Florida Treasure Coast Real Estate Resource

The home was in one of Palm City's better neighborhoods, a leafy gated community with a variety of home styles. My clients were seeking a pool home under $250,000 and we had looked at several, all at the top of their price range. I suggested a short sale or foreclosure as an option, but they did not want to take on a renovation. When I spotted this Freddie Mac foreclosure I knew it could be just right for them.

As we pulled up to the home I warned them about what could be lurking inside: missing appliances, fixtures ripped from the walls or even owner inflicted vandalism. We entered the house and my concerns evaporated as I realized the house was largley in tact. Sure, the appliances were gone and the water heater was missing, otherwise it appeared to need only patching and painting. It had 20" tile laid on the diagonal and plantation shutters throughout the entire house.

Outside was a screened pool and a large private backyard. But the pool was green and the deck covered in mold. I assured them that it would clean up easily and judging by the water depth from recent heavy rains it looked like it was holding water. Upon closer inspection we discovered that the pool pump was missing and the owner had severed the air conditioner lines in a failed attempt to remove it.

But at $169,000 this was obviously a good deal and the couple decided to make an offer. I urged them to go in at full price or slightly above as banks will dismiss low offers. I also discovered there were already two offers in ahead of us, so I suggested we go in with an offer of around $172,000. To my surprise they offered $174,000, which the bank accepted the next day.

It gets better. My buyers were planning on wrapping the repairs into a 203K mortgage when I received a call from the listing agent telling me Freddie Mac would be contributing $6,000 towards closing costs, fixing the pool, A/C, and water heater and throwing in a two year home owners warranty for good measure.

So we are on our way to a successful closing. Barring any unforeseen inspection or financing issues, these transplanted Northerners will be enjoying their Florida dream home in just a few weeks.

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Contact Eric Slifkin for information about Fannie Mae or Freddie Mac foreclosures and special financing programs.

With a myriad of distressed properties on the market and more looming, many home buyers are clamoring to purchase foreclosed homes. But you need to be aware of the potential pitfalls in purchasing a distressed property, especially the risk associated with the cost to repair any deficiencies that a buyer assumes in an as-is foreclosure transaction.

Here are 10 areas to watch out for when considering a foreclosed home:

1. No power to the house. If the home has been without power for some time then chances are it has not been properly air conditioned. With our hot humid Florida climate prevailing most of the year, there is a good chance the house may have mold issues. Most banks are now requiring their asset managers maintain power to the house but it may still have sat vacant and powerless for several months prior to foreclosure.

2. Peeling or discolored paint, swelling in walls or ceilings, stains around windows or baseboards indicate water damage and possibly the presence of mold.

3. Mold growth or stains inside cabinets, behind drawers and built-ins. This is another sign that water damage may have occurred.

4. Missing sinks, toilets and other fixtures- check on repairs needed to replace any fixtures that were improperly ripped from walls and floors.

5. Plumbing or wiring issues. Check for blocked drains, broken or stripped pipes and wiring.

6. A cracked foundation, sagging roof or other structural issues may require costly repairs. Lenders may deny loans on such properties.

7. A "re muddled" home or a home with extensive renovations. Check for code violations and that permits were pulled.

8. A malfunctioning water heater, A/C unit or other mechanical equipment (pre-closing repairs may be required to satisfy FHA loan requirements).

9. Owner inflicted vandalism. Acts of vengeance by the former owner can be expensive to fix. Seemingly simple repairs can morph into a major renovation. Some banks are now addressing these issues and may perform the repairs when they acquire the "asset".

10. Air quality issues- testing should be considered with your home inspection, especially when water damage is observed or there is a musty odor in the house.

These and other pitfalls can be minimized by employing a qualified home inspector to assess the structure's soundness and uncover potential problems.

What are the Traits of a Successful Realtor? There is more to selling real estate than just showing houses. A Realtor's success is based as much on what he does to ensure you get to the closing table as procuring a ready, willing and able buyer for your home. A successful agent will, amongst other things:

-Be skilled in computer applications to create compelling presentation materials for buyers and sellers.
-Maintain a database to efficiently manage client relationships (CRM).
-Know local neighborhoods and subdivisions, real estate inventories and real estate statistics.
-Leverage the Internet to gain maximum exposure for sellers' listings and target buyers' home searches.
-Have strong negotiation skills; knowing what to say, how to say it and when to say it.
-Be adept at handling short sale and foreclosure transactions.
-Obtain all available seller disclosures and addendums prior to writing an offer.
-Use appropriate forms for transaction processing (and know how to complete them properly).
-Know the importance of getting a mortgage pre-approval vs mortgage pre-qualification.
-Work with a reputable mortgage professional to explain all loan options.
-Be present at the home inspection and subsequent inspections.
-Meet the appraiser and provide comparable sales information.
-Manage the transaction with continuous support from offer through settlement and beyond.

So when you sit down with your prospective Realtor, it is important that you raise questions about what got him to this point in his career and what he is doing to ensure continued success in the industry. Remember, any agent can show houses but your Realtor should be a trusted resource when it comes to selling or buying a home.

Stuart, Florida is a prime destination for Canadians seeking warmer climates during the cold Canadian winter. When you combine rock bottom pricing of homes in the Stuart area with an abundant selection of quality homes for sale, you have a perfect market to buy!

The transaction process for Canadian home buyers here is straightforward and not much different than that of a local home buyer. There is no risk to you until your offer is accepted and contingencies are met. You do need to submit an earnest deposit, which is typically 1-2% of the purchase price. if your contract is not accepted or canceled for a valid reason, your deposit is returned to you. For information about foreign ownership, investment and financial planning for Canadians in the US, check out  The Canadian Snowbird in America: Professional Tax and Financial Insights Into Temporary Lifestyles in the U.S.

