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My Offer Was Accepted—Now What?

My Offer Was Accepted—Now What?

by | Jul 19, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News

My Offer Was Accepted—Now What?

My Offer Was Accepted—Now What?

It feels great when you have your offer accepted, but for most home buyers, that’s just the beginning. You’ve still got a lot to accomplish before you can cross the threshold. What’s next? Here’s a quick rundown.

 

1. Apply for a loan

Unless you’re paying in cash, you’ll need to apply for a mortgage loan (if you’re already pre-approved, good for you). If you’re not pre-approved, meet with at least two or three lenders and compare their loan options. Be prepared to ask questions, and be completely open with the lenders about your finances.

2. Home appraisal and inspection

The next step is getting your home appraised and inspected.

A home inspection tells you if the home has any issues. Inspections aren’t always required, but you should absolutely get one even if you’re not getting a loan. Go over the inspection report in detail with the inspector to make sure you’re familiar with any problems, their severity, and the estimated cost to fix them. Additionally, you may also want to get your home checked for radon and pests, which are additional costs.

If the inspector finds problems, you may be able to get the seller to pay for necessary repairs or lower the price to adjust for the cost.

3. Get your funds ready

Make sure the funds you need for closing and in reserves are both accessible. If you need to pull money from an investment, do it right away. Keep the paperwork for the transaction to show your lender you liquidated funds to get your down payment.

4. Find homeowners insurance

In most cases, buyers are expected to pay for homeowners insurance upfront, before closing. Depending on where you live, you might need extra insurance, like flood coverage. Shop around at several different insurance companies for the best rate. Your lender will need proof of insurance before approving your mortgage. 

5. Final walk-through

You will be allowed to do a final walk-through of your new home 48 hours before closing.

This allows you to make sure any items that should be there, as per your contract, remain. It also lets you check the condition of the home to make sure no extra damages have occurred. If you find anything different from what you agreed upon, you may postpone the closing to give the seller time to fix the problem.

It’s important that you catch every issue during the final walk-through. If you spot them after closing, they’re going to be your problem.

6. Closing

This is the day when you sign the mortgage documents and officially gain ownership of the property. Most likely your Realtor® will be there, as well as the seller, the seller’s Realtor, the closing officer, and perhaps the mortgage broker.

You will need to bring ID and a cashier’s check to pay closing costs, which you will know in advance (and if they look different, don’t be afraid to walk away). Your spouse will also need photo ID. (In some states, spouses are required to attend and sign papers even if they aren’t on the mortgage.) Check with your Realtor about the details of your closing.

 

Source: realtor.com

Ready to make a Move?

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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What Does A Good Property Management Company Do?

What Does A Good Property Management Company Do?

by | Jul 15, 2022 | Blog, Homeowners, Property Management, Real Estate News, Renters

What Does A Good Property Management Company Do?

What Does A Good Property Management Company Do?

 

Are you a landlord or a real estate investor? Let me tell you, one of the toughest choices you’ll ever face is whether to hire a property management company to take care of all the daily operations of your property. Some landlords prefer the DIY route to save some cash, but partnering with a reliable property management company can really amp up your property’s profitability and give your rental portfolio a boost.

So, what exactly does a good property management company do? Well, here’s a rundown of the essential services you can expect from a top-notch property management company.

1. Effective Collection of Rent from Tenants

If you’ve got a bunch of rental units under your belt, you know firsthand how much of a hassle it can be to personally collect rent from each and every tenant. That’s precisely why you should consider enlisting the services of a trustworthy property management company. A reliable property manager will make sure that all your tenants pay their leases promptly and in full.

Now, if you’re short on time and aiming to channel most of your efforts into growing your business, bringing on board a dedicated property manager who can handle the daily operations of your property is a smart investment. Trust me, it’ll be totally worth it.

2. Regular Property Maintenance

One of the main reasons why landlords turn to property management companies is to escape the constant barrage of tenant calls. Let’s face it, sometimes the problems tenants face may not be major, but they can be time-sensitive and require immediate attention. Picture this: a distressed tenant who misplaced their keys and can’t get into their place calls you in the middle of the night. Yikes!

Neglecting these issues can lead to serious complications with your tenants down the line. That’s where a reliable property manager comes in. They’ll swiftly address all property concerns, lightening your load and ensuring that your rental properties are operating at their best.

