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Marketing, Acquisitions and Dispositions

Collaboration to Closing Management™, Rapid Response Promise™,

Clientology Communication Commitment™, Performance Guarantee™,

 Multi Media Marketing™, Sale Assurance Blue Print™, 

89 Point MarketingBlue Print™,  Broker Price Opinions, 

Visual and Virual Tours, Interior Design Staging, 

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Mission Statement©

Protect   my clients from the

loss of time and money.

Help   my clients take advantage

of opportunities for enrichment.

Shield   my clients from aggravation.

Cultivate  repeat and referral clients. 

Copy Right October 2005

Thomas

Ask me.™

 

305  522  1398    

MyRealPro@gmail.com   

Text or Call Now  

Sellstate Island Properties

1101 Simonton Street, Key West, Florida  33040

 

 

I have a track record of customer service, diligence and follow through.  I have earned a reputation as one of the most reliable and dedicated Florida Keys REALTORS®.  

 

 

I believe that a feeling of success comes from using our gifts and knowledge to help others.  I believe that joy, contentment and peace comes from serving others.  I look for the beauty, talent and great qualities in every person that I meet.  My goal is to do my part to make every interaction with every person and every experience better because I was there, participated and made a contribution.  Everyday I look for opportunities to help others feel better, do better and have more of what they want.

 
 

 

I believe that a feeling of failure comes from not making a contribution in the world with our natural talents.  I believe that unhappiness and dis-ease comes from being self centered, greedy, selfish, mean, unethical, rude, untruthful, inconsistent, unreliable and insincere.  

 

 

 

I have closed 100% of the Short Sale properties that I have listed for sale.  I close short sales because I don't give up.  I work hard.  I care.  I am organized.  I do what I say I will do.  I do my homework.  My work is accurate.  I submit Market Rate offers to banks.  I am consistent.  I am kind, considerate and make every effort to step into the shoes of the lender, seller, buyer and buyers agent.  

 

 

 

I invest in my education.  I am an REO Realtor, Certified by the National Association of Realtors as a Resort and Second Home Property Specialist(RSPS), Short Sale and Foreclosure REsource (SFR), holds the GREEN Certification by the National Association of Realtors, is a member  http://www.WorldProperties.com and the International Consortium of Real Estate Associations (ICREA) holds the Transnational Referral Course (TRC) designation, is a member of the National Association of Realtors, the Florida Association of  Realtors and the Key West Association of Realtors.

 

 

 

 

You can find me on almost every Saturday of the year at the Police Athletic League. I volunteer at PAL. If you want to see the place take Southard Street to the Atlantic Ocean. Pass the Green Parrott and the Old Court House. Go through Truman Annex. Take the 1st or 2nd left. PAL is between the entrance to the Navy Base and Ft. Zachary Taylor beach.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maya's Bio

 

I started working when I was 11 years old.  It happened accidentally.  There were 2 sets of beautiful twins in my neighborhood.  After school I would ask the moms if I could take the babies for a walk.  One day one of the moms called me and offered me $2 to take the babies for a walk.  WHAT!?  Get paid to do something you love that brings you joy?  I was hooked!  I cleaned homes, mowed lawns and babysat children every moment that I could.  I even hosted a puppet show in my backyard and sold fresh squeezed lemonade.  I loved earning money and making people happy. 

 

I worked at a title company when I was at Key West high school.  I was a waitress and a concierge.  I cleaned the floors at Kmart when the store was closed (I could barely hold on to that gigantic floor machine!), and worked in a boutique.  I loved to work!  And providing for for myself.  And buying things for other people.  I bought all of my own school clothes for 6th grade.  I felt successful and rich!

 

I sold advertising and wrote a column called The Helping Hand and an Astrology column for the high school news paper, The Snapper.   I think we were required to sell a $25 ad for the newspaper every semester.  I would walk into every store on Duval and the surrounding area.  I sold $1,600 worth of advertising my first semester.  It was fun meeting the business owners.  The look on my teacher's face made me want to impress him next semester.

 

I was in a high school play and a play at the Red Barn Theatre in high school.  I liked participating in Hawaiin Tropic bikini contests.  I took 'boys' gym.  I loved running.  I took a welding class, a wood shop class, a cooking and a sewing class in high school.  I bought my first gym membership when I was 16 years old.  

 

I got my real estate license in 1991 when I changed from the University of Florida to Florida State University.  I was on the Student Activities Committee and Admissions and Standards in college.  I was on the Deans List.  I tutored students in Accounting.  I was a Lady Scalphunter.  I was a certified Personal Trainer in college.  

 

I have always loved construction, renovation, real estate, design, architecture, history, biographies and intelligently designed real estate development.  I went to college with a plan to go to law school and specialize in real estate.  My major was Communication.  The Dean in the Communication school at Florida State University encouraged me to go into journalism.  My teachers wrote letters of recommendations for me and I was the 1st non-Ivy League intern at CNN in the Atlanta office.  I was assigned to the Interational News Desk.  I graduated Magna Cum Laude from FSU with a degree in Communication.

 

My CNN boss was sent to Kobe Japan after the earth quake within a few days of my arrival.  Rob Golden, Sr. Editor of International News, came back the day my internship ended.  I thought I wasn't hired.  I had committed to opening a 25,000 square foot health club as the Director of Sales and Marketing with 2 partners when CNN gave me my job offer.  My apartment had been rented.  My roommate had a new roommate.  My stuff was packed.  I had already paid for a new apartment in Tallahassee.  On to a new adventure!  We took a health club from loosing $7,000 per month to earning $65,000 per month in 2 years.  We did not loose a single employee.  

 

I moved back to Key West with my fiance to take care of a sick mom.  I went into the hotel business as an assistant to a General Manager.  In a few months I was promoted to Sales Manager.  Shortly after that I was promoted to the Director of Sales and Marketing.  

 

A few years later I went to work for the highest rated hotel on the island.  During the first 3 months I earned $17,000 in bonus money.  The owner decided not to pay me the money I earned because he said that I would be earning "too much money" with my bonus structure.  Unbelievably I stayed there for 4 more years.  I loved my clients and my work.  I loved the intensity and the challenge.  I loved writing the Corporate Marketing Plan.  I loved pleasing Meeting Planners.  

 

I loved bringing hundreds of people in to Key West daily and making sure that their business meetings were successful and their events were memorable.  It required cooperation with hundreds of employees, Managers and Directors to insure that the many details were executed consistently and to the highest standards.  I was very happy when Meeting Planner after Meeting Planner wrote me thank you letters.  One even sent a letter directly to the corporate office and the letter was printed in the company magazine!  I was on Cloud 9 when those Planners rebooked meetings after telling me they never went to the same hotel twice.  It was the perfect preparation for being a Realtor!

 

Along the way I tried to buy and sell a few homes and had horrible experiences with every Realtor that I worked with.  I saw an opportunity.  I vowed to do everything different and better.  In March 2005 I began marketing, buying and selling real estate full time.  

 

Key West's Bio

 

The Florida Keys are made up of 40 inhabited islands.  There are 120 bridges connecting the islands.  Key West is at mile marker 0.  Key West is 90 miles from Cuba and about 150 miles from Miami.

 

Native Indians were the first settlers in 1530 AD.  A Spanish fleet wrecked in the Keys in 1733, yet until 1763 the Keys were "Isles de Norte Havana" (North Havana). 

 

In 1815 Juan Pablo Salas was given Key West in a Spanish Land Grant.  On January 19, 1822 Juan Pablo Salas sold Key West to John Simonton for $575 in a Havana cafe.

 

Piracy, slave ships and salvaging wrecked ships were some of the first successful businesses operated in the Keys.  In January 1828 the first newspapers, the Key West Register and the Commercial Advertiser began circulation.  The Key West Gazette followed in 1831.  In 1834 the Enquirer began circulation.  The Key West Citizen did not begin circulation until the 1900's.

 

Key West was incorporated in 1828 and became very powerful because of the Federal Wrecking Act.  The act made Key West a Port of Entry with an Admiralty Court.  In 1829 a U. S. Post office was opened.  By 1830 the population of Key West was 517.  The sponging industry began in 1840. 

 

On March 3, 1845 Florida became the 27th state.  A public library opened in 1859 and in 1870 a public school opened.

 

Today tourism is the life blood of the Florida Keys.   Wonderful weather, guest houses, hotels, dining, theatre, art, fishing, diving, the symphony and fun events almost every week of the year keep the Keys as busy as can be.  Key West has a population of 23,000 and receives between 1 million and 1.2 million guests every year.  We live a wonderful life in Key West Florida and we hope you will be our new neighbor!

 

7 Easy Steps to Hire a Great Real Estate Agent in Key West FL and the Florida Keys

 Buyer's Agent Key West Florida

 

I respect you so I listen to you and make sure I respond to any concern that you have.  My goal is to make you to be happy, safe and comfortable.  I work for you.  It's my job to do everything I can to give you all of the information that you need to make a decision without influencing you to do something.

 
 

I support, serve and provide information so you are in complete control and feel confident in the decisions that you make.  

 

 

I was a buyer before I was an agent.  The agents that I worked with made me feel like they disapproved of some of my decisions.  They would push me to choose one house and stick with it.  Every agent would pressure me to hurry up and make a decision, not ask questions and to not be any trouble to them.  

 

 

They made me feel like a cheap skate if I wanted to make a low offer instead of giving me the information to evaluate the purchase price for myself.  They let me loose homes that I loved by not giving me the information that I needed to make an offer that would be accepted.  Not a single agent offered to give me sold information.  They would tell me what to do and what they thought.  I asked questions and had agents ignored my concerns as if they didn't matter.  

 

 

It took me 3 years to buy because all of my bad experiences.  I paid $100,000 more than I would if I had purchased within the first few months that I started looking.  The home was in disrepair and required a substantial investment to make it livable.  Had I purchased 3 years sooner I would have had a move in ready home for $100,000 or $200,000 less.  My net loss was $200,000 to $300,000.  I also missed out on 3 years of tax refunds.
 

 

 

Those agents told me what they thought as opposed to giving me the information that I needed to make up my own mind.  I would be horrified to do that to someone.  

 

 
 

I will always make a buyer feel like it is completely fine for you to withdraw an offer or wait to see what happens in the market if you want to.  I will never make a buyer feel like I am talking you into something.  
 

 

 

I take you very seriously and have great respect for you so I'm going to address all of your concerns.  I will never ignore something you say.  I will never act as if your feelings or concerns don't matter.  

 

 

If I were in your shoes I would want to have complete disclosure and have someone take all of my concerns seriously, but not tell me what to do.
 

 
 

For excellent service and a wonderful experience find a Realtor that you like, trust and who has the experience and information that you need to help you make a smart decision.

 

 

Photo credit Mary Harrsch.

 

1031 Exchange Vacation Second Home Investment Property Key West FL and FL Keys  14 Day Rental Rule Real Estate Passive Activity Active Participant Material Participation 1031 Exchange Rules

Are you shopping for a second home or vacation rental income producing home in Key West FL or the FL Keys?  There are a few things to keep in mind when shopping for real estate.  I'm a real estate agent and not an accountant or tax attorney so when reading this information imagine sitting down with your favorite Realtor friend for lunch to talk about real estate investment.  Please don't take this as tax or accounting advice.  These are talking points for when you consult your accountant, tax attorney and qualified intermediary.  Always consult your tax attorney and accountant if you are considering a 1031 exchange or a reverse 1031 exchange!

There are a many types of exchanges, but 2 primary 1031 real estate exchanges:  the straight exchange and the reverse exchange.  You'll need to be up to date on IRS safe harbor guidelines for vacation home exchanges. 

If you currently own rental property and you find your dream home in Key West FL while you are on vacation and decide that you want to retire in Key West some advance planning may save you a bundle in taxes.  

Imagine that you purchased a rental property 30 years ago for $100,000.  The property could now be worth $900,000.  If you sold it you would owe $120,000 in taxes.  If you did a 1031 exchange you would defer taxes and save $120,000 now that you could put toward the purchase of a new rental property for $1 million.  

Later you might convert the investment property to a primary residence or exchange the property for estate planning purposes to make sure each of your children has an equal investment property that they inherit. 

You could do a 1031 exchange of an investment property that you currently own.  Exchange the current investment property for a new property where you want to live after retirement.  Rent out the property until you retire.  After retirement, establish the new property as your primary residence and live in the property for 2 years.  If it has been at least 2 years since you sold your primary residence you can again exclude $250,000 (single person) or $500,000 (if married filing jointly) of the gain that you have made on your converted property.

Here are a few more talking points to discuss with your CPA and tax attorney!  

