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Suzie Crudo's Advice

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  • 129 Contributions
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Suzie Crudo wrote:

Have upside down condo $143k mtg. best offer $120. What are my options? Will consider anything.

Response
What are your numbers as it seems to not add up. You were lucky to get financing on a condo as many will lenders will not lend. Is it Fee Simple not a condo? Did you finance from the developer? What type of mtg, down payment and rate do you have? What are your condo, insurance and taxes? How has the rate of increases and or inventory in the community been for the last few months? Is the tenant willing to stay with a new owner? If you have a situation where lending is limited in your community you might want to consider the 120,000 offer IF you can come to closing with money. It all depends on the total picture, the current usage and income, the current inventory and leverage in your development.
February 13 2013
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Land value for acreage does not calculate in square foot dollar value

Answer
They do not. The same way they are not able to  DE-value a home with serious conditions like mold or a sink hole. There is NO subsitute for a Realtor, appraisers or buyers evaluation based on your location, lot, size and improvements.This site only provides a range. That is why a home is valued against LIKE KIND lots and land value. If you have everything the same against another home EXCEPT for the lot value and size, that needs to be accounted for in the price.Best of luck Suzie
February 13 2013
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How normal is it that a potential Buyer wants to get contractors into the house for estimates before

Answer
Ever person's needs and likes are different. Some buyers like brand new carpet if they have little kids and they do not like to clean the existing carpets.They may be also just telling you it is for carpet and they are taking measurements and getting estimates for wood or other finishes..If the home is actively listed with a Realtor and having many showings, they would do this AFTER they secured an offer and just factor that into the cost to update. They could lose the house to another offer while they are checking into the costs.If you have lots of activity, as you should with a fairly priced home, and receive WRITTEN offers, there is no need to have any negative thoughts or speculation. Then for SURE you have more leverage with any buyer and their requests.Best of luck.
February 13 2013
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How normal is it that a potential Buyer wants to get contractors into the house for estimates before

Answer
Many of the items that you mentioned are typical for care and maintenance of your home. Depending on the buyers needs and wants, this discovery of information may or may not make your home acceptable to THEM. What if they want a more open floor plan and the contractor is determining if you can remove a load bearing wall? What if they are looking to replace windows and they find out they have to buy custom and not replacement ones? It does NOT mean the house is worth the value they determine for any OTHER buyer. For another buyer is may very well be worth more. If their offer is way to low based on THEIR needs, wants and estimates, then YOU determine if the offer is still fair. Are their concerns legitimate and could be a concern to OTHER buyers,? If so you might dispute the costs to cure...not the cure itself. I have had people haggle over appliances, only to see them thrown out a week later when they decided they would replace them now that they lived there. Both parties just need to be comfortable with the final agreement. If this current buyer is eyeing a HUGE modification, they may not be your best buyer. They are going to want it for the stripped down value as they need to remodel the home. If you are attracting that kind of buyer over and over, either the condition IS an issue, OR you have to check your pricing and who are you attracting. The bottom line is: What is the offer, terms, and can you work with it? Could the items they priced potentially be an issue for any OTHER buyer? For some homeowners, there is MORE value in their land and location. KNOW what you have, ask your Realtor to determine if the offer after discovery is still fair. Confirm that after inspections, engineers, and permits inquiries ( for what they are looking to do ) are NOT contingencies to close. That is more common with land sales only the same theory.. YOu do not want or need another shoe to drop a week before closing. Best wishes and Good luck Suzie
February 13 2013
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How much time/money should we put into our house before selling?

