Real Estate Information

Why is My Closing Delayed? 

Some of the most common reasons for a delayed closing in Orange Park are:

1. Waiting on Short sale approval
2. Buyer's financing issues
3. Paperwork issues with the title company

If you are buying a short sale, even one that has already been approved, getting the final paperwork can take longer than anyone anticipated.  The loan could get sold, the home could go into foreclosure, I have seen all of these things happen with homes in Oakleaf Plantation and Orange Park. 

Last minute changes in a buyer's financing can also impact a closing date.  Working closely with a good lender (ask your buyer's agent for a referral!) and communicating often go a long way towards getting you in your new home in Orange Park!

One of the most frustrating things that agents in Oakleaf are dealing with is paperwork delays on the title company's side.  These are usually out of the hands of the real estate agents, and are frustrating for everyone. 

The best way to prevent delays is to communicate openly and often with your agent.  Don't be afraid to ask the tough questions! 

Check out some of the other ways realtor can help you find your dream home!

Two days ago my 11 year old daughter brought home a cat that she found at her bus stop.  The little guy is probably the friendliest cat I’ve ever seen, clean, healthy (looking) and had his front paws declawed. 

I realize that animals are a lot of responsibility and work, but I’ve never understood why someone would abandon a domesticated animal that can’t even defend itself in the “outside” world, rather than just take it to a shelter.

We are posting pictures and ads for this little guy to see if he somehow got lost and his owners are looking for him or if he was truly abandoned.   So far we haven’t had any luck, but hope to find his owners if they are indeed looking for him.

It’s important to know that every major city has shelter’s that are willing to take unwanted animals and place them in a good home.  They usually have small adoption fees, but regularly take donations to help support their cause.

If you have an animal that you no longer want, please try using free websites such as Craigslist.org or take the animal to a shelter so it will still have warmth, food, and clean water.  Circumstances change and I understand that, but it sure is sad to have an innocent animal take the short end of the stick when they do.

Top Three Motivations for First Time Buyers

1.  Could Afford home 19%

2. Tired of Paying rent 12%

3.  $8000 Tax Credit 10%

Seventy percent of buyers purchased their first home in a Buyer’s Market.  This typically means that buyers had better negotiating power than the sellers, as more homes were available to them than the number of buyers to absorb them. 

In Orange Park, affordability is at an all time low!  Short sales and foreclosures offer amazing buying opportunities. 

*Your First Home Study conducted by KWRI.  Email me to request your free copy of Your First Home. 

82% of first time buyers found a lender through their real estate agent.  2 out of 3 first time buyers used the mortgage professional recommended by their agent.  

If you’ve got questions about financing, ask your real estate agent!  80% of buyers were preapproved before they even started looking for a home.  A preapproval means that you have earned the lender’s trust, and they have earned yours. 

 Even if you’re just getting started, talk to your agent and a lender. 

33% of homebuyers in Orange Park used FHA financing to buy their first home.  FHA requires a down payment of just 3.5%.  Using an average sales price of $161,000, this means you need around $5600 for a down payment.  76% of first time buyers took money out of savings for their down payment. 

In the Orange Park and Oakleaf areas, there are several other financing options available to help with down payment funds.  A large part of our area qualifies for USDA financing, which does not require a down payment.  25% of buyers in Orange Park used the VA benefit last year. 

Get your free guide to Financing Your First Home!   

2 out of 3 sellers made price concessions, accepting an average of 3% less than list price.  Most sellers also paid for at least a portion of the buyers’ closing costs!  Other concessions made include:

*Repairs made before closing

*Home warranty protection purchased for buyer

*Flexible closing date

 In Orange Park, the average home sold for 96% of list price*.  That means that we have slightly more negotiating power in our area than the national average. 

 Start your search today!  

 *Information is deemed reliable but is not guaranteed.  NE Florida MLS 2/27/2009 through 2/27/2010.

The term is thrown around in the media and around the water cooler, but what does it really mean?

A buyer's market is when there are more HOMES for sale than there are buyers looking to buy.  This means that buyers have the advantage since there are (theoretically) lots of homes for them to choose from. 

The reality is that there are really only one or two homes that will meet all your needs and wants, even in a buyer's market.  This means that when you find the home you want, it's very important to make a serious offer. 

Just because it's a buyer's market doesn't mean that sellers are going to accept any offer.  A lot of the deals that are on the market today only exist because we are in a buyer's market.  The price that they are listed at is (usually) already so low because of the market conditions. 

When you find the RIGHT house, you are usually better off making a strong offer that you feel good about, than trying to low ball the seller.  Talk to your agent about recent comparable homes that have sold.  Looking at the same information the seller is looking at will help you structure an offer that is a win win for everyone!

There are a lot of homes out there for sale right now, and deciding among them can be a lot harder than people think.  Especially with all the talk about it being a "buyer's market" right now.  Even in this market, the "perfect" home doesn't really exist.

There are 3 things that it comes down to when considering a home purchase:  Price, Condition, and Terms. 

You can always get 2 out of 3, but it's almost impossible to get 3 out of 3. 

Buying a foreclosure you can get a great price and reasonable terms but may have to compromise on the condition of the home.

If you buy new construction, you get a home in great condition and usually get great terms from the builder (closing costs, design credits, etc) but it is going to cost a little bit more on the price side.

Short sales are often a great price, and can be in great condition, but the terms of waiting for a short can be a huge downside. 

It's important to really think about what it is important to you and and your goals for your home purchase.  Talk to your realtor honestly about what you are looking for and what you expect.  This will help your agent find properties that meet your needs.  And you will find the right house for your family!

Q:  What happens to my binder deposit (earnest money) if I don't get approved for the mortgage? 

A:  One of the clauses in the Northeast Florida purchase and sale agreement provides for return of the buyer’s binder deposit if they are not approved for a loan within the timeframe.  In most cases, this timeframe is 30 days from the date the contract is signed by all parties. 

 For example, if the contract is signed and accepted on March 1, you have until March 31 to get your loan approved.  If you are not approved within that timeframe, the buyer gets their binder back.  If any repairs have been done by the seller, or any closing services completed (appraisal, survey etc) those are paid for out of the binder and then the buyer gets the remainder.  

 If the earnest money was $1000, and the appraisal had already been done before the buyer finds out they are not approved, the buyer would get about $550 back, based on a $450 appraisal price. 

 This is why communicating with your lender and being proactive about getting the loan processed is so important.  The sooner you know the status of your loan, the safer your earnest money stays.  It’s important to talk about these things with an agent before beginning your home search.  The better information you have, the easier it will be to find the right home for you and your family. 

I decided to answer this question today, since it is a valid concern many buyers have today. 

Q:  Can’t I just try the low-ball offer to see what the seller says? 

 A:  Before you make a low-ball offer, ask yourself how you would respond to the offer if you were the seller.  If your offer comes in too low, a seller may be insulted and just reject it outright.  This will weaken your negotiating position if you really want that house, if the seller decides to push it and see how high you are willing to go on the price. 

 Making an offer at fair market value, with price and terms that are fair to both you and the seller, will make for a smoother transaction.  You’ll be happy because you get the house you want at a price you’re willing to pay.  And the seller will be happy because they don’t feel like they’re giving their home away. 

 That is a win-win transaction, and those are the best kind.