If you rent your home for less than 14 days per year you don't report or pay tax on income.  There is no tax deduction.

If you rent the home for more than 14 days per year or 10% of the time you must report all income.  All income is taxed.  Your deductions for rent related portion of expenses can offset income.

You can deduct interest on the mortgage debt, points, fees, real estate taxes and casualty and theft losses, depreciation, advertising, cleaning, repairs and maintenance, insurance, commissions, tax preparation fees, travel and local transportation expenses.

Rental use is defined as an available rental period that the property is not rented at a fair rental price, but is used for personal purposes.  

Days when the property is not available for rent and vacant are not included in the calculation. 

Expenses are prorated using a ratio of rental use to total days of use.  For example, if you own a home in a ski area and the rental period is 160 days and you used the property for 60 days the total days used would be 220 days.  I say ski area because we can all agree that there are certain months that qualify as ski season.  In Key West it's a little different.  We get vacation guests all throughout the year even though our high season is December 15 through May 15th.

Ex:  160 divided by 220 = .727 or .73 or 73% of expenses are deductible.

All real estate rental activity.  Deductions cannot exceed income or offset other income.  You cannot carry over excess losses.

Losses are limited by income generated by the activity.  You cannot use passive income to offset regular income.  High income earners cannot use excess losses in passive activities to offset high income.  You can carry a loss forward to the next year.  You can only deduct a passive loss from passive income.

10% ownership and management level decisions.  You must be actively involved in tasks such as choosing tenants, deciding rental terms, approving expenditures and approving expenses.  Your management agreement with a property manager should not characterize your involvement as 'not active' or 'not material'.  

You cannot have active participation in a short term rental.  The limit is $25,000 for loss and expenses.  The deduction is phased out if the MAGI exceeds $100,000.  If income is greater than $100,000 consult a CPA.  

You must have regular, continuous and substantial involvement.  The determination is made year to year.  All losses and expenses can be deducted in the current year to offset other income.  

To claim material participation you must meet 1 of the following:

     1.  Work less than 500 hours in the business

     2.  Do most of the work

     3.  Work more than 100 hours, and no one including non-owners or employees, works more hours than you.

     4.  Work between 100 and 500 hours participating in several passive activities and the total time is less than 500 hours.

     5.  Materially participate in a personal service activity for any of the 3 prior years.  

The IRS views a qualifying real estate professional who owns rental properties as having material participation.  To meet the IRS criteria for material participation you must meet BOTH of the following criteria:

     1.  More than 1/2 of the tax payers personal services are performed in real property businesses.

     2.  Less than 750 hours are spent in those businesses in which there is material participation.  Sales, teaching, leasing and appraising are accepted activities.  

Cost Recovery is defined as recovery of cost of the property and improvements over time.  An investment property can be depreciated over 27.5 years.  Only the structure may be depreciated.  The land cannot be depreciated.  

Bifurcation is defined as taking all of the component parts that can be depreciated.  Be certain that you have the correct schedule of depreciation for all of the items.  For example, furniture is depreciated more quickly that real estate.  Yard improvements are depreciated on a different schedule.

When you sell an investment property you will recapture all of the depreciation and the depreciation will be taxed at 25%.

1 in 3 investment properties are converted to personal use.  You loose the expense deduction when you convert a property to personal use.  

2 years of residency reclassfies property as a personal residence.  A personal use property is eligible for the $250,000 (single person) or $500,000 (married couple) exclusion on the gain.  The deductible portion of the gain is prorated between the personal and rental / investment use.  

If you have owned the property for 10 years and moved in 2 years ago it is a taxable event.  Be certain that you document the 'repurposing'.  An owner can mail a letter to themselves and their accountant stating the intention and desire to switch the use of the property to personal use.  A domicile or homestead property is one where you pay taxes, have your drivers license and voters registration.  

Effective January 1, 2009 you must pay capital gains tax on the sale of a primary residence (converted home) used as a 2nd home (non qualified use).  When you sell your primary home that was once a 2nd home you cannot claim the full $250,000 (single) or $500,000 (married) capital gain exclusion.  The taxable portions of a gain are based on the percent of non qualified use.

Formula:

The gain X (times) the non qualified use / (divided) by the entire time of ownership after January 1, 2009 = the taxable gain on the percentage of use.

Ownership or use prior to January 1, 2009 does not figure in to the calculation.

An exchange does not have to be simultaneous.  It's difficult to find 2 identical properties to exchange. 

1.  Property held for investment of productive use in trade or business.

2.  Exchanged for like-kind (investment property = multi unit, land, condo, strip mall, etc.).

3.  The replacement property must be identified before the 45th day after the day that the relinquished property was transferred. 

4.  The replacement property, or properties, must be purchased no later than 180 days after the tax payer transfers the property or the tax due date (April 15), with extensions, in which the transfer took place.   

Recognize when an exchange is possible and advantageous.  Work with a team of experts to ensure a smooth transaction.

1.  Based on the property use.

2.  Both replacement and relinquished property must meet criteria.  

3.  Must be a true exchange and not a sale and purchase.

4.  No Dealer Property.

Dealer property is defined as property held for resale.  Property held for less than 1 year is not eligible for a tax deferred 1031 exchange.  Real estate professionals are not automatically dealers when exchanging their own property.  Consult a tax professional to assess your complete financial circumstances and receive direction.

If you are working with a seller that is subject to FIRPTA withholding and doing a 1031 tax free exchange the title company will withhold 10% of the purchase price on behalf of the buyer for taxes until the IRS approves the Withholding Certificate.  If for some reason the exchange was not approved then the buyer would be responsible for the 10% tax if nothing was withheld in escrow.  Even though the 10% tax may not have to be paid in a 1031 exchange the money must be withheld.

The IRS will not challenge a sale if the property:

1.  Is owned for 24 months.

2.  Is rented more than 14 days per year and the tax payers use does not exceed 14 days or 10% of the days rented.

You must own the replacement property for 24 months after the 1031 tax free exchange.

1.  Tax Deferral  Defer, defer, die.

2.  Diversification  An investor may not want all of their eggs in one basket.

3.  Financial Strategy  An investor may want to exchange a property with no income for a property with income.

4.  Lifestyle  An investor may relocate and want to continue to earn income in the new location.

5.  Free Up a Tax Locked Property  An investor may have taken all of the depreciation that is allowed (27.5 years) and by trading properties the investor can begin to depreciate the new property.

6.   Estate Planning  An investor may own 1 property and have 2 children.  The investor may sell the 1 property and purchase 2 identical properties so that both children have their own property that they will inherit.

7.  Avoid Cost Recovery Recapture  When an investor has fully depreciated a property and sells it the investor must pay taxes on the depreciation.  An investor can avoid the the tax on the cost recovery recature with a 1031 tax free exchange. 

Does the owner act like an investor?  Investment must be the primary objective in a 1031 tax free exchange.

Holding a property in anticipation of value appreciation may not qualify the property as a 1031 exchange if investment is not the primary objective.  The owner must act like an investor.

In 2007 a tax court ruling against the Moore family established investor rules.  The Moore family had a 2nd home that was a vacation home.  The family later bought a 3rd home that was a vacation home in a different location.  The Moore family stopped using the 1st vacation home.  The 1st vacation home was vacant. 

The family did not maintain the 1st vacation home and did not take deductions for upkeep or depreciation on the 1st vacation home.  The Moore family claimed an interest deduction on both vacation properties as home mortgage interest rather than an investment interest expense.  The family made no effort to rent the vacation home. 

An investment home can be used for no more than 14 days per year or no more than 10% of the availble rental period when the property is rented at fair market value during a 12 month period.  When claiming a 1031 exchange the primary purpose of the investment property cannot be a vacation home for the owner and the owner's family.

The tax court said that the Moore family actions proved that the 1st vacation home was not an investment property and disallowed the 1030 exchange. 

1.  Deferral of capital gains tax.

2.  Basis step up and capital gain forgiveness for heirs.

3.  Free up a tax locked property.

4.  Conserve cash for reinvestment ~ taxes on gain are deferred.

example:  traditional sale vs 1031 exchange

                                          Traditional Sale                 1031 Exchange

Proceeds from sale                     $250,000                            $250,000

Federal capital gains tax              $ 22,500                             $0

Depreciation recapture                $   5,000                             $0

Available for reinvestment           $222,500                             $250,000

Extra money available for reinvestment in a 1031 tax free exchange:  $27,500

1.  Strict adherence to time limits.  The relinquished property must be identified in 45 days.  The reverse exchange must be completed (closed) within 180 days of taking title by the qualified intermediary.  There is absolutely no flexibility with the time lines.  The dates are mandated by Congress and cannot be extended by even 1 day.

2.  Future tax rates could be higher.

3.  Basis carry over from relinquished property.

4.  Complex transaction with expenses that are not customary in a traditional sale.

5.  No recognition of losses.

6.  Tax consequence if the net proceeds are not reinvested in real estate.

7.  Tax consequence if a property received in an exchange between related parties is disposed of within 2 years of the exchange.  The original sale will not qualify for non recognition of the gain.

Boot is defined as cash and unlike property that a seller may keep rather than putting into the next property that is purchased.  Boot is taxable.  Boot does not defeat an exchange.  The tax on boot cannot exceed what the fully taxable transaction would be.

The maximum number of properties that you may identify to purchase is 3 properties at fair market value.  The replacement properties must be described in writing by legal description, street address and or the name.  If one of the properties is an apartment complex called 'Paradise by the Sea' the name must be in writing.

You may identify any number of proprties to be purchased before the end of the end of the Identification Period, but the aggregate value cannot exceed 200% of the relinquished property.  You figure fair market value of the relinquished property on the date that you transfer them.

You may identify any number of properties to purchase as long as the aggregate value of the property acquired during the exchange period is equal to 95% of the full market value of the relinquished properties.  

Avoidance is key to a successful exchange.  A tax payer must avoid actual receipt and constructive receipt.  A tax payer cannot be related to a qualified intermediary or an escrow agent in the transaction.  A tax payer cannot use a an attorney that has represented the tax payer in legal matters during the 2 years preceding the sale of the relinquished property.  The proceeds of the sale must be placed in escrow with a neutral third party (qualified intermediary).

Actual Receipt is defined as cash or property that are in the tax payer's possession.

Constructive Receipt is defined as cash or property that are available for the tax payer to draw on or control.

There are 4 safe harbors for the tax payer.  The tax payer must avoid actual or constructive receipt.  The tax payer may use more than 1 safe harbor.  The tax payer's use of a safe harbor does not guarantee the successful completion of a tax free exchange.

1.  Escrow accounts and trusts.

2.  Qualified intermediary.

3.  Security or guarantee arrangements.

4.  Interest or growth factor on money or property held in exchage.

Qualified Intermediaries are not licensed.  There is no requirement for insurance or bonding for a qualified intermediary.  Experience counts so be sure to ask around.  A qualified intermediary may be certified with an Exchange Specialist Certification.  A qualified intermediary should have errors and ommission insurance (E & O insurance).  Qualified intermediaries make money from interest on the funds that are held in escrow.  A qualified intermediary should not comingle a client's funds.  Resignation by a qualified intermediary disqualifies the exchange.

Seller Sam owns an apartment building in New York.

Buyer Bob buys Seller Sam's apartment building for $1 million.

The $1 million cash from Buyer Bob goes to the qualified intermediary.

The $1 million cash goes to Seller Sara to buy a multi unit building in Key West FL for $900,000.

A Starker Exchange allows an owner who sells an investment property that they have been renting to defer the 15% taxes on appreciation and 25% of the recapure of the depreciation deduction that you have taken.  A Starker Exchange was made possible by a precident setting law suit that started in 1967 and went all the way to the Supreme Court.  The Starker v the IRS case was finally settled in 1979.  Mr. Starker changed the rules.  The IRS now allows the closing for the relinquished property to occur before the replacement property is identified.

1.  Missing deadlines.

2.  No plan 'B'.

3.  Discomfort from dealing with a complex and time sensitive transaction.

4.  Related parties including the agent and client.

5.  Potential for fraud.

6.  State laws.

If you sell a residence in a 1031 exchange that you have lived in for 2 of the last 5 years before it was sold, and reclassify the property as a primary residence, you could exclude $250,000 (single person) or $500,000 (married couple) of the gain.

With a little planning you can make your money go a lot farther!

 

Buying a Home In Key West Florida

 

"I'm single and loving it!"  I hear friends say this all the time.  It reminds me of friends who rent and say they love the freedom.  They can move any time they want, when something breaks they call the landlord, if a noisy or nosey neighbor moves in they can move out.  

