Key West Real Estate Market

BRING ON THE RAIN!!

2006-07-21T05:19:00.000-07:00

The lower Keys are experiencing a much 'wetter' summer than last year.

After Hurricane Wilma last year, we lost a significant amount of landscaping here due to the salt water intrusion that was experienced from the storm.

The much needed rain that was needed to revitalize our landscaping efforts has arrived. In fact, it is raining almost every day.

With the salt finally being washed out of the ground, the vegetation here is once again lush and green. Vegetation scars from the storm are almost gone and the lower Keys are looking beautiful once again!

LORI

CARAVAN for 7-20-2006

2006-07-20T08:43:00.000-07:00

Below are Agent Open Houses in Key West for Thursday, 7-20-2006. They can be viewed from 9 am to 10 am.

1. 102844 - 1705 Bertha St - $649,000
2. 102395 - 1505 Patricia St - $1,500,000
3. 525841 - 1223 Flagler Ave - $899,000
4. 101847 - 921 Center St #12 - $675,000
5. 102446 - 610 Petronia Street - $800,000
6. 102752 - 416 Petronia Street #5 - $445,000
7. 102340 - 719 Chapman Lane - $1,099,000
8. 102177 - 721 Chapman Lane - $980,000
9. 102818 - 324 Southard $765,000
10. 102596 - 101 Front St #13 - $1,095,000
11. 102475 - 409 Frances Street - $925,000
12. 100407 - 917 Southard - $1,249,000

GREAT NEWS

2006-07-20T08:18:00.000-07:00

It is a great time to buy investment property in the Key West area. It appears that the price drop is bottoming out as we see investors stepping back into the market now and purchasing properties listed at the lowest prices per square foot.

This area seemed to be among the first in the entire country to experience the recent real estate price adjustment. It started here about 2 years ago. It is anticipated that the re-entry of investors at this time, and the leveling off of falling prices, signals the real estate recovery for this area.

That should be hopeful news to the rest of the country. If this is true, other locals can anticipate only a two-year price adjustment period. That's good to know.

Because supply of real estate vs. demand in this area is so limited and prices are generally high, you never see any 'owner financing', 'motivated seller', or 'bring all offers' real estate purchase opportunities. However, at this time there are a few of these offerings.

11 - Owner Financing
32 - Motivated Sellers
17 - Bring All Offers

If you are interested in additional investment real estate opportunities in the Key West area, you can contact me, Lori Bender, at (305) 797-7397 or at loribender@bellsouth.net

Lori

May 19, 2006 - Sugarloaf bargain home for sale!

2006-05-19T10:08:00.000-07:00

Lovely, tropical home on upscale Lower Sugarloaf Key for sale
2bedroom 2 bath, well-built, 1400 sq ft waterfront
home with 10 minute boating access to both the
Gulf of Mexico and the Atlantic Ocean.
10,000 sq ft lot.
Storm shutters included.
Neighborhood walking path.
Bank, restaurant, and fire department
are just 2 minutes away.
Seriously motivated seller says,
"Bring all offers".
$749,000

Lori Bender
www.loribender.com

It's a Great Time to Buy a Home in the Florida Keys

2006-05-19T10:06:00.000-07:00

In 2004 here in the Keys, many homes were selling for far more than the sellers would ever have dreamed possible. Towards the end of 2004 though, things started cooling rapidly. Many people paid more for their homes in 2004 than they could expect to sell them for now. We have no shortage of inventory today, much of it having been on the market for many months. Many sellers will consider offers well below asking price.

If you are thinking about improving your standard of living and trading up to a new home, times are good! Sell first and you are in a very strong position. Maybe you could have sold for more last year, but bear in mind that this also applies to the sellers of the home you want to buy. Your dream home may be more within your reach today than it was last year.

If you are moving out of the area, this is also a good time to move. Many real estate markets across the country are in a slump right now. There are bargains to be had. Again, if you sell first, you are in a very strong position. Remember the golden rule - He who has the gold rules. This is very true in real estate matters.

Even if you are trading down, provided you are moving to a less expensive area, you should do well to sell now. You don't have to go too far to find places with a surplus of homes for sale and that means that with cash in your wallet, your offer is more likely to be accepted.