Moreover, a top-notch property manager will conduct regular property inspections and ensure that routine maintenance tasks like lawn care, plumbing issues, drywall patching, pressure washing, and any other tenant services are promptly taken care of. Rest easy knowing your properties are in good hands.

3. Sourcing of Tenants

Finding tenants for your rental property is one thing, but finding the right tenants is a whole different ball game. That’s where a reliable property management company comes into play. They’ll make sure to conduct thorough screenings of prospective tenants, preventing you from ending up with tenants who are financially unstable, maxed out on credit cards, and likely to struggle with monthly rent payments.

A competent property manager will go the extra mile by contacting previous landlords and delving into the tenant’s criminal background. Trust me, the last thing you want is a tenant who puts you or the entire neighborhood at risk. With a diligent property manager on your side, you can rest assured that your property will be occupied by responsible and trustworthy tenants.

4. Bookkeeping

When it comes to property management, bookkeeping plays a crucial role. It’s the backbone that keeps your finances in check, minimizes tax burdens, and ensures a steady cash flow. A reliable property manager understands the importance of maintaining accurate books. In case they don’t provide bookkeeping services themselves, they can offer valuable guidance on outsourcing a skilled bookkeeper who can contribute to the growth of your business. With proper bookkeeping in place, you’ll have peace of mind knowing that your financial matters are well taken care of.

5. Effective Handling of Defaulters

Every now and then, tenants find themselves entangled in significant problems like lease violations or even criminal activities. While some issues can be resolved through direct communication with the tenant, others may escalate to the point of involving lawyers and even heading to court. Here’s where a reliable property management company comes to the rescue. They’ll expertly handle these challenges on your behalf, sparing you the time and emotional distress of dealing with such stressful situations. With a competent property management team on your side, you can breathe a sigh of relief knowing that complex issues are being effectively managed, allowing you to focus on other aspects of your life.

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!

Ready to make a Move?

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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7 Tips for a Smooth Move

7 Tips for a Smooth Move

by | Jul 13, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

7 Tips for a Smooth Move

7 TIPS FOR A SMOOTH MOVE

Memorial Day to Labor Day is peak moving season with more than 65% of relocations happening during the summer months. Take the stress out of your move with these tips from the Professional Movers Association of Florida.

1. Plan your move in advance so you have time to evaluate your options, and make a decision based on overall value (quality low stress move, insurance/valuation to protect your move).

2. Confirm that each mover considered carries commercial general liability insurance, automobile liability, cargo liability and workers’ compensation. This can be verified by a certificate of insurance.

3. Check if the moving company is licensed by Florida Department of Agriculture and Consumer Services by visiting floridaconsumerhelp.com.

4. Get a written estimate from several movers and compare them. The estimate should be based on an actual in-person or virtual inspection of your household goods. Estimates and Contract for Services must include:

– Name, telephone number, physical address and state registration number of the mover.

– Date the contract or estimate was prepared and proposed date of the actual move.

– Appropriate pickup and delivery address, name and telephone numbers of the shipper.

– Name, telephone number and physical address where the goods will be held, if necessary.

– Itemized breakdown, description and total of all costs and services provided.

– Acceptable forms of payment available.

5. Determine if the company is a moving broker or moving company. A broker arranges for the transport of your household goods for a fee and sells your move to a moving company which significantly reduces a consumer’s available funds for the actual cost of the relocation services. Often, the consumer is not aware their move is being sold to another company.

6. Check your homeowners or rental insurance policies for moving coverage.

7. Accidents happen, even with the best movers. Discuss valuation with your mover; know the difference between released value at 60 cents per pound and full value protection.

For additional moving tips, visit Professional Movers Association of Florida, Florida Department of Agriculture and Consumer Services and Better Business Bureau online.
Consumers who fall victim to moving fraud, contact Florida Department of Agriculture and Consumer Services at 1-800-HELP-FLA (435-7352).

Ready to make a Move?

