Category: Buying a Home


Top 4 Real Estate Deal Killers

It’s October, season of carving pumpkins and munching on candy corn. However, there’s something lurking just around the corner or hiding in the front yard creeping up on your customer, and if your customers are not careful – these monsters can jump out and KILL YOUR NEXT DEAL!

To help ensure your customers don’t unwittingly cast themselves as the victims in their own horror movie this season, check out the tips below on some of the biggest KILLERS of a real estate transaction!

Don’t Spend Like a PSYCHO!

After signing the contract for their new home, but before closing, some customers just get into a spending mood! It may be tempting to use a new line of credit to fill the new house with furniture or purchase a shiny new SUV for the driveway, but these transactions can QUICKLY change your lender’s opinion about your credit-worthiness and cause your deal to go down the drain!

Avoid the Home of FRANKENSTEIN.

Some homes look great on the outside and even through the buying process, only for the future homeowners to find out the home has not been properly upgraded throughout the years and is, instead, a mishmash of a lot of parts like Frankenstein’s monster. That home may not pass inspection, and when that happens, the sale is gone. Don’t let your buyers be sad. It’s a good thing to keep their family safe from plumbing, foundation, or electrical issues… as Frankie says – FIRE BAD.

Steer Clear of the INVISIBLE ZOMBIE.

A surprisingly common issue when someone is selling their home is that their legal spouse has gone as invisible as Claude Raine. When people move away from each other without filing the correct legal documents, they may forget that technically BOTH parties still own the home, and there’s been instances where the former spouse cannot be found in time – bringing the closing to a screeching halt.

Don’t Let Liens Drain You Like DRACULA.

Imagine getting excited about your new home, only to find the solar panels that you thought were a nice addition come with a $20,000 lien on the property. Just like Dracula – that sucks! Make sure you ask your title company for a comprehensive title search so that these kinds of liens don’t suck the life out of your customers’ bank accounts!

As you can see, it may seem like there’s danger lurking around every corner, but with a little bit of preparation – and choosing a title company backed with the power of Florida Agency Network – you can help your customers avoid turning their experience into a horror film!

To share this information with others, we have a downloadable PDF

Happy Halloween!

 


The Buyer’s Closing Process as Told By The Office GIFs

You’re doing it. You’re buying a house! Since the process can be overwhelming and confusing, we’ve simplified it in the best way possible. What better way to explain each step than to use GIFs from one of our favorite TV shows, The Office?

1. The Contract is Signed & Sent to the Title Insurance Agency

via GIPHY Congrats on finding “The One!” At this point, your real estate agent has drafted your official contract, and the title insurance agency is starting the closing process. You’re on your way to owning a new home!  

2. Sending Your Earnest Money Deposit

via GIPHY Think of your earnest money deposit, or EMD, as a “good faith” deposit. It shows the listing agent and seller how serious you are about the home and getting the transaction closed. The dollar amount of your EMD is stated in your contract when it’s signed. Be sure to discuss what you’re comfortable putting upfront with your real estate agent. Depending on how much you agree on, it can seem like an expensive upfront cost. Your real estate agent is an expert and can advise you on the amount of money they think you should send. Take comfort in knowing the EMD will be held in your escrow account and used towards closing costs or the down payment.  

3. Your Title Search is Ordered

via GIFER Your title insurance agent will order a title search to ensure the title to your property is clear of any liens, back taxes, or other claims. To get a thorough search completed, ask your agent to request the title insurance company conduct a municipal lien search, permit search, and code enforcement search. With Florida Agency Network’s offices, we offer this to each buyer via the buyer’s agent.  

4. Time to Schedule Your Home and Pest Inspection

via GIPHY Shortly after your offer is accepted and sent in, your agent will discuss scheduling a home inspection. You’ll need to complete the home inspection quickly. Doing so will allow as much additional time possible for any follow-up inspection.  

