Seller Info

Here's a collection of articles I've written to help you as you consider your options. Selling what may be the largest asset you ever own is not a responsibility I take lightly. Look through my blogsite at your leisure.

When you're ready to contact me, just drop me an email or call me. I'm here to help.

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

Five Ways to Create Curb Appeal

January 11th, 2010 Categories: For Sellers

A sale can be made or lost as a direct result of your home’s curb appeal. When it comes to selling your home, the first impression is probably the most important impression. If the outside of the property doesn’t create interest or appear well-maintained, a buyer may choose to not even come inside the home. Here are five ways to create curb appeal.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry. Re-condition your deck. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain.

Manicure the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home’s roof or outer walls. Add some color to your landscape by planting annuals and placing planters of flowers in strategic spots. You can even spruce up the property by hanging flowering baskets. Add flowering plants in the back yard, too.

Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Replace any missing shingles from the roof. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don’t forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.

Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting.  Put away gardening tools and toys. Clean up the barbecue area. Eliminate any “evidence” of pets, and restrict them to the back yard when showing the home. Move extra vehicles from the view of passersby.

Clean. Clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.

The old saying about making a good first impression couldn’t be truer than when you are selling your home. Even the smallest enhancements can make a big difference in creating love at first sight for buyers.

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.

Spoken by Maggie Dokic | Discussion: No Comments »

Closing Process Explained

June 17th, 2009 Categories: For Buyers, For Sellers

I get lots of questions about the closing process from Miami home buyers.  Today I came across a neat video from the folks over at Federal Title that explains the process simply, while totally entertaining you.

So, instead of having your eyes glaze over as I explain the closing process, spend two minutes watching this neat video.  Kudos to the folks at Federal!

Spoken by Maggie Dokic | Discussion: No Comments »

Housing Stimulus Bill Summary

July 31st, 2008 Categories: For Buyers, For Sellers, Real Estate Chatter

I’m going to catch some slack from my blogging colleagues on this one. That’s because I’m reprinting an article in it’s entirety. What a faux pas! But for time’s sake, I opted for that this time. This issue is too important and I don’t have the time for a full-fledged analysis of it but still want to make my readers aware of what’s going on. I do hope to blog soon about the fact that this bill ELIMINATES in it’s entirety down payment assistance programs and I don’t agree with the change. But for now, without further ado, I present you the National Association of REALTORS®’ take on the Housing Stimulus bill:

Summary of Key Provisions of H.R. 3221 – The Housing Stimulus Bill (as of 7/30/08)

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

• GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

• Homebuyer Tax Credit – a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

• FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

• Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

• VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

• Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

• GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

• Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

• National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

• CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

• LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

• Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

• 
  For more information, visit http://www.realtor.org/governmentaffairs.National Association of REALTORS®

Spoken by Maggie Dokic | Discussion: 4 Comments »

Miami Short Sale Tax Implications

June 25th, 2008 Categories: For Sellers, Real Estate Chatter, Short Sales

Several of my clients have been sellers of distressed Miami homes. Homes where the owners were no longer able to keep up with the mortgage payments. In some cases, short sales were good options. In others, a short sale was not the solution and the owner allowed the properties to be foreclosed on.

Why would someone who is facing a foreclosure in Miami not want to get out of it if possible? The simple answer is tax implications. Allow me to explain. If you own a property that is facing foreclosure and you work out a short sale agreement with the lender, that lender is going to give you a form 1099 for the amount that was short to pay the loan off completely.

For instance, let’s say the loan on the house is $250,000 and in today’s declining housing market you can only get the home sold for $175,000. After you factor in closing fees, let’s say the bank only nets a total of $155,000. Well, the bank has then forgiven you a total of $95,000 ($250,000 mortgage balance less $155,000 netted from short sale of house). The bank will then issue you a form 1099 at the end of the year in the amount of $95,000, which means you have to report that as income when you file your income tax returns.

The problem is a lot of people facing foreclosures may seek help from professionals who don’t have a lot of experience in doing them and may not even know that the homeowner will be hit with a 1099. They’re not hiding information, they just don’t know any better. But ignorance is not bliss in this case. An unsuspecting homeowner isn’t likely to have the funds to pay the taxes due on this forgiven mortgage amount. I’m no tax accountant, but on my scenario above, I would guess that taxes could be due in the neighborhood of $15,000 – $20,000.

