The Process

Buying a home involves preparation and planning. Before you begin the search, invest time to establish a solid plan. Some preliminary research can pay off big dividends in helping you to get the best home at the best price and terms.

Consider these facts in formulating your plan:

Address financial issues - check your credit rating, clean up errors and problems - determine your buying power; get pre-approved for a mortgage - don't make significant purchases before buying a home

Decide what you want - list the features you would like in your next home - prioritize the importance of each feature

Consider lifestyle factors - do you need to be close to recreational facilities, hospitals or schools - do you like a large or small yard - what commuting distance or time is manageable for you

Think of the future - will your need for space be shrinking or enlarging soon - will your lifestyle needs change soon

Choose a real estate agent - does the agent work in the areas of interest to you - whom will the agent represent

Find a home - You're ready now, so, let's find a home - Call us at 727-823-4300

How To Select An Agent

When you are ready to buy or sell real estate, the first question should be: Who is qualified to represent my best interests? Before you can answer that question, it is important to understand what services a REALTOR can offer and what the term REALTOR means. REALTORS are members of the National Association of REALTORS, and are pledged to abide by the 17 Articles of the REALTOR Code of Ethics. Not all licensees are REALTORS, so be sure to ask the agent if he or she is a member of the National Association of REALTORS.

Equally important, REALTORS in any given real estate transaction may be "buyer's agents", who represent the best interest of the buyer, or "sellers agents", also called "listing agents", who represent the seller's best interest or "transaction agent" who represents neither buyer's nor seller's best interests. Understanding the differences between these three agency types can play a vital role in your choice of a REALTOR as well as the specific services, skills and capabilites offered by that individual.

The following information can help you understand how to evaluate and select an agent to assist you in meeting your goals, and help you decide whether a "buyer's agent", "seller's agent", or "transaction agent" has a role in your real estate transaction. Select your agent carefully and then work with only one agent. Working with more than one agent results in wasted time and energy and will only complicate your real estate transaction - neither agent will provide exceptional service because of split loyalties, transaction commissions and procuring cause conflicts. However, an agent will be committed to you if you are committed to them. If you select wisely, your agent will provide detailed housing market information, be able to optimally access and utilize the various available technologies, and will devote the time necessary to find you the best home at the best price or find the buyer for your home at the best price and terms for you.

What a buyer's agent can do for you:

The first thing a buyer's agent can do is to help you determine your buying power - your financial reserve plus your capabity to borrow, or how much you can reasonably afford to spend on a house. A ERA Lambrecht agent can help you obtain a loan commitment from a mortgage lender the very day you make application - and you can accomplish that in person, online or by phone.

Once you know your buying power, your next step is to find the home that fits your needs and desires. Our agent can help you establish priorities such as location, personal tastes, availability and budget. Your agent will be informed about the neighborhoods, schools, parks, playgrounds, golf courses, shopping areas - things you need to know about the community where you want to live.

ERA Lambrecht agents have the latest technology to give you access to sales statistics, property taxes, zoning, utility and school information as well as access to the Multiple Listing Service which provides information for the majority of all homes sales in the community. Possessing solid information about a homes value, the sales trends for the neighborhood, planned road projects, utility easements and more, you will be able to make a well informed decision about your next home purchase.

One of the most important and valuable agent skills is the ability to negotiate for a favorable price and terms on your selected real estate. The price you pay will be influenced by market conditions, interest rates and market subtleties that your agent will know and understand. When you have agreed on price and terms with the sellers, you will receive assistance in locating qualified professionals to guide you through the inspection process, help you finalize your loan and select an attorney or title company to close your purchase. There are many choices you will need to make during the course of events that lead to the closing table. Your ERA Lambrecht agent is a skilled real estate professional who will work diligently to make sure your home buying process is a successful and enjoyable experience.

Once you have located the home of your choice, your ERA Lambrecht agent can provide you with a menu of services and products that will help you save time and money. You will have the opportunity to select a home protection plan to guard against surprise repairs, title insurance to protect your investment, mortgage loans, homeowners insurance, and much more. Through our preferred alliances, the consumer can receive discounts on such purchases as home security systems, car rentals, hotels and resorts, household moving, and much more.

