Home Envy

Have you ever had Home Envy?  You know, that feeling you get when you have gone over to a friend’s house for the first time and their home is much larger than yours. They have all the new gadgets and sleek new kitchen and you start to feel that green little monster come out in you.Picture1

Don’t worry, you are not the only one feeling this way.  In a survey conducted by a bathroom retailer QS Supplies of 1,000 people, 56% of them admitted to being jealous of other people’s homes. If it was to be broken down by generation, Millennials take the green envy lead with 60.8%.  Gen Xers follow close behind with 53.8%, then baby boomers coming in last with 37.9%. If you were to break it down by gender, it seems the ladies have much more home envy than men. Women ranked 65% whereas men ranked at 45.8%.Picture2

Having Home Envy has prompted some homeowners to tackle home improvement projects such as upgrades for kitchens, interior design, furnishings and interior painting. Most of this  jealousy comes from friends and family.  In fact, 35.2% of respondents made home upgrades due to envy.  Many of the respondents also noted they were swayed by influencers.  This gives credence as to why so many brands are willing to pay influencers to represent their products.

 

Platforms  Showing Home EnvyPicture3

Home Features Evoking The Most Home Envy

It seems the bigger the better when it comes to the size of the house, as this feature evoked the most Home Envy. Coming in at a close second was a good-looking kitchen.

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Handling the Green Little Monster

There are certain ways of handling jealousy better than others.  The data shows that some respondents that felt this envy and were not satisfied with their own home went as far as moving houses entirely.  Others were able to take the envy and turn it into inspiration. After experiencing Home Envy, 24% of respondents attended an open house for design inspiration. With this being said, Instagram and Pinterest are great platforms for finding design inspiration.Picture5

Source:  https://www.qssupplies.co.uk/home-envy

Smells Homebuyers Love & Hate

The time has come to sell your home.  You have a fresh coat of paint inside and out as well as all your landscape looking beautiful. You definitely have the sense of sight covered for new homebuyers, but do you have the sense of smell taken care of?  Believe it or not, stinky homes sell slower than fresh, sweet smelling homes.Smells Homebuyers Love & Hate

Sometimes it’s hard to tell if your home kind of smells not so nice.  People living in their own home become desensitized to their own surroundings.  It is best to always ask someone that lives outside of your home such as a neighbor or friend.  Even better,  ask your real estate agent!  They are in and out of homes all the time and know when something is not smelling up to par.  They may also have great ideas as how to get rid of those unwanted smells or vendors that can help you.

If you want your  potential homebuyer to love your home as much as you do, below are smells that homebuyers love and hate.  Paying attention to all the little details of selling a home will help you sell your home quickly and for the best possible price.Pages from Smells Homebuyers Love & Hate

Webinar: Preventing REO Closing Delays & Diversifying Your Business – An Introduction to Probate

Preventing REO Closing Delays & Diversifying Your Business
An Introduction to Probate

Having vast knowledge of our industry is key for success. Join us for a webinar featuring the basics of probate and how you can incorporate these services into your business.

April 7th, 2020

1:00 PM EST, 12:00 PM CST, 10:00 AM PST 

REOMAC Member: Free | Non-Member: $25

Items to be discussed include:

  • Access to knowledgeable title agent/lawyer with probate experience helpful
  • What is title insurance, what is probate and why do investors target “probate” homes?
  • Probate includes residential and commercial properties
  • Relatives and heirs often do not know where to turn for assistance in managing properties
  • Savvy agent, with a few tools, can develop expertise in estate sales

In addition to Probate and Trusts, we will do a quick refresh on closing delays with REO properties – what the Servicer/Lender, Broker and Attorney/title can do to identify potential issues before they become problems.

  • Code violations and code liens – resolutions and mitigation
  • Selling properties with code liens/violations in place – best practice
  • HOA issues – Safe Harbor Rules, identifying HOA violations
  • IRS liens and CC judgments
  • MI Insurance
  • Junior and Secondary Liens

Presenters:

Michelle Garcia Gilbert, Esquire mgg
Managing Partner, Gilbert Garcia Group, P.A.
Managing Partner, Sapphire Title & Escrow Company

Michelle Gilbert has been admitted to the following practices and courts: Florida Bar, 1986; Middle District of Florida; 1988, Northern District of Florida; 2005, Southern District of Florida, 2006; U.S. Supreme Court, 2000; U.S. Court of Appeals, Eleventh Circuit, 2003. She matriculated at the University of South Florida (B.A., 1982, cum laude), and the University of Notre Dame (J.D., 1985). She is a member of the following groups: Greater Tampa Association of Realtors; Bay Area Real Estate Council, Inc., Board of Directors; Hillsborough County Bar Association (Real Property, Probate and Trust Law; Solo and Small Firm; Diversity; and Military and Veteran Sections); Florida Bar (Real Property, Probate and Trust Law; Business; and Solo and Small Firm Sections); American Legal and Financial Network; Legal League 100 (Vice Chairperson, 2016-19; Advisory Council Member, 2014-19; Special Initiatives Working Group, 2017- present); REOMAC; Attorney Agent, Attorney’s Title Insurance Fund/ Old Republic; and Westcor Title agent.

