The new contract was expanded to ten pages and there were several changes that may surprise Buyers who are purchasing a home in Florida if not known about and responded to at the time of contract writing.
One of the additions to this contract that may impact Buyers is the paragraph titled: Property Inspection; Right to Cancel.
Unlike prior year contracts, the new one clearly states in italics and bold print:
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buyers: The Value of Personal Property in a Real Estate Transaction with a FHA Loan - 08/31/09 04:06 PM
Over the course of the last several months, I have represented several Buyers who have purchased a home using a FHA mortgage. While one would think that all FHA loans have the same underwriting guidelines, when it comes to the value of personal property in a real estate transaction, this theory has proven to be incorrect. In three of the five transactions, the "end buyer" for the loan requested a specific addendum to the Sale and Purchase Contract that stated that the personal property being conveyed with the home had no value and was being left out of convenience to the Seller. In two of the transactions, I understood the reason why...the first … (5 comments)
buyers: While Inventory May Be Plentiful, Buyers Need to Have Realistic Expectations - 05/26/09 02:40 PM
Having realistic expectations when purchasing a home is so important in today's market. Over the course of the last year or more, every media outlet across the globe has reported the collapse of the real estate market. And now, they suggest that there are hundreds of thousands of homes that Buyers can purchase that are in pristine condition, in desirable neighborhoods, with every upgrade possible, for a price that is not only attainable...but negotiable...and, that those homes can be purchased and closed on within a reasonable time period. As much as I wish that to be true, in Central Florida, that's just not the case. As … (4 comments)
buyers: A Black Eye Can Be Painful. Does Your Central Florida Home Have One? - 03/08/09 10:35 PM
When selling a Central Florida home, it's important for Sellers and their listing agents to have knowledge of what potential "black eyes" the property may have so that it can be priced accordingly. Just a couple of years ago, Buyers had fewer choices which made them more willing to accept a property with a "black eye." Today, the exact opposite seems to be true. With inventory at an all time high, Central Florida Buyers are more critical than ever of "black eye" homes and Sellers are feeling the pain. In reviewing sales statistics for Central Florida homes, it is evident that … (6 comments)
buyers: Part III: How Loss Mitigation Companies Can Impact a Buyer's Offer on a Short Sale - 02/10/09 09:58 AM
This series is related to Loss Mitigation companies and how they impact Sellers and Buyers in a short sale transaction. You can read Part I here and Part II here. Now that you've had a moment to get caught up with the first two segments, it's worthwhile to think about the impact Loss Mitigation companies have on a Buyer and their offer on a short sale property. While some Sellers and their real estate agents believe that having a Loss Mitigation company involved in the transaction is a benefit, if you are a Buyer or a Buyer's Agent, I would caution … (0 comments)
buyers: Part I: Are Loss Mitigation Companies Friends or Foes? - 02/07/09 10:11 AM
This series is being written as a result of not only my experiences, but those of other Real Estate agents, Sellers and Buyers who have recently been party to a real estate transaction involving a new breed of company that promised one thing, and yet delivered something much different. Your comments and personal experiences are welcomed, as education is the intended outcome. Part I: In every type of real estate market, there will always be individuals and companies that will capitalize on the current state of affairs. Some might say that they are just entrepreneurs who are making a living providing a service that is … (7 comments)
buyers: Buyers Need Real Estate Agents Who Are Willing To KISS! - 01/10/09 07:50 PM
Now, now...stop thinking naughty. This is a Real Estate blog post that is rated G. I promise. As a full-time Real Estate agent who has represented many Buyers in the past several years, I've come to realize that you must KISS them sometime during the buying process. What, you say?? KISS? Yes. KISS. Keep It So Simple. In almost every transaction I have ever had with a Buyer, I've been asked to further define a term or description used by another Real Estate agent. For example, just this year, I've been asked what a "zero lot line" is, what "split bedrooms" … (14 comments)
But, YES, I've gotten "paid" by being involved with Trulia. These guys really do have a great product...as you'll hear many say (including yours truly) on this video! Thanks Trulia...you guys do ROCK!
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buyers: Having a Buyer's Agent Helped These Clients Save $100,000 on Their Sanford, FL Purchase! - 11/15/08 09:49 PM
For those living in Astor Farms, a community just west of I-4 in Sanford, Florida..it's time to bake a batch of cookies and head over to visit the new owners of 5060 Hawks Hammock Drive. The new owners of this fine property, Jim & Laura Tischler, hired me as their Buyer's Agent after a recommendation from their son (who I had represented several years ago on a purchase in another Sanford community). Jim and Laura had sold their home in Tampa and were looking for their next home in the Lake Mary/Sanford area. After a few weeks of serious looking at … (2 comments)
buyers: Ten Reasons to Choose a Seminole County City for Your Next Address! - 06/10/08 07:33 PM
I've lived in Seminole County, Florida for more than 30 years! Many people ask me why I've not ever considered moving my husband and two boys to another County in Florida (or out of Florida for that matter), and the answer is simple...Seminole County has so much to offer that there is no reason to leave. Here's why I've stayed in Seminole County and why you should consider moving here too: 1. The School System is Award-Winning Seminole County Public Schools scored higher than other school districts in the areas of reading, writing, science and math. As a matter of fact, … (1 comments)
buyers: Do you Qualify Buyers First? - 05/30/08 02:04 PM
How well do you qualify Buyers prior to showing them property? Do you: 1. Require that they not have a home to sell first? 2. Require that they speak with a mortgage lender and get pre-qualified? 3. Require that they meet you at your office for a consultation before showing them property? (Even if they are calling on your listing) 4. Ask them if they are in a lease and if so, when it expires and if they are willing to break it if they find the perfect home? 5. Secure a copy of their driver's license? 6. Make them sign an … (31 comments)
buyers: Inspections Before a Contract? Now, that's an Interesting Concept! - 05/21/08 10:35 PM
In Florida, most real estate contracts are written with the contingency of satisfactory inspections and the ability of the Buyer to obtain financing. For those of us who have never lived in another state, or practiced real estate anywhere else, we've always done it that way and quite frankly, it seemed to make sense...why would the Buyer pay for inspections on a house that they haven't come to terms with the Seller on yet? Well, according to some recent Buyers I have been working with who live up north, many other states follow a different practice when it comes to inspections. From what I am being … (7 comments)
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LaShawn Norden, REALTOR, (321) 377-0157 Your Real Estate Advocate in Central FL
Selling or purchasing a home can be exciting and scary at the same time! The goal of my blog is to educate Central Florida Buyers & Sellers about the Good, the Bad & the Ugly things that can happen in a real estate transaction! As an advocate for consumers in Orange, Seminole and Volusia County, I especially enjoy working with first-time home buyers, relocation buyers, sellers of distressed property and luxury home sellers. Native to Central Florida, I'd welcome the opportunity to be your advocate too!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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