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We Buy Homes For Cash! Read More

We Buy Homes For Cash

We all have seen the yellow signs ” We Buy Homes For Cash

We buy homes for cash is a catchy phrase for will buy your home only if we make a good profit on it. This can be a good deal for the person who has a home in need of several repairs and can’t afford to make them. Investors are needed for these type of homes because the majority of home buyers are not interested in taking on the big headache. Warning! Before you hand over your home for cash make sure you understand the terms of the sale with an investor.

Make sure your dealing with an investor who really has cash to buy your home, otherwise you will be selling your home on terms you both agree to.

If an investor wants to take over your payments know that if the investor does not make the payment your still responsible to the bank until the note is out of your name. Your credit is on the line.

There is a good chance the investor will rent your home to make the payments. Nothing wrong with that, but depending on the terms you agree to you should know that up front.

Don’t ever transfer the deed out of your name until your bank and you are paid in full. Once you transfer the deed any money you owe on the home is still going to be your problem.

If you agree to allow the investor to assign the contract than you just hired a middle man to sell your home and make a quick profit. The investor is only looking out for their best interest not yours. Your better off hiring a licensed, experienced Realtor who is looking out for your best interest.

If your home is need of several repairs before it will sell than try getting a home equity loan and make the repairs. I can put your home on the market within 30 days of all repairs being completed so it sells quicker and put some extra money in your pocket.

We Buy Homes For Cash Ocala Florida

 

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Florida Real Estate Listing Agreements

Exclusive Right Limited Service Listing Agreement: The seller gives the listing broker the right to put the property in the MLS and to offer compensation to cooperating brokers. The listing broker earns a flat fee up front in most cases and can also earn a fee at closing depending on the services the listing broker and seller agree to. This type listing is mainly for sellers who want to try and sell their home themselves to save on the listing side of the commission.

Exclusive Brokerage Listing Agreement: The seller authorizes the listing broker to sell the property and to offer cooperation to other agents, but reserves the right to sell the property themselves. In this listing agreement the listing broker earns a commission if he/she sells the home. The listing broker does not collect a fee up front. This type listing is mainly for sellers who want to try and sell their home themselves to save on the listing side of the commission.
In both the exclusive right limited service and exclusive brokerage listing agreements the seller is agreeing to pay a commission to a real estate licensee who brings a buyer.

Seller Beware: The seller needs to find out from any buyer who is interested in their property if their working with a real estate licensee who brought the seller’s property to the buyer’s attention. Bypassing an agent will not save on commissions and it’s this type of contract that the National Association of Realtors claims has the most procuring cause cases filed against the listing broker. If the listing broker looses the procuring cause case then the listing broker can bring a lawsuit against the seller for damages.

Florida Real Estate Listing Agreements

Seller Beware: If a buyer’s agent is involved in a FSBO transaction the buyer’s agent will need to give written notice to the seller clearly indicating that the buyer’s agent doesn’t represent them. In addition, the buyer’s agent must not provide advice or act in a manner to lead the sellers to believe that the agent is acting on their behalf and creating a dual agency.

Exclusive Right of Sale Listing Agreement
The seller grants to the listing broker the sole right to sell the property and the listing broker earns a commission no matter what brokerage brings the buyer. Both the listing and selling side of the transaction involve a licensed real estate agent.

The following listing brokerage relationships are offered under all the listing agreements: Transaction Broker, Single Agent, Non -representation, and Transition from single agent to transaction broker.

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Check Your Free Credit Scores Today!

Check Your Free Credit Scores

Purchase a home with confidence!

These days you need to prove to the bank you can pay back the loan. Before you invest all your time and money looking at homes make sure you can qualify to buy a home if you’re going to be getting a mortgage. The first step is looking at your credit history and knowing what your credit score is. I remember when I started looking at my credit history. I was surprised to see how many old accounts I had from years back that were showing active or still open. These old active accounts go against your dept to income ratios that the bank looks at to qualify you for a loan. Don’t delay check your credit free here!!

Home Mortgages

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Real Estate Investment – Investment Properties

Investment properties

The smart way to invest in real estate is to have a financial plan for the property you purchase. I highly recommend buying real estate investment software to get started. Real estate investment software will analyzes the return on investment to procure the property, hold the property, and sell the property.

