Fort Myers Archives - Page 40 of 54 - Fort Myers Real Estate and Homes For Sale

Benefits of Working with a Team in Real Estate

Years ago we were the first to predict top agents would form teams similar to a baseball team to take better care of their customers. We fielded a team of Realtors because just as the pitcher cannot be expected to catch a high fly ball to center field, a Realtor cannot be at a listing appointment, install a sign, write newspaper ads, take pictures, show property to buyers and present an offer all at the same time.

Brett and Sande concentrate on pricing the homes properly (comparative market analysis) for the listing. We also negotiate the offers. Perhaps this is why our listings sell faster and for more money. We price them correctly and we negotiate well.

Buyers must see property on their time – days off, or after work, golf or boating. Buyer Specialists are available for the buyer seven days a week. They are experienced, knowledgeable and fun to work with. Thinking of buying or selling? Interview teams and single agents to see which best fits your particular needs.

We have full-time staff to help as well. Dale Peck is our marketing manager and he corrects all our photos digitally and makes our homes look good. We produce videos in-house, as well as our newspaper ads, yellow page ads, and more. If we want something change, we collaborate in-house and make it happen.

Ashley Johnson is our closing coordinator. She stays on top of our closings and coordinates with other agents, the banks, title companies, lawyers, appraisers, home inspectors, etc. We keep our closings on track. It’s hard enough to sell a home the first time, so we’d just as soon close it the first time too. We don’t want details slipping through the cracks. This can easily happen if you’re a single agent doing everything.

Vickie Frierson is our Listings Manager. She stays on top of your listing and keeps everyone informed. Communication is Big on the Ellis Team. Vicki obtains feedback on showings, notifies our sellers when and where they property is advertised, and checks on the properties. We want to make our homes show well online and in person, and Vicki keeps the process moving right along.

Hopefully after dealing with the Ellis Team you too will realize there are benefits of working with a team in real estate.

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers

Headlines the past few years have painted a bleak picture for those attempting to get a mortgage, and for good reason. After the downturn banks over-reacted and added several layers of verifications and procedures in hopes of insuring they wouldn’t face losses in the future or be forced to buy back loans from regulators. Mistakes were made by the government and banks. This held the recovery back, but real estate still found a way to recover.

Many do not know there are new programs out there and buyers can get financing today. For instance, persons who lost their home to foreclosure or experienced a short sale 3 or more years ago may qualify now.

There is a program for 1^st time home buyers (anyone who has not owned a primary residence in last 3 years) that allows them to purchase a home for essentially $1,000 of their own money. They need a minimum FICO score of 640 and must not make more than $66,025 for a family of two and $69,600 for a family of three. A $10,000 2<sup>nd</sup> mortgage can be used at 0% interest for the down payment and closing costs. The property must be located in a federally designated target area.

Jumbo Loans Traditionally Jumbo loans in lee County were anything over about $417,000 We have a lender that now has the option of treating your loan as a jumbo loan at $250,000. They portfolio the loan, so they can use business funds as an eligible asset for reserves and as a down payment source, which is huge. The lender is able to take a common sense approach to the loan versus a hard and fast rules and regulations placed by the government.

While $250,000 doesn’t sound like a jumbo loan, it’s nice that a lender now has the option to lend their own money with different guidelines. They can do so with as little as 10% down.

We also know of a program whereby the buyer can pay cash for the home and then refinance and take cash out within 6 months. This is helpful when the buyer has cash but doesn’t really want to tie it up and is looking at a hot property. Many homes are selling with multiple offers and the cash offer often times wins because financing and appraisal isn’t an issue. Many homes are selling above appraised value because appraisers are looking at past sales and the market has been rising.

Credit scores are set to rise and credit agencies are treating medical debt differently than in the past. Some people will see their scores go up.

The reason many buyers have remained on the sidelines is because of fear. Fear of the process and fear they won’t qualify for a mortgage. We will be setting home buyer seminars to explain the process to buyers and have lenders look at your credit and tell you if it’s possible. Buying a home doesn’t have to be scary when you have someone holding your hand and walking you through the process.