She manages Gilbert Garcia Group’s foreclosure, real estate transactional and litigation, probate, estate planning, guardianship, business transactional and litigation, and corporate law practices, and oversees Sapphire Title & Escrow Company. Gilbert Garcia and Sapphire provide training and consulting to their clients, as well as sponsor monthly give back initiatives in their community.

Jill Gold

Law Offices of Tyler Gold PAjill gold

Has a track record of success in the REO and title industry. Jill has been Office Manager and over seen day to day operations of Tyler A Gold PA for over 10 years. She has successfully resolved and mitigated code violations and code liens in dozens of municipalities through out the state of Florida. Jill is also responsible for the mitigation of association Estoppels for traditional closings and REO closings involving the application of the safe harbor statute. Jill and her office team also work with the IRS and DOJ in resolving federal tax liens and obtaining release from the right of redemption when applicable. Jill and her team have also successfully resolved subordinate liens through mutual indemnity and obtaining a release whenever possible. The office of Tyler A. Gold, has closed 1000’s of transactions in Florida for more than 25 years, and has a long history of satisfied repeat clients as well as long standing REO clients.

Thinking of Moving: Hardest and Easiest Places to Buy a Home

In January, the housing industry had the largest drop it has seen in more than four years.  Realtor.com notes that the inventory sank by 13.6% compared to January of last year.

Realtor.com compiled a list of housing markets where it is easy and not so easy to purchase a home.

Moving - hardest and easiest places to buy a home

 A couple of factors for the list of easiest to purchase is a strong economy such as that seen in a retirement destination or beach area and a tax-friendly location such as Charleston, South Carolina.

Hardest places to purchase a house can be found in the Northeast and tech cities.

Markets where it is easiest to buy a house:

  • Cape Coral, Florida
  • Bridgeport, Connecticut
  • Charleston, South Carolina
  • Virginia Beach, Virginia
  • Las Vegas, Nevada
  • New York, New York
  • Baton Rouge, Louisiana
  • Des Moines, Iowa
  • Houston, Texas
  • Honolulu, Hawaii

Markets where it is the hardest to buy a house:

  • San Jose, California
  • Buffalo, New York
  • Seattle, Washington
  • Milwaukee, Wisconsin
  • Columbus, Ohio
  • Salt Lake City, Utah
  • Boston, Massachusetts
  • Harrisburg, Pennsylvania
  • Washington, D.C.
  • Grand Rapids, Michigan

Source:  Housingwire.com

Home Buyers: Using Comps to Your Advantage

Nowadays it’s easy for home buyers to want to impulsively buy a house that they have fallen in love with because they are afraid that it will be snagged by another buyer with the same sentiments. With housing inventory in short supply, home buyers are quick on the trigger to purchase. A recent Redfin study also supports this with the fact that homes are on the market for less than 10 days before they are sold.

With the housing market being extremely competitive, it is in a home buyers best interest to really determine a home’s value. Using comparable sales, or comps as they are called in this industry, are recently sold homes that are comparable to a home you wish to purchase. This is a critical way to figuring out a home’s worth.

Here are ways of using comps to your advantage:

Home Buyers, using comps to your advantage

Tampa: The Holy Grail of Wholesale Real Estate Investing

Ybor City

According to a recent report from WalletHub, the city of Tampa ranks #10, out of 169 other cities in the United States, for wholesale real estate investing. Tampa Bay has undergone some astonishing changes in the past couple of years. In January of 2010, Tampa’s unemployment rate was at an appalling 11.7%. In 2011, Tampa’s GDP per capita, which is a measure of the worth of all goods and services produced, minus the value of goods and services used up in production, was at $38,863. In September of 2013, the median sale price of all properties was $177,500. On the contrary, in 2018: The unemployment rate, as of June, is 3.8%, the projected GDP per capita is $42,047, and the median sale price of all properties is remaining at $239,000. Home values have risen 15.3% in the past year and are anticipated to increase another 7.9%. Older neighborhoods such as Seminole Heights, and properties downtown, especially near Channel Side, are being revitalized and invested in. Since the Tampa Bay Rays announced the potential construction of a brand new ballpark in the Ybor City area, investors have been scrambling to snag properties in the 33605 area code. With all projections pointing upwards, the time to flip is yesterday.

Flipping homes may seem like a simple endeavor, you purchase an old, outdated property, make a few renovations, sell it, and make an enormous profit. Unfortunately, wholesale real estate investing is not as easy as depicted on popular TV shows such as Property Brothers, and in fact, requires more time and money than most people realize. If one is looking to do some flipping in Tampa, there are a few important points to remember. Most professional flippers will stress the importance of expedience. You want to buy and sell a property as fast as possible due to the property maintenance costs, mortgage, and potential property holding costs which may reduce final profits margins. Another major aspect is financing. If you are financing the property renovation and must borrow money, you will have to pay interest which is not 100% tax deductible. It is essential that you find a mortgage lender who offers low-interest rates. You can pay for everything with cash, but you will still be subject to the capital gains tax. When flipping a home, you must understand the amount of time involved. You must invest the time in buying, renovating, ensuring the property is up to code and selling the property.

