Realtor- buyer (Homestead: short sales, real estate, foreclosures)

[kyjake39]

Should one get one realtor to deal with when looking for a home or deal with the one who has the listing?

[nphomeowner]

My personal opinion is find ONE realtor that you like and buy from him/her. They will be doing all the leg work finding you what you want. I just think its dirty pool to not buy through the one working hard for you.

Now if you find a home on your own without assistance then of course call the listing agent.

[Harbor Hopper]

Remember, a listing agent (seller's agent) who also works for the buyer, gets the FULL commission! This makes for VERY happy realtor :-) However, it's almost impossible for that realtor to have both the buyer's and seller's best interests in mind. Always best to find a trustworthy agent that has YOUR interests in mind and will work to find you what YOU are looking for.

[TamRE]

Like choosing any service professional – from an accountant to your family doctor – it’s important to do your homework before deciding on a real estate agent. Your home purchase likely represents one of the most significant financial transactions of your life, and you definitely want to find the right person for you. If you keep going to the Realtor who is the listing agent, then it is difficult for someone to get to know you and your personal needs and wants for a home. Sticking with one Realtor will make the entire process much smoother and easier. Find someone you feel comfortable with.

[yellowsky]

My personal experience in two years of looking at houses throughout Florida was that none of the Realtors we used had 'our interests at heart'. It was a very disheartening experience. However, once I learned to do my own research and due diligence things went quite smoothly. The best results came from going through the listing agent but watching my own back. As HH says, the listing agent who makes all the commission is a happy agent but I was my own gatekeeper.
Good luck in your search. I am still delighted by our house and love it here and I hope you find what you are seeking.

[kyjake39]

Looks like if a realtor was showing listings from another agency it would be a lot of extra trouble for them if it was unoccupied making extra travel to get keys and such.
Have been doing a lot of searching,have a list of about 25 properties that may interest us with four of them looking promising.Have checked them for flood zone , historic tax rates and available water and have got some idea of the homes from pictures and Google earth.Have even checked out the foreclosures but seems like just about one in five hundred shows any promise,short sales seem a little better.
Snowing here now but the weather prophets say it will warm up to rain by noon,hopefully we will get across the mountains and into warmer weather and avoid bad road conditions.Should arrive in PC Friday afternoon and get a look at the place Saturday morning.

[TamRE]

Originally Posted by kyjake39

Looks like if a realtor was showing listings from another agency it would be a lot of extra trouble for them if it was unoccupied making extra travel to get keys and such.
Have been doing a lot of searching,have a list of about 25 properties that may interest us with four of them looking promising.Have checked them for flood zone , historic tax rates and available water and have got some idea of the homes from pictures and Google earth.Have even checked out the foreclosures but seems like just about one in five hundred shows any promise,short sales seem a little better.
Snowing here now but the weather prophets say it will warm up to rain by noon,hopefully we will get across the mountains and into warmer weather and avoid bad road conditions.Should arrive in PC Friday afternoon and get a look at the place Saturday morning.

All of the homes are on an electronic or coded lock box. If you work with one Realtor they schedule all the appointments and then take you to see the homes on your list. They do not have to pick up keys. The keys are in the lock box at the home itself. If you work with each listing agent, then you are calling each agent individually, asking them to show you one home and then off to another agent to see another home, etc. it is less time consuming for you and the agent if you select one agent.

[TamRE]

Information you need to know when buying a home in southwest Florida

If you are thinking of buying a home in southwest Florida, here are some basic things you
need to know about this specific area. The home buying process itself can be stressful, but
knowing ahead of time what you are getting into will help.

Homeowner insurance– Insurance rates vary by age of home, size of home, conditions
of home, and location of home. Insurance is more expensive if you live near any type of
water – pond, lake, river, Gulf. Insurance is more expensive if home was not built to
current hurricane standards. You can get discounts the home qualifies for by having a wind
mitigation inspection done at the same time as your home inspection. Discounts are
available for building features that reduce damage during high wind events. Overall
discounts include things such as age of home, style of roof, how close the home is to a body
of water, how close to a fire hydrant, how the roof is tied down, if the home has hurricane
shutters or impact resistant windows, frame or block home, etc. If the home is in a flood
zone, the insurance company will require a flood elevation certificate. That can be obtained
by paying a survey company to prepare it. To check Flood Zones go to www.floodsmart.gov
and type in the address of the property. It will give you the flood zone, rates, and
insurance companies.

Homestead exemption – The state of Florida has individual and family exemptions. The
most common exemption that people qualify for is the homestead exemption. Every person
who owns and resides on real property in Florida on January 1 and makes the property his
or her permanent residence is eligible to receive a homestead exemption up to $50,000. To
see a list of exemptions go to the Florida Department of Revenue web site at
http://dor.myflorida.com/dor/property/taxpayers/exemptions.html.

