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Jackie Colson-Miller

Jackie Colson-Miller
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'Florida Contract'

        

The Best of “The Real Estate Sizzle”…Everything You Wanted to Know About Buying a Home in Tampa…Tampa Real Estate Market News

Filed under: Best Places in Tampa, Florida Contract, Florida Real Estate, Insurance, Pet Friendly Tampa, Real Estate News, Tampa Real Estate Market

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.Here are some of the most popular articles on The Real Estate Sizzle!

Readers want to know everything about buying a home in Tampa, from details of the Contract, to Insurance issues, to finding a great place to eat once you move in!

Enjoy the Best of The Real Estate Sizzle today. To find another article on a specific topic, such as property tax , just type a key word into the search box on the right sidebar and hit enter . All the related articles for that subject will appear. If you would like information on a specific topic, just send me a note, and I will happily write about it.
WHAT TO DO WHEN YOUR HOUSE SMELLS LIKE DOG!

GREAT PLACES TO EAT IN TAMPA

TAMPA IS THE NUMBER ONE BUYERS MARKET IN THE U.S.

PERSONAL LIABILITY INSURANCEWHY HOMEOWNERS NEED AN UMBRELLA POLICY

TEN CHANGES TO THE FLORIDA REAL ESTATE CONTRACT AND HOW THEY AFFECT YOU! PART 1 AND PART 2

You can also search for any article by category, such as Property Tax, or Relocation, or Schools, just click on Find a Topic in the right sidebar!

I research the most popular articles on a weekly basis and then concentrate my writing on the most popular topics, so please leave me some comments in the space below!
If you enjoy reading The Real Estate Sizzle, and the latest news in Tampa Real Estate, you can receive it via email.

I can help with buying real estate in any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

 

 

Posted by Jackie Colson-Miller   |   2 Comments »   |   10.09.2007

How to Choose the Right Day for Closing on Your New Home in Tampa!

Filed under: Buyers, Florida Contract, Florida Real Estate, How to, Real Estate News, Relocation

Tomorrow is your closing day in Tampa. The moving van is en route from Milwaukee and due to arrive one hour after your closing tomorrow. Your new job starts the following day. Everything is on schedule until you get a call from the lender. They need one more piece of documentation from you and then they will send the package to the closing agent. You should be able to close in 2 or 3 days, they tell you! It’s the end of the month and underwriting is “slammed”! The piece of paper that they need is packed in one of the 100 boxes in the moving van!

You have just learned why choosing the right closing date is one of the keys to a successful real estate transaction! When I represent a buyer, I counsel them to choose a closing date that is, not only convenient to their moving schedule, but also one that is LEAST LIKELY to encounter problems, especially with a lender. That means, choosing a date that is the OPPOSITE of what most buyers will do. Avoiding the busiest times for lenders, and title companies, will eliminate 99% of the problems that may arise and leave time to sort through the issues before closing. Issues with additional documentation for loan underwriting, survey issues, title issues, divorce decrees, verification of child support/alimony are just a few of the many things that may arise between contract and closing. At the end of the month, lenders are backed up and your file may be at the bottom of the pile, with not enough time to get all the documentation needed to close on the appointed day.

Buyers need to understand they are under contract with a SELLER, not with a LENDER. If, for any reason, a lender cannot close a loan on the closing date, there are NO CONSEQUENCES to the lender, but the consequences to the buyer can be tremendous. Too often, lenders Closingdaydont take the closing date seriously. They dont get the loan into underwriting soon enough. They dont get the documents (what we call the package ) to the closing agent soon enough. And, they put all parties to the transaction in a highly emotional, financially stressful situation. In a worst case scenario, we have the dreaded Domino effect .Buyer A is Closing with Seller B who becomes Buyer C closing with Seller D, who becomes Buyer E closing long distance(in a different time zone) with Seller F.all on the same datethe last day of the month. This is an agents worst nightmare. If any piece of the puzzle, falls apart, all three transactions are at risk! Lets say you have six agents involved, three buyers, three sellers, three moving companies, three lenders and three title companies. What is the chance that, on a lenders busiest day of the month, all parties will close at the appointed times ? My experience tells me.10%!

