Peggy Gachet's Real Estate Outlook

What Happens when a Landlord Sells?


The hazards of renting a property in this market are abundant! The most important thing to know is that every state is different and knowing the law in your state is very important.  Local Realtors should be prepared to discuss this with prospective tenants/landlords and the information below applies to Florida.

*  Know who the REAL owner of the property is.  Understand the rates and terms before offering a deposit.  There are so many scams today a prospective tenant should either work with a Realtor or do research on their own.  Get the facts!

*  The lease should cover expectations for showings.  Have a clear understanding of expectations for showings and be prepared to abide by them.  

*  A lease normally survives the sale.  If an owner desires to sale the property, the lease and terms are provided to the Realtor and/or buyer.  Any purchase agreement is subject to those terms.  All changes to the terms should be negotiated prior to closing.  This will enable the tenant to negotiate any change in their lease with the current owner.  It is the perfect time to discuss moving expenses, deposits on a new property, release of any existing deposits and any other terms important to the tenant/landlord.

*  Short sales and foreclosures are abundant and if the tenant isn't working with a Realtor, they will want to know in advance if the owner is current with their lender.  If not, realize that a foreclosure offers no Real protection.  The tenant could find a notice to vacate posted with little notice, in which case the deposit is likely a total loss unless recovered in small claims court.  Some lenders will allow the tenant notice or a "buy out" of the lease but remember, Nothing is predictable in those situations!

Peggy Gachet's Real Estate Outlook

Buying a High End Home?  Take Note!
I found this article to be interesting for anyone planning to purchase a high end home.  The rates are still good for conforming loans but inch up when purchasing a home above 450,000. 
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=298099

Peggy Gachet's Real Estate Outlook

Selling?  Don't Make These Mistakes!

What do you see upon entering the home?  Gym equipment or office furniture in the dining room?  Exercise equipment in the den?  Not a good idea!  Not only can most buyers not visualize how they would use the space it provides them with yet another objection to overcome.  It also makes the rooms look smaller.  Is the garage used for storage?  This is the perfect time to rent a storage room, rearrange furniture and download the garage. 
Making these minor modifications will allow the photos on line to capture and keep the attention of shoppers

Another mistake as a seller is staying home for showings (especially when pets are involved).  When a seller is present for showings, the buyer is reluctant to open closets and cabinets for fear of infringing on the privacy of the seller.  They may otherwise, rush the showing to minimize the inconvenience and can be offended by any line of questioning or the presence of pets. 

Removal of clutter is probably the easiest improvement to make but one of the hardest for a seller to do.  The "chef" wants all the pots, pans and small appliances readily accessible.  Our elders fear packing away all the memories and moving on.  Young parents refuse to inconvenience an over indulged child by packing away some of the toys.  Parents of teenagers refuse to hold their child accountable for the mess found in their rooms and closets.  Getting the kids involved in the process is not only a great teaching opportunity it can add value to the bottom line. 

The lists goes on to include dirt (unseen by many sellers), pet hair and odors (pet owners have become accustomed to), a dirty entry door, over done/grown landscaping, stuffed closets, smokers and more.   

Since St. Augustine is a coastal community a lot of our buyers are not local.  The seller is seldom given a chance for a second showing to correct the first impression.  Even the buyers who aren't ready to make an immediate purchase remove the property from their lists of possibilities and refuse to reconsider even after improvements are made.

Welcome to my first post!

St. Augustine Lighthouse

My name is Peggy Gachet and I am excited to share with you some valuable insights on real estate and life in St. Augustine!!!

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