Apr
3
Why Does it Take so Long to Purchase a Short Sale?
Posted by careyfrankel under For Buyers
A short sale can be a great investment for a home buyer, but the process is only for the patient. Many home buyers wonder why making an offer on a short sale is such an ordeal, and why it usually takes much longer to close on a short sale on a Jacksonville Beach condo. Here’s why:
• When you make an offer on a short sale property, you are making an offer on a home that the homeowner and the bank have agreed to sell for less than what the homeowner owes on the property. Because of this, you will first make an offer with the homeowner. The bank will usually not consider accepting an offer from a home buyer unless it is near or close to the fair market value of the home. In other words, if you want to walk away with a bargain-basement price, you may want to look somewhere else.
• The discussion between the homeowner and the bank does not officially start until the homeowner receives the offer from a qualified buyer. If the homeowner and the bank cannot agree on terms for the short sale, or if the buyer presents an offer the bank feels is too low, the buyer will likely get a swift rejection from the bank. In other words, even if the homeowner says “yes” to your offer, the bank can still say “no.”
• Banks hire professionals whose job it is to understand the value of selling the home through a short sale or waiting a few more months and selling the home as a real estate owned property. Known as BPO agents, or Broker Price Opinion agents, they are hired to first find out the fair market value of the property and then decide how much the bank will make from the sale. Then they must decide how much the bank would net if they decided to continue into foreclosure and sell the home as a foreclosure. Once this process is completed, and the bank agrees to a short sale, they will also determine an acceptable range for which they will accept a sale.
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Mar
25
A Snapshot of Today’s Dream Kitchens
Posted by careyfrankel under General Information
If you have the desire to turn your ordinary kitchen into your dream kitchen, you have plenty to choose from in terms of luxuries, amenities and accessories. Whether you are remodeling your kitchen for a quick sale or you are settling in for the long haul and you want a kitchen you will love to be in, a dream kitchen is a fantastic investment. Here are just a few of the things many of today’s dream kitchens for Jacksonville Beach homes are boasting:
• Professional-grade appliances – From Subzero refrigerators and freezers to six-burner Wolfe ranges, today’s homeowners want upscale appliances to match their upscale kitchens.
• Cabinet-front appliances – If you don’t want your dishwasher or refrigerator to be the focal point of your dream kitchen, you can get cabinet fronts that match your kitchen cabinets to camouflage your appliances and create a truly custom look in your kitchen.
• Built in wine coolers pull-out warming trays – Speaking up upscale appliances, today’s dream kitchens have built-in wine coolers and pull-out warming trays to keep the wine chilled and the hors d’oeuvres warm.
• Exotic stone countertops – Granite countertops are still wildly popular in today’s dream kitchens, but so are other exotic stones. Modern kitchens are also featuring poured concrete countertops, which give a sleek, contemporary feel to the kitchen.
• Custom cabinetry with rich moldings and beautiful hardware – Today’s custom cabinetry is simply beautiful, as it mimics the beautiful wood you likely have throughout your home. Thick, intricate moldings and decorative hardware are also popular accessories for today’s custom kitchen cabinetry.
• Farmhouse or hammered copper sinks – Stainless steel sinks have fallen back as farmhouse sinks, with apron fronts, and hammered copper sinks have gained popularity in traditional kitchens.
• Rich wood flooring – Traditionally left in other areas of the home, rich hardwoods are gaining popularity in today’s kitchens. Hardwood can be stained to match cabinetry and is a great material that makes a kitchen feel warm and inviting.
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Mar
20
The Challenges of Renting your Home
Posted by careyfrankel under Listings
If you are struggling to sell your Ponte Vedra Beach homes, you may have considered renting it. Renting your home can be a practical solution – both in the short-term and long-term – but can be a challenging endeavor. And here’s why:
You Must Act as a property manager.
What does this mean? It means you are responsible for taking care of everything as it relates to the property. You must find tenants; run credit reports on those tenants; draft a lease agreement; collect rent; prepare the home to be rented; and take care of anything that goes wrong with the home for the entire time it is being leased.
