Ted Epstein, REALTOR®
The WOW Naples Team
Contact Info
Tel: 239-249-0699
Fax: 866-240-5777
Send eMail
November 2008: Do-it-yourself moves not for you? Hire a professional
October 2008: Making sense out of real estate lingo
September 2008:Choose retirement living that fits your needs
August 2008: How does the escrow process work?
July 2008: Tips for first-time homebuyers
June 2008: Moving with children
May 2008: The ABCs of closing costs
April 2008: How important is a home inspection?
March 2008: Six questions buyers should ask before making an offer
February 2008: Need extra space? Try storage
January 2008: A home shopper's must-haves and wish lists
Do-it-yourself moves not for you?
Hire a professional
By Ted Epstein
Prudential Florida Realty
When selecting a mover, make sure you choose a reliable and reputable company. Ask your real estate professional, neighbors, family and friends for a recommendation. In addition, check with your local Better Business Bureau to see if there are any complaints against the moving company.
Once you have narrowed down your selection, ask the following questions:
- How long has the company been in business?
- Is the moving agent certified?
- How long has the estimator been in the industry?
- Is the company insured? Do they have worker’s compensation? If not, and one of their workers is hurt in your home, you may end up having to not only pay for your move, but their medical expenses too!
Next, get an estimate for the costs of the move at least eight weeks before your move. For local moves, your costs are usually based on the number of movers and truck multiplied by the number of hours. For long distance moves your costs are charged mainly on the weight of your items and the distance they need to be moved. In both cases, there may be additional components that will factor into the costs.
To get a more accurate estimate, have a representative from the company come to your home to take an inventory of your belongings. Be prepared to give a description of your new residence. Are there stairs or any restrictions?
Get a written copy of the estimate with the cost components detailed out. Examples of moving cost components are packing (labor and materials), special handling of antiques, art and other fragile items, transportation charges, additional insurance while in transit or storage, and accessory charges including number of stairs, distance from the truck to home, ease of entry, etc. Getting a written estimate does three things. First, it will alleviate any surprise charges after the move is complete. Second, it protects you from a would-be unscrupulous vendor trying to understate costs to get your business. And lastly, in most cases a mover can only collect within a certain percentage of the estimate on delivery.
After you have an estimate of costs, schedule a move date no less than two weeks before the move. However, the earlier the better, especially if you are moving during the busy season, May to September. If your move is across states, you may need to plan extra days into your move. This is because most companies’ rates on interstate moves are based on fully-loaded trailers. And unless all of your household goods fill the trailer, there may be other household shipments on there as well, so you have to be flexible on the dates for both loading and delivery.
Make sure the mover gives you an estimated time for arrival so that you can have someone at your new destination to receive your items, otherwise your items will be placed in storage and you will have to pay for storage and for redelivery.
Using professional movers can take the stress out of moving day, but make sure you do your homework first.
Ted Epstein can be reached at 239-249-0699. Prudential Florida Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.,
a Prudential Financial company. Equal Housing
Making sense out of real estate lingo
By Ted Epstein
Prudential
Let’s take a look at a sample real estate listing:
2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar
Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:
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AC or A/C: air conditioning
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BA: bathroom
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BR: bedroom
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CA: central air
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C-D-S: cul de sac
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DET: detached
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DK: deck
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EIK: eat-in kitchen
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F/FIN BSMT: finished basement
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FDR: formal dining room
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FP, frplc: fireplace
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GAR: garage
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GRMT KIT: gourmet kitchen
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GRT RM: great room
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HDW, HWF, Hdwd: hardwood floors
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HOA: home owners association
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LR: living room
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KIT: kitchen
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OFC: office
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PVT: private
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SF: square feet
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SPAC: spacious
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VW, VU: view
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WBFP: wood-burning fireplace
In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.
FSBO - For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.
MLS - Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner (FSBO) properties are typically not listed through the MLS.
CMA - Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price. Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.
