Real Estate Information

If you are ready to think about listing your home for sale, there are different options that are available for listing agreements. Below are some options for you to consider when selling your home. Consult with your real estate professional with any questions you may have and what agreement is best for your situation.

Open Listing
An open listing is almost like a "for sale by owner" listing. It is a non-exclusive agreement, which allows the owner to execute open listings with more than one real estate broker and pay only the broker who brings an able buyer whose offer the owner accepts. However, no commission is owed if the seller finds a buyer on his own, without any agent's help. The open listing creates competition between the seller and agent(s) to find an willing buyer.

Exclusive Agency Listing
An exclusive agency listing contracts one agent to sell the home. If that agent, or any other licensed cooperating agent finds an acceptable buyer, the seller must pay a sales commission. The owner still reserves the right to sell the property by themselves and thus avoid paying a commission. The broker is free to cooperate with another brokerage, meaning the second brokerage could bring an able buyer whose offer the owner accepts. Typically, the broker is paid a listing commission that is shared with the selling broker, so the owner pays both fees.

Exclusive Right-to-Sell Listing
An exclusive right-to-sell listing is the most common, typically most real estate listings are this type. The listing agent has complete control of the transaction and so even if the seller, the listing agent or a cooperating selling agent finds an acceptable buyer, the listing agent will still earn the sales commission. However, when the listing expires the seller does have the option of finding another agent if they are not satisfied with their performance,

Multiple Listing
An important marketing tool for listing agents is the multiple listing service (MLS). This allows all the listing information as well as photos of the property to be shared on the computer others who are working with potential buyers. In addition, these listings are also available online to potential home buyers who are doing their own research. A MLS number is assigned to each listing, it is a unique number given to homes listed in the Multiple Listing Service (MLS) used by Real Estate professionals.

It is important to understand that a real estate listing contract is a legally binding agreement that sets out the rights and duties of the seller and the agent. It is important to consider your options when making your decision. Keep in mind that all listing contracts have expiration dates and you can change your listing choice when the contract expires.

The Federal Housing Administration (FHA) have announced a set of future changes to the FHA home loan program. These changes are aimed to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The agency hopes that these changes will help the FHA in a better position to manage its risk while continuing to support the nation’s housing market recovery.

Rising defaults on FHA loans have led to the FHA’s cash reserves falling below federally mandated levels.  FHA officials hope that policy changes will ensure borrowers have a stronger equity position and are less likely to default.

Policy changes include:

Raising the up-front mortgage insurance premium: The premium will rise to 2.25 percent from its current 1.75 percent.  HUD is expected to release a Mortgagee Letter on Jan. 21 making the premium increase effective in the spring.

Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10 percent.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

Reduce allowable seller concessions:  The agency is lowering the maximum permissible level to 3 percent from its current 6 percent limit.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

In addition to the proposed changes,the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

If you missed the government's Cash for Clunkers rebate program, you still have a chance to participate in the appliance rebate program that can help homeowners with some cash back this year.

The Energy Star Appliance Rebate program, passed last February as part of the American Recovery and Reinvestment Act. How it works is that it will give rebates to consumers who replace certain home appliances with energy-efficient models. The new program underscores the Obama Administration’s commitment to make American homes more energy efficient, while helping to support the nation’s economic recovery

This Energy Efficient Appliance Rebate Program began Jan. 1 and the U.S. Government has set aside $300 million for the appliance rebate program.Each state has their own appliance rebates programs and the authority to handle most of the details separately.  It provides rebates for qualifying energy-efficient appliances.select ENERGY STAR qualified appliances. These appliances may include:

• central air conditioners
• heat pumps (air source and geothermal)
• boilers
• furnaces (oil and gas)
• room air conditioners
• clothes washers
• dishwashers
• refrigerators/freezers
• water heaters

The U.S. Government has given each State the authority to develop their own government appliance rebate program using the government’s guidelines. Individual states can decide the amounts of the appliance rebates up to $200 (reported) per selected appliance that is Energy Star qualified. Each state develops it’s own rebate program and may choose which appliances to include as long as it is on the list of approved Energy Star appliances that the U.S. Government listed. States will receive formula-based funding in order to start or continue an already established ENERGY STAR appliance rebate program

A bridge loan is a short term loan that a borrower takes out against their current property to finance the purchase of a new property. This type of loan is also known as a swing loan, gap financing, or interim financing. When a home buyer is buying another home before selling an existing home, two common ways to find the down payment for the move-up home is through financing either a bridge loan or a home equity loan (or home equity line of credit).

