IN OCTOBER’S ISSUE The New Normal: What if Sellers Become Complacent? Lakeside Liaisons Mortgage Fraud & You
OCTOBER
2021
COMMUNITY PROPERTY LIVING LARGE
IN YOUR CORNER
IN YOUR CORNER MORTGAGE FRAUD & YOU
COMMUNITY PROPERTY LAKESIDE LIAISONS
FEATURE STORY
FEATURE
THE NEW NORMAL: WHAT IF SELLERS BECOME COMPLACENT?
LIVING LARGE 5 DESIGN TRENDS
MARKET UPDATE CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
The cover image was photographed by JAMES BALENSIENFEN.
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Mortgage
& YOU
The following is a guest post from Ryan B. Bormaster, a practicing Real Estate Law attorney, posted by Sam Shalom originally published on Blue Matter, Coldwell Banker’s Blog.
A mortgage is the biggest, most important contract most of us will ever sign – and one with a certain sense of finality to it. We’re telling ourselves that this is it. This is where we’ve decided to put down roots, where we’re going to live for at least the next decade. Particularly given the current economic climate, being able to afford a mortgage is also something of a point of pride. An achievement to outshine all achievements. It’s easy to get caught up in that, to get lost in the moment and forget to practice your due diligence. And that’s what criminals are counting on. It should come as no surprise that mortgage fraud is unfortunately happens, and instances of fraud are growing more frequent. Real estate is, after all, an extremely lucrative field. We’re talking about hundreds of thousands of dollars – more than most people make in a year. The issue here is that this particular breed of fraud doesn’t always take the form some people might expect. Very rarely will you encounter a shyster who tries to talk you into a poorly disguised, thinly-veiled scam. The men and women who commit mortgage fraud tend to be a bit more creative about it. That isn’t to say there aren’t red flags that you can teach yourself to recognize. Although there are many different types of mortgage fraud that you may encounter, they all tend to share a few traits in common. Picking up on those traits can make all the difference in the world.
Promises and Guarantees Did someone claim they could get you a huge reduction on what you owe on your mortgage? Did they tell you upfront that they could prevent foreclosure? Generally speaking, if a realtor foreclosure specialist or seller promises you anything, proceed with caution – they might be trying to fleece you. The buying and selling of homes is not a business that deals in absolutes; save for whether or not your credit score is good enough and whether you can afford the down-payment. Always keep that in mind.
Everything Seems Too Good To Be True Amazing deals do exist, but if an offer strains the limits of your common sense, it’s probably best to get a second opinion. Are you really being offered a property at way below market vaalue, or is there something more going on beneath the surface? Is your mortgage broker really giving you a 1% interest rate, or are they planning on skipping town with your money? As a general rule, when in doubt, bring in a third party. A fresh set of eyes, ideally one with a solid understanding of real estate law. Someone who can pick up on what you may have missed.
They’re Making Unreasonable Demands Is your mortgage broker pushing you to move forward with a deal without first consulting with a legal expert? Are you being pressured to put someone else’s name on the deed to your home? Does the seller of a property get offended if you request to bring in an appraiser or have an inspection done? Do they want things kept entirely confidential? Runaway! A reasonable seller will never balk at an appraisal, nor will they be offended if you wish to speak to a legal expert at any point.
Something Just Doesn’t Smell Right Take a close and careful look at all the documents you’ve been provided in connection with your pending mortgage, and speak to the seller. Someone who’s above-board will have no trouble providing you with complete information on their property and its occupants. Someone who’s trying to defraud you will get flighty. They might request that you keep the deal confidential or promise you the relevant information ‘later.’ Say no, and consider purchasing a different property – no matter how much you might want this one.
Don’t Let Yourself Be Taken For A Ride Your mortgage is probably the biggest purchase you’ll ever make. You need to ensure you’re taking the utmost care when you commit to it – that you know how to recognize the warning signs that someone’s trying to defraud you and understand when it’s time to back out of a deal. As a general rule, you should always have a legal expert on hand whenever you’re going through a deal like this. Someone you know you can trust and who’s going in without any ulterior motives. Run everything by them, and you’ll be able to find a mortgage that’s totally above-board and ultimately enjoy your new home.
Don’t go it alone, your Coldwell Banker Vanguard Agent will help guide you to the right mortgage broker to avoid any mortgage fraud!
www.cbvhomesearch.com
Lakeside Liaisons The following is a post by Chelsea Cornelius.
Some of us, like myself, are perfectly happy with our basic pumpkin spice latte and watching Hocus Pocus after an early night of trick-or-treating with the little ones. Others might be looking for a more authentic paranormal experience on their All Hallows’ Eve. For those looking for a fright, let’s explore a local Mount Dora treasure that is said to have a few liaisons into the spirit world.