 

 

Then 30 years later they are alone or still renting when they could have had 30 years of a wonderful life and a paid off home so that retirement is a little more lovely.

 

 

Then one day a single friend meets someone "interesting."  The world suddenly changes.  They tell you every detail about how incredible the person is.  Their world grows.  They go to new places, start going to the gym, or sailing or learn to play tennis.  

 

 

They go to fun parties and meet new friends, get make overs and new clothes.  Then the big day comes!  They get engaged.  One day the wedding day arrives.  And for some, their life begins.  At their 50 year anniversary they will tell their friends about the day they met and how their loved one won them over.

 

 

 

 

I meet buyers who say they aren't in a hurry to buy when you tell them to get pre-approved by a lender.  The buyer then says, "Oh I don't want to have my credit pulled because I heard my score could go down 35 points."  When you explain why it's important some buyers make the call.  ALL buyers are "not in a hurry" until they meet THE PERFECT HOME.

 

 

Some buyers want to date a lot of Realtors and don't want to marry one (commit to one or sign an exclusive buyer brokerage agreement).  They call all the listing agents on their own even when they have their stand by Realtor that they call to write offers.  Their "stand by" Realtor doesn't take them seriously and all the listing agents are married to their sellers and the buyer is just a mistress.  

 

 

It's important to find a smart, trustworthy, experienced, hard working and available agent who is going to take care of you.  Your Realtor is like your personal physician, your lawyer, your CPA, your best friend or your husband or wife.  The relationship takes time to grow.  You get to know each other.  

 

 

Your Realtor learns your likes, your interests, your preferred method of communication, your budget, your schedule and the best way to serve you.  It's a partnership that does not cost you money as a buyer.  If you could get a lawyer or CPA for free would you?  Would you hire any lawyer or any accountant?  Shop carefully for a good Realtor with a good reputation.  

 

 

Reasons to Get Pre Qualified

 

 

1  You could have old negative credit that needs to come off your record

 

2  You could have inaccurate credit information that needs to come off

 

3  You could have parking tickets from a vacation in San Francisco that need to be paid so this accurate negative credit can come off

 

4  You could have a doctor bill from when you broke your hand on spring break 5 years ago

 

5  You could have an old credit card from college you never paid off that needs to be paid off so it can come off

 

6  You could have a parking ticket from when you went to a conference 3 hours away from work 5 years ago that needs to be paid so it can come off of your credit

 

7  You could owe $8.75 from an $80,000 home equity line on an investment property that you re-financed and paid off 5 years ago

 

8  You could find the steal of the century and you can't get financed because you need a "rapid re-score" of your credit that takes 30 to 45 days to complete so you miss out on the only home you'll ever love only to spend the rest of your life as a serial renter

 

9  You could afford a better house or could need to look in a lower price range.  Why waste your time, the seller's time, the listing agent's time and your buyer's agent time?  

 

 

When you look for a life time partner or a new

home you look for the important stuff first.

 

 

1  Good location (character)

 

2  Good condition (genetics and fitness)

 

3  Curb appeal (attraction and that romantic pull)  

 

 

Then you look inside the home (or the person) and determine

what you love 'As Is' and what could use an upgrade. 

 

 

1  The home needs a new kitchen (a make over)

 

2  The home is small (they could use an addition ... a hobby, a degree or a better job)

 

3  The home or yard is dirty (they need grooming!)

 

So live, love and be merry!  Happy home hunting!

 Short Sale Process

As you read this imagine that your boss at work assigns you a couple of projects.  Some projects will take you 45 days and some will take you up to 9 months to complete.  If your boss called you 3 times a week to ask the status of the projects how would you feel?  Would the frequent calls slow down your projects or speed them up?

 

If you are buying or selling a short sale property do not expect a status update for the first 6 to 8 weeks.  There is no update until the bank negotiator is assigned the short sale package.  The first exciting update that you will receive is that the negotiator has ordered a broker price opinion or an appraisal.

 

I have closed every short sale that I have worked on for a seller.  I have had many short sales close in 45 days from the date of offer submission, but I did not do it alone.  A few short sales have taken a 4 to 5 months and the short sale process below will reveal the reasons why.  Short sale approval requires a buyer, seller, buyer's agent, listing agent and the bank negotiators effort and cooperation.  If anyone drops the ball, or is not responsive, the short sale will be delayed or denied.

 

I have completed the short sale in 30 days and closed 15 days later for a 45 days turn around so it can go much more quickly than 4 to 9 months.  The quickest short sale I've ever closed was submitted, assigned and approved in a week and it was a cash deal that closed 5 days later.  It can take 9 months to close a short sale.  It usually goes much more quickly than 9 months for me.  This is the Cliff Notes laymans version of the general short sale process.  The average short sale takes between 3 and 4 months.

 

Short Sale Process

 

We turn in the short sale package.  The short sale package is all of the required paper work.  The biggest short sale package I have turned in was 175 pages.  I ask the seller for all of the short sale package paper work when we list the property.  If the seller does not provide a piece of documentation then the short sale is on hold.  The bank will not approve the short sale without every single document that is required.  The short sale package must be complete.

 

Most banks will assign a bank negotiator in 30 to 60 days.

Some banks are organized and some are not.  Some banks will process a complete short sale package immediately.  Some banks ask for certain documents over and over again for weeks.  Some banks ask for for 1 or 2 updates on bank statements with a delay of 2 weeks to a month between requests.

 

Once the bank negotiator is assigned the Realtor may call the negotiator twice each week.  Few negotiators are organized, answer their phone and give the Realtor their email address.  More frequently a bank negotiator appears to send all incoming calls to voice mail or will put a Realtor on hold for long stretches of time.  A Realtor can generally expect to get the negotiators voice mail 10 times during the first 8 weeks.

 

Bank negotiators generally have 200 to 500 short sale files on their desk.  A few banks have new policies that limit the number of files to 65.  If a Realtor calls a few times every week, sends an incomplete short sale package or complains when asked for additional documentation the Realtor is slowing down the short sale process for every file on the negotiators desk.  

 

If the negotiator takes phone calls all day from Realtors asking for a status update or takes phone calls from Realtors who complain about waiting the bank negotiator will not have any time left to process short sale files.

 

Buyers and buyers agents can slow down the short sale process by calling the listing agent every few days or once every week to check on the status of the short sale.  You can be certain that the listing agent will call the buyer's agent, or buyer, if there is any news about the short sale.  If the buyer or buyers agent insists that the listing agent call the bank too frequently the short sale approval will be delayed.

 

Many agents will argue that the squeaky wheel gets the oil.  I have not seen that work.  There is a process that the bank negotiator must follow.  Most of us have a boss to answer to and a process that we must follow.  If the listing agent does everything possible to help the bank negotiator get through the bank's check list with the fewest number of problems and delays the short sale file will be approved faster.  Complaining and being a squeaky wheel, in my experience, is not the secret weapon of a successful short sale negotiator.

 

It is rare, although it has happened more often than not recently, for a bank to assign a negotiator within 30 days.  I have submitted many short sale packages and closed 45 days from the date that the short sale package was submitted to the bank.  I did not do it alone.  The buyer was ready to close.  The buyer had cash and closed within 5 to 7 days of bank approval.  The seller provided every single piece of paper that the bank negotiator needed to initially approve the short sale.  The seller immediately responded to requests by the bank negotiator for additional documentation so that I could give the additional paper work to the bank negotiator the same day or within 24 hours of the request.  

 
Frequently the bank negotiator asks for updated banks statements.  This can happen 2 or 3 times with a delay of a few weeks or a month between requests.  If the seller responds promptly the sale will be approved sooner.

The listing agent should not call the bank negotiator more than twice each week as a general rule.  I ask the bank negotiator how I can work constructively with them on follow up.  Do they prefer calls on a certain day of the week?  Can I call them twice each week?  I ask the negotiator if they prefer phone, fax or email.

Once all of the required short sale paper work has been received the bank negotiator orders a broker price opinion or an appraisal.  The appraisal could come in at the right price or the wrong price.  Some banks will accept a fair or market rate contract.  Some bank negotiators will counter offer our offer 10% to 20% higher than our contract price.  

 

Some banks don't care if the contract is low, market rate or high because the bank will still negotiate for more money.  If the appraisal comes in too high (compared to the contract that the buyer and seller have agreed to) a bank negotiator may reject the contract with no counter offer.  Or, the negotiator may ask for more money from the buyer and or seller.  After the buyer agrees or refuses to pay more money some negotiators will ask the seller for money.

 

If the contract is market rate and the broker price opinion or the appraisal is high the Realtor will ask the bank negotiator, for the next 2 or 3 weeks, to order another broker price opinion or appraisal.

 

I do not turn in a contract to a bank that is not fair market or very close to full market without an agreement from the buyer or buyer's agent that the buyer is willing to increase their offer because they know the offer is low or a kick out clause so that I can accept a market rate offer and successfully close the short sale.

After 1 to 3 weeks of requests by the listing agent the bank negotiator may order a broker price opinion or an appraisal.  Or, the bank negotiator may agree to allow the buyer to pay for a new independent appraisal.  Some bank negotiators will counter offer a fair market contract 3% to 5% higher than the contract we have.  Some bank negotiators have told me that an appraisal was much higher than what I knew was market rate.  I have never had a bank negotiator give me a copy of an appraisal.  

 

When there is disagreement about market value and the contract price that the buyer and seller have agreed to the bank negotiator and Realtor discuss the market value of the property.  This can go on for 1 to 3 weeks and even longer.  The Realtor may call the bank negotiator twice a week.  Usually the listing agent gets the bank negotiators voice mail.

 

Eventually the bank negotiator will order another broker price opinion, or maybe 2 or maybe 3 more broker price opinions and or an appraisal.  Or the bank negotiator will allow the buyer to pay for the independent appraisal.

 
Some banks refuse to give a short sale approval letter if the home owner will not sign a 'soft note' to pay them 5% to 10% of the original loan.  A soft note is a loan.  It can be for 5 to 30 years.  The interest rate can range from 0% to market rate interest.  The bank negotiator usually asks for a note from a seller who does not have a hardship or has the ability to pay the note.

 

The bank negotiator and seller may or may not agree to a 'soft note.'

 

Then the bank negotiator may or may not ask for cash to close from the seller or the buyer.

 

The Realtor, bank negotiator, seller and buyer or buyer's agent discuss the money and agree to no money or some money to get the bank negotiator to agree to the short sale.

 

We wait for 10 to 14 days for the short sale approval letter from the bank.  Some organized bank negotiators will provide a short sale approval letter in 24 to 48 hours, but that is very, very rare.

 
When the short sale approval letter finally comes the bank negotiator may forget to put full satisfaction on the approval letter.  The Realtor then goes back to the bank negotiator and re-negotiates with the bank negotiator to get 'full satisfaction' on the short sale approval letter.

 

If the seller has a hardship and is not going to declare bankruptcy the seller, or the seller's attorney, may insist on seeing full satisfaction on the short sale approval letter.  If the seller is filing a bankruptcy the seller may choose, after talking to their attorney, their accountant and the IRS, that they must still have the full satisfaction clause on the short sale approval letter.  Or, the seller may waive the full satisfaction clause on the short sale approval letter.

 

The buyer will not receive any information from the sellers bank negotiator other than a copy of the short sale approval letter.  The buyer is not a party to the contract.  The contract is between the buyer and the seller.  The bank simply approves the short sale for the seller.  

 

The bank will never provide a status update to the buyer verbally or in writing.  The bank does not have approval from the seller to communicate with the buyer verbally or in writing.  The short sale approval letter is confidential communication between the seller and the bank.  The seller may or may black out information they don't want a buyer to see in the short sale approval letter.  

 

If the short sale is rejected by the bank the buyer will not receive communication verbally or in writing by the bank because the seller's short sale has been rejected.   

 

The sale of the property is exactly the same for the buyer as a traditional sale except for the waiting period while the bank decides whether or not to approve the short sale.  Generally, depending upon the terms of the contract, the dates that affect the buyer such as the inspection period and financing contingency begin when the listing Realtor has verbally informed the buyer's agent or buyer that the bank has approved the short sale.

 
Finally the buyer's lender orders an appraisal.  The buyer's lender sends the file to the underwriter.  If the file is perfect and no documents are missing and nothing needs to be fixed the underwriter will generally close 20 to 30 days later.  If the buyer is missing documentation loan approval will be delayed.

 

The title company orders the survey and elevation certificate and begins checking the title.  If there are open or expired building permits or code violations the permits and violations must be closed.