Generally, a home equity loan is less expensive, but bridge loans contain more benefits for some borrowers. In addition, many lenders will not lend on a home equity loan if the home is on the market. It is a good idea to compare the benefits between the two loans to determine which is a better fit for their particular situation and plan ahead before making an offer to purchase another home.

How Do Bridge Loans Work?

To apply for a bridge loan, you must show that you are financially able to pay both mortgage payments in case the primary property does not sell right away. To ease the transition, most bridge loans will allow you to have a few months before your actual first payment is due. However, interest will accrue during that time.

Bridge loans are meant to be short term loans, normally coming due in a year or upon the sale of the primary property. Because it is a short term loan, the interest rates are usually quite a bit higher than regular mortgages and there are fees associated with it.

Pros of a Bridge Loan

• A bridge loan is a great solution if you want to purchase another home without having to sell your current property.
• The buyer can immediately put a home on the market without restrictions.
• Bridge loans may not require monthly payments for a few months.
• If the buyer has made a contingent offer to buy and the seller issues a Notice to Perform, the buyer can remove the contingency to sell and still move forward with the purchase.

Cons of a Bridge Loans

• Bridge loans cost more than home equity loans.
• Strict lending requirements. Buyers must be qualified by the lender to own two homes and many will not meet this requirement.
• If the buyer is unable to sell their primary property, they will have to pay 2 mortgages and risk foreclosure on the 1st.

As with any loan option it is a good idea to weight the pros and cons and consider all your options. If you think a bridge loan might be the solution for you, check out this Bridge Loan Calculator to see an estimated idea of payments. 

If you are planning to sell your home and want to know which room to put your most effort into, your best bet is the kitchen. The kitchen is the room of a home that will add the most value. Remodeling Online’s 2005 Cost vs. Value Report, even a minor kitchen remodeling project will return an average of 98.5% of its cost when it comes time to sell the home.

If your kitchen needs a better look, but you can't afford a complete kitchen remodel, consider these below kitchen fixes to help sell your home faster and for more money:

1. Paint or re-stain worn wood cabinets.

2. Install cabinet hardware. Stay with simple and neutral hardware, avoid large clunky designs.

3. Remove outdated or busy wallpaper and any bold, bright paint. Stick with neutral colors.

4. De-clutter all counter tops, keep them free and clear of appliances, butcher blocks and knickknacks.

5. Update the faucets. New faucets can make a outdated sink look revitalized. Faucet replacements are also fairly inexpensive and simple plumbing projects with all of the parts available at your local hardware store.

6. Remove photos, calendars and personal effects from the refrigerator door.

7. Updated and simple rugs and towels with a splash of color can bring warmth to a kitchen.

Replacing outdated appliances and flooring are great improvements that should be considered but may not always be part of your budget. Keeping a kitchen clean and maximizing space is key to getting buyers interested. Always remember to keep garbage cans, and pet bowls etc. out of sight.

The countdown to the New Year has started and the Highlands County area has many fun events to ring in the new year! Plan your evening now and have a safe and fun New Year's Eve!

New Year's Eve Biker Gala
Thursday, Dec 31 3:00p 
Quality Inn & Suites Conference Center, Sebring, FL 

 This event features the Sebring Biker Scavenger Hunt & S'mores, a gourmet buffet, open bar, live entertainment, a midnight champagne toast, party favors and more. Enjoy a tiki bar under the stars. Packages start at $179.99 +tax. Price includes gala and room. Add an extra night for $59.99 (Jan 1-3)

New Years Eve Murder Mystery
Thursday, Dec 31 7:30pm
at Ramon Theater, 15 E. Wall St., Frostproof, FL 33843

Enjoy a unique event for New Years with a murder mystery! Cost is $25 includes food and mystery show.

