I am representing buyers in the purchase of this lovely pool home in Ft. Lauderdale, FL. The house is located in the much sought after Coral Ridge. a family oriented community with homes SOLD as high as $6,499,000. Granted this is a smaller older home, but with a little updating the value can increase significantly in no time. Fortunately, for my buyer’s it is the lowest priced home in the neighborhood and we are in contract for purchase for $469,000.
As a real estate professional and buyer representative I did some research for my clients to insure that they are making an educated investment and I found that the house next adjacent to it is being remodeled and will be offered at over $750,000 upon completion. Diagonally across the street there is a house for sale at 1,400,000, and on the opposite side another very similar to this one is for sale and asking $629,000. Additionally, homes recently SOLD in the area have SOLD way above the current contract price. Therefore, property values in the area are significantly above what they are contracted for – this is a clear indication of a GREAT INVESTMENT, providing that the inspections come out good and the seller can provide clear title.
When representing a Buyer in a purchase I always recommend that they complete the necessary inspections to ensure that the property is not in need of major repairs. In the event that major repairs are necessary, I assist in negotiating the costs with the seller’s agent or directly with the seller if I am the listing agent. In real estate everything is negotiable and when a buyer and seller see eye to the results are favorable for all parties.
We are being extra cautious with this property because there are some additions that have been done to the property and we want to insure that the additions were done legally, and if they weren’t we want to get an estimate for the costs to bring the property up to building code. Therefore, we met with a contractor – structural engineer this morning to obtain a detailed report and repair estimate. We are also researching the city’s records to verify if permits were pulled for the additions. Upon receipt of a permit history and the contractor’s report my clients and I will sit down to analyze their risks, if any, and decide if they want to proceed with the sale.
TIP: It is important that your agent assists you with inspections within the inspection period and reports back to the seller’s agent “in writing” within the time allowed as per the terms of the contract to ensure that if you do not wish to proceed with the sale due to the inspection report that your earnest deposit will be refunded to you and not forfeited due to non compliance.
When hiring an agent be sure to work with a qualified and knowledgeable agent when buying or selling a home. An agent that is going to look out for your best interest at all times… and not theirs! Your agent’s top priority should be to help you with a successful and profitable real estate transaction… rather than a commission check. An agent that is going to guide you through the entire process and help you make an educated decision, even if they have to work a little longer and harder to get you there.
This is a normal practice for Michelle Burgos, PA of the Real Estate Wish Team and just a few of the qualities that set her apart from the competition…
Your Real Estate Wish ~ Our Top Priority!
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