5. The Title Commitment is Completed

via GIPHY

You’re one step closer to closing on your home! The title commitment tells a buyer they’re able to obtain a title insurance policy with that agent. The commitment contains the terms, conditions, and exclusions that will be in the owner’s title insurance policy.  

6. Appraisal is Completed

via GIPHY The home appraisal should come back at or above the contract price. The appraisal protects a buyer from paying more than the home is worth. If your home appraisal is lower than the purchase price, don’t worry! Discuss your options with your real estate agent.  

7. You Get the Clear to Close

via GIPHY You’ll begin to see the light at the end of the tunnel once you and your agent receive the clear to close. “Clear to Close” means the underwriter has signed-off on all documents and issued final approval on your closing.  

8. Your Closing Date is Scheduled

via GIPHY Once your closing date is scheduled, don’t forget to double-check for the required documents, identification, and time deadlines. The last thing you want is to forget to bring an item or sign an eDoc and have to reschedule your closing.  

9. It’s Time for a Final Walkthrough

via GIPHY The final walkthrough is your opportunity to do one last visual inspection to make sure everything is in order. At this point, your closing starts moving much faster, and the finish line is right ahead!  

10. Signing Your Closing Docs

via GIPHY We hope you’re ready to sign, sign, and sign some more! While it may be exhausting and overwhelming, don’t be afraid to pause and ask questions. At the closing table, your title closer and real estate agent are available to answer any questions you may have. Don’t forget, this is your moment, and you can go as quickly or slowly as you prefer. You’re allowed to get ice cream afterward, too!  

11. Receive Your Keys

via GIPHY You may or may not receive the keys to your new home at the closing table. In order to get those, the funds have to be wired to the seller. However, once they are received and confirmed, you have a new home!   You’re officially the owner of a new home, and we think that is Perfectenschlag!


Why You Need a Comprehensive Lien Search


 

You’ve just bought a house. You and your spouse are enjoying your new home, your new neighborhood, and your new back yard. In fact, you’re out back sipping coffee one morning when you open a letter from your city and find that you now owe $34,000 in code violations. The previous owner let the lawn grow too tall and didn’t fix it for months.

This sounds like a horror story, and it is! But, it’s also a true story! This is one of the many dangers in not getting a municipal lien search – an additional search that must be requested.

That’s why Florida Agency Network offers a wide variety of additional comprehensive searches that go above and beyond the typical lien and title searches required by law.

Here are some of our additional searches and the value they hold:

MUNICIPAL SEARCHES

This search allows us to find liens from the local city or town that may be placed for various reasons, such as unpaid taxes, water, or sewer charges. These can come back to the new owners, as the lien is on the property not the person who owned the property.

MERS

This is a national database that tracks mortgage servicers to ensure interests in loans for residential real estate. This ensures that the mortgages have been moved properly and your current servicer is the correct one.

PERMIT SEARCHES

When an owner has open or expired permits left on the home, they can cause trouble for the new owners – especially if they want to do some work that requires a permit. It’s important to get these items resolved before closing.

CODE & CODE ENFORCEMENT SEARCHES

Code violations are the responsibility of the homeowner, regardless of when the violation happened. This means tall grass, pest extermination, or other code violations can come back to cost the new owner.

These are just some of the ways that not doing a comprehensive search for your customers can come back and cost them. Your Florida Agency Network agency is ready to help! To share this information with others, we have a downloadable PDF.

 


Why Do You Need a Survey When Purchasing a Home?

Surveys, also called boundary or land surveys, map out your real estate property, show its boundary lines, improvements made to the property, and all access to the property.

FIVE GREAT REASONS TO PURCHASE A SURVEY

1.  UNDISCLOSED RIGHTS AND EASEMENTS
You may own your new home and its surrounding land, but someone else might have a right to use a portion of your property. A survey will show physical evidence of the rights of others to use your property for access, parking, utilities, and other situations.

2.  UNDISCOVERED ENCROACHMENTS
A survey may be the only way to tell if a third party holds a claim to part of your property because their improvements, such as a garage, fence, or swimming pool, are on your land.