The most important part of your real estate investment plan is your reserve account to cover costs for the attorney, repairs, maintenance, insurance, property taxes, HOA fees, utilities, vacancy time, rehab time, and market time. How much reserves you need to carry per property will depend on if you’re carrying a mortgage or not, the condition of the home and if the property is a lease option. If you’re carrying a mortgage and the rent is not coming in for 3 months that can put a good dent in anyone’s pocket-book. I have been to several investor classes and workshops and the subject of reserves or should I say, ” protecting your investment ” never seems to come up.

Questions to ask yourself before investing your money in real estate:

How many months or years do you want to hold the property?

Do you prefer to buy, fix up, and sell?

Do you want to be in the landlord business or hire a property management company?

What amount of return are you looking to get on your money?

How does an investment property affect your federal tax return?

What additional state and county taxes will you have to pay that are not property taxes?

Are you looking for monthly cash flow?

Do you want to manage contractors to rehab or rehab yourself?

What is your time worth?

Where will your investment money and reserve money come from?

Should you open a Roth self-directed IRA?

 

 

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Frequently asked question about sink holes in Florida

sink hole insurance guide

Below are a list of question the Florida Geological institute answers on their website regarding sink holes in Florida. Frequently asked questions about sink holes by the Florida Geological Survey state government institution.

  • Why do sinkholes form?
  • My yard is settling—do I have a sinkhole?
  • I think I have a sinkhole in my yard. What should I do?
  • Is there a government agency that will come and inspect my sinkhole?
  • Is there a government agency available to help fix a hole on my property?
  • How long does it take for the sinkhole to stop growing?
  • How do I fill in a sinkhole?
  • Do I need a permit to fill a sinkhole?
  • A sinkhole just opened in the middle of my street —who should I call?
  • A sinkhole opened in my next door neighbor’s yard…should I be concerned?
  • Will watering our lawn lower the water table level and thus, cause sinkholes to develop in our neighborhood?
  • Is a new construction site tested for sinkholes?
  • How do I find which of Florida’s Statutes involve sinkholes?
  • Is there a database showing all sinkholes in Florida?
  • Is there a safe area of Florida in which to live with no chance of sinkholes?
  • Where can I find available sinkhole information for a specific area?
  • Can a home inspector determine if there is a sinkhole on a property? Or determine when a property is more likely to have a sinkhole? (e.g., land near water, etc.)
  • Is there any way to have my property evaluated as to the risk of a sinkhole forming?
  • I am buying a house with a repaired sinkhole under the foundation. Is this safe?
  • I am buying a new home and I want to know if there is a sinkhole disclosure law?
  • What is the sinkhole risk factor associated with my area?
  • Our insurance company has informed us that the area where we are going to purchase property is listed as a sinkhole area. What does this mean? What can we do about it? Should we buy in that area?
  • I was denied homeowners insurance because there is a sinkhole within one half mile of my home. What can I do?
  • My insurance company has done sinkhole testing at my house, but has not released the reports to us. Is there a way to see if a sinkhole report has been filed on my home address?
  • Who may I call to obtain further information on insurance in Florida or to issue a complaint about my insurance company?
  • What happened to the Florida Sinkhole Research Institute (FSRI)

 

Homes For Sale Ocala Florida

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What Is The Difference Between A Market Analysis And An Appraisal?

market analysis

A Market Analysis focuses on a selling or asking price, whereas an appraisal focuses on the valuation of the property at the time the appraisal was done. Only state certified or licensed appraisers are allowed to do appraisals on a federally related transaction. Federally related transactions would be when a buyer is obtaining financing on a property.

Licensed real estate agents are prohibited from doing appraisals unless they can conform their reports to the Uniform Standards of Professional Appraisal Practice guidelines. Real Estate agents who do market analysis are not required to comply with the USPAP.

A Market Analysis will provide a range of values where the appraisal will determine a specific value. A Market Analysis will provide adjustments for major differences, whereas appraisals will provide several adjustments. Appraisals are only concerned with actual prices paid for a home where a market analysis will look at current homes for sale, pending homes for sale, expired listings, and closed sales.