Life In Bonita Springs

Which Repairs are Bonita Springs Home Sellers Responsible For?

One concern many home sellers have is the inspection process and if they are responsible for repairs of items found in the home inspection process.  In short, it depends upon which contract is used whether it is a NABOR contract or a FAR/BAR contract or even the FAR/BAR As-Is contract. 

Case by case basis aside, most contracts used in the Bonita Springs area are the FAR/BAR contract or the As-Is version of that contract.  The FAR/BAR contract carefully lays out what a home seller is and is not responsible for repairing.  An example of typical handyman repair items would include GFCI outlets that don’t trip and need replaced, dripping faucets, doors that need adjusted because they won’t latch when closed.  Most experienced listing agents  in Bonita Springs can help you understand any of the contracts that could be offered to you.  You should know this before you sign a purchase agreement with a buyer, also.

Unusual items such as cracked roof tiles, torn or missing screens for both windows and pool enclosures and even cracked floor tiles are explained on the contract as they vary from form to form.  Your Bonita Springs listing agent should be able to easily explain the contract and reference line items to show why you would or would not be responsible for certain repairs.

There is a monetary cap for repairs requested by a buyer. Your listing agent can explain the amount or how to adjust the amount, if needed.

If a buyer has presented their offer on an As-Is FAR/BAR contract they are purchasing the property in it’s current condition however that is subject to inspection and acceptance of the inspection results.  The buyer can excuse themself from the contract if they choose to do so during the diligence period.  Should a buyer find something unexpected during their home inspections they can approach the seller to negotiate a repair or replacement of that item if they would like to stay in the contract. An experienced listing agent can help you negotiate the most beneficial solution should an unexpected or costly repair arise.

Remember, you should dance with the one you’re with so if a buyer’s inspection does find, for example, a roof leak you and your listing agent will have to either disclose the roof leak to the next potential buyer or arrange to have it repaired at some point.  It is often wise to do your best to work out any surprise repair issue with the first buyer.

Last, offering the buyer a cash credit or credit on the settlement statement for repairs must carefully be structured as a credit for closing costs. Mortgage underwriting is touchy so this is something best discussed with the lender.

If you would like to learn more about the repair clauses in the local real estate sale contracts contact Chris Griffith 239-273-7430 call/text. Chris is an experienced listing agent in Bonita Springs Florida and a Certified Residential Specialist.

Turnkey Furnished Homes in Bonita Springs

There is no right or wrong answer regarding home furnishings and whether or not they should convey with a home. Most of the answers are based on the convenience of the home seller.  When a seller lists their home for sale many times it is either offered turnkey furnished as a convenience to the seller since the seller may not want the furniture, may not want to move the furniture or they are downsizing and do not need the furniture.  Often times there is no monetary value associated with the furniture in the home valuation process. The property that is listed for sale must be able to appraise without any value given to the furniture.  In short, banks loan money for real estate not for furniture.  A listing agent can explain the intricacies of mortgage underwriting.

If you’d like to sell your furniture to a potential home buyer, keep in mind that the odds are slim that a buyer will love your home and love your furniture style enough to pay additional funds for it.  Plus, resale furniture is often valued at pennies on the dollar.  Home buyers are often willing to acquire the furniture at purchase of the property “as a convenience to the seller” which keeps them from having to piece it out in classifieds or move it.

There are many local thrift and consignment stores that will take the furniture as a donation if the home seller and home buyer have negotiated for the owner to remove it prior to closing. Moving furniture presents challenges depending upon the final destination it is being moved to. If you’d like to learn about hiring a mover read also: Moving Companies in Bonita Springs Florida.

Of course, each home seller has different circumstances so if you have pointed questions about listing your home for sale and the best way to include, move or liquidate your furniture and household items contact Chris Griffith by call/text at 239-273-7430. Chris is an experienced listing agent in Bonita Springs, Florida and a Certified Residential Specialist.