Homes that are priced sensibly are selling! Not as fast as last year, but there is still plenty of activity. Provided you don't have unrealistic expectations, you should be able to achieve a sale within a relatively short time and once you have sold, you can use the strength of your position as a buyer to get a great deal on your next home.

Fed Hikes Rates Again

2006-05-19T09:37:00.000-07:00

The Fed is at it again. For the sixteenth time in the latest series that started in June of 2004, they've hiked the Fed Funds Rate by .25%. Why are they hiking rates? Only to keep the economy from growing too quickly, which can result in inflation and drive prices higher on the goods and services we purchase and use every day.

So what does this mean to my real estate clients? Here's the scoop.

The Fed Funds Rate impacts many things including the Prime Rate. Most Home Equity Lines of Credit are based on the Prime Rate. Therefore, if you have a home equity line, your payments are going up. If you carry a substantial balance on your equity line, you could be in trouble with the additional payment increase.

Many adjustable rate mortgages are also tied to the Prime Rate. This means that your ARM payments are going up too.

Worst case scenario--you have an ARM mortgage with a home equity line. Yikes! You know who you are.

It may be time to take a look at the type of mortgage financing you have as it may be time to consider a different loan product better fit for persent market conditions.

As your trusted advisor, I am committed to keeping you updated on the economic events that impact interest rates and how they may affect your real estate holdings. Call for high-quality recommendations no-nonsense mortgage professionals that can help get you out of the above trouble spot.

Lori

Effects of Hurricane Wilma on Key West Real Estate Market

2005-12-01T04:05:00.000-08:00

There is no doubt that Key West has changed after Hurricane Wilma roared through on October 24th. It was the worst we had seen since Georges in 98, and the worst storm surge Key West has seen in decades. Despite the flooding conditions things here on the island have been slowly getting back to normal. Some families will relocate while others will rebuild what they have lost and still keep loving the island of Key West the way they always have.

For the real estate buyer, it is a great time to consider Key West. Despite the fact we are in the hurricane zone, Key West is a pretty quaint town with a lot of charm and warmth. We pay a high price on insurance to live here but in the end it is worth it to be living in paradise and still be able to see the clear blue ocean and beautiful sunsets.

Homes that need repairs are already being worked on and insurance companies are working quickly to settle claims and get the citizens of Key West back on their feet. When considering a home in the Keys I can certainly help you factor in and research any questions you may have about homes in the Lower Keys.

Ready to sell your Key West property?

2005-10-12T08:40:00.000-07:00

Getting Ready To Sell “Do’s and Dont's” Those Little Things Can Mean a Lot
Sometimes a sale is lost due to the smallest item. If you overlook easy-to-fix cosmetic improvements, chances are the buyer won’t. It could result in an attempt to negotiate a lower price, or worse—the buyer might just walk away. Here are suggestions to make inexpensive fixes to items that make significant impact to ‘the buyers’ eye’.

Before your home goes on the market, it is in your best financial interest to give it a good ‘detailing’. You should not do anything too drastic or expensive unless it happens to be absolutely necessary. Try to go through your home and correct as many things as possible that may leave a negative impression. This will mean a faster sale for you at a higher price. Your house won’t command a high price if it is perceived as a ‘Key West fixer upper’ when it is not.

Suggestion: Print out this form and walk through your house with it and see how many items you can address.
Imagine your home is a builder’s model home; Clear counters, spacious closets, gleaming bathrooms and kitchens with fresh towels, all the lights on, nothing stuck to the refrigerator, clean windows, no trash cans in site, not a lot of ‘family’ photos (you want them to picture their family in the home, not yours), and tastefully decorated.

If buyers see lots of little items that have been neglected, it gives the idea that the home is not well maintained. They become worried about what else is wrong with the house that they can’t see and are turned off.