 

The Realtor and buyer schedule and attend the home inspection.  

 
The buyers bank underwriter may ask the buyer to write a letter to explain something, ask for additional documentation or request that something in the home be fixed or cleaned up before closing.  For example the buyer may need to write a letter to explain a late payment, a large deposit or a job change.  Or, a buyer and seller may need to work together to remove broken concrete from a yard, replace a roof or remove an illegal kitchen in an illegal apartment at an underwriters request.  We fix the items and close about 20 days later.

 

Call me today if you are upside down on your home and would like to short sale your home.  There are federal protections that expire in 2012.  

Approved Short Sale in Key West - What Does a Buyer Do Next?

 

The Inspection Period begins once the seller's Realtor provides written notice to the buyer's agent that the short sale has been aproved. 

 

 

A buyer's home Inspection period depends upon the time period specified in the sale and purchase contract. 

 

The inspection period is generally between 5 and 10 days.  A buyer will choose a home inspector.  Your buyer's agent will give you the names and numbers of every home inspector they know or at least 3 home inspectors.  

 

 

Inspecting your Approved Short Sale

 

 

The home inspectors have different personalities.  Some may mesh with with your personality.  You may you feel that one of the home inspectors is more competant after you talk to all of the home inspectors.  

 

 

All of the home inspectors in this area are general contractors or used to be general contractors and have a license from the state of Florida.  

 

 

The home inspectors have different gadgets to inspect a home.  Some fill out a check list as they go and give you the copies immediately following the home inspection.  Some home inspectors type the home inspection on a form and email it to you 1 or 2 days later with color photographs. 

 

 

Home inspection rates range between $350 and $500.  Only 1 home inspector will charge you a total of $350.  The home inspections generally range in size from 12 to 65 pages.  You will need a termite inspection.  They are $75 and you want a licensed professional.  You can verify a license number through the Florida Department of Agriculture.  

 

 

If the home has a septic tank get an inspection which is typically $350.  Better to know that all is well or exactly what is wrong and how much it will cost to fix it.  Sometimes some thing is wrong but can stay in the current condition until you can connect with the central sewer system.

 

 

All but 1 of the home inspectors that I know charge $350 PLUS a separate charge for the 4-point inspection and hurricane mitigation inspection.  So, in the end, all but 1 of the home inspectors charge about the same price.  The $500 home inspection includes the 4-point inspection that a buyer must provide to their insurance agent so they may purchase home insurance. 

 

 

A hurricane mitigation inspection will help a buyer receive discounts on an insurance policy.  The hurricane mitigation inspection may get you as much as a 42% discount if you have hurricane shutters, a metal roof with clips and ties on the roof.  Depending upon the year and construction of the building the potential mitigation insurance discount is 89%.

 

 

Your buyer's agent should not direct a buyer to a particular home inspector.  A buyer can do some research on line or ask friends who own a home about their experience or ask their buyer's agent for a list of home inspectors.  A buyer's agent can answer questions about each home inspector, but the buyer's agent is not supposed to direct the buyer because the relationship between a Realtor and the home inspector is supposed to be 'arms length.'

 

Monroe County Insepctions

There are inspections that are optional and required by Monroe County.  Your buyer's agent or the seller's agent may check with the county to determine if there are open and or expired permits and or code violations.  Or the buyer or seller can purchase an inspection that is $250 may be obtained from the county that will list all building permits that have been obtained for the property. 

 

There is a mandatory inspection called a Community Inspection Report that is $170 that is required by the county no more than 180 days prior to the closing if the home has an 'enclosure.'  If a homeowner does not have a copy of the inspection on file with the Monroe County Building Department a homeowner may not get a building permit for anything other than a life safety permit. 

 

About 3 months after closing expect your insurance agent to notify you that you need to purchase a $300 inspection of the enclosure.  Some insurance agents will allow you to present the Community Inspection Disclosure that the seller provided prior to closing and that will save you $300.  

 

 

Financing your Approved Short Sale

 

 

Once a buyer has received a copy of the short sale Approval Letter from the seller's agent a buyer generally has 30 days or less to close the real estate transaction.  Shop quickly or go directly to the lender that preapproved approved you for a loan and turn in all of the updated paper work immediately.  The absolute fastest loan commitment in Key West Florida is coming in approximately 3 to 4 weeks.  

 

 

As a buyer shops for a lender be sure to consider the total cost.  Nearly all of the lenders charge points.  The fee is not as bad as it sounds.  A buyer that pays 1% at closing ($213,000 sales price would mean a $2,130 point cost) could save $20,000 on the interest over the term of the mortgage.  

 

 

If a buyer is going to keep a home for a long time then the buyer may choose to pay the points and pay a lower interest rate.  If a buyer is going to flip a home a buyer might consider skipping the points and choose instead to pay a higher interest rate.  

 

 

Appraisal of the Approved Short Sale

 

 

A buyer's lender will order the appraisal.  Be sure not to start to work with more than 1 lender and try to lock a rate.  The law changed in 2010 and only 1 lender can lock the rate.  The closing could be delayed is there is an issue with this.  Or buyer could have unintended expenses. 

 

 

If a buyer gets a loan through a credit union the buyer will save intangible tax on the mortgage.  The whole loan package will need to work for this to create a benefit for the buyer.  Intangible tax is $2.30 per $1,000 of the purchase price.  If the rate and entire package is equal with all of the lenders and you can save a few hundred dollars that might be nice.  But if the interest rate is substantially higher than other local lenders you could be saving pennies and spending hundreds more per month.

 

 

Survey and Elevation Certificate for an Approved Short Sale

 

 

The title company will order the survey and the elevation certificate.  A buyer needs the survey for your lender and the elevation certificate for the insurance company.  Keep the survey and elevation certificate in a handy place in case you want to put up a fence or build a shed on the property.  

 

A buyer may need a survey and sometimes an elevation certificate to get a building permit depending upon the project.  Your buyers agent can ask for the seller's old survey, elevation certificate and title insurance policy.  Some lenders, if the purchase was less than 2 years ago and no improvements have been made to the property, may accept the seller's survey.  

 

 

Some insurance agents will accept the elevation certicate if it has been less than 2 years since the seller purchased the property.  You could save up to $900 if you are able to use the old survey and old elevation certificate. 

 

 

The title insurance policy will save the seller or the seller's bank money, but it won't save you money.  The old title insurance policy will help you close more quickly.

 

 

Be sure to talk to your attorney and then your buyer's agent or the title company representative about how you will take title.  There are many options.  If you are married, divorced, separated, purchasing with a son, daughter, mother or father this will affect the way that you take title.  If this is a 1031 tax free exchange the title company needs to know.  If the buyer or the seller is a foreign national this will also affect the transaction and how a buyer takes title.

 

 

Insurance for your Approved Short Sale

 

 

Pick an insurance agent.  The price of your insurance policy will depend upon the mitigation credits, the amount of coverage that you choose, the flood zone, the age of the roof and type of roof, date of construction and your deductible.  The lender that you choose may determine the allowable deductible.  If a buyer's budget is tight a low deductible is better.  You buy insurance on the home's replacement value.  You are not required to buy insurance on the land.  A year or two after closing some mortgage companies will send you a letter telling you that you have to increase your coverage to a price that includes the land value.  

 

If a buyer's budget has plenty of discretionary income a higher deductible may be better.  A buyer must purchase enough insurance to cover the replacement value of the home.  The replacement value could be higher than the price that you are paying to purchase the property.  The replacement value is based upon the appraisal that your lender will order.  The appraiser will consult a company that provides materials estimates all over the country for construction.


 

 

You will buy 3 types of insurance:  wind, homeowners and flood.  If the property is in an X flood zone you will not be required to purchase a flood policy.  The savings can be substantial.  I like Jon Diamond with Johnson's Insurance because I can call him during a 6 pm closing with an emergeny or on a weekend or holiday with an emergency and he will pick up the phone.  It's nice to have the insurance agents cell phone number.  Jon will also provide 3 options that will help a buyer choose an insurance policy that perfectly fits their income, risk tolerance and financial liquidity. 

 

 

Closing the Approved Short Sale

 

 

The seller will choose the closing agent because if you checked the box that the seller would pay for the title insurance on the offer that became the contract.  A buyer will have a $275 charge for the buyer policy.  

 

 

The seller may choose an out of town lender.  Some out of town title companies contracted by the seller will send a notary to meet with us for the closing.  The out of town title company generally pays the notary $150.  Some out of town companies will not pay for a notary.  We can arrange a Courtesy Closing at a title company for $150 or with an attorney for (usually) $250.  Some out of town title companies will pay the $150 to a local title company and some will not.  If there is a choice it's better to close with a local title agent or a local attorney rather than a notary.  

 

 

If a buyer has no choice don't worry.  A buyer can close in my conference room with the notary and the out of town title company on the a conference call.

 

 

Some title agents are kind, patient and friendly.  Some title agents are rude, rushed and unpleasant.  Some seem nice, but then do things that make me or have made my clients feel uncomfortable.  I would rather work with the rude, rushed and ethical title company.  The most important quality is competence and integrity.  I have had a title company 'take sides' during a transaction.  After doing some research I discovered that the title company had done nearly a dozen closings for the seller.  That is unethical.  And frustrating.  And it can create big problems.

 

Occupancy of an Approved Short Sale

 

The seller should deliver written notice of acceptance (Approval Letter) to a buyer that the offer has been accepted before a buyer spends money on anything.  

 

A buyer should have confirmation from the seller that the property will be vacant the day before closing so that the buyer can do a Walk Through Inspection with their buyer's agent.

 
 

 

If we close the transaction with a tenant in the home it may take 90 days to get the tenant out of the home legally.  A buyer should talk with an attorney that specializes in evictions to understand the laws, time and expense involved.  A buyer should take some time to decide whether a property that is occupied at closing is a deal breaker or whether a buyer would consider accepting the property occupied.  It's an investment of time and money to accept an occupied property and evict them.  

 

 

A buyer does not want to be in the position of spending $500 on the home inspection, 4 point inspection and mitigation inspection, $900 for a survey and elevation certificate and $450 for an appraisal and all of the time and energy and then find out that the owner will not leave or is unable or unwilling to remove a family member, friend or tenant.  A good buyer's agent will try to determine the character, integrity, motivation and abiltiy of the owner to move out prior to closing.

 

Investment Property Key West FL and Key West FL Real Estate

Yesterday I sat with a buyer in my office talking about the Key West home that she has under contract.  We are going to be closing in 30 days.  

It's been a long road!  We counted 10 files for 10 properties that we have written offers to buy.  We wrote 2 offers a homes and 3 offers on another.  We wrote 4 offers on the property that we finally put under contract.  Whew!  My buyer has stamina!  She wouldn't give up!  "No" is just a starting proposition for this buyer.  My buyer has signed nearly 20 offers for real estate in the historic area of Key West FL.  It's a hot market for great properties at the right price.

We looked at payment options.  We came up, or our brilliant loan officer, came up with an incredible plan that would reduced our payment by $300 per month and reduce our closing costs by $3,600.  

We also put in time on the phone with her insurance agent.  We were able to structure an insurance policy that fits her budget, her income, her goals and her risk tolerance that cut our payment by $150.

Then we used our mortgage calculator.  The current rental roll is $550 per month higher than her payment so we calculated an extra $500 payment monthly toward the principal.  We can pay off her 30 year mortgage in 16 years and 3 months.  Very exciting!  If she makes a $3,000 payment annually when she gets her tax return we can pay off her mortgage in 14 years.

Her accountant was able to show her how he can save her $600 per month in taxes because of her real estate purchase.

If you have a 'never give up' attitude you may get an amazing home in the Florida Keys too!

Search for real estate in the Florida Keys!

Buying a Home in Key West Florida

 

 

A buyer called me at 8 pm on Saturday night when I was at dinner with my husband.  We made an appointment to see a pretty home I have listed on Sunday morning.  I asked the buyer if she was working with an agent.  She said, "No I'm just looking on my own." 

 

I was waiting out front when the buyer drove up on Sunday morning.  The buyer was friendly and talkative.  The buyer asked me a million questions and mentioned agent after agent's properties that she had seen.  After about 45 minutes the buyer asked me if I knew XYZ agent.  I said, "Of course!  She is a wonderful agent!"  The buyer said, "She is my agent."

 

Can you guess what I think of this buyer? 

 

On Wednesday one of my buyers picked out 5 homes he wanted to see on Saturday.  One of the homes was an expired listing.  I called the owner and he said, "We would still like to sell it, but we want you to know that we are working with Miss Great Agent.  I think she is on vacation, but she will definitely be our agent." 

