-Personalize
Pack up those personal photographs and family heirlooms. Buyers can't see past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Tips on Selling Your Home
  

   Do not do anything expensive, like remodeling . If possible, use savings to pay for any repairs and improvements do not go charging up credit cards or obtaining new loans. Remember that part of selling a house is also preparing to buy your next home. You do not want to do anything that will affect your credit scores or hurt your ability to qualify for your next mortgage. When looking at a house, prospective home buyers often do not really know what to do. So they play with things. They flick light switches. They open everything with a handle. They turn on all the faucets and flush all the toilets. Having nice shiny fixtures makes an impression.All  of your sink fixtures should look shiny and new. If this cannot be accomplished by cleaning, buy new ones. This can be accomplished inexpensively. Make sure all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers.

Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Are You Ready?

You should buy a home. That's what you've been hearing from friends and family, right?So now you have decided that home ownership is the best decision for you. That's a major hurdle now passed. You are focused and certain. Almost 80 percent of all home searches today begin on the internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings,and skim through dozens of photographs of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of you home you want. By the time you reach your real estate agent's office, you are halfway to home ownership.Good real estate agents like myself will listen to your wants and needs and arrange to show only those homes that fit your description of your want and needs. Agent usually and should preview homes before showing them to you as well. If you think you are ready to buy a South Florida home or condo give me a call Cindy Abraham at 954-895-1617 or E-Mail me at Cindy@ATeamFlorida.com