Archive for August, 2009
As-Is or Seller’s Warranted Real Estate Contracts?
August 31st, 2009 categories: Tips For Buyers, Tips for Sellers
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A Tricky Issue That Can Mean a Lot of Money for Either Side of the Transaction!
After a Real Estate Sales and Purchase Contract is signed in most cases there is a period for the buyer to inspect the property and determine what functional/structural repairs may be needed. The standard period is between 5 to 10 days. A Home Inspector will prepare a comprehensive report of the conditions of the property readily observable and makes recommendations and in the best cases a realistically estimate of the cost of fixing those issues. Home Inspector’s reports are as good as their ability, it means that a poor report can oversee many important issues.
What are the options:
-Seller’s Warranted Contract: The Seller caps upfront his liability on repairs. It can be either “0″ or an specific amount. If repairs go above the repair limit the seller may cancel the deal or has the right to do the repairs and avoid the deal to fall-thru. This type of contract gives the Seller more control of the transaction even if the repair limit is “0″.
-Seller’s Warranted Contract with an addendum giving the Buyer the Right to Cancel Based on Inspections Results. A few years ago we run across a sale on a Seller’s Warranted Contract with 1.5% repair limit. There were no leaks but the roof would need to be replaced in about one year. Technically the roof was water tight and the buyer would have had to buy the property anyway with the financial burden it implies. Fortunately we had and Addendum granting the Buyer the right to Cancel based on Inspections results and it gave him a way out. For a Seller it might not be the most convenient clause because it gives the Buyer the ability to cancel the contract despite the Seller’s willingness to make a repair. It is mostly needed when we suspect major items such as Roofs or A/C systems could be close to the end of their expected life. When I add or accept this clause I try to shorten the Inspection Period to be fair with the seller.
-As-Is Contract or Addendum:The Seller is not responsible for making any repairs. The Buyer caps his out -of-pocket expense to repair any item(s) or decides that he can walk from the deal if any repair/replacement is needed. If the repairs exceed the amount established the Buyer may cancel even if the seller is willing to pay for repairs. An As-Is Contract does not relieve the Seller/Agent from the obligation to disclose any material fact that might affect the value of the property, including non permitted additions.
-No Inspection Contingency Contract: Some Banks on Foreclosed Properties or in Auctions request that Inspections won’t be a contingency. It means either an Inspection is performed prior to presenting the offer or the Buyer waives the right to perform an inspection and accepts the property As-Is.
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Shoe Repair, Alterations and Great Service in Weston
August 26th, 2009 categories: Living in Weston, Services
Hometown Weston Shoe Repair
When was the last time you discarded your favorite shoes because it was a shame to wear them again? You won’t have to do it again unless they are really destroyed and not even Chuck can repair them. Shoes, Boots, Handbags and Luggage will look like new again, it is like magic.
Chuck has been working in this field literally since he was a kid. At 8 years old he used to help his dad who also enjoyed fixing and bringing back to life shoes and other leather goods.
Rose is in charge of the Alterations. She specializes in Custom-Made Clothing but will be happy to help you repair anything from a gown to a blue jean
Hometown Weston Shoe Repair is located at the South end of Country Isles Plaza (NE corner of Indian Trace and Weston Rd).
1392 Weston Rd
Weston, Fl 33326
Hours: Tuesday to Friday 9:00AM to 5:30PM and Saturdays: 9:00AM to 3:00PM
Phone:(954)389-0615
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$8,000 Tax Credit For First-Time Home Buyers Expires on Dec. 1, 2009-Free Money!
August 18th, 2009 categories: Tips For Buyers, Tips for Sellers
Use it or Loose it, Act Now!
Take advantage of this once in a lifetime freebie. There is a chance this could be extended but it has created as much controversy as most stimulus package incentives … we never know what will happen. In this article from INMAN News Marcie Geffner points out how unfair it could be and how its impact can do more harm than good to the Real Estate Market recovery.
Tax Credit For First-Time Home Buyers:
- Purchases from Jan. 01, 2009 to Nov. 30, 2009
- The amount will be 10% of the purchase price up to $ 8,000
- For 1st Time Home buyers only – purchasers not owning a principal residence for 3 years prior (In the period Jan. 01 2006 through Dec. 31, 2008.
- Max Income to qualify for FULL tax Credit $75,000 for Singles and $150,000 from married couples.
First-Time home buyers with incomes under $150,000 qualify for properties under $300,000. With the high percentage of Short Sales the likelihood of being involved in a transaction that will take 3 months or more are very high; it means that to be able to close on time to qualify for the credit they need to ACT NOW!
If you have any questions or comments about the $8000 tax credit for first-time buyers, please leave a comment below or contact me. I would love to help.
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Southwest Ranches Farmer’s Market on Flamingo Rd.
August 14th, 2009 categories: SW Ranches, Tips For Buyers, Worth Sharing
Southwest Ranches Farmer's Market
Super Fresh Organic Produce at Veeeery Good Prices!
