Signed, Sealed, Delivered, I'm Yours!

It's that time now, the home search is over; you've found the one! Great!

Let's visit a new friend named reality!

It is sad but true that new issues need to be examined as sometimes hidden obstacles crop up in home hunting. The following tips may be more important than the search results in the hunt.

Please take the time to review the list and complete your own due diligence before proceeding. I promise life will be much sweeter if you do.

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Buyers Beware!

a) Even if you are using a realtor, before signing your purchase agreement, run, don't walk to your computer, click onto your favorite search engine and find your local County Property Appraisers office. There you will find all the details on the home you are looking at.

This begins with a property data search and will include current and previous owner's names, addresses, previous purchase prices, all permits that have been issued on the property (great for learning what has been a problem and what has been replaced) and all of the property tax history.

This search also provides the appraisal details at the time the home was built, including square footage and almost everything that matters from then to the present. Bear in mind that property values on the site are based on tax values which are less than the market value.

b) Once you have that information, take a look online at your local county Clerk of Courts office. There you can enter the owners names and complete a public records search. Why? You will learn whether the home is in a foreclosure action and anything that has been filed against the property.

This is important when writing your offer. You need all of the facts to protect yourself. Real Estate 101 says 'Caveat Emptor' or let the buyer beware. So, be aware!

c) If you don't own a computer or know how to use one, find a friend who does. It's worth the search.

d) When there is no possible way to do your own online search; call. The records are public; and a simple call to the County Property Appraiser's office and to the Clerk of Courts will provide the answer to all of the pertinent questions.

Renters Roadblocks

a) Thought you were out of the danger zone because you are a tenant? Think again! The rules are slightly different for signing a lease agreement in a community (apartment or condo) versus an agreement on a single family home or duplex.

b) The checklist for an apartment community begins with your search.

While you are at the property look carefully at the grounds. Are they well maintained? Is the grass cut, parking lot in a good state of repair, gates functioning properly? Do things seem shipshape? Then continue your search there.

Typically when you are visiting an apartment community you will be shown their 'model.' This is a great way to see how furnishings will fit, and a lousy way to see how they maintain the units.

The models are never exposed to day to day living and therefore are always maintained in 'new' condition. Insist on seeing the actual unit you will be leasing before executing a lease.

Apartment dwellers normally enjoy an added protection; because of the number of people who may be affected if the owners of the community are in default, the courts appoint a trustee who will ensure that the tenants are protected, repairs are made and vital things like water and sewer are paid. That's a plus.

You can follow the same advice provided under Buyers Beware to see if the community is in default before making a final selection.

The Gate Caper

If you think this isn't important, I have to share my own experience to show you why it may be:

As my spunky little mom began her eighties we searched for a safe and secure apartment community that would permit her to keep her beloved little dog.

I made a temporary detour to stay with her soon after. On the surface, this community appeared to be a perfect place that offered the security of gates, peaceful wooded areas and the infamous Florida lakes throughout the community.

One evening as I approached the gate in my little BMW Z4 (the gates were frequently torn off by people who apparently did not have the access card or grew weary of waiting for them to work) I passed through the gates, felt a lurch and then watched in horror as the front bumper of my car was nearly ripped off.

The gate was torn off; the automatic arm (black and not visible at night) was still attached and swinging back and forth at will.

It swung out and latched itself onto the low front bumper that is characteristic on the Z4 car and presto, my bumper became attached to the arm and firmly under control of the whim of the swinging arm!

I dragged the partially attached bumper with me to the nearest parking area; a sister took me to the auto parts store to buy anchors to hold the bumper to the under girdle of the car so it could be moved to our assigned space.

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The next morning I indignantly approached the office with my complaint.

They unceremoniously marched me to the front of the gate where a 'Not Responsible' notice was posted. This sign was invisible at night; and, it applied equally to tenants.

It really did not matter to them whether or not this was legal; this little paradise was well on the way to insolvency, unbeknown to us.

Had we paid attention to the air conditioning that frequently froze up and stopped working, (a critical situation in the summer in south Florida) and the plumbing that seemed to always require a 'patch,' we would not have been so surprised at the outcome.

On my final exit from the community I limped through yet another broken gate; my little 'James Bond' car rapidly beginning to resemble your typical junk mobile.

Maintenance matters!

c) A condo community is maintained by the condo association. In some ways it is less protected than the apartment communities.

When an association is not able to collect on the association fees due to pending or actual foreclosure actions; their ability to maintain grounds and roads is severely hampered. Their problems become your problems.

Follow the same advice provided in the apartment community and then one more:

d) Condos are individually owned, just like a single family home. The association is responsible for the maintenance of the exterior of the properties, grounds and roads; however, each unit is sold and purchased in the same exact manner as a typical house.