 

Can you guess what I think of this seller?

 

It's good to build a foundation of trust and respect when shopping for a home.  Trust and respect are a contributing factor into every negotiation.  There is something very special about people that are dependable, reliable, truthful and ethical.

 

Photo credit Rusty Boxcar

 

If you are a seller who has been on the market for 60 days and you don't have a contract and are not getting a few showings every week then this was written for you. 

 

When I list a home I show a seller properties that have sold recently.  Some homes have been listed 4 or 5 times and were on the market for 4 or 5 years.  Some homes went under contract within hours of being on the market.  Some homes went under contract with in a day or two.  Some homes received multiple offers and sold after weeks of contract negotiations for tens of thousands above asking price.

 

The longer a seller's home sits on the market the greater the chance that a buyer will think that they can write an offer far below fair market value.  The longer a property sits on the market the more flexible a seller becomes.  When a property sits on the market a long time the buyer thinks that the seller may be desperate once the seller gets an offer.  A seller with an over priced property will never enjoy a multiple bid situation.  The faster you get your pricing right the faster you will sell and the more money you will make.

 

A seller will never be able to re-create the urgency that buyers feels during the first few days when a great home at a fair price comes on the market.  A great home at a fair price will encourage buyers to offer full price or more than full price.  Price perfectly and you will get your best offer in the shortest period of time.  Price your home improperly and you may never sell or your property is likely to sell at a big discount.

 

Photo credit David Hoffman

Price Reduction Tips for Sellers

 

 

 

 

 

Has your property been on the market with few or no showings?  If you have checked off everything on your 11 Point Checklist and don't have a contract there is just one thing to blame.  Price.

 

 

11 Point Checklist


 

1. Beautiful pictures and visual tour
    
    
2. Developed and complete marketing remarks
   
    
3. Accurate and complete information in the  the multiple listing service (I have found amazing deals for buyers when an agent puts "0" bathrooms on a listing and the property sits for months with no showings and no offers!)
   
    
4. The top 50 real estate web sites are advertising your home
   
    
5. You have followed your detailed company marketing plan
   
    
6. Your Realtor answers her phone and returns agent and buyer calls (YES, some agents ignore calls or I have to call, text and email an agent multiple times to get a response.  I have had to go to a Realtors office in person to get an agent to respond.  There are some agents who make it difficult perhaps hoping that a buyer will call them directly?)
   
    
7. Your Realtor is competent and works well with other agents (yes, competent and professional Realtors may avoid showing homes listed by rude, unprofessional and unreliable agents).
   
    
8. Your home is on a lock box or can be shown on short notice
   
    
9. Sign in the yard.  It's even better if the sign is clean, new, standing straight and free of rust.
   
    
10. Neat and tidy when buyers arrive.  If the home is filthy, smelly or inadequately staged it will likely result in no offers or low offers.
    
     
11. Tenants or owner is ABSENT from the showing. 
     

 

 

Sellers and tenants should LEAVE 30 minutes prior to the showing and not return until 10 minutes after the buyer has left the property.  I have shown homes and seen the seller follow the buyer around being "friendly".  A kind and respectful buyer may allow the forceful and obtrusive seller to make the buyer late for the rest of the scheduled showings.  The seller may think they are slick for connecting so well with the buyer when in reality the seller is turning off the buyer and wasting everyone's time. 

 

 

 

I have heard sellers tell a buyer how rude a neighbor is or how much they hate the neighborhood or how desperately they want to move.  I'm always pleasantly surprised at how useful information simply pours out of a seller's mouth.  When I'm the buyer's agent I will ask a seller questions about the property.  I have seen sellers exhibit the classic symbols of lying.  If they were not lying they gave the buyer and me the impression that they were not being truthful.  Nothing good comes of having a tenant or seller present during a showing.

 

 

 

Tenants have given my buyers excellent information about the landlord's financial difficulties, defects, lack of showings, the number and frequency of showings and other valuable information that helped my buyer negotiate a wonderful deal.  In most cases I LOVE when a seller, and especially a tenant, is present during showings when I'm a buyer's  agent.  The information we learn is priceless!

 

 

 

If you have painted by the numbers and followed the instructions on the box and the home has no calls, no showings and no offers your home is over priced.  A home that is beautiful, perfectly marketed and priced properly will sell within the first day or two on the market at close to full price or full price.  A high percentage of homes sell over asking price.  Especially bank owned properties that are listed below market rate.  

 

 

 

If your home is not a Show Horse but your agent has followed the 11 Point Check List you could be handing the keys to the buyer in 60 to 90 days.  The one consideration that could trip up the quick closing is the Absorption Rate.  If the inventory is stable in your market and you have done everything right you will sell.  The National Association of Realtors calls a 6 month inventory of homes a stable market.  What is the Absorption Rate in your area and your neighborhood?

 

 

 

Every real estate market has a Stagnant Mass of homes that sit like nuclear sludge on the market until the listing Expires and the home 'falls off' the market.  The Stagnant Mass is about 60% of the homes on the market.  40% of homes listed never sell at their Original List Price.  

 

 

 

If you want to sell you must be priced and marketed competitively against the top 15% of property priced and marketed homes on the market.  The top 15% of the market turns over constantly.  The top 15% of the market is sold in less than 30 days.  Buyers want to buy the top 15% of homes and buyer's agents want to show them.  The top 15% of homes excite buyers.

 

 

 

Buyers agents and buyers get a RUSH when they see a brand new properly priced home pop up on the market.  A buyers agent's mind races through the names of their buyers.  Buyer's agents pick up the phone and start emailing the brand new properly priced property to their buyers.  Buyers hear the urgency in their buyer's agents voice.  Buyers see the urgency in the words in the email they receive.  The excitement is like a fish feeding frenzy!

 

 

 

The top 15% of homes on the market are the ONLY homes that buyers will get in a multiple bid situation to buy.  The top 15% of the homes on the market are the only homes on the market that have a buyers agent telling their buyer RIGHT THIS MINUTE.  The top 15% of homes cause buyers and buyer's agents to write a clean, full priced offer with a quick closing and no concessions immediately if they expect to have the winning bid on this house.  It helps to have a knowledgeable buyers agent coaching their buyer and an eager buyer worried about loosing the home of their dreams.  A seller cannot ask for more!

 

 

 

A price reduction will stimulate activity.  A price reduction is helpful because many buyers agents set their buyers up for buyer alerts.  When a price change in the buyer's parameters occurs the buyer immediately receives an automatic email.  That auto email will put your home in front of the buyers who are ready to write an offer NOW even if their buyers agent is with another client or out of town.

 

 

 

A series of price reductions can bring a seller's property price in line with market rate.  The sold comps will be used for an appraisal.  Buyers agents will give their buyer sold comps.  If we get an offer over market rate we could loose the contract when the bank gets a low appraisal.  All buyers comparison shop.

 

 

 

A series of 4 or 5 price reductions that progressively get smaller (1/2 of the previous price reduction) is a good way to close the gap, get the home in front of Realtors and buyers and make a clear statement that the room for negotiation is steady decreasing with each price reduction.  

 

 

 

It may be more effective to do a series rather  than 1 large price reduction.  For example:  $100,000, $50,000, $25,000, $15,000 and $10,000.  It's better to have a plan rather than to do a price reduction, then later do another price reduction and then later do another one ($50,000, $50,000, $50,000).  Unplanned price reductions can indicate that the seller is motivated, but leave the buyer wondering when the next $50,000 reduction is coming.

 

 

 

There is an impact psychologically and the price appears to be more definite if the price reductions get smaller over time as the property decreases to to align with market value.  Now it's time to decide if you want to sell or if you can wait a few years until your home value catchs up with your Make a Wish price.

 

 

How to Legally Evict Tenant Monroe County FL

I'm not an attorney but I've learned a few things over the years. Evicting a Tenant is usually messy. The best thing that you can do is to serve a Tenant (even if it is your daughter!) the 1st notice when they are 3 days late paying their rent. Then serve the 2nd notice on time. Follow the entire sequence of events exactly or you will start over at the beginning.

To begin the eviction process and evict your Tenant you must draft, serve and post a 3-day Notice of non-payment and then post it on the Tenants door.

While you are at the Clerk of the Court filing your papers you must "swear" in front of the clerk that the information is true and correct.

The Property Manager can file and post the Notice, but must file the Property Management agreement and post the Property Management agreement with the 3-day Notice on the Tenants door. If you are the Property Manager you can not appear in court if the eviction is contested. You will need a copy of the lease if you go to court.

Only rent can be put on the eviction paper work as money that is due. Attorney fees, late fees, interest, electric, water, sewer and gas are not rent and you will not get that money back.

Late fees are not permitted unless there is a clause in the lease that says that late fees are considered rent.

To evict a tenant properly you must count the days correctly. It sounds easy enough, but if you don't do it right you'll have to start at the beginning when the case is thrown out.

If you serve the 3-day Notice on a Monday then Tuesday is the 1st day, Wednesday is the 2nd day and Thursday is the 3rd day. If you serve the 3 day notice on a Friday don't count Saturday or Sunday.

Do not count holidays (New Years, Martin Luther King Jr.'s birthday, Good Friday, Memoria Day, Independence Day, Labor Day, Rosh Hashana, Veterans day, Thanksgiving, Friday after Thanksgiving, Christmas and Monday after Christmas day).

If a Property Manager is going to serve the Tenant a 3-day Notice to pay the rent the Property Manager MUST attach the Property Management Agreement. You must file the paperwork in the owners name. Remember, a Property Manager cannot go to court for the owner if the eviction is contested.

Key West Real Estate Compared To Other Caribbean Islands

 

 

Key West and the Florida Keys may, for some, be a safer, easier to get to and an over all better investment than real estate outside of the US.  There are beautiful islands all over the world.  This is my case for buying real estate in Key West and the Florida Keys.

 

For many years I was a Sales Manager and a Director of Sales and Marketing for 2 of the largest hotels and the highest rated hotel (at the time) in Key West.  I've called the Keys home for nearly 30 years.

 

I worked with Meeting Planners from all over the United States and I occasionally worked with international Meeting Planners.  Many Meeting Planners brought their groups and business meetings back to Key West Florida year after year.  Many planners shared with me that they were bringing their company's leaders, owners and their brightest and most valuable and productive employees.  Many planners told me that they were comfortable with the security of the United States and the ease of travel.  There are many direct flights and the meeting attendees and guests do not need to worry about unstable governments or passports.

 

 

Buyers I meet say that they bought or want to buy in the Keys ecological beauty, the only barrier reef in the United States, the extraordinary fishing, history and comfortable Keys weather that can be enjoyed almost ever day of the year.  Many of the buyers also list the above benefits of homeownership in Key West Florida and the Florida Keys.  

 

There are areas in Key West Florida where transient rentals are permitted.  A transient rental license in the proper zoning district would permit a homeowner to rent the property as a hotel with nightly or weekly rentals.  It is possible that a homeowner who was interesting in renting their vacation rental property could potentially pay for itself and potentially earn a profit.

 

 

Lots, Tier Designation, Invalidated Tier List in Monroe County Florida

 

Monroe county incorporated a new system for categorizing lots that is supposed to be more fair and easier to understand than the old ROGO (rate of growth ordinance) system.  The new Tier system allows Monroe County to determine whether the owner of a lot has the right to build and to allow Monroe county to distribute building permits for lots.

 

A law suit against Monroe County by environmentalists challenged the new Tier system and the new Tier designations of lots that have any contact with hammock areas.  The environmentalists in the law suit believed that some properties in the new tier system were incorrectly categorized as buildable.  

 

As a result of the settlement of the law suit Monroe county was ordered by the judge to take another look at the designations of the 1,000 parcels on the Tier Re-Evaluation list which is also known as the Invalidated Tier list by some real estate brokers in the Florida Keys.  The Florida Department of Community Affairs (DCA) is currently reviewing the list of 1,000 lots with questionable Tier designations.  The Tier Re-Evaluation list was presented to the public by mid 2011 and the public was permitted to give their input in May 2011.  The final proposal was sent to the Department of Community Affairs in August 2011.  The final determination by the DCA should be complete by November 2011.  

 

Monroe county is re-examining 1,000 parcels in the Keys that are in, or touch, a "hammock" area with native vegetation where wildlife lives.  If you currently own or are considering buying a tier III lot in Monroe County which did mean that it was (and may still be) buildable, but a hammock runs through the lot it, the lot may be on the list of properties with tier designations that must be re-examined by Monroe county.  

