Realtors Reveal: 5 Home Buyers From Hell—and How You Can Avoid Being One

As most people beyond kindergarten age come to realize, you can learn just as much from seriously bad behavior as you can from good. What better way to familiarize yourself with the fine points of not being a complete jerk than to see one in action?

So we started wondering if that same kind of learning-from-the-worst process could apply to home buyers. Here are some of the more frustrating, unusual, or downright unpleasant buyer situations Realtors® have had to deal with, and what we can glean from these tales of woe. 

1. The confrontational buyer

Mark Ferguson, a Realtor and property investor in Greeley, CO, had a client who nearly walked out on closing day when the seller didn’t show up at the table. Even though they weren’t supposed to be there in the first place.

“The buyer wanted to tell the seller and their agent how horrible the process had been,” Ferguson explains.

Except they were buying a real estate owned (REO) property, and the seller was actually a bank.

“There were some really minor repairs, and the buyer was getting an awesome deal,” he says. “They knew going into it that the seller was a bank and probably wouldn’t fix anything.”

Fortunately, the sale went through, although it took a substantial amount of persuasion on the agent’s part. Long, unnecessary persuasion.

How to get to home buyer heaven: If you’re buying a REO, you should probably do a bit of research.

“When the seller is a bank, they would never come to closing,” Ferguson says.“It is also very typical that REO agents don’t go to closing, either.” So do your research and set your expectations accordingly. And if you still need to vent? Do it after the docs are signed!

2. The Jekyll and Hyde buyer

Kellie Tinnin, an associate broker in Albuquerque, NM, once dealt with a buyer who was perfectly nice in person, but transformed into a snarling bully over text or email. And then he started hurling bizarre and paranoid accusations. In one instance, the buyer accused the home inspector of “being in cahoots” with Tinnin and biasing the report—except that the buyer was the one who had chosen the inspector in the first place.

The buyer also gave out different information to everyone involved in the purchase. It led Tinnin to BCC her lead broker on all email communications with Dr. Jekyll.

“I wanted a back-up in case he tried to sue,” she explains.

Other instances of his erratic behavior included writing letters to the listing agent threatening to cancel the deal. Smooth!

How to get to home buyer heaven: Bullies never win. Well, at least generally not in real estate deals. Tinnin told us that while the buyer managed to close, the closing date was long delayed due to his antics.

“I wish he knew that he did not have to act like a fool to get what he wanted,” Tinnin says. “It all became so comical it was hard to take him seriously.”

3. The last-minute haggling buyer 
 

Rebecca Knaster recently closed on an apartment in New York City where, on the final walkthrough, the buyers started picking apart the place. This, of course, was after seeing the place over and over. When they got to a bathroom sink, they decided they didn’t care for, things escalated.
 

“At closing, the buyer was demanding a $10,000 credit because the original sink in the unrenovated second bathroom was, in their opinion, not perfectly secured,” Knaster recalls.

Of course, they didn’t get that kind of discount—they settled on a much more reasonable $500. And a lot of ill will. 

How to get to home buyer heaven: “Closing is not the time to speak up on problems with a property,” Knaster advises. The buyer and their agent should have talked to her to find a solution on an earlier occasion, she says.

4. The bait-and-switch buyer 
 

While representing a seller, Tinnin encountered another irrational buyer—a guy who asked for some electrical work to be done in the utility room and offered to pay for the costs. The seller agreed. But as closing day approached, the buyer became increasingly unreasonable. Was he trying to get out of his promise to pick up the repair costs? “He became combative and would call me in a rage, accusing me of being unethical and lying,” Tinnin says.
 

When closing day came, the buyer didn’t show up “because he was ‘too tired,’” and closing had to be rescheduled.

When he finally showed up for the second closing day, he announced—big surprise!—that he’d decided he didn’t want to pay for that electrical work after all. He refused to sign the agreed-upon documents reimbursing the seller and even tried to back out of the whole deal, according to Tinnin.

The seller ended up paying for the electrical work—which only cost “a few hundred dollars” Tinnin says—in order to close the deal.

How to get to home buyer heaven: The bottom line? Don’t be a mook. It was another case of “people feeling like they need to be a bully to get what they want,” Tinnin says. But after all the buyer’s antics, “they’re lucky my seller did not go and rip everything out of the house,” Tinnin recalls.

5. The shirtless buyer  
 

Buying a home can be an emotional process. But one buyer was more than a little emotional, according to Chandler Crouch of Chandler Crouch Realtors in Fort Worth, TX.

“All sorts of really wacky things happened during the course of the transaction, but it all came to a head at closing,” Crouch says.
 

