Port Charlotte Florida Real Estate

It always seems simple to walk into a model home and deal directly with the builder but that’s not the best idea.  More people are taken advantage of when alone than with a real estate agent.  All the paperwork you’re required to sign, disclosures, clauses and most important releases. 

When you sign a release you practically give up your rights; it could mean forfeiting your right to keep your deposit or setting the settlement date in stone for you but a contingency for the builder. 

Every page you initial could be detrimental in the end if you are not represented professionally.  Sure, there are laws and guidelines that say you are protected from predatory requirements – RESPA Laws – however if you don’t know how to apply those guidelines to your transaction how do you know if you’re being taken for thousands of dollars?

Many homebuilders offer incentives as a way to entice you to purchase their home however those incentives often mean you must use their in-house lenders and their title escrow companies; this is far from the truth because you can use whatever lender or title escrow company you choose and in the end, the builder cannot tie the incentives to a specific lender. 

Are your discounts really discounts or are they embedded somewhere in your sales package? Often a builder will show you all the discounts and incentives they’re providing to you but the loan package is packed with excessive and useless fees that make up for all those discounts they’re giving you.  This is why you need a realtor to accompany you for any real estate transaction.  It may seem like a simple decision to walk into a model home and deal with the salesperson but it could cost you thousands of dollars.

That salesperson works solely for the builder and I bet you’ll sign an acknowledgement of this statement. They must disclose certain items to you but again they work solely for the builder and without professional representation you are on your own to learn the ropes.

For any real estate transaction take advantage of all the knowledge a real estate agent or broker has to offer. You’ll avoid many of the traps home builders have waiting for you.

Many people are in trouble with mortgages and now need a loan modification.  But what if you don’t qualify for a loan modification? There is still hope!

One thing to keep in mind is lenders do not want to deal with a foreclosure.  There are already too many foreclosed properties which mean no profits are coming in and they are left to sell off property at a discounted price. So if you cannot qualify for a loan modification you can still try negotiating with your lender to work out a payment plan.

First, can you qualify for a loan modification?  You must make the first step and notify your lender of your hardships and sit down to see if you qualify. The lender probably knows you’re having difficulties paying if you’ve already missed a few payments but you need to show a commitment to saving your home and make the call.

The lender will require a financial history from you that details your income, assets and expenses.  Lay everything on the table and show where your money is going.  If you’ve been laid off from work explain that you’re committed to saving your home just experiencing a rough patch right now. 

If the lender is difficult to dealing with you get some help from a real estate agent to document neighborhood demographics.  Show the lender what they have at stake and how your repayment plan makes more sense than them foreclosing.  Now you’re going to have to do your part and put some thought and research into this, especially when the lender doesn’t want to develop a repayment plan. 

Keep in mind, the new Obama Housing Plan isn’t mandatory for banks to put into practice. The government does offer incentives and it makes sense for any lender to take part in loan modifications however they do not have to implement this plan.

You must do you part to save your home and develop a concise plan that shows you need the help and you’re willing to work at repayment.

The housing crisis left landlords with rental property in an awkward position; current tenants looking to negotiate their lease or prospective tenants looking to bargain for more. Competition is stiff these days in every state and landlords know they must ante up more than the “regular” amenities like a gourmet kitchen or Jacuzzi-style bathtub.  Money and creative contingencies are key in the art of negotiation.

The best contingency out there is the layoff lease; if you lose your job you will get free rent for 1-2 months and a no penalty clause that allows you to break your lease.  Now that is the art of negotiation.

Forget all the free gym memberships and look for free utilities.  Today’s electric bill could set you back a few hundred and who need’s to look good when you’re sitting in the dark with no electricity because you used all your funds to pay the rent?

In any transaction there is a bargain waiting to be negotiated. Rental property is no different because vacancies are high on every list and landlords would rather get money than let units sit.

So if you’re seeking a deal but don’t know where to begin ask your landlord for some of these concessions:

1. Can you change your lease to month-to-month?
2. Remind them the rent is cheaper down the street (even if it’s only a few dollars) and you’re thinking of moving to save money.  Can they lower your rent?
3. Perhaps there is a smaller unit that is cheaper on a different floor?  Can you move there? 

Look for overall ways to save money.  If you drive to work why not look for a rental property on a metro line.  You might find a cheaper rental property and save money on gas by switching your routine to use a bus route.

Also, now may be the time to think of getting a roommate.  All of us like our privacy and if you’re not use to sharing it could become difficult but in tough times comes difficult decisions and sharing may just be your answer to save on money.

While now is the perfect time to purchase a new home many potential home buyers can’t come up with a reasonable down payment.  This seems to become the biggest obstacle in purchasing a new home. But wait a minute…there are plenty of programs out there to help with new homebuyer down payments.

There are always state, city and even some county programs that offer first time home buyers cash assistance for a down payment.  While many offer this assistance to home buyers within a specific income bracket there are also programs offered to specific employment categories, such as law enforcement and teachers.

With our current real estate downturn many potential home buyers are finding the newest advantageous programs for down payment and closing costs assistance.  Many developers find themselves losing out big in the real estate market; as an incentive to sell their inventory you might just luck out with assistance towards your down payment and closing costs.  You’re looking at the least amount of money out of pocket on a brand new home.

New home buyers should also look at neighborhoods offering redevelopment programs.  While the word “redevelopment” has had a negative connotation for residential communities, this option can turn out to be a positive for you.  Re-development is only rehabbing and doesn’t necessarily mean bad neighborhoods.  Just consider to look around – Many will offer a grant to help with your down payment and closing costs and you could wind up with a diamond in the rough.

Additionally, many lenders offer their own grant programs to help first time home buyers with their down payment.  In partnerships with the city and state, many lenders have programs designed to help low to moderate income individuals with up to 80% down payment assistance on a new home.  Once the lender agrees to participate in the program, many will adopt new credit standards to promote more affordable housing.

There are always programs out there to help get you into a home; remember, seek and you shall find!

Many homeowners already shell-shocked by the state of their financial affairs bury their heads in a hole until it’s too late.  There are plenty of ways to fight back and save your home and your good credit.  Don’t just stop with a call to the bank; add a Real Estate agent’s name to the list.

Your first call should be to the mortgage lender.  Banks understand the economic downfall has placed many homeowners in a corner, unable to make their payments.  Loan modifications, Repayment plans and Reinstatements are all options to help you remain in your home; but many times a loan modification or even mortgage forbearance will not work for you; this is when you give a call to a Realtor and seek other options. 

While selling your home may not be your first choice it’s surely better than a foreclosure and bad credit scores.  A real estate agent can help you negotiate with your mortgage lender and perhaps work out a short sale.

The deal breaker here will be how long you waited to seek out help but any call for help is better than none at all.