Friday, July 20, 2007
Monday, August 21, 2006
Buying New Construction versus Resale-Land O' Lakes, FL
Some communities in the Tampa Bay area have abundance of homes for sale. Wilderness Lake Preserve, in Pasco County, has 71 homes on the market. That doesn't include what the builders have in their inventory. That may be discouraging for sellers who want to sell their home, but good news for new home buyers. Some of the original buyers were investors who purchased a year or so ago, and some are families that after a year are finding their lives have changed. Maybe a spouse has gotten a job opportunity in another state, and so on.
Wilderness Lake Preserve, is a 680 acre master-planned community surrounding a crystal-clear spring-fed lake. It features a Rustic Lodge style clubhouse, Activities Center, Nature Center, a Swimming Hole and a Bath House & Spa. What more could a homeowner want?
While some are still waiting to see what happens with the market, there are still people who are looking for a place to live. Now may be the best time to purchase but you'll want to know all your options. Don't limit yourself to the builders inventory. Some communities don't allow "for sale" signs so you'll want to contact a Realtor that can show you what is available for resale.
Advantages for homebuyers are the selection of resale homes to choose from. Since most of the premium lots with views and conservation tend to sell at the beginning stages of the sales process, you may find just what you are looking for in a resale property. Another advantage is the convenience factor. There is something to be said for the whole process of building and having contractors coming and going for months after closing fixing those last punch out items. It's like getting a new home without the hassle and inconvenience. The prices are also competitive since the contract price was most likely set a year or more before the completion of the home.
Rae Catanese-Shatto, a Realtor who specializes in new construction, can be reached at Prudential Tropical Realty- 813-784-7744 or send an email to: realtyrae@yahoo.com
Wilderness Lake Preserve, is a 680 acre master-planned community surrounding a crystal-clear spring-fed lake. It features a Rustic Lodge style clubhouse, Activities Center, Nature Center, a Swimming Hole and a Bath House & Spa. What more could a homeowner want?
While some are still waiting to see what happens with the market, there are still people who are looking for a place to live. Now may be the best time to purchase but you'll want to know all your options. Don't limit yourself to the builders inventory. Some communities don't allow "for sale" signs so you'll want to contact a Realtor that can show you what is available for resale.
Advantages for homebuyers are the selection of resale homes to choose from. Since most of the premium lots with views and conservation tend to sell at the beginning stages of the sales process, you may find just what you are looking for in a resale property. Another advantage is the convenience factor. There is something to be said for the whole process of building and having contractors coming and going for months after closing fixing those last punch out items. It's like getting a new home without the hassle and inconvenience. The prices are also competitive since the contract price was most likely set a year or more before the completion of the home.
Rae Catanese-Shatto, a Realtor who specializes in new construction, can be reached at Prudential Tropical Realty- 813-784-7744 or send an email to: realtyrae@yahoo.com
Friday, July 21, 2006
Avoiding New Construction Nightmares! Tampa, FL
HOW TO AVOID NEW CONSTRUCTION NIGHTMARES!
TAMPA, FL
Consumers believe that a new home means a perfect home…that is certainly not the case. We have seen it all! A Real Estate Professional can help protect you during the new home purchase and it doesn’t cost the Buyer a cent. The Builder’s sales agent is not representing the Buyer in any capacity and therefore is working for the other team. Why wouldn’t you have someone to represent you and your best interests for free? Did you know that you have the right to have your home inspected at each stage of construction by a home inspector that you hire and works only for you? The Builder’s aren’t going to recommend that, but a reputable and professional REALTOR® will guide you, advise you and protect you from the contract until the closing and beyond. It’s about choosing the right REALTOR® with experience in new home sales, to guide you through the process and protect you and your investment. Has your REALTOR read the builder’s contract? There is no standard contract for builders, like there is on a re-sale purchase, so it is very important to know what the contract states.
The Builder will compensate the REALTOR®, the commission which is paid directly to the broker and it doesn’t cost the buyer a dime, not in the sales price or closing costs…nothing. When you go to a sales center, the Builder’s representative is not representing the buyer exclusively. They are required to make certain disclosures by law and deal honestly and fairly but are they required to point out flaws in construction or cosmetic defects during the final walk through of the home? Well, that’s questionable. While some homebuyers do have a Real Estate Agent, it is just as important to have an experienced REALTOR® that deals with new construction contracts and has the skills to look for defects that the Builder may overlook. Most buyers only perform a visual inspection prior to closing, called a walk-thru and try to find cosmetic defects. What is behind those walls? If a buyer isn’t savvy, they may not know what to look for and what they can ask the builder to repair or even replace.
What happened to an acquaintance of mine may surprise most homebuyers out there.
She recently purchased a NEW CONSTRUCTION home for over 1million dollars in a very upscale community in Tampa. My husband and I are both REALTOR’S® and were asked by the buyer to attend the walk-thru with the Builder at the home. When we arrived, we were introduced to her REALTOR® and another acquaintance of hers whom was also a REALTOR®. Total there are now 4 REALTOR’S® and several employees of the Builder’s. The Builder’s representative was going over what they call a “punch-out list.” These are items discovered prior to closing that the Builder will correct within a certain amount of time. The Builder’s contracts will not address items after closing unless they are covered under their standard warranty which will vary depending on the Builder.
When I heard of some of the issues with the home, I assumed she didn’t have a REALTOR®, because if she had, these items would have been taken care of prior to the closing. To my shock and horror, I found out that the Buyer had already closed two months ago! My first question to her REALTOR® was why did she close on this home without performing a walk-thru? The second question was, why didn’t she get a professional home inspection prior to closing?