Arranging Showings For Bonita Springs Homes & Condos

All listing agents handle showings of their listings differently. The procedure depends upon the needs of the home owner, the occupancy of the home or condo for sale and the type of structure or building that it is.  Long story short that even homes or condos that are difficult to show can have special accommodations made so that they can be accessed and shown effectively.  Some properties have to be listing agent accompany due to circumstances or regulated property access.

When a property is listed for sale in the MLS we use a program called “ShowingTime” to organize the showings.  The buyers agent clicks the ShowingTime icon and schedules their appointment, typically using a one hour window of time.  The system notifies the listing agent of the showing and then she schedules the showing with the tenant or the property owner.  If the property is vacant the system is generally set to “go and show” so that it records the information of the buyer’s agent and immediately approves their requested showing time and emails them the confirmation with any special instructions or gate codes.

Typically, most properties listed by The Griffith Group at Downing Frye have a blue Supra lockbox provided for access.  A key to the residence is closed inside of the key carriage.  The key box can only be accessed by those who are real estate licensees with membership in a local Board of Realtors. Without membership it would be impossible for someone to open the blue key box. Keep in mind that real estate agents are screened and fingerprinted in order to obtain a real estate license, first and foremost. 

The Supra box has software that also screens each agent who accesses it and enters the property. It records who they are, their agency, contact information and the time they entered and exited.  It’s a fairly comprehensive system that not only tracks those who enter the property but it also emails and texts the listing agent, so that they know they have completed the showing (or if they never showed it).

There are ways to use a Supra box to keep a tenant comfortable with and agreeable to showing your home for sale, as well. Periodically, we do have to sell properties which are tenant occupied.  We offer a full tutorial to tenants so that they are cooperative and understand the process prior to listing your property for sale.  We help them understand the process and feel secure about using the system.

Last, we rarely use combination lock boxes due to security issues.  There is no way to track the use or access of them.  Should there be an incident at the residence there is no way to know who may have entered the property.

If you would like to learn more about the Supra box technology call or text Chris Griffith at 239-273-7430. Chris is an experienced listing agent in the Bonita Springs, Florida area and a Certified Residential Specialist.

Tax Liabilities When Selling Bonita Springs Real Estate

Tax consequences or tax liabilities can occur for a variety of reason.  This primer is only a guideline so you should see professional advise from a real estate attorney and/or CPA before engaging in the sale of your Bonita Springs home.

Most properties can be sold with little to no tax consequence however there are circumstances where a home seller may not understand the potential tax consequences that may burden them if they sell their property before speaking with a tax and/or legal professional. Typically a primary home can be sold with little or no tax liabilities to consider.  The tax code allows for up to $250,000 in capital gains for a single person and up to $500,000 in capital gains for a married couple.

It’s what you don’t know about creating a tax liability on the sale of Bonita Springs real estate that can create an issue:  A few real estate situations to be aware of include which can trigger tax liabilities:

• Death of one or more of the real estate owners on deed.
• Sale of a property held long term.
• Sale of a property held long term which was depreciated.
• Sale of a property which has benefited from significant appreciation.
• Sale of a property by a foreign national – FIRPTA
• Quit claim of a property by a foreign national.
• Quit claim of a property from an aging parent to a child and then the child dies.

The tax laws regarding real estate sales can change significantly without  a property owner’s knowledge. There are many times that a listing agent may not know the most recent tax laws, too. That is why seeking professional advise before listing your Bonita Springs home for sale is a wise move.  Before selling your Bonita Springs property or using a quit claim deed to transfer ownership of the real estate seek the advise of a professional tax consultant and a real estate attorney.   Advise a tax professional may give depends upon the scenario and the future intended purpose of the property owner. 

There are circumstances where a 1031  Exchange can defer tax liabilities and save tens, even hundreds of thousands of dollars by deferring taxes and replacing the real estate with like-kind real estate.

To learn more about 1031 exchanges or to be referred to a top notch real estate attorney or local CPA contact Chris Griffith by call or text at 239-273-7430. Chris is an experienced listing agent in Bonita Springs, Florida and a Certified Residential Specialist.