Lastly, we have a way to lease-option a home so you can lock-in your home and move in before you own it. We have an investor that purchases the home on your behalf and leases it to you and there is an agreement that you can buy it anytime in the next 5 years for set prices. This is a good program for those with credit issues but know they can purchase in a year or two when their credit is better. It creates stability for the family, especially those with children looking to get into a school zone.

The bottom line is there are more choices now. Call us today at 239-489-4042 and see if buying a home is in your future.

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

SW Florida Hurricane Tips From a Top Agent

It’s getting that time of year again when the tropics begin to heat up. The newspapers and TV stations do a good job of educating people how to survive a storm. We thought we’d give you our insights and tips from an agent perspective.

Remove for sale signs from yard. You don’t want that becoming a projectile in a storm
Purchase a Hi Definition antenna for your TV. TV stations broadcast over the air in digital format and Hi Definition. If you have a Hi Def TV you can receive these broadcasts over the air for free with $10 antennae. Mine has a 35 mile range and picks up stations from all over, including Sarasota and Tampa. Those old portable hurricane TV’s probably won’t work anymore as the standards have changed
If you have hurricane shutters, roll them down or slide them and lock into place and test them out. Over the years dirt, frogs, and other creatures can jam up the tracks. The time to work on these is before the storm
Be sure to go around your yard and look for loose items. Pay particular attention to your lanai and bring items inside that could blow around
Do not cut pool screens. It is true pool screens add resistance and could help bring down your cage in heavy hurricane force winds, but why cut them? You’d be better off removing spline and the screen and installing the screen after the storm. When you cut the screen you remove any chance of using it again
Park your cars against your garage door inside your garage. Experts will tell you this doesn’t work. Since your garage door may be the least protected exterior item on your home, I just don’t see how reinforcement behind the garage door could hurt. It’s no guarantee, but sometimes little things can help
Purchase a Sawzall, also know as a reciprocating saw. These are very useful in cutting down debris after a storm. We had one client take down his entire pool cage that had collapsed in Charley after the storm. Sometimes debris can block your exit to your home, so it’s nice to cut your way out if need be
Keep an axe in your home. Rising waters are usually more dangerous than high winds. If the waters were to rise, you might want a ladder and an axe. In Katrina people in New Orleans used axes to cut wholes in their roof from their attic. They were forced up in their homes due to rising waters. You’d hate to survive high winds only to drown in your own home
Buy lots of water-If the electricity goes out, you may not be able to count on having good drinking water
Fill up your car with gas ahead of the storm. Buying gas after a storm is never fun, and nearby stations could be out

We’ve created a Hurricane Tips Page on our website at Topagent.com with more tips. We’ll have an updated video you can watch on our YouTube Channel www.YouTube.com/brettellisfl with many more tips you might not think about. We’ve lived through and flourished through several storms, and we want you to as well. A storm doesn’t have to be as scary as it sounds if you prepare ahead of time.

If you stay, be prepared. The decision to stay or evacuate is yours. Listen to the experts, and know what you’re going to do before so you’re not caught off-guard. Be sure to visit our complete checklist with more tips online.

Good luck and have a safe hurricane season!

View our July 2014 SW Florida Real Estate Market Update

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

Changes are coming to the way property is shown in SW Florida. Gone are the days where agents call the listing office to setup showing appointments. This was an inefficient system as agents had to make phone calls to listing office, who had to in turn call seller, then call showing agent back to confirm. If one seller wasn’t available it could throw the whole showing schedule into chaos and start the process all over.

The way properties will be shown is changing for the better as the MLS has now gone to a Centralized Showing Service. Technically offices can still setup showings the old fashioned way, but once they see how the new system works they’ll quickly learn their sellers will be at a big disadvantage so they’ll want to join in the new system.