People have also reported figures in Victorian gowns and top hats walking about the inn, clear as day one minute and gone the next. Some spirits linger in other ways, calls to the hotel lobby from empty rooms, whiffs of perfume or cigar smoke when no one is around, ethereal singing, and whispering in guests’ ears. Don’t worry, all of the ghost tales are sure to mention that everything is friendly in nature.
The Lakeside Inn has been a staple in Mount Dora since it was the Lake House Hotel in the late 19th century. The inn has changed its name and expanded into a luxurious estate with five buttercream and white buildings. With over 134 years of history, it is no surprise this charming inn has been said to host several social ghosts within its walls. All who seem to love the Lakeside Inn as much as we do. This includes a gangster in a fedora, believed to be one of Al Capone’s bodyguards. Several guests have spotted him over the years in the very stairwell Capone was said to have had a heated exchange with President Coolidge.
You might even say these paranormal experiences have had a youthful quality to them. Guests and Staff have heard playful laughter and singing throughout the halls. Some say this energy is likely the work of six-year-old Amy. She is often more commonly described as the girl in the red dress. This little girl is said to have been staying throughout most of the Lakeside Inn’s 134 year history. In the late 19th century, Amy and her family were staying at the inn when she disappeared. Although her father saw her that morning on his way to a fishing excursion, tragically, no one knows what happened to her that day.
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One of the great things about this ghost story is that the Lakeside Inn has a picture (to the left) that includes little Amy. She is standing in the dining room, head down with bows in her hair. Ready for the plot twist? This picture was photographed several weeks after Amy disappeared. The good news is that Amy appears to have another child to play with, a girl in a blue dress. Guests have reportedly seen a girl around twelve in a blue dress most often found in the dining room. Perhaps it’s the two girls in dresses laughing, singing, and mischeviously moving chairs or chandeliers in the dining room. Whether you are into liaising with some friendly spirits or just want to step back in time, the Lakeside Inn would be a wonderful place to have a staycation for a few lazy fall days. Visit the Lakeside Inn’s website at lakeside-inn.com for more information about dining, wedding venues rentals, room rates, and more.
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Photography provided by the following in order of appearance: mountdoraarchives.com (A, B), and Lakeside Inn(D).
The NEW Normal: What if Sellers
Become Complacent? The following is a post by Cara Ameer, Coldwell Banker Vanguard Realtor in Ponte Vedra, originally published in Inman News. Edited by Yessenia Divovic and Chelsea Cornelius.
The pandemic transformed the entire selling process — from prep-for-sale activities to scheduling and managing showings to fielding multiple offers. The experience looks different now and sellers are very aware that the ball is in their court. On every main street in America, you’ll likely overhear armchair experts advising sellers to just plop their home on the market and see how much over-asking they can get on this wild real estate ride. And that might be true, for now. The days of having to compete with ten or more properties in the neighborhood are long gone. A seller putting a home up for sale now might be the only home on the market in the neighborhood. Days on the market have taken a nosedive, in many cases, falling to less than ten as an overall average. (In reality, however, it was more like one or two days at the most.) Instead of what would be a leisurely open house on a Sunday afternoon, today, sellers are faced with a long line of buyers and their agents, eager to sneak the first peek. In this crazy market, with so much demand, does it even make sense for a seller to bother doing anything — like, entertain repairs, keep their homes in tip-top shape, or indulge in negotiations? In short, as we transition out of the COVID-19 pandemic, how much have the rules changed for sellers?
Selling ‘as is’ and ‘sight unseen’ Homes are increasingly being sold “as is.” The post-inspection repair list is a thing of the past. Sellers do not have to entertain repairs unless it’s something structural in nature or safety-related. If it’s not something that could affect the ability of the home to close — like an appraiser calling out the condition or the buyer’s ability to obtain insurance — chances are, sellers won’t be troubled with it. The new normal doesn’t allow for buyers’ nit-picking or any renegotiation. What’s more, buying sight unseen is now more common in today’s market. There’s so much technology out there to make that possible. Coldwell Banker Vanguard Agents are able to provide buyers and sellers with video walk-through tours, drone images and video, 3D floorplans, and HDR quality images. And on top of that, the availability and quality of property data help “buyers know what to offer, when and what waiting even a week or two might bring,” as Craig Rowe wrote in 5 Reasons Buying Sight Unseen isn’t as Much of a Risk as You Might Think.
