- Renegotiate the Purchase Price – If your appraisal comes in low compared to the contractual purchase price, you may be able to rework the purchase price so that it is in line with the appraised value of the property. The pitfall however is when you don’t have an appraisal contingency in the purchase contract, which will make you obligated to buy the specific property. An appraisal contingency basically protects the buyer in the even the appraisal report comes in low, where the contract can be terminated and the earnest money refunded. An appraisal contingency may include several terms. Perhaps most importantly ones that prevents the buyer to move forward with the sale even if the appraisal value is low generally with a certain number of days of receiving the official notice of appraisal value. In this case, the seller might be able to renegotiate and try to lower the price to match the appraisal amount.
- Modify Financing Terms – In the event the appraised value of a home falls slightly short, there are still chances the deal will go through. Remember, buying a home generally requires a certain percentage as downpayment, which serves as a cushion in case
The Miami Lakes Real Estate market is booming, as it is one of the favorite getaways for families and for business-driven individuals. Being extremely linked with the Miami City, this town has all the amenities in demand by a growing community/ The town has some of the most beautiful homes and elaborate landscaping in South Florida as well. From buildings to apartments and from famous eateries to metropolitan shopping districts, Miami Lakes is a town full of surprises!
The price range of a single family home starts from about $325,000, and goes up to $2,000,000 with up to more than 200 homes in this amazing town. There are almost 250 condos and apartments for sale at this time – which range from $195,000 to $400,000. The inventory of homes for sale are low. Miami Lakes Real Estate market continues to rise.
In recent years, a number of different foreclosure properties have been made available as well, which allows people to buy a home at a fairly low price, and then re-sell it at a profit to margin basis. Moreover, being well-connected to the Miami International Airport, this town has become one of the eye-catching places forRead More
Know the property
Every house, whether a new build or a period home, should have an inspection before being sold. You should also include a contingency in your contract to ensure that you are covered in the event of any unpleasant or costly discoveries.
An inspector will examine everything from the roof to the foundation. Specialist inspectors can be called in to look for any pests, such as termites, or to go over the heating and ventilation systems. Even brand new homes should be thoroughly inspected.
If the inspections reveal any issues, you will need to decide whether to pull out of the deal or proceed. Inspection contingencies are often quite vague and allow the buyer some room to withdraw from the deal and have the full amount of their earnest deposit returned.
Written loan approval and appraisal contingency
You will need written proof of your loan approval, and you will want to make sure the property is not appraised for less than the price you agreed with the seller.
You should include a contingency clause that allows you, the buyer, to receive written confirmation of loan approval before progressing with theRead More
- Optimistic pricing: This is different from what is often referred to as an over – priced scenario! It is hopeful and seeking the highest range of possibilities. It is generally only for a homeowner who is not under any sort of time or financial pressure, and may or may not work. However, if you follow this approach, and in the first couple of weeks see little action, you must prepare for a price adjustment. At the same time, it’s important to realize, the potential ramification of this approach is often, opportunity – based, because, statistically, the best offers usually come in the first few weeks!
- Bidding – war pricing: Pricing a property at the lowest end of the spectrum/ price range, The reasoning behind this approach is to attract many more potential buyers, and hopefully, some sort of bidding – war. Of course, if the approach does not achieve that objective, you may create an undervalued environment!
- Higher end of the price – range: The best way to price a house is to begin by understanding where the property sits, based on the rest of the market, and homes which might be comparable. Using a CMA,
A Master Planned Community (MPC) is a large-scale self-sustaining residential plan. It has a number of various essential amenities not normally found in a regular housing subdivision. A Master Planned Community gives the ability to work, live and play all within walking distance. Some real estate professionals consider this type of luxury real estate development a “Mixed Use” development since they include retail, housing and entertainment In previous times, clubhouses and pools were at the top of home buyers’ lists. Today, access to neighborhood retail services, high quality restaurants and health care is becoming the top priority according to the latest research. People want to get access to everything they need quickly and at reasonable prices, thus walkable access to civic use areas is in high demand.