When agents view properties online in the MLS there is a button they can click on that will automatically setup the showing for them. If the agent sees 7 homes that meet their buyer’s needs, they simply select those 7 homes and request showings at a set time interval, i.e., tomorrow from 2-4 pm. They system will contact each owner and notify the showing agents which appointments are set along with a showing map for the route.

Since this will be automated sellers need to understand the new rules of showing real estate. Actually they’re old rules but with the new system it’s even more important. The more accessible a property is, the more it will get shown if it’s priced correctly. If the sellers reject showings as inconvenient, the showing agent will simply just show the homes they have approvals on. The rejected showings will miss out unless the buyer doesn’t like one of the other 6 homes.

With limited inventory, buyers are hesitant to wait, so they offer on one they’ve seen that meets their needs and is priced correctly.

The new system will handle alarm codes, gates codes, special instructions like handling of pets, etc. There’s even an app for the agent’s phone that will remind them not to let cat out or why a bedroom door is closed.

Sellers will have the option of receiving a tele-call where they can hit 1 for accept the showing or 2 for reject. Or, they can receive texts where they can accept or reject, or an email, or all 3. Once the seller accepts the showing agent is instantly notified, so setting up showings can take just a few minutes versus chasing listing brokers and sellers down for hours. Weekends were especially hairy if the listing office didn’t have personnel to handle showings.

The system has some interesting features. It can tell an agent which price range is receiving the most showings. This can be helpful in setting the correct price for a home if the home is on the edge of a price bracket.

The system also contacts showing agents for feedback and generates a nice report for our sellers. Tracking agents down for feedback used to be difficult but now the system will do it automatically and makes it easy on the showing agent to respond.

We look forward to sharing with our sellers the new seller reports, showing reports, and market statistics we’ll generate on showings. We can compare this to sold and pending data and spot trends as they develop. If the market takes a turn, we’ll be able to see if other similarly priced homes are getting showings.

This new service is a win/win for sellers and agents. Knowing the new rules and how to work the system can mean the difference between selling or watching all the homes around you sell while your home sits. Take the time to learn the system and make your home accessible.

Good Luck and Happy Showing!

View our July 2014 SW Florida Real Estate Market Update

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

SW Florida Home Prices Rise

Local numbers were just released and June 2014 single family home sales were up 8.1% over last year with a median sales price of $200,000. That’s up from $185,000 last year and up from $195,000 last month.

SW Florida Home Prices Fort Myers Real Estate Market Update July 2014 — SW Florida Real Estate Single Family Home Sales

Average SW Florida home prices have been holding steady all year around $300,000, bouncing between $299,000 and $319,000. Median prices are definitely up for the year while average sale prices are level.

Listing inventory is falling as it usually does this time of year, however it is up from last year about 5%. This is a positive sign and indicative of a healthy market. There will always be a level of homes that never sell because they are priced too high for what they offer. Having more inventory creates visible competition for sellers. When prices outpace the market, buyers shut off like a hose spicket. We have not seen that, but there is invisible competition coming to the market some sellers may not be aware of.

SW Florida Home Prices and Listing Inventory — SW Florida Real Estate Market Listing Inventory July 2014

We’ve been warning sellers for months that new home inventory is arriving. Builders have been ramping up and we know of many new homes coming to the market and available starting in September. These new homes will add to the inventory, but they won’t show up in the numbers. Sellers won’t necessarily know about them, but buyers will.

Nationally inventories are at their highest levels in over a year which is tempering price gains. We could see the same here in SW Florida heading into next year. What’s different in SW Florida versus the rest of the country is the economy. Locally we have positive driving forces. Companies are hiring and relocating here. Bringing higher paying jobs to SW Florida helps our median income. Nationwide, wages are stagnant which keeps a lid on rising prices.

Traditionally SW Florida fares well against the national real estate market, although it does affect us to some extent. Some people need to sell up North before buying here. In the past 7 years or so SW Florida trailed the national market, so it’s kind of refreshing to lead again.

Rising inventory is leading to increased sales. We always said if we had more inventory we could surely sell it, assuming it’s fairly priced inventory. If a home is priced over the market then it’s not really on the market. We wish there was an index of inventory levels of correctly priced homes.