Here is a list of other factors to consider when evaluating a buyer's agent and the rest estate company for:

An agent who is with a well-established, successful company that has a high community profile

A company that provides continuous education programs for its agent insuring they are up to date on the latest laws, regulations and technology - knowing these changes may very well effect the price, terms and conditions you are able to negotiate

A company with a serious Internet presence for convenient previewing of homes, evaluating agents, and reviewing neighborhoods

A company that offers a comprehensive home protection plan designed to protect you from surprise repairs

An agent who can provide you with a loan commitment on the same day you apply, whether you apply in person, online or by telephone

An agent with a track record of success in good or tough markets

An agent who can guide you through the property inspections process, preparing well-crafted repair requests if needed

An agent who has good relationships with other agents can lead to pre-market notice of new housing inventory

An agent who has enthusiasm and a willingness to devote time and attention to your needs

An agent who is familiar with neighborhoods, schools, parks, playgrounds, golf courses, medical facilities, shopping and other necessary services.

An agent who is familiar with the entire area versus one who specializes in just a small area

An agent who is an effective communicator and who has the necessary tools to enable good communications - voice mail, pager, cell phone, PC, Internet, web site, etc.

An agent who who has the technology to supply you with up to date information about new listings, the latest on mortgage rates and terms, neighborhood and school profiles, tax information, etc.

The Value of Mortgage Pre-Approval

Do not mistake mortgage pre-qualification for mortgage pre-approval, they are not the same.

ERA Lambrecht through our affiliation with ERA is pleased to be able to offer the services of ERA Mortgage. ERA Mortgage can offer you a full range of programs at competitive rates, unsurpassed customer service and the smoothest mortgage experience in the industry. We invite you to contact ERA Mortgage for loan pre-approval or any real estate financing needs.

Mortgage pre-qualification has little or no value because it is only based on the answers given to a simple brief interview by the lender. Mortgage pre-qualification gives no guarantee that a loan will be granted. In contrast, mortgage pre-approval means that an application has been completed and reviewed, a credit report has been obtained and the lender has agreed to loan a specific amount of money to the buyer.

The significant differences between pre-qualification and pre-approval are well known by agents. Home closing can be expedited and streamlined by obtaining an early mortgage pre-approval.

For assistance in determining how much house you can afford, to learn about the many financing options available, or to obtain mortgage pre-approval, contact one of the following mortgage companies that some of our clients have used:

ERA Mortgage                          1-888-246-4813

Opteum Mortgage                      727-528-5001

American Family Mortgage         727-439-0940

Win-Win Negotiations

Is it possible to achieve mutually beneficial contracts between buyers and sellers? Can all parties accomplish their goals in a transaction? Is it really possibly for everyone to walk away feeling like a winner. The short answer is "yes!". Successful negotiating results from the skillful orchestration of events and timing combined with a clear understanding of emotions, facts and motivations.

Good negotiations are achieved through good discovery. Your ERA Lambrecht real estate agent will ask many questions in order to better understand your goals, needs and expectations from the transaction. In these discussions you should feel comfortable clearly communicating your true agenda and intentions with your agent. You can trust that your agent will maintain your confidences and work to represent your best interests. In Florida, "Agency" laws clearly govern the relationships between agents, client and customers to ensure this protection.

Good discovery also includes uncovering the needs, desires and motivations of the other party. This is always tricky because the other party, as a minimum will have their guard up and in the worst cases, might even be adversarial. A well-crafted agreement satisfies most of the important needs of the parties, so getting to the issues is key. In a hot real estate market, where multiple offers are on the table, good discovery is everything. It is critical to be armed with the very best information at the right moment in order to appropriately position your offer, or to evaluate the best offer received for your sale. A professionally trained agent will ask non-threatening open-ended questions, listen carefully to answers will even gain insight through understanding the meaning of the other party's body language, mannerisms and tone of voice.

Today's technology has effected profound changes, both positive and negative in the negotiating process. More complete and better information is readily available to everyone.

