Closing on a House: Helpful Settlement Advice for Home Sellers

by Elsa Soto | Jul 19, 2023 | Blog, Homeowners, News, Real Estate News, Sellers

Closing on a House: Helpful Settlement Advice for Home Sellers

Closing on a House: Helpful Settlement Advice for Home Sellers

In order to finalize the purchase of a house, it is important to reach the settlement table. Although you are approaching the final stages of selling your home, it is not time to relax just yet. While it may be a relief to no longer worry about constantly showing your home, you still have responsibilities towards the buyer, the buyer’s agent, and the contractual agreements.

As a seller, it is crucial to understand the essential aspects of the settlement process

What contingencies impact sellers before closing on a house

Although the primary responsibility for finalizing financing and acquiring homeowners insurance lies with the buyer, there are certain contract contingencies that may also affect you as the seller, particularly if you are currently residing in the home.

Prior to the closing of a house, it is common for most transactions to involve a home inspection. As the seller, you will be required to make your home accessible to the inspector and subsequently engage in negotiations with the buyers based on any findings from the inspection, as stipulated in the terms of your contract.

In addition to the standard home inspection, certain contracts and lenders may require a termite inspection and a radon gas inspection. In such cases, it will be necessary for either you as the seller, your listing agent, or the buyer’s agent to ensure that the home is made available for these specific inspections.

Prior to the closing of a house, another crucial step is the appraisal. If the appraisal value surpasses the agreed-upon sales price, buyers can take comfort in knowing they have acquired a home below its market worth. Once the contract is signed, the seller cannot negotiate for a higher price.

However, if the appraisal value falls short of the sales price, the buyer’s lender will limit the loan amount to the lower value. In such cases, the buyer may need to provide additional funds to bridge the financing gap or request renegotiation of the contract. Your agent can offer guidance on the best course of action, but it’s important to remember that both you as the seller and the buyer are bound by the terms of the contract.

Before proceeding to settlement, it is advisable to thoroughly review the contract with your agent and ensure that you are prepared to fulfill any obligations you have made. This includes determining which items will be conveyed to the buyer and addressing any repairs or improvements that you have committed to making.

Negotiating a settlement date

Buyers and sellers usually engage in negotiations to determine a settlement date that works well for both parties. If you have sold your home but are not yet prepared to move into your new residence, there is a possibility to negotiate a “rent-back” arrangement with the buyer. This allows you to remain in the home after the settlement by paying rent to the buyer.

Typically, lenders impose a maximum rent-back period of 60 days. If you require a longer duration, it is important to discuss this with your buyer and your agent.

Alternatively, some sellers may allow the buyers to occupy the property before the settlement takes place. In either scenario, it is crucial to establish a written agreement that outlines the responsibilities of each party in the event of any damage or loss to the house or its contents during the transition period.

Settlement services

The decision regarding the party responsible for providing settlement services, also known as closing or escrow services, can vary between different markets. In many locations, the buyer is the one who selects the settlement company, while in other places, it is the seller’s choice. During the closing process of a house, the buyer will provide the necessary funds to purchase your home, and the settlement agent will review the sales agreement to determine the payments you will receive. The title to the property is then transferred to the buyers, and arrangements are made to officially record this transfer of ownership with the appropriate local records office.

During a typical closing, adjustments are made to ensure the final amounts owed by the buyer and the seller are accurate. For instance, if you have been making property tax payments through an escrow account, you may receive additional credit for prepaid taxes. Conversely, if the property taxes have not been paid correctly, you may receive a reduced amount at settlement.

Once the necessary settlement documents are signed and the house keys are exchanged, you are officially liberated to transition to your next home.

Experts in Residential Real Estate in Orlando

If you are BUYING or SELLING real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

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Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Perfect Single-Family Haines City Home Just Listed

by Elsa Soto | Jul 14, 2023 | Blog, Buyers, Homeowners, Homes, Villas and Condos, New Listing, News, Property for Sale, Property for Sale in Orlando

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995 Kenbar Ave, Haines City, FL

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$369000

4 Beds – 2 Baths – 6560 sqft Lot

Discover the perfect well-maintained single-family home you’ve been searching for! Abundant natural lighting fills every corner, creating a warm and inviting ambiance throughout. As you enter, you’ll find a convenient laundry room with access to the 2-car garage on your right. The tiled entrance leads to a spacious formal living and dining area, culminating in an inviting archway that guides you to the heart of the home. The thoughtfully designed kitchen, accompanied by a cozy breakfast nook and updated appliances, offers ample cabinet and counter space. Adjacent to the kitchen, an expansive great room awaits, featuring sliding doors that lead to the outdoor patio and a fenced yard, ensuring privacy. This home provides limitless potential for personalization and customization, allowing you to truly make it your own. Recent upgrades, including a new roof in 2018 and an AC system in 2021, add value and peace of mind. Take advantage of the community’s added playground located at the back of the subdivision, perfect for outdoor enjoyment. The home’s convenient location places grocery stores, a public library, restaurants, and shopping destinations all within a 10- minute drive, providing unparalleled convenience.

