Understanding the Costs Associated with a Real Estate Closing

In this day and age it is very important for you to have a keen and comprehensive understanding of the ins and outs of buying and selling a home in Tampa.  One of the most important elements you need to understand is the closing process.  Particularly, it is very important for you to fully understand what costs are involved.

By understanding and appreciating the costs that are associated with a closing, you will be able to make wiser decisions in regards to buying and selling a home.

There can be some variations in the specific costs that are associated with a real estate closing on a case by case basis.  Nonetheless, there are many specific costs that are common in nearly every real estate transaction in the United States today.  This includes typical Tampa real estate sales that are undertaken today as well.  Some of these more common costs are:

  • Attorney fees

More and more often in this day and age attorneys are becoming involved in the real estate sales transaction and closing process.  Therefore, attorney fees are becoming a more common part of the closing process.

  • Title insurance premiums and related costs

Title insurance premiums nearly always will be part of the fees that will be due when selling or purchasing a home.

  • Appraisal fees

Depending on the circumstances, appraisal fees likely will be part of buying a home.  In the end, it always is wise to make sure that you have a current appraisal that is part of a sales transaction.

  • Inspection fees

Inspections are vital when it comes to a real estate sales transaction.  Therefore, it is extremely likely that inspection fees will be part of the overall closing fee allocation process.

  • Taxes

The allocation and payment of taxes will also be a necessary part of the closing process.  Normally, the seller is responsible for all taxes due and owing prior to the closing date.

  • Other miscellaneous costs and charges

In the end, there also can be several other types of costs, fees, charges and assessments associated with a real estate sales transaction.  Generally, who is responsible for paying these costs can be negotiated between the parties.

If you do have some more specific questions associated with the costs associated with a real estate closing (or the closing process itself) you should visit with an experienced and professional Tampa real estate agent.  Such a professional can provide you invaluable information associated with everything that you need to know in regards to a real estate closing and the costs and fees associated with the closing.

If you have any questions please do not hesitate to give me a call or visit our real estate website.  Don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

 

3 Key Tips for Buying Foreclosures

If you’re like many people, you may be interested in investing in Tampa real estate.  In this regard, you may have heard of other people who have made a good deal of money through investing in a foreclosure in Tampa Bay.  If that’s the case, it’s important that you consider these three key steps that are fundamental to enjoying real estate foreclosure investment success, not only today but into the future.

Tip # 1   Learn the Real Estate Foreclosure Process

The reality is that many people who are interested in investing in Tampa foreclosures do not particularly understand the real estate mortgage foreclosure process.  It’s incumbent upon you to come to a basic understanding of the real estate foreclosure process in order to better understand at what junctures you actually can move to make a purchase of foreclosure real estate.

The reality is that there really are several different junctures along the course of a mortgage foreclosure; including the time when a property owner is in default but has not been sued for foreclosure as of yet – at which an individual like you who is interested in making an investment in Tampa foreclosures can make a move.

Tip #2   Moving to Purchase Tampa Foreclosures “Early in the Process”

As was just noted, you do not have to wait until the mortgage foreclosure process has concluded to make a purchase of real estate that is heading into or directly involved in a foreclosure process.  In reality, there are many significant benefits to be realized through the purchase of real estate owned by a person who cannot keep up with payments and who likely will be heading towards foreclosure but who has not reached that juncture as of this moment in time.

The most significant of these benefits is that you have a very good chance of being able to make the purchase of real estate in such a position (and before a foreclosure case formally has been commenced) because there will not be as many additional costs tacked onto the overall sale or auction price.  For example, the lender will not have had to incur the expense of paying for a lawyer as part of formal foreclosure proceedings.

Tip #3   Pay Attention to Waste and Deterioration Issues

One of the most common problems associated with real estate mortgage foreclosure is what is known technically as resulting waste to the property.  “Waste” is a technical term in real estate that generally means that a particular piece of developed real estate is allowed to deteriorate.  In other words, the owner does not undertake appropriate steps to protect the real estate from unnecessary wear and tear.  In an even worse case scenario, the owners of the property actually cause damage to the property that is the subject of the foreclosure effort.

If you are contemplating investing in Tampa real estate that is facing or involved in foreclosure, you must take the time to completely and thoroughly ascertain that physical status of the property before making a purchase.

