Do You Know the Ins and Outs of the Short Sale Process?

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Today's topic is how to sell your home as a short sale.

A short sale is what happens when the mortgage on your home exceeds its value. When you owe more than your home is worth, the only way to make money on the sale is through a short sale. This must be approved by your lender first.

To find out whether you're eligible, the first step is to find out what the value of your home is. You might be surprised by the worth of your home; some people have called us for a valuation and found out they don't even need to have a short sale, they actually have some equity in their home. Reach out to us and we'll let you know if a short sale is even necessary.

If it's determined that you need to do a short sale, we need to get your home on the market and prepare your financials for your lender. More often than not, you will be approved for a short sale. If you have a substantial amount of money in the bank, however, they probably won't allow it. Even if you're still making payments on your home, we can get the short sale started for you.

For all the details you need to know about having a short sale, or if you have real estate questions of any kind, give us a call or shoot us an email. We would love to hear from you!

Do You Need an Inspection for Your Tampa Home?

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When buying a home, one of the first things that you will want to do is to get a home inspection. You will almost always have to pay for it as a buyer, but you absolutely need to do this.

A home inspector ensures that everything is in good condition. This applies more to the foundational structures in the home such as the roof, plumbing, electrical wiring, appliances, and more. You need to be sure that you're buying a structurally sound home, and a home inspector can tell you if you are or not.

Another thing that you might hear about is a wind mitigation report. This is required with insurance and it is to make sure that the home will be able to withstand high winds. If your home passes this test, you can get a discount on insurance, but if it doesn't pass, you may have a major problem. You won't be able to get insurance, and you'll either have to get a credit from the seller or look for a new home. 

There will also be a 4 Point inspection for older homes. This is an in-depth look to make sure that the older home will still pass muster for the next buyer.

If something comes up in a home inspection, you (as a buyer) can back out of the sale and get your escrow deposit back. This is why a home inspection is so important. You'll be paying for it, but it is money that's well-spent.

If you have any questions about this, please don't hesitate to contact me. The inspection is a very critical part of the buying process.

Renting vs Buying in Pinellas County

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People always ask me whether it's a good time to purchase a home, and my answer is always the same.

It is always a good time to buy a home, rather than renting one. It doesn't matter what the market looks like, to me, it always makes more sense to rent than to own. 

Interest rates are at all-time lows, which is going to save you thousands of dollars over the life of your loan. These low rates won't last forever, so now is the time to buy if you've been on the fence.

There are also many different kinds of mortgage programs that will allow many different people to afford homes. The requirements have loosened, so now is the time to take advantage of this.

Valuations are on the rise currently, but you can still find affordable homes right now. If you buy a home now, you can ride the wave of appreciation. 

There are many different benefits to owning a home instead of renting. One of these is that you can deduct your mortgage interest, which is a huge tax benefit. 

Another benefit is that you're enhancing your net worth every single month. When you rent, your net worth moves down nearly every month.

If you're not sure if you're ready to buy, please contact me! Let's see if you're ready to buy. Even if you're not ready right now, we can form a plan so that you can purchase later down the road.