Answer
There are a few moving parts to your question. I will put them into steps.1. First and most importantly the bathroom MUST be finished if you want to have buyers that are eligible for certain loan programs OR even if you rent. Then I will skip to the last question.  2.The best way to know if you can even keep this home as a rental , will be to have a lender you trust run some scenarios based on the home being a rental.  After much of that fact finding you can have a direction as to what comes next. Certain loan programs do NOT allow you to have two homes under their product, take FHA for example, ( without a letter of explanation as to why you need to move AND having enough equity in this home  they may not approve you for a 2nd one )  If you did not have a previous FHA you still need to get approved with carrying this home, potential lease income, the upkeep and the new homes mtg, taxes, and insurance.  This step will help you also determine IF you HAVE enough liquid funds to spend on doing things to your present  home you either want to rent or sell. Once all of that is established and you have choices  ( remember you may NOT have choices once that step is done) then you can have a clear direction. Do I move and sell, or can I move and rent?  3.Once all that is underway, have an experienced Realtor over to see the condition of the roof and Kitchen. Depending on your local market ( there is limited inventory many places) AND the REAL life years and overall condition of the roof,  you may not have to spend anything. It is to general of a term to say "we need a new roof and the kitchen needs to be remodeled" maybe , maybe not. If the roof has limited wear, even though it is old and not leaking, it may be ok. If they kitchen is well kept and some minor tweaks can make it look updated, sure go for it, IF after step 2 you find you  have enough liquid funds to use that will not effect your loan approval to purchase, then you can budget for some updates. I would say you have a bathroom to finish, and some professionals to call to help you make your vision of buying something this summer, a reality.Best wishes Suzie
February 12 2013
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How can a home nearby and near same build date be nearly twice in vaule sq. footage wise?

Best Answer
This is one that we get asked very often.What buyers and sellers seem to forget is the value of the  site/land  the home sits on AND what improvements might have been done to the home.Those are usually the two main reasons for differences in values.There may be others depending on the house or circumstances.  Let's say even if the home was exactly the same on the inside, with NO differences for upgrades to the kitchen baths, flooring, roof, A/C. It did not have an extra garage or closed in space or extensions.Take the same 2500 sq foot home to compare. One has a recorded county land value of $40,000 and another is worth $120,000 One home sells for $275,000 and the other for $350,000. Then it would seem curious as one sells for 110 a sq foot and the other for 120 a sq. foot.The house is valued OFF the lot. Then the site and size of the lot is factored in.If the home has one extra bedroom it can have an added adjusted value for $4,000-$6,000 ( depending on the overall price of a home) .A extra garage can be $5,000-$8,000 , 300 extra or less sq footage is calculated as a formula. Example 300 x 30.00 a sq foot is $9,000 adjustment for the house that has extra under air living space.These  are some reasons we do NOT use price persq. foot as a way to determine value. Neither should any agent.There is a lot of information that needs to be complied before determining a value of a home. Each improvement or feature has to be taken into account to some degree. Some things have more value to raise the over all price.ALWAYS start with taking the house OFF the lot. Check out the recorded lot and site value. Then work backwards comparing each on its merits, size, features and upgrades. I hope this helps. All the best Suzie
February 04 2013
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Suggested prices just based on Square Footage?

Answer
YES all those things count.What most sellers ( and buyer's) do NOT count is site & size of parcel, county recorded land value, AND improvements/upgrades on each house. Did any have a new roof, upgraded electric or plumbing? You did not mention the Sq. footage of the other homes.Do you have the same amount of bathrooms and garages? Everything makes a difference.There is a big difference in values and desirability between a 3 vs 4 bedroom.USUALLY the homes' floor plan is different with added living space and possibly additional bathrooms. Many buyers who are unsuccessful in finding a 4 bedroom will opt for a 3 bedroom as a concession.They prefer the 3 bedroom home to have an extra room, den or study. If it is straight 3 bedroom, ( assuming land values are equal and they are exact like kind homes) the home can easily  be worth less against a 4 bedroom. The adjustment for the extra bedroom ( $4,000-$6,000 when I adjust) can easily be a wash for your windows and A/C. You will not get dollar for dollar exchanges on what you spent on your upgrades.This is what I do KNOW. It seems they did NOT do a good enough job of showing adjustments for variations of land, each homes' upgrades against yours, and YOUR upgrades against theirs. It could very well be that with the back and forth from one column to the other your home did evaluate less.If you were explained the adjustments in detail, whether you agree with them or not, it should be easy to see where they came up with a final number.Best of luck, I hope this helped. Suzie
January 23 2013
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What is the average length of time on the market for a condo reasonably priced to sell in North Ando

