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How Long Can a Tenant Stay After the Lease Expires?

How Long Can a Tenant Stay After the Lease Expires?

How Long Can a Tenant Stay After the Lease Expires?

How Long Can a Tenant Stay After the Lease Expires?

Occasionally, your tenant may not vacate your rental property when a lease is up. As such, you may wonder how long a tenant can stay after the lease expires. This situation can be challenging to navigate, so it’s crucial to have all the facts before you take action.

This article will discuss what landlords should know, how to handle a tenant who won’t leave, and how to prevent the situation from occurring.

Can a Tenant Stay After the Lease Expires?

A tenant can usually stay at a rental property after a lease expires as long as the landlord allows them to. Suppose the original lease isn’t renewed or a new lease isn’t signed. In that case, the tenant may enter into one of two types of tenancy:

  • Tenancy at will: This is when a tenant continues to pay rent with the landlord’s permission until either party wishes to terminate the agreement. A tenancy at will is not the same as a month-to-month lease since there isn’t a binding lease in the former situation.
  • Tenancy at sufferance: If a landlord doesn’t give a tenant permission to stay but hasn’t evicted them, they have a tenancy at sufferance. In this case, it’s essential to understand your local landlord-tenant laws before taking action, as states may vary in how long tenants can stay in the property after the lease expiration date.

What Is a Holdover Tenant?

If either of the situations mentioned earlier occurs, your tenant is now considered a holdover tenant — someone who remains in the rental after the lease has expired. If the landlord continues to accept rent payments from them, a holdover tenant may have the legal right to occupy the property.

Holdover Tenant Risks

This arrangement may not bother you if you have a great relationship with your tenant and allow them to stay past the lease expiration date. However, there are risks to consider when dealing with a holdover tenant.

  1. Reduced landlord control: Since a lease agreement doesn’t bind a holdover tenant, you’ll have to be mindful of things like property damage, unapproved pets, rental arbitrage, and more. Holding the tenant accountable or pursuing legal action may be challenging without an enforceable lease.
  2. No guarantee of consistent rental income: Rental income from a holdover tenant isn’t guaranteed. They may pay rent late or notify you of plans to vacate before a rent payment is due if they have a tenancy at will. This can leave you with less income than initially planned and provide short notice to fill a vacancy.
  3. Delayed updates and maintenance: If you had plans to update a unit as part ofthe rental turnover process, your goals might be interrupted by a holdover tenant. For example, you may need to postpone repairing a water-damaged ceiling, which can worsen the damage and ultimately cost more. Similarly, a holdover tenant can also delay renovations that could increase the value of your rental.

How to Deal With a Holdover Tenant

Landlords have a few options when a tenant stays after the lease expires. Here are the main four to consider.

1. Allow the Tenant to Stay

Allowing the tenant to stay while continuing to collect rent is an easy way to avoid confrontation. However, landlords should know the risks of allowing holdover tenants to stay without an active lease and how this can impact their rental business before choosing this route. You may also want to consult with a lawyer or refer to your local landlord-tenant laws for important rules to be aware of.

2. Negotiate a New Lease

By negotiating a new lease, the landlord and tenant will again have a legally-binding contract. This may help reduce the risks to the rental property since landlords can add clauses to enforce rules and restrict certain actions.

3. Offer Cash for Keys

A landlord may offer a tenant who refuses to leave cash as an incentive to cooperate. This is where a tenant agrees to vacate on a specific date in exchange for a payment from the landlord.

This method is a less expensive alternative to a formal eviction, but review your local landlord-tenant laws before taking this path to avoid legal violations.

4. Pursue Eviction

Landlords may also consider evicting a tenant who refuses to leave after the lease expires. The process varies from state to state, so you may wish to consult legal counsel before initiating an eviction.

If you plan to pursue this option, you must not accept any complete or partial rent payments from the tenant, as doing so will negate the eviction process.