Hiring a Bonita Springs Real Estate Attorney

A frequent question many home sellers ask their listing agent is if they need a real estate attorney to sell their Bonita Springs home or condo.  The answer is maybe.  It is not unusual for a home seller to sell and close their property without an attorney in southwest Florida.  There are many title insurance companies that close real estate transactions.  There are a few local title companies owned and managed by real estate attorneys or lawyers who, as well.

Some home sellers simply feel more comfortable selling their home with a real estate attorney reviewing the documents and performing the closing.  The home seller may also be from a geographic area of the country where home seller’s and even home buyers customarily only hire law firms to close real estate.

There are also times where a property could be legally encumbered by lis pendens due to bankruptcy, foreclosure, short sale or even divorce or probate issues where it would be wise to engage a real estate attorney for both professional advise and transparency for an estate.

Most listing agents can recommend a variety of real estate attorneys with whom they have worked with in the past or have used personally to close real estate transactions. Many listing agents can recommend a real estate attorney in a niche who may specialize in whatever legal complication a property or home seller is experiencing.  The attorney should be based in real estate with a Florida license.  It would be most helpful if they were located in Bonita Springs or neighboring cities such as Naples, Fort Myers or Cape Coral. 

Hiring a real estate attorney from “back home”, unless they are also licensed and experienced with Florida real estate law is potentially legally dangerous. For more home seller tips, real also: Bonita Springs Home Seller Tips

To confidentially speak with Chris Griffith about finding a real estate attorney for your property sale call or text 239-273-7430.Chris is an experienced listing agent in the Bonita Springs, Florida area and also a Certified Residential Specialist.

Closing Costs For Bonita Springs Real Estate

Typical closing costs of a Bonita Springs home or condo sale can and should be calculated prior to you listing your home for sale. Your listing agent should have presented to you, during the listing interview and/or at the time of listing your home for sale a “seller’s estimated net proceed” form or calculation.  It’s fairly elementary for most experienced real estate agents and a common tool that listing agents do not work without.

The seller’s estimated net sheet can take the estimated list price of the property and extract fees such as pro-rated property taxes, homeowner association fees, title fees, documentary tax on deed, real estate marketing fee commissions and other recording fees so that a home seller knows how much they will net at closing. 

Customary fees vary slightly from county to county in southwest Florida so it would be wise to understand, in advance, which party will be paying for larger items such as title insurance.  There should be no surprises at the closing table regarding closing costs and expenses.  In Lee County, where most of Bonita Springs is located it is customary for the seller to pay for the owner’s title insurance policy.

An experienced listing agent should be able to work up a fairly accurate net sheet in a few minutes and be within a few hundred dollars of your net proceeds dollar figure.  For even closer accuracy a title company will prepare a draft settlement sheet of net proceeds, as well.

To learn more about selling your Bonita Springs home or condo and find out your net proceeds before you list your property contact Chris Griffith by call/text at 239-273-7430. Chris is an experienced, Bonita Springs listing agent and a Certified Residential Specialist.

Fencing Restrictions in Bonita Springs, Florida

If you’re thinking of improving your home by installing a privacy or safety fence to keep you children or your pets safe, here are a few tips to get you on the path to installing a fence the right way.

Whether you are installing a fence yourself or hiring there are some rules that you will need to follow.  If you are in a deed restricted community such as a gated community like Bonita Bay, Cedar Creek or Hawthorne there are community rules.  Refer to your HOA documents or contact the property management company to find out the rules about erecting a fence in the community.  If a fence is permitted there may be color, style or height restrictions that must be followed. A request to the architectural review committee may be required prior to installation.

Licensed, experienced fence contractors will know the rules and should comply but if you are installing a fence yourself you definitely need to know that the city of Bonita Springs, for example, will require a permit to install the fence.   If you’re outside the city of Bonita Springs you will want to double check with your municipality such as Estero, Fort Myers, or Naples, Florida.