Make sure to visit the Buyers Beware section of Chapter 1, every part of it!

Condos place you in the same foreclosure risk position as houses; a surprise like that can result in your 'dream home' becoming an unexpected 48 hour notice to move; delivered by the sheriff. That is a painful and avoidable experience. If you find evidence of any foreclosure action, move on, not in!

If you have just discovered that your landlord is in foreclosure, head right back to your computer and your favorite search engine.

Type in your county, state and the words tenants + foreclosure on the search bar; carefully read the laws and see how they apply to your situation.

The less information you provide, both in the search engine box and especially at the County Property Appraiser's site, the more information you will find.

Stay with the bare minimum information like the number of the home and the street only (no Street, Avenue or Court at the end of the address) and then select the proper link that applies to your home and your situation.

The Sunshine State

Florida was in the throes of the mass foreclosure actions. The number of people who were victimized by this was unusually high.

The state legislature passed laws that offered an umbrella of protection to the tenants, forcing the person or bank who acquired the home at the public sale to offer several months to the tenant to continue renting while they arranged a move; or a settlement amount to assist in their move.

Your state may not have these laws but whatever they are, they apply to you.

If you've just received the notice, look for the same information and proceed accordingly.

If you cannot locate the information you need, check with your County Prosecutor's office.

They know the law and how it applies to your situation and will usually, very briefly, tell you what you need to know.

If it's a true 48 hour notice, find boxes, friends who will help, and look for a storage facility that offers specials like Public Storage where the first month is only one dollar.

Large movers are scheduled much further out than 48 hours, so plan on a DIY (do it yourself) move with friends, rental trucks or a smaller local mover who may be available.

If you find yourself in this situation, don't waste too much time ranting about how much you will sue the owner for.

If he or she is in a foreclosure action, they already have someone bigger than you in line to collect; the bank!

For now, shake it off and make haste; there's a lot to do and a little time to do it in.

You've just joined the ranks of a brand new kind of 'public education.' If a change is coming, let's look at how to make it happen as painlessly as possible.

Special Needs Solutions

Yankee Ingenuity is a wonderful part of our American Heritage! I strongly encourage every nation to adopt this 'can do' policy beginning in their elementary school classes.

What's it all about? As my sons loved to remind me, 'No does not mean no!' There is almost always a way to convert a no to a yes when you're on the home hunt.

I don't qualify - If you visited your bank and received a pre-approval letter to purchase a home, you can skip this one.

a) Apartments - There's a new game in town that is probably a result of the mass of foreclosures and the damage it has caused to many people's credit ratings.

Most apartment communities now offer the option of high risk insurance that is purchased after they determine that your credit does not meet their minimum requirements.

It is surprisingly affordable. If they do not tell you about this option, ask. It works like the credit card companies that collect an annual fee to cover the risk.

b) Many apartment communities accept an additional month of security deposit to cover the increased risk. This is a great solution if you are not cash strapped and utterly worthless if you are.

c) They may offer a co-signor opportunity. Proceed with great caution if you choose this method. Friends become enemies if things do not work out well. I suggest you move on to a privately owned property with no realtor involvement when you arrive at this option.

Renting directly from the owner - Have a care here. These people are taking a risk and using their good judgment to trust you with their property. They have become a disappearing breed.

Honor them; they are fast becoming extinct, with many choosing to hand the risk over to a realtor, thereby increasing the cost of the rent.

a) Rent rates and terms can be negotiated with a private owner much easier that a management company.

b) If you are handy or willing to care for the lawn or pool, or to make improvements to the property, the rates can easily be reduced by the costs they are incurring to provide these for you.

c) Credit is not normally a big issue if you can verify your income to meet the rental rate; and provide credible references.

d) If you genuinely feel like this is the home you want to own, ask about a lease purchase option.

This allows you to re-build credit on an agreement to purchase, credits a portion of the rent each month to your down payment, and does not require a pre-approval on credit or income.

The owner benefits by handing over maintenance of the property to you, the purchaser.

e) Investor financing - In most states, investors have been on a buying spree; grabbing up the ridiculously cheap foreclosure homes and adding them to their increasing portfolio.

The down payment is normally higher for this purchase, however, the investor acts as the lender, collects an amortized payment and you own the home with very little qualifying requirements.

Having examined all of your options you should now be ready to make a good decision, sign the papers and call this one home.

The fun begins now.

'Signed, Sealed, Delivered, I'm Yours' careful, brutally honest assessment of the process of renting, leasing and purchasing a home including all the roadblocks and how to navigate them successfully.