Ray Peckham Real Estate

Surfside Homes Values / A Guide for Buyers and Sellers

Negotiating the Sale of Your Surfside Home.

Some say that the “Devil is in the Details” and these last two steps are full of details as buyers make offers contingent upon certain conditions being met by the seller and sellers make counter offers in the process of closing your Surfside home. Once there is agreement, however, many details still remain in order to finalize the sale.

Surfside Homebuyers Quandry

When you find the home you want to buy you may make an offer contingent upon the sale of your existing Surfside. In a Seller’s Market, offers with such contingencies are not well received because the seller must remove his home from the market while you sell yours. However there are times when this kind of offer is successful, even in the Surfside market. A backup strategy might be to put in your offer with a very long escrow giving yourself time to sell your home. Very few sellers will accept these kinds of contingencies or long escrows if your house is not already on the market.

Surfside Real Estate Title Insurance

A Surfside mortgage policy that insures the lender remains in effect until the loan is paid off. An owner’s policy insures the buyer and remains in effect as long as the owner or the owner’s heirs own the property. An owner policy may cost a little more than a lender policy. For example, an owner policy may run somewhere around $3.50 per $1000.00 of home value while a policy for lender protection may run in the neighborhood of $2.50 per $1000.00 of home value.

The Surfside real estate Title Company searches and examines public records to determine if any problems with the title exist. Your real estate agents works very closely with the Title Company to help clear up any past clouds that may affect the transfer of title to the new owner.

Surfside: Art and Science

Buying a piece of Surfside real estate is a science but buying your Surfside home is an art. The science part involves getting the legal and financial parts down while the art is finding the Surfside property that you’ll be happy with.

The total universe of possibilities within the universe of Surfside real estate is quite diverse but narrowing your search ahead of time will help keep things in perspective.

In general there are two phases to any Surfside real estate search. In the first phase, you get a feel for the different areas and an idea of what is being offered at what price. In the second phase, you search for the Surfside real estate that meets all or most of your specifications.

Buying a Surfside Fixer-Upper

This, of course, depends on the condition of the Surfside home and the estimated cost of the repairs you must make. Surfside real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.

Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Surfside homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.

Taking Title to Your Surfside

Each owner has a separate title to an undivided interest in the entire property. Each owner is allowed to sell, mortgage or give away his/her interest. Any number of people can take Tenancy in Common ownership of Surfsideand husband and wife may choose this option as well. When an owner dies, his/her interest passes by will to his/her heirs. In other words, there is no survivorship right.

Each owner has an equal interest in the Surfside. If one owner dies, that person’s share of the property passes automatically to the other without going through probate. Any number of people can take ownership under Joint Tenancy and husband and wife may choose this option as well.

Community Property. Only husband and wife can take title to Surfside in this way. Title is in the community