 

The "Invalidated Tier List" is not a term that Monroe county uses to describe parcels on the list of properties that are being re-evaluated.  Monroe county simply refers to lots on the list as lots that do not currently have a Tier designation or the Tier Re-Evaluation List.

 

As long as the lots are in limbo NO one can build on any lot on the Invalidated Tier List.  Lots that were Tier III and are in neighborhoods that are more than 50% built out.  Cleared ('scarafied') lots have a better chance of remaining buildable according to Monroe county.  If there are homes from one end of the block to the other and on both sides of the street there is a better chance of the lot will remain buildable.  If there were only 2 homes on the block and the home is surrounded by hammock there is little chance that the lot will remain buildable.  

 

At this moment a buyer does not have a guaranteed right to build which inreases uncertainty and potentially the value of a lot on the re-evaluation list.  If a Tier designation is validated and the lot remains a Tier III lot with a building permit then the lot will be worth more money.  The value of buildable lots could go up if a large number of lots on the Invalidated Tier List turn into unbuildable lots.  If the lot Tier is Invalidated the value of a lot could fall to around $6,500 per lot.  

 

For more information about the lots without a Tier designation contact Monroe County at 305 289 2519 or go to 2798 Overseas Highway, Suite 400, Marathon, FL  33050.  

 

A buyer or seller of a lot that does not currently have a Tier designation can apply for immediate review of the lot so that it may be removed from the Invalidated Tier List.  The process should take about 60 days.  The application fee is $4,100 and the applicant must pay the advance cost for advertising and notifying the surrounding property owners so the total cost is well over $5,000.  

 

An experienced lot buyer with a higher risk tolerance could look for lots to buy on the Invalidated Tier List that were Tier III and recommended to stay tier III after the lots are re-evaluated.  With the current uncertainty a buyer could make a profitable investment if the lot can be purchased at the unbuildable lot price and later sold at the buildable lot price.

 

There is some risk by waiting for the Tier new designation list.   If a lot Tier is validated the lot will be worth more.  If the lot Tier is invalidated the lot will be worth less.  If a good number of the 1,000 lots are invalidated and placed on the market for sale the value of those lots could be pushed lower.  As of mid September 2011 there are no lots for sale that are less than $24,000.

 

 

 

Investor Example

 

307-309 Amelia St., Key West
$375,000 Purchase Price
$75,000 Down Payment

Annual Income (based upon $1,600 and $1,800 monthly rent)
$12,582.84 rental income after mortgage and taxes
$2,966.13 Principal Reduction after 1 year
20.7% Return on Investment if you figure Zero Appreciation
35.73% Return on Investment  if you figure 3% Appreciation ($11,250)

 

ACTUAL RETURN ON INVESTMENT

(before improvement expenses)

 

Current liquidation value:  307 Amelia $250,000, 309 Amelia $300,000
$12,582.84 rental income after principal, interest, taxes and insurance
$2,966.13 Principal Reduction after 1 year
$175,000 appreciation
254% Return on Investment,
$190,548.97 first year INCOME

 

Avoid Capital Gains Taxes

(if you purchase with a Roth IRA)

The money you make is tax free.  You never have to pay tax on the profit you make when you sell. 

"Interest Rates Are Still Great," the Mortgage Broker said...

 

"Rates are still great," is what the mortgage broker said when I paused after he said, "Buyers don't shop for rates," then "Buyers don't care about rates when they get good service." 

 

 

In my experience a buyer expects their real estate agent to direct them to a reputable mortgage broker who will provide great service and fair rates.  When a trusted real estate agent recommends a mortgage broker most buyers trust their real estate agent so maybe they don't shop the rate with their bank or other banks. 

 

Everyone is really busy today and a home buyer is especially busy when they are buying a home so maybe home buyers don't shop the rate, but that does not mean that a buyer doesn't care what the interest rate is.  Buyers do care how much they pay for goods and services.

 

Years ago I worked for a real estate company that had an in-house mortgage broker.  Every time I turned in a contract the office manager would ask me if I was using our in-house lender.  Everyone else in the office was using the in-house lender so what was my problem?  The buyers that I sent to get pre qualified got an interest rate that was 1% to 2% higher than the interest rate with a local bricks and mortar bank.  And it took a week to get a pre qualification letter for a buyer.  

 

It's takes time and experience to put together a team of professionals who are going to take care of a home buyer or seller.  One of my duties as a buyer's agent, and an aspect of providing excellent service to my buyer, is knowing who to send a buyer to so they get a fair interest rate. 

 

I must be able to confidently recommend an excellent mortgage broker who is going to hit all of my service targets including interest rate.  A buyer would be disappointed with me if I recommended a mortgage broker and the rates were higher than normal.  I need for a buyer to get the same rate or a better rate from my mortgagebroker than they would have gotten from their bank.

 

Mortgage Broker Service Targets

 

1.  Interest rates, points and fees that are the same as, or lower than, the best interest rates on the island.

 

2.  Provide a variety of loan programs to service jumbo loan buyers, FHA buyers, VA buyers, first time home buyers, investors, second home buyers, buyers who need to clean up their credit before they can buy, business opportunity buyers and commercial real estate buyers.

 

3.  Work with a variety of underwriters.  Know your underwriters and what they want and need to close.  Know which loan and buyer to send to which underwriter so that our deal doesn't fall apart.

 

4.  Qualify the buyer for the correct amount.  Don't tell me we can buy a $500,000 home and then after the buyer has spent money on a home inspection, survey, elevation certificate and an appraisal tell me that we can only get $450,000.  We have wasted the buyer's time and money, the seller's time, the home owner or tenant's time, the listing agent's time, the title company's time, and your time if our loan can not be funded.  And if this is a short sale and the buyer has been waiting months, and the listing agent has invested 1,000 hours getting an approval from the seller's bank, expect listing and buyer's agent to be really unhappy.  The same goes for most bank owned foreclosure properties which can take an extra 20 or 30 hours to get to contract because of multiple bid situations, bank addendums and the lag time in getting a response from the bank negotiator.

 

 4.  Answer the phone, call me back, text me or email me when I ask a question about a buyer or a loan program.  It's frustrating when I leave a voice message, send a text message or send an email to a mortgage broker asking a question and the broker leaves a voice message asking me to call them back.  If I ask a question then give me the answer in a voice message, text or email as soon as you can.  Don't make me wait 24 to 48 hours to get the answer because you wanted to tell me in person over the phone the answer.  The "call me back" voice mail message is almost as bad as the mortgage broker who calls me back a week after I left them a voice message, or sent them a text or an email, and acts like it's business as usual, tells me that they were on vacation or really busy.  If you are on vacation give me a heads up with your voice mail greeting or an auto email responder.  If you are going to take 24, 48 or 168 hours to call me back then give me a heads up in your voice mail greeting or get an assistant so you can keep up with your business. 

 

5.  Close on time.  Order the appraisal TODAY.  Get the paper work you need from a buyer as soon as you can.  I'll do my part and give our buyer a list of documents that they need and explain to the buyer how important it is to gather the documents we need after we get a pre qualification letter so that we can get a pre approval before we find the house we want to buy.

 

6.  Care about my buyer and me.  Do you care that we are happy and have what we need to buy a home?  Do you care if we close on time?  We can tell that you care if you keep your word and do what you say you will do.  We can tell that you care by your voice, your responsiveness and your follow through.  Get the job done.  Show my buyer and me that you care through your actions.

 

If this were an SAT test a mortgage broker would be to a real estate agent what gas is to a car. 

 

I must be able to count on you or I can't recommend you to my buyer.

 

Photo credit Scott Hudson AWAY.

 

Estimates of Real Estate Costs

Closing Costs

• Buyer closing costs 2% to 3% of the purchase price
   
• Seller closing costs 7% to 9% of the contract price
   

 

Required Down Payments

 

• VA loan 0% down, 100% financing
   
• Conventional 20% down
   
• FHA 3.5% down, max loan $729,750

FHA Cash Dow and Monthly Payment Estimate

 

 

1. $100,000   $ 3,500 down   <   $   800 monthly
    
2. $200,000   $ 7,000 down   <   $1,600 monthly
    
3. $300,000   $10,500 down  <   $2,400 monthly
    
4. $400,000   $14,000 down  <   $3,200 monthly
    
5. $500,000   $17,500 down  <   $4,000 monthly
    
6. $600,000   $21,000 down  <   $4,800 monthly
    
7. $700,000   $24,500 down  <   $5,600 monthly
8.  

 

Strategy and Tactics

 

 

Strategy is the plan

Tactics are the action

 

Strategy is driven by the brain

Tactics are driven by the feet

 

Strategy focuses on longer term

Tactics focus on shorter term

 

Strategy is the general

Tactics are the specific

 

Strategy is war on the map

Tactics are war on the ground

 

unknown author

 

 

 

Benefits of a Buyer's Agent

 

 

78% of Buyer’s have used a Buyer’s Agent during the last 2 years.

 

83% of people rated the service of a Buyer’s Agent as “Excellent to Very Good” according to the National Association of Realtors™.

 

Buyer’s Representation addresses the primary concern of every Buyer – TRUST. 

Buyers want someone working for them. Someone they are confident will assist them in making the right purchase decision. Someone who has a single business responsibility to represent the Buyer.

 

 

                   

Professional Services Provided other than arranging property showings	No Agent	Buyer’s Agent
Provide advice and counsel		yes
Explain forms, disclosures & agreements		yes
Financing guidance and contacts		yes
Keep track of Critical Dates		yes
Keep your financial position confidential		yes
Fully promote & protect your interests		yes
Negotiate advantageous price & terms		yes
Information to help you negotiate		yes
Write an offer in your best interest		yes
Accurate information about all properties		yes
SOLD statistics so you write a smart offer		yes
Protect your Earnest Money Deposit		yes
Provide all properties listed and unlisted		yes
Manage from contract offer to closing		yes

 

 

 

 

The Financing Process

 

 

 Calculate your budget

Apply for a loan and get a pre-approval letter

Shop

Negotiate

Multiple Offers

Close the transaction 

 

 

 

 

Buyer’s Financial Requirements

  

Price                                                         $

Cash                                                         3% to 30% down

Mortgage                                                   28% income

Principal, Interest, Taxes, Insurance             PITI

Required Income                                       Multiply the annual mortgage by 4

 

 

 

Income	Percent of People
$1,000,000	.16%
$500,000	.43%
$200,000	1.91%
$100,000	7.50%
$75,000	13.65%
$50,000	26.84%
$40,000	34.60%
$30,000	45.06%
$25,000	51.66%
$20,000	59.51%
$15,000	68.78%
$10,000	78.44%
$5,000	88.66%

 

 

 

 

Mortgage Application Checklist

 

 

Income Verification

 

 

• • Names and addresses of all employers for the last two consecutive years (including dates of employment and gross monthly income).  Tip: Make sure to provide the complete name and mailing address.  If you work for a really big company that has different departments in different locations, you may want to call human resources and ask what address should be provided for employment verifications.
  
   
• W-2s for the last two years The lender may request Federal income tax returns from the past two years.
  
   
• Pay stub(s) for the last 30 days.  Year-to-date profit and loss statement
   
• 2 years of tax returns signed by an accountant.  If you own a business your lender will request your business return.  Supporting documentation for any other income that you want to be considered.  Social Security and disability payments.  A copy of the Award Letter must provided along with a recent check stub or copy of a bank statement if deposited electronically through direct-deposit.
  
   
• Pension income.  You will need to provide a check stub and any forms showing duration of payments.
  
   
• Dividends.  Brokerage statements for the last 2 years or last two year's income tax returns Schedule B-Interest and Dividend Income.
   
   
• Child support.  You will need to show proof of receipt, through a printout from the courts or 12 months of cancelled checks. (Payments must have been received for at least 12 months on time and must be scheduled to continue at minimum another 36 months to count as qualifying income depending on the product and program for which you are applying). Alimony.* You will need to provide a complete copy of your divorce or legseparation documents which documents alimony to be received.  You will also need to show proof of receipt, through a months of cancelled checks or tax returns.  Bonuses years. Overtime.  If the buyer's employer will guarantee the overtime may be included as an income source.   Rental property income.  This information can be provided in income tax returns for the past two years.
  
   
• Alimony.  You do not have to disclose alimony, child support or are separated.

 

 

Asset Verification

 

• Gift letter if you are receiving a monetary gift from a relative
   
• Checking and Savings statements all accounts and all pages
  
   
• Mutual Funds 
  
   
• Security accounts
  
   
• Title of any car you own if less than five years old
   
• Car loans
   
• Student Loans
   
• Current mortgage or home equity loan documentation 
  
   
• Copies of 12 months cancelled mortgage checks, most recent statement and address, account number and balance.
   