First, the buyer showed up with his shirt off and draped over his shoulder. Which is odd enough, “but then he became very confused, and began crying at the closing table,” Crouch recalls.

Eventually, all the papers were signed. But since the bizarre fiasco took so long, there wasn’t enough time for the transaction to go through that day.
 

And that’s when the buyer had a last-minute case of buyer’s remorse (or possibly just buyer’s confusion).

“Sometime after we all went home but before funding actually took place, he freaked out and called the title company and convinced them to terminate the transaction. It’s the only transaction I’ve had that actually fell apart after closing,” Crouch says. “It was a wild day.” 

How to get to home buyer heaven: If you’re getting overwhelmed, ask your realtor for some advice. “It’s a good idea to discuss what’s going to happen at closing in advance,” Crouch says. Another thing: Know beforehand how much you’ll be expected to shell out at closing—this isn’t the time for buyer’s remorse. Or psychotic episodes.

By Realtor.com
Courtesy of Premier South Florida Homes.

  
When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. My commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve. 

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Premier South Florida Homes goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.

As local Broward & Miami-Dade area experts with knowledge of the communities, Premier South Florida Homes objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail premiersouthfloridahomes.info@gmail.com 

6 Foolproof Ways to Make Your Carpet Last Longer

Carpet has some upsides. It’s cozy on barefeet, looks great in a den and is less expensive to install than other flooring types. The downside? Once carpet starts to show age, gets a stain or is just plain dirty, it’s hard to reverse the nastification process. The average carpet replacement happens every seven years, which can really add up over the lifetime of a house.

To extend the life if your carpet, live by these six rules:

Stick to a No Shoes Policy

When you wear shoes into your house, you’re tracking dirt, grime and worse … feces … into your house. Yup, feces. Over 96 percent of shoes come into frequent contact with fecal matter from public restrooms, and that fecal matter is being rubbed all over your carpet when you stomp around inside. Think you’re safe because of an entryway or mudroom? Not so fast. Tests show that it takes up to 17 steps before the soles of shoes are clean (and fecal-free).

To protect your carpets, enact an ironclad “no shoes” policy in your house. To make it easy for family and guests, place a few big baskets by the door to hold shoes. Tip: Tack up a sign politely asking guests to remove their shoes, so you can avoid an awkward conversation down the road.

Get Your Carpets Professionally Cleaned (At Least) Once a Year

According to the Institute of Inspection, Cleaning and Restoration (IIRC), all carpets should be cleaned at least once a year. That’s a good baseline, but there’s definitely some flex on it. In low-traffic areas, carpets can go 12 to 18 months between cleanings, but high-traffic areas are better off getting cleaned 2-4 times a year. (If you have kids, pets or a smoking habit, cleaning everything 2-4 times per year is a good idea.)

Professional cleaners may seem expensive, but it’s not that bad if you get a good deal! Check to see if Angie’s List is offering anything in your area.

Buy (and Maintain) a Nice Vacuum

Some home items, like dog food bowls or decorations, are okay to skimp on. With vacuums, on the other hand, you get what you pay for. Not only will cheap vacuums not pick up dirt and grime, they’re tougher to clean and don’t filter the air very well. Instead, opt for a middle-of-the-road price (around $200). If you’re vacuuming a massive amount of area, you may want to go even higher on the purchase price to make life easier. Here’s a more detailed vacuum buying guide if you need it.

Once you have the right vacuum, it’s important to keep it maintained. Before each use, check the bag. You want the bag (or bagless cylinder) to be less than half full. If the air filter is removable, rinse it out before and after each use. Also, do a more thorough vacuum inspection every sixth months.

Vacuum A Lot

Speaking of your vacuum, this is not a once-a-month chore! When it comes to your vacuum, you’ve gotta be diligent. If you skip a few runs here and there it’s okay, but if you’re ignoring the vacuuming week-over-week, your carpet is going to hold too much dirt and grime for you to handle with a vacuum.

Follow this rule of thumb: For the average family, you should vacuum carpets two or three times a week. If your family is really active, you may want to increase that to three or four times a week. (Here are a few tips for vacuuming more effectively in general.) When you vacuum, use four-six passes in the high traffic lanes and two-three passes in low traffic areas.

Change Up the Furniture

Even light furniture will sink over time, causing divots to form in your carpet. And a five-year divot is pretty much permanent. To keep your fibers fresh, reposition the furniture every few months. Tip: Use the change up as an excess to clean up, and assess your clutter situation as you’re moving furniture.