Appraisal contingencies? Not so much There is less regard for appraised value unless the buyer audience for the home is obtaining financing where that could be more of an issue, such as FHA or VA. Even then, many buyers, having lost out on more than one home, may be willing to concede a bit if they have the cash to do so. Buyers doing conventional financing understand they may have less leverage with a seller as far as the appraisal goes, and they are willing to take their chances. In many cases, it’s the only way to secure the winning offer. In our new normal, a seller doesn’t have to sweat the appraisal process and be prepared to renegotiate like they once did — because there are likely several other offers submitted as back-ups.
One-upping the Joneses When it comes to pricing, the new way is to top the highest-priced comp that just sold. It doesn’t matter if the seller’s home is as nice or not if it’s the only one in the neighborhood, and amongst a handful of homes on the market in its particular price range, the price is going higher by default. After all, what sold a month or two months ago doesn’t matter as much.
Prepping for sale Is prep-for-sale dead? As we wondered before, in this market, does it even make sense for a seller to bother with prep? Well, the rules haven’t completely changed. A little bit of prep goes a long way — even if that means basic cleaning, organizing, and adding a fresh coat of paint. While a seller may not have to replace countertops or even appliances (well, turns out the pandemic has caused massive delays), the buyer will gladly plug into the seller’s existing ones, including the washer and dryer — even if they aren’t the fanciest of machines. Better to make do with what comes with the house instead of having to find a laundromat because the new washer and dryer have been on backorder for several months.
Putting your best foot forward Multiple offers are part of the new normal for selling a home in a post-pandemic world. This can be both a blessing and a curse at the same time. While sellers love to have buyers competing for their homes, the competition is fierce. Sellers may feel like they are being stalked as buyers vie for their attention, wanting to be the chosen ones. In multiple-offer situations, sellers are really getting to test the skill and prowess of their agent. Multiple-offer scenarios are not for the faint of heart, and for an inexperienced agent whose phone is blowing up with texts and calls, the process can be difficult to manage. But this is sometimes even true for experienced professionals. Something called the “escalatory addendum” or an “escalation clause” is part of the new normal, and it may be used by more than one buyer making an offer. Crazy offers that are way over the asking price may have the sellers feeling like they’ve hit the lottery. However, a skilled agent will be able to separate the wheat from the chaff and discern what may be truly authentic versus someone throwing out a number simply to “win” and potentially renegotiate later. Receiving numerous offers often means the listing agent has to summarize and explain the terms of each one, which requires a significant amount of preparation for the agent. Sellers may be surprised to find color-coded charts putting all the terms side by side along with printed copies in a binder, tabbed and indexed for easy reference. Just like there are multiple offers, something called the “multiple counter” is also a part of the new normal, depending on how the seller and agent want to play it. Sellers have to be prepared in today’s climate; more than one party may be as equally competitive in giving them the price and terms they ask for — which may require more rounds of negotiation to determine who the buyer for the home is.
Staying after closing Sellers moving out in time for the closing date was so 2019. Now? It’s more common for sellers to stay in the house after closing — for however long they want. The ability for a seller to occupy a home post-closing at no cost to them is the new
normal offered by buyers as a way to seal the deal. While it may seem like an ideal situation for the seller, it’s also one that could be ripe with liability and many gray areas and issues that could crop up after closing. This is where a Coldwell Banker Vanguard agent’s expertise is useful. They’ve learned how to coach sellers through this process.
Short offer deadlines The pandemic created the new normal of limited showing appointments, with buyers being thoroughly vetted before the appointment is even arranged. Buyers sending their financial qualifications to the listing agent ahead of time helped reassure sellers that they’re real and serious — not just tire-kickers. But aside from limited showings, the new normal now includes tight deadlines to submit offers. Agents are finding that one effective way to generate offers is to ask for them to be submitted within 24-48 hours after the listing goes live. This technique works to bring a little certainty to what can be a largely uncertain process for a seller by yielding multiple offers in a short period of time. The pandemic dramatically shortened the listing and selling process for sellers and forced buyers to become decisive about what they want. Now that sellers have gotten a taste of it, they will likely not want to go back to the days of having their home ready 24/7/365. The problem is: it won’t always be a seller’s market. Markets are cyclical — we know sellers can’t rest easy forever. As we saw in the last market crash, when sellers haven’t been doing the legwork to get their homes ready, it takes a lot of retraining and expectation adjusting to get them to prepare their homes at the levels they were before the seller’s market. As Coldwell Banker Vanguard Agents, we understand that it is best to prepare sellers to not skate through the process and understand the importance of maintaining our standards to achieve the best possible results.
www.cbvhomesearch.com Contact your Coldwell Banker Vanguard Agent and they can help guide you in all of your real estate needs.