Thinking of a second home in South Florida? We are experts at helping Canadian "Snowbirds" enjoy the warm weather, golf and other amenities that come from owning a vacation or second home in greater Stuart! Contact us for more info or to set up a private tour of homes and neighborhoods.

Buying Your Stuart, Florida Home Long Distance

Trying to buy a home in Stuart, Florida from another city is a challenging task, but thanks to today's technology, it's never been easier to buy a home from a distant locale. Some out of town buyers may already be familiar with Stuart, Florida real estate, but even if you don't know our area, the Internet is a powerful tool when it comes to long-distance buying.

Plan, Research, Investigate

The first thing you need to do is to plan, research, and investigate. Using the Internet, you can visit our local chambers of commerce, research property values and demographics, read online newspapers (The Stuart News and Palm Beach Post), check out Martin County schools and view detailed maps. These sites will also help you identify oppotunities for nightlife, concerts, theater, athletic activities or anything else you may desire in our community and the surrounding area.

Searching For Homes Online

As an out of town buyer, the real estate Web enables you to research properties much the same way a REALTOR® does. Start your home search by choosing a popular online search engine such as Realtor.com, Zillow, Trulia, The Home Buyers Scouting Report or our own Martin County MLS. Many buyers work with several search engines to "triangulate" on an area. As you discover homes of interest, a local agent can provide additional information, preview the properties and even take additional photos to help narrow down your selection. Be sure to select a REALTOR® who will help with your online search and be your eyes on the ground.

Finding a REALTOR®

You may want to ask your own REALTOR® for a recommendation or have him or her research agents in an affiliated office here in the Stuart area. You can also perform a Google search of Stuart Realtors. In any case, you will want to work with a Web savvy REALTOR® who will compliment your own search efforts and is capable of handling online transactions (since you are a long distance away, communication will primarily be through phone, fax, and Email). Your agent should be expert in the area he serves and have a "support team" of lenders, home inspectors, insurance agents, and other home service professionals at his disposal.

Interviewing Agents

Identifying a specific agent and how that agent views his or her role in the relocation process is an essential component of a successful long distance buying experience. You will be spending a lot of time with this person. It is important to find someone whose style and personality you are comfortable with. Check for designations such as CRS (Certified Residential Specialist). When interviewing agents, explain what you're looking for as far as price range, types of houses you want and amenities you'd like. You'll want to talk about the cost of living, taxes, utilities, etc. If you have kids, ask about the schools. If you have special needs, hobbies, pets or even large animals, like horses, you need to know the zoning and rules that apply to them.

Visiting Homes

Being out of town, you will need to take some time off to look at houses. If you can, schedule all your house viewings for one or two days then take a day off to evaluate the homes. Take lots of pictures to go over later. This will refresh your memory of homes you've seen and reveal features or problems you may have missed. Also, take notes while walking through each house of its pros and cons. Once you have narrowed your selections down to two or three, it's time to schedule second showings.

Making an Offer

Now you have your mind set on a house, with a possible back-up in case the first choice doesn't work out. You've also been preapproved for a mortgage, which shows the seller you are a strong buyer. If the house you like is a little too high for your budget, you can always negotiate (one of my recent buyers had the sellers come down from an original $254,000 to $205,000). At this point the negotiation may not be concluded until you return home; remember that you are a long distance away again and all information has to make its way from you, to your REALTOR®, to the seller's REALTOR® and to the sellers by way of phone, fax, Email or FedEx.

The Home Inspection

As soon as the purchase agreement is accepted by all parties (a bilateral contract), a house inspection needs to be done. Your REALTOR® should offer several names of qualified home inspectors. Call the inspectors and see who can get it done and processed the fastest (most will have their report Emailed to you that evening). If you are unable to attend, your agent should make himself available to supervise the inspection.

Details And More Details

During the inspection period, get your mortgage company decided on. Amongst other things, they will order a property appraisal. Your agent will get the date of the appraisal and when the report can be expected (in today's market that can take as long as two weeks). Having previously set a closing date when your offer was accepted, now is the time to make sure all paperwork and documentation requests are completed quickly in order to close on time. Murphy's law comes into play at this point so it is important that your agent continues to drive the process to closing (the most common bottlenecks that occur are inspection, appraisal and loan issues). Again, your REALTOR® will be following up with everyone on a daily basis to make the process as stress-free for you as possible.

As a long-distance home buyer, utilizing online home search tools and with the help of a local REALTOR®, should ensure you are able to get your new house taken care of from start to finish in about 30 to 90 days.

The short answer to that question is easy: to make lots of money and be my own boss! Of course we know that making a lot of money as a REALTOR® requires hard work and dedication, not to mention a good moral compass. The last several years have been effective in weeding out those that were only in it for the money. Most of us who actively pursue real estate on a full time basis have weathered the storm and are doing whatever it takes to remain productive and successful in this economy.

As for being my own boss, that is a great perk, but funny thing is, as a REALTOR® and independent contractor, I am at the beck and call of my customers. The broker has an opinion on how I do business, as does the state of Florida. Moreover, my family is affected by my choices and that means they have input as well. So while I am my own "boss", I am decidedly not my own boss!

But here is the compelling reason I became a REALTOR®: I like the feeling I get when I come home from a closing knowing that I have improved someones life by my actions. I like creating opportunities for people to realize their dream of home ownership, whether they are seeking their first home, a move-up home, retirement home, or the need to sell their home due to life changes.

Money aside, there is a true sense of empowerment that comes with being a REALTOR®. Despite the ebb and flow of demands around you - from buyers, sellers, lenders and appraisers - there is a sense of self that changes as you achieve success in real estate.