What Do HOA Fees Pay For?

Are you one of the many people that has a refrigerator in your garage? Do you plan on having one in your next home? Here’s what you need to know for a smooth closing on your next real estate transaction.Garage refrigerators used to be a constant source of problems for real estate agents in Southwest Florida. The refrigerator in the garage should go with the seller since it isn’t the one in the kitchen. Or, should it stay? Who knows! What do the real estate contracts say? Southwest Florida has two main contracts that are used for the purchase of real estate—the Naples Area Board of Realtors Sales Contract or the FAR/BR (statewide) Residential Contract. Both of these contracts have changed to handle the garage refrigerator in a very concise way.The Naples Area contract reads: …and together with the following personal property existing on the Real Property on the Effective Date: refrigerator(s); Notice the “(s)” on the end? That was added to cover all refrigerators on the premises. Even wine coolers fall under that heading.The State of Florida FAR/BR contract has the same: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items which are owned by Seller and existing on the property as of the date of the initial offer are included in the purchase: range(s)/oven(s), refrigerator(s)… Again, we have the “(s)” on refrigerator to show that they convey. Are there still problems with refrigerators? Sure. A lot of sellers fail to read their contracts and not all agents seem to know what the contract says! That leads to the disappearing garage refrigerator problem when the sellers vacate their property. What can be done? The easiest solution is for the seller to bring the refrigerator back but sometimes it is too late—the seller may have put it on the curb for trash collection.In this case, a credit at closing would need to be issued. The selling agent and buyer’s agent would need to work toward a dollar amount for the used refrigerator in the garage and credit that back to the buyer at the closing table. Have you experienced problems with the garage refrigerator? Let us know in the comments. I’d love to hear your story!

I can’t tell you how many times I attend an inspection and the other agent isn’t there. I’m always surprised because being at my customer’s inspection is so important to me. So, why do I attend every home inspection for both my buyers and sellers? The home inspection can make or break the deal The home inspection is one of the top items in the contract that can absolutely make the deal fall apart. Under both of our NABOR contracts, the “as is” and the standard, there is a provision that allows the buyer to conduct a home inspection. When the buyer hires an inspector, items inevitably come to the surface and need resolution. With the as is contract, you would think that would mean the buyer is taking the home as is. This is rarely the case in Naples. What happens is that the buyer holds the seller’s feet to the fire by saying, “We will walk away from this deal unless you fix x, y, and z.” With the standard contract, there are 6 areas of concern regarding the inspection. These are: Systems and Equipment Radon gas Lead-based paint Termites or wood-destroying organisms Air quality (e.g. mold) Open permits These are a lot of areas for items to appear and the buyer will ask for a financial credit at closing or for the problem areas to be remedied by the seller. With this being such an important part of the transaction and an area where things can fall apart, why would I not be there? It is too important for my sellers and buyers. Some home inspectors are very dramatic Inspectors are generally very good at what they do when it comes to finding latent defects in a home or condo. However, they can be very different when it comes to presenting the information to the buyer. Consider these two statements regarding the same problem: There’s a small electrical issue here that should be repaired. We see this all of the time but it really should be repaired. —or— Come look at this! This isn’t up to code so not only is it a code issue but it could easily lead to a fire or someone getting electrocuted. It’s frustrating. We want our buyers and sellers to be fully informed but we certainly don’t want an inspector that turns a small, common problem into one that can cause the deal to fall apart. By being at the inspection, I’m able to see problems like these where I know the remedy from prior inspections. I’m able to then help hold the deal together by explaining how it will be fixed or how much the credit should be for the repair. How can I negotiate effectively for my customer if I didn’t attend the inspection? Similar to the situation above, I need to know the details of the problems in the inspection report and that insight is gained by attending the inspection and being present when the defects are discussed. I recently had a deal where the agent on the other side wanted a credit for a brand new air conditioner based on the inspection report reading that there was some corrosion on the coils. Really? A new A/C? Since I was at the home inspection, I was able to let the other agent know that what was truly said was, “You should get an A/C company in here for a routine maintenance where they can clean the coils.” Needless to say, that $5,000 or so request was denied and we were able to negotiate it down to a service call. It is my job to be there. My last point is simple—I should be there because it is my job to do so. It’s so important for me to do everything I can to get my customers to the closing table smoothly and a big part of this is attending inspections. I’m earning a commission on the sale so taking money without giving full effort is just not acceptable in my eyes. Too many customers do not realize how important it is to have their agent at the inspection so they let it slide. If only they know how important it truly is, they would never accept anything less.

Buying a home for the first time is an exciting milestone, but it can also be a complex process filled with many steps. To help you navigate this journey, we’ve compiled a list of the top 10 things every new home buyer needs to do. Get Pre-Approved for a Mortgage Before you start house hunting, it's crucial to get pre-approved for a mortgage. This not only helps you understand how much house you can afford but also shows sellers that you are a serious buyer. Determine Your Budget Consider all the costs associated with buying a home, including the down payment, closing costs, and moving expenses. Establishing a clear budget can help you avoid overspending and ensure you’re financially prepared for homeownership. Hire a Real Estate Agent A knowledgeable real estate agent can be an invaluable resource. They can help you find homes that meet your criteria, negotiate offers, and guide you through the buying process. Make a Wish List Identify the features that are most important to you in a home. This might include the number of bedrooms, proximity to work or schools, or specific amenities like a backyard or a garage Research Neighborhoods Location is key in real estate. Research different neighborhoods to find one that fits your lifestyle, budget, and future plans. Consider factors such as school districts, crime rates, and community amenities. Attend Open Houses and Schedule Showings Seeing homes in person can give you a better sense of their condition and layout. Attend open houses and schedule private showings to get a feel for what’s available in your price range. Make an Offer Once you find the right home, work with your real estate agent to make a competitive offer. Be prepared to negotiate with the seller to reach a mutually agreeable price. Get a Home Inspection A home inspection is essential to identify any potential issues with the property. If the inspection reveals significant problems, you may need to renegotiate the terms of your offer or decide whether to proceed with the purchase. Review and Sign the Contract Carefully review the purchase agreement and ensure you understand all the terms and conditions. It’s often advisable to have a real estate attorney review the contract before you sign it. Close the Deal The final step is closing, where you’ll sign all the necessary paperwork, pay closing costs, and receive the keys to your new home. Be sure to review closing documents carefully and ask questions if anything is unclear. Wrapping Up  Buying a home is a significant investment, and taking these steps can help ensure a smooth and successful process. With careful planning and the right support, you'll be well on your way to finding the perfect home.