52021
Home Design
Trends for
Floral prints, unique window treatments, black and white wall art, and many more are evolving design trends in 2021. When you dream up your home and develop your style, it probably won’t look like a basic minimalist abode. The following is a guest post by JENNY B. originally published BY SHARON LEE on Blue Matter, Coldwell Banker’s Blog. Edited by Chelsea Cornelius. If you are looking to renovate your home this year, take a look at the following home design trends to incorporate into your rooms:
Vintage Accents
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What goes around comes around again in the home design space. Traditional, vintage accents, such as spooled leg and spindles are having a comeback this year. You don’t need everything to be from the antique dealers. Instead, add several vintage accents to your home interior to make your space feel more inviting. Furthermore, there are many styles when it comes to vintage, and the style you choose depends on your personal taste. For instance, you can have a metal bed frame with intricate details paired with a feminine chandelier to achieve harmonious decor. Similarly, invest in old pitchers and vases to add something practical to your space. You can pull off the look simply by having two or more vintage items throughout your home. B
Floral Wallpaper From your grandmother’s dining room to hotel rooms, you might have noticed floral wallpapers. Well, you should expect to see floral wallpapers even more frequently than ever before. From pastels and watercolor to graphic statements, floral wallpapers are on-trend. Moreover, this wallpaper style is a great way to transform your room and bring a pleasant garden setting indoors. Some of the most popular wallpaper designs are cherry blossoms, bright and whimsical floral animal prints for kids’ rooms, mural wallpapers, and drawing-inspired wallpaper, to name a few. You can blend classic art and modern design by layering wallpaper under your gallery wall forming an effortless statement. Additionally, go for the removable wallpaper so, if you don’t love it or want to go for a new look in a couple of years, you aren’t in for the headaches that come with removing traditional wallpapers.
Color-Pop Cabinets
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Not into an all-white kitchen? Why not go for colored cabinets! The trend is to select one or several elements, like your kitchen wall cabinets, island, and base cabinets in bold shades, like green, navy blue, bright yellow, or dark red. Choose marine blue if you have an open kitchen space. This shade will feel more formal than a light color without feeling too moody or dark as black. The coral pink kitchen cabinets will feel like you’re always on vacation. It’s upbeat, quirky, and unique without feeling overdone. Paint your kitchen cabinets with a pale yellow that feels sunny, fresh, and cool throughout the year.
Minimalist Fine Art If you are into wall art, you can consider buying line drawings that will make a minimalist statement. Often drawn as black lines on a white background, line drawings make a strong visual impact. With society’s growing focus on F conscious living, earth-friendly inspirations are great too. Art pieces inspired by the earth are making a comeback. For people who love nature and the environment, earth tones of tree beige, ground brown, grass green, and sky blue are the best color choices to make a subtle statement. Typographical art prints, including pillows and hanging wall art, are known for making a solid statement. Consider black and white wall art to make a dramatic G contrast but still, keep the walls monochromatic to harmonize with bold pillow prints in your home design.
Crittall-Style Windows & Walls Crittall-style windows are coming back as a way to boldly beautify your home. In addition to an exterior facelift now, these can be used as extensions, room dividers, and shower screens. The best part is that crittall-style glass could easily replace the hallway wall while adding beauty to your space. Everyone seems to be obsessed with them. Maybe because the graphic look of crittall-style windows fit the industrial trend, if you plan to replace or add an old window or door with something bold and beautiful, then look no further. Crittall-style windows are for you. Whether you are looking for small and affordable ideas or something luxurious and expensive, these home design trends are sure to cover you. Follow these wonderful ideas to decorate your home so it can shine and stand out this year. Photography provided by the following in order of appearance. Isaac Quesada (A), Trend (B), Anne Nygard (C), Zsofi Perganczky (D), Trend (E), Collov Home Design (F), and Alexandre Gornago(G).
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Market Update July 2021
Want the latest market data when it’s available? Ask your agent if they are a part of the MLS MARKET UPDATE program.
According to experts sellers who took advantage of high sales prices have discovered after selling that they face extreme frustrations now that they are buyers. No longer in the drivers seat, some are even forced to look at the rental market. They are in for even more headaches there as the rental rates are the reason the market is flooded with buyers.
What does this mean for BUYERS?
Inventory is still lacking, so your options will continue to be slim. The best chance you have is to have a Coldwell Banker Vanguard Agents help guide you through the process. They know how to navigate the market, are strong negotiators, and maintain those relationships with the top agents to hear about any properties coming on the market first!
What does this mean for SELLERS?
Make sure you are prepared for the market after you sell. The reality is, just as experts have said, if you don’t have a place to go after your sale is final you will experience the other side of the coin. Speak with your Coldwell Banker Vanguard Agentsabout the market and your goals. They can advise and guide you on the best way to achieve your real estate goals.
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