As an investor of over 15 years in real estate, I can assist you with all your foreclosure needs. If you visit my website and go to our resource center, there’s lots of great information on how to purchase foreclosures.  Don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

 

Tampa Real Estate Agents or FSBO – What is the Best Choice?

If you are like many people in the Tampa area today who are interested in selling real estate, you may be wondering whether or not you should sell your home on your own or whether you should engage the services of a professional Tampa, FL real estate agent.  This is not a decision that you should take lightly.

Of course, in theory you can save money by selling your real estate on your own.  You save the money that would otherwise go to real estate commissions.  However, with that noted, you need to understand that statistics demonstrate that properties that are being marketed by a real estate agent tend to sell faster and for more money (as reported by NAR and USA Today studies) than properties that are being sold by the owner.   Therefore, on a number of levels, it may behoove you to engage the services of a qualified Realtor to assist you in selling your property.

If this is your first time involved in selling a property, it might be wise for you to consider engaging the services of a qualified real estate agent to assist you in the marketing and sale of your property.  While it will require the payment of commissions, when all is said and done, the assistance of hiring a professional may make the difference between success and failure.

Another benefit to hiring a professional rests in the fact that Realtors have access to vital marketing tools that can be essential to a faster sale of your property.  When you are marketing a property on your own, you actually will have very limited marketing resources available to you.

In addition, Realtors have the training necessary to ensure that your home or other property is in the best possible shape and condition for a sales presentation.  Making certain that your house truly is ready for a sale is essential to ensuring that you will have the best chance of selling it in the shortest amount of time.  Proper preparation really does make all of the difference when it comes to your goal of a prompt and timely real estate sale.

When it comes to the decision to hire a Realtor you need to do your homework.  There are numerous Tampa real estate agents in business today.  You will want to make certain that you access and engage the most reliable, reputable, experienced and qualified Tampa real estate agents. In this regard, you will want to obtain references and recommendations.  In addition, you will want to meet personally with anyone you are considering hiring to get your home sold. You should ask them lots of questions, like: how long have you been selling real estate, why will your marketing plan work, why should I hire you over one of your competitors…

If you have any questions please do not hesitate to give me a call. If you visit my website and go to the resource center, there’s lots of great information on how to hire Tampa real estate agents.  Don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

Tampa, Fla Foreclosures – Is This the Right Option for You?

If you have been looking for residential property in the Tampa real estate market over the course of the past couple of years, you may have been concerned about the costs of real estate in this part of Florida at this point in time.  Indeed, you may be like many people who have found much of the real estate market to be priced at least a bit out of a reasonable cost range.

With this in mind, you may be wondering what other options might be available to you when it comes to purchasing reasonably priced properties.  Through this article, you are provided with an option that you might want to consider when it comes to your own search for reasonably priced residential property in the Tampa real estate market.

One option that is available to you when it comes to finding properties that will be available for a lower cost is real estate that might be available for purchase because it is heading into foreclosure or owned by a bank (REO).  Although foreclosure proceedings may not have officially been commenced, the owner of this type of real estate has fallen behind in mortgage payments and a foreclosure action actually is imminent.

In this day and age there are many, many individuals and families that are falling farther and farther behind on their mortgage payments.  In a growing number of instances these people are willing – indeed, wanting – to unload these properties to get out from under their debt.

By identifying these types of options, you may be able to find a property that you can purchase for a price significantly below its appraised value.  You can find a piece of real estate that actually may be in good physical condition that will be ideal for a person who is looking for residential property for a reduced price.

The reality is that there are even some instances in which the owner is heading towards foreclosure and may be willing sell for a price that is even less than what that individual currently owes on a home mortgage loan.  While this is a difficult situation for a seller to be, it can be beneficial to a buyer who might not otherwise be able to make the purchase of residential property in Tampa.

If you are interested in finding and considering purchasing Tampa real estate that may be heading into foreclosure proceedings you will want to consult with a qualified Realtor who clearly understands the real estate market in this part of the Sunshine State.  Such an experiences and qualified real estate professional will know where you can find some of the most suitable real estate for a price that fits decently within your own budget.  In short, a real estate professional can assist you in finding real estate options that will satisfy all of your dreams.