Depending on the terms of the contract, and the mood of the parties to be flexible, any, or all of the buyers in this scenario may be out of contract for failure to close on the contracted day AND may lose their escrow deposits!

I recently had to get a copy of a divorce decree 2 days before closing, when my clients were vacationing in Hawaii and the loan was supposed to be “no doc”…one that doesn’t require documentation. In a scene right out of a John Grisham novel, I learned that a confident blonde in a suit, can wrangle a document out of the courthouse, but it’s not the best plan to make sure a loan closes on time!

What can buyers do to avoid closing day stress?

1. Choose a Tuesday, Wednesday or Thursday for Closing. Mondays and Fridays are very busy and those days are often part of a long weekend . You dont want a substitute handling your file because your lender, or closing agent, took the day off.

2. Close during the second or third weeks of the month, avoiding the 15th. Closing during the slow period for lenders and closing agents will give your file the attention it needs to close on time.

3. Set your closing time sometime between 11:00 and 3:00. This gives a lender on the West Coast time to get the package, and the funds, to an East Coast closing agent and also allows for any problems that may arise to be addressed during business hours on either coast.

4. Work with a lender that is recommended and has a reputation for closing on time! Too often, buyers make a lender choice based on saving a 1/4 point, not on the customer service of the lender. It is important to choose a loan officer who monitors the lending process and makes sure the file is on track to close on the right day, without any problems. Choose a lender in the city where you are buying a home, not an internet lender or a friend where you are moving from. Roberta Murphy, at Luxury Home Digest, wrote a great article about the qualities of a good lender.
5. Tell the lender you will probably close at least one day earlier! This helpful hint flags your file as special and moves it through the process much faster! Getting the package early makes the transaction easier for all parties.
6. Stay in touch with the loan officer every few days to make sure he, or she, has all the documents necessary for closing and to remind them that your file needs to be on the TOP of the pile.

If I can help with your next move, or have any other questions about how to make the closing process as easy as possible, please contact me!

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If you liked this article, you might want to read:

Why do You Need Flood Insurance

10 Changes to the Florida Real Estate Contract and How they Will Affect you

Posted by Jackie Colson-Miller   |   2 Comments »   |   08.09.2007

10 Changes to the Florida Real Estate Contract and How They Will Affect You (Part 2)

Filed under: Buyers, Florida Contract, Florida Real Estate, Real Estate News, Relocation, Sellers

If you missed Part 1, or would like a copy of the FAR-9 contract, find it here.

These are the rest of the changes most likely to impact you, along with the paragraph of the FAR-9 contract, in which the change was made.

4. The Effective Date of the Contract is now calculated as the date the last party signs, initials and delivers the final offer or counteroffer.(11a) I have been sending and requesting, email verification of acceptance, along with written communication, so there is no question about the effective date of the contract.

5. A Force Majeure clause was added(11c), which relieves the parties from performance of the obligations under the contract, while the Force Majeure, or Act of God(Terrorism, Hurricane, Tornado, etc.) is in place and extends all time periods (not to exceed 30 days) for the time the force or act of God is in place.

6. A pro-ration clause for property taxes was added. (5d)Taxes are to be computed on the prior years millage at an assessment agreed upon by all parties prior to closing date. If parties are unable to agree, it allows for the County Property Appraiser and a private appraiser to determine what the tax assessment should be. This provision shall survive closing. This is important. Property taxes are paid in arrears, with the current years bill sent out on November 1. Any closings prior to that time have previously used the prior year as a tax bill estimate to be used in the pro-ration at closing. This provides for a more equitable division of the likely taxes for the year in which the property is transferred.

7. A Coastal Construction Control Line Disclosure was added.(7g) Seller must provide a survey or affidavit to verify the Lines location on the property. Buyer may waive this right. This would apply to coastal properties, where the property may be subject to erosion and governmental regulations concerning coastal properties.