Good fences make great neighbors … but first you’ll need a current, proper property survey to make sure you’re fencing your own property and not cutting down trees or removing debris that belongs to the neighbor.  In the Bonita Springs area there are utility easements, hedge lines or obstructions that may need to get cleared up prior to fence installation.

Many of the gated and deed restricted communities in the Bonita Springs area do not allow fences.  It makes for difficult community lawn mowing and maintenance so they are usually not permitted.  Many of the non-deed restricted areas such as Heitmans, San Carlos Estates and even San Carlos Park in South Fort Myers. 

There are areas such as Bonita Golf and Country Club with a mixture of deed restrictions and some homes without the rules so it is necessary to double check.

If you’d like to find a home for sale in Bonita Springs which will permit a fence installation, contact buyer agents Chris or Angela Griffith at 239-273-7430. 

Negotiating Multiple Offers in Bonita Springs Real Estate

How are multiple offers handled in the Bonita Springs, Florida area? Real estate customs vary county to county and state to state.  Multiple offer scenarios begin with two or more offers coming in on a home for sale at the same time.  At the time of the second or subsequent offers all buyers, though their buyer’s agent, are notified that they are involved in a multiple offer scenario by the listing agent of the subject property.  They are each advised to prepare their highest and best offer, including price and terms and to resubmit it to the listing agent by a determined deadline. 

Buyers may refine, change or improve their offer and resubmit it to the listing agent.  Buyers may also exercise the right to retract their offer.

Price and Terms of Purchase Offers

The best offer isn’t always determined by price.  A buyer’s agent may ask the listing agent some pointed questions about the sellers including when would be a good date to close or to offer them lease back opportunities or post closing occupancy opportunities to make their offer look more attractive. 

Choosing the Best of Multiple Offers

As both a listing agent and an active real estate investor in the Bonita Springs real estate market I can share that I have been awarded the sale contract in multiple offer situations simply by adding terms that made the exit more convenient for the home seller.  My last multiple offer purchase for my own real estate portfolio had four offers come in and I was able to create an attractive offer package for the seller to win the contract.  A letter to the seller may also be presented with the contract/offer.  Read about the letter: First Time Home Buyer in San Carlos Park

Verify Buyer Proof of Funds or Credit Worthiness

Handling multiple offers varies from property to property so be sure you select an experienced listing agent who will understand how to negotiate the highest price and the best possible terms for the sale your Bonita Springs home or condo.

If you would like to learn more about multiple offer scenarios contact listing agent Chris Griffith by text/call at 239-273-7430. Chris is an experienced listing agent and a Certified Residential Specialist in Bonita Springs, Florida.

Length of Time on Market for Bonita Springs Home

Most home sellers are curious how long it will take to sell their property in Bonita Springs.  Many home sellers do not realize that there are actually a few factors that will help you ball park a time frame from listing to contract.  There are four real estate factors for home sellers: condition, location, inventory, price.

Condition - Before you list your home is when you can work on improving the condition. First, a home can never be too clean.  You can rely on home staging, pre-inspections and hire a handyman to tidy up a few loose ends prior to listing.  It can increase your odds of selling by about 25% simply getting the property ready for sale.

Location - Location isn’t something you can physically change but it is a factor about which to be aware. For example, if your home is in a community where the identical floor plan is for sale or has recently sold, you may have a better view or be on a larger lot in a more desirable area of the community.  That could equate to a faster sale or even a sale at a higher price.  The same goes for a home that may have a less desirable view. Sometimes it is difficult for home sellers to be objective about the subtle but important differences that location means. A premium location can mean less time on market.

Inventory – Knowing how much competition is out there is key understanding how quickly you can or should be able to sell your home.  You will need an absorption rate for you property in order to know how many months or years of inventory there is when you decide to list your home for sale.   If your listing agent performs the calculation and it shows six months of inventory,  you price the property and do not get showings or you are listed beyond the six month mark, there is something wrong.  Either price, condition or location will have to be adjusted as needed.

