Buyer Info

Here's articles I've written which you may find of interest as you prepare to purchase a new home. The home buying process can be intimidating if you go at it alone. Using a professional to look out for your best interests makes sense 100% of the time. Take your time searching my site.

Read through the articles I've put together and if I can be of any help, please call or email me.

Listed below, in chronological order, is an offering of articles I've written that pertain directly to buyers.

Buying a House Now Makes Sense

October 28th, 2011 Categories: For Buyers, Real Estate Chatter

Buying a home in Miami today just makes sense. The special combination of low prices plus really low interest rates means you save on both counts. Mortgage rates are the lowest they have ever been since they started keeping track. Did you get that? The lowest. And home prices are back to what they were 10 years ago in many areas.  Anyone able to take advantage of this will look back in 10 years and pat themselves on the back.

People are always asking me “are banks lending money these days?”  They’re always surprised when I answer with a resounding, “YES!”  Here’s the deal, they’re lending money to people who can prove that they are creditworthy.  That means the person must have verifiable employment (those stated income loans are long gone, thankfully), a good credit score and history plus some funds to put down and reserves left over.

Doesn’t that sound like common sense?  It is.  What happened during the Miami real estate boom was pure crazyness.  People were qualifying for loans because requirements were non existent.  You had a pulse?  You got a loan.  That’s not a very responsible way to lend money, is it?

If you’re one of those with decent credit, you can benefit by qualifying for a loan and buy what could be the best deal ever.  But don’t take my word for it.  Bloomberg Businessweek is saying the same thing.  They’re even using words like epic.  Epic Home Deals Await the Creditworthy.  That’s their article title.  And they’re not exaggerating either.  It really is epic.  Awesome.  Incredible even.  Well, you get my drift.

Spoken by Maggie Dokic | Discussion: No Comments »

Buying in Miami is Cheaper than Renting

February 5th, 2011 Categories: For Buyers, Market Trends

Inman news has an article of the top cities in America where buying is cheaper than renting.  Miami heads the list.  But this is not news to me.  As a dedicated real estate professional, I have known this all along and so have my customers.

With interest rates still at an all-time low and loan programs available for qualified buyers, it makes sense to buy and invest in your future.

You can read the article here.  If you’d like help getting out of your rental and into your own home in the Miami areas I service, please contact me.

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Mr. Homebuyer, Here’s Why I Didn’t Send That One

January 26th, 2010 Categories: For Buyers

Like most agents in the Miami real estate market, I have quite a number of buyers I am working with.  Several months ago I started making sure that I always meet with each one before we start working together to make sure they understand the process.  We also make sure they’re qualified and that we’re a good “fit” for one another.

Even so, I occasionally end up with the very eager buyer who thinks he can help me out by riding around his preferred neighborhoods and call me with addresses to look up for him.

Inevitably, there is always a reason why I haven’t sent him this particular home to review online.  It’s not because I missed it.  I want to sell him a house as much as he wants to buy one.  Really!

If you are working with a real estate agent who is looking for homes for you, here is a list of possible reasons a home may not be suitable for you and won’t make it to the emails we send you:

• The property is priced over your range – in every neighborhood there are homes priced well above what their market value is.  Homes priced over your maximum don’t get sent to you.  If your max is $450K, a house that is listed at $575K is not going to be sent to you for review.
• The property is not listed -  this includes homes you may see that look vacant and may even have a lockbox on the door.  A foreclosure can take a long time to prepare to list.  The listing agent will get it listed as soon as it is possible to do so.  Sometimes it has issues with the title that need to be cleared up. If it is not in the MLS and there is a lockbox on the door, there is no way to know who is going to have it listed.  We simply have to wait until it is. The good news is that the automatic search that is set up for you will pick it up immediately once it’s listed.  Lucky you.
• The property is a short sale that has not been approved – and you specifically let me know that you don’t want to waste your time on unapproved short sales.  Only approved short sales are being sent your way.
• The property needs extensive repairs – and you are buying with an FHA loan.  Yes, there is an FHA loan that takes repairs into account.  It’s called an FHA 203K loan.  But if you’re approved for $100K FHA, the house is listed for $100K and needs $25K in repairs, there’s no point in looking at that house.  You are not qualified for $125K (the amount of the loan including the repairs).  So this particular house will be filtered out by your agent when she reviews homes to show you.
• The seller has specified CASH offers only – Sellers usually do this because of the condition.  This is usually seen with bank-owned homes.  It’s not that they want to arbitrarily exclude a huge portion of buyers.  They’re just being realistic when they say that the house won’t qualify for financing.  It may need repairs well beyond the limit on an FHA 203K.  Or the seller may simply want a quick sale due to the horrible conditions of the house.  If it’s priced incredibly low, there’s always a reason.
• The house is pending sale – this means the seller has accepted an offer.  The sign will stay in front of the house until the property closes.  But they have changed the status to Pending Sale in the MLS and they are no longer looking for offers on this one.

The above is not meant to be an exhaustive list.  There may very well be other reasons why a home isn’t sent to you for your review.

But please do know that I am working really hard to find you one that you can call home.

Spoken by Maggie Dokic | Discussion: No Comments »

Packing Tips to Get You Moving

January 7th, 2010 Categories: For Buyers, For Sellers

Packing Tips to Get You Moving

Packing is one of those dreaded but necessary chores of moving. Not only is it time consuming, but it sheds light on how much we really have accumulated since the last move. But it can be a manageable task by starting early and having a plan.

