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If you are considering buying a lot or a piece of land, you need to make sure that you do some research before you sign on the dotted line.

Purchasing land can be one of the most expensive decisions you ever make.  And, as with any major purchase you want to be certain you are dealing with a  reputable company.  Do not be lured into a land purchase just because you received an attractive real estate brochure in the mail that indicated the land is in a warm and hospitable climate with nearby recreation and conveniences.  Also beware of salespersons who make the purchase sound "too good to be true" and urge you to make a decision. Without personally viewing the land, you know very little about its location and other amenities.

Before buying land, a wise and cautious investor should:

• Visit the property before deciding whether to buy.
• Get any verbal promises and guarantees in writing.
• Obtain a property report from the salesperson or developer.
• Research the land's resale value.
• Determine the extra costs involved for building on the property.  For example, is there proper water and electrical supply?
• Contact the Better Business Bureau to ask if there have been any complaints against the developer/real estate company.
• Contact a reputable local real estate broker and obtain comparative prices for other nearby plots of land.

By providing peace of mind to prospective buyers, these steps can enhance the salability of your property:

* Written disclosure

• A written property disclosure statement is required by our office to have on file for the benefit of both the Seller and the Buyer.  This statement gives the Seller opportunity to make mention of the improvements made to the property and also allows for past problems to be revealed and therefore rendering the Seller harmless in regard to disclosed matters.  Buyers benefit from knowing upfront the improvements made to the property along with the previous problems that the current homeowner has experienced. 

*Home warranty

• A home warranty can give prospective Buyers peace of mind by providing repair-or-replace coverage of major home operating systems and appliances.  A home warranty is affordable for a few hundred dollars and shows good-faith on behalf of the Seller.

*Professional home inspection

• Professional inspections, such as structural, roof and termite, will reveal the current condition of the property.  Some buyers would like to know that the current owner has gone through the additional steps of making sure the property was ready and "in good condition" to be placed on the market for sale. 

Selling your home in today’s market

The media has been full of stories about the slowing housing market – and although this kind of market normalization is commonplace in the real estate industry, there is no question that here on the Forgotten Coast, houses are currently on the market longer and there is more competition for buyers.

Hire a Professional
If you want to sell your home within a reasonable time frame, now is the time you need a qualified real estate professional. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with Prudential Resort Realty, your home will be listed on a high traffic website as well as in the MLS database that other real estate professionals and the public can access. In addition, you get the benefit of an established company, an experienced marketer and a negotiator who is familiar with real estate issues in the Forgotten Coast area.

Price It Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. With the current level of inventory, if you price your home too high, interested buyers may never even consider your listing. Study the competing listings. Look at your house and its price objectively.

Get Your Home In Show-Condition
Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price).

Curb Appeal
Don’t overlook the outside of your property. You don’t want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don’t forget to put away bicycles; toys and other items that may make your property seem cluttered.

Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a decorating allowance. You could pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs. Owner financing is also a way to make your house stand out.

Don’t be discouraged if there are competing homes for sale in your area. Making the right moves in your home selling process can give you the upper-hand you’ll need in today’s competitive market.

Is Remodeling In Your Future?

By Kara Landiss

Prudential Resort Realty

Thinking about remodeling your home? You’re not alone. Rising home values and favorable interest rates over the last decade have allowed homeowners to tap into equity in order to upgrade their property. Within the four quarters, homeowners spent over $160 billion on home improvements, according to the Joint Center for Housing Studies of Harvard University.

So where do you begin? Here are a few things to consider.

First, determine the motivation behind your remodeling. Is it to add more space, modernize, improve energy efficiency or increase your home’s resale value? Perhaps it is all of the above.

Once you decide what you want to accomplish, prioritize your project list. Start gathering ideas by looking at magazines and Web sites. You can even get ideas by watching episodes of home improvement shows.

Next, determine your budget. Will you hire a professional or do-it-yourself? Unless you have the proper skills, you may want to leave the larger projects such as knocking out walls or major plumbing to professionals. Doing smaller projects yourself can be more economical as well as rewarding.

If you are on a limited budget, but want to update your home, there are several improvements you can make without spending a lot of money.

A fresh coat of paint on the walls or new flooring can give your home a new look as well as add value. Modernize by exchanging carpeting for hard surfaces, such as wood, ceramic or laminate. If you like the look and feel of carpeting, replace the old pea green shag with a trendier Berber or plush in a neutral color.

Other small changes that can make a big difference are installing new light fixtures, cabinet hardware and doorknobs. In the kitchen, replace appliances with up-to-date models or add a tile backsplash. You can even create a spa feel in the bathroom by installing multiple showerheads.

No matter how big or small your remodeling project, you want to be careful not to over-improve your home for the neighborhood, especially if your goal is to increase resale value.

Make sure that your improvements are in line with similar homes so that you don’t become the most expensive house on the block. Take a look at resale properties in your neighborhood and compare them to newer properties. This will give you an idea what may be considered a standard or luxury item. You can work with a real estate professional to get comparable data and guidance on the type of options and upgrades that can add resale value to your property.

Also, don’t just concentrate on one room. Why have an upscale master suite or kitchen when the remainder of the home still has the ‘80s look? A home’s ambience should be seamless throughout. A mismatched home can decrease the home’s value.

And last, although your home is an investment, it’s important that you are able to enjoy it. Whatever remodeling projects you undertake, make sure the final results make it a house you are proud to call home.

Kara Landiss can be reached at (850) 927-2666 ext. 143 Prudential Resort Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.

It is surprising that some homeowners actually weigh the choice in their mind as if there was a choice. When working with such an indecisive homeowner, it should be explained that if the foreclosure is not stopped and actually is completed by the lender, the homeowner could incur significant, long standing damage.

Typically their credit score will plunge by as much as 200 to 300 points.

However, short sales have a far less damaging affect on a homeowner's credit report.

A homeowner who successfully stops a foreclosure by utilizing the short sale method to sell their home may lose between 80 to 100 points off of their credit score.

What happens to a homeonwer's credit down the road? It can take from 3 to 5 years or more after a foreclosure before a mortgage lender will offer the homeowner an affordable interest rate.

A person who stopped their foreclosure via a short sale can typically qualify for a new mortgage and buy a home in as little as 18 months with the establishment of new credit. And the interest rate and LTV will be much more favorable.

Salvaging their credit should always be the primary concern for a homeowner when making the decision between a short sale and letting the home senselessly be lost to foreclosure.

The savings in interest payments alone should be convincing enough for most people, not to mention your buying power in the near and distant future.