FAQs

Q?What is a short sale?
A.

A short sale is the sale of a property for less than is owned on the mortgage, therefore the mortgagor takes a loss and accepts less money than was lent. Short Sales became very popular after 2006 as home values dropped sharply, many homes were left with large mortgages sometimes double the value of the home. A short sale is a very popular alternative to foreclosure as it does not affect your credit as badly. If you are interested in a possible short sale of your home. Contact our team to learn if a short sale is right for you.

Q?Do I need flood insurance to get a mortgage in Florida?
A.

No, you are only required to purchase flood insurance if your home is in a flood zone. A large portion of the Tampa Bay Area is in a flood zone, therefore a large portion of Real Estate here requires Flood insurance, but not all of it. That being said, any mortgage will require Homeowners Insurance. Take a look at our Vendors list for a few great Insurance choices.

Q?Can I work with more than one Real Estate agent at a time?
A.

No, unfortunately you can’t. This can cause a lot of trouble and turmoil in a transaction. If you are no longer pleased with your Realtor’s efforts, then you can terminate your relationship and find another agent. The key is terminating the relationship. Without a formal termination, you are creating a huge liability for your new agent that could cost them a lot of money. Please be careful and make sure it is always clearly handled.

Q?Do I get a better deal buy working directly with the listing agent?
A.

This is a resounding NO! This is a very common myth that will only hurt you. When you agree not to have your own realtor, you give up a huge advantage in terms of negotiation. You are NOT saving the seller commission! Instead the selling agent will get double commission for bringing you, the buyer, to the seller. This puts you at a huge disadvantage. You no longer have a professional on your side, negotiating and fighting for you to get the best deal.

Q?Why should I use a Realtor to sell my home when I can put it on Zillow and sell it myself?
A.

Now-a-days it is easy to think the average American is capable of selling their own home. Why not, owners have the same access to websites Realtors use anyway….Right? Not really.
Actually hiring a Realtor means more than just putting your house on the internet. It means you are getting a professional to advertise your home to other professional and the rest of the world. But more importantly, it means you have a trusted, experienced advisor that can help you every step of the way. From proper pricing, to marketing, negotiation, paperwork and closing procedures, a Realtor is there to help you through what could possibly be one of the largest transactions in your life. Utilize a professional. It will save you time, money, and heartache.

Q?How long does it take to sell a home?
A.

The average home sells in about 90 days. If priced correctly a home should be under contract within 60 days and be sold within 90. If a home is on the market for more than 60 days, it usually means it is not priced correctly and a price change should be done. That being said… There are many factors that affect the sale of your home. Any number of things could be the cause of a home not selling. It is best to talk to a trusted Realtor to determine what can be done to help your home sell. Most of the time, if changes, repairs, or updates are too difficult or pricey, a change in the price can make all the difference.

Q?Are there a lot of foreclosures still out there?
A.

The short answer is yes. There is still a very large amount of homes that have been foreclosed on but have not been advertised for sale. This is what we call shadow inventory. Banks do not want to release large amounts of properties into the market at once. This would dramatically affect the market and property values, and ultimately the banks would make less money. Instead they choose to “trickle” a flow of homes onto to market and keep property values as high as possible. This is a good thing.

Q?What is Title Insurance?
A.

Title insurance is a policy that insures your home against title defects. This means, it makes sure you have clear rights to your home and it is unencumbered by liens, flaws, judgments or a number of other issues that can affect the sale of a home. Title policies are purchased at closing from a title company. Usually the title company handles all the closing paperwork and searches prior to you signing.

Q?Is the Real Estate Market stable?
A.

We are asked this question daily…. The Answer is YES, it is relatively stable. Just like any commodity real estate has constant fluctuations, however, we have seen a continuous positive trend in the real estate market since 2012. It is important to focus on long term trends as the recent recession has caused many short term fluctuations. Real Estate is always a good long term investment. A recession like that of 2007 is only experience every few decades and is not a normal occurrence in the real estate industry.