Cape Coral Real Estate : Cape Coral Real Estate Broker | Susan Milner | Florida-Future-Realty.com (Florida Future Realty, Inc.)

Cape Coral Gulf Access homes make great second homes.

What will a second home in SW Florida cost?

As the prices of homes in SW Florida are, can we say, more than affordable, many people across the U.S. and abroad (especially Europe and Canada) are entertaining the possibility of a second home. The biggest question on everyone’s mind is “What will it cost me?” Obviously it is pretty easy to find the listing prices of Cape Coral homes online but to truly understand what the ‘cost’ will be can take doing some research. In this article I will go over the basic costs you can expect to pay when investing in a second home here in beautiful Cape Coral or Ft. Myers, Florida.

First to consider: Cost of Money

Are you planning to pay cash or do you plan to get a mortgage for some of the purchase price? If you plan to pay cash make sure that you are comfortable with the rate of return on your investment. You may wish to consider getting a loan for some of the purchase to keep more capital for other investments (more houses, or?).

If you are going to obtain financing make sure you determine which loan is best for you and your needs. Most investment properties will require 20-25% down. If you are Foreign National you must be prepared to put down at least 30% in most cases. You can also attempt to receive a loan from your country as well. The rates will be lower but you may have to put up your current home as collateral (borrow against your equity). Some second homes may be purchased with less money down. But your payments will be much lower with the more money you put down on your purchase.

For comparison purposes here let’s look at a sample waterfront listing.  The current asking price is $375,000. Let’s assume that you plan to put down 25%. This means that you will be putting a down payment of $93,750. Here is an estimate of closing costs:

Taxes: $ 6,422.24*

Loan fees: $3,846
Prepaid taxes & insurance: $5,778

Total costs to close: $103,374.

• from current 2009 tax bill – properties are reassessed every year here so this could change. Currently this home is assessed at $374,230. Please also note that taxes are NOT higher for non-residents. But full time residents are eligible for exemptions.

To find insurance companies who are still readily writing homeowners insurance in the state of Florida visit www.ShopandCompareRates.com

You can verify tax information online at www.LeePA.org

Next we need to figure maintenance. You will have an electric charge and probably a water bill as well. Let’s assume that you are not here full time and so we’ll estimate these charges on the ‘low’ side.

Monthly Bills
Electricity         $200-400
Water            $  50-150
Lawn            $  75-100
Pool            $  75-100
Alarm            $    20-50

You may also wish to hire a maintenance company to handle all of this. They will have their own crews to handle lawn, pool, cleaning, repairs, etc. They charge anywhere from $50-500 per month above the charges listed above.

You can also have the property rented out during the months you will not be visiting if you’d like to offset the costs. Rental rates very depending upon location and whether we are talking about in or out of ‘season’. You can pay anywhere from 5-15% for property management assistance. This fee is generally deducted directly from your monthly rental income.

Keep in mind that these are estimates and that the real charges could be higher or lower.

Our professional real estate agents can walk you through this process and assist you in determining what makes sense for your needs and wants.

Ready to search for available homes now? Visit our Cape Coral real estate source!

We look forward to hearing from you! If you have any questions at all give us a call!

(239) 542-8521

(888) 764-6665

inquiry@floridafutureagents.com

Copyright 2010 Florida Future Realty, Inc.

I cannot believe what that idiot did today!

Sound familiar? Do you constantly end up dealing with ‘Idiots’ in your real estate business? They don’t know what they are doing. They clearly haven’t read the new laws! They don’t even write up a contract correctly! Sheesh, we should all ‘Raise the Bar’!

It is funny that I am writing this. I have definitely had my moments dealing with ‘idiots’. Yep, I said it. But you know what? Looking back I clearly could have handled the situation differently, better even. Instead of allowing the initial frustrating thought to take over I should have stepped back and realized that EVERYONE makes mistakes.

We all have our moments of saying or writing something ‘stupid’. We have all messed up some document before. We have all misspelled something in our day! We have all done something completely incorrect.

But you say, “I take responsibility for my actions”. Or even “No, I don’t make mistakes”. You are crazy if you think you haven’t made mistakes. We all do! Great, you take responsibility for your negative actions but you don’t think others do? Well maybe you could respond with kindness and actually HELP them out instead of ranting about what they do.

For instance, in this current market we are dealing with a LOT of bank owned properties, short sales and investors. Some of the real estate professionals around here have been handling short sales and/or bank owneds for years. Others are just now starting to take these kind of listings. It appears that the ones who have been handling it for longer are (from the newbies mindset): Rude, non-responsive, even unprofessional
While they are: so much more professional. They would of course answer their phone and most certainly return all phone calls promptly, take more photos of the house, be nicer to agents who ‘are trying to sell this house for the listing agent’!