What to Avoid If a Tenant Stays

Because holdover tenants have rights, there are actions and behaviors that landlords must avoid, even if the tenant isn’t paying rent. Landlords cannot:

  • Threaten or harass a tenant to convince them to leave.
  • Refuse to make repairs that affect the tenant’s health and safety.
  • Change the locks while the tenant is still inhabiting the property.
  • Perform a self-help eviction.
  • Retaliate with a rent increase.
  • Shut off the utilities.

These and other actions could violate a tenant’s rights and lead to lawsuits if the tenant decides to pursue legal action.

How to Prevent Tenants from Staying After the Lease Expires

An easy way to ensure a tenant doesn’t become a holdover tenant is to explicitly state your rules and expectations of what will occur towards the end of the tenancy in your lease. Clear instructions in a signed lease agreement will ensure you’re covered if you pursue legal action against a holdover tenant.

Source

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.

 

Habits of Highly Effective Home Sellers Today

Habits of Highly Effective Home Sellers Today

Habits of Highly Effective Home Sellers Today

Habits of Highly Effective Home Sellers Today

Selling your home isn’t as easy as it used to be. Now that the red-hot market is cooling off, sellers need to reset their expectations—and yes, even adjust their sales tactics.

So we’ve asked real estate experts to share the habits of highly effective home sellers today—the best practices of how they prep their property and negotiate with homebuyers. Listen and learn—and if all goes well, your home is bound to become the next success story on your block.

1. They make sure their house is in good condition

During the COVID-19 pandemic, when many Americans were desperate to move, they might have not cared so much what they were buying, or the shape it was in. But now, buyers have become a lot more leery about homes needing repairs.

According to Datha Santomieri, co-founder and vice president of Steadily, a national insurance agency for landlords, buyers’ hesitancy toward fixer-uppers has a lot to do with rising costs.

Having a turn-key home is “more important than ever before, because we’re in the middle of a housing recession in terms of home sales and homebuilding, in part due to surging mortgage rates,” she says. “Home prices continue to rise, so sellers need to present their homes in the best light possible to attract offers in a slow market.”

Boyd Rudy, an associate broker with Dwellings Michigan in Plymouth, MI, agrees.

Home sellers “should make sure that their home is in tiptop condition, which means taking care of any necessary repairs, touch-ups, or deep cleaning that may be needed,” he says.

2. They’re realistic with their list price

Pricing a home has become tricky. After all, it’s likely your largest asset, and it’s only natural to want to recoup all that it’s worth. But in the strong seller’s market that we have been experiencing over the past two years, many sellers feel entitled to receive an offer for whatever list price they can dream up, and then some.

However, Amanda Zachman, founder and executive director of MV Realty in Delray Beach, FL, cautions against letting emotions guide your pricing strategy, especially in a real estate market that is slowing down.

“Successful home sellers don’t try to outwit the rules of supply and demand by listing their home at a price that’s overly inflated,” she says. “Although today’s market can be challenging, there’s no reason that homes listed at the right price can’t sell quickly.

“I recommend that home sellers list at market value or even below it,” she continues. “This might seem counterintuitive, but a listing below market price could lead to bidding wars and closing prices beyond initial expectations.”

If you’re wondering how to figure out the current market value of your home, ask a qualified real estate agent to perform a comparative market analysis on your home, which looks at recently sold properties in order to give you a better idea of a fair price range for your home.

3. They focus on curb appeal

During the pandemic and even beyond, homebuyers were so desperate to move that a record number weren’t too picky about how a home looked. Many were even buying houses sight unseen!

But today, given higher inventory levels, buyers can afford to be a bit more selective. And the first make-or-break moment is how a home looks from the curb.

“Buyers start evaluating a home from the curb,” says Dustin Fox, owner of Fox Teams in Fairfax, VA. “To impress the buyer, sellers keep their outdoor areas clean, well-maintained, and attractive. They run landscape maintenance regularly and keep the yard clutter-free to improve the overall curb appeal of the home.”

4. They accommodate showings

As the market slows down and you can expect fewer offers, it becomes more important than ever to accommodate showings.

