I had a client approach me about making an offer on a Beach condo the other day. Problem is, the owners had recently bought it and paid just about what the market is bearing today. So how do I "sweeten" the offer for the seller and still get it at the price my buyer believes it is worth?!?

Hmmm...I sat down to think about it - what would I want to see if I were selling my property and an offer came in for LESS than list price? Here are some ideas to consider:

1) Write up an offer in an amount using non-rounded numbers, i.e. $237,251. During the days of multiple offers, it would leave an impression upon the seller, thereby increasing your chances of winning the bidding war. Nowadays, it will intrigue them because they aren’t round numbers and the sellers will wonder "Why" and how you arrived at the number you have offered them.

2) Offer to pay a certain amount, say up to $5000, of the Seller’s closing costs. This tactic is mainly used by buyers to get additional funds at closing. In this instance, it shows generosity and will be viewed as additional money the sellers will "receive"

3) Buyers making a substantial lower-than-list-price offer need to make that offer as clean and hassle-free for the seller as possible. Therefore, if you are pretty sure there are no major issues with the property (easy for newer condos and TH's), then make the offer “As-Is with Right to Inspect and Right to cancel based on inspection results”. Even if something does turn up, you can walk away. Not obligating a Seller to spend $10,000 on a new roof is incentive!

4) Make the closing date as soon as feasible so it is tempting for them. Nothing tantalizes the senses like a quick close. Very similar to dangling a carrot in front of them.

5) ALWAYS include your Mortgage Pre-Approval letter to make the offer genuine. A knowledgeable listing agent will contact the lender to make inquiries.

6) Here’s where you can win them over….offer a SIZEABLE Escrow deposit to show you are a serious, bonified buyer. Nothng beats a sure thing, and putting up a sizable amount of escrow shows willingness to consumate the transaction.

7) Tighten up some of the deadlines, i.e. Home inspection period, mortgage commitment period, Condo Association application period, etc. Make sure your agent (representing the Buyer's interest) can follow through and meet the deadlines. Your agent should have a good relationship with reputable home inspectors (I employ Diamond Building Inspections), appraisers (Marvin Dever), and Pest control companies. They will make or break your sale!

8) Here’s an outside-the-box idea that will be of good use to a Beach/Vacation property buyer who doesn't intend to occupy full-time…since it’ll be a rental anyway, offer them 2 - 4 weeks of rent-free occupancy to be used by them or whomever they designate for a certain number of years, say 3 years. The cost is very minimal to you, as there is a chance they may not use all 4 weeks, and they will see extra value in being able to revisit their former home. Just an idea.

9) Offer to pay the Seller's moving costs. Not only is moving costly in both time and money, but it disrupts life entirely. Maybe the seller was planning to move themselves to save money - imagine if your offer included $2000 to pay for movers. Or just offer a limited amount of money to assist them with renting a moving truck, paying for gas, etc.. A little unconventional, but it will have value for owners. NOTE: Do not make the deal with the movers on the Seller's behalf. Have the seller do it and compensate them at closing - it limits your liability and chance of losing the money should the property not close.

10) CASH IS KING! If you have the cash on hand, use it to purchase the property and then re-fi a couple of months after the closing. If you lack the necessary funds but have a family member who can help, have them draft a promissory note for you to sign in exchange for the cash. Sellers will accept much lower prices when the offer is all cash.

11) There is one more thing you could do. I have seen buyer clients write a short letter to the sellers detailing who they are (the buyers) and why they fell in love with the property, etc. Seller's want to know they aren't selling their most-prized possession to someone who doesn't value it like they do or will not care for it like they did. A bit cheesy, but it only needs to be a part of a larger offer to work.

Happy Hunting!

Rich

Ok, this is not your annual "Run for cover - here come the Hurricanes!" terror-filled post. Instead, I urge you to take the following steps to make YOUR 2007 hurricane season less stressful.

As a 26 year resident of Pinellas County, I can honestly say that I can remember only 2 storms of notable strength which directly impacted our County, one of which wasn't even a Hurricane - Hurricane Elena (en.wikipedia.org/wiki/Hurricane_Elena) and the No-Name Storm of '02/'03. Neither of them were particularly as damaging as Recent storms such as Charley, Katrina, or even Andrew. They were a mostly headache for area residents.