Funny thing is though on the flip side of the coin these listing agents are “tired of all the stupid questions”, “exhausted with the low ball offers”, “too busy to explain to every buyer’s agent how to write up an offer properly”, “knowing the property is priced so low it will sell fast & don’t need to take 10 photos of it - it is a foreclosure after all’.

Sound familiar? See the problem? Everyone is too worried about everyone else and not worried enough about themselves. We all need to focus more on our own professionalism, our own friendliness, kindness and ethics. We will never force someone else to be something they are not but being rude to them will not help - in fact that will make it worse! (i.e. viscous cycle)

Next time you are thinking about ‘ranting’ about some ‘idiot’ agent/any other person rethink it. Think about being kind and doing something way more productive with your time! Like maybe ‘helping’ someone out!

And please, don’t convey your opinion to the public or your customers. It will only make you look like the loser. People want to be around happy, kind people - not jerks.

So leave your negative attitude, huge ego and BS at home and come out and be positive, have fun, be professional and be more successful!

No one is perfect but we can all make a better effort to be ‘better’. And ‘better’ is not telling someone else how to do their job. It is being better at your own!

My 2 cent rant for the day ;)

Make it a GREAT one!!!!! And wouldn’t you rather be HAPPY than RIGHT?

(and the photo is there to help you RELAX :))

June 1, 2010

Cape Coral, Florida

June 1 is the first day of Hurricane Season.

This year is predicted to be a busy hurricane season. The official NOAA predictions are as follows:

“We estimate a 70% probability for each of the following ranges of activity this season:
14-23 Named Storms,
8-14 Hurricanes
3-7 Major Hurricanes
An ACE range of 155%-270% of the median.” (from http://www.cpc.noaa.gov/products/outlooks/hurricane.shtml)

NOAA is clear to state that they DO NOT make landfall predictions. They are unable to predict landfall until a few days out.

It is always best to be prepared as you never know exactly what may happen in your neighborhood/area. The good news with Hurricanes is that they give us plenty of warning. We are notified of their formation SEVERAL days before they are even close to United States in most cases. This gives you plenty of time to prepare. Whether you plan to board up and stay at your house or board up and leave is up to you. Depending upon the strength of a Hurricane you can make the best choice for you and your family.

I remember when Hurricane Charley hit our area in 2004. Most people didn’t even make the necessary preparations because they had never experienced a storm this large. They were used to small storms that caused minimal damage. We knew it was headed our way as at least a category 2 storm well in advance. However, as it approached it reached a category 4 Hurricane status. Many older homes sustained minor to major damage and many other homes sustained minor roof, pool cage and tree damage. We lost power through most of the area for several days. Charley was definitely a wake up call for our area.

The following years were mild for us including last year which was also pretty mild in and around Cape Coral.

I wrote the article below in the past to remind people of other natural disasters around the US and World to put Hurricanes ‘in perspective’.

Being in SW Florida, I hear concerns from people about Hurricanes from time to time. We usually end up discussing historical data, newest hurricane codes & then I typically go into ‘natural disasters elsewhere’.

Honestly, I cannot think of a single place to live that there won’t be something weatherwise to concern yourself with. Basically it comes down to picking the ones that least annoy you, or maybe are least likely to kill you.

Here are some I can think of:

• Hurricanes
• Tornadoes
• Mudslides
• Blizzards
• Avalanches
• Fires
• Floods
• Draught
• Extreme Heat
• Wind
• Earthquakes
• Tsunamis
• Sink Holes
• Volcanic Eruptions
• Solar flares, meteors, etc…

So, what natural disasters do you have to explain in your area?
Oh, I almost forget Florida is also the lightning Capital of the World
But I can’t see myself living anywhere else!

Read the remainder of this article on my webiste: Cape Coral Hurricane preparedness

Cape Coral lease options are a great idea again. Florida Future Realty, Inc. has been receiving a high number of requests for purchasing homes in Cape Coral via lease options. We are in need of more inventory to fulfill the needs of these buyers in Cape Coral. Many of these buyers have unfortunately lost a home in the past few years to a short sale, foreclosure or deed in lieu. They are good people who want to purchase a home they can afford but banks aren’t lending them money, yet. They want a place to call home and are sick of moving every 6-12 months from homes that are also going into default! We need your help. If you have property in Cape Coral that is paid for and you’d like to receive income on this property we have a great plan for all. Lease options were very big several years ago and they are big again.