I was in the area and curious as I am, I stopped to find out what they had to offer. I couldn’t believe that I was able to buy a packet of Asparagus, a Mango, an Avocado, a packet of Carrots, an a couple more things for $ 11.00. I was amazed with the freshness and the quality of the products. The day I went they had Tomatoes, Potatoes, Onions, Bananas, Garlic, Carrots, Squash, Plums, Zucchini, Apples, Mixed Greens, Spinach, Oranges, Limes, Lemons…
Fresh Organic Herbs
As you walk in SW Ranches farmer’s market you are greeted by Sheila, her daughter and their collection of “Edible Landscape”. Italian Flat Parsley, Lemon Balm, Mint, Apple Mint, Mountain Mint, Chilli Hot Peppers, Italian Basil, Spicy Glove Basil, Rosemary, Cilantro, Spanish Thyme, Tarragon, Fern Leaf Dill screaming at you to take them home. You can buy the plants individually or choose a few and have them planted in a mesh container with compost.
For more information about Southwest Ranches Farmers Market and other Farmer’s Markets in the US visit LocalHarvest.
Southwest Ranches Farmer’s Market is Open 7 days a week from 10:30 AM to 6:30 PM and is located at 5150 S Flamingo Rd Soutwest Ranches, Fl 33332
Sheila: 754-423-3786 or Mac: 954-226-7114
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How Green is Weston Florida?
August 10th, 2009 categories: Community Information, Living in Weston
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I don’t refer to our beautiful Landscape, it’s about how environmentally friendly are we. I could not find much data about how much of Weston’s waste is recycled but I am sure we can do much better.
There are so many ways to become Greener!
Fortunately or City Government is taking it seriously and our City Commission discussed on July 2nd an amendment to the Recycling Program to provide for Single Stream Recycling which if approved will make it easier for us. No more sorting…all the recyclable materials go in one bin and it is separated at the recycling facility. As I understand it will be for Residential dwellings only.
What happens with Commercial Waste? Probably the best way to start is one step at a time, and we can start by recycling more. Every week when I take out my bins at home I get amazed of how many opportunities to recycle we miss. If you have never been next to a copier in an office for more than 20 minutes you might have no idea how much paper is used and wasted every day. Even though we are all conscious about the environment most businesses revolves around paper. Much of it has to be kept and filed but the rest goes to waste. How many trees do we kill each day?
I am not an expert on the Topic but I have been concerned for a long time about Recycling in Commercial Facilities. About two years ago I contacted the company who handles the Recycling Services for Weston to find out how we could start recycling the TON of paper we discarded. The process was complicated and costly, it didn’t make sense at the time. Lately I have been thinking again on how to make Weston Greener.
Please help me promote recycling in Commercial Properties. If you live in Weston we need your support to make Weston a model for other cities! If you want to learn more about how to make Weston Greener go to: http://www.howgreenismytown.org, there are many ways to contribute and soon we will be able to be rated as a Green Town.
Weston goes Green-er!
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Weston Real Estate Market Trends July, 2009
August 7th, 2009 categories: Market Update
Single Family Homes:
There were 76 Closings in July:
11 Short Sale (SS)
5 Foreclosures (REO)
60 Regular Sales
1 Under $199,999.00
43 Between $200,000.00 and $399,999.00
32 Over $400,000.00
Condos/Townhomes:
There were 20 Closings in July:
5 Short Sale (SS)
4 Foreclosures (REO)
11 Regular Sales
2 Under $199,999.00
13 Between $200,000.00 and $399,999.00
5 Over $400,000.00
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Pembroke Pines Real Estate Market Trends July,2009
August 7th, 2009 categories: Market Update
Single Family Homes West of I-75:
There were 40 Closings in July:
5 Short Sale (SS)
10 Foreclosures (REO)
25 Regular Sales
2 Under $199,999.00
33 Between $200,000.00 and $399,999.00
5 Over $400,000.00
Single Family Homes East of I-75:
There were 63 Closings in July:
12 Short Sale (SS)
15 Foreclosures (REO)
46 Regular Sales
24 Under $199,999.00
34 Between $200,000.00 and $399,999.00
5 Over $400,000.00
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Miramar Real Estate Market Trends July, 2009
August 7th, 2009 categories: Market Update
Single Family Homes West of I-75:
There were 42 Closings in July:
14 Short Sale (SS)
11 Foreclosures (REO)
17 Regular Sales
3 Under $199,999.00
25 Between $200,000.00 and $399,999.00
14 Over $400,000.00
Single Family Homes East of I-75:
There were 57 Closings in July:
12 Short Sale (SS)
34 Foreclosures (REO)
11 Regular Sales
37 Under $199,999.00
20 Between $200,000.00 and $399,999.00
0 Over $400,000.00
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Cooper City Real Estate Market Trends July,2009
August 7th, 2009 categories: Market Update
Single Family Homes:
There were 25 Closings in July:
1 Short Sale (SS)
7 Foreclosures (REO)
17 Regular Sales
6 Under $199,999.00
18 Between $200,000.00 and $399,999.00
1 Over $400,000.00
Condos/Townhomes:
There are 15 properties under Contract but there were no Closings in the month of July 2009
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