In other words, if the furnace stops working at 3 A.M., you will be the one to call in a service repairman or head over there yourself to pinpoint the problem. You will likely be held responsible for maintaining the property’s yard and landscape while it is being rented, and you will need to deal with any and all problems regarding the tenants while it is being leased. Are you prepared to evict troublesome tenants? Are you prepared to deal with tenants who do not pay their rent on time? And, perhaps most importantly, are you prepared to rent your home to people who simply don’t care for it the way you want them to? The bottom line is that leasing your home is not just about collecting the rent each month; it is about dealing with the property wherever and whenever you are needed.
Or, you must pay someone to act as manager.
If you are moving out of the area, or if you simply don’t have the time or the resources to act as a property manager, you must pay a professional to perform the abovementioned duties. And that doesn’t come cheap. In other words, if you need to cover the home’s mortgage and utility bills while it is being rented, you must also consider the cost of paying someone to act as property manager. Many homeowners fail to realize this expense and end up losing a considerable amount of money each month.
In conclusion, it is always best to consider all costs before renting your home so you can best prepare for what lies ahead.
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Mar
13
A Short Sale Explained
Posted by careyfrankel under For Buyers
Many of us have heard the term “short sale” being used often when the topic of real estate is brought up. This is because many homeowners across the country have had to sell their homes for less than they owe due to the economic stressors of the last few years.
A short sale can best be explained as selling a St. Johns County property for less than the mortgage balance. In a short sale, the bank agrees to accept less than what is owed on the mortgage as to avoid foreclosing on the property. For example, if the mortgage balance on a home is $200,000, but the value of the home is closer to $180,000, the bank may agree to sell the home for $180,000 and take a loss of $20,000 on the property.
Whether the homeowner simply can’t afford to pay for an increasing mortgage payment each month or the homeowner wants to sell the home, but can’t pay the difference between the mortgage balance and the sale price, a short sale may be a smart alternative to foreclosing on a home.
Negotiating with the Lender
In order to sell a property through a short sale, the homeowner must negotiate a short sale with the loan holder. Although a lender will want to avoid losing money through a short sale, it is often more financially advantageous for them to agree to a short sale because the lender likely has a lot more to lose during the foreclosure process. Many lenders will consider payment in full through a short sale, thereby allowing the homeowner to walk away from the property without any further financial obligation.
Homeowners are often likely able to negotiate a short sale with their lender if the lender is under severe financial strain due to delinquent mortgages. In other words, the lender will likely agree to a short sale because they want to clear their books of potential foreclosures.
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Mar
5
The Home Inspection: What to Expect
Posted by careyfrankel under General Information
Once an offer has been made and accepted, it’s time for the buyer to hire the services of a professional home inspector to inspect the Jacksonville real estate.
The Role of the Home Inspector
A home inspector checks the safety of a home. A home inspector, who is hired by the buyers, focuses on all areas of the home, including the home’s structure, its mechanical systems and all major areas, including the construction of the home, its foundation and its roof. Upon completion of a home inspection (which usually takes about two hours to complete), a home inspector will draw up a written home inspection report that can be viewed by both the buyer and the seller.
What to Expect from a Home Inspection Report
The home inspection report will include all findings by the home inspector. The home inspector will point out any potential problems regarding everything from the home’s electrical system and plumbing system to the hot water heater and the HVAC system. The home inspection report will point out any problems with the home’s systems, and will discover any potential problems with the house.
The Results of a Home Inspection
The home inspection is an important document used by buyers to determine the home’s value and condition. A home inspection may reveal both large and small issues that must be dealt with between the buyer and the seller. Significant problems may cause the buyer to walk away from the deal, although must home inspection findings are resolved through concessions and repair work. A real estate offer is never signed, sealed and delivered without negotiation based upon the home inspection report.
The Home Inspection Clause
When a buyer submits an offer on a home, the offer usually comes with its share of fine print, which includes a home inspection clause. Generally, buyer offers include language that allows them to walk away from the deal if the damages to the home are too extensive for comfort. A written sales offer may also include language stating that the buyer may renegotiate the purchase price if repairs are needed.