New Years Eve Racing 
Thursday, Dec 31 7:00p
at Auburndale Speedway, Winter Haven, FL  

Racing starts at 7:00 p.m. The New Year's Eve party starts after the races. 2.00 beers all night, music and prizes and free overnight camping.

New Year's Eve with Thomas Wynn & The Believers
Thursday, Dec 31 9:00p to Friday, Jan 1 (2010) 12:30a
at Music Ranch, Lakeland, FL

The community is invited to New Year's Eve at the Music ranch with Thomas Wynn & The Believers Band starting at 9 p.m. Dec. 31 at 1920 Banana Road in Lakeland. Doors open at 8 p.m. B.Y.O.B. and barbecue sandwiches will be for sale. Also, overnight camping is permitted. Call (863) 815-2293.

Many homebuyers will ask me what exactly is title insurance and do they really need it? When you buy a home you are given a title. The title is the owner's right to possess and use the property. It is important to know that it may not the home seller who owns the title. A bank with a mortgage on the property might own an interest in the property, as does someone who has done work on the house and filed a lien against it or even a homeowners association if the dues have not been paid. The government may also have liens against the property for unpaid taxes.

When you purchase your home, how can you be sure that there are no problems with the home's title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for.

A title search will reveal if someone other than the owner of the property owns the title. This search can be done by examining public records to look up the history of property ownership. While you can easily do your own title search, if you are obtaining a loan to purchase the property, the lender will require that a qualified third party do the title search. The title search shows not only limitations on the use of the property and rights others may have in the property, but also liens or monetary obligations that are outstanding against the property. 

Title insurance is different than the standard insurance where you are covered in case of a future event. For example, if you get car insurance you are insured in case you have an accident, you buy health insurance in case you get sick.  Title insurance is different as it covers events relating to the title that have already happened. It does not cover anything that happens to the title after the date of issuance. For example if you have liens filed against the property for taxes that you have not paid, your title insurance policy is not going to help you. But, if the lien is for taxes not paid by someone who owned the house before you, then you may have coverage under your title policy.

A title company will do a title search on the property before issuing the policy to see if there are any problems with the title. This search is done in an effort to minimize the risks of offering insurance.  Problems such as deeds, wills, outstanding mortgages, judgements, and tax liens can be located from the search and can typically be cleared up before the closing on the property. When these problems are not cleared they will often be listed as exceptions to the policy's coverage. You would then need to decide whether the property is still something you want to purchase given the known problems with the title.

Sellers are sometimes reluctant to put their home on the market during the holiday season, many may feel that it is not a good time to sell their home and think that buyers are not interested until the New Year.  In reality, the holiday season may be a busy and exciting one but it is a great time to sell your home! Selling your home during the holiday season affords you many advantages such as the amazing staging options you have at this time of the year. During the holidays you have a chance to show your home at its very best.  You can use all the holiday decorations to stage your home with all that the season has to offer. Below are some tips to help you sell your home during the holidays!

• The visual aspects of a home during the holiday season can make a buyer feel that your home is cozy and welcoming. Twinkling lights and greenery bring out the charm in a home. Keep in mind that aside from decorations it is important to remember the basics, if you live in a snowy area, make sure walkways are cleared and any trace of ice is cleared. Remember to trim all trees and keep landscaping in order and a perhaps hang a festive wreath on your door.
• Brighten and warm it up. When showing your home be sure to turn on all lights so your home will look bright, cheery and welcoming. If the weather is cold, turn up the temp a couple of degrees. Don't overdo it, you want it warm and cozy not hot.
• Market to motivated buyers. The holidays are a hectic time so anyone house hunting during the holidays must have a good reason for doing so. By targeting buyers who are perhaps are in need of housing quickly due to relocation, buyers wanting to purchase before the new year or even military personnel, if you live near a military base.
• Make your home welcoming. Make your home feel cozy and inviting during showings by lighting a fire, playing soft holiday music and offering homemade holiday treats. If buyers feel welcome they are more likely to spend more time admiring the home.