During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.
a Prudential Financial company. Equal Housing
Choose retirement living that fits your needs
By Ted Epstein
Prudential
For many, retirement is a time when people shift priorities and put their own needs first. One of the most important choices they need to make is where to live in retirement. Choosing the right community and home is an important and challenging decision.
Ask yourself, do you want to:
. Remain in the home you occupied before retirement?
. Remain close to your present community, but move to a different home?
. Move to another county or state, or to a different climate?
. Move into your present vacation property?
Where to Live
If you lean toward moving to another region, start reviewing options based on general climate, seasonal changes, lifestyle, and proximity to family and friends.
For example, the Southeast is becoming a popular destination. It has more temperate climates than the Northeast, and golf and outdoor recreation are abundant. The region offers a wide range of living environments from which to choose: coastal, mountain, woodland, rural, and both planned and urban communities. But, while
Many people choose to live where they play. If finances allow it, some may consider the owning two or more homes so they can change their address along with the seasons. This is one of the reasons why second home sales have increased dramatically over the past few years.
When you’ve narrowed it down to a few possible destinations, compare them on the basis of these factors:
Financial
. Estimate the income you'll need to retire in that area
. Evaluate your resources and tax consequences
. Speak with your financial advisors about how long your retirement resources can last in any given area
Housing
. Research average home sale prices and cost of living in areas you like
. Factor in costs such as property taxes and utilities.
Climate
. Review summer and winter comfort factors, such as high temperatures, humidity, or snow and ice.
. Look at psychological factors such as excessive cloudiness or rain or fog.
Personal Safety
. Research violent crime and property crime rates in areas you like
. Find details in the FBI's Crime Index, and local police departments.
Services
. Investigate the supply, availability, and quality of health care, public transportation, and continuing education in each area.
Employment
. Evaluate the potential for pursuing a part-time or full-time second career.
Leisure Living
. Find out if the area offers the variety and quality of restaurants, cultural events, and recreational activities you want
When researching your options, you may want to start with the Internet, where there is a wealth of information. Other resources include your local library, trade associations such as the American Association of Retired Persons (AARP), local organizations in the areas of interest, visitor bureaus, Chambers of Commerce, local newspapers and vacation guides.
a Prudential Financial company. Equal Housing
How does the escrow process work?
By Ted Epstein
Prudential Florida Realty
One of the stages of the home buying process is escrow. This process begins when the offer is accepted and ends once the financing is approved and the buyer and seller have fulfilled their requirements. So how does it work?
A neutral third party agent of the principals—buyer, seller, lender and borrower—is designated the escrow holder. This agent assists with the transfer of ownership by ensuring that the terms of the transaction are completed including safeguarding all funds (including the buyer’s deposit) and documents.
The escrow holder keeps track of obligations of the seller or buyer. For example, if the seller is required to supply a termite inspection, the escrow holder will make sure it is fulfilled before any funds are transferred to the seller. Findings in the termite inspection report must be corrected on or before the close of escrow.
In addition, the escrow holder receives from the title company a complete ownership history of the property and any liens on record in the preliminary title report. Any discrepancies that affect the condition of the title, such as condo liens, judgments, etc., against the buyer and seller, must be addressed prior to close of escrow.
The escrow process can last any number of days depending on what is agreed upon between the buyer and the seller. To assure a timely closing, it is important that each party provide the escrow holder requested information as soon as possible. For example, a lender will not fund a new home without a homeowner’s insurance policy. Without the lender’s verification that there is insurance, the escrow process may be delayed. An unsecured source of funding, such as a personal check can also delay the process, because it takes longer for those types of funds to clear.
a Prudential Financial company. Equal Housing
Tips for first-time homebuyers
Prudential Florida Realty
Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.
1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.
2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.
3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.
4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.
5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?
6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.
Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.
Ted Epstein can be reached at 239-249-0699. Prudential Florida Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.,
a Prudential Financial company. Equal Housing
Moving with children
Prudential Florida Realty
Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move. Here are a few timeless tips that may help all families on the move:
- Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
- Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.
- Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:
Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:
- Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.
- Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:
- Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”
- If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.
Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly. Your real estate professional has helped many families move and is a great resource for more information about moving with children.
Ted Epstein can be reached at 239-249-0699. Prudential Florida Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.,
a Prudential Financial company. Equal Housing
The ABCs of closing costs
Prudential Florida Realty
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home. But before you get the key, there's one more step--the closing.
Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It's the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.
As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:
Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.
Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.
Loan Origination Fee: This fee covers the lender's loan-processing costs. The fee is typically one percent of the total mortgage.
Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.
Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.
PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.
Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.
Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner's insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If six months have passed, eight months of taxes will be collected.)
Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.
a Prudential Financial company. Equal Housing
How important is a home inspection?
By Ted Epstein
Prudential Florida Realty
Should a buyer get a home inspection for a home they are buying? Should a seller order a home inspection prior to putting the property on the market? There are advantages for both.
Simply put, a home inspection is a visual examination of both the physical structure and major systems of the entire home including: walls, ceilings, floors, decks, exterior covering, the roof, foundation, insulation and ventilation, plumbing, electrical, heating and air conditioning. It is not an appraisal to validate the value of a home, nor a pass/fail exam. A third-party inspector will give a report on the physical condition and suggest repairs.
Buyers
For buyers, a home inspection clause in the written offer that makes the purchase contingent upon the findings can provide peace of mind. If a serious problem is found, it allows room to renegotiate the purchase price or “opt-out” of buying the home altogether. However, this is usually uncommon. Typically, the seller will already have told the buyer about any major problems.
More often, inspections reveal less serious defects that aren’t enough to warrant backing out of the transition. However, knowing about these minor problems can prevent major disasters down the road. In addition, if specified in the inspection clause, the cost of the repairs can be at the seller’s expense.
Another advantage to having a home inspection is it offers buyers an opportunity to become familiar with their new home and learn about maintenance to help in its upkeep. Although not required, it’s recommended that buyers be present during the inspection. This allows them to observe the inspection; ask questions about the condition of the home; and receive an objective opinion.
Sellers
For sellers, conducting a home inspection (or pre-inspection) before listing their homes puts the control back into their hands.
When the buyer inspection finds problems, it can impede negotiations and cost the seller more in repairs. By having a pre-inspection, the seller can help eliminate any surprise findings after an offer has been made. The seller can make repairs before placing the home on the market and possibly even increase the value of the home.
A pre-inspection can also serve as a great marketing tool. Sellers are required by law to disclose any known defects in the home. Having a pre-inspection report available for buyers tells them that the seller has nothing to hide. It also gives them a clearer picture of the condition of the home.
If there are major problems found during the pre-inspection, it gives the seller an opportunity to disclose the condition up-front, making it less likely for the buyer to pull out of the deal or try to renegotiate the price.
a Prudential Financial company. Equal Housing
before making an offer
By Ted Epstein
Prudential Florida Realty
When you are buying a home, there are many problems that the seller is obligated to disclose, but, these disclosures don’t always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision.
This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.
2) How much did the seller pay for the home?
This question can, in some instances, help the buyer negotiate a better deal—maybe even get the seller to carry part of the loan. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.
3) What does the seller like most and least about the property?
By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening community,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.
4) Has the seller had any problems with the home in the past?
It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should also check that these items were repaired properly.
5) Are there any nuisances or problem neighbors?
Use this answer to find out about any noisy neighbors, barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.
6) How are the public schools in the area?
Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.
Knowing all you can about a prospective home, not only helps you decide if it’s the home of your dreams, but what offer to make as well. Your real estate professional can help you get your key questions answered and give you advice on how to evaluate your findings.
a Prudential Financial company. Equal Housing
February 2008 article
Need extra space? Try storage
By Ted Epstein
Prudential Florida Realty
If lack of space for your belongings is an issue for you, off-site storage may be the right solution. You don’t have to be a pack rat to find yourself needing extra space. You could be renovating a room and need somewhere to house the contents. Perhaps you need to move into smaller quarters temporarily while you’re waiting to move into a new home. Or you may need to create a spacious look for your home while it is on the market.