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Feb
27
What Today’s New Homes Look Like
Posted by careyfrankel under General Information
Who is today’s new home buyer? In particular, what kind of new home are they buying? The economy and the trend toward downsizing and practicality have certainly influenced the new homes of today. Because of this, it is quite reasonable to believe your new home may be:
• Energy efficient – Today’s new homes are energy efficient and much easier on the wallet. They are likely built with environmental factors in mind, and nearly everything in the home – from the furnace to the refrigerator – will be kind on the environment and on your bottom dollar. In fact, it is quite common for home builders to market their new homes based on their energy efficiency.
• Sensitive to the environment – In addition to building homes that are energy efficient, many new builders are thinking more about the environment in terms of home features. From recycled materials to low-flush toilets and low-emission paints and products, today’s new homes are all about going green.
• Smaller – Today’s new Neptune Beach homes don’t boast the square footage that homes did during the height of the housing boom, and that’s okay as far as home buyers go. Scaling down and thinking practically are now the norm when it comes to new home buyers and new home builders.
• Affordable – Because many of today’s new homes feature less square footage and less wasted space, the price tags for new homes are lower than they’ve ever been.
• Less customized and more standardized – Because new homes are more affordable, builders are looking for ways to cut costs, and that often means more standardization and less customization. In other words, builders may now offer just a few options when it comes to such features as cabinetry and carpeting, thereby allowing them to buy in bulk and save. In addition, features that were once standard, like fireplaces and whirlpool tubs, are now optional, thereby allowing the homeowners to customize their homes according to their budget, while also saving money for the home builder.
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Feb
20
How to Show your Home in its Best “Light”
Posted by careyfrankel under For Sellers
It’s a fact: well-lit Nocatee homes show better than dimly lit homes. A home that is well lit often looks larger, more inviting and more attractive to potential buyers. And, luckily, lighting is easy to install and quite inexpensive. When selling your home in an aggressive market, you need to do whatever you can to stand out from the competition – and lighting may be your best bet.
Here are just a few of the changes you make so you can show your home it its best light:
• Your home’s kitchen should be the lightest ad brightest room in the home. If you have outdated lighting, replace it with sleek, modern pendant lights and recessed lighting. Add under-cabinet lighting to light up your countertops and provide useful task lighting, and add above-cabinet lighting (try inexpensive LED rope lighting) to illuminate the dark area above the cabinets and create a cozy atmosphere.
• In the bathroom, lighting is also a necessity. Consider not only an overhead light fixture, but an attractive fixture over the mirror, too. Another great way to add extra lighting to your bathroom is to switch out your exhaust fan with an exhaust fan/light combo.
• Light up your house at night with low-voltage LED lighting. LED lighting has come a long way in the last few years, and it gives off a warm glow around your plants, trees and home. Look at your home during the nighttime hours and consider adding lighting to your front porch, walkway and any dark spots around the home. The addition of landscape lighting will highlight your existing landscaping and provide an added measure of security. In addition, make sure your house number is adequately illuminated so potential home buyers can easily find your home during the evening hours.
• Switch out your outdated dining room chandelier for a more modern one that will likely appeal to a wide range of buyers. Overhead lighting is, without a doubt, one of the least expensive home improvements you can make, yet it is also one of the most effective.
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Feb
14
Home Buying Mistakes that Can Cost you Big
Posted by careyfrankel under For Buyers
The home buying experience is quite an exciting endeavor. For most individuals, purchasing a piece of Ponte Vedra Beach real estate is a dream realized. From dreaming about your new home to visiting enough homes to make you dizzy, the entire experience is a whirlwind of excitement. However, it is often a smart tactic to slow down and really consider what you want, where you want it, and for how much you are willing (or able) to purchase it.
Many times, first-time home buyers—probably because they quickly get caught up in the excitement—make mistakes they later regret. That is why it is important to make a game plan and stick to it. Here are just a few of the mistakes you will want to avoid when purchasing your first home:
• Buying a great house in the wrong neighborhood – In other words, it is best to not fall in love with a house without considering the neighborhood in which it is located. Is the neighborhood experiencing growth, or have real estate values there been on the decline? If you plan to have children, is the school district that serves the neighborhood one that you would want your children attending? Do you have easy access to the things that are most important to you (public transportation, major highways, shopping), or will commuting be a nightmare? It is important to ask yourself all of these questions – and more- when deciding on the neighborhoods on which to focus your home search.
