BUYING A BANK OWNED HOME * IS IT A GAMBLE AT BEST AND USUALLY A NIGHTMARE!

So you think you are going to get a great deal on a foreclosure. Think again.  Those days are gone and you could be stepping into something you should really want to avoid.  You could lose hundreds of dollars and not have a house to show for it, or find yourself owning a money pit!

Do you really need a place to live soon? 

Never put in an offer when you have any time constraints. There is no guaranty you will close on time or at all, when you enter into an agreement to purchase a bank owned property. One reason is the bank doesn’t have the title company search for a clear title until they have a buyer.  Then when a lien or unpaid HOA fees, or other problems are found it goes back to the legal department to investigate before they will pay it, which takes more time.   Meanwhile the buyer could be left waiting and wondering what is going on.

Are you a gambler?  Don’t put in an offer if you don’t have much cash to gamble on the transaction.  Just ask the buyer who has paid for an appraisal, a home inspection, termite inspection, wind mitigation inspection, paid to turn on the utilities for inspections, and a survey and finds out after laying out hundreds of dollars, the bank can’t close on time, or may not close at all. If it doesn’t close, the buyer,  having paid out all these fees, may have nothing to show for it, and there is no recourse. 

Do you think you want to do a little real estate investing?  You are not going to get a good deal on a bank owned property.  The days of discounted foreclosed properties are gone, because the banks are all pricing them higher than the market in order to push the market up more.  They have lots more foreclosed properties to sell. If the property is in bad condition, you should know you are buying it ‘as is’, and you should do the inspection first because many banks don’t allow an inspection contingency.  Many don’t do repairs. Many won’t even turn on the utilities for you to do the inspection.  You are on your own and it may become a money pit.  Beware!

What about auctions?  These are good, if you have an extra 5% buyer fee to throw in above the price of your bid.  This fee pays the auctioneer.  You're welcome!

Do you think you know what you are buying?  The bank has no legal responsibility to disclose anything they know about the property, that materially affects the value of the property, or anything about the property’s history.  It could have Chinese drywall, it could be haunted, there could have been a mass murder there, settling issues or even an active sinkhole.  They don’t have to tell you anything like normal sellers do.  It is all up to you to find that out on your own.

How can these nightmares be avoided?  Don’t buy a bank owned property. Hello! Don’t even look at them and they can’t rob you of your time and money.  Ok. You know someone who got a wonderful deal on a bank owned property. When was that?  Was it recently? 

For more information on successfully buying or selling a home in the Land o Lakes/Wesley Chapel, FL market please contact me at 813-714-9737 or you can visit my website for more information and Testimonials  www.DeeSmithSellsHomes.com

BUYING A RENTAL PRPERTY? WHAT YOU SHOULD KNOW....

So you want to buy a rental property in Land o Lakes and Wesley Chapel, FL? Good!

Real estate has historically been one of the best long-term investments and the best hedge against inflation. Now is the time to invest because the values of properties in Land o Lakes and Wesley Chapel have gone up  in the last few years sending a clear indication of future appreciation. 

Yearly gross income on rental property when you put down 25%, minimum could be as high as 50% of the original investment paying you back in 2 years.   Investing is always tricky, so here are a few recommendations to consider before buying a rental property.

1)      Buy in a desirable area of town.  

You want your demand (tenants) to stay higher than the supply of rentals in the area. 

2)      Buy in a neighborhood that will keep its value.  Neighborhoods with CDD fees will keep their value longer than those with a HOA only or no fees at all, because the CDD will see that the neighborhood and amenities are maintained well.  CDD fees are  collected with the taxes, so even if the neighboring homes go into foreclosure there will still be plenty of money for the maintenance.  Neighborhoods with a strong HOA are also good, if they have a track record of enforcing the deed restrictions, and if they have high reserves. 

3)      CDD and HOA fees, as well as taxes and insurance are tax deductible on rental property.  Some other deductions are property management, improvements, repairs, and depreciation.  Pretty much everything you spend on rental property is tax deductible.  Trips down here to maintain your property between tenants are tax deductible,.

4)      Properties with more amenities may command higher rent.  Find the market for rent prices in several neighborhoods you are interested in.

5)      Properties with included property maintenance are desirable, because that is one less thing you have to plan for.

   6)      Do not use a mortgage unless you have to.  When using a mortgage put as much money down as you can and make it a 15 or 10 year mortgage.  The interest is tax deductible, but the mortgage payment eats into your monthly net income.  When your mortgage is paid off, your income will increase.

   7)      401k money can be invested into rental property.  Consult your tax professional for guidance.

8)      Use a Realtor who knows the area and understands investment properties... and, very important... owns investment properties.  Also use a good property manager to manage your rental properties.  Good property managers are well worth their fees, because taking care of problems with rental properties is their expertise.  Dealing with tenants, finding vendors for repairs, finding new tenants, background checks, holding deposits, taking calls on weekends and holidays for you from tenants, and much more. They don’t just collect the rent.  You need them.

If you would like more information about purchasing rental property in Land o Lakes or Wesley Chapel, Text, Call or Email me directly at 813-714-9737 or Dee@DeeSmith.com  for Testimonials  visit www.DeeSmithSellsHomes.com

4 RENOVATIONS TO GET MORE FOR YOU HOME AND SELL IT QUICKER

Selling in Land o Lakes or Wesley Chapel or surounding areas?

Everyone knows when you go to sell anything, you must get it ready to sell.  What do you need to do to get your home ready to sell?  Believe it or not, this is a huge part of marketing your home, and something I have my sellers spend a bit of time, but not so much money on.  You see, in order to sell a home you have to know what the buyers today are looking for.  With this knowledge, we prepare and stage our listings to maximize the interest and ultimately the offers we will receive.