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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Questions to Ask Before Hiring a Property Manager

Questions to Ask Before Hiring a Property Manager

by | Jul 8, 2022 | Blog, Homeowners, Real Estate News, Renters

Questions to Ask Before Hiring a Property Manager

Questions to Ask Before Hiring a Property Manager

Property management is a complicated, fast-paced business, so it’s important to find the right property manager for you and your rental. Some qualities to look for in a potential property manager may be:

  • A positive attitude
  • Communicative
  • Detail oriented
  • Organized
  • Honest
  • Passionate about real estate

There’s more to being a successful manager than these traits, but these should give you an idea of the person you should be looking for to fill the job. The property manager you should be looking for is a professional who strives to keep your rental property occupied, well maintained, and your tenant(s) content. But the question is, how do you find a quality property manager? Just like with any other job opening, it’s important to give each candidate a proper interview.

What Questions Should I Ask Potential Property Managers?

As a landlord, you want to find a property manager that you trust, so we’ve gathered the top 20 questions to ask each candidate during an interview that we hope will guide you to the right choice.

  1. What services do you offer your clients? The goal is to find a property management company that can market, lease, and manage your property. It’s important to make sure this company can provide top-notch maintenance, conduct inspections, and administer in-depth background checks.
  2. How many rental units do you manage? Too few rental units may mean that this candidate is either inexperienced or has lost clients due to poor service. Too many rental units could suggest that you will not be given the best service from this candidate. The number you’re comfortable with is, of course, up to you.
  3. What experience does your company owner have in managing rentals? If the company owner has never managed a rental, it’s possible that their company will lack the ability to effectively help you with your investment property.
  4. How do you determine the rent for each property? The right property manager should be able to complete a comparable market analysis of all other available listings near your property in order to determine how much to charge for rent, with the addition of factoring in the unique aspects of your rental property, like a pool or an upgraded kitchen.
  5. Are you an active real estate investor? The company’s leadership should be investing in the real estate market themselves. If they do not understand investment in your market, then they may not be able to give you the service you require.
  6. Can I cancel my management contract? To avoid getting stuck in a contract, be sure to ask what conditions will be necessary to cancel your management contract. If a company is offering you an inescapable contract, you should begin to look elsewhere. Always have an attorney look over a contract with a potential property manager before you sign.
  7. What are the management fees? It’s important to understand your average monthly fee. Some companies may offer a flat rate, and others will offer a rate based on the rent amount.
  8. Do I still pay when the property is vacant? If you’re dealing with a flat rate, then you will likely still be charged even when your unit is vacant. If this doesn’t work for you, let your candidate(s) know.
  9. Are there any miscellaneous fees? If the deal is too good to be true, then it may be just that. You don’t want to find yourself in a situation where you’ve signed with a company just for them to charge you extra fees along the way.
  10. If I want to list my property, do I have to sell it with you? Some property managers may ask you to sign a contract that requires you to sell the property with them should you decide to list it. However, the kind of company you’re looking for should not require this, but rather offer their brokerage services to you instead.
  11. Do you offer direct deposit for your owners? If you prefer to get payment by check, then that’s perfectly fine. However, if you’d like the option to have payment directly deposited in your account, be sure to ask the candidate about this option.
  12. How do you collect rent from tenants? Many property managers allow tenants to pay by check, money order, or online. If you have a preference, be sure to make that clear with the candidate and ask how they choose to collect rent.
  13. Do you conduct property inspections? Most property managers do conduct inspections and require a small fee. It ensures that management will catch problems before they turn into major issues.
  14. Do you offer eviction warranty (screening guarantee)? Should you need to evict a tenant, some companies will offer eviction warranty for a small fee that will give you great coverage.
  15. How do you market properties? You want to find a property manager who advertises properties through a variety of channels to give your rental the best possible chance of staying occupied, as well as someone who can write an excellent property description that captures the value of your rental.
  16. How long are your properties typically vacant? The average vacancy time after a property is ready to be rented should be about two to four weeks. Any longer than this suggests the property manager may be struggling to find tenants.
  17. What are your income and screening requirements for applicants? It’s important for you and your property manager to agree on the standards necessary to rent your property. For instance, many landlords and property managers agree that the tenant(s) must make three-times the rent for their application to be approved, among other reasonable requirements. Look for a property manager who will ask the right questions during the screening process.
  18. Do I have any control over the lease agreement? You want to have some input about the lease agreement if there are certain rules or regulations that are important to you. But remember that the right property manager should be able to provide a lease that’s tailored to you and your property.
  19. Do you charge for maintenance and repairs? Ask the property manager if they charge a fee to the landlord any time that they do maintenance. This will all depend upon your contract, of course. If you can, negotiate that maintenance fees are to be included in your monthly payments so that you don’t end up paying extra for every maintenance request.
  20. Will I get updates on my properties? Your properties are your investment, so you’ll want proper updates on them to see if there have been changes in the market, to the quality of your rental, or in tenancy.