Bill Samuel with Blue Ladder Development in Chicago says the name of the game here is flexibility. Put simply, the more people have a chance to see your home, the better your chances of receiving a strong offer.

“Successful home sellers do a good job of planning ahead for showings,” he says. “They have a plan in place for getting their home ready to be shown and have somewhere to go while prospective buyers visit the property. They’re also willing to accommodate last-minute requests and are generally as flexible as possible.”

5. They’re transparent and honest

Over the past few years, sellers have not had to worry about buyers asking too many questions about the condition of their home, but those days are over. The market has slowed down enough to allow buyers to be more thorough in looking for deficits, leaving sellers the choice of whether or not to be upfront in the transaction.

“Effective home sellers today need to be transparent and honest with potential buyers,” advises Rinal Patel, co-founder of We Buy Philly Home in Philadelphia. “This means disclosing any known problems with the property, being upfront about the asking price, and generally just making sure that all of the information about the sale is out in the open.”

Too often, sellers think that they can score a better deal if they hide their home’s deficits. That’s usually not the case.

In fact, misrepresenting facts about the home can land you in legal trouble or end up completely derailing a deal.

6. They’re willing to compromise

While the market used to be a strong seller’s market—where sellers could get everything they wanted and more from an offer, including no contingencies and offers above the asking price—that’s no longer the case. These days, sellers have to be willing to put some skin in the negotiations.

“Unfortunately, too many sellers sabotage deals by not being willing to compromise,” explains Neil Dempsey, CEO of Four 19 Properties in Granbury, TX. “Effective sellers are willing to negotiate offers and see the situation from the other side once they enter a transaction.”

If you’re having trouble figuring out where you can negotiate, ask your real estate agent to go over common negotiation points with you. Then, decide where you’d be willing to bend and where you should stand firm. Be sure to look at any offers with those details in mind.

7. They choose their real estate agent with care

During the red-hot market of the past two years, homes were selling so fast and furious that just about any real estate agent was guaranteed a sale. But as the market cools off, selling might become a harder road—and that’s why you should make more of an effort to find the very best real estate for your circumstances to help stack the odds in your favor.

“Successful sellers hire a great real estate agent and follow their advice,” says Al Cannistra, a broker with Texas Today Realty in Lubbock.

“That advice could cover a myriad of things such as how to best prep the home for sale, how to properly price for the current market, or when to make price changes needed to keep the listing from becoming stale,” says Cannistra. “Sellers should recognize that their agent is sharing their experience with the goal of bringing the best possible return.”

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.

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.

 

What Does ‘Contingency’ Mean in a Real Estate Listing?

What Does ‘Contingency’ Mean in a Real Estate Listing?

What Does ‘Contingency’ Mean in a Real Estate Listing?

What Does ‘Contingency’ Mean in a Real Estate Listing?

When you see the word “contingency” in a real estate listing, it may be one of those real estate terms that make you go, “Huh?” But don’t sweat it. We’ve all been there, and we’re here to help clear up the confusion.

Every home sale is dependent upon certain contingencies. They can make or break a real estate sale, but what exactly is a contingent offer?

“A contingency in a deal means there’s something the buyer has to do for the process to go forward, whether that’s getting approved for a loan or selling a property they own,” explains Jimmy Branham of the Keyes Company in Coral Springs, FL.

If the buyer is having trouble getting a mortgage, or the property appraisal is too low and the bank won’t increase the loan, or there’s some other problem with getting a mortgage, a contingency clause means that the contract can be broken with no penalty or loss of earnest money to the buyer or seller.

So when “contingency” appears in the listing itself, “it means the sellers have already accepted an offer on the property (at least regarding price), but there are still steps to clear before the contract goes fully pending in the system,” says Stephanie Crawford, a Realtor® in Nashville, TN.

These are some common contingencies that could delay a contract:

  • The buyer’s mortgage pre-approval letter is still pending.
  • The buyer is waiting to get the home inspection report.
  • The buyer has a contingency based on the appraisal.
  • The buyer is waiting for a spouse or co-buyer, who is not immediately available to sign off on the home sale.

