What to Offer? Buyers

Many potential home buyers are questioning if this is the right time to step back into the housing market. Real estate has been one of the hardest hit sectors of the economy. Pundits are divided as to whether or not this is a good time to buy a home. It may be years before the economy and the housing market fully recovers. In fact, the housing bottom cannot be called until values have stabilized and are on the way back up across the nation. In the midst of all this uncertainty, could now be the right time to invest in a home?

The following is the usual sequence in real estate transactions in Florida. The Purchase offer. It is done through the buyers’ real estate agent. The acceptance of the Offer by the seller, or a counter-offer and further negotiations to reach an agreement. The inspection (optional) The financing process, if needed. Contact with banks and mortgage lenders. The Property Title search: this is the first step in order to issue a Title Insurance policy that will guarantee a clean title. The Title Insurance, usually issued by a Title company or an attorney, specialized in real estate. The Closing and recording of the sale. This is done by the Closing Agent or the Title Company. In general it is the same company or attorney in charge of the Title search and Title Insurance. We use Florida Realtor Association standard forms (F.A.R.) or FAR/BAR forms which are standard issues of the Florida Realtors Association and the Florida Bar. (Attorneys Official Organization)

Yet amidst all the uncertainty about when the housing market will fully recover, and whether or not real estate values and prices will fall further, there are facts out there that support buying a home now. Mortgage rates are at almost historical low levels, and house prices are back at values not seen since 2003. This could be an excellent time to buy if you believe you will keep the property for several years and can wait for the housing market to stabilize. It has been forecast that the low mortgage rates are not likely to last beyond the first quarter of 2010. The Feds have been subsidizing the low mortgage rates by purchasing mortgage backed securities, but that subsidy will end March 31, 2010. At that point, most analysts believe rates will rise.

The real estate agent has the obligation to present all offers to the seller. The seller will respond by either accepting the offer, reject it, or make a counter-offer. Usually if he does not respond within a specific date, the offer is considered cancelled. A counter offer will modify the amount, or any other condition presented in the initial offer. The negotiations conducted in this manner will possibly end in a contract, signed by both parties. We name this an “executed”contract. Usually these contracts will require the buyer to complete his deposit with a specific date and it is common to deposit 10 % of the sale price but it could be more or less. This deposit will be kept in an”Escrow Account” which is a “Trust Account” used by the Attorney or the Title company chosen by the buyer.

Is It Certified? Probably the easiest way to tell if a home is truly green is to find out if it has actually been certified green. The U.S. Green Building Council and the EPA have green ratings for homes that can be determined by inspectors or other professionals.

Let me explain the “Points”. As an example, a client wants a $100,000 loan at a fixed rate for 30 years. The bank will propose a fixed rate of 5% per year. However, if the borrower would like to lower the interest rate, the bank could propose him an interest of 4.75% for example, and in compensation, the bank will charge upfront $1,000 (1% of the loan amount, or one Point), as a fee. Sometimes the bank could propose for example a $2,000 (which is 2% of the loan amount, or 2 Points) and lower the interest rate to 4.50%. It is up to the borrower to calculate if it is to his advantage to accept any of these deals or just go with the 5%. It will depend on how long is the term of this loan; if he expects to repay it in full before the 30 years, or any other consideration that can justify paying these “Points” upfront. For the seller, there will be a tax of 0.70 % charged in all cases plus miscellaneous expenses by the attorney or Title Company. Mortgage companies and banks, when dealing with foreign buyers require a higher down-payment what was in the past about 20 % up to 30 %. Presently and due to the new events, it could be between 30 % and 50 %. The required documents for a foreign buyer to obtain a mortgage loan are usually: Bank references Bank statements. Letters of credit references by third parties

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