What is Title Insurance?

Title insurance is something that most buyers and sellers have heard many times, but the majority of those people aren't exactly sure what it is. So what is title insurance? Title insurance provides coverage for losses due to defects in title that occurred prior to a new homeowner's ownership. It is the only protection against things such as unpaid taxes and liens, judgements against the seller, fraud or forgery on deeds and wills, missing heirs, transfers of title by a minor, or other issues that might go undetected until after closing and which could possibly jeopardize the new homeowner's ownership and investment.

Why does someone need title insurance? There are many defects in the title that may not be revealed in the title examination. Some examples of these hidden defects might be fraud or forgeries on documents such as deeds and wills, missing heirs, defective deeds, clerical errors in records, claims arising because a married person conveyed property without his or her spouse, and transfers of title by a minor. An owner's title policy will protect and defend the homeowner's investment if any claims are made against the property, whether the claim in valid or not, at no additional cost to the homeowner.

I hope the above clears up some of the confusion that many of us have about what title insurance actually does. As with every case, it is always best to consult a real estate attorney if a problem with your title ever arises.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

How Do I Sell My Home in Today's Market?

How do I sell my home in today's real estate market? That is a question that is asked a lot now days, especially in a depreciating market. There was an excellent article in today's Sun-Sentinel that gave home seller's a blue print of what to do in order to sell their home quickly. The article is below.

How Do I Sell My Home in Today's Market?


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Short Sales - Some Real Life Examples

Short Sales. That's what so many of us hear constantly about in the real estate industry. There are two extremes here - one being the buyers that are only interested in them and nothing else, and the other buyers that don't want to have anything to do with them. As a Realtor, most of us aren't that eager to do them. The main reason is that there are so many things that the buyer, seller, and Realtor can't control. There are definitely times when buyers are able to get a great deal because they bought a short sale. But the majority of time, it's a roller coaster ride of happiness, impatience, disappointment, sadness, and then anger for the buyer, seller, and Realtors involved.

To get a better understanding of the process and some real life examples, Diane Wedner of the Los Angeles Times wrote a great article about this. Please click on the link below to read the story.

Short Sales - Some Real Life Examples


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Is My Home Overpriced?

Wall Street Journal writer Amy Hoak wrote an article today about whether a home is overpriced or not. It is sort of long but is definitely worth reading because it gives you insight into whether the price of your home is realistic or not. Please read below.

Sluggish housing markets are filled with listings that are lingering on the market, prompting many home sellers to ponder a price cut.

A seller's reality check may come after the listing produces very few showings or a prospective buyer is lost to a competing -- and lower-priced -- home down the block.

"It's a very price-driven market," says Mike Golden, co-founder and co-principal of @properties, a Chicago-based real-estate brokerage.

No longer are buyers letting their emotions interfere when they decide to buy a home -- they're looking for deals, he says.

Many sellers whose homes are sitting on the market without a buyer in sight had unrealistic expectations from the start, real-estate agents say.

"We still have sellers who are in denial of the market and don't want to price properties where they need to," says Susan Jacobs, broker-owner of an Assist-2-Sell brokerage in Manassas, Va. Her clients are often shocked to learn how much prices have fallen.

How can sellers tell if their homes are overpriced? Look for the following signs:

1. Not enough showings. A home is likely overpriced if it doesn't get any showings in the first couple of weeks it's on the market, Ms. Jacobs says.

Even more proof a price cut is needed: people are interested enough to take information from brochure boxes in front of the home, and there have been a substantial number of hits on its Web site listings, but buyers still aren't scheduling showings, she adds.

A real-estate agent will often have access to data on how many hits an Internet listing gets.
If a home doesn't make a buyer's "showing cut," and buyers don't think it's worth the time, hassle or gasoline to schedule a visit, it's likely overpriced, says Dave Crumby, broker-owner of another Assist-2-Sell brokerage, in Tempe, Ariz.

"If you can't get people into your home, it's highly unlikely that it will sell," he says.

2. Some showings, but no contract. Perhaps the number of showings isn't a problem, yet there still have been no offers.

"If you're getting showings but not getting a contract, that means you're still not quite low enough," Ms. Jacobs says. "You're close, but there's so much competition out there."

Consider this guideline from Becky Flores, a real-estate agent at a San Antonio-based Keller Williams brokerage: "Ten showings and no offer or two weeks with no showings, you are probably overpriced for the current market. This is true especially in this very competitive market," she says.

3. Similar homes are now selling for less. In markets where the median price is falling, it's important to regularly monitor what homes are selling for, Mr. Golden says. Real-estate agents should provide clients with up-to-date information on the market to determine whether the home is still priced correctly.

"Historical data isn't quite so powerful anymore. You have to look at what is selling now, and what it is selling for," Mr. Golden adds.

In Phoenix, there's a big difference between the average price for active listings and the average price for pending sales, Mr. Crumby says.

Monitor pending sales daily, and make sure your home is competing well with the homes that buyers are taking action on, he adds.

4. Repeated negative feedback. If buyers who do walk through the home have the same negative reactions to it, that could be another red flag that the price needs to be dropped, Ms. Jacobs says.

Buyer feedback, collected from a real-estate agent, may reveal that other houses in the same price range have updated kitchens or bathrooms and the home in question hasn't kept up with the times.

To address the disparity, sellers can either remodel or cut the price.

"You can sell anything anywhere. If the price is right it will sell," Ms. Jacobs says.

5. You've cut the price, but not enough. If a price cut is in order, don't cut by small increments. Several smaller decreases could make a seller look desperate, but a larger decrease will generate more interest, Ms. Flores says.

"A $2,000 price reduction is nothing in the grand scheme of things. Even on a $100,000 house, I'd lower by $5,000 at least, if it isn't moving," she says.

"Your first three weeks are critical. You'll have your most showings with the most potential, qualified buyers -- those that are out there waiting for something that matches their needs to come on the market," Ms. Flores says.

"Don't blow it by overpricing."

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

When Should I Invest in Real Estate?

CNN recently interviewed a housing expert on when is the best time to invest in real estate. You'll probably be very surprised with his answer. Please click on the link below to view.

When Should I Invest in Real Estate?

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Understanding Property Tax Portability

On January 29, 2008 Floridians voted yes on Amendment 1 (www.YesOn1Florida.com). Amendment 1 gives the people of Florida a tax cut- guaranteed by law, and will help reignite Florida’s economy. With the passage of Amendment 1, families across Florida will see an immediate decrease and even greater savings when they move. This part of the amendment is also known as the property tax portability part. It is a huge benefit that most people aren't aware of or are confused about. Instead of giving you a somewhat confusing example of how different homeowners in different situations are affected, it is a lot easier to click on the link below and see how YOU would be affected. The link shows you what your situation would have been prior to the approval of Amendment 1 and also shows you the savings you will get now.

Miami Dade County Tax Estimator

Broward County Tax Estimator


Just in case you did want an explanation of how tax portability works, please click on the link below.

How Tax Portability Works


Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Hurricane Season 2008

The hurricane season starts June 1st every year and ends on November 30th. Since it lasts half of the calendar year, it is very important to be prepared and have a reference guide with critical updated storm information, important phone numbers, as well as everything else associated with hurricanes. Please click on the link below to get the best hurricane information I could find on the internet. You can also download and print out the reference guide in case there is a power outage in the future.

Hurricane Season Reference Guide

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com