Master Planned Communities are designed to provide a master planned convenience. In its varied housing within a community layout, homes are designed to conform to the lifestyle of diverse generations. They are created to provide both soft and hard amenities and services in the way people want them delivered. These luxury communities facilitate residents building and living comfortable lives and having more time to spend with their families. This lifestyleRead More
Meet The Property-Owner
Have you originated a home that looks attractive? Then you need to meet its owner. Remember, this is one of the most essential parts of the whole process. If you don’t like what you see or hear during this conference you shouldn’t move onward. Before you speak to them face to face try to run verification on their background.You need to know whether they have a good reputation or not. Have any court proceedings ever been commenced against them? If they have, you may desire to look elsewhere. Don’t forget, they will be glancing to find out all about you too! Found a well-respected landlord and met them in person? Just don’t sign the home ownership agreement until you have read it thoroughly.
Authenticate All Legal Documents
There are a lot of important legal documents without which the sale of a property is not complete. It is the responsibility of the property buyers to verify all these documents and guarantee that they are appropriately signed. Some of these legal documents include- sale agreement, share certificate, society documents, sanction plans, etc.
Possession And Registration
Possession is the substantial transfer of theRead More
Upgrades and Repairs: OK, this is the obvious one and is the reason fix and flippers can make money. Some repairs add a lot more value than it costs to do. The more creative you are with the improvements, the more value you can add. For example, I have a client that adds square footage to every house he buys. He really likes the inner city properties because they are the hardest to add square footage. You either need to finish an unfinished basement, or add a second story. There is not typically enough land on the lot to add an addition by increasing the foot print of the property. This client does a lot of basement finishes and “pop tops,” but where he has made the most money is the basement that is only 5 or 6 feet deep. He will go in and dig out the basement to a full 8 or 9 foot height and then finish it. Something most investors would not think of, so he is able to get the deal most other investors pass on. I have also seen some investors find houses that don’t really fit into a neighborhood and theyRead More
When you purchase a green home they will contains all or some of the following features that are earth friendly. Fiber cement siding. Alternative power system like wind and solar. Recycled building insulation. No VOC stains and paints, which stands for volatile organic compound. It is any compound that is carbon-based and will vaporize at standard room temperatures. Some of the more prevalent ones are formaldehyde, acetone, and methane. Solar powered hot water heating
Even if you do not live in a green home, there are things that you can do to increase your energy conservation. It will even help contribute to saving our environment. Making your home a green home can help to reduce global warning and save the homeowner money. It will significantly better the environment and require little effort for the homeowner.
Instead of using the standard incandescent light bulbs start to use compact fluorescent light bulbs (CFLs). When you switch to the CFL’s you can save per year over a hundred dollars. You can find these lights in the same aisle as your regular bulbs but they are little more expensive. In the United States, if every house switches the type of light bulbs they were…Read More
Purchasing a home can be the largest investment you’ll make in your life, so you need someone on your side to help you out. A Realtor can set up all of your appointments and negotiate the best price for you. The only person that wins when you don’t have someone representing you is the listing agent. You don’t want the listing agent negotiating the price between the two sides. The listing agent has their client’s best interest at heart. You need a buyer’s agent to be on your side. Your Realtor will usually have you sign an Exclusive Buyer Agency Agreement. It tells you about their services and how they are compensated. It lets you know that they are working for you and have your best interest in mind.
There are many things that a buyer’s agent can assist you with. They can help you find listings. They may be more knowledgeable about a neighborhood then you are and they may know of some For Sale by Owners that are available. Your agent can serve as a buffer between you and the sellers and their agent when it comes to negotiating the price and asking for inclusions.Read More
- Not checking with local authorities. You have up to three sets of people you need to get approval from if you live in a city, suburb or especially a historical district (folks in rural areas usually have little to worry about here). Check with your local zoning board. There may be restrictions on what you can do to the exterior of your house, especially if your southern exposure faces the street. Sometimes it is as simple as applying for a zoning variance. It may take a few weeks to get approval but cover your behind! One pesky neighbor could bring your solar dreams to a halt. The building inspector needs to be sure you are not putting your roof in jeopardy. Solar panel are heavy and roofs are not designed, generally, to carry loads. You may need to reinforce the area over which you are planning to install the panels. Most newer homes, however, shouldn’t need altering. If you belong to a homeowner’s association make double sure you have the latest bylaws in hand. Make sure you don’t need approval by the association to install panels. I would even suggest having a lawyer look over the regulations before you start