Additionally, if it’s a real estate short sale—meaning the lender must accept a lesser amount than the mortgage on the home—a contingency might mean that the buyer and seller are waiting for approval of the price and sale terms from the investor or lender. Or it could mean the seller and buyer are waiting for the official paperwork for short-sale terms that have been verbally or informally approved.

Not all contingent offers are marked as a contingency in the real estate listing. For example, purchases made with a mortgage generally have a financing contingency.

Obviously, the buyer cannot purchase the property without a mortgage. However, real estate is generally shown as “pending” in the real estate listing, rather than as having a contingency, if the buyer’s only contingency clause is a financing contingency, an inspection contingency, or other standard contingency.

Should you make an offer on a contingency listing?

Your ideal new home might be listed as having a contingency, meaning the sellers have accepted an offer from a buyer, subject to one or more contingencies. So is it still worthwhile to pursue the home?

Most experts say you’re probably too late to the game. But you should never say never, especially if you’ve fallen hard for the house. Even deals in contract can sometimes fall through due to a contingency, so all hope may not be lost.

The seller might be willing to continue showing the property during this time, but if it’s a house you’re excited about, talk to your real estate agent.

It matters what the contingency is for. If the sale has a contingency based on the buyers selling their current home, for example, the sellers may be accepting other offers. If they’re just waiting for an appraisal or fulfillment of a termite inspection contingency, you’re probably too late.

“In the agent comments on the MLS listings (which the general public cannot see), it will typically say what the contingency clause is for and when it will be over,” says Dale Weir, a Realtor in Chesterfield, MO. That should give you a better sense of your chances with the home.

Still, if the pending contract is contingent on a clean home inspection and the buyers back out, you may want to reconsider jumping in yourself. The home inspector might have found something that would make the property undesirable or even make it possible to renegotiate the purchase price.

Sometimes the deal falls apart for reasons that may be quite justified—don’t let your obsession with the home cloud your judgment as a buyer.

If you’re in the home-buying market and the property you like is listed as contingent, you can also place an alert on the listing. That way, you can receive a notice the moment the real estate transaction falls through and is back on the market.

Can you make an offer on a contingent listing?

There are no rules against buyers making an offer on a contingent listing. If you’re up for a waiting game, go for it. But the sellers might not consider the offer, depending on what the sellers (and their real estate agent) have promised the other potential buyer.

To make your offer stronger, consider writing an offer letter to the homeowner, explaining why you are the perfect buyer, or even making your real estate contract one with zero contingencies, or with as few contingencies as you as a home buyer are comfortable with.

Just be aware that it can be a risky move: Make sure that the real estate contract provides an out for you. It wouldn’t be good to lose your earnest money deposit if something troublesome turns up on the home inspection, for example, or if you don’t qualify for a mortgage.

Bottom line: Talk to your real estate agent to determine if it’s wise to make a real estate offer on a contingent listing. Your agent should have a good sense of whether it’s worth going all out for this property or if you’re wasting your time.

If you decide to let the listing go, make sure you are seeing properties you’re excited about as soon as they are listed to avoid this problem in the future. If you’re in a hot market, properties can move fast!

Source

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.

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.

 

9 Common Tenant Complaints

9 Common Tenant Complaints

9 Common Tenant Complaints

9 Common Tenant Complaints

At some point during their lease period, your tenant may bring concerns to your attention that can vary in subject and severity. Addressing these concerns right away is important to establish a great landlord-tenant relationship and provide tenants with a great renting experience.

Keep reading for examples of common tenant complaints and tips to help you resolve them.

1. Maintenance Requests

Some of the most common complaints you’ll receive from tenants are maintenance requests. Maintenance-related issues often happen randomly and can negatively impact the rental experience for your tenants if left unaddressed for too long.

Accordingto a recent survey, tenants appreciate a landlord who is willing to respond to maintenance requests quickly and efficiently. When asked what makes a “bad” landlord, 79% of surveyed tenants cited having a landlord who’s rude about making repairs — more than the 65% who responded with a landlord raising the rent.