Several years ago we invented the Current Market Index which accurately predicts home sales going forward. We’re working on a new index that measures inventory levels by price so we can determine how much of the current available inventory is actually on the market and how much is over the market and not truly available.

Next season buyers will have choices between existing homes and new homes built and ready for delivery. We’ll be watching to see if builders can keep up the pace with delivery homes versus building on contract for a buyer. The bottom line is this will cause sellers who wish to sell an existing home to be competitive.

Builders can offer a new never lived in home with new features, but they can’t always offer the same location. There will always be a premium for location, i.e. west of 41 and closer to the beaches. Many new communities are inland so the land costs will be less.

As always, if you want to sell you’ve got to price it correctly. Many sellers are choosing to sell and purchase something else that fits their needs better today. Interest rates are still low so it makes sense to do it now. When rates change, some sellers may not want to make the move because the new home will cost more to finance.

The bottom line is the SW Florida real estate market is healthy and more balanced and our economy is good. We’ll keep an eye on shifting forces and see which way it directs SW Florida home prices and by how much.

Good luck and Happy House Hunting!

View our July 2014 SW Florida Real Estate Market Update

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

For Sale By Owners are at a big disadvantage and it’s not really the seller’s fault. There are several reasons why it’s hard to sell a home By Owner. The number one factor is Fear. Buyers have a fear about the process of buying a home and without an agent all those fears bubble up. They fear they don’t know the area as well as the seller. They don’t know the neighbors. Buyers may not know the schools, etc. They don’t usually know how to structure a contract, and they don’t know financing. Buyers have never lived in the home, but the seller has. Buyers feel at a big disadvantage, so their fear leads them to the second biggest issue, which is trust. Buyers become skeptical because they realize they’re not holding many of the knowledge cards; the seller is. The seller knows much more about the home and the neighbors than the buyer. There isn’t an agent as a go-between so there is a lack of trust. This lack of trust is born out of fear.

For Sale By Owner Fort Myers — Pitfalls of Selling By Owner

When you have fear and lack of trust, any potential transaction is shaky at best. The seller has fear and trust issues too. The seller also does not understand financing, insurance, etc. The seller is fearful that the buyer may not be able to qualify or is telling them the whole story. There is no agent to verify certain facts, so the seller must ask the tough questions themselves. Buyers don’t like to divulge confidential financial information to the seller as they would a seasoned professional like an agent. Buyers trust their agent; they don’t trust a seller they don’t know. The seller doesn’t trust a buyer they don’t know, and there begins the cycle of distrust, which elevates fear. Buyers and sellers don’t negotiate with other buyers and sellers everyday, all day long. The questions they do ask come across as personal, so they get evasive answers. Buyers and sellers treat each other at arms length because they know whatever they say could be used against them in the course of negotiation. Some buyers and sellers get cute and try to Buffalo their way with the other side. Even if they are better Buffalos, the other side typically reads they’re not getting the whole story. Complex issues arise in a transaction. Inspection issues can be sticky, not to mention insurance, survey, financing, HOA, and past permit issues, to name just a few.