Be Proactive With Stains

What’s a party without a spill, amiright? It’s tough to prevent spills from happening, but if you’re on top of it, you can keep them from becoming stains. When something happens, immediately clean up anything solid (like nacho chips) and sop up any excess liquid. Then, follow these five easy fixes for common stains depending on the type of spill. Tip: Have club soda handy pretty much all of the time.

By Brightnest.com

 Courtesy of Lina Arbelaez.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. My commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

 
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why our goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future. 

As local Broward & Miami-Dade area expert with knowledge of the communities, My objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail premiersouthfloridahomes.info@gmail.com 

4 Signs a Property Is Worth Buying and Renting Out

Do you have fantasies of becoming a landlord? That is, do you dream that one day, you’ll purchase a promising piece of property, move in some reliable tenants, then kick back and collect rent well into retirement? If you’ve got the cash and ambition to follow through, there are plenty of condos, homes, and buildings you could buy and rent out—but pinpointing the right one is tough. Don’t give up the dream! Insiders insist there are a few ways to separate the cash cows from the turkeys. Here are some signs a rental property is primed to gush big bucks. IT MAKES MONEY FOR YOU IMMEDIATELY While many mistakenly size up an investment property by the amount of money it could eventually make them later—once they’ve made a ton of renovations—that’s exactly the wrong approach. As the saying goes in real estate, you should “Make your profit when you buy.” That means: Your income (in the form of rent checks) should cover your costs upfront. Financial planner and real estate investor Jim Ludwick at MainStreet Financial Planning recommends looking for properties that will generate enough rent in 10 months to cover all costs, including mortgage payments, taxes, and insurance. Another popular rule of thumb is the “2% rule,” which holds that your monthly rent should be at least 2% of the total purchase price of a property. Look at comparable rental listings online to get a sense of what you could reasonably charge for rent. Then, try punching in your numbers, from your rent to mortgage to maintenance costs, into an online investment calculator like this one from CalcXML, to see if you end up in the black. A DWINDLING DOM DOM stands for days on market—how long a property has been for sale. And if the DOM is plummeting across the board in a neighborhood, that’s a key harbinger that this particular housing market is heating up. And since this typically precedes price hikes, that means you can still score a deal on a property that could make you beaucoup bucks in rent (and if you resell down the road). Another set of listings to check? Rentals in the area. If landlords are offering concessions to tenants, such as a free month of rent or a lower security deposit, those are signs that they’re having a hard time filling apartments, so you may want to steer clear. GOURMET GROCERIES NEARBY Scouts for Whole Foods, Starbucks, and other high-end chains get paid a lot of money to research the up-and-coming neighborhoods with residents (aka your future tenants) who have the disposable income to support their stores. So, if you can buy heirloom tomatoes and a pour-over coffee in a five-block stretch, things are looking good. The presence of Trader Joe’s, Whole Foods, and Starbucks, in particular, bode well for real estate desirability. “You can’t just look at the numbers,” ways Justin Cohen, chief marketing officer of Pangea Properties, a Chicago-based real estate investment and management company. “You’ve got to really look at the neighborhood and understand what’s happening there.” Get a sense of what type of tenant the neighborhood and property would attract. A property in a college town, for example, might have a high turnover, while one near a desirable elementary school (get stats at GreatSchools.org) might tend to draw families that want to put down roots for years. And since many millennials favor “walkable” neighborhoods, areas near public transportation are bound to be a good bet. And we’re not just talking about buses and subways in urban jungles; transportation matters in the suburbs and small towns too, although in a different way: Look for towns near (but not right next to) major turnpikes or highways. A SQUEAKY-CLEAN TENANT If you’re inheriting tenants with the property you’re considering, don’t just trust that current landlord’s word that they “always pay on time.” Run a background check and a credit check (it’s worth paying for a service such as TransUnion SmartMove to do one for you) on any current or potential tenants to see if there are credit issues or a history of evictions, and ask to see pay stubs or a 1099 to show the tenant has the enough income to cover the cost of living there. And if the tenant has a less than stellar payment history? There actually is a way to turn this into an opportunity to negotiate a lower price for the property, factoring in the cost (and hassle) of a potential eviction. “Whether you keep the tenant or not, by buying someone else’s problem, you’ve gained some equity,” says Jorge Newbery, a real estate investor and the founder and CEO of American Homeowner Preservation.

 By Realtor.com


Courtesy of Lina Arbelaez.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. My commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

 
When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. My goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future. 

As local Broward & Miami-Dade area experts with knowledge of the communities, My Ojective is to help you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739,visit our website, or e-mail linaflrealtor@gmail.com 

Why Mortgage Rates Matter This Weekend

Like most retailers, real estate agents and homebuilders are on a big sales push this Columbus Day weekend. For the housing market, it is something of a last hurrah before potential buyers head back inside for the winter. That is why even the small interest rate move higher this week is top of mind this weekend.