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Benefits of Using a Property Management Company?

by Elsa Soto | Jul 14, 2023 | Blog, Homeowners, News, Property Management, Real Estate News, Renters

Benefits of Using a Property Management Company?

Benefits of Using a Property Management Company

When it comes to your investment, having a competent property manager can make a world of difference. Seasoned real estate investors swear by the fact that a good management company is worth its weight in gold. So, let’s dive into a few ways a top-notch property manager earns their keep:

Higher Quality Tenants

Imagine tenant screening as the protective moat and drawbridge surrounding your fortress. While it can be a headache to remove a troublesome tenant once they’ve settled in, it’s far easier and more beneficial to avoid accepting them altogether. By conducting a comprehensive screening process, you ensure that your tenants are dependable and:

Pay on time
Rent longer
Put less wear and tear on the unit
Generally cause less problems

A seasoned property management company has encountered countless applications and mastered the art of swiftly uncovering crucial details about candidates. They possess the expertise to analyze this information and identify any red flags. Entrusting the screening process to a management company not only saves you from rental scams targeted at property owners but also protects you against potential discrimination lawsuits arising from an inconsistent screening approach. This invaluable experience, which helps you steer clear of undesirable tenants, scams, and legal entanglements, is undeniably one of the most substantial advantages a property management company brings to the table.

Fewer costly and time consuming legal problems

Experienced landlords understand that a single problematic tenant can lead to substantial legal and financial complications. A reliable property manager possesses up-to-date knowledge of the latest landlord-tenant laws and takes proactive measures to safeguard you from potential lawsuits. It’s important to note that each state and municipality has its own set of laws, in addition to federal regulations, which encompass various aspects including, but not limited to:

Tenant screening
Safety and property conditions of the property
Evictions
Inspections
Lease addendums
Terminating leases
Handling security deposits
Rent collection

By evading just one lawsuit, you can easily offset the cost of property management fees and save yourself valuable time and unnecessary distress.

Shorter vacancy cycles

A property manager plays a vital role in accomplishing three essential tasks that directly impact the speed at which your vacancies are filled:

Enhance and get the property ready for renting – With the expertise of a property manager, you can receive valuable recommendations and effective supervision for cosmetic enhancements that optimize your rental income.
Set the ideal rental rate – Setting the rent at the right level is crucial; too high leads to prolonged vacancies, while too low means losing money each month a tenant occupies the unit. Determining the optimal price necessitates a deep understanding of the local market, analysis of recently sold comparable properties, and access to reliable rental rate tools.
Efficiently promote your property – A proficient property management company has crafted numerous compelling advertisements and possesses the knowledge of what to say and where to advertise, ensuring a larger pool of potential candidates within a shorter timeframe. Moreover, due to their extensive volume, they can often secure more cost-effective advertising rates both online and offline. Additionally, they are well-versed in sales tactics and excel at closing deals during phone inquiries and property showings.

Better tenant retention

While the impact of lost rent is apparent, a high tenant turnover rate comes with equally significant challenges. The turnover process entails extensive cleaning, lock changes, wall painting, and potentially even new carpets or minor repairs. Additionally, there’s a considerable amount of effort involved in marketing the property, conducting showings, screening new tenants, and facilitating their smooth transition. This entire process is both time-consuming and costly, but it can often be prevented by prioritizing tenant satisfaction and providing excellent care.

A reputable property management company implements a proven tenant retention policy that fosters tenant satisfaction and encourages long-term stays in your properties. Such programs rely on a consistent and systematic approach, which is precisely where a reliable property management company excels.

Tighter rent collection process

Effectively managing rent collection and late payments can make or break your success as a landlord. Ensuring timely rent collection is crucial for maintaining a steady cash flow, and it’s essential for your tenants to recognize that this is non-negotiable. By enlisting the services of a property manager, you create a protective barrier between yourself and the tenant. They handle the challenging aspects of dealing with excuses, pursuing rent payments, and, if necessary, initiating eviction proceedings, sparing you from these unpleasant tasks.

If given the opportunity, tenants can take advantage of you as a landlord. It’s crucial to establish clear expectations and ensure they understand the consequences of not adhering to the lease agreement. Property managers possess an advantage in this regard because tenants perceive them as individuals who are simply carrying out their job duties and are bound to enforce the terms of the lease. In fact, many property managers will attest that managing units for others is often easier than managing their own, precisely for this reason.