It’s important to ask any and all questions you have when hiring a property manager. You want to find the best candidate for you and your rental, and with these questions, we’re hopeful that you’ll do just that.

Source : Apartment.com

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!

Ready to make a Move?

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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AVOID THESE 7 THINGS BEFORE CLOSING

AVOID THESE 7 THINGS BEFORE CLOSING

by | Jul 6, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

AVOID THESE 7 THINGS BEFORE CLOSING

STOP!

AVOID THESE 7 THINGS BEFORE CLOSING ON YOUR NEW HOME

You’ve found your dream home, your offer is accepted and your closing date is 20 days away. We know your mind is on furnishing your house and buying supplies. And you’re probably a little overwhelmed with all that goes into moving. Don’t jeopardize your chance at a successful closing by making one of these errors.

Here’s what NOT to do before closing on your new home:

 

1. Change jobs

2. Increase debts

3. Apply for new credit

4. Move money without a paper trail

5. Skip a payment or make a late payment for a bill

6. Spend your savings

7. Buy big-ticket items

 

Lenders will continue to check your credit, income and job stability up to just before closing to see if anything has changed that may impact you qualifying.

Source: Pat Zaby,
Betterhomeowners.com

Ready to make a Move?

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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Buying a Home With a Friend

Buying a Home With a Friend

by | Jul 5, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News

Buying a Home With a Friend

Buying a Home With a Friend? 4 Crucial Matters You Should Consider

You are not alone if you are considering buying a home with someone you aren’t married to. The results of a recent survey found that nearly one in three Americans has purchased a home with someone other than their spouse, and that the majority of Americans would consider purchasing a home with a friend, family member, or loved one.

There has been a shift in people’s approach to marriage that may be causing some of these changes. Marriage rates in the U.S. fell to 5.1 per 1,000 people in 2020, from 9.8 per 1,000 people in 1990. In addition, homeownership rates changed due to changing financial realities. According to the National Association of Realtors, the cost of purchasing a home has gone up by 55% since last year.

There are many good reasons why you should consider buying a house with a friend, but there are also several reasons why you should think twice before sharing a mortgage.

 

1. Put it all in writing first

Kurt Grosse of Realty One Group in Las Vegas recommends putting everything in writing from the beginning. “You want to know how things will work, down to minor details. What if someone wants to rent out their half of their garage or part of the home? Who pays for the upkeep of the property, and is everything split evenly? What happens if a major repair is needed and one party can’t afford to pay?”

An attorney should review your entire written agreement for any mistakes you may have made-and to ensure it is legally binding.

 

 

2. Finalize—and stick to—a budget

Prior to beginning your home search in earnest, you should have a budget and a maximum amount you will not exceed.

The budget should also take into account the additional expenses associated with buying a home, such as closing costs, taxes, lawyer fees, utilities, maintenance, etc. Glenn Brunker, president of Ally Home in Detroit, agrees. To avoid conflicts that might result from planned or even unexpected costs, it is ideal to have these costs divided in writing.

 

 

3. Establish how the property will be titled

In Tennessee, Theresa Raymond, a broker at Smoky Mountain Realty, says there are two types of co-ownership when you purchase a home with someone. Tenancy in common allows you to divide ownership of the property according to whatever principles make sense to you. Tenancy in common allows you to divide ownership of the property according to whatever principles make sense to you.

But in this kind of agreement, if one party dies, their share does not instantly pass to the other co-owner. Instead, it will become part of their estate, Raymond says.

 

 

4. Tough talk: death and exit strategies

Melanie Hartmann, owner of Creo Home Buyers in Maryland, floats several questions you should be asking yourself and each other: “If one person wants to move, will the other person buy them out? Do you ultimately want to rent the house out? Or would you prefer to ultimately sell and split the proceeds?”

Most problems can be avoided with honest conversations and clear contractual agreements that establish who covers what and when, what happens if one person’s financial situation changes and, in the worst of cases, who will inherit the property in the event of one person’s death.

 

 

Ready to make a Move?

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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