Mortgage application volume surged a week ago, when a disappointing employment report sent mortgage rates down to their lowest level in months. The stock market, however, bounced back this week, which turned interest rates around yet again. Mortgage rates are now slightly higher than a week ago.

"At this point, every single day this week has seen rates either fail to improve or simply move higher. By contrast, last week saw rates fall on five out of five days," wrote Matthew Graham, chief operating officer of Mortgage News Daily.

The rate moves on the popular 30-year fixed are barely within a quarter percentage point. They mean barely a few dollars on the average monthly payment. It's what they say about the future that is much more important.

In an interview Friday on CNBC, New York Federal Reserve President William Dudley said he still expects a rate increase this year, adding, "We're going to get a lot of data between now and December, so it's not a commitment."

Real estate agents say most of their clients do expect interest rates to rise. It's just a question of how urgent their expectations are.

"We are seeing an incredible increase in business. I'm exhausted!" said Laura Barnett, a real estate agent in the suburban Dallas area. "The interest rates are the most likely reason. I have had one client mention that he wanted tangible assets if there was going to be a global recession, and he was purchasing lease homes over the stocks that he was considering."

Several reports are showing improved consumer confidence in the housing market, with concern still remaining about mortgage availability and rising prices. That could bode well for this weekend. With rates just slightly higher than last week, that may be just the kick in the pants some buyers need to sign on the dotted line.

Article on CNBC.com
Courtesy of Lina Arbelaez Premier Homes.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. Lina Arbealez Premier Homes commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why our group's goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.

As local Broward & Miami-Dade area experts with knowledge of the communities, Premier Homes objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail info.premiersouthfloridahomes@gmail.com

What Really Goes Into Your Monthly Mortgage Payment?

We all know that buying a home is a big financial decision — likely among the largest you will make your life. So what is all your money going toward, really? It goes far beyond just principal and interest on the actual home. Check out this list of monthly expenses you will likely encounter as a homeowner.

Mortgage

If you aren't paying for your home upfront in cash, you will have to finance it somehow. Your monthly mortgage payment goes toward the amount you originally borrowed (principal) and the interest on that principal. The amount is calculated based on how much you borrowed, the interest rate you and your lender agreed upon and the length of the loan. Your credit standing has a big influence on what your interest rate will be and thus the size of your payments; checking your credit before you shop for a home is wise. (You can check a free credit report summary, updated every 30 days, at Credit.com.)

Property Tax

Taxes can add hundreds of dollars to your monthly bills, but they help cover valuable public expenses, like community safety, schools, infrastructure and more. Depending on where you live, you will incur different tax rates. Property taxes are calculated by local government and are usually based on your home's assessed value.

Insurance

Between basic homeowner's insurance that offers protection against fire and theft and private mortgage insurance that protects your lender against you defaulting on the loan if your down payment was less than 20% of the mortgage value, insurance can be a big item in your monthly budget. And don't forget that you may need additional coverage against things like floods or earthquakes depending on where your home is located.

Maintenance

Owning a home means you are responsible for repairs and upkeep, unlike when you rent. It's important to have money set aside in your budget to cover everything from small do-it-yourself jobs to the serious issues that inevitably come up from time to time. Hopefully your home inspection can help prepare you for the life expectancy for the major components like the roof, plumbing and electrical systems.

Utilities

Every month, you have to pay your utility bills, from heating and cooling to electricity, natural gas and water. These can fluctuate throughout the year based on outside conditions like temperature and humidity. It's a good idea to budget for this variable expense by looking at last year's usage.

HOA Fees

If you purchase property into a condominium or townhome-type community covered by a homeowners association, you will have to pay yearly or monthly fees to upkeep common areas and other shared expenses.

The bottom line here is to prepare yourself. It's important to understand the full costs of homeownership. Do your best to know what is coming and create a comprehensive budget that accounts for the whole package.

Article on Credit.com

Courtesy of Lina Arbelaez-Premier South Florida Homes.

When you are buying or selling property in today's market, it's important to have confidence in your Real Estate professional. The Real Estate International Group’s commitment as your REALTOR® is to provide you with the specialized Real Estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why The Real Estate International Group’s goal is to keep you informed on trends in Miami Real Estate. With property values continuing to rise, Real Estate is a sound investment for now and for the future.

As local Broward & Miami-Dade area experts with knowledge of the communities, The Real Estate International Group’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling or would just like to have additional information about Real Estate in your area, please don't hesitate to call 954-600-8739, visit our website, or e-mail info.premiersouthfloridahomes@gmail.com