8. Doors and Windows must be structurally sound and watertight. Missing or torn screens must be repaired or replaced. 8(a)This has major implications for older homes that have some inoperable windows and missing screens. Agents need to be aware of this when Sellers complete the Sellers Disclosure Statement.

9. Sellers must now transfer a full-treatment warranty only for the type of wood-destroying organism found. 8(a)(b) This clarifies which treatment is necessary and does not require treatment for ALL wood-destroying organisms.

10. Closing costs for the Seller and Buyer are itemized in the contract. 5.(a)(b) This clarifies which party is responsible for which closing costs.

There are a number of other changes incorporated into the contract, but I have highlighted the major changes most likely to impact your next Real Estate Transaction, and my opinion about how these changes will affect a transaction. For advice concerning any contract, please consult an attorney.

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Posted by Jackie Colson-Miller   |   3 Comments »   |   05.22.2007

10 Changes to the Florida Real Estate Contract and How They Will Affect You! (Part 1)

Filed under: Buyers, Florida Contract, Florida Real Estate, Real Estate News, Sellers

The Latest Version of the Florida Association of Realtors Real Estate Contract (FAR-9) went into effect on May 1, 2007. There are some sweeping changes that every Buyer and Seller in the State of Florida should be aware of before entering into a contract. For a copy of the contract, to follow along with the changes as I discuss them, click here.

The most significant changes to the contract deal with improvements to the property (additions, fences, pools, etc.) and whether, or not, those improvements were properly permitted and the final inspections for the permits completed. It is very important to note that these improvements may have been done PRIOR to this sellers ownership of the property, but the current owner is held responsible for insuring that all improvements to the property were properly permitted. The time to start the investigative process regarding the improvements and permits associated with your property is NOW. It may be unlikely that a complication involving an improvement done without a permit, or an unclosed permit, could be resolved before closing. A contract may fall-through simply because an owner failed to start the investigative process in a timely manner. The changes and the Paragraph() in the contract that the changes are applied to are outlined below.

1. Seller to Provide Buyer with Written documentation that all open permits have been closed out and that Seller has obtained required permits for improvements to the property. (8) You can check on any permits issued for any property in the City of Tampa at this site . This clause pre-dates the current ownership of the property.

2. A 1.5% of the purchase price allowance has been added for the costs incurred by the Seller to close out open permits and remedy any violation of governmental entity, including obtaining permits, up to 5 days before closing. Final inspections to be done no later than 5 days before closing. If the cost exceeds the Permit Limit, either party can pay the excess, failing which, either party can cancel the contract.(5a)

3. If final inspections cannot be be performed, due to delays by a governmental entity, the Closing Date shall be extended for up to 10 days to complete such inspections,failing which, either party may cancel the contract and Buyers deposit shall be refunded.(8)(a)(4) Pay significant attention to this clause. The contract could be cancelled because a government entity cannot schedule your inspection within a certain time period. Sellers should start the investigative process regarding permits LONG before they have a contract on their property. I am going to add an addendum to my listing paperwork, which will require Sellers to initiate the process within 3 days of signing the listing agreement. Real Estate agents will need to impress upon their clients how important this is.

This will have a significant impact on any transaction in which any party to the contract has another property closing on the same closing date! If one closing does not take place on the required closing date, it may put a Buyers escrow deposit at risk in a separate transaction. A domino effect .

For more information about what requires a permit, see the City of Tampa Residential Review Guide.

The information contained herein is my opinion of the implications of the changes in the FAR-9 contract. For legal advice concerning the FAR-9 contract, please consult an attorney.

Please scroll down to leave a comment or ask a question in the space below….

**If you enjoy reading “The Real Estate Sizzle” and would like to subscribe to it, please click here**

Watch for Part 2 10 Changes to the FAR contract

Posted by Jackie Colson-Miller   |   3 Comments »   |   05.21.2007