• Looking at homes before you have developed a set budget – It is merely a waste of your time, the seller’s time and your real estate agent’s time to begin looking at homes before you have a clear understanding how much home you can afford. Talk to a lender, get preapproved, and then have a frank discussion with your partner about your financial comfort level before you even view the first home.
• Not checking your credit score before applying for a home loan – One of the biggest reasons first-time home buyers are denied a home loan by a lender is a low credit score. The best way to ensure you are prepared to purchase a home is to order a copy of your credit report from the three, major credit reporting agencies. If your FICO score is low –even through just one credit reporting agency – your chances of obtaining a home loan could be shot. Take a close look at your credit report, pay down debt if needed, and clear up any discrepancies or errors before applying for a home loan.
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Feb
6
Smart Tips for Cutting Cooling Costs
Posted by careyfrankel under General Information
The relentless summertime heat in Florida often makes most of us feel as if we are going to melt. And it can certainly strain our cooling budget each month, as well.
Every homeowner should consider the many ways in which they can reduce their Ponte Vedra Beach home’s cooling costs. After all, it’s good for the environment and great for our wallets.
Here are just a few of the ways you can cut your home’s cooling costs:
• Install a programmable thermostat – A programmable thermostat is a great investment, as it allows a homeowner to control the temperature in the home, whether at home or away from home. When away from home, the homeowner can allow the temperature of the home to rise as to conserve energy. Before the homeowner returns, the thermostat can be set to once again cool the house to the desired temperature.
• Plant appropriate trees and shrubs in your landscape – Simply by planting shady trees and shrubs near the windows of your home that face the sun, you can cut your cooling costs by as much as 30 percent. Ask your local nursery about trees and plants that are tolerant of sunny, hot areas.
• Consider awnings – Awnings are a great way to block sunlight from entering the windows that face the sun. In addition, they can be quite attractive.
• Consider light exterior colors – Because dark colors absorb heat, they are usually not a great choice for the exterior of your home. Choose light colors to reflect heat and keep your home cooler.
• Use your blinds – During the hottest part of the day, it is best to close your blinds and draw your curtains. Simply by blocking the sun from entering your home, you can significantly reduce your energy costs. When choosing curtains, consider lined curtains, as they will best block the heat from the sun.
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Jan
31
How to Give your Garage a Facelift
Posted by careyfrankel under For Sellers
You’ve taken great care to ensure your home is in beautiful shape when the first buyers walk through the door. Well, except for the garage. That seems to be the catch-all for the house, and not exactly the best room to make a good, first impression.
Although your garage certainly won’t have the “wow” factor like other rooms in your Jacksonville Beach homes, it nevertheless can impress your potential buyers. Here are a few ways to take your home’s least-attractive room to one that will make buyers stop and stay awhile:
• Unload the clutter – Since you will be moving soon, now is a great time to roll up your sleeves and tackle the junk you’ve been collecting in your garage. Heck, why not have a garage sale while you’re at it? You can make some money and clean house at the same time. Now is also the time to make a pile of charitable contributions, too.
• Dust things off – Just because it’s a garage doesn’t mean it should have dust-filled floors and cob-web filled corners. Sweep it out and clean it up.
• Add hooks – Get your larger garage items, like bicycles and golf bags, up off the floor with heavy-duty garage hooks. They will free up garage space and give buyers plenty of inspiration for extra storage.
• Add more storage – From shelves to cabinetry, adding more storage in your garage will make the space appear larger and more organized. Let the buyers know the shelves and cabinets will stay with the house and get extra bonus points.
• Clean the garage door – You can make your dingy garage door look like new with the help of a pressure washer. Clean the windows to your garage, too, as they likely haven’t had sunlight streaming through them for some time.
• Clean up the floor – If your floors are oil-stained, apply some paint thinner to the spot. If there is any standing oil, pour cat litter or saw dust to the area, allow the oil to be absorbed, and sweep it up. Purchase a concrete cleaning solution at your local home improvement store and, with the help of a stiff-bristled push broom, get all the dirt and grime off your garage floor.
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Jacksonville FL and Ponte Vedra Beach Real Estate Blog is authored by Carey Frankel
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