There are 2 parts to a lease with option to buy. The first part is the lease. The lease agreement is set up for anywhere from 1 to 3 years. There is first & last month’s rent included to get started. Rent rates on lease options are slightly higher than standard rental rates because the tenant/buyer will be receiving part of their monthly rent towards the purchase price.

There is also a contract for sale and purchase. This price will be based upon projected market value at the time the lease ends and the sale is to take place. The tenant/buyer will also put a non-refundable deposit down as well. This is generally 3-5% of the sales price but can always be negotiated to fit the needs of all parties involved. This amount will also be credited towards the buyer’s closing costs at the actual sale of the property. If the tenant/buyer fails to purchase the property then they deposit is completely forfeited to the owner of the property.

Our lease option program guidelines: Cape Coral Lease Options

2010 Short Sales are still highly prevalent in and around Cape Coral, Florida. This year we have noticed more and more Cape Coral real estate agents get involved in assisting buyers and sellers with either purchasing or selling short sales. We've been successfully negotiating short sales since 2006. In some aspects the process is becoming easier but in some ways more challenging as well. With new government programs available homeowners are opting to participate in either loan modifications or a short sale when faced with a hardship. We suggest all primary home owners to attempt a loan modification first, prior to attempting a short sale. If a loan modification doesn't work then your lender will most likely even advise you to seek out a short sale. We have much first hand experience in short sales and can assist sellers in and around Cape Coral and Fort Myers with their short sales.

You can read more from our past short sale customers to get an idea of our services.

Cape Coral Short Sale

Our website also goes over many common questions you may have in regards to a short sale on your home. We have also successfully assisted investors and non-primary residents in short selling their properties as well. At times lenders, investors or mortgage insurance companies will require some cash at closing or a promissory note on these type of properties.

If you would like help now with a short sale please go ahead and fill out the form below and we'll be in touch shortly.

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As a registered real estate broker with HUD I like to keep up to date on the newest listings (see below). We also have lists of Foreclosures from other sources. There are a lot of great opportunities out there for buyers still.

CAPE-CORAL

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-902427 1020 SE 25TH LN CAPE CORAL, FL 33904 $60,000 3/2 02/19/10 02/23/10 Owner Occupant (Investors bid on 2010-02-24) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-043800 1820 SW 39TH ST CAPE CORAL, FL 33914 $57,000 3/ 2 02/19/10 02/23/10 Owner Occupant (Investors bid on 2010-02-24) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-935962 1111 SE 8TH TER #3B CAPE CORAL, FL 33990 $23,000 2/2 02/12/10 Daily All Bidders View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-008683 5210 CORONADO PKWY #10 CAPE CORAL, FL 33904 $27,500 2/2 02/05/10 Daily All Bidders View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 098-008295 3917 COUNTRY CLUB #102 CAPE CORAL, FL 33904 $59,000 2/2 02/05/10 Daily All Bidders View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-922688 702 SW 11TH AVE CAPE CORAL, FL 33991 $133,000 3/2 01/22/10 Daily All Bidders View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-028607 1022 SE 46TH ST #2C CAPE CORAL, FL 33904 $85,500 Price Reduced 2/ 2 01/22/10 Daily All Bidders View Map   View Property Details

Cape Coral short sale process / Re-visited ;)

I previously wrote the response below to a fellow active-rainer who apparently handles short sales completely different than myself, or any other agents who I've known to actually close them. She has since DELETED my comment so I felt compelled to post this on my page.

Her blog post was all about multiple offers and even suggested that our fiduciary responsibility was with the bank, instead of the seller.

As a potential short sale seller, wouldn’t you rather have an agent looking out for YOUR best interest, and not your lenders? Obviously you’d want to bring the BEST offer to your lender as to not have to worry about as much potential monies or taxes owed. But most importantly you want to get the property sold and move on with your life. Methods like sending in multiple offers will not only confuse the lender and make their work much more difficult but it could potentially lead to NO Approval ~ and who wants that?

Elizabeth,
I read your post and most of the comments; I have to say this is so upsetting to me. As a prominent short sale agent in Florida, I have to say that your way of thinking is completely OFF.

First of all, our listing agreement is with the SELLER, not the bank. We owe it to our seller to assist them in obtaining the best offer possible. In our listing agreements here in Florida we have a check box that asks if the seller is to receive offers after they have accepted one and we check that as a NO. Why would a seller obligate themselves to sell their property to multiple people/times any way?