Well, here’s the good news. For some anyway. If you lived in the home (in other words, it was not an investment property), you may be able to get tax relief from the IRS when faced with a 1099 on a forgiven mortgage debt. Certain criteria must be met, but the relief is there. It’s part of the Mortgage Forgiveness Debt Relief Act of 2007, which was enacted December 20, 2007. This Act was put in place to help people facing mortgage problems in their primary residences. Again, this is not for investment properties. Visit the IRS page to get more details about it.

I did have a client who had 6 investment properties and he did not do short sales because he did not want to get left at the end of the year with taxes to pay on the amounts forgiven. In his case, he opted for the foreclosures. Not a great option but he was grateful to me for explaining the 1099 thing. No one had told him that he would have to pay taxes on that amount. He thought he could just short sell them and be free of the whole mess. When I explained that it didn’t work like that he was dismayed that his options weren’t better, but he was grateful to me because he was now able to make an informed decision. Super REALTOR® to the rescue! Just kidding =) But I do take my work seriously and find extreme satisfaction in being able to help people with my experience.

If you’re facing a foreclosure contact a knowledgeable professional to discuss your options. That may include a REALTOR®, accountant, tax attorney or combination. You do have options. Find out what they are!

Spoken by Maggie Dokic | Discussion: 6 Comments »

Home Buyer Activity Increases in Miami

March 7th, 2008 Categories: Coral Gables, Cutler Bay, For Sellers, Kendall, Market Trends, Palmetto Bay, Pinecrest

I have to apologize to my 7 (he he) loyal readers for not writing in ten days. This blog truly is kept up by me and not a ghost writer. Yes, believe it or not there are real estate bloggers out there who aren’t really writing their own stuff. Gasp!

Anyway, I am not here to trash those agents who would go against the nature of blogging and hire their writing out. Nor am I here to claim that blog purists insist “you’re not a blogger unless you’re doing your own blogging.” Whatever.

I’m simply stating that I have been busy. Super busy. Wait-it’s-3-o’clock-and-I-haven’t-yet-had-lunch-busy. And I imagine that if I had been interviewed by Canal 51 Telemundo (they asked) for their piece on foreclosures, I would be even busier. (Being busier is not always my goal btw).

The simple truth of the matter is that there has been an increase of buyer activity in Miami-Dade county since the first of the year. I noticed it. My colleagues noticed it. No, wait. “Noticed it,” would be an understatement. We noticed it then reveled in it. That rare commodity known as a buyer was making it’s reappearance. Hip,hip and hooray.

Why has there been a resurgence of home buyers in the last two months? I can’t attribute it strictly to the amendment 1 voting. That took place at the end of January and we noticed the shift at the beginning. Were home buyers starting to gain confidence knowing that the vote was coming up and things might start picking up afterwards? Perhaps.

I do think the buyers that are out there right now are fully aware that this is a great time to be buying a home in Miami. Home prices will not continue on a downward spiral forever. At some point the market will shift and the trend will be an upwards one. Listen to me please, by the time this happens, it will be too late to have gotten the lowest price. By the time one realizes, “oh, we’ve hit the bottom,” it will be because we’re on the rebound again and prices have started to climb back up. In real estate, as in the stock market, you can analyze all you want, but the truth remains that the only way to tell the very peak of a market or the absolute lowest point is in hindsight.

The fact remains that this is still Miami. And contrary to many’s beliefs, there are those who love living here (hand up – me, me!). Miami will continue to draw people here with it’s vibrant joie de vivre, cultural events, melting pot diversity, ever-increasing high quality restaurants, and let’s face it, the jewel in Miami’s crown, the weather, which makes for a different way of life. I was raised in New York City. Not a winter passes for me in Miami when I don’t think about my NYC peeps who are bundling up to go to work and I’m in a T-shirt. I don’t think I am the odd one out when I say I relish the knowledge that I’m not wearing a parka in the middle of January.

So those of you who’ve been sitting on that fence for a while…it’s still a great time to jump off and see what your dream home is selling for now. You might be pleasantly surprised.

Spoken by Chris Hotz | Discussion: No Comments »

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