2. Noise Complaints

A tenant may approach you with a noise complaint if you own a multifamily property. There are many reasons why a noise complaint arises, each of which can be resolved differently.

If it’s a one-time complaint about a tenant you’ve enjoyed renting to, a one-on-one conversation to politely request they monitor their noise can be an effective solution. In other cases, you can remind your tenants of the noise clause in your lease and that violating it may result in an eviction. 

3. Privacy Concerns

Privacy is an integral part of the rental experience and a right your tenants have when living in your rental property. To protect your tenant’s privacy, ensure all the windows have effective coverings during the turnover process.

A tenant’s main privacy concern may be about you as their landlord. While tenants do live in properties you own, landlord-tenant laws often require landlords to provide proper notice before entering.

To help ease these concerns, it’s important to be familiar with the local landlord-tenant laws of your area. Notice of entry laws may vary by state, but it’s a common requirement for the landlord to provide advance notice to the tenant if they need to visit the property.

Ignoring this rule can violate your tenant’s rights and result in severe consequences if your tenant tries to pursue legal action. They may also have the right to break the lease without paying any fees, so make sure you understand the local ordinances to protect your tenant’s privacy.

4. Safety Concerns

Similar to privacy concerns, safety concerns can also be a top priority for tenants. To provide a comfortable renting experience, avoid neglecting the security of your tenants.

One way to ease these concerns is to take extra care to review the safety features of your property when conducting the initial rental property walk-through with your tenant. This can include anything from door locks to advanced alarm systems. If anything is not in the greatest condition, prioritize repairing or replacing it as quickly as possible.

This is in your best interest as a landlord, as your state may have laws concerning locks, keys, and security. Prioritizing compliance with these laws will protect your rental business and give your tenants the peace of mind they desire.

5. Pests

Pests can come in many forms, but any complaints from tenants should be taken seriously. They can be more than just bothersome to tenants — a serious infestation may make your property uninhabitable depending on local law and could force your tenant to vacate the premises.

Rather than let a pest complaint go unaddressed, prioritize implementing a solution. You may be able to contact your city’s public health department for information on the pest you’re dealing with, as well as find effective ways of dealing with them.

It may also be worth contacting a professional pest control service to prevent future issues. Remember to communicate with your tenants and inform them of scheduled visits.

6. Environmental Concerns

Environmental concerns like mold, mildew, asbestos, and lead-based paint could negatively impact your tenant’s health. It’s essential to address these concerns as soon as they arise.

Landlord-tenant laws typically mandate that a lead-based paint disclosure is included in a lease, but you may find that your state requires additional disclosures for other environmental issues. Depending on the severity of your tenant’s complaint, you may need to address it professionally.

7. Housing Discrimination

The renting process can be stressful for tenants, and the fear of housing discrimination can add to that. Understanding the Fair Housing Act and other laws protecting tenants from discrimination is essential to being a successful landlord.

According to the U.S. Department of Housing and Urban Development (HUD), the Fair Housing Act protects people renting a home from discrimination based on race, color, religion, gender identity, disability, and more.

As a landlord, there are several ways to ensure you aren’t violating tenants’ rights. For example, implementing the same tenant screening requirements for all applicants ensures you’re being fair about the information you’re collecting, regardless of who is applying.

8. Rent Concerns

As a landlord, you may encounter tenants who have concerns regarding rent payments. They may worry they won’t be able to pay in full on time, or in your preferred manner. Addressing rent concerns can help encourage on-time rent payments regardless of the situation.

9. Lack of Communication

There are many aspects of rental property management that independent landlords must be mindful of, and communication isn’t one to be overlooked. Keeping your tenants informed can be the key to a stress-free tenancy and a healthy landlord-tenant relationship.

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.

 

The Not-So-Secret Way to Build Equity?

The Not-So-Secret Way to Build Equity?

The Not-So-Secret Way to Build Equity?

The Not-So-Secret Way to Build Equity?

