FREQUENTLY ASKED QUESTIONS
Your Real Estate Questions Answered: From Renting to Buying and Selling
HOME SELLER
A: A Comparable Market Analysis (CMA) is used by real estate agents to estimate your home’s value. This involves comparing your home to similar properties that have sold recently and adjusting for differences.
A: While not essential, more exposure can help sell your home faster. Yard signs attract local buyers, and lockboxes make it easier for agents to show your home. However, you can opt out for privacy or security reasons.
A: It’s best not to be present during showings. Buyers need to envision themselves in the home, and your presence can hinder that. If necessary, coordinate with your agent for showings.
A: Florida law doesn’t require a formal disclosure form, but not disclosing known defects can lead to legal issues. It’s recommended to complete the form to avoid potential buyer wariness.
A: Require a lender’s pre-approval or pre-qualification letter with the offer. Pre-approvals are more reliable as they typically involve verifying the buyer’s financial information.
A: This depends on your circumstances. Continuing showings can lead to backup offers, which are beneficial if the initial deal falls through. However, it can be disruptive if you’re still living in the home.
A: Contingencies are conditions that must be met for the sale to proceed, like securing financing or satisfactory home inspections. If these conditions aren’t met, the buyer or seller can back out of the contract.
A: Overpricing can lead to less interest and longer time on the market. Homes priced correctly from the start tend to sell faster and may even attract multiple offers.
A: This varies based on market conditions, your home’s desirability, and pricing. Proper pricing and home presentation can significantly reduce the time on the market.
A: While flexibility helps, you can set specific showing times. Restrictive showing schedules can limit potential buyers, so it’s a balance between convenience and accessibility.
HOME BUYER
A: MLS stands for Multiple Listing Service. Homes listed with a REALTOR® are input into the MLS and then syndicated to other websites, allowing you to find homes listed by any company.
A: The market value of a home is determined by recent sales of comparable homes, along with current supply and demand. A REALTOR® can analyze the home you’re interested in to see if it’s priced appropriately.
A: In Palm Beach County, the real estate market dynamics can vary, but generally, homes sell close to their listing prices, often reaching around 95-100% of the original asking price. This percentage can fluctuate based on market conditions, property location, and the home’s desirability. It’s important to work with a knowledgeable real estate agent who can provide a detailed market analysis for specific properties in Palm Beach County, ensuring you make a well-informed offer.
A: You should get a mortgage loan approval before looking at homes. This helps you understand your budget and ensures you’re looking at homes within your price range.
A: It’s recommended to go with a local mortgage broker rather than an internet lender or your local bank. A local broker can offer better customer service and more mortgage options.
A: Yes, sellers typically expect a deposit to show you’re serious about purchasing the home. This is usually around 1% of the purchase price.
A: Ask your lender for an estimate of closing costs. These are primarily related to the loan and may include down payment, loan origination fees, and other expenses.
A: Yes, you should get a home inspection to identify the need for major repairs or maintenance. Depending on the home, additional inspections like pool or septic may be advisable.
A: Start looking for insurance as soon as you identify the home you want to purchase. Knowing your insurance costs before the end of the inspection period is crucial.
A: Newly constructed homes may be an option. Discuss the pros and cons with your REALTOR®. If you visit a model home, make sure your REALTOR® accompanies you to ensure they can continue to assist you.
RENTER
A: Typically, landlords require proof of income, a credit check, and a rental history review. It’s important to have a stable income and a good credit score to qualify for most rentals.
A: Security deposits in Florida usually range from one to two months’ rent, depending on the landlord’s policy and the property’s value.
A: Florida’s landlord-tenant laws cover various aspects of renting, including lease agreements, security deposits, and eviction procedures. It’s advisable to familiarize yourself with these laws for a smooth rental experience.
A: Yes, rent negotiation is possible, especially if you have a good rental history and credit score. Landlords may be open to negotiation, particularly in competitive markets.
A: Check for any signs of damage, ensure all appliances work, inspect for pests, and confirm that safety devices like smoke detectors are functional.
A: Utilize online real estate platforms, hire a real estate agent specializing in rentals, or explore local classifieds and community boards.
A: Most rental leases in Florida are for 12 months, but some landlords offer shorter terms like 6 months or month-to-month arrangements.
A: This varies by property. Some landlords allow pets with a pet deposit or fee, while others may have strict no-pet policies.
A: Tenants in Florida have rights to a habitable living environment, privacy, and protection against unlawful eviction. The Florida Residential Landlord Tenant Act provides detailed information.
A: Subletting depends on your lease agreement. Some landlords allow it with prior approval, while others prohibit subletting.
RELOCATE TO FLORIDA
A: Florida offers warm weather, beautiful beaches, no state income tax, and a diverse range of lifestyles from urban cities to quiet beach towns.
A: Consider the cost of living, the climate (including hurricane season), job opportunities, and the type of community you want to live in (urban, suburban, coastal).
A: Research various cities and neighborhoods, considering factors like schools, safety, amenities, and proximity to work. Visiting the areas you’re interested in can also be very helpful.
A: The Florida housing market can be competitive, with a mix of affordable and luxury housing. Prices and market dynamics vary by region.
A: Familiarize yourself with Florida’s real estate laws, especially if you’re buying a home. It’s also important to update your legal documents, like driver’s license and voter registration.
A: Florida’s job market is diverse, with opportunities in tourism, healthcare, education, technology, and more. The job market can vary significantly by region.
A: Prepare for hot, humid summers and mild winters. It’s also important to have a plan for hurricane season, which runs from June to November.
A: Florida has a range of educational options, including public, charter, and private schools. Research schools in your area and consider your child’s educational needs.
A: Florida offers beaches, national parks, theme parks, cultural events, and a variety of outdoor activities like boating, fishing, and golf.
A: Plan your move well in advance. Consider hiring a reputable moving company and make arrangements for housing. It’s also a good idea to connect with local resources and communities to ease your transition.