Price – The only factor that cures all significant issues facing a home that is not selling is pricing. A home seller can’t physically change the location of the home. They also can not change the current inventory in the real estate market. If they are not able to improve the overall condition of the property the only other factor that can be changed is price. 

An experienced listing agent can help you with both pricing your home and estimating time on market prior to listing the home for sale.

If you would like to speak to Chris Griffith to learn more about the length of time it will take to sell your home or condo in Bonita Springs, Florida, call or text 239-273-7430.  Chris is an experienced listing agent and a Certified Residential Specialist in Southwest Florida.

Determining the Value of Your Bonita Springs Home

Most home owners list their home for sale to net the most possible money.  Accurately finding the correct listing price without overpricing to scare away buyers or risk not appraising for the contract price is a challenge.  You also don’t want to under price the property and leave money on the table. 

There are a variety of methods that home sellers and listing agents should use or should not use.  As a home seller you can ask any potential listing agent about any or all of these tools.

• The best method is using recent closed sale comparables.   By recent, within three to six months of closed sale or sooner.  If the real estate market doesn’t show many comparables you could possibly go back a little further.  The properties must have sold or closed sale to be a comparable.  The properties may be slightly different and the values of each of the comparables is adjusted to make it more “like” your home.  For example, a pool value can be added or removed if there is a difference. An experienced listing agent can guide you through proper pricing. 
• Pending sales may be mentioned but only as something to keep an eye on “as the next comparable” which could be happening in the next 30-60 days.  Appraisers would  it as the newer comparable if and when it closes sale.
• Do not count on the Lee County or Collier County Property Appraiser/Tax Collector’s websites to “appraise” a property. First, that site is not built to “appraise” properties for sale.  That site combines a variety of methods which uses “like kind” and “arm’s length” transactions to estimate an assessed value to tax a parcel of real estate.  Most importantly, the properties or real estate that the tax collector/property appraiser websites use closed sales for the prior year.  For example, property taxes in southwest Florida are paid in arrears so the tax bill for 2016 is mailed in November 2016.   The assessed values are based on property or real estate sales which occurred in the prior calendar year, which is 2015. Since we know that a professional property appraiser should use comparable properties which are generally three to six months old the property appraiser valuation model would be inaccurate to use for a truly accurate valuation. Now imagine if the real estate market was in a dramatic swing of values rising, you’d be leaving money on the table.
• Automated online valuation models.  They often do not understand the intricacies of the local real estate market. There are hundreds of different scenarios where the valuation model doesn’t understand that the comparable properties did not have a golf membership included or it could have backed up to a major highway which effected the price.
• Absorption rate.  The majority of real estate agents may not understand how to calculate an absorption rate but the experienced, professional real estate agents do.  They don’t list or write a contract without knowing how much inventory is for sale.  Wouldn’t you agree that it is important to know whether your home could take three months or three years to sell?  That’s exactly what an absorption rate can tell you about your home before you list it for sale.
• If you are considering selling your home for sale by owner consider verifying the closed sale prices of homes in your neighborhood by checking the tax roll.  Many times when I speak to potential home sellers about listing their homes for sale they let me know just how much a, b and c property sold for on their street or in their neighborhood and more often than not, they are wrong.
• Do not shop for and select a listing agent based on the list price they suggest, because they told you a number that you wanted to hear.  Read also: Choosing a Listing Agent by List Price in Bonita Springs Florida

Last but not least, if a few weeks pass between the initial listing agent interview/pricing evaluation and the actual listing date of your property for sale, the local real estate market should be cross checked one more time for recent closings or new listings prior to activating the home for sale in the multiple listing service. In order to get the most possible money for your home you want to make sure you have all of the information, including a sale which could have closed the day before at a higher price.

For more information about listing your Bonita Springs home for sale call or text Chris Griffith at 239-273-7430. Chris is a local, experienced listing agent and a Certified Residential Specialist in Bonita Springs, Florida.