Why review a seller disclosure before making an offer?

Performing due diligence is a home buyer's responsibility and a major part of the process relies on information the seller provides prospective buyers.

A key piece of that information is included in the Seller's Real Property Disclosure Statement provided by most Florida licensed real estate agents.  Other information provided includes things like association disclosures,  rules/restrictions, and financial statements of the association.

When I work with buyers the disclosure is requested and reviewed prior to any purchase offer is submitted. 

Although the form is about five pages long it is not a complex task to complete.  These disclosures are prepared by the seller(s) and their real estate agent should not get involved in the completion of the form in any way.  As I always tell sellers - include everything yo know that you would like to know if you were the buyer.  Do not stick your head in the sand....disclose, disclose, disclose.

This form is a simple questionnaire about the subject property.  What are some of the items discussed?

• any claims and assessments 
• deed/Homeowner's Association restrictions?
• property items like surveys conducted, boundary disputes, fences, drainage problems, sinkholes, soil movement, flood zone, etc.
•  potential environmental and zoning issues such as hazards and  any proposed changes that may affect future value, etc.
• termite and wood destroying organism issues (current or past), 
• structural and major systems issues including roof related items, plumbing, electrical, heating and air conditioning,
• any other matters that may affect the value of the property.

This list covers a lot of areas and is not all inclusive.  With disclosures as background information, buyers should go further including the home inspection, termite inspection, document review and more.

The time allowed for performing due diligence is identified in the contract.  Buyers need to move forward as quickly as possible.  Deadlines identified in the contract are firm unless modified by buyer and seller.

Home Seller Tips - The path of least resistance....

While reviewing listings for possible showing appointments this week I noticed one with showing instructions for a property located within a gated community that required "escorted showings only."

There appears to be nothing really special about this house.  Then I noticed the same real estate agent had three homes listed in the same community.  All three have the same instructions.

Another note said the listing agent needs to accompany to point out the features.  Now the light came on! 

Adequate marketing material will point out the features.   I have seen very nice brochures prepared and strategically placed in the property where prospective buyers could review and take with them for reference.

Escorted showings, 24 hour notice, showings only after 5 p.m., etc. violate one common sense rule of selling your home - provide prospective buyers a path of least resistance when they want view your home.

Most buyers do not want the seller or their agent present.  Most buyers want to feel relaxed when looking at properties - not the pressure of being "sold."

In my opinion, unless a property has some extraordinary qualities as found in custom built  higher end properties, there is no need to "sell" a property.

My experience has been a house sells itself regardless of who does the presentation.

Negotiating your real estate transaction: "Well, I would have paid more."

Negotiating in a shifting real estate market is a lot more tricky than it was six months ago.  The key to successful real estate negotiation begins with an understanding of your position.

First, do you really want the property?  This is applicable whether buyer or attempting to rent.  If you are serious, think serious offer.  Don't low ball - even with rentals.

It is not the first offer on the table gets it.   In Brevard County, Florida there are multiple offers occurring on purchases and rentals.  It is the best offer, the cleanest offer, the best price, the fewest contingencies, etc.

Next, what are your alternatives?  Are you looking at other homes?  Do you have plenty of time to consider other opportunities?

In this market you are likely not the only horse in the race!

Sometimes, as I heard earlier this week,  "Well, I would have paid more." in no longer an option.

Considering buying or selling a home in Viera, Suntree, Rockledge or Melbourne, Florida?  Call me at 321-693-3850 if I can assist you in any way.

Verbal offers...Why do some buyers think this is the way to go?

Verbal offers...why do some buyers think this is the way to go?

First of all, here is the usual disclaimer.  I am not an attorney.  This is not offered as legal advice.  Consult an attorney regarding all legal matters including contract law.

I don't see it very often in my day to day real estate business.  Rather, I don't hear it very often - verbal offers.

My experience has been a verbal offer is more often a fishing expedition.  You know, "a run it up the flag pole and see if anyone salutes" approach.  

Something I was taught in my very first real estate licensing course years ago was a real estate contract had to be in writing to be enforceable in Florida.

So, when I work with clients I always put real offers on paper.  A written offer with clearly defined terms, dates and contingencies is always the best approach.

Still, I have had clients who have tried the fishing approach.  I tell them up front that serious offers are those that are reduced to paper.  And the response I usually receive is "put it on paper."

In a market with decreasing inventory and increasing prices, wasting time "fishing" when one is seriously interested in a property may result in "the one" getting away!

The real estate listing agreement commonly used in Florida allows for a seller to determine at the time of listing to receive verbal offers. Most check the box "no."

If you are serious go the extra step and put it on paper.  In this digital age an offer and an electronic signature is all that is required - written but no paper involved.

Considering selling your Viera, Florida home?  Call me at 321-693-3850.  This is the time to sell and move up before prices rise even more.