If you have any questions please do not hesitate to give me a call or visit my website for  Tampa area foreclosures.  Don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

 

Tips for Negotiating Real Estate Closing Costs

Despite what some people may think – and despite what some people in the Tampa, Florida real estate industry may have led you to believe from time to time – the costs associated with a real estate closing are not set in stone.  In other words, there is nothing completely cut and dry that indicates that the seller or buyer will assume specific costs associated with a real estate closing.  The bottom line is that closing costs are subject to negotiation in many instances as are many other aspects of a real estate transaction.

Through this article you are provided with some basic tips that you will want to consider if you want to save money on a real estate sales transactions.  By following these tips, you may be able to put yourself in the best possible position to negotiate the best possible “deal” when it comes to the costs associated with a real estate closing.

The first tip that you need to keep in mind when it comes to a desire to negotiate closing costs is to educate yourself on all of the costs that actually will be associated with your real estate closing.  By proceeding from a position of intelligence, by being informed, you will have a clear picture of exactly what you are looking at when it comes to the costs associated with a real estate closing.

The costs associated with a real estate closing include, but are not limited to:

  • attorney fees
  • title insurance premiums and related costs
  • appraisal fees
  • inspection fees
  • taxes
  • other miscellaneous costs and charges

Second, you need to specifically map out before the date of the closing what you are and are not willing to accept in the way of fees, costs and charges associated with closing.  You will want to make your position very clear to the seller so that there is no confusion about your position.  And, once you’ve clearly staked out your position in this regard, you will be able to have meaningful negotiations with the seller of the property.

In the end, you can expect some give and take.  As has been noted, you will have greater success at negotiating fees, costs and charges if you really do take the time to set forth your position very early on and clearly in the real estate sales and closing process.  You also need to be reasonable in your positions.  In a negotiation, you will have to be willing to give in on some points if you are to achieve any ultimate success in regard to your overall negotiation goals and objectives.

If you have some questions or concerns about what you should or should not agree to pay in regard to a real estate closing you will want to have a candid discussion with a professional Realtor.  Your Tampa, Florida Realtor can work closely with you to ensure that you end up paying only what truly is appropriate and necessary when it comes to closing costs.

If you have any questions please do not hesitate to give me a call or visit my real estate website.  Don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

 

Documents Needed When Getting a Home Loan

In this day and age a great deal of media attention has been paid to the crisis that has occurred in the mortgage market today.  Indeed, a record number of homes are ending up in foreclosure.  As a result of this crisis in the home mortgage market, lenders everywhere – including in the Tampa real estate market – are tightening the requirements that they are imposing on individuals seeking a home mortgage loan.

During the past decade, many lenders have relaxed their requirements on what documentation needed to be presented to obtain a home loan.  All of this is now changing – dramatically.  If you are interested in obtaining a home mortgage loan, you need to be aware of the documentation that you likely will be required to provide to a home mortgage lender as part of the application process.

  • Tax Returns

For most mortgage lenders, the most important documents that you will have to provide are your tax returns.  You likely will have to provide tax returns for a period of two years.

  • Proof of Income

You will also need to provide a mortgage lender with documentation supporting your current income.  In this regard, you likely will have to provide the mortgage lender with two types of documents when it comes to the issue of proof of income.  In most instances you will need to provide pay stubs for a period of time specified by the home mortgage lender (usually 30 days).  You also will likely need to obtain an affidavit (verification of employment) from your employer that verifies exactly what your income is — as well as any projected changes that are anticipated in regard to your income.  These forms are usually very simple to complete.

  • Credit Report

Your credit report will be another important document associated with obtaining a mortgage loan.  You will not need to come up with the credit report on your own.  The mortgage lender — with your approval — will obtain your credit report directly from one or another of the credit reporting agencies.

  • Bank Statements

The typical home mortgage lender will also require you to provide bank statements as another means of verifying your income and assets.  Beyond documentation, a typical home mortgage lender will also consider a number of other factors, including:

  • Cost is Everything

Obviously, the cost of the real estate itself is the primary factor behind the entire home loan process.  Your credit history and credit score will dictate how large of a mortgage loan you will be able to obtain.  Therefore, and naturally, the cost of the real estate that you would like to purchase necessarily has to be within the cost range that your own credit history and credit score will be able to support when it comes to financing.

  • Condition of the Real Estate

When it comes to qualifying for a home loan, you need to understand that the typical lender will be interested in the condition of the real estate.  Many a home loan lender will not happily give financing to a person who wants to purchase a so-called fixer-upper.

 

Tips for Getting Your Home Sold – Fast!