With that in mind, it is in your best interest to consider the following items:
A homebuyer’s first impression is based on his or her view of the house from the curb or a photo. That first impression is called ‘curb appeal’. If your home does not have it, they won’t want to see the inside. They assume that if the outside is not taken care of—the inside isn’t either.
So, let’s start on the outside and work our way in…

The Exterior:
Go across the street and take a look at your home’s ‘curb appeal’. The entry of the home should be as clean and sharp as possible. Refinish or repaint the area if you have to—especially the front door. Does the doorbell work? Make sure the door is easy to open with its key. Door locks that are difficult to open leave a bad first impression. Replace the doormat with something new, clean, and inviting. An updated light fixture can cost as little as $15. A pot of flowers by the entrance always says ‘welcome’.
If your house paint looks faded and tired, buyers will notice immediately. Use a neutral house color that blends with the neighborhood and style of the house. Don’t forget to clean the roof if it needs it. Any outdoor furniture should be clean and in good condition. Coil hoses neatly.

The Front Yard:
Now is not the time to plant trees. New, young trees don’t have any character so your money is wasted here. A few strategic bushes, flowers and fresh mulch beds will give your home tremendous ‘curb appeal’. Dead or dying plants should be removed. Established plantings should be trimmed neatly. Brown spots on lawns need to be fertilized or resodded. If your grass needs attention, do this first as it may take a few days or weeks for repairs to blend in with the existing lawn. Your local home store has fertilizer that can give you a quick ‘greening’ for very little money. Keep lawns trimmed and grass cuttings out of sight.
Landscaping is an area that returns 100% of your cash investment in it.

The Back Yard:
Neatness is the number one factor here. If you have a pool or hot tub, make sure it is clean and free of debris. If you have a dog, keep the yard free of any remnants. Remove unnecessary items. In the Keys, yard space is a rare commodity. You want every inch of yours to show.

The Interior:
Take out the trash -- Nobody likes to see garbage, especially someone else’s. The kitchen garbage is most important since that is often one of the rooms buyers will spend the most time in.

Get rid of the clutter -- This is the first and most difficult step in the process because of the emotional attachment people have to things they have collected over the years. You may believe you have organized your ‘clutter’ and no longer see it as the mess it may be. Buyers will see it that way and it can greatly affect their perception of the home.

Counter tops, closets, shelves, drawers, and all storage areas need to be as clear as possible. It will create the appearance of more space. Having your garage sale before your home goes on the market will help reduce the clutter and open up your spaces. Make donations now. Pack up unnecessary closet items and put in a temporary rented storage facility, if necessary. Jammed closets are a ‘no-no’. All closets need to have room for even more clothes than they show. This gives the subconscious impression of ample closet space—a huge plus for any house.

Cleaning – Make the beds, get rid of dirty dishes and empty drinking glasses laying around, pick up newspapers and toys, dust, vacuum, mop, sweep the front, clean the bathrooms (no hair in the sink, please), hang fresh towels, hide the garbage, put dirty clothes in the washer, etc… A clean house makes a lasting impression. A dirty house makes an even longer lasting impression. When homebuyers think back to the homes they have seen, they seldom remember “the dirty one” with fondness.

Pets – Remove pets or at least keep them out of sight when perspective buyers drop by. Try to remove any harsh pet odors as well. If a buyer has allergies, it could present a huge obstacle.
Odors – Don’t use scented air fresheners. Many people do not like them, are allergic to them, or may think you are covering up an unpleasant odor. Most don’t really smell that good anyway. Natural scents, like flowers, fresh fruits, or cooking smells are best. Bake cookies, make a pot of coffee in the kitchen, light vanilla candles or put a drop of vanilla on a few warm light bulbs to fill the air with a pleasant, but not overwhelming aroma.

Odors from smoking are the largest problem when we are showing a home. If you are a heavy smoker and have been smoking inside your home for years, you need to have it cleaned professionally. This is a big job. Walls, fans, window treatments, carpets, cabinets, and air conditioning components all need a deep cleaning with effective cleaning agents to remove the yellow nicotine coating on the home. Move a wall picture. If there is an obvious clean mark behind where the picture hangs, you know you have a serious re-sale problem that will turn off most buyers—even ones that smoke!

If you have been smoking for awhile, your sense of smell is probably impaired. Trust your agent’s comments on this. If they don’t address the issue voluntarily and you are a smoker, ask about how bad the smoke odor really is. Some agents avoid this subject because they are afraid of offending a client. This is not the time for dancing around this serious issue. You may actually have to paint the interior of your home to remove this instantly-identifiable and often overwhelming odor.