For Sale By Owners Net Less Money at Closing

Recent studies have shown For Sale By Owners sell on average for 12% less than what a Realtor gets for a home. The only way a buyer would buy a For Sale By Owner is if they can save the commission and buy it under market. If they have to do all the work themselves and face that fear on their own without the help of an agent, they better get a bargain. However, the reason a seller wishes to sell By Owner is to also save the commission. Both the buyer and seller cannot save the same commission. If the seller is going to take the time to show it, advertise it, make signs, place ads, and pre-qualify each buyer they better get more than fair market value for their efforts. They must fight bank appraisers and they have nobody in their corner if they get a bad appraisal. They just lose another deal. So if sellers get on average 12% less for a home, why would they try on their own? A leading For Sale By Owner company CEO recently sold his home through a Realtor. If their company is so great, why did he resort to hiring a Realtor? Every seller wishes to maximize their bottom line but selling By Owner isn’t it. If it was easy everyone would do it. Not only is there a cost to taking less, there’s also a cost for losing deals and selling it over and over. And doing it all yourself can get discouraging. Buyers and sellers are also emotional. They don’t have a 3rd party intermediary keeping things real. Facts and logic get blurred and they can convince themselves of almost anything. If you’re thinking of buying or selling, do yourself a favor and hire a good agent. You can do it right the first time, or do it the hard way and try on your own. Hey, you might get lucky, but then again, it could turn out badly. It’s your choice. We don’t see a lot of FSBO’s today but they will always exist. We hope this article helps you analyze your options. Good luck and Happy House Hunting! View our July 2014 SW Florida Real Estate Market Update To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below Visit our Google+ Business Page Feel free to view our Virtual Tours . By Brett Ellis Fort Myers Real Estate Agent 7910 Summerlin Lakes Dr Fort Myers, FL 33907

Perhaps you’ve tried various search sites and gotten confused on how to search the SW Florida MLS. As a consumer, it’s not always easy navigating search sites and knowing the lingo and field definitions of the MLS which you don’t have access to.

Search SW Florida MLS

I came across a nifty sitemap on our website that provides shortcuts to some useful searches in the Fort Myers MLS.

Sitemap

Search Real Estate For Sale by City

SEARCH CITIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by County

SEARCH COUNTIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by Price

Search Luxury Real Estate For Sale by Price

Search Real Estate by Number of Bedrooms

Search Real Estate by Number of Bathrooms

Search Real Estate by Size

Search Featured Real Estate Listings by ID

Let us know what you think. Are these searches useful? We can add custom searches and save the links for you. For instance, we created a custom search for Reflection Lakes in Fort Myers

We did another one for Cape Coral Homes For Sale which displays search results for single family homes in Cape Coral without having to select more criteria. Some people want more search options and some desire quick and easy search results. We wish to proved you what you’re looking for.

We welcome your comments.

To view our homes in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Visit our Google+ Business Page

Feel free to view our Virtual Tours .

By Brett Ellis

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

This past year our team has sold several new homes in the The Plantation Gated Golf Course Community in Fort Myers Florida so we thought we’d tell you a little but more about this community. Here is an aerial view of the clubhouse.

The Plantation Gated Golf Course Community in Fort Myers Florida Clubhouse — Aerial View of the Clubhouse

With over 30,000 square feet The Great House as it is called by the developer features an interior similar to a British Colonial manor home. It features restaurant and a bar with two fireplaces. RE/MAX has had our Holiday office party at the clubhouse twice and a good time was had by all. The clubhouse has a golf pro shop, men’s and women’s locker rooms, a billiards room, gathering room, and a meeting room.

Overhead golf view the Plantation Fort Myers — Overhead View of Golf Course

The 18 hole championship golf course was designed by Hurdzan-Fry and is perfect for players of all skill sets. It is a 7,233 yard course with a variety of tees that provide various angles of play and is generally considered a fun but challenging course

Clubhouse Outdoor Seating Area — Outdoor Seating Area Overlooking Golf Course at Night

Somerset Hall is the hub of the Somerset at the Plantation community. It is a large activity center where the community can meet and socialize and features an on-site activities director. Somerset Hall features a resort style pool, spa, fitness center, aerobics room, massage and sauna rooms, locker rooms, tennis courts, billiards room, TV & Internet lounge, library, and community room.

Residents enjoy the resort style pool as a place to unwind or get some sun in.

The Plantation at Somerset Community Pool — Community Pool

The Plantation Gated Golf Course Community in Fort Myers Florida

To view more photos and video of the Plantation and the recreation areas check out our video on the Plantation Golf Course Community in Fort Myers

The floor plans aren’t bad either. Here is a photo of the kitchen in the Dartmouth II model. By the way, we hear they’re building all new models. The Plantation also has another section called Bridgeport at the Plantation with different floor plans as well.