• Copies of 12 months of rent checks.  Name and address of present landlord
   
• A complete copy of any divorce decree or separation agreement
   
• Alimony or child support 
   
• Bankruptcy explanation documents
  
   
• Explanation letter for judgments with a copy of release/satisfaction
  
   
• Explanation letters for other delinquent credits of record, late payments, liens and foreclosure
  
   
• Fully executed copy of the purchase agreement.  May need to provide copies of plans and specifications.  Legal description of the property being purchased.  Copy of listing sheet or property information sheet 
  
   
• Fully executed coy of the purchase contract of a current home if the transaction will settle prior to the closing of your new loan. 
  
   
• Schedule of real estate owned including the name of lender, account number, principal balance, original purchase price, purchase agreement or leases and type of property  
  
   
• A list of the residences for your diploma or transcripts
  
   
• Social Security Number
  
   
• If you are a resident alien, evidence of permanent residency issued by I.N.S. (aka green card)
  
   
• 2 forms of ID at the real state settlement
  
   

• Bankrate.com
• www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
• Offers calculators to gauge mortgage payment amounts, and determine how much you can afford.
  
   
• Homefair.com
• www.homefair.com/tools/mortgage-affordability-calculator/index.asp
• Establish the loan amount you can qualify for by income, savings and debt payments.
  
   
• HSH Associates, Financial Publishers
• www.hsh.com/calc-howmuch.html
• Simple calculator provides quick affordability estimate result.
  
   
• Mortgage Calculators
• www.mortgage-calculators.org/calculators/calculators.html
• Features a variety of calculators on mortgage-related topics and personal finance matters.

 

Mortgage Money
 

 

 

Mortgage Brokers

 

Brokers arrange transactions rather than lending money directly; they find a lender for you. A broker’s access to several lenders can mean a wide selection of loan products and terms. Bankers may contact several lenders regarding your application. Brokers are not obligated to find the best deal for you unless they have contracted with you to act as your agent. 
 

 

Lenders and Brokers
 

Some financial institutions operate as both lenders and brokers.  A broker is usually paid a fee for their services that may be separate from, and in addition to, the lender’s origination or other fees.  A broker’s compensation may be in the form of “points” paid at closing or as an add-on to your interest rate, or both. 

  

 

Rates

Ask each lender and broker for a list of its current mortgage interest rates.

 
Ask whether the rate is fixed or adjustable.  Interest rates generally go up.  Your monthly payment will go up if the rate goes up.

Ask about the loan’s annual percentage rate (APR). The APR takes into account not only the interest rate but also the points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate.

 

 

Points
 

Points are fees paid to the lender or broker for the loan and are often linked to the interest rate, usually the more points you pay, the lower your rate.
 

 

Fees
 

An institution may include fees such as loan origination or underwriting fees, broker fees, and transaction, settlement and closing costs.  Every lender or broker should be able to give you an estimate of their fees.  Some fees are paid when you apply for a loan (application fee and appraisal fees), and others are paid at closing.  In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and the total costs.  “No cost” loans are sometimes available, but they usually involve higher rates.

 

Down Payments and Private Mortgage Insurance
 

Some lenders require 20 percent of the home’s purchase price as a down payment.  If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender incase the home buyer fails to pay. When government – assisted programs such as FHA (Federal Housing Administration, VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller. 

 

 

If PMI is required for your loan
 

1          Ask how much your monthly payment will be with the PMI premium is included.

2         Ask how much your monthly payment will be when including the PMI premium.

3         Ask how long you will be required to carry PMI.

 

 

Fair Lending is required by law.

 
 

Equal Credit Opportunity Act
 

The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.
 

 

Fair Housing Act
 

The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.  A consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.

 
 

Credit Problems
 

 

Do not assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices.
 

 

Negative Information
 

If your credit report contains negative information that is accurate, but you have good reasons for that bank to trust you to repay a loan, explain your situation to the the bank or broker.  If your credit problems can not be explained, you will probably have to pay more than borrowers who have good credit histories. 

 
 

Credit Report
 

It’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report contact:

 
 

1. Equifax:                  800  685 1111
2. TransUnion:            800  888 4213
3. Experian:                888  397 3742

 

Terms

 

 

 

Adjustable-Rate Loan

Also known as variable-rate loans.  Usually the initial rate is lower than fixed-rate loans. The interest rate fluctuates over the life of the loan.  The loan agreement sets maximum and minimum rates.  When interest rates rise, your payments will increase.  When interest rates fall, your monthly payments may decrease.

 

 

Annual Percentage Rate (APR)
 

The cost of credit as a yearly rate.  APR includes the interest rate, points, broker fees, and other credit charges that a borrower will pay.

 

 

Conventional Loans
 

Mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly known as Farmers Home Administration, or FmHA).

 
 

Escrow
 

The holding of money or documents by a neutral third party prior to closing.  It can also be an account held by the bank (or servicer) that a homeowner pays money to for taxes and insurance.

 

 

Fixed-Rate Loans
 

Fixed-rate loans generally have repayment terms of 15 or 30 years.  The interest rate and the monthly payment (for principal and interest) will stay the same during the term of the loan.

 

 

Interest Rate
 

The cost of borrowing money expressed as a percentage rate. 

 

 

Loan Origination Fees
 

Fees charged by the lender for processing the loan.  The rate is a percentage of the loan amount.

 

Lock-In

 

Refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, usually 60 or 90 days.  The lock-in may specify the number of points to be paid at closing.

 
 

Rate Lock
 

When you are happy with the terms you can ask for a written rate lock. The lock-in will include the rate, the period the lock-in lasts, and the number of points to be paid.  A fee may be charged for locking in the loan rate.  Lock-ins can protect you from rate increases while your loan is being processed.  Rates can fall making your lock-in rate less favorable. 
 

 

Mortgage
 

A document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.
 

 

Overages
 

An overage is the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan.  A loan officer or broker may be allowed to keep some or all of this difference as extra compensation.

 
 

Points
 

Points are fees paid to the lender for the loan.  One point equals 1 percent of the loan amount.  Points are usually paid in cash at closing.  Sometimes the money needed to pay points can be borrowed, but that will increase the loan amount and total costs.

 

 

Private Mortgage Insurance (PMI)
 

Private mortgage insurance protects the lender against loss if a borrower defaults on the loan.  It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. 

 
 

Thrift Institution
 

Thrift institution is a general term for savings banks and savings and loan associations.
 

 

Transaction, Settlement, or Closing Costs
 

May include application fees; title examination, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.

 

Florida Agency
 

 

There are three types of Real Estate Agency Relationships that pertain to buying a property. They are

 

 

Single Agency
 

Transaction Brokerage
 

No Brokerage Relationship
 

 

Sellstate Island Properties wants to provide more service than the Transaction Broker relationship allows under Florida law. Our Policy is to provide the greatest possible degree of service to its clients. That is why we prefer to represent a Buyer as a Single Agent. 
 

 

Single Agent
 

A Single Agent can provide additional service and representation.  I am able to provide a Buyer the full spectrum of services, including the fiduciary duties of loyalty, confidentiality and obedience.  I represent our Buyer’s interest above all others, including our own.  Agency laws ensure that all parties understand their business relationship and responsibilities.

 

Florida Law
 

To comply with Florida Law, when Sellstate Island Properties represents the Seller and the Buyer in the same transaction, we must transition back to a Transaction Broker, wherein we provide both parties with fair and honest dealing, skill, care and diligence, accounting and disclosure of all known facts that materially affect the value of the property. 
 

 

Transaction Broker
 

Transitioning back to Transaction Broker will ensure that we will not be denied the opportunity to see home a Buyer wants just because it happens to be listed with another Sellstate Island Properties Agent.  And, all Buyers want every the best home opportunities available. 
 

 

Benefit
 

Working with two Sellstate Agents facilitates a smooth and orderly sale, and your sale will be more efficient and probably quicker.  Sellstate Island Properties will not represent one party to the detriment of the other. 

 

 

Disclosure
 

If a situation forces us, by law, to become a Transaction Broker, I will inform you immediately. The change will be in effect only for that single transaction and then our relationship will revert back to Single Agency.

 

 

 

Representation	Single Agency	Transaction Broker
Fiduciary	Yes	No
Care, Skill and Diligence	Yes	Yes
Obedience	Yes	No
Loyalty	Yes	No
Disclosure	Full	Material Facts
Accounting	Yes	Yes
Confidentiality	Yes	Limited
Honesty and Fairness	Yes	Yes
Present Offers Timely	Yes	Yes
Mutually Agreed Duties	Yes	Yes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVICE PROVIDER INFORMATION FOR NEWCOMERS

 

 

You must call the appropriate agency directly for services because they require your personal information, written approval and signature. 

 

 

1. ELECTRIC SERVICE
 

Lower Keys and Key West West of the 7 Mile bridge

 

• Keys Energy Service  305  295 1000   www.keysenergy.com
   
• Key West: 1001 James Street  305  295 1000
   
• Big Pine Key: 13 Ships Way  305  515 0333

 

Middle and Upper Keys East of the 7 Mile bridge
 

• Florida Keys Electric Cooperative - www.fkec.com
   
• Marathon: 3421 Overseas Hwy, MM 48.8   305  743 5344
   
• Tavernier: 91605 Overseas Hwy, MM 91.5  305  852 2431

Items you will need for electric service

 

1. Visit the office BEFORE 3 pm for same day service
    
2. Driver’s license
    
3. Social security number
    
4. Deposit
    
5. If rental unit – bring a copy of the lease
   
    

 

2. WATER SERVICE
 

Florida Keys Aqueduct Authority (FKAA) - www.fkaa.com
 

 

Lower Keys
Key West  1100 Kennedy Drive  305  296 2454, Fax  305 296 3346

 

Middle Keys
Marathon  3200 Overseas Hwy  305  743 0261/5409, Fax  305 289 0170

 

Upper Keys
Tavernier  91620 Overseas Hwy  305  852 5441, Fax  305 852 2300

 

 

Items you will need for water service
 

On the day of closing, no sooner, and BEFORE 4 pm, have your attorney or title co. fax a copy of the deed to your property to FKAA to ensure water service that day
 

1. Driver’s license
    
2. Social security number
    
3. Deposit
    
4. If rental unit – bring a copy of the lease
    

 

3. TELEPHONE SERVICE
 

BellSouth - www.bellsouth.com

It is helpful if you know the previous owner’s telephone number before calling
 

Residential  1 888 757 6500 or Business  1 866 620 6000

 

 

4. GARBAGE SERVICE

 

Lower Keys and Key West

Waste Management Garbage Collection US Hwy 1, Stock Island  305  296 8297

City of Marathon, Duck Key and Conch Key

Marathon: Marathon Garbage Service 4290 ½ Overseas Hwy  305 743 5165

Upper Keys - Long Key, North and Key Largo

Keys Sanitary Service 300 Central Avenue  305 451 2025

Islamorada

Onyx Waste Services - 2 N Blackwater Lane, Key Largo  305 453 1700

 
 

5. CABLE TV SERVICE

 

Comcast   www.comcast.com

Call: 1 800 266 2278
 

 

6. COMPUTER CONNECTION
 

BellSouth - www.bellsouth.com

Call: 1 800 757 6500
 

Comcast – www.comcast.com

Call: 1 800 266 2278
 

 

II. ADDITIONAL HELPFUL SERVICES INFORMATION

  

 

Post Office locations
 

1. Marathon: 5171 Overseas Hwy  305  743 5238

 

2. Key Colony Beach: City Hall  305  743 2249

 

3. Key West: 400 Whitehead St 1 800 ASK USPS

 

4. Key Largo: 100100 Overseas Hwy  305  743 2249

 

5. Long Key: 68340 US Hwy 1, Layton  305  664 4112

 

6. Islamorada: 82803 Overseas Hwy  305  664 4738

 

7. Tavernier: 91200 Overseas Hwy  305 853 1230

 

8. Big Pine Key: 29959 Overseas Hwy  305  872 2531***

 

9. Summerland Key: 24700 Overseas Hwy  305  745 3391***
 

 

*** From 1994 to 1996 the Lower Keys began going through a transition from Rural Routes to regular street addresses for 911 purposes. Many mailboxes still have a Route Number and/or Box number on them. If you have any doubt call the Post Office to verify which address is correct. There are some houses where mail delivery has not been established with the Post Office.  Therefore, if there is no mailbox at the property you purchased go to the Post Office and obtain the instructions and specifications before you install a mailbox as they have some specific requirements. The Post Office will assign you your new

address.