Stay Away – Buyers don’t want to feel like they are intruding. If they walk in on you and your family, they will feel rushed to get out of your way, or worse, they may not want to stay to see the house. If you cannot leave the house, try to stay out of the way. DON’T volunteer information, show the house yourself, answer nosey questions from buyers or let strangers in off the street. An agent will ask questions of you if they need to. Otherwise, you may actually interfere with the showing and selling procedure the agent is using with the buyer.

Lighting – Turn on all the lights. A dark and dreary home, especially at nighttime, is not inviting to most buyers. Install higher wattage bulbs if necessary. Open window coverings where possible to a good view and always, always, clean windows. A bright and cheerful home makes your visitor feel welcome and creates a feeling of “homeiness”.

Dropping the price - A good salesperson will not overprice a home. It is not in your best interest. A decrease in the asking price gives the impression that there is something “less than desirable” about the house and buyers will be turned off.

If you do manage to find a buyer that gets caught up in the emotional aspect of buying and offers a high price, you still will have to deal with an appraisal. Recent sales and current market conditions cannot be ignored—because they won’t be by an appraiser.

When your home is first listed, it is marketed to other agents in the area who market it to qualified buyers. Seasoned agents know that they will have trouble supporting the asking price to their buyers when it comes time to make an offer and they know there will be appraisal problems too. Most agents will avoid potential “problems”, and therefore your overpriced house. Wouldn’t you? Another problem with an over-priced property is that buyers will expect to see more than your house offers and will be disappointed. This is a waste of your time in prepping your home to show to a buyer that really won’t be interested in it. Overpricing your home will help to sell a buyer the ‘other’ house that offers more for the same price.

Walls, Ceilings and Paint -- Eliminate all water stains on ceilings, walls, and floors. Water stains mean leaks. Even if they have been repaired, it gives the subconscious impression that there is an active leak and that will stay with potential buyers as a negative. Active leaks need to be repaired before painting.

Clean bright walls make a big impression. A fresh coat of paint can be a great investment since it is inexpensive and you can do it yourself. Use colors that appeal to everyone, like white or off white. Very bright or dark colored walls need to be neutralized. Most buyers look at them as nightmares to paint over and leaves a negative impression in their mind. Tip: Prime first to prevent ‘severe color’ bleed through.

Windows and Doors -- All windows and doors should open and close easily and without creaking. A few squirts of WD-40 should take care of this. Also, make sure there are no cracked or broken windowpanes and clean all the glass. Clean windows brighten a home significantly. This is a must.

Doorknobs need to be cleaned, polished and easy to turn. Remember, buyers will be turning every knob in the house. Sliding doors need to move smoothly. Make sure they are property seated on their tracks. Clean the tracks and grease with WD-40 or candle wax. If the wheels on your sliding doors are broken, replacement is a minor cost.

Louvered closet doors need to be adjusted if they come off their track when they are opened.
Cabinets -- Cabinet doors that don’t close all the way can usually be adjusted with a simple screw driver. Drawers with bad gliders are a hazard to buyers that open them. You don’t want a drawer coming out and falling on a buyer’s foot. You can be liable for buyer’s injuries in your home.

Carpet and Tile -- Clean carpets or replace outdated or hopelessly stained carpets with something inexpensive and neutral in color. Cracked floor tiles should be repaired or replaced. Don’t spend too much here. All you are trying to do is eliminate a few negative impressions.
Plumbing and Fixtures – In addition to opening and closing all your doors, everyone interested in buying a home turns on light switches and faucets. Many people even turn on showers and flush toilets to check water pressure. Buyers will notice if your fixtures are dirty and worn and this will affect the impression of the house. Clean fixtures, replace obvious out-dated or fixtures in bad condition with inexpensive new ones. Make sure light switches and switch plates are spotless and in good shape. Cracked switch plates signal ‘danger’ in peoples’ minds. That is not the impression you want to create. These are relatively small expenses that could pay off big for you.