Property Taxes – A home buyer should not rely on the seller's current property taxes as
the amount of property taxes that the buyer may be obligated to pay in the year
subsequent to purchase. A change of ownership or property improvements triggers
reassessment of the property that could result in higher property taxes. If you have any
questions concerning valuation, contact the county property appraiser's office for
information. The home you are interested in purchasing may be homestead. Homesteading
caps the tax assessments on the home during ownership. MLS records do not necessarily
reflect current tax assessments. To apply for homestead or to read through answers to
frequently asked questions, visit the Charlotte County Property Appraiser web site at
http://www.ccappraiser.com/.

Home Inspection- After you have an executed contract you usually have 10-15 days to
get a home inspection, which you pay for. It costs $375 and up depending on size of home.
The inspector will examine the home's structural systems and give you a written report
detailing any problems found. The inspection takes a few hours. If you cannot be here for
the inspection, I can be there with the inspector. Some homes are sold in "As Is" condition
which means the sellers will not pay anything for repairs. If the repair cost is too high, you
have the right to back out of the contract within the time period specified. Other homes are
sold where the seller pays up to 1.5% of the purchase price for repairs.

Closing- As a cash buyer you can close on a home within as little as two weeks. Some
homeowners may require 30 days, depending on the situation. You can ask the seller to pay
for title and select closing agency, but not all sellers will agree to that. The closing agency
will either be a law firm or title company in the State of Florida. You do not have to be here
for the closing. They can either email the documents or FedEx them to you and you FedEx
them back with an envelope that they provide. They will charge for the FedEx delivery. You
can have a local bank notarize them for you rather than them sending a mobile notary. The
bank will usually do it for free. The closing agency would give you directions for wiring the
funds as well. If it is a local title company, you can choose to be here for the closing. If you
are obtaining a mortgage it takes 30 days for a conventional loan and 45 days for an FHA or
VA loan.

Buyer Expenses – This is a general list of expenses involved in purchasing a home. You
will need proof of funds if paying cash or a pre-approval letter from a lender to submit with
an offer on any home.

Expenses: Recording of Deed, Home Inspection, Wood Destroying Organism Inspection (Free), Well Test (Optional), Septic Inspection (Optional), Flood Insurance, Flood Elevation Certificate, Homeowner Insurance, Proration of Real Property Taxes, and Proration of Homeowner Association/Maintenance Fees (if any), RE/MAX Palm Realty Broker Transaction Fee $250.

Additional Expenses if Obtaining a Mortgage: Mortgage Title Insurance Policy, Service Fee
or Origination Fee, Doc Stamps on Note (.35 on each $100), Appraisal, Intangible Tax,
Recording of Mortgage, Credit Report, Survey, Escrow Account (Taxes and Insurance). If
you are using a lender, they will provide you with a Good Faith Estimate within 3 days of
applying for a loan which will detail all expenses.

Other Expenses if not paid by Seller: Owners Title Insurance Policy, State Doc Stamps on
Deed (.70 for each $100), Home Repairs found during Home Inspection.

Pest Control– Bugs are a natural part of Florida. The most common problems are
termites, carpenter ants, fire ants, and spiders. For any home you live in within this area
you would either need to spray your home for pests or hire a pest control company to do it
for you quarterly. There are several plans to choose from. When you purchase a home you
can get a termite (WDO) inspection for free from Good News Pest Control or Hughes Exterminators or you can pay $75 for a Wood Destroying Organism inspection from other pest control companies.

Utilities– Some homes have well and septic, others have city water and sewer, and some
even have city water and septic. Rates vary by county. FPL (Florida Power and Light) is the
power company used in this area – www.fpl.com. The Charlotte County Utilities web site is
http://www.charlottecountyfl.com/CCU/. Some municipalities are undertaking an extensive
program of water and sewer improvements. As water or sewer service becomes available,
the cities will assess individual owners at that time.

School District: School districts are not guaranteed. Contact the local County School
Board for more information.

Zoning: Florida zoning changes may occur. It is the purchaser's responsibility to make
sure that the existing zoning and other pertinent regulations allow buyer's intended use of
property.

Moving to Florida Guide– For information on moving to and living in Florida check out
this web site http://www.stateofflorida.com/Portal/DesktopDefault.aspx?tabid=40. It
contains topics on driver’s license and motor vehicle registration, employment, real estate,
Florida taxes, schools, residency, weather, cost of living comparison, facts on Florida and
more.

[chuckycheese]

I'm not a realtor but I do know that in most states (maybe all), the listing agent is required by law to protect and serve the best interests of the seller. That, alone, would be reason enough for the prospective buyer to never use the listing agent. If that's not the case in Florida, I'm sure someone (hopefully, someone who knows) will correct me.

[TamRE]

Originally Posted by chuckycheese

I'm not a realtor but I do know that in most states (maybe all), the listing agent is required by law to protect and serve the best interests of the seller. That, alone, would be reason enough for the prospective buyer to never use the listing agent. If that's not the case in Florida, I'm sure someone (hopefully, someone who knows) will correct me.

In the state of Florida all agents are considered transaction brokers unless a buyer or seller signs a separate agreement for a single agent broker, which is rare in Florida.

A transaction broker is a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction.

A single agent is a broker who represents either the buyer or seller but not both in the same transaction.