 
 

2. LOCAL HOSPITALS

 

 

Hospital locations
 

1.  Key West  Lower Keys Medical Center, 5900 College Rd  305  294 5531

 

2.  Marathon  Fisherman’s Hospital, 3301 Overseas Hwy  305  743 5533

 

3.  Tavernier  Mariners Hospital, MM 91 ½  305  852 4418

 

 

 

3. LIBRARIES

 

 

Monroe County Main Library Branch locations
 

1. Key West: 700 Fleming  305  292 3595
    
2. Big Pine: 213 Key Deer Blvd  305  872 0992
    
3. Marathon: 3251 Overseas Hwy  305  743 5156
    
4. Key Largo: 101-4 Trade Winds Shopping Ctr  305 451 2396
    
5. Islamorada: MM 81.5 on the Bay side  305  664 4645

 

 

 

4. VEHICLE REGISTRATION

 

 

Monroe County Tax Collector’s Office - http://www.monroetaxcollector.com/

 

 

New residents must register their vehicles and obtain Florida license tags within 30 days of establishing legal residency or by the day they begin work in Florida or by the time they register their children in school.
 

 

Office locations

 

 

1. Key West: 1200 Truman Ave  305  295 5000

 

2. Big Pine: Big Pine Shopping Center  305  295 5000

 

3. Marathon: 3101 Overseas Hwy, MM 48.5  305  295 5000

 

4. Key Largo: Trade Winds Plaza, MM 101.5  305  295 5000

 

5. Tavernier: 88700 Overseas Hwy  305  295 5000

 

 

 

1. Items you will need
    
2. Proof of vehicle ownership
    
3. Proof of insurance
    
4. Previous out-of-state title and registration
   
    
5. A state form that includes the vehicle registration number and odometer reading
    
6. Valid driver’s license and a second form of personal identification
    
7. The vehicle you are registering

 

 

5. BOAT REGISTRATION
 

Monroe County Tax Collector’s Office - - http://www.monroetaxcollector.com/
 

 

Registration is required on all boats with motors, regardless of size. A valid out-of-state registration of any pleasure craft is recognized for up to 90 days in Florida. After that, Florida registration is required. Fees vary according to the length of the boat.

Office locations

 

1. Key West: 1200 Truman Ave  305  295 5000
    
2. Big Pine: Big Pine Shopping Center  305  295 5000
    
3. Marathon: 3101 Overseas Hwy, MM 48.5  305  295 5000
    
4. Key Largo: Trade Winds Plaza, MM 101.5  305  295 5000
    
5. Tavernier: 88700 Overseas Hwy  305  295 5000

 

 

 

Items you will need

1. Title and/or registration
2. Valid driver’s license and a second form of personal identification
    

 

6. OBTAINING A FLORIDA DRIVER’S LICENSE

 

 

Monroe County Tax Collector’s Office - - http://www.monroetaxcollector.com/

 

 

1. New residents are required to pass only a visual examination if they have a valid driver’s license from another state - an appointment is recommended
    
2. A new license costs $20 and is valid for 6 years; License renewal is $15; Replacement cost is $10
    
3. Drivers must be at least 16 y.o. to qualify for a driver’s license and 15 y.o. to get a restricted operators permit

 

 

 

Office locations

 

1. Key West  3439 S. Roosevelt Blvd  305  293 6338
    
2. Big Pine  201 Key Deer Blvd  305  872 3652
    
3. Marathon  3380 Overseas Hwy  305  289 2306
    
4. Key Largo  Trade Winds Plaza, MM 101  305  853 3562

 

 

Items to bring

 

1. Your valid out-of-state driver’s license
    
2. 2nd form of personal identification

 

 

 

7. OBTAINING A FLORIDA VOTER REGISTRATION CARD

 

 

You may register at any bank or library in Monroe County or call the voter registration office in your community.

 

 

 

Office locations

 

1. Key West: 3439 S. Roosevelt Blvd  305  293 6338
    
2. Big Pine: 201 Key Deer Blvd  305  872 3652
    
3. Marathon: 3380 Overseas Hwy, MM 48  305  289 2306
    
4. Key Largo: Trade Winds Plaza, MM 101  305  853 3562

 

 

 

8. SCHOOLS AND COLLEGES

 

 

Monroe County School District - www.monroe.k12.fl.us

 

Main Office, 241 Trumbo Road, Key West  305  293 1400

 

Florida Keys Community College – http://www.fkcc.cc/

 

Main Office, Key West  305 296 9081

 

 

 

 

9. FISHING AND HUNTING LICENSE INFORMATION

 

 

 

Licenses are available from Monroe County Tax Collector’s offices or substations ranging from bait shops to department stores such as Kmart. For further information, call  the Florida Fish and Wildlife Conservation Commission  305  289 2330

 

 

Monroe County Tax Collector’s Office locations -

 

http://www.monroetaxcollector.com/

 

1. Key West: 3439 S. Roosevelt Blvd  305  293 6338
    
2. Big Pine: 201 Key Deer Blvd  305  872 3652
    
3. Marathon: 3380 Overseas Hwy  305  289 2306
    
4. Key Largo: Trade Winds Plaza, MM 101  305  853 3562

 

 

 

10. CITY GOVERNMENT OFFICES

 

 

Local City Offices

 

1.  Marathon City Hall 
   
   http://www.ci.marathon.fl.us/
   
   10045-55 Overseas Hwy  305  743 0033
   
    
2. Key West
   
   http://www.keywestcity.com/
   
   3216 Flagler St  305  292 8100
   
    
3. Key Colony Beach
   
   http://www.keycolonybeach.net/
   
   600 W. Ocean Dr  305  289 1212
   
   
    
4. Village of Islands Islamorada
   
   http://www.islamorada.fl.us/
   
   87000 Overseas Hwy  305  664 2345
   
    
5. Layton 
   
   PO Box
   
   778 305  664 4667  open Fridays
   
    

11. COUNTY GOVERNMENT OFFICES

 

 

Monroe County Government Center

 

Key West  1100 Simonton St.   305  292 4441
http://www.co.monroe.fl.us/
 

 

 

Monroe County Growth Management Division 

 

Marathon  490 63rd Street, Suite 140   305  289 2517

http://www.co.monroe.fl.us/

 

 

Code Enforcement

 

 

Lower Keys

Key West  1100 Simonton St. Gato Building, Rm 1-171  305  292 4495

http://www.co.monroe.fl.us/

 

 

 

Middle Keys

Marathon  Government Ctr, 2798 Overseas Hwy Ste 330  305  289 2810

 

 

 

Upper Keys

Tavernier  Plantation Key Gvt Ctr, 88820 Overseas Hwy  305  852 7135

 

 

Planning and Environmental Resources 

 

 

Middle Keys  

Marathon 2798 Overseas Highway Suite 400  305  289 2500

 

 

Upper Keys  

Tavernier 88800 Overseas Highway  305  852 7100

http://www.co.monroe.fl.us/

 

 

 

Building Department

 

 

Lower Keys

Key West  5503 College Rd. Juvenile Justice Bldg, Rm 2030  305  295 3990

 

 

Middle Keys  

Marathon 2798 Overseas Highway Suite 300,  305  289 2501

 

 

Upper Keys  

Tavernier 88800 Overseas Highway  305  852 7100

http://www.co.monroe.fl.us/ 

 

 

 

Monroe County Clerk’s Office 

 

 

Lower Keys

Key West 500 Whitehead Street  305  292 4441

 

 

 

Middle Keys

Marathon 3117 Overseas Hwy  305  289 6027

 

 

 

Upper Keys

Plantation Key 88820 Overseas Hwy  305  852 1469

http://www.clerk-of-the-court.com/

 

 

 

Monroe County Property Appraiser

 

 

http://www.mcpafl.org/

 

 

 

Homestead Exemption

 

To qualify for homestead exemption for the first time, each person must

have legal title to the property, as recorded in the official records of Monroe County, and who resides thereon and in good faith make the same his permanent residence, or the permanent residence of another or other legally or naturally dependent upon such person. Each person must reside on the

property, have legal title and provide proof of residency as of January 1st of the year that they are applying. Property Owners can pre-file for homestead exemption. The deadline for filing for the upcoming tax year is March 1.

 

 

 

Lower Keys

Key West

Old Courthouse, 302 Flemming St  rear of bldg   305  292 3420

 

 

Middle Keys

Marathon Gov’t Center MM 48, 2798 Overseas Hwy Suite 310.   305  289 2550

 

 

Upper Keys

Plantation Key Jerry Ellis Building MM 88.7 Tavernier   305  852 7130

 

 

 

Bring the following documents to prove ownership and Florida residency dated prior to January 1st of the year in which you plan to file

 

1. Deed as recorded in the Official Records of Monroe County
    
2. Voter Registration Card or Declaration of Domicile
    
3. Florida driver’s license
    
4. Florida vehicle registration
    
5. Social Security number
    
6. Mobile home owners must bring the title(s) or registration(s) for the mobile home

 

 

When filing for a homestead exemption, additional information will be requested from you

 

1. Address on last income tax return
    
2. Current employer(s) of owners
    
3. Date of each owner’s permanent Florida residence
    
4. Date of occupancy
    
5. Exemptions filed last year, yes or no?
    
6. Present address of co-owner not residing on property

 

 

12. STATE GOVERNMENT

 

State of Florida Government  http://www.state.fl.us/

 

 

 

13. LAW ENFORCEMENT

 

 

Monroe County Sheriff's Office http://www.keysso.net/

 

1 800 273 COPS

 

 

Lower Keys

Key West  5525 College Road  305  292 7000

 

 

Cudjoe Key

Freeman Substation 20950 Overseas Highway  305  745 3184

 

 

Middle Keys

Marathon Substation 3103 Overseas Highway  305  289 2430

 

 

Upper Keys

Islamorada Sheriffs District 87000 Overseas Highway  305  853 7021

 

 

Tavernier

Spottswood Substation Plantation Key 88770 Overseas Highway  305  853 3211

 

 

 

2. City Police Departments

 

 

Key West  1604 N. Roosevelt Blvd  305  292 8200

 

Key Colony Beach 600 W. Ocean Dr  305  289 1212

 

 

 

3. Florida Highway Patrol

 

1 800 240 0453, Statewide cell number: *FHP

 

 

 

4. Florida Fish and Wildlife Conservation Commission

 

1-888-404-FWCC

 

 

 

14. KEYS AIRPORTS

 

 

Local airports

 

Marathon  305  743 2155

 

Key West International Airport  305  296 5439

 

 

 

15. LOCAL CHAMBER OF COMMERCE OFFICES

 

 

 

Local Chamber Offices

 

 

• Greater Marathon Chamber  305  743 5417
   
• Greater Key West Chamber  305  292 2587
   
• Key Largo Chamber  305  451 1414
   
• Islamorada Chamber  305  664 4503
   
• Big Pine – Lower Keys Chamber  305  872 2411

 

 

 

16. HURRICANE AND SEVERE WEATHER PREPARATION INFO

Contact

 

 

Monroe County Emergency Management

• 490 63rd Street Ocean, Suite 150 Marathon  305  289 6018, 1 800 427 8340
   
• National Hurricane Center
  http://www.nhc.noaa.gov/aboutnhc.shtml
  
   
• For up-to-date emergency and weather related information tune into

1. Local radio
    
2. Cable TV, channel 16 and 52
    
3. NOAA weather radio
   162.550 – Miami 162.400 – Key West 162.450 – Islamorada
    

• Check your local BellSouth Real Yellow Pages phone book in the Community Information section for more detailed information on hurricane/severe weather preparedness.

 

 

 

17. NEWSPAPERS

 

 

Office Locations

 

 

1. The Florida Keys Keynoter
    3015 Overseas Hwy, Marathon  305  743 5551
    
2. The Key West Keynoter 
   2720-A N. Roosevelt Key West  305  296 6989
    
3. The Key West Citizen
   3420 Northside Dr, Key West
   In Key West call  305  292 7777 ext 3, in Marathon call  305  743 8766
    
4.  Keysnews.com
   Florida Keys only daily online news
    
5.  The Independent
   103400 Overseas Hwy, Suite #201-202,  305  451 1887
    
6.  Key Largo Free Press
   81549 Old Hwy Islamorada  305  664 2266
    
7. Upper Keys Times
   101411 Overseas Hwy, Key Largo  305  453 5454
    
8.  The Key Largo/Tavernier & Marathon Weekly
   5409 Overseas Hwy, Nr. 343 Marathon  305  743 0844
    
9.  The Reporter /Keynoter
   91655 Overseas Hwy, Tavernier  305  852 3216