Will a few small items needing repair spoil a sale? Probably not. But a property that has a number of little things wrong may spend more time on the market and sell at a lower price than one where the seller has attended to as many details as possible. There is no need to raise ‘little’ questions in a buyer’s mind. Buyers also tend to overestimate how much it will cost to do a repair and reflect that in their offer price. A buyer may estimate that to re-paint a home it will cost $5000, when in actuality it will only cost $2000. If they think it will cost $5000, they offer $10,000 less.

Also, since most homes these days are sold “as-is”, the less an inspector finds wrong with your home during the inspection, the better chance your buyer will be happy with the results and continue on with the sale without trying to renegotiate the sales price.

Case Point
One particular client of mine had a home that was very dated and not well maintained. The plus was that it was a large space in an area of relatively small homes. She was convinced that her home was a real prize and would sell high and fast without attending to any details. She refused to do a thing. After 4 months on the Key West real estate market, she finally agreed to give the home a fresh coat of paint and replace severely dated light fixtures with more modern ones. Her home was listed at $699,000 and she spent all of $2000 to help sell that home. Within one week of these changes, we had a contract for almost full asking price. As you can see from this example, you will be rewarded in making minor repairs and updates by selling faster and for more money.

Sunset Key Island

2005-10-03T11:53:00.000-07:00

Sunset Key Real Estate - Luxury private island living just off Key West, Florida
Luxury Key West island homes at Sunset Key

Sunset Key is a 27 acre island just off the coast of Key West, Florida. Sunset Key started being developed in 1994 after being purchased from the U.S. Navy. The Navy used the island for storing fuel tanks, hence it's previous name, Tank Island.

Today Sunset Key offers luxury homes for sale with waterfront and garden views. The island has many amenities including a swimming pool, white sandy beaches, restaurant and bar and guest cottages are available through the Hilton Resort for additional guests.
There are a few Sunset Key properties available for sale, please contact Lori Bender to find out more information and to receive updates on any new Sunset Key real estate properties that become available in the future.

1031 Exchange for buying real estate in Key West

2005-09-02T13:32:00.000-07:00

1031 Tax-deferred Real Estate ExchangesWhat is an exchange?
Tax-deferred exchanges allow an investor to exchange investment property for like-kind investment property while deferring capital gains taxes. In most cases, the use of an intermediary or exchange facilitator is required to make the exchange work in the eyes of the Internal Revenue Service. The intermediary must be engaged prior to the close of the sale. If real property is being exchanged, any kind of investment property qualifies except personal residences. Thus, the Exchanger can exchange vacant land for an apartment, a rental house, or commercial property.

How the Exchange Works
In order to defer all taxes on capital gains, the Exchanger must offset both cash received and debt paid off. These are separate items. If the property sells for $200,000 and a mortgage of $100,000 is paid off at closing, to defer all taxes, the Exchanger must spend all the cash proceeds and incur $100,000 debt. Any less debt incurred will be taxable as well as any cash paid to the Exchanger will be taxable.The key to an exchange is that the Exchanger cannot have any control over the sales proceeds. The intermediary holds the proceeds in an interest-bearing account, with interest paid to the Exchanger, until the funds are needed to purchase the target property. Following the close of the sale, the Exchanger has 45 days to identify up to three target properties that he or she might purchase. The Exchanger has 180 days from the date of sale to close the purchase.

How Can We Help?
Lori Bender assists her clients in meeting their specific and realistic investment goals. Her ability to provide innovative solutions to difficult problems ensures that each transaction contributes to the best way of achieving your goals. There are a few closing agents in Key West that are experienced intermediaries and will be able to close your 1031 real estate exchange.

Buying Real Estate in Key West - The Process of Looking to Closing on your home

2005-09-01T04:53:00.000-07:00

What is the Buying Process?
Buying a home is not merely an effort that you undertake with your Realtor. The necessary people that will make up a “team” required to close all residential real estate transactions are:

You
Your Realtor
The seller
The seller’s Realtor
Lender
Closing agent
Inspector
Appraiser
Insurance company

Your Realtor should have many years of experience. They not only have to know their job inside and out, they have to know the details of everyone’s job listed above. Your Realtor is responsible for monitoring all these people and their progress on your file. So you can appreciate how important it is to hire an experienced Realtor in order for you to have a problem-free transaction. The more experience your agent has, the higher the odds are that all the details are being attended to assuring that your purchase will go smoothly.