There can only be ONE buyer for each HOUSE/Seller. If you are having your seller sign multiple offers then you are opening yourself up to extreme liability as any one or ALL of those buyers can sue your seller for specific performance.
The bank is not a party to the contract therefore they cannot make the rules. The seller is still the seller. The bank is a third party authorization required to release the lien.

We have agents in our area doing the same thing you are doing and they are not closing many short sales. It is confusing, misleading and improper.

Short sales should be treated like a regular sale, that's what you said. So in a regular sale would you allow your seller to accept multiple offers? Of course not, so why would you allow your short sale seller to accept multiple offers?

Price the listing correctly, present all offers and have the seller pick the best one!
The multiple offer game makes no sense at all. We have an obligation to present all offers, Yes. But the seller should not be accepting multiple offers, ONLY 1! Then that CONTRACT goes to the seller's lender for their approval.

Also, from a buyer's standpoint why would they wait around to see who's offer is going to be the lucky one to be picked after 30-60 days of sitting at the bank? Not in our market, too much other inventory to put in legit offers on.

I really hope that others read my comment before they decide to do business in the same fashion as you are proposing. It only muddies up the process for all involved.

Today I read another article written by another Florida real estate agent. He also says he works on many short sale files. He claims that  it will take 6-9 months for an approval on a short sale. I find that an excessively long time to wait. When we first began handling short sales the first few took us 60-90 days for an answer. This was due to 1) our inexperience & 2) the banks not having systems in place for short sales.

Within a few months of handling short sales our approvals were coming in on an average of 40 days. Some came in within days; others took 30-45 days. Within the past several months, we’re seeing these numbers RISE. We are now seeing it take 45-60; and in rare cases 90 days for an answer. Why? My thoughts are 1) banks are inundated with short sale packages 2) banks are waiting to see what the government & potential bail outs will be 3) banks are changing their guidelines

What can we do? We can help by properly educating ourselves, our peers & our sellers & buyers. We can start by pricing short sales correctly. Marketing them frequently & handling offers as we would ANY sale. We can create short sale packages that include every document that the lender may need in a concise and easy to navigate assembly. We can follow up often to make sure documents are received and being looked at. We can update the buyer’s agent or buyer frequently as to keep them involved & interested. It will take much longer if we have to go through 2-3 or more buyers.

I’ve written other articles on this topic as well. It just seems like there is still so much misinformation out there that I felt compelled yet again to address this.

If you are in need of a real estate agent who truly works short sales & understands the process please give me a call. I have been able to help many homeowners with this process and I can help you too. Remember, there should be no charge to you ~ upfront or at closing if handled correctly.

We look forward to working with you.

Yours in Success,
Susan Milner
Florida Future Realty, Inc.
239-542-8521
Susan@SusanMilner.com

www.The-Extreme-Team.com

www.FloridaFutureAgents.com

Copyright 2009 Susan Milner of Florida Future Realty, Inc.

Facing foreclosure or deciding to do a short sale? This article was written by a Florida attorney and goes over the differences of a deficiency judgment and promissory note. You should defintely read this if you are facing either. We handle many short sales here in Lee County and get asked these questions quite often. While we are not attorneys we can not give legal advice. We always suggest a potential short sale seller speak with an attorney to go over their specific situation before they list with us. We can be reached at (239) 542-8521 or on my cell phone at (239) 218-2229. http://www.The-Extreme-Team.com. We look forward to hearing from you.

Cape Coral holds an annual Red White & BOOM! Fourth of July event near the foot of the bridge. This year is no different. So grab your friends and family and prepare for a good time. This year will feature similar features of the past. You'll find loads of great food, great vendors, local business sponsors, fun for kids, music & don't forget the FIREWORKS!

See you this Saturday ~ July 4, 2009!

All this excitement for just a $1.00 entry fee.

We're expected to be there - hope to see you as well! Enjoy the photo from previous years!

Yours in Success,

Susan Milner

Broker of Florida Future Realty, Inc.

(239) 542-8521

Search Cape Coral real estate anytime - day or night online!

Placing an offer on a short sale

Ready to make an offer on a short sale? Here are the steps to make sure your offer stands a chance. Remember, a short sale simply means that the seller is upside-down on their mortgage. Their lender may, or may not, know that they are even trying to complete a short sale. The house may or may not be in some level of pre-foreclosure. The bank has no obligation to approve or even respond to a short sale offer. There are many documents that must be submitted with a short sale offer for it to be considered. As a buyer, you don't a lot of control but here are some basics that will help you with your short sale purchase.