Rather than paying a mortgage monthly, make a half payment every two weeks, equaling one extra payment per year. It can shave about 6 years off a 30-year loan.

SHAWNEE, Kansas – Have you heard of the cool way to make an extra mortgage payment every year? No, not the one where you make a full extra payment at the end of the year. That’s not a secret and coming up with an additional full mortgage payment, especially in December, is not that cool.

By default, mortgage payments are made once per month, equating to 12 full mortgage payments in a year.

But what would happen if you were to make biweekly payments? Under this strategy, either you or your lender would split your monthly payment in half and submit a payment every two weeks. This is where a quirk in our calendar allows you to get ahead.

There aren’t a uniform number of days in each month, and so by making biweekly mortgage payments, you’ll make 26 “half-payments,” or 13 “full” payments per year instead of the normal 12 payments. In other words, you make one extra full payment per year, and you won’t even feel it because you’ve budgeted for it.

It’s important to distinguish here that we are talking about equal payments every two weeks – not two equal payments per month. That would equal 24 half payments, or 12 full payments. That’s fine if you just want to avoid a large withdrawal around the first of the month. But it’s the 26 half payments that really begin to offer some additional benefits. Such as …

  • Pay less interest over time
    When you make a mortgage payment, the bank actually splits up the money and divvies it out into various things. During the first few years after you take out your mortgage, most of the money will be going toward interest and very little will be going to reducing the balance of your loan (sadly). This process is called amortization, and anyone who’s ever had a loan literally had to pay their dues, especially during those first few years.

    But here’s where making biweekly mortgage payments can really help you. Since you’ll be making an extra payment each year, you’ll pay down the principal even faster. This means that each interest payment thereafter will be smaller than if you hadn’t made that extra payment. Over the course of your loan, this can save you a significant amount of money.

  • Build equity faster
    Continuing that thought, one of the biggest benefits of making biweekly mortgage payments is that you build home equity faster. When you make biweekly payments and manage to squeeze in that extra payment each year, you’ll be making extra payments toward reducing the balance of your loan. And that extra payment will give you a small push toward building equity.

    There are a lot of advantages to having as much home equity as possible. For example, if you have enough home equity, you can take out a home equity loan to finance things like home repairs or remodels, or you can increase your proceeds when and if you sell your home.

  • Drop your PMI sooner
    In 2021, the average homebuyer bought their home with a 10% down payment. That’s not bad, but for most conventional loans (not including FHA, VA and USDA loans), you’ll need a down payment of at least 20% to avoid paying for private mortgage insurance (PMI) each month. Once you reach 20% equity in your home, you can ask your conventional lender to cancel your PMI payments. If you make biweekly payments, you can actually get there a lot faster because you’ll be paying down the balance of your loan quicker than normal.
  • Paying off your mortgage sooner
    By now, you get the idea so I won’t belabor the point. But when you make an extra payment, you’ll pay off your loan quicker. Let’s look at a quick example. This scenario assumes a $300,000 loan with a 30-year fixed term at 5.750% APR:
    • Payment Amount: $1,751
    • Number of payments per year: 12
    • Total paid per year: $21,012
    • Number of years to pay off: 30
    • Total interest paid: $330,258
    • Total Cost: $630,360
    • Biweekly payment
    • Payment amount: $875.50
    • Number of payments per year: 26
    • Total paid per year: $22,763
    • Number of years to pay off: 24 years 10 months
    • Total interest paid: $263,000
    • Total cost: $563,822

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.

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.

 

Questions to Ask Before Buying a Home

Questions to Ask Before Buying a Home

Questions to Ask Before Buying a Home

Questions to Ask Before Buying a Home

If you’re a first-time home buyer—and you spot the property that has everything you’ve ever dreamed of and more—it can be tempting to put pedal to the metal and close the deal as quickly as possible. But slow down! You need to ask lots of questions to help you negotiate with the seller for a good price.

No home is perfect beneath the surface, and few know this better than your real estate agent. That means it’s time to sit down with your agent and pepper them with questions about the property you’re hoping to make your own.