Dartmouth II kitchen — Dartmouth II Kitchen

We have plenty more photos we could show you, but there’s no substitute for seeing the Plantation in person. Let one of our buyer specialists help find your dream home at the Plantation, or wherever your dreams take you. We know the area, we know the development, and we know the builder. It pays to work with an agent who can listen to your needs and recommend the best product for you.

We can be reached at 239-489-4042

If you’d like to search the MLS, visit our website www.TopAgent.com

To view our homes in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Visit our Google+ Business Page

Search the MLS

View Larger Map

Feel free to view our Virtual Tours .

By Brett Ellis

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

What is a 4 Point Home Inspection?

Most buyers are familiar with a typical home inspection where the buyer hires an inspector to inspect a home they are purchasing to see what defects or required repairs the home may have, as well as informative maintenance type issues. However, you may be curious about a 4 point home inspection.

4 Point Home Inspection For Insurance Company Discounts

You may have heard the term 4 point inspection thrown around as well. A 4 point inspection is a separate inspection report many insurance companies require on homes 20 years old or more. Citizens required them on homes 30 years old or more. Some companies are requiring them on newer homes as well, so it’s always good to check with your insurance company as getting a 4 point inspection is less expensive if added on to a regular home inspection.

The 4 points are heating and air conditioning, electrical wiring and panels, plumbing connections and fixtures, and the roof.

Insurance companies have become increasingly reluctant to issue Homeowner Insurance Policies on older homes (usually 25 years old or more). Their common concern is that there may be conditions in an older home that could become a liability to them. For instance; a home with a roof nearing the end of its reliable service life may fail while under the policy and the homeowner may seek reimbursement from their insurance company for damages to the home or its contents.

Similar concerns extend to the condition of the HVAC, electrical and plumbing systems in an older home. If these elements are in poor condition, in need of being updated or replaced or were improperly installed, they may fail and cause fire or water damage to a home.

Newer homes are assumed (by the insurance companies) to not have these problems as frequently as older homes. There is a standard form for this type of inspection that must be filled out by a qualified inspector or contractor.

There is also a Uniform Wind Mitigation Verification Inspection which provides significant discounts to a homeowner if the home qualifies. The state has recently changed the reporting rules this year making it harder to qualify for such discounts. More proof is needed in the report including photos.

There is also a Roof Certification Inspection insurance companies require when the roof is approximately 15 years old. The 4 point inspection report may suffice if your insurance company asks for this inspection. Check with your company.

Last week an insurance company sent over their own person to check on one of our listings for an upcoming closing. I checked with an insurance agent who said more and more insurance companies are starting to send their own people over to perform these inspections as they are not fully trusting the reports they are receiving. This may cost the insurance company more money upfront, but it is a signal that they are increasingly looking to limit exposure and risk.

Not only must a seller satisfy the buyer, the lender, the appraiser, but now also the insurance company before a home can be sold.

If the home has polybutylene plumbing you can forget about an insurance company insuring the home. The home must be re-plumbed.

Buying and selling a home today has become more complex. With new Dodd Frank regulations being written and taking effect combined with new insurance disclosures and requirements it’s a wonder anything gets done. Inspectors have to fill out more reports so they must charge more.

As regulations increase Realtors will have to charge more in the future. State Farm now requires their own forms be filled out by inspector on a PC, not a mobile device so inspectors are charging more for State Farm inspections.

Yesterday I had to go back out to a property under contract and photograph certain things for an appraiser to go in that report. Appraisers and insurance companies are documenting everything.

We’d strongly recommend getting a 4 point inspection as an add-on to your regular home inspection. It just might save you thousands on your home insurance, and it might come in handy when you go to sell the property, even if your insurance company doesn’t use it.

Good luck and Happy House Hunting!