1) Curb appeal.  Of course this is your first chance to make

a good first impression.  This is how we get the buyers in your house.  Pressure washing and/or painting, new mulch, new flowering plants, trimming, etc.  An experienced Realtor can help you know what to do and help you stay within a budget.

2 I always say, “Paint is cheap”.  And it can be fun.  It certainly makes a big difference in the impression buyers get.  I can help you know what to paint and what can slide, what colors are best in what rooms, what will get you the best return on your time and money.  It’s my job, and I study these things… for you.

3 The kitchen is the most important room in the house in our current market.  Kitchen reno’s can easily get out of hand.  I have seen some kitchen reno's where the homeowner definitely spent way more than they needed to, and will never recover the money spent. Also, some that certainly did not get the homeowner more money for their home, and some that were not a good idea at all.  Before you spend a lot of money on kitchen renovation, call me and let’s talk about what you are trying to accomplish.  You may be surprised at how little it can cost to make a big impact in the kitchen.   A little experience in this can save you a lot of money.

4 The bathrooms are very important, especially the master bath. 

You may not be able to add more room to your small master bath, but you can easily add style.  And in bathrooms as well as kitchens, “Clean equals Green” is what I always say.  The more clean you have in your kitchen and bathrooms, the more green you will get from the sale.

If you are going to be selling a home soon, contact me.  I would love to  help you save even more money while getting the extra value out of your home.  There are a lot of costs during the process.  Knowing where to spend your money, and where you can save money, will help put more money in your wallet.

Dee Smith  813-714-9737   deesmith@deesmit.com  www.DeeSmith.com

RE/MAX Premier Group  Wesley Chapel, FL 33544  

#LAND O LAKES  #WESLEY CHAPEL  #REAL ESTATE

HELP!!! WHY ISN'T MY HOME SELLING?

Because it is overpriced!
Period!

We live in a world where ALL the buyers have access to the same information we use to price homes.  You can't fool anyone into thinking your home is worth more than it is.

Buyers see many homes these days before they buy.  They start on the internet.  They look at the pictures, the maps, the satellite shots, HOA info, taxes, school grades, walk scores, public records sold comps and permits pulled, insurance, etc.  When they finally call their Realtor,  they know what they want, and what it is worth.  They probably know more about your house than you do.

If a home is over priced, the buyers think the seller is unreasonable, uninformed, or even greedy.  They will tell us, that seller needs to sit, and sit until they understand they are overpriced, and then lower the price to what it is worth.  They will not waste their time offering what the home is worth, because they understand the seller won't take it.   If the seller won't listen to their Real Estate Professional, then they wont listen to the buyer.  So don't waste my time.

Also the number of days a home is on the market plays against the seller.  After a while it becomes a big red flag and does more harm.  You are much more likely to get offers lower than the value, if you have been on the market a long time. 

In the beginning you have your best shot at getting the most for your home... in the beginning, when it goes on the market... at the right price.  






Bottom line,  listen to your Realtor, and price your home correctly in the beginning, sell it, and get on with your life.

If you would like more information about selling homes in Land o Lakes and Wesley Chapel please Text, Call 813-714-9737 or Email DeeSmith@DeeSmith.com
 For Testimonials visit www.DeeSmithSellsHomes.com

ARE YOU A VICTOR OR A VICTIM … IN THIS HOUSING MARKET IN LAND O LAKES OR WESLEY CHAPEL, FL?

Have you been feeling like a Victim?

Have you been trying for a long time to sell your home in Land o' Lakes or Wesley Chapel, FL?  Has it expired?  You hear that the market is great right now… but not for you?  It leaves you wondering why?

Have you been trying for a while to find a nice home to buy?  Do you keep getting out bid by other buyers?  Can’t find a home on the market that is up to your standards? 

A large part of your success, in anything really, depends on the professionals you use to help you.  You may have never bought a home before, or sold one.  You are not much different from the seller or buyer who bought or sold in another market years ago.  Each local market is different and having a real estate professional who is successful in this local market is the key.  Then listen to what your real estate professional tells you to do, and do it.  You will be successful … and not a Victim anymore.

Call me today for your free, no obligation phone consultation.

Text, Call or Email me directly at 813-714-9737 or Dee@DeeSmith.com 
or  visit www.DeeSmithSellsHomes.com

REAL ESTATE MAGIC!

I recently closed on a home with my buyers and the wife said to another standing there, “ It was like magic!  I don’t know how she did it!” talking about some hurdles we were able to jump to get her house sold for her. 

Magic...   What is magic?  Is it a cosmic force we can sometimes count on to bring impossible things into being?    Or is it a mix of experience, knowledge and wisdom, along with a spiritual force that is always with us, that makes the impossible possible?

Throughout my many years in Real Estate, I have learned that patterns emerge and the real estate business has changed, but people have not.  The same things that work in a down market, also work in an up market with a little adjustment.  Hard work and experience, along with spiritual guidance is all we need to  get the job done. 

A wise man once said, "The harder I work the luckier I get."

That is my Magic in Real Estate.

And if you want to live in Florida, I am really good at fixing that problem ; ).

If you would like more information about homes in Land o Lakes and Wesley Chapel please Text, Call 813-714-9737 or Email Dee@DeeSmith.com
 For Testimonials  visit www.DeeSmithSellsHomes.com

HAPPY VALENTINE'S DAY!

If you would like more information about homes in Land o Lakes and Wesley Chapel please Text, Call 813-714-9737 or Email Dee@DeeSmith.com
 For Testimonials click on http://rem.ax/Rax608or visit www.DeeSmithSellsHomes.com