Renting storage space is a pretty simple process, especially when you plan ahead. Here are helpful tips for choosing a facility and protecting your property:
Shop around to find the facility that best meets your needs such as storage size, price, accessibility and security.
When shopping for a storage facility, you will need to know what size unit is required to hold your possessions. Typically you can choose a space from as small as 5’x5’, which is the size of a small closet and holds between 10-15 boxes, to 10’ x 25’, which is about the size of a single-car garage. The facility’s representative can help decide what is the best size for you.
You also want to make sure that your items will be secure. Ask questions such as: Is there a guard on duty? Video surveillance? Alarms? Do you need to provide your own lock? Is the area well lit?
In addition, don’t assume that the facility, or your homeowner’s or renters insurance, covers your belongings in case of theft or damage. Most storage centers assume no responsibility for your items, so talk with your insurance provider.
You also want to have reasonable access to your belongings. Find out the facility’s hours of operation and the name of a contact person.
Before signing any agreement, inspect the facility and your storage unit for cleanliness and signs of proper maintenance. Is the area well protected from rain, snow or humidity?
Make certain that you understand the rental agreement and get a copy of the contract. Are you renting on a month-to-month or a six-month basis? Is there a deposit? Does termination of the agreement need to be in writing? How much advance notice do you have to give?
Before moving your possessions to the storage unit, take actions to protect them from damage or theft. While packing, label boxes on each side by numbers rather than content. Make a master inventory list so that you know what is in each box, as well as furniture and other unpacked items. Don’t use newspaper as packing paper because it may smudge off on your items.
Prepare your unit by placing plastic on the floor. If you will be moving in large furniture, lay down blankets or sheets as well. Then store your most valuable possession first, toward the back. Store frequently used items at the front. Make sure that you leave a walkway so you can access your belongings. In addition, leave a small space between the objects and the storage unit’s walls.
Ted Epstein can be reached at 239-249-0699. Prudential Florida Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.,
a Prudential Financial company. Equal Housing
A home shopper's must-haves and wish lists
By Ted Epstein
Prudential Florida Realty
Shopping for a home is an exciting adventure and it’s easy to get lost in a sea of dazzling for-sale homes and all of their fabulous amenities – which can cause you to temporarily forget that a large backyard is your top priority. To keep yourself focused, take time to identify and organize exactly what you’re looking for in a home by creating thorough “must-have” and “wish” lists before you begin home shopping. You may also want to make a third list that details your dislikes.
To get started ask yourself these questions: Which items and features must your home have? Which items and features would you like to have, but could live without? What would your dream house include? And, what features or issue must you avoid?
For the must-have list, try to focus on essentials and hard-to-change details, like a home’s layout. If you must have a three-bedroom, two-bath house, put it on the list. Ranking your must-haves in order of importance is also a good idea.
Hard-to-change, must-have features can include the type of house, for example a two-story colonial or sprawling rancher; the number of rooms and square footage; the home’s proximity to shopping; or its overall condition. Your must-have list can’t be too detailed because it aims to itemize the features that are most important to you and your family.
Your wish list is the flexible and fun list. Wish lists are good for cosmetic features that would be great to have, but that can be changed. Hardwood floors can replace old wall-to-wall carpeting. If the yard is large enough and has adequate open space, a pool can be installed later. And landscaping can be a work in progress. Since the wish list is secondary, there are no limits so be sure to also include your dream amenities.
While compiling your lists, don’t hesitate to confer with your real estate professional, who is a great source for information about neighborhoods, homes and other pertinent “must-have” information.
Once you’ve determined your must-haves and optional features, create a checklist to take with you during your home tours. Besides helping you stay focused, it will provide an organized review of each house.
a Prudential Financial company. Equal Housing
- Naples Fifth Avenue
- 621 5th Ave South
- Naples, FL 34102
- Tel: 239-249-0699
- Fax: 866-240-5777