3.  IS THE PROPERTY BUILT ON THE CORRECT LOT
It may seem impossible, but sometimes a house is built on the wrong lot. A survey provides peace of mind by showing the exact location of the house you are buying.

4.  KNOWING THE SIZE OF YOUR PROPERTY
A survey shows the exact dimensions of the property’s boundary lines and how much land is included within those lines.

5.  FUTURE ADDITIONS
Many residential plotted lots can have building restrictions, which could prohibit you from building close to the boundary lines. If you are thinking of building future additions on your property, a survey can help determine if the lot is right for both your current and future plans.

These are a few reasons why you should purchase a survey when making one of the largest investments in your life. We’ve created a downloadable PDF of this information for you to keep or share.

At Tampa Bay Title, we are always available to answer questions about your survey or your closing. Feel free to contact any of our offices with any further questions you may have.

 

 


New Decade, New Decor – 5 Home Decor Trends to Try in 2020

As stay-at-home orders begin, #QuarantineLife can get mundane and make anyone stir-crazy. In honor of National Decorating Month, we thought it would be a good idea to help you dress up your home! We’ve put together a list of decorating trends to incorporate around the house, bring back joy, and start enjoying your time at home.

Check out 5 of our favorite 2020 decorating trend predictions:

#1 Vintage Accents

Maybe it’s time to throw a little “Granny Chic” into the decor mix? A new decorating style popular with “Grandmillennials” (it’s a thing), the Granny Chic trend mixes the nostalgia of vintage decor like chintzes, scallops, needlework, and everything your grandmother loved with today’s clean, contemporary designs.

Or, if you’d prefer to shy away from a vintage explosion, try mixing a few old pieces with the new. It can make your space feel less big-box-decorating and more customized.

#2 Bold Colors

monochromatic blue room

This decorating trend is not for the faint at heart. It takes a confident person to embrace Pantone’s 2020 color of the year as the driving force in a design concept. However, we love bold colors, and we encourage you to incorporate them into your decor!

Go for a monochromatic color scheme in your space, slap a bold color on your kitchen cabinets, or go crazy with bolder colors in your guest bathroom. These colors are the perfect way to let your personality shine.

#3 Rattan and Wicker Furniture

Rattan and wicker have a special place in our hearts and bring back memories of growing up. (Are you sensing a theme here?) When done correctly, wicker and rattan can bring natural color and texture into a room, making it warm and inviting.

#4 Non-Granite Countertops

While granite is always a beautiful option for your countertops, why not be unique and try something different like a faux marble or even butcher block? Both are stunning alternatives and have minimal upkeep.

#5 Antique Art

antique art

Repurposing art (and any other home decor items) makes us feel less wasteful, and we’d like to think it helps the environment. Another selling point of antique art is the history and stories that come along with it. You can relish in the uniqueness of antique art.

As you can see, 2020 is about making your space feel customized and unique to you. Since you’ll spend much of your time at home, what better time than now to give it a facelift? It’s up to you whether you go all out with your decor choices or simply incorporate a few new ideas.

As always, we urge you to prioritize your safety when deciding what to use when redecorating your space. Shop online, select pick-up options when available, wash your hand often, and make wise choices. If you choose to get started on your new decor, feel free to tag us in your social posts. We’d love to see what new design trends you’re bringing to your home for 2020!


What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home?

As we show you in this video, an inspector checks the safety of your potential new home.

Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed.

The Inspector does not evaluate whether or not you’re getting good value for your money.

Generally, an inspector checks (and gives estimates for repairs on):

  • the electrical system
  • plumbing and waste disposal
  • the water heater
  • insulation and ventilation
  • the heating and AC system
  • water source and quality
  • the potential presence of pests
  • the foundation, doors, windows, ceilings, walls, floors, and roof.

Be sure to hire a home inspector that is qualified and experienced. It’s a good idea to have an inspection before you sign a written offer since once the deal is closed you’ve bought the house as-is.

The post What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase Of A Home? appeared first on Florida Agency Network.

Source: Flagency