* Please note, this is my opinion (a short sale listing agent) for the highest chances of success. Many listing and buyer’s agents will handle it differently. We have much experience with short sales and this is how we’ve been successful. *

Good luck!

1. Have a pre-approval letter (if obtaining a loan) or proof of funds letter (if paying with cash) ready. Make sure the proof of funds letter or bank statement is recent. Also make sure it shows enough funds to cover the purchase price you are offering. If you have a pre-approval letter make sure it was written in the last 30 days.
2. Hire a REALTOR who understands the short sale process. If they claim that ‘short sales never close’ or that ‘short sales are a waste of time’ or something similar find another agent to work with. It is true, not all short sales close. But, if you work with a listing agent who does successfully close short sales you have at least a 90% chance of it closing.
3. Look at houses that are priced correctly and in your price range. In this market you cannot look at homes well above your budget. Houses are selling at, over, or very near listing price. Also make sure the house is listed near market value. Not sure what market value is? Make sure your agent pulls comparables for any listing you consider making an offer on. If the house has a market value of $75,000 and the listing agent has it listed at $50,000 WALK AWAY. This agent doesn’t know how to price a listing. If on the other hand, they know they priced it low to entice auction-style bidding, put in your highest & best.
4. Make sure that before you put in an offer your agent has shown you comparables. I know I just said that but this is critical. If the offer is not within market value the bank will most likely decline, or not respond to, your offer.
5. Make sure that your agent speaks with the listing agent to see if they've had any communication with the seller's lender. Make sure that they have had experience with actually closing short sales. Make sure that they have the seller's documents ready for submission or already submitted.
6. Make sure your agent asks the listing agent how they are handling offers. You want to be sure that the seller is going to sign the winning offer. And sign only ONE offer. Short sales can take 30-90 days for an answer and you certainly don’t want to wait for 90 days to find out that there was a higher or better offer they were working on also. Make sure that they are only going to accept one offer. If it is yours then make sure you have a signed copy of it. If it is not yours move on to the next.
7. Some listing agents have special documents they require in order to submit the offer. Make sure all of these documents are including. Here are the must haves & below are the might ask fors.

• As-Is Contract for Sale & Purchase - filled out and signed (if FHA or VA then add that addendum)
• Short Sale Addendum - FAR has one we use - make sure checkboxes are checked & this is signed
• Pre-approval letter or proof of funds
• Escrow deposit or terms describing when the escrow will be deposited.
• Additional addendums or disclosures (real property disclosure, chinese drywall disclosure, lead-based paint disclosure, hoa disclosure - are some examples)

1. Your offer is submitted through your agent to the listing agent. The seller responds. Remember, the seller is still the owner. They must sign the offer for it to become a contract. The bank will NOT sign the offer. The bank will send a letter of approval if they approve the sale.
2. You should receive a signed copy of the offer, now a CONTRACT. This is a legally binding contract subject to third party approval (the seller’s lender).
3. You wait. Depending upon the terms agreed upon. We usually suggest a 45 day window for approval. Sometimes this takes longer. Sometimes it is a short time frame. 45 days is a good starting point though.
4. The listing agent will update your agent. Usually updates should be weekly; more frequently near the end when additional addendums may need to be signed.
5. Once the approval is received you need to make sure your funds or loan is ready to go. Sometimes the bank only gives 20-30 days to close. You must be ready. Get your inspections out of the way & be ready to close.
6. You close just like any other purchase. The closing should take place at a Title Company or attorney’s office. You will get a Title Insurance policy. The buyer should, in most cases, not be responsible for any outstanding fees, liens or bills, unless otherwise negotiated.
7. Congrats. You just made it through a short sale closing.

I know this is an awful lot of information. Especially if you have never purchased a home or if you have but have never been exposed to short sales. Having a real estate professional on your side who truly understands short sales is critical.

Our office closes many short sales each month. Our agents understand the process and know the right questions to ask to make sure there is a chance of the short sale making it to closing.

For more information on the short sale process or to speak with one of our agents about how we can be of assistance please call our office at (239) 542-8521 or Toll-Free at 1(888) 764-6665.

We look forward to hearing from you.

Good luck & make it a GREAT day!

Yours in Success,

Florida Future Realty, Inc.

2816 Del Prado Blvd. S Unit 2

Cape Coral, FL 33904

Search for Cape Coral real estate online 24/7 :)

www.Florida-Future-Realty.com

(239) 542-8521

(888) 764-6665

Susan@SusanMilner.com