Buyer Rebate Program
Buyers… You can have 2/3rds of the commission when you find the property you want to buy on your own. Most listed properties offer 3% to the buyers’ agent. In which case, you would get 2% and List In MLS Realty would get 1%. On a purchase price of $300,000 that would amount to $6,000 for you to use however you’d like. List In MLS Realty will assist you with home tours, pricing advice, offer presentations, negotiations, financing, inspections and the closing process.
What you need to know
Not all commissions are six percent. Seller’s set the commission rate at the time of listing so the percentage will vary from property to property. Once you find a property you would like to buy, we will let you know what the actual commission rate is and calculate your refund amount.
List In MLS Realty keeps one third of the commission with a $3,000 minimum and refunds the rest to you.
Home Tours
We will show you up to six properties in one session free of charge. Thereafter, the cost is $200 for up to six additional properties or $100 for a single property. Buyers can access the entire MLS in several different formats at www.listinmls.com and are encouraged to drive by properties before scheduling a showing and to visit open houses in the communities they are interested in. If you contact the listing agents you’ll want to let them know up front that you are working with List In MLS Realty. Sometimes they will still be glad to show you the property.
List In MLS Realty, LLC also works with buyers on a more traditional basis where buyers do not receive rebates. If you do not request the rebate prior to scheduling showing appointments or if you don’t pay for additional showings as specified above then you will not be eligible for a rebate. The purpose of this rebate program is to compensate buyers who find the property they want to purchase on their own.
Making an offer
Once you find a property you would like to purchase we will work with you to draft the offer and go over all the terms with you. If you need assistance determining an offer price we will e-mail you a list of comparable properties. We will contact the listing agent to confirm the property is still available, and ask about any other offers they may have received and what terms the seller is looking for.
Offer Presentations and Negotiations:
List In MLS Realty will submit the offer to the seller or sellers’ agent and negotiate the terms of the offer on your behalf. Once the buyer and seller agree on all of the terms of the offer, you will need to deposit the earnest deposit in an escrow account. It’s usually easiest to deposit the earnest money with the title company that will handle the closing. In Lee County it’s customary for the seller to pay for title and thus choose the title company. Once the offer is accepted, the seller will usually let us know who they want to use for closing.
Financing:
Most buyers will require financing. You are welcome to use whomever you’d like or we can recommend some great mortgage brokers. We recommend mortgage brokers based on their ability to close loans on time and give our clients exceptional service and competitive rates. When shopping for a mortgage be sure to request a Good Faith Estimate. This is a document that will disclose the interest rate and fees associated with the loan and can be helpful when comparing one lender to another. Once you find a lender that you are happy with, you’ll want to request a pre-approval letter. Sellers will often request a pre approval letter to confirm that their buyer is able to purchase their property. In order for a lender to issue a pre approval letter they will usually require documentation from the borrower including recent pay stubs, two years of tax returns, and a thorough credit check. The cost to the lender is about $20 to run your credit and approve you for a loan. There should be no upfront fees to the borrower to apply for and get approved for a loan.
Home Inspection
A home inspection is a thorough review of the property from attic to foundation and is recommended on all purchases of homes and condos. Professional inspections typically cost around $300 depending on the type and size of the property. We will assist you in ordering and scheduling the home inspection and will often be present during the inspection. Most purchases are contingent on the buyers’ approval of a home inspection and allow a timeframe in which this must happen. It’s usually 20 days from the effective date, however it is negotiable and can vary from deal to deal. Regardless, it’s recommended to get the home inspection out of the way as soon as possible.
Appraisal
Any purchase requiring financing will almost always require an appraisal. The appraisal is typically ordered by the mortgage broker or lender and paid for by the purchaser at the time of closing. Appraisals typically cost around $300.
Home Owners Insurance
In order for a lender to fund your loan they will require you to have homeowners insurance. For condo purchases your insurance will usually be covered by your condominium association and be verified by the lender prior to closing. For purchases of single family houses involving a mortgage you’ll be required to purchase home owners insurance. We can recommend an insurance provider or you are welcome to use whomever you choose. List In MLS Realty will assist you in obtaining homeowners insurance if necessary.
Home Owners Associations
If the property you want to purchase is located in a deed restricted community requiring mandatory inclusion in a Home Owners Association or Condominium Association you’ll want to be familiar with the rules, regulations, restrictions, fees and benefits of the Association. Prior to making an offer the MLS listing and seller will provide general information about the Association. Once the contract is “effective” the seller will usually deliver to buyer the Association documents. Sellers will often want the buyer to sign a document approving of the Association documents. We will help you work through this process.
Closing
Closing will take place at a title company or attorneys office in the county in which the property is located. The closing agent, also called the escrow agent, is typically selected by the seller to perform the services involved with transferring title from the seller to the buyer. The seller will purchase title insurance from the title company for the buyer to ensure that the title is free and clear of any deficiencies. The title company will complete a HUD-1 form prior closing which will detail where all of the money is coming from and going to. Prior to closing I will review your HUD-1 form and make sure everything is as we expected. Title companies often charge anywhere form $200 to $700 to both the buyer and seller for handling the closing. The buyer is typically charged more in closing and processing fees because the title company has to deal with a new mortgage on the buyers behalf.
Property Tax
Property taxes are paid in arrears. This means that you pay for them after you use them. For example, 2007 taxes are billed 11/2007 and due as follows: 4% discount if paid in November, 3% in December, 2% in January, and 1% in February. If your property taxes and insurance are escrowed with your loan, your lender will pay the taxes as early as possible to get the best deal.
When purchasing real estate the seller will compensate the buyer for the amount of taxes the seller incurred while they owned the property. For example, if the closing date is May 30th, the sellers would pay the buyer for 5 months worth of taxes because the seller owned the property for 5 months of the year and did not yet pay property tax for the current year. This will show as a credit to the buyer on the HUD-1 form prepared by the title company.
The Lee County Property Appraiser will send you a TRIM notice in August and you have 25 days from receipt to petition the Value Adjustment Board (VAB) if you feel the assessed value of your property is too high. Keep in mind that there is a lag time when assessing values. Taxes are paid on the assessment of value during the previous year.
- Initial fillings must be filed by March 1st
- Must be your primary residence.
- Worth $450 to $550 in savings.
Save Our Homes
Homesteaders automatically get to take advantage of Save Our Home which limits the taxable value of your homestead from increasing more than 3% each year. This bill also encourages people to stay in the same home for longer than they otherwise would due to the property tax savings they receive. The newly proposed Portability legislation will allow homesteaders to take that savings with them to their next homestead.
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