Preview our Latest Video Featuring The Plantation, a gated golf course community in Fort Myers Florida

Whether you’re ready to list your home today or just get an update on prices, we’re here to help. To get your home listed and marketed in High Definition simply call the Ellis Team at RE/MAX Realty Group 239-489-4042 or email us at Brett@topagent.com or Sande@topagent.com To search the MLS visit TopAgent.com To learn more about Hi Def video for your home visit HomesinHD.TV

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By Brett Ellis

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

New Form Required on Florida Home Sales

A new form just arrived June 1st informing buyers of what the homeowners insurance and flood insurance may cost, and if the cost exceeds the amount disclosed then buyer may have a right to cancel contract.

There have been significant changes to homeowners and flood insurance policies and costs in the past few years and some are quite surprised at the hoops they must jump through to obtain affordable insurance.

The Ellis Team is strongly encouraging our sellers to provide an elevation certificate so we can obtain upfront what the flood insurance costs will be. Without the elevation certificate insurance agents are forced to quote off the base elevation which can be much costlier. Some buyers were surprised to find out flood insurance was tens of thousands of dollars on a property. This is one reason the National Association of Realtors urged Congress to make changes to the flood program.

These changes are in effect now, but having the elevation certificate helps. Many people don’t realize the buyer can assume the seller’s flood policy. This is worth examining as well.

Homeowners insurance has seen its share of changes too. Wind mitigation surveys can significantly reduce policy premiums on homes, especially homes built before 2002. Older homes are getting costlier to insure because they were built to lesser codes.

I called Peter Craig over at Pacific Crest Insurance as he has been bailing us out and saving deals for us from surprised buyers brought in by other agents who didn’t know about inspections and saving money. Peter told me about a company that is charging $800 to nail in clips so that the insurance companies will reduce premiums. If the home has certain features like hurricane clips or straps the premium is reduced. Homes built before 1985 typically don’t have either so having nails put in helps with costs.

He also told me about a survey company that does elevation certificates quickly. We ordered one for a property because the seller didn’t have one and got it back within a few days. I think the seller paid $130 or so for the certificate, but it saved his deal and saved the buyer thousands on insurance.

Many buyers qualify for the home, but when they find out the homeowners and flood insurance costs are so high without these discounts they no longer qualify. I’ve talked with several agents who have lost deals because buyers no longer qualified for the home. It’s knocking them out on their ratios on the monthly payment.

Sellers used to not care because it was the buyer’s issue, but that’s no longer the case. It’s not about if the buyer pays more in insurance, it’s about whether the buyer can still qualify for the home. Most buyers buy as much as they qualify for, but when insurance costs are double or triple what the lender used for their monthly payment, it knocks them out of the deal. Now sellers care, and if they don’t, they soon will when they start losing deals on their home. Even if the buyer hasn’t bought as much as they can afford, they still shy away when they see high yearly insurance premiums they weren’t prepared for.

Now the new disclosure addresses this upfront, which is a good thing. For it to work properly, getting quotes before you find the buyer is essential, so I’d recommend real estate agents find a good insurance agent and do the research on each listing before you find the buyer. Having the elevation certificate is crucial. A wind mitigation report is helpful as well.

It’s so much easier to sell a home once than several times. Getting this information upfront can save deals and get the sellers on their way to their next property and get buyers into their home the first time. It’s more work on the front end, but it will help keep deals together and save work on the back end.

Good luck and Happy House Hunting!

Preview our Latest Listing in High Definition
1528 Pinecrest Rd

Cypress Lake Country Club

Fort Myers, FL 33919

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By Brett Ellis

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

Benefits of Working with a Team in Real Estate

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Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers

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SW Florida Hurricane Tips From a Top Agent

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SW Florida Home Prices Rise

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For Sale By Owners Net Less Money at Closing

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Search SW Florida MLS

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Search Real Estate For Sale by City

SEARCH CITIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by County

SEARCH COUNTIES IN SOUTHWEST FLORIDA GULF COAST MLS

Search Real Estate For Sale by Price

Search Luxury Real Estate For Sale by Price

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Search Real Estate by Number of Bathrooms

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The Plantation Gated Golf Course Community in Fort Myers Florida

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What is a 4 Point Home Inspection?

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New Form Required on Florida Home Sales

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