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Frequently Asked Questions
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What are the Real Estate Market conditions in Tampa?
Visti my weekly journal to read about the recent home sales in major communities in Wesley Chapel.
Real Estate Market conditions in Wesley Chapel
Visit the Tampa Bay Association of Realtors website to get the latest monthly sales statistics for the region.
Click on the link that says "TAMPA'S REAL ESTATE MARKETPLACE"
http://www.gtar.org/
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Do I need to be there at closing?
No, although it is customary to conduct closing at the Title company, both parties do not have to be at the closing table at the same time.
One or both parties can be out of state and receive a Mail-away closing package that can be completed with the help of Notary Publics.
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How much will my Closing Costs be?
A good approximation is to estimate about 3% of the sales price towards the closing costs.
For example, a property sold for $250,000, will have closing costs of approximately $7,500.
If you are interested in estimating closing costs more accuratly you can use the
following applications to estimate Buyers and the Sellers closing costs for the Tampa Bay area.
For the Buyers closing costs, use this automated form:
http://www.agentfreebies.com/ClosingBuyerFees.htm
For the Sellers closing costs, use this automated form:
http://www.agentfreebies.com/ClosingSellerFees.htm
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Do you offer your services to buy or sell commercial properties?
I do not offer services on commercial properties at this time. However I am active in the local Tampa Realtor Association and personnaly know some of the most experienced and knowledgeable Realtors in the commercial field.
They have the qualifications, certification and extensive experience to help you.
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Do you offer your services to manage rental properties?
Not personnally.
I do cooperate with a reliable and knowledgeable team of independent property managers. These realtors specialize in the management of residential properties. They know the regulations in the Florida Tenant Act in detail and will be able to help you.
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What is the weather like in Tampa during the year?
The average temperature vary according to the chart below.
In general you can enjoy golf, tennis, walking, or sailing all year long.
We do not get snow in the winter and seldom any frost :-)
Average temperatures:
| Month | °F | °C |
| Jan: | 69-50 | 21-10 |
| Feb: | 71-51 | 22-11 |
| Mar: | 76-56 | 24-13 |
| Apr: | 81-60 | 27-16 |
| May: | 87-67 | 31-19 |
| Jun: | 89-72 | 32-22 |
| Jul: | 90-74 | 32-23 |
| Aug: | 90-74 | 32-23 |
| Sep: | 89-72 | 32-22 |
| Oct: | 84-65 | 29-18 |
| Nov: | 77-57 | 25-14 |
| Dec: | 72-52 | 22-11 |
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Why choose a REALTOR® With engineering degree and an e-pro designation?
Buying a property is a complex and stressful task. In fact, it's often the largest single investment people make in their lifetime.
Real estate transactions have become increasingly complex. New technology, laws, procedures and the increasing sophistication of buyers and sellers require real estate agents to perform at a higher level of professionalism and to provide more timely information to their customers.
It is important that you work with an agent who has a strong understanding of the real estate business and that is capable of using technology to your advantage.
My engineering background and the e-PRO designation is an asset to my customers in delivering professional advice, timely and complex information on the Internet during the course of a transaction. I have completed several transactions with customers who live out of state and still maintain services with clients abroad using several tools on the Internet to communicate effectively.
The e-PRO certification is the NATIONAL ASSOCIATION OF REALTORS® (NAR) online training program to certify real estate professionals as Internet Professionals.
This Program teaches REALTORs® about Internet business principles required to remain in the center of the real estate transaction, including:
* Options and requirements to Get Connected
* E-mail Communication and Marketing Practices
* WWW Marketing Strategies and Practices
* Creating and Maintaining Personal Technology Plan of Action and your Internet Marketing Plan
Customers can have confidence that an e-PRO certified agent is Internet savvy and that the agent can use the Internet to meet their online needs and supply information remotely on a timely basis.
Visit the following page to see the tools that I use on a daily basis.
http://www.ajmasters.com/Online-Realtor.htm
This website is designed and maintained entirely by myself, including a portion of the code used for the Forum application.
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What is the difference between a Real Estate Agent a Real Estate Broker Associate a Real Estate Broker and a Realtor®?
In Florida, a Real Estate Agent is an individual who obtained a real estate license from the Florida Department of Business and Regulations.
A Real Estate Broker Associate and a Real Estate Broker is a Real Estate Agent that obtained extra training in the field of Real Estate and
received a Broker license from the Florida Department of Business and Regulations. Brokers usually have more education and more experience
than real estate agents.
Once an Real Estate Agent has received a Broker License, the agent is authorized to open and run his/her own agency. All real estate offices
have one principal broker. A Real Estate Agent with a Broker license who choose not to open his/her own agency and continue to work as a
sales person is referred to as a Broker Associate.
In Florida a Real Estate Agent must work for a broker and all home listings are registered under the broker's name, not the real estate agents.
A Real Estate Agent, Broker Associate or Broker who joins the National Association of Realtors® can call himself or herself a Realtor® after meeting
the requirements of the Association and following the Code of Ethics.
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How large is an acre?
An acre represent a surface equal to 43,560 square feet.
If an acre lot is square it sizes would be 208.7 ft by 208.7 ft more or less.
If the lot is rectangular its sizes may vary. These two lots are rectangular lots that represent about an acre: 150ft X 290 ft or 100ft by 435ft.
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Should I get Preapproved for a Loan?
