Palm Beach, FL

Open houses are nearly as old as the Palm Beach real estate market itself and have been around long before the internet started to become the average person’s first stop when buying a new home. Since so many studies point out that the majority of buyers start their home search on the internet, some buyers are taking their realtor’s questionable advice and forgoing the open house altogether.

It’s true that with the advent of interactive slideshows and video, it’s easy to get a glimpse of any Palm Beach real estate even if you’re in another state. Yet despite these figures of increased internet home buying, studies also show that a good portion of buyers are still purchasing their homes after doing their own personal walkthrough at an open house.

At the end of the day, tried and true methods like an open house can still be the deciding factor in getting your home sold. Considering the current Palm Beach real estate market circumstances, you’d only be shooting yourself in the foot by not utilizing all the marketing venues available to you.

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Foreclosures in Palm Beach Florida are often in need of major renovations. One way to buy them that in the past wasn't possible is with the FHA 203k renovation loan. As the number of Foreclosures in Palm Beach Florida seem to be slowing down, the number of opportunities are still quite plentiful. With the FHA 203k renovation loan you can compete like a cash buyer if you are pre approved and know what repairs may be needed.

Foreclosures in Palm Beach Florida can be financed by first time buyers as well as second home buyers or even investors. The key is the right loan program for the right situation. If the foreclosures in Palm Beach Florida will be for a first time buyer I have a FHA program or a convention program. The FHA programs are the FHA 203k and the FHA 203k streamline. The key difference is a $35,000 cap on the FHA 203k streamline. If you need more than $35,000 then you need to apply for a full 203k loan. This will involve a HUD consultant to make sure that the work is going to match HUD requirements.

Another option for someone looking at a second home or an investment property among foreclosures in Palm Beach Florida, a conventional program is the only option as FHA loans are for primary occupants only. The conventional program is backed by Fannie Mae and Freddie Mac but is very similar to the FHA 203k program.

In getting pre qualified upfront you can see which program fits your needs best. Buying foreclosures in Palm Beach Florida can allow you to compete with the cash buyers and help you from getting involved in the increase number of bidding wars for foreclosures. If the property isn't in need of renovations the number of buyers who want that property is much higher. Multiple bidders will force you to pay a premium on foreclosure in Palm Beach Florida as well as other markets across the country. With some homework and a call to me you may be able to buy the handyman special and not overpay for your home in the process.

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My email is michael.cantwell@wellsfargo.com

This Blog is my opinion and does not represent the views of my employer Wells Fargo Home Mortgage in any way.

For most people, choosing the Palm Beach homes they ultimately settle on is a matter of ensuring that its size, design and its price tag all satisfy that particular buyer’s needs and financial situation. However, any reputable Palm Beach realtor will tell you that there are several additional factors you should take into account before making that final decision.

What’s the neighborhood like? Just because you visited during the day and found the neighborhood serene and quiet does not mean that will necessarily be the case during the evening. Make sure you’re fully aware of the neighborhood and whatever quirks it may have.

What potential problems should I know about? Usually a seller will be forthcoming about possible flaws in and around the home as it builds trust but there is no law stipulating such. Before you end up finding out after it’s too late, make sure you know exactly what you’re purchasing.

What are the home utility bills? Air conditioning is pretty much mandatory in Palm Beach homes unless you want to endure the oftentimes sweltering South Florida heat. Cooling costs can be especially pricey during the summer when temperatures are firmly within the 90s and this could translate to a hefty electric bill. This may not work with your other monthly expenses so make sure you take utilities into consideration.

For many people, turning off emotions is easier than it sounds and that’s certainly the case for first time buyers exploring the Palm Beach real estate market. Once you become too emotionally attached to a home, there are added risks that could lead to disappointment or problems down the road. Make sure to avoid these common mistakes.

Getting yourself attached to an unaffordable home. Gorgeous stainless steel appliances, marble bathrooms, stunning views, it’s easy to find Palm Beach homes that instantly draw you in but if the price is beyond your means, it’s not doing you any favors. Stick to a certain price and start near the lower end as you make your way up.

Not taking into account flaws. Most reputable sellers will detail whatever problems the home might have but that’s not always the case. If you purchase a home completely overlooking some major flaws, that could lead to major dissatisfaction and additional money out of your pocket.

Believing a particular home is the only one suitable for you. Unless you’re going to build a home from scratch, there will likely always be something you’ll either need to sacrifice or simply won’t get. Insisting that there are no other Palm Beach homes that can match what you need is almost like buying a more expensive home for no good reason.

Moving to new Palm Beach homes is an activity that can quickly turn from pleasant to nightmarish. Having to lug around heavy furniture and delicate items is one thing but once the estimate comes around, it’s almost like opening another can of worms. Moving doesn’t necessarily have to come at a huge cost if you don’t mind being frugal. Use these tips to save money next time you decide to move.

Forego the boxes and the bubble wrap. Head over to most liquor stores and they’ll likely be quite willing to part with their empty boxes which are already quite sturdy since they’re used to transport heavy bottles. For the bubble wrap, swap it out with towels, sheets or newspaper. The internet is a great place to look for people who may be giving away extra items they don’t need like packing tape.

Get rid of things. Some people will suggest buying new furniture instead of moving your old stuff in. You can actually do this without spending too much money by selling some of your larger furniture and then using that money to purchase new equivalents. Alternatively, you can always donate things you don’t need to charities.

Stay away from storage units. On the one hand, that huge couch is staying put instead of having to be lugged around to your new Palm Beach homes yet you’re still paying money to keep it stored away. Again, it may be wiser to simply get rid of it.