Like many people, you may be interested in putting your home on the market.  Indeed, you may be in a position in your life at which you must take steps to put your home up for sale.  No matter the reason, if you are considering putting your home up for sale, you may be concerned about having to sell your home at a loss.  In Florida, including in the Tampa real estate market, many individuals have been stuck with having to sell their homes at losses.  However, this simply does not have to be the case.  There are some definite steps that you can take in order to avoid selling your home at a loss in today’s volatile real estate market.

Engage the Services of a Professional Tampa Real Estate Agent

The most important and significant step that you can take to ensure that you do not have to sell your home at a loss is to engage the services of a qualified and experienced professional real estate agent in Tampa.  The reality is that the importance of engaging the services of a professional real estate agent is magnified significantly when a person finds his or her self stuck in a buyer’s real estate market.

In the Tampa real estate market, a good number of sellers have found themselves struggling to get their homes sold in a timely manner – as has been mentioned a moment ago.  Therefore, if you are intending to sell real estate in Tampa at this time (with due regard to the marketplace) you really do need to track down the services of a qualified and experienced Tampa real estate agent.  An expert will be able to provide you the professional assistance and service that you need to work to ensure that you should not have to sell your home at a loss.

Position Yourself to Avoid Having to Make a Quick Sale

When it comes to dealing with a buyer’s real estate market when you want or need to sell your home, you also need to make sure that you place yourself in the best possible position to ensure a sale at a price that you desire.

With this in mind, you need to avoid ending up in a position where you have to make a distressed sale of your real estate.  You must plan and prepare and not leave yourself in a position to have to rush a sale.  Unfortunately, many individuals who desire to sell Tampa real estate today find themselves in serious straits and do not have any leeway available to them to negotiate the best possible deal in a buyer’s market.

Make Certain Your Property is in Tip-Top Shape

Finally, when it comes to your desire to avoid selling your home at a loss, you need to make absolutely certain that the property itself is in excellent condition.  Your real estate agent can provide you guidance and assistance in regard what you need to do to make certain that your residence is completely in tip-top shape to ensure an ultimate sale as close to your asking price as possible.

 

Tips for Getting a Home Inspection

If you are contemplating the sale or purchase of a home in the Tampa Bay, FL real estate market, you will likely find yourself with a number of different questions.  You may have specific questions about what is involved in real estate inspections.  Real estate inspections are vital elements of overall real estate sales transactions in this day and age.  Through this article, you are provided with an overview of what you need to know and understand when it comes to real estate inspections.

As mentioned, undertaking a thorough and comprehensive property inspection before you sell or purchase a piece of real estate is vital.  There are some key considerations that you need to keep in mind when it comes to property inspection issues.

The primary key associated with ensuring the most complete property inspection is to ensure that you engage the services of an experienced and qualified inspector or inspectors in the first instance.  You need to make certain that you engage a professional that has an established track record to undertake the various inspections that will be necessary to give you the ability to properly evaluate the property.

In this regard, you likely will want to engage the services of an inspector that is duly certified by the American Society of Home Inspectors (ASHI) or National Society of Home Inspectors (NSHI).  There are independent inspectors that have been certified as qualified and capable of undertaking thorough and comprehensive home inspections.

The next key to keep in mind is that it is important for you to participate personally in any and all inspections that are undertaken at the property you are considering buying.  While you might not have the experience to really lend any expertise to the inspection process, your presence works to ensure that all elements of necessary inspections appropriately are undertaken and covered.

You do not want to rush the inspection process.  For example, if a property has air conditioning, you need to do more than simply turn on the device to attempt to ascertain that it is in working order.  What you really must do is remain on the premises for one or two hours to ensure that the air conditioning (or other types of mechanical equipment for that matter) functions appropriately.

Yet another key factor in ensuring that you properly undertake inspections is to avoid relying on inspections provided to you by a third party – including the seller or even lending institutions.  Even if these inspections have been make very recently, it is incumbent upon you to have your own inspections undertaken to ensure that you definitely are getting accurate information about the condition of the home.

Whether you are a seller or a buyer you need to understand the necessity of home inspections.  Obviously, if you are a buyer, you need to know what might potentially be wrong about a piece of property before you make a purchase.  If you are a seller, you have a legal obligation to ensure that you reasonably disclose defects or problems with the property (which can best be identified through an appropriate inspection).