A good rule of thumb is to keep decorations on the conservative side. Not all home shoppers may celebrate the holidays in same way you do and you don't want to overwhelm. You want potential buyers to notice your home not necessarily your decorations.

When you think of toxins you might think of air pollution or poisons but the reality is that there may be many toxins right in your own home. If you or someone in your home has allergies or asthma, these toxins can make it even more difficult to breathe. Below are a a list of simple changes that you can make to make your home free of toxins.

Cleaners: There are many cleaners that you should avoid such as bleach and ammonia, they contain irritants that can cause breathing difficulties. Many other cleaners that we use on a daily basis contain many powerful cleaning agents that contain toxins that can cause problems. The good news is that there are many alternatives on the market today that do just as a good of job cleaning but are much more safer to both the environment but to those that live in your home!

Paint: Paint has traditionally been  high odor substance that contains potential toxins. There are many 'green' paint options available today that are not only low odor but that have no cancer causing toxins (also called VOCs). Look for paints that have been certified by Green Seal.  Benhamin Moore also has a Natua line of paints that are just as rich and durable, just water based and much safer.

Air Fresheners: Everyone loves their home to smell fresh, but items like air fresheners, candles and fragrances contain synthetic components that can cause irritation to the lungs. In addition to irritants some can contain a chemical called 'phthalates', which has been shown to cause birth defects, hormone disruption and reproduction problems. Look for alternative candles or scents that have essential oils instead of synthetic fragrances.

Furniture: Many people don't think of furniture as being toxic but if your furniture is old and worn it main contain flame retardants called PBDE's that can cause serious health problems. These chemicals can effect brain, nervous or reproduction problems. Be informed that stain repellents on furniture can also contains toxic chemicals such as formaldehyde. Do your research before putting any repellent on your furniture.

The Holiday season is upon us once more! Thanksgiving is next week and now is the time of year we take time to give thanks. The Highlands County area is offering some events for you to enjoy with your family and for a good cause! Happy Thanksgiving!

Thanksgiving Turkey Trot 5K Race 
 
Thursday, Nov. 26, 2009, Sebring, FL  33872

This run/walk is a fund-raiser hosted by the Friends of Highlands Hammock and is held on the park's beautiful "Loop Drive." For more information, please contact Jill Willingham at JilW@embarqmail.com or call the park at (863) 386-6094.
Location: Highlands Hammock State Park   Race starts at 7:30 am http://www.floridastateparks.org/highlandshammock

Centre Hosts Community Thanksgiving Benefit Concert

Hill and Hall Benefit Concert  Date: November 24, 2009
Time: 07:00 PM - 09:00 PM
 
 
Unity Life Enrichment Centre will host a benefit concert to collect canned goods and raise funds for local charities, just in time for Thanksgiving and Christmas.
The concert will be held on Tuesday, November 24th at 7:00pm. at the Unity Life Enrichment Centre 10417 S. Orange Blossom Blvd. Sebring, FL. The facility is located between State Road 66 and Lake Josephine Road. The concert is open to the public and attendees are asked to bring canned goods to benefit local foods banks and a $10.00 donation will be received. A portion of the proceeds will benefit local charities. For information call the Centre at 863-471-1122. Bring canned goods for local food banks and a $10.00 donation with a portion of proceeds to benefit a local charity

Toy Drive to Benefit Chuch Services Center

Date: November 30, 2009
http://www.shirleybarrettlmt.com

A toy drive to benefit the Church Services Center will be helod on 11/30 during the Avon Park Christmas parade as well as on 12/7 during Christmas on Main Street. Drop off times will be from 5pm-8pm both days. Everyone donating a new, unwrapped toy will receive a free 1/2 hour massage by Shirley Barrett, LMT MA57383. 
Event Location/Drop off location: 930 West Main Street Avon Park
Date/Time Information: 11/30 from 5pm - 8pm 12/7 from 5pm - 8pm