Don’t wait until the last minute.

Moving is stressful enough. Give yourself at least six weeks, which gives you enough time to pack a few boxes each day.

Take inventory of your items to determine how many packing boxes you will need. As a rule of thumb, use small boxes for small, heavy items such as books and canned goods; medium-size for bulkier, not so heavy items like linens and pots; and reserve larger boxes for very bulky lightweight items such as lamp shades.

Obtain boxes from a moving company or collect sturdy boxes from local supermarkets and liquor stores. Also, consider investing in specialty boxes, such as wardrobe and mirror/painting cartons. Wardrobe boxes are specially designed to transport clothing on hangers and mirror/painting cartons adjust to fit large sizes.

Besides boxes, make sure you have marking pens, packing peanuts or bubble wrap, strong 2-inch wide packing tape, and unprinted newspaper. The ink from printed newspaper can rub off onto your individual items.

Pack strategically.

Plan out how you will pack up your belongings. Decide what needs to be packed first such as seldom used and out-of-season items. Then work your way up to everyday items, like dishes.

It’s also a good idea to pack one room at a time. Places like your attic, basement, garage and storage closets are a great place to start. Clearly mark on each box the contents and the room it will go in at your new residence. For fragile items, clearly mark “fragile” on the box and a directional arrow to indicate the correct upright position.

Decide what you will need to access as soon as you arrive at your destination. Write “Open First” on these boxes and load them onto the truck last or put them in your car. You also should pack a box with essentials for your first few nights, such as prescription medicine, toiletries, a telephone, clothing, towels, toilet paper, and bed linen.

Make sure to protect your belongings.

You’ll want to make sure that your belongings get from Point A to Point B in one piece. To avoid damage, follow these packing techniques.

Computers: Before packing your computer, back up your data on either an online service or a portable hard drive. If possible, pack the computer in its original boxes and packaging. If you no longer have them, use a box with shock resistant insulation or create padding at the bottom and all around the sides. If you will be using packing peanuts, wrap the computer in a plastic bag so the peanuts won’t get inside and damage the computer. Place the CPU in the center of the box with the motherboard side lying flat on the bottom. Protect the top with more padding. Make sure the computer is a tight-fit in the box. Use this technique for your monitor and printer. Don’t forget to remove the print cartridge and paper from the printer. This same procedure can be used with other electronics.

Glasses and stemware: Stuff a bit of paper inside a glass, wrap the stem, and then wrap each piece individually. Place glasses face down on a 3- to 4-inch cushion of crumpled newspaper. Top off the box with 2 to 3 inches of crumpled paper.

Plates: Create a 3- to 4-inch cushion of crumpled paper in a sturdy box or dish pack. Wrap up to four plates at a time by taking two sheets of newspaper, place a plate slightly off center, fold paper over the plate, then stack a plate on top of the covered plate. Fold paper back over the second plate and repeat this process until four plates are wrapped. Now wrap the bundle and place it on end in the box. Continue to fill the box with bundled plates, and then top it with 2 to 3 inches of crumpled paper.

Large furniture pieces: Have large plastic bags or shrink wrap on hand to protect furniture. Use rags, blankets, comforters and towels for padding.

Artwork and mirrors: Wrap all pieces individually with bubble wrap or cardboard. For artwork framed behind glass or mirrors, tape an “X” across the mirror to keep pieces in places in case it should break. Place each piece in its own flat, fitted box and fill in any space with crumpled newspaper.

A few other tidbits.

• Avoid damage from leakage by packing your liquids (including medicine) in leak proof containers such as zippered plastic bags. Plastic bags also come in handy for small odds and ends.
• Keep box weights to 50 lbs. or less.
• Use masking tape to secure lids to jars and bottles; hold down moveable parts; and affix nuts, bolts, screws or nails to associated items.
• Place a sock filled with coffee grinds or baking soda in your washer, freezer, and refrigerator to prevent odors.

And remember, this is the time to get rid of things you no longer need/use. There’s no sense in taking items to your new home that no longer serve a need.  If you have a lot of stuff call a charitable organization to arrange for a pick-up.  Otherwise plan on dropping these items off at a place like the Goodwill Industries on your own.

For more pointers on packing, talk with your moving company representative or your real estate professional.

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Miami Homebuyers – the Timing is Still Right

January 5th, 2010 Categories: For Buyers

 

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$8,000 Homebuyer Credit Extension Update

October 30th, 2009 Categories: For Buyers, Market Trends

Almost daily I am asked by Miami home buyers if “the credit” has been extended. The deadline for the current credit is fast approaching (Nov. 30th) and if you’re not in contract already to buy a house, it is unlikely that you will be able to take advantage of the present credit.

BUT today we have news of being closer to a decision on whether the credit will be extended and/or expanded.  The Senate has come up with the following:

• Keep the amount capped at $8,000
• Extend the close date to June 30, 2010 (must be under contract by April 30)
• Raise the qualifying income limits to $125K for singles & $250K for joint taxpayers (limits are presently $75K & $150K respectively)
• Add a separate credit (up to $6,500) available to existing homeowners who have been in their home 5 of the previous 8 years before closing

The Senate still has to vote on the above and the House of Representatives could come up with it’s own version.  But this step brings us closer to a decision.

If you’ve been looking for a Miami home and hoping to qualify for the credit, you still may be able to.  Stay tuned.

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