If you are seeking to flip a home on top of your normal occupational work, you may find it extremely difficult or impossible to accumulate the time required. Inexperienced flippers also find themselves lacking the skills and knowledge demanded in flipping a property. If you have to pay out of pocket for the professional renovation and resale of a property, you will find your profit margins to be extremely slim. In summation, wholesale real-estate investing should not be taken on unless you have done all the necessary research and due diligence. With that being said, the profit potential in Tampa has never been higher. Three years ago a 3 bedroom, one bathroom bungalow in a Ybor neighborhood sold for $25,000 in a foreclosure sale, and today the property will most likely close at $164,900. Like all investments, there are risks involved, but right now, Tampa is a risk worth taking.

Investors and Probate Real Estate

Why do investors target probate homes?

  • Properties in probate are perfect for investors, because they’re possibly in need of serious updates and repairs, and the Personal Representative doesn’t have the time or money to spend making it ready to sell on the retail market, making it lucrative for real estate investors to buy these homes below the market value.
  • A Personal Representative cannot sell estate property without either an order permitting the sale or an order determining homestead status of real property. 

•   Real Estate Investors – probate leads represent the very best residential real estate-related lead source available today. Within 4-6 months of the probate filing, 40% of the properties found will be sold.

  • Realtors will find that many of the residential properties in probate will be listed within the first year after the filing.
  • Wide Range Of Properties – Commercial, Acreage, Duplexes, Condominiums, Apartment buildings, Strip malls, Office buildings, Ranchland, Farms. These are not rundown foreclosures, bankruptcies, or condemned properties that are complex deals and need costly repairs. These can be beautiful homes with no mortgage or debt attached, making them some of the cleanest and easiest of all real estate to buy low and sell high quickly.

 

The Florida Probate Process and Property

What is probate?

Probate is the legal procedure in which the probate court assumes jurisdiction over the assets of someone who has died. The court supervises the payment of debts, taxes, and probate fees, then supervises the distribution of the remainder to the person(s) named in a will, or to the heirs if there is no will.

Florida probate law varies depending on the type of property. It is important to get guidance from an experienced Florida Real Estate Probate and Homestead Property Attorney. 

A Florida probate can include:

  • Proving to the Florida probate court that the deceased person’s will is valid.
  • Identifying and preparing an inventory of the deceased person’s property.
  • Determining the value of the deceased person’s property.
  • Paying all debts and any taxes due.
  • Distributing the remaining property as the will or the law directs.
  • Attorney and court fees which are typically paid from estate assets.

PERSONAL REPRESENTATIVES are under no obligation to use the same law firm that wrote the will. Nearly all probate procedures in Florida involve paperwork drafted and filed by probate lawyers. Unlike some other states, Florida law generally does not allow “do-it-yourself” probate except in some cases involving very small bank accounts, refund checks, or similar assets.

Types of Probate Administration in Florida:

  • Formal Probate Administration – The Normal Probate Process

This is Florida’s traditional form of probate administration. It requires APPROXIMATELY 12 months to complete.  It is usually used for complicated issues such as challenges to the Will, disputes between beneficiaries or heirs, or supervision of the Personal Representative. 

The following is an over-simplified description:

The process starts with a petition for administration and the appointment of one or more personal representatives (executors). After that, a Notice to Creditors is published in a local newspaper, and creditors generally have three months in which to file their claims.

Once the period of time for creditor claims has passed, the personal representative can pay the debts (in a certain order) and distribute the remaining estate. Once all debts are paid and the remainder of the estate has been distributed, a petition for discharge is filed, and the Florida estate is closed upon entry of an order of discharge.

While this may sound simple, probate is a fairly complex system of required and optional tasks by the personal representative, the attorney and sometimes a tax consultant (often a CPA). Of course, the simpler the assets and the deceased’s plan of distribution, the simpler the Florida probate will be. 

  • Summary Probate Process for Small Estates

The state also provides a “short form” of probate for certain smaller or older estates, which is quicker and cheaper than the “formal administration” used for most Florida probate administrations.

Summary probate administration is available for estates with “non-exempt” property of less than $75,000 and the decedent has no outstanding unpaid debts, or in cases where the decedent passed more than 2 years ago. The value of “homestead” real property is not counted in totaling the value of the estate, nor is any other proposed exempt property.  Summary administration can also be used in any size estate if the deceased has been dead FOR more than two years. Summary administration does not work in certain cases, such as those with minor or missing heirs, or where the assets or debts of the deceased are unknown.

FLORIDA HOMESTEAD PROPERTY PROBATE RULES

If the deceased’s real estate is considered their “homestead,” the state of Florida applies certain unique rules to the transfer of the property. The homestead property exemption was created to protect families from being displaced from their home; however, there are many special rules to this probate property law.