My personal home inspector is Darran Anderson of Anderson Home Inspection. Darran can be reached at 813-996-0604. Thank you for visiting ourwebsite and don’t forget to save our blog to your favorites section of your internet browser.

Saving Money on Tampa Foreclusres / REO’s

If you are considering trying to find a way to save money on the purchase of residential real estate in the Tampa, you may want to follow the lead of some other individuals who have taken to purchasing distressed real estate.  At the present point in time there are a number of different options available to people who are interested in saving money on their real estate purchases.

In addition, this article also provides you with basic information on how you can better avoid losses if you are the owner of real estate in a distressed situation.

Of course, as mentioned, the primary consideration is to identify a piece of real estate that is available for purchase because of some sort of distressed situation.  Types of idyllic distressed situations that can bring a piece of real estate onto the market for a strikingly reasonable price.  There situations involve real estate that are involved in:

  • Foreclosure
  • Bank Owned / REO
  • Probate or Estate Cases
  • Divorce cases
  • Property in poor physical condition

There are other reasons for which a property can end up on the Tampa real estate market for distressed reasons.  However, the reasons that have been highlighted here are the most common reasons why owners of Tampa real estate end up having to make a quicker sale of their properties for a lower than average cost.

Of course, when it comes to the decision to try and save money on the purchase of distressed real estate, you need to make certain that you seek out a situation that is most suitable to your needs, circumstances, resources and goals.  For example, if you do not have the ability or the desire to rehab a property on your own, you likely will not want to purchase a property that is available for sale at a distressed price because it is more than likely to be in poor physical condition.

One resource that you will want to be sure to take advantage of when it comes to the purchase of distressed real estate is a professional Tampa Realtor.  In this day and age, real estate agents involved in the Tampa real estate market are being called upon with a greater degree of regularity to assist people who need to quickly sell a residence for a distressed cost.  Therefore, you can gain a great deal of authoritative assistance by making connections with these types of skilled professionals.

On the flip side, if you are the owner of real estate that you feel you need to get onto the market quickly to minimize your risk of additional loss, you will also want to consult with a professional Tampa real estate agent.  A qualified and experienced Tampa real estate agent can work closely with you to assist you in developing a sales strategy that will minimize the losses that you might otherwise experience when you are facing a distressed situation in regard to your real estate.

If you have any questions about foreclosures in Tampa Bay or bank owned properties please don’t hesitate to give me a call. Thank you for visiting our website and don’t forget to save my Tampa Real Estate Blog to your favorites section of your internet browser.

 

Selling Your Home in Tampa vs. Renting it Out

If you have had your home on the market for some time, and even if you have engaged the services of an experienced and very qualified professional real estate agent in Tampa, you may be concerned with the amount of time that your home has been on the market for sale.  In this day and age, the real estate market in the United States, including the Tampa market, can be challenging.  Therefore, you may be wondering what interim options might be available to you when it comes to dealing with a residence that you really need to “get out from under.”

One option that some individuals that need to “move on” from a particular piece of real estate are undertaking is temporarily renting a piece of property until market conditions might improve or become more favorable.  When it comes to renting your home as an alternative to what you had hoped would have been a quicker sale, as a fallback position, there are some tips and pointers that you must keep in mind.

First: Keep the house on the market in some fashion even if you have rented it out for the time being.  This can be a bit of a challenging task because you will have to work around tenants.  However, the wisest course is to keep the home available for sale even if you are temporarily renting it out to save yourself from further financial loss.

Second: You will need to make certain that you carefully and closely screen any potential tenants to make certain that you lease only to individuals who a proven track record of taking care of property they rent.  You do not want to end up with damaged property that requires you to expend even more money in order to affect a sale for a decent price at a later date.

Third: You will want to keep the term of a lease or rental agreement as short as possible.  If the Tampa real estate market rebounds, you want to be able to sell your home free and clear of any tenancy as quickly as possible.  Therefore, you might want to consider renting the property out on a month to month basis.  In fact, when all is said and done, you likely do not want to consider any tenancy beyond a month to month term unless you specifically have decided to remove the property from being considered for sale for a definite period of time.

In order to determine if the temporary rental option is the right choice for you, if you want to make certain that such a plan of action makes sense in the Tampa real estate market, you should take the time to consult with a qualified and experienced Tampa real estate professional.  Such an expert can lay out all of your alternatives.