Ashley Brinson Cusak

Archive for the 'Tips for Buyers' Category

Banking on a Closing in South Florida

Last year we were much more successful in closing deals involving mortgages than we’ve been in the past– the banks have let up a little on their strict 2010 policies! Loans are being approved again, appraisals are coming in and banks are loosening up. However, it’s important for buyers to know what guidelines your bank follows ahead of time to make sure you meet their criteria, because all banks don’t work for all buyers. We recently had a VERY qualified buyer who didn’t “fit in the box” of a particular bank they chose because of the bank’s strict guidelines. Late in the process we discovered they were declined! Knowing their situation, a local bank got involved that had different guidelines perfectly suited for these buyers. The deal was put together in a matter of days and they now own the house! BUYERS: Do your homework and feel free to call me for financing advice!

Interested in real estate in Miami? My areas of specialty are Coral Gables, Coconut Grove, Pinecrest, Ponce-Davis, South Miami and waterfront properties. Feel free to call or email me today. Let me and my team help you in your search!

Tags: appraisals, bank guidelines, buyers, financing, mortgages, qualifying for a mortgage

www.MIAMIDADE.gov

Have you ever gone to Miami-Dade County’s website? It’s a tool I use constantly in this business, and it’s an incredible resource. I probably use it once a day. If you’ve never been before, go check it out. It’s not just a good resource for realtors! You can renew your driver’s license, pay your water bill, search public records, get information on local public schools, and you can even buy stamps! But I warn you – you can spend hours on this site, so visit with caution!

Tags: Miami-Dade, Website

Hurricanes & Real Estate in South Florida!

Thanks to Irene (who luckily we won’t get to know!), I’ve been thinking this week about hurricanes and closings. With this in mind, I called my good friend & insurance agent Patrick Battle at Keen Battle Mead to get the facts (pbattle@kbmco.com). Here’s what he had to share.

Citizens is the primary insurer in Florida. They used to have a rule that if Miami was in “the Box” (a defined area created by them based on any particular storm), then their binding ceased until the threat of the storm had passed. You’d often here real estate agents and insurance agents talking about being “in the box”. However, the rules have changed, the box no longer exists, and it’s actually gotten worse.

Citizens’ new rule states that when there is a tropical storm or hurricane watch or warning issued by the National Hurricane Center ANYWHERE in the state of Florida, they suspend insurance binding altogether. So if a buyer and seller were ready to close but the buyer hadn’t yet secured insurance and a tropical storm warning gets issued in Jacksonville, the closing would be delayed until that warning gets lifted and insurance gets bound.

So here’s what I am telling all of my buyers right now. It’s hurricane season. We’re bound to be affected by storms. So once you get under contract on a property, get your mitigation inspections done, get in touch with an insurance agent, negotiate the terms of your policy, and get your insurance bound immediately! If you get all of that done prior to the warnings or watches being issued, you can still close on time, even if it’s in the middle of a hurricane! Insurance policies can be written and bound up to 30 days in advance of the closing.

Once the watch or warning gets lifted, they are cleared to start binding policies again. But don’t let the risk of a storm delay your closing!

Tags: Hurricane, Insurance

Your First Offer….

Having been with me during all 20 of my years in real estate, my husband’s favorite lesson learned is how “your first offer is always your best.” He has seen it over and over again with my clients through the years, and he will discuss it with anyone that will listen. The truth is, your first offer really is almost always your best. When a new listing comes on the market, the first people who are going to call you to see it are the ones that have been out there actively looking for a while and are aware of the new listing popping up. They are the most anxious to see new listings because they’ve seen what’s out there, they know what else is available, and they understand the market having seen everything. They don’t have to look at your house and then go see 20 others – they’ve already done that. So they’ve done their homework and if your house is priced properly, they will be excited to come across yours!  That excitement is natural at the onset of a new listing.
 
While sellers sometimes don’t feel like that first offer is exactly what they wanted, it’s almost always the best offer you will see. It also often comes relatively easily, making the seller believe if it was this easy the first time, we’ll just replace that buyer. My advice to my clients is never to quit on your first offer until you’ve tried as hard as you can to make it work, because almost every time, this is the buyer most ready to do something. But it doesn’t just stop once the offer has been accepted. I have seen too many times that a buyer and seller finally get under contract and then have unexpected things show up on the inspections. The buyer asks the seller for a credit, and the seller says no and the home goes back on the market. Now, that seller must disclose any of these inspection problems to everyone else that looks at their house, and future offers come in at a lower price.
 
Obviously this is not foolproof and there are exceptions to the rule, but in all the years I’ve been in this business, it has proven to be true more often than not.  Respect that first offer, and don’t hold out for less!

Tags: buyers, offers, pricing your home

Miami is #1

Did you see the article  in the Herald on Tuesday written by Toluse Olorunnipa?  Miami has been voted the top market in the nation to buy a house instead of renting one! 

Tags: Miami, rent vs. buy, rental