Mask Mumbles, Emails, Calls, & other Great Thoughts from the Readers.  Ask Jeff!

Mask Mumbles, Emails, Calls, & other Great Thoughts from the Readers.  Ask Jeff

Q: Can the price of a home be non-determined at contract?

A:  We just did a deal and the appraisal will settle the purchase price. See the addendum below.

The purchase price of the property shall be the appraised value.  The buyer shall obtain an appraisal by a licensed appraiser and deliver a copy of the appraisal to seller.

If the seller does not agree with the buyer’s appraisal value, the seller shall obtain an appraisal from a licensed appraiser and deliver a copy of the appraisal to buyer.

If the buyer does not agree with the seller’s appraisal value, the buyer and seller shall select a mutually agreeable appraiser whose appraisal determination of value shall be the purchase price.

Q:  Do you have an 8 day rental starting on December 12^th?

A:  Yes, it’s called the Residence Inn

Q: What do I need to do to prepare for hurricane season?

1. A: Flood Insurance is a must. Do it now before in the Cone.
2. A: Take a written inventory with photos. Have flashlights with battery backups.
3. A: Have cash on hand and supplies. With Covid-19, not much of a problem.
4. A: Have a list of vendors handy (I have a list if you need one)
5. A: Plan to get shutters up

Questions on closing dates……

1. Q: Does a perfect closing day exist?
   • A: Wednesday
2. Q: What is the best closing day for buyers?  Why?

• A: Tuesday, Wednesday or Thursday. Mid-week is best because if there is a problem it gives you time to solve it. Meaning if documents or insurance or mortgage papers don’t arrive on Friday afternoon  or some other problem occurs, than a Buyer can’t get keys and move in until Monday.
• A: Avoid the first few days of the month and the last few days of the month. Title companies, lawyers, real estate agents and vendors get overwhelmed because those days are busies and it gets harder to solve problems
• A: Avoid holidays or holiday seasons or closing around holidays because of vacation mode and banks are closed
• A: Time is an issue as well. If it takes 30 days to get a loan, than you really need to not time things that tight.

3. Q: What is the best closing day for sellers? Why?
   • A: Same as above but the Seller cannot get their monies owed and the deal could be in limbo as well.
   • A: Storm season. In Florida that is hurricane season. The businesses part is late August through September. Deals can actually get cancelled due to damage or not getting insurance and buyers get nervous.
   • A: Want to give yourself extra days if contingency issues. Meaning if the Buyer has 30 days to get a loan, don’t accept a closing 30 days afterwards because delays could occur or the Buyer may not get approved.
4. Q: Is there a happy medium that benefits both parties?
   • A: Keep it mid-week.
   • A: Avoid fighting over little things.
   • A: Pre-sign as much as possible so that way don’t miss closing if emergency and don’t have to worry about time of the day which has more effect on people choosing the day of closing than anything.
5. Q: What advice do you have for clients who are unhappy with their closing date?
   • A: Pre-sign so the physical part does not matter. That way you can pick any day or time.
   • A: There is some give and take and you are dealing with other humans.
   • A: Be nice as you might need a favor later on (Seller might need mail and a Buyer might need to know what a switch does) and it’s the right thing to do.
   • A: Once closed, it will be long forgotten

Questions on if better for a young family to Buy or Rent…

One of the few times in life I’ve ever taken my own advice was waiting on our “forever home”. We’ve been in our home 18 years this June. It’s the only home our 16 year old daughter has known. She calls it the “treehouse” because of the open staircase overlooking the family room when she walks out of her 2^nd story room onto the upstairs landing. I even wrote a little blog about our home a few weeks back as we’ve gotten to know it and appreciate it even more.

1. Q: What are the benefits of renting?

• A: One gets older and wiser and learns what they want.
• A: Can afford to get your “family house”.
• A: Don’t have to be in a financial hardship if things get tight.
• A: Don’t have to compromise on things.

2. Q: Why does it make sense?

• A: We bought our “family house” after saving some dollars. I wanted to avoid a home on a busy roadway, avoid power lines, have a swimming pool and have a 4^th If we stretched and bought a year and half earlier we would have had to compromise with most on our list.
• A: We didn’t know the area we lived in and in that year and half we learned the area and where we wanted to be.
• A: We didn’t have to do a buy and sell and buy again thus saving costs of selling.

3. Q: Why not?

• A: Kids really do not care where they live. But around four, you start to build your memories. Childhood only lasts so long. Rent has its downsides from appreciating markets to moving around constantly if the landlord won’t renew, to not enjoying life.

Q: The freezer in my rental is too cold and my lettuce is frosted with icicles.

A:

Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.  Feel free to ask him a question directly at jeff@EchoFineProperties.com