When it comes to evictions, the eviction process is governed by stringent laws. Mishandling or attempting to evict a “professional tenant” can lead to a significant disaster. However, a reliable property management firm is well-versed in the legal requirements and possesses an effective process to achieve the best possible outcome based on the circumstances. The prospect of never having to deal with another eviction can be a compelling reason to seriously consider hiring a property management company.

Assistance with taxes

Enlisting the services of a property management company not only aids in identifying eligible deductions but also assists in organizing the required forms and documentation for those claims. Furthermore, it’s worth noting that the property management fees themselves are tax deductible, providing an additional benefit in terms of tax savings.

Lower maintenance and repair costs

Maintaining good upkeep and promptly addressing repairs not only ensures tenant satisfaction but also preserves the value of your investment, making it a crucial aspect of property management. By engaging a management firm, you gain access to their dedicated in-house maintenance staff as well as a network of licensed, bonded, and insured contractors who have already undergone thorough vetting for competitive pricing and quality work. This can result in substantial cost savings compared to independently searching for service providers through directories. The management firm benefits from volume discounts and possesses familiarity with the contractors, enabling them to intelligently supervise the work and address maintenance issues effectively.

Increase the value of the investment

Preventive maintenance involves implementing systems that proactively identify and address maintenance and repair issues at an early stage, before they escalate into more expensive problems. This entails establishing a written maintenance check program, maintaining detailed documentation of maintenance tasks, and conducting regular maintenance visits. Additionally, a management firm can provide valuable recommendations and insights regarding upgrades and modifications, including their impact on rental potential, maintenance requirements, and insurance considerations.

Personal benefits for owners

Experience reduced stress – Say goodbye to handling late-night emergencies, pursuing rent payments, carrying out evictions, dealing with tenants who cause damage, encountering rental scams, managing unreliable vendors, and drowning in paperwork. By enlisting the assistance of a property management company, you can alleviate these burdens and enjoy a more relaxed landlord experience.
Gain increased freedom – Embrace the freedom to reside and invest in any location of your choice, without being tied down to the proximity of your properties. Moreover, you can live and travel without the constant obligation of being readily available for your tenants’ needs. Once you have secured the services of a reliable management company, it becomes irrelevant whether you reside in the same state. In fact, some landlords reside in different countries and effortlessly collect their monthly rental income without ever setting eyes on the property.
Reclaim your time – Time is a valuable resource, and for many investors, their time can be more effectively utilized in areas other than tending to property management tasks. By prioritizing asset management, you shift your focus to working on the growth of your business, rather than being consumed by the day-to-day operations. Moreover, freeing up your time allows for more quality moments spent with loved ones, engaging in activities that bring you joy and fulfillment.

A final thought

Certainly, this ideal scenario assumes that the management company you choose is competent, trustworthy, and well-suited for your property. It’s important to note that making a poor choice in selecting a management company can lead to a host of headaches and challenges of its own. Therefore, thorough consideration and careful evaluation are crucial when deciding on the right management company for your property.

Looking for rental services in Orlando – we can help.

We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click HERE to learn more and how one of our property management professionals can help you!

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Orlando’s 1st Artificial Lagoon

by Elsa Soto | Jul 13, 2023 | Blog, Local Events, Theme Parks and Attractions, Things to Do in Orlando

Orlando’s 1st Artificial Lagoon

Orlando’s 1st artificial lagoon debuts with a splash

Dressed in pants and a button-down shirt, Al Penny waded out into the clear blue water and dipped his head beneath the surface.

No one could blame Penny for taking a plunge on a scorching hot summer afternoon. But there was more behind the swim than an effort to cool down. It was a celebratory swim.

For nearly five years, Penny and his team have been working on developing the 1,100-acre Evermore Orlando Resort.

Located near Disney theme parks, it will be anchored by Central Florida’s first Conrad Hotel. The body of water that Penny, director of site development with Dart Interests, descended into was the newly finished artificial lagoon that serves as the project’s centerpiece.

Using technology by Miami-based company Crystal Lagoons, the feature is designed to resemble a tropical beach paradise, according to a report in GrowthSpotter.

Spanning 8 acres and filled with 17 million gallons of water, it’s the first Orlando project to feature such an amenity.

The process of filling the lagoon started nine weeks ago and lasted 38 days. The lagoon is 12 feet at its deepest point and 8 feet deep at the center.