Here are a few things you can do as a homeowner to prepare for the 2007 hurricane season:

1. CLEAN YOUR GUTTERS! A free-flowing gutter system will ensure the enormous amounts of rain are conveyed off the structure in a rapid, expedient manner.
2. TRIM THE TREES! Ever seen the palm trees with only 2-4 fronds sticking out of the top? That's called a "Hurricane Cut" and actually allows the Palm tree to offer less wind resistance, thus increasing it's chance of weathering the storm.
3. CLEAR YARD DEBRIS! Make sure you have a spot in the house or garage for items such as lawn furniture, grills, tools, and even potted plants. They can become deadly missiles during a rough storm and may even impact your neighbors home.
4. REINFORCE YOUR GARAGE DOOR! Studies have shown that Garage Doors are the the weakest structural areas of any home and are also the entry point for the destructive winds that destroy homes. Consider reinforcing your garage door or simply replacing it.
5. FOOD AND WATER! When you are doing your weekly Grocery shopping, pick up a few extra gallons of water each trip and after a month or 2 you should have at least enough water to last you for a week. Consider having at least 2 gallons per day per person.
6. PAPERWORK! Take this time to make copies of valuable paperwork such as your homeowners policy, paperwork from your home's purchase, SS cards, and any valuable assets such as bank statements, securities, and credit card info. Having this info on hand in a safe place will make weathering any storm easier.
7. HAVE A PLAN! What would you do if a Category 3 storm were on a collision-course with Pinellas County? My wife and I have decided to ride out any storm that is a weak category 3 or less. Anything stronger and we will drive to her families house in SC. What would you do???

As the hurricane season approaches, a little forethought can save you time and money!

NEW LISTING!

TOO GOOD TO MISS! Gorgeously remodeled Countryside Woods Townhouse is located in the exclusive Countryside area of Clearwater, convenient to Tampa, the International Airport and the Beaches! Featuring 1360 sq. ft. of modernized living, this 2-story townhouse features 2 large Bedrooms, 2.5 spacious Baths and a 1 car garage. The recently remodeled Kitchen is decorated with custom cabinetry, rich granite countertops, tiled backsplash and room for a breakfast table! The oversized Living room area is just off the Kitchen and leads out to the screened lanai and paver patio, which overlooks a wilderness area (for added privacy). Walk upstairs and be delighted by the size of the Bedrooms and their vaulted ceilings! Plus, the elegantly remodeled Master Bath features a beautiful glass-enclosed shower. Inside Utility room. $125/mo. HOA fee includes: community pool, hot tub, lawn maintenance and refuse collection. Countryside Woods welcomes ALL AGES and their pets, too! 1 year Home warranty included.

So August is right around the corner and you know what that means, right?!? TRIM Notices.

Ok, so that may not be the first thing that comes to mind, but for every property owner in Pinellas County, it's inevitable. For years, your taxable assessment has probably risen greatly, as it is valued against comparable market sales. But now market trends have pushed property values downward so it should translate into less taxes, right? Common sense says "YES", but you have to double-check your TRIM notice!

If you don't agree with your taxable assessment and you can prove it with reasonable and reliable evidence of lower value (not just your opinion!), then you want to look into "Challenging your Property Tax Value". How do you do that??? So glad you asked - see below!

1. You will receive your TRIM notice for the prior year's property taxes sometime in August. Your OFFICIAL tax bill will arrive in November.
2. The time to act is upon receipt of your TRIM NOTICE in AUGUST!
3. If you disagree with the valuation, the very first thing to do is call your local Property Appraiser's Office and (NICELY) request an INFORMAL appointment to discuss your property value with a representative of the Appraiser's Office. Make sure the square footage, home features, and any changes have been factored in.
4. If you still believe that the property is being valued at the wrong number, you'll next have to spend $15 to file a Petition for the Value Adjustment Board (VAB) to review your value. The petition must be filed IN PERSON at the County Clerk's office by the date on your TRIM notice (which is why you must act quickly!).
5. You will receive a Notice of Hearing with a Special Magistrate. The Magistrate will act as a mediator between you, the property owner, and the County. You MUST bring/forward all evidence supoorting your position to the VAB at least 15 days prior to the hearing.
6. The Special Magistrate will then forward his opinion to the VAB, which will address the results immediately thereafter.
7. If you still feel that your value is incorrect, you can initiate legal proceedings with the Circuit Court of Pinellas County with in 60 days after the VAB certifies your property's value.

For further, detailed information, consult with the Property Appraiser's "View "HOW TO CHALLENGE YOUR APPRAISAL" video at www.PCPAO.org