Answer
You would need a skilled agent to come to your home and create a CMA of the market value, how many homes are up currently and how many are due to close soon. All that information shapes the direction of the correct pricing and how long the home is up before you get a contract. What is reasonable today can be over or UNDER priced tomorrow. We are listing homes a tad higher in SOME sections of Florida. It just depends on what is the " past, present and future" data. It is not unusual ,depending on the data, for a home to go to contract and close in 40-50 days ( that includes their lending with a bank) please get a Realtors advice from your specific area. If you have many homes up,,there may be a longer Absorption rate. If you have a lot if inventory it could take months before it is gone. Unless that inventory is short sales, and homes listed to high, them you can beat them to closing. An agent will be able to pick through the data and pricing, Good luck Suzie
June 25 2012
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What would be the best option for a FL property worth 33K and having a 175K loan?

Answer
I agree to get legal and tax advice. It is such a shame that everything is about money these days, what about ingertity, committment , signing a note and a financial obligation? Everyone wants to set the resent button. Too bad the implications on a short sale, bankruptcy or Deed in leiu is just in its infancy, can anyone say with certainty what a bank or the collections agencies would do 10 yrs from now? When you have a new home, little debt and maybe some assets. Pay now or pay later. What about the emotional toll I have seen on clients after they do it. That is devastating to some, even with the slate wiped clean. They are always worried they will " find them" come after them " I know of an instance where a client had to go back 3 times to get a bankruptcy. A bankruptcy shouldnot be thrown around like it is no big deal. It is ,not just the ding on your score. The ding on your soul. For many they never get over it. Everything they have to disclose it and explain it when they apply for anything. They relive the entire situation. . I fully expect items like job applications to soon ask about a short slale and a bankruptcy. . For some employers it will show the character of their future employee. What if you have a business opportunity, or a partnership or a job as a leader in your field? What does that say to a future boss? You do not stick to your commitments, money is your driving force and you quit when it is convenient. I am not a firm believer of a short sale in circumstances where there is still income coming in to pay it. There is no mention of assets. How mnay times sellers have a lot of assets and a great income and they want to short sale. Of course they will "approve" you, they know you have funds to come after later on. No not the banks, the collection agencies that have nothing better to do than " dial for dollars " PLEASE think it over and get advice, legal, tax and moral.. We have yet to see the long term ramifications. Pay now or pay letter.
June 25 2012
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What would be the best option for a FL property worth 33K and having a 175K loan?

Answer
It is unfortunate that you are upside down. Believe it or not we had a time in history that homes were 30-40% under their purchase prices in the 90's . Then on top of it interest rates where 12%!!! . Everyone wants someone to blame. Blame the appraiser, blame the agent, the title co. The fact is the properties where closing out 2-4-% higher each day. The low inventory fueled the prices upward. The comps and data must be there to prove the value. I had many listings that the buyers had non appraisal contingencies in the contract. Some buyers paid up to $20,000 over list and apprasial to buy a home. That was the norm years ago. The data was there. Now we are seeing the swing in reverse. The bank owned and short sales are trashing a market that is already on life support. I think this is purposely being done so seller's feel they can never get out from under, and then more sellers short sell. We have to stop this madness. If you have a job, and can pay your bills, then wait. Do not ruin your credit. Eventually the market will come back. I have seen condos here in Longwood Fl go from 236,000 to 50,000 and now heading back towards 90,000 .Hold tight and stay the course. Do not worry what is going on around you.If you pay your bills than hang on? Are there other bills you can get rid of?. Maybe go over your budget and see where you can make cuts so you can hang on to the home? Remember it is only worth 33,000 once it sells. Right now it is a roof over your head, and you must have picked the location for a reason and the area works for you. If you cut out other bills you will feel like your overall bills monthly is lower, that helps ease the pain of the higher mtg. Try to hang in there, as having a big credit issue can haunt you for years to come. Not to mention there is NO guarantee you will be totally obsolved of the 150,000 or so shortage. Past sellers are already getting collection calls, even though they were told they are free of the deficiency of the balance
June 24 2012
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