Melbourne Real Estate News, Brevard County FL Real Estate by Sandy Shores REALTOR®

These pictures were both taken in Cozumel Mexico.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

It’s that time of year, hurricane season, time to pull out the insurance policy and review your coverage. Are you with a financially strong company, a company that can pay a claim in case of a disaster? Although, insurance companies allow changes, some, such a change in deductibles can be done only at renewal time.

The Florida insurance industry changed considerably after the hurricanes of 2004-2005.  Many large companies were replaced by smaller ones.  But, are these companies financially strong? How quickly will they pay after a claim is filed?  Can they pay at all?  Today, an insurance company's financial strength is rated on the several different rating scales. The Demo Tech system rates companies on a more lenient system than the AM Best and Weiss system.  Companies that used to be rated D, E & F may now show up with an A rating on the Demo Tech system.  So, be careful.  Do some research.  Online you can find a list of strongest and weakest insurance companies.

Call your insurance agent. Ask them to go over your policy with you.  Check your coverage.  It is based on replacement cost to rebuild, not on the market value of the property.  Check you deductibles, including the separate hurricane deductible.  Do you have a separate flood policy?

 
If you decide to shift from one company to another, find out if your wind mitigation inspection discounts will apply with a different company. Typically, the inspections are good for 5 years.  But, find out for sure. Some companies are requiring new mitigation inspections for discounts, Some are spot checking past inspections for validity, due to the high incidence of fraud in South Florida.

This is also a good time to catalog the items in your house. Take pictures of your valuables and write down the serial numbers. Video taping your home is a great way of capturing the property, while describing your furnishings in detail.  Be sure to store the pictures and video tape away from the property, in a safe place, like a safe deposit box.  Don’t store them in a home safe.  In a fire items can melt inside the safe.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

It's happened more times than I can count.

I have a client that has an interest in looking at a property for sale.  The listing indicates 'tenant occupied, showings only on weekends, no showings Monday through Friday.'  So, I called to set up an appointment for Saturday.  'No, I'm sorry, you can't see it on Saturday, and Sunday is a holiday.'  "How about Tuesday after the holiday weekend?," I asked. 'No, there are no showings during the week.'

Well, it sounds like the owner/seller hasn't discussed a workable situation with the tenant, so that buyers can get in and look at the property.   But, sometimes a lack of communication is the reason that a landlord is selling their rental property.

So often, tenant occupied properties are the hardest to get in to look at.  Many of them indicate that a 24 hour notice is required in order to show it.  Many tenants are happy where they are; they don't want to leave.  I can certainly understand that.  Some tenants make it incredibly difficult to look at a house.  Some investors that are buying are interested in buying the house with the tenant in place.

I had one recently listed for sale. I spoke with the owner and the tenant when I took the listing. "Will there be any problems with showing the house? I would like to put a lockbox on the front door.  The houses that sell the quickest are the houses that are easy for buyers to get in to look at.  Are there any times that won't work for you?"  The tenant indicated that she would cooperate in anyway she could to accomodate showings. 

I called her with an appointment.  "Will 6:00 to 7:00 be alright for an agent to show a buyer the house?"  She told me it was fine.  That evening I received a voicemail at 6:11 from the tenant indicating that the agent had not shown up yet and she was calling off the showing.  I contacted the owner right away, explained the situation and asked that he contact his tenant. He did and the situation was quickly resolved.

I've seen tenant occupied properties sit on the market indefinitely, as buyer's agents are unable to get in. I've seen tenants determined that they are not leaving, and they have no interest in helping sell "their" home.

It can be a precarious situation for all parties involved, but open communication between an owner, the tenant and the real estate agent are crucial in order to get a tenant occupied property sold.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

Buyers have been on pins and needles waiting to hear if the Home Buyer Tax Credit would be extended. The Senate has approved an extension until September 30.

Many buyers signed contracts on properties to purchase, prior to April 30.  As long as they closed prior to June 30 they were eligible for the federal tax credit.  However, the system got bottlenecked, as lenders became backlogged with the large number of properties under contract. Short sales closings were also delayed as short sale lenders were unable to deal in the high volume of property files they had on their desks. So, tens of thousands of homebuyers were not able to meet the June 30 deadline, through no fault of their own.

The extension, which must be signed by the President, will give purchasers that already had houses under contract prior to the April 30 deadline until September 30 to close, under The Home Buyer Assistance and Improvement Act (HR 5623).

The US Senate also approved the National Flood Insurance Program Extension Act of 2010 (HR 5569).  This will extend the National Flood Insurance program until September 30.  Closings across the nation have been delayed for buyers purchasing properties in flood plain zones, as their mortgage companies will not extend financing without flood insurance. 

This bill, also to be signed by the President, will be retroactive to June 1, 2010.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page