Contracts and paperwork can be easily conveyed by electronic means. Most people can be contacted through voicemail or email. These conveniences facilitate the exchange of information, but may also hamper effective communication between the parties. The day of a simple "handshake" agreement is long gone and people still need to accomplish a "meeting of the minds." This requires bringing parties together by embracing the benefits of technology while reaching beyond its barriers to interact with real people using true people skills. Sensitivity, creativity and tenacity become important to the success of the agreement.

Once good information is gathered, the negotiator can apply creative talents and learned skills to craft agreement that all parties will endorse. At ERA Lambrecht, we believe that the ongoing training and substantial resources we provide for our agents greatly contributes to their superior negotiating skills.

Finally, a good agreement must be durable. Regular client follow-up after contract execution is critical. "No news" doesn't necessarily mean "good news". Did the other party walk away with unsatisfied issues? Will their issues fester causing them to look for ways to unravel the agreement? Maintaining good communication and relationships prior to closing will help to hold together a good agreement and avoid surprise problems.

Win-win negotiations certainly are possible and should always be the goal. A one-sided win contains the potential for many problems. Always remember that it is possible to win one's "way" without winning or bad goals. To achieve success in negotiations, establish your priorities, develop offer and counter-offer strategies, continuously evaluate and re-evaluate your position, and look for the ways that all parties can win and feel good about the agreement.

The Closing Process

The closing or settlement time is normally when the documents necessary to transfer ownership from the seller and the buyer are signed. The seller has previously selected a Title Company to search the title and provide title insurance or a Closing Attorney to represent their interests and prepare the deed. Some sellers prefer to engage an attorney to review the sales contract before all parties sign.

Fees for reviewing proposed contracts vary. Your ERA Lambrecht agent can provide a list of attorneys or settlement agent whose services reflect our high standards. Most firms will welcome an inquiry and will gladly answer your questions about their services and fees.

Many activities take place in the weeks and days before closing to prepare for the settlement. The date of closing is usually estimated in the sales contract, with built-in flexibility to allow for the preparation of documents necessary to finalize the sale. Depending on the terms of your sales contract, inspections and repairs may need to be completed and documented. Carefully review your contract to determine when and by whom, the inspections and repairs should be completed. If your buyer is obtaining government sponsored financing, the property must comply with stringent inspection standards before financing will be granted. Customarily, the buyer obtains a termite report and a home inspection prior to closing. Be certain to keep your records and receipts. The buyers, their attorney or Title Company, or the lender require you to produce specific documentation, and some expenses could have implications for the income tax returns. Your ERA Lambrecht agent will guide you through the process, informing you about usual or customary requirements and will even coordinate the appointments and insure that documentation is delivered on time to the appropriate parties.

Your sales contract will allow for the buyers to have a pre-settlement walk-through of the home to verify the condition, fixtures and amenities are unchanged and undamaged from the day the contract was executed. The buyers may inspect any repairs made pursuant to the terms of the contract. If your buyer is obtaining government sponsored financing, additional inspections may be required before financing will be granted. The walk-through usually takes place shortly before or on the day of closing. If major problems are detected, settlement may be delayed until they can be resolved. Options include postponing settlement if the problems can be corrected, or entering into an agreement for the future resolution of the problems, usually by placing funds in an escrow account to cover major repairs or the replacement of fixtures. Be aware that if the buyers are obtaining a mortgage, the lender may not allow an escrow of funds.

Several days before closing, contact the Title Company, Attorney for closing or your ERA Lambrecht agent to request an estimated settlement statement or "HUD-1". The charges and credits anticipated for the seller's side and the buyer's side of the transaction will be listed, so review the statement carefully. Immediately notify the Title Company, Attorney or ERA Lambrecht agent of any errors. From the HUD-1, you may determine approximately the amount needed for closing. Make arrangement in advance for the amount needed for closing so the funds are available in the form of a bank transfer to the closing company or by certified check made payable to the closing company.

Establish a master file as a repository for the important papers related to your home ownership and sale. You will certainly need to reference these documents in the future. For instance, if a job transfer necessitated your sale, your employer may need your records to reimburse your expenses. When filing taxes each year, items such as property tax payments may be deductible.