During this meeting with the Builder, we discovered that the hardwood flooring had been discolored at the joints and were buckling, there were gaps between the molding and hardwood floors indicating the molding was installed prior to the hardwood floors being laid, some of the drywall was actually crooked and bowed out, tile was installed disproportionate, windows didn’t open, the wrong type of speakers were installed on the wall, the granite counters were not what the client ordered and many, many other problems. Since I was not involved in the transaction I didn’t have the “punch out list”, however the Builder’s rep stated that the Builder paid her REALTOR® a commission to represent her and why weren’t these issues brought up during a final walk-through before closing? That’s was my question as well!
Luckily, the Builder agreed to take care of some of the issues that were brought up even though per the contract they were not required to, but with 4 REALTOR’S® in the room, they had little choice. The Buyer has now paid a mortgage for 2 months on the new home, as well as the home she lives in, as she can’t move in until the repairs were made. Imagine paying over 1 million dollars for a brand new home and having to deal with issues like these after the closing.
What should have happened? Number one, the Buyer should have worked with a REALTOR® who has experience in new home sales. Number two, the Buyer should have had home inspections performed at each stage of construction, especially before the drywall was up and any and all defects were hidden. The protection of a REALTOR® at no cost to you will make all the difference when it comes down to knowing your rights and obligations as a consumer.
For your free Guide to Home Inspections visit http://www.tampabaydwellings.com/
Rae Catanese-Shatto, a Realtor who specializes in new construction, can be reached at Prudential Tropical Realty- South Tampa at 813-784-7744
TAMPA, FL
Consumers believe that a new home means a perfect home…that is certainly not the case. We have seen it all! A Real Estate Professional can help protect you during the new home purchase and it doesn’t cost the Buyer a cent. The Builder’s sales agent is not representing the Buyer in any capacity and therefore is working for the other team. Why wouldn’t you have someone to represent you and your best interests for free? Did you know that you have the right to have your home inspected at each stage of construction by a home inspector that you hire and works only for you? The Builder’s aren’t going to recommend that, but a reputable and professional REALTOR® will guide you, advise you and protect you from the contract until the closing and beyond. It’s about choosing the right REALTOR® with experience in new home sales, to guide you through the process and protect you and your investment. Has your REALTOR read the builder’s contract? There is no standard contract for builders, like there is on a re-sale purchase, so it is very important to know what the contract states.
The Builder will compensate the REALTOR®, the commission which is paid directly to the broker and it doesn’t cost the buyer a dime, not in the sales price or closing costs…nothing. When you go to a sales center, the Builder’s representative is not representing the buyer exclusively. They are required to make certain disclosures by law and deal honestly and fairly but are they required to point out flaws in construction or cosmetic defects during the final walk through of the home? Well, that’s questionable. While some homebuyers do have a Real Estate Agent, it is just as important to have an experienced REALTOR® that deals with new construction contracts and has the skills to look for defects that the Builder may overlook. Most buyers only perform a visual inspection prior to closing, called a walk-thru and try to find cosmetic defects. What is behind those walls? If a buyer isn’t savvy, they may not know what to look for and what they can ask the builder to repair or even replace.
What happened to an acquaintance of mine may surprise most homebuyers out there.
She recently purchased a NEW CONSTRUCTION home for over 1million dollars in a very upscale community in Tampa. My husband and I are both REALTOR’S® and were asked by the buyer to attend the walk-thru with the Builder at the home. When we arrived, we were introduced to her REALTOR® and another acquaintance of hers whom was also a REALTOR®. Total there are now 4 REALTOR’S® and several employees of the Builder’s. The Builder’s representative was going over what they call a “punch-out list.” These are items discovered prior to closing that the Builder will correct within a certain amount of time. The Builder’s contracts will not address items after closing unless they are covered under their standard warranty which will vary depending on the Builder.
When I heard of some of the issues with the home, I assumed she didn’t have a REALTOR®, because if she had, these items would have been taken care of prior to the closing. To my shock and horror, I found out that the Buyer had already closed two months ago! My first question to her REALTOR® was why did she close on this home without performing a walk-thru? The second question was, why didn’t she get a professional home inspection prior to closing?
During this meeting with the Builder, we discovered that the hardwood flooring had been discolored at the joints and were buckling, there were gaps between the molding and hardwood floors indicating the molding was installed prior to the hardwood floors being laid, some of the drywall was actually crooked and bowed out, tile was installed disproportionate, windows didn’t open, the wrong type of speakers were installed on the wall, the granite counters were not what the client ordered and many, many other problems. Since I was not involved in the transaction I didn’t have the “punch out list”, however the Builder’s rep stated that the Builder paid her REALTOR® a commission to represent her and why weren’t these issues brought up during a final walk-through before closing? That’s was my question as well!
Luckily, the Builder agreed to take care of some of the issues that were brought up even though per the contract they were not required to, but with 4 REALTOR’S® in the room, they had little choice. The Buyer has now paid a mortgage for 2 months on the new home, as well as the home she lives in, as she can’t move in until the repairs were made. Imagine paying over 1 million dollars for a brand new home and having to deal with issues like these after the closing.
What should have happened? Number one, the Buyer should have worked with a REALTOR® who has experience in new home sales. Number two, the Buyer should have had home inspections performed at each stage of construction, especially before the drywall was up and any and all defects were hidden. The protection of a REALTOR® at no cost to you will make all the difference when it comes down to knowing your rights and obligations as a consumer.
For your free Guide to Home Inspections visit http://www.tampabaydwellings.com/
Rae Catanese-Shatto, a Realtor who specializes in new construction, can be reached at Prudential Tropical Realty- South Tampa at 813-784-7744
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