On Wednesday, employees with Dart Interests, D.L. Meacham Construction, Kimley-Horn, and Evermore Resorts gathered at the edge of the lagoon and ceremoniously topped it off with the final drops of water.

Some dove in afterward.

Dozens of people spontaneously jumped into Evermore Bay after the celebration at Evermore Resort Orlando in Orlando, Fla., Wednesday, June 28, 2023. Evermore Bay holds more than 17 million gallons of water is surrounded by 20 acres of sandy beaches and is 8 feet deep at the center but has a 12-foot deep Blue Hole rope swing area.(Willie J. Allen Jr./Orlando Sentinel)

The milestone marks the first completed aspect of the resort project ahead of its grand opening in December. The 433-room hotel, luxury vacation homes, villas, and flats are under construction but nearing completion.

“This is absolutely a celebration,” a soaking-wet Penny said. “I’ve got nearly five years of my life wrapped up in this thing. We certainly had some challenges with construction costs, COVID, and a big storm.”

Hurricane Ian caused a brief delay in September after it blew construction materials and debris into the large hole dug out for the lagoon. A crew had to spend nearly a week cleaning up the mess before work could resume.

Then, the opening date was pushed back a few months due to supply chain issues stemming from the pandemic.

Evermore Resort Orlando celebrated their signature water feature, Evermore Bay, with a celebratory pouring of water into the bay by those close to the project in Orlando, Fla., Wednesday, June 28, 2023. Evermore Bay holds more than 17 million gallons of water is surrounded by 20 acres of sandy beaches and is 8 feet deep at the center but has a 12-foot deep Blue Hole rope swing area.(Willie J. Allen Jr./Orlando Sentinel)

In addition to the hotel, Evermore Resorts will include 69 vacation houses ranging in size from five to eleven bedrooms, 206 four-bedroom flats, and 41 two and four-bedroom villas ranging from 2 to 4 bedrooms.

The vacation homes will be available as short-term rentals owned and maintained by the resort.

To the west side of the Evermore property, developers have plans for an 18-hole golf course designed by Jack Nicklaus. A food hall, gourmet market and casual restaurant will overlook the golf course and bay. There will also be space for food trucks.

Located along Winter Garden Vineland Road in Orlando’s tourism district, the site sits directly north of Disney Springs, east of Walt Disney World Resort, and west of SeaWorld Orlando.

Crystal Lagoons has offices in five continents with a portfolio of over 2,000 patents in 190 countries, its website says. Currently, there are 222 projects in stages of development and negotiations.

SOURCE

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Beautiful Townhouse Just Listed

by Elsa Soto | Jul 12, 2023 | Blog, Homeowners, Homes, Villas and Condos, Investment Property in Florida, News, Property for Sale, Property for Sale in Orlando

Blog Post 1

3012 Yellow Lantana Ln, Kissimmee, FL

Click here to Get Directions

$429900

4 Beds – 3 Baths – 2975 sqft Lot

LOCATION, LOCATION, LOCATION ….. Privacy abounds at this beautifully maintained townhome which enjoys a prime position on the perimeter with no rear neighbors, west-facing pool & patio for afternoon sun, very close proximity to the clubhouse & wonderful amenities in the highly coveted guard gated community of Encantada Resort!! Encantada is nestled off Hwy 192 just minutes from Margaritaville and easy travelling distance to the theme parks, shops and restaurants. The resort amenities include an impressive and recently renovated clubhouse, 2 pools, hot tubs, fitness center, playground, business center, restaurant & bar, fishing pier and tranquil walking trails throughout this well manicured community. The home is being offered fully furnished & equipped ready to welcome your vacation rental guests, long term tenants or to become the perfect family residence. The spacious open floor plan comprises a family room, dining area with view of the pool, remodeled well equipped kitchen with sleek granite counter tops and stainless steel appliances. All appliances in the home were replaced in 2017 and all 3 bathrooms have been upgraded with granite counters and modern square sinks. The living area features custom made, fully lined drapes which extend across the 2 walls with windows & sliding glass door bringing an elegant vibe to the room whilst keeping the home cool and reducing electricity costs. A laundry closet, family bathroom and generously sized bedroom complete the layout downstairs and the bedroom enjoys the added benefit of direct access to the bathroom forming a private ensuite when needed. Upstairs offers a wonderful master ensuite along with a third bathroom shared by two beautifully presented guest bedrooms. Outside lies your own private oasis with block paver patio, inviting full size pool in a peaceful, tranquil setting overlooking a natural wooded area. The home has been the private retreat for the current owners over the past 8 years but offers all the hallmark features for a successful rental property. How many boxes does it check for you? Don’t delay! Ask your agent to schedule a viewing today! This exceptional home won’t last long!

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