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)

Has the Air Been Tested? If you do have a properly insulated home, you might want to have your air tested. Eliminating air leaks is great for your electric bill but it also means that any toxins that may be present in your home will not be easily circulated into the outdoor air. Have the air tested to make sure it is perfectly clean and, if possible, find out whether the home was built with nontoxic materials like low-emission paints and sealants. How About the Water Systems? Conserving water is a big part of conserving energy and reducing your carbon footprint. Look into the plumbing fixtures of the home. Are they water-efficient? What about the irrigation system for the lawn?

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.
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It is common to have the inspection (if agreed upon) performed within 5 to 10 days. When it is a sale of a NEW condominium the buyer has the option of canceling the contract within 15 days after he has received all the required documentation from the Condominium Association, as well as their Financial Statements and Budgets. If it is the RESALE of a condominium property (NOT NEW) the term will be 3 days instead of 15 days. Commissions are generally 6 % (although that could vary) and are usually paid by the seller and will be shared between the seller and the buyer agents. When the sale has been made through the listing agent, without the cooperation of another broker, then the listing agent will be entitled to the full commission. There is no advantage for the buyer to try to deal directly with the listing broker since it will not reduce the commission paid by the seller who is already obligated by his agreement when putting his property for sale. The buyer will have – in my opinion – a much better leverage when he uses his own agent who will choose between thousands of options instead of trying to steer a client to a specific property where he is the listing agent. The closing and recording of the sale are usually done at the office of an attorney or the office of a title company, and both of them will work with the mortgage bank (if there is one involved) and will further coordinate all documents, recordings, payments to third parties and handling of the funds. Residential real estate taxes paid annually are presently about 1.75% per year of the market value or a 2% of the assessed value (which is the value that the county appraisal has given to the property – and is usually lower than the market value). These percentages could eventually change when cities and counties increase their millage (percentage by which the assessed value is multiplied in order to obtain the tax amount). Foreign buyers cannot take advantage of the Homestead Exemption, which reduces the assessed value by $50,000 for calculation of taxes, and is reserved to homeowners who have made the property their permanent residence. Buyers’ expenses are variable – in case of a CASH purchase including the title insurance, recording fees, and all other expenses, they fluctuate between a total of 0.80 % and 1.0% of the purchase price. In case of financing the purchase through a mortgage all the expenses of the loan must be added. There will be taxes of 0.55 % (from the loan value) on the mortgage, appraisal fees, and additional expenses that banks and mortgage companies will charge. Apart from “Points” charged by the bank to reduce interest rates, the total mortgage expenses in this case could be between 2.0 % and 3.0 %.

So if you’re thinking of going green the next time you buy a new home, good for you! Not only are you helping to provide for a cleaner planet but you’ll also reap the rewards in lower energy costs! And now you have a better idea of what to ask to help you on your way.

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