Certain questions seem rather obvious: Should you offer full price? How soon can you close? However, there are many other questions you may not think to ask an agent at this pivotal juncture in becoming a homeowner. But you should! You’re taking on a mortgage, after all.

Here are six questions to ask your agent to flush out what they’re truly thinking. These can help you figure out whether this piece of real estate is really right for you, and what your next steps should be. When you think you’ve found the one, ask your agent the following:

1. Would you buy this house?

This question may be the ultimate litmus test of whether you should continue with a home-buying experience. Ask your agent point-blank whether they’d buy the home for themselves.

If your agent has any reservations about this hypothetical, that’s a waving red flag.

If you get the sense your agent isn’t as enthusiastic about the home as you are, ask why. It could be because of the neighborhood, the home itself, or something to do with the seller. The answer might give you pause, too.

2. What is the sales history of this house, and how would it affect my offer?

Before making an offer on real estate, ask your agent for the property’s sales history, says Chris Dossman, a real estate agent with Century 21 Scheetz in Indianapolis. Ask for information on the last time the home sold and any sales before that.

Follow-up questions worth asking: Was it previously an expired listing? Was the home ever leased? Was it ever a bank-owned property or another type of distressed home?

These factors could suggest that it has been a struggle to sell the property—which could mean you could snap up this home at a bargain-basement price.

3. What contingencies are worth getting—and skipping?

“When buyers and sellers get cold feet about the purchase or sale of a home, they sometimes think they can just back out,” says Linda Sanderfoot, an agent at Coldwell Banker in Neenah, WI.

But when a seller accepts a buyer’s offer, both parties sign a legal and binding contract—an official document that requires the buyer and seller to execute the transaction.

So how binding that contract is depends on the details. Some contracts have contingencies built in that enable the buyer or seller to walk away from the deal without penalty.

Contingencies are often included for a buyer getting approved for a mortgage, a home inspection, and an appraisal.

But note that having too many contingencies tends to turn off sellers, so make sure to strike the right balance by asking your agent for guidance as you negotiate.

For instance, you might be fine waiving a home inspection contingency if the home is newly constructed. With an older home that might need extensive repairs, an inspection nearly essential. Find which contingicies are crucial to clinching your deal by asking your agent.

4. Are there upcoming condo or homeowners association assessments?

When you purchase a condominium or a home within a homeowners association, you’ll receive the HOA’s financial documents, which outline important information, such as reserve funds and CC&Rs (covenants, conditions, and restrictions).

These condo docs and disclosures can be hundreds of pages long. They can overwhelm buyers, who may forget to check if there are any upcoming assessments.

Assessments are periodic one-time payments made to the HOA above and beyond the monthly fee, usually to cover capital improvements or repairs.

Since they will affect your monthly housing expenses and must be paid in addition to your mortgage, you’ll want to know whether they could go up anytime soon—and your agent is adept at navigating these documents to pinpoint the answer to your questions.

5. What’s happening in this neighborhood, and how will that affect home prices?

Good real estate agents hear everything about what’s happening in the communities where they do business, so it’s important for buyers to ask lots of questions.

Although federal fair housing laws prohibit real estate agents from commenting on the demographics of a neighborhood, your agent can still give you advice on whether you’re making a solid investment, based on local housing market trends and economic factors that affect home values.

So go ahead and ask the question: Are the neighborhood’s home prices rising or falling? Are there new amenities (e.g., parks, shopping, public transportation, Whole Foods) being built in the area? Also, try to determine a seller’s reasons for selling.

These are all important things to consider before home buying, and a real estate agent can help you cut through the noise and really tell you what’s up.

6. Can you recommend a home inspector, handyman, and real estate attorney in the area?

Local expertise matters not only with the real estate agent you hire, but also with the other professionals you could meet as you negotiate this real estate deal.

So if you need recommendations for a home inspector, handyman, real estate attorney, or anyone else on your home-buying journey, your agent can answer your questions and make recommendations to boost the odds that it will be smooth sailing from here on in.

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.

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.