The following is a general guideline/checklist that will get you through your next real estate purchase:

_____Locate a Realtor to work with and discuss your wants and needs. Have them give you a sales contract package so you can start to look over the paperwork you will be signing later. When received in advance, you have ample time to look it all over and “digest” it. Questions can be answered ahead of contract signing so time can be saved during that sometimes lengthy process. Instead of signing paperwork that you won’t have time to go through thoroughly at that moment (and being left with that uneasy feeling when you sign something you have not read), having pre-read the forms, you will be comfortable signing the now “familiar” contracts when the time comes.

_____Get pre-qualified with a lender. Your Realtor should be able to recommend a few solid, honest, and competent lenders to you. Realtors work with these people every day. We generally know who offers the best rates and terms for different types of loans. More importantly, we also know who the unsavory lenders are that have high closing costs and who substitute less desirable loan terms to buyers at the last minute (that’s a bad thing). Your Realtor is a good place to look for high-quality lender recommendations.The lender will:Run your credit reportCalculate all debtsUncover unique details to your situationEstimate the amount of money a bank will lend you based on the above.It is important that you make no major purchases on credit when you are going through the buying process. Do not buy a new car or furniture now. This will affect your credit score and you could be turned down for the loan at the last minute. Wait until your home purchase is complete.

If you are paying cash for the property, you will need to provide documentation proving you have the funds available. A bank statement will be fine.

Another important thing to remember is to keep your money in one place. Moving money between accounts during the loan process will make it difficult for your lender to follow your paper trail and will delay the whole process and create much more work on your part.
Changing jobs usually makes no difference regarding your approval as long as you stay in the same field of work, and/or especially if you will be making more money.

Far better than just pre-qualifying, it is strongly in your best interest to have your lender start processing a loan for you. A “hard qualify” means that the lender has agreed to give you a loan for “x” amount of money, and you just need to locate a property. It could take several weeks. If you find a property where the seller needs to move quickly, your offer will be most attractive to them because you have shaved off some loan processing time and can close when they want to. The closer you are to being “hard qualified”, the better your offer looks to the seller. This could mean the seller choosing your offer over someone else’s.

_____Discuss with your Realtor the selection of a closing agent. The closing agent is responsible for and insures the clean transfer of title and takes responsibility for paying off all seller’s obligations and clearing seller’s title problems (if any) so when the property transfers to your name, there are no ownership questions. They issue a Title Insurance or Owners Policy to you which is your guarantee that if there are any problems later with the title to your new property because of a mistake made by the closing agent, you will be protected. The closing agent receives all the paperwork required of your lender and makes sure all documents are signed correctly. The closing agent’s office is where you go to sign your loan documents and receive the keys to your new home.

_____You should take a communities tour to identify the communities you would like to live in. With the financial information and your preferred community list, your Realtor will locate appropriate properties that fit your particular situation.

You view all properties available in those areas that meet your criteria. If nothing is available at the moment, redefine your criteria or have your Realtor watch for new listings to come available so you can be the first to see new properties as they come on the market.

_____When you find a home you desire, ask your Realtor for prices of homes in the area that have sold recently. That will give you an indication of the home being properly priced or not. Believe it or not, some sellers do overprice their homes!

_____Make an offer to purchase the home you desire. Ask Realtor to explain paperwork and terms in detail. A 1% minimum deposit is usually required to go with the offer. The more deposit you put down with the offer, the more serious a buyer you appear to be to the seller. This helps the seller evaluate you as a favorable buyer. Seller may counter offer your offer—that means that your offer did not work for their particular situation, but with the changes the seller suggests, they will sell you the property.

_____When you and the seller have complete agreement and the contract and all details are completely executed (signed), notify your lender and make formal application for a loan on this property, if you are not already “hard qualified”. You will need to gather some documentation and get it to your lender immediately. It is normal for the lender to ask you for money to pay the appraisal at this time, as they will be ordering it immediately.

_____Your Realtor will get a copy of the contract to the pre-selected closing agent so that they may start searching the seller’s title—clearing the way for your home ownership. This can take anywhere from 7 to 30 days. It is best to get the closing agent involved as early as possible.

_____Arrange for any home inspections right away. Your Realtor will advise you of the types of inspections that can be done and recommend a few inspectors. It is up to you to select and pay the inspector. Both the seller and yourself are anxious to know if this deal is going to go through or not. Until inspections are done, properties usually remain on the market for other buyers to look at. You want to remove this property from the market as soon as you can so you do not run the risk of losing it to another buyer. Do inspections as soon as possible. The norm is within the first 3-7 days. It is customary for the buyer and/or their Realtor to be present during inspections.

If the inspections uncover an unacceptable problem for you, now is the time to re-negotiate the contract. If you and the seller cannot come to an agreement on a solution to the inspection problem that concerns you, at this time you may cancel the contract and receive your deposit back.

_____Check on your lender. Everything going okay? Need anything else? The lender should have arranged with your Realtor for an appraiser to go to the home and estimate its value. It is not customary for a buyer to meet the appraiser.

_____At this point, secure homeowner’s insurance. Again, ask your Realtor for insurance company suggestions as well as comparing those suggestions to your current insurance agent. In the summer months, don’t wait until the last minute in Florida to do this. When there is a storm within 72 hours of us, insurance companies will not write a new policy. So get it well in advance so you are not caught 2 days before closing with a storm somewhere within 3 days of your new property and no insurance. You won’t be able to close on time. This will cost both you and the seller money in working out the delays. This is one step that will help assure your closing goes off without a problem. Once an insurance agent is selected, notify your Realtor.

Your Realtor will then stay on top of the details your lender needs, stay in contact with the inspectors, make sure the insurance binder gets to the closing agent and the lender, monitor the closing agent, and work with the seller’s agent (if any) to arrange a smooth closing and move for both you and the seller.

A competent agent can identify problems ahead of time and make sure they do not become part of your transaction. At this time in the transaction, your Realtor should be keeping the train running smoothly to the station by coordinating everyone involved and making sure everyone involved are doing their jobs. That means your Realtor needs a good deal of experience so they actually know the details of everyone’s job to monitor and be able to follow everyone up effectively.

Finally, the inspections went fine, your insurance is in place, and your financing is secured. What next?

_____Your Realtor will have the closing agent send a copy of the closing statement to them so they may check for any errors. The closing statement is a breakdown of all the expenses the buyer and seller are incurring to transfer ownership. Once reviewed, your Realtor or the closing agent will forward the closing statement to you for review.

_____You will secure a cashiers check for the amount on the closing statement you will need to bring to closing.

_____Either the evening before or right before closing, you will “walk through” the property to make sure it has been left as mentioned in the contract by the seller. You are checking that all items have been left that were supposed to have been left in the house and working the way they were on the day of inspection, no damage has been done when seller moved their things out, repairs have been made that were agreed to be made, and the property has been left “broom clean”. It is not mandatory in Florida that the seller have the home professionally cleaned when they move. It is required that it be “broom clean”. If there are items left either in the home or the yard that will cost you money to dispose of or if the home is left so dirty that it will need to be cleaned, these items will be noted and costs can be withheld from the seller at closing.

Now you are ready to go to the closing.

_____At the closing agents office you will be asked for your driver’s license and the funds necessary to close in the form of a cashier’s check. You will go over all the costs on the closing statement once again and sign anywhere from 3 to 12 copies of it. You will then sign all the loan documents and transfer documents. The seller is usually there at the same time, but this is not necessary. Seller’s quite often sign their paperwork ahead of time—especially if they are leaving town.

Once you have signed all documents required, you are given a copy of everything, a set of keys, and you are now the proud owner of “the American Dream”.

The details can seem daunting. However, a good Realtor will take care of most of them and ease you and everyone else involved through this process. The longer your agent has been at their job, the smoother your closing will go. When I am using a Realtor’s service in an area other than my own, I always make sure they have at least 12 years of experience behind them. But that is just a general guideline.

For additional guidance, request a copy of our moving guide. It is a “must have” checklist that will help you organize a weekly schedule that will successfully get you from point “A” to point “B” without forgetting important details.