Unless you plan on purchasing a home by paying cash, the Seller will need evidence that you qualify for a loan. The standard purchase agreement contains some clauses about financing and a commitment letter will be required within a certain timeframe. By getting preapproved before submitting an offer you will know how much you can afford, the seller will have more confidence in your offer and your chance of meeting the commitment letter deadlines will be improved.
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What is the difference between Prequalification and Preapproval?
Prequalification. When you get prequalified it means that you have talked with a lender and, based on the verbal information you provided, the lender is willing to provide a written statement showing that they believe you would qualify for a loan. This proof of funds is not as strong as a Preapproval.
Preapproval. This is a more serious way to prove that you have the resources necessary to obtain a loan. When you get preapproved for a loan you will be submitting a formal loan application and the lender will verify your credit, your employment, your payment history, etc. After a full preapproval is done, an appraisal on the property to show that it is worth at least the amount of the loan will be required to finilize the loan. A preapproval letter with no contengencies is a much better way to prove to a seller that you are ready to purchase the property.
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What are the current interest rates in Tampa?
Before checking the links below, please remember that the following conditions will affect the rates you will pay :
The rates vary on a daily basis.
The higher your credit score, the better rates you will get,
The condition of the home,
The price of the home,
The location of the home, etc.
bankrate.com
interest.com/
finance.yahoo.com
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Do you recommend getting a home inspection before buying?
Yes! Knowing the home condition is necessary to establish the final price of the property.
Your purchase agreement should be conditional on a satisfactory home inspection.
The standard Florida purchase agreement has some clauses that relate to the inspection process.
Make sure you understand them and discuss these clauses with me as they specify the
type of repair that are expected, the time limits, the amount of money to be spent, etc.
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Will I obtain a new survey when I buy a property?
It depends, If you finance your purchase, the lender will most likely request that a survey be done and you will be asked to pay for it on the closing statements.
If you purchase the property cash, it will be up to you to get a survey or not.
I always recommend that you get a survey done before closing. This way you can study the boundaries of the lot, find out about easements, encrochments and other issues that may be relevant to the property.
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How much are Property Taxes in Tampa Florida?
Property taxes can vary a lot between counties Pinnelas (Clearwater), Hillsborough (Tampa) and Pasco county (Wesley Chapel).
If you finance the purchase of a property it is likely that a portion of the tax remaining for the year will be collected in escrow account at closing so that the lender can pay the taxes on your behalf at the end of the year. Taxes are are due in April but usually paid in November to get a discount.
In Florida homeowner can qualify for the homestead exemption if they live in the property.
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How far as it from Wesley Chapel to the Tampa International Airport?
If you take Hwy 75, it takes approximately 35 minutes from Wesley Chapel to reach the airport. During rush hour, depending on traffic, it can take more time.
Click the link below for a Map showing the directions between Wesley Chapel and the Tampa International Airport.
Wesley Chapel to the Tampa Airport - Map
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What is PITI?
The acronym PITI stands for Principal Interest Tax and Insurance. It is the total amount you pay on a monthly basis on a house. It represents
the monthly total of the mortgage Principal, mortgage Interest, the property Taxes, and home owner Insurance added together.
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What is a Inventory Home or Spec house?
Spec Houses and Inventory Homes are synonyms.
The term Spec House comes from its Speculative basis. Builders sometimes build a home to fill a lot in order to finish a project or have to sell a
home that did not close. These homes are referred to as Inventory Homes or Spec houses.
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What form of ownership do you recommend on the Deed?
Our policy is to provide all the
information you may request regarding the different ways in which title can be held
but we do not to give direct advice on the subject. This decision can affect your estate and tax status, so
we recommend you direct this question to your Accountant, Real Estate Lawyer or Estate Counselour.
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What are the tax implications for foreigners who purchase properties in Florida?
When you sell your property, 10% of the capital gain will be retained so that the IRS (US Tax department) can get its share of the appreciation.
You can contact a local accountant that will guide you if your situation is more complex.
If you plan to own investments properties in the US and are planning on renting,
Rental Management companies will have to declare your monthly revenue to the Internal Revenue Service (IRS)
using form 1042S.
http://www.irs.gov/instructions/i1042s/index.html
The following publications describe the rules related to taxation for foreign investors:
Withholding of Tax on Nonresident Aliens and Foreign Corporations (rental)
Pub 515 http://www.irs.gov/pub/irs-pdf/p515.pdf
U.S. Tax Guide for Aliens (tax treaty)
Pub 519 http://www.irs.gov/publications/p519/index.html
Property Management companies will need to use a US taxation number (ITIN) to declare your revenues.
Foreign investors can request an (ITIN) Individual Tax Identification ID from the IRS.
This number will be provided by the IRS following a request made using Form "W-7".
http://www.irs.gov/individuals/article/0,,id=96287,00.html
Every month, 30% of the income also needs to be withheld for tax purpose from foreign investors unless
a request for exemption was filled using form W-8ECI.
http://www.irs.gov/pub/irs-pdf/iw8eci.pdf
At the end of every calendar year an income tax report must be filed to the IRS using Form 1040NR
for non-resident investors to pay or obtain credit for taxes overpaid on their revenue.
We work with a local accounting firm that specialize in filling income tax return for foreign investors.
They also file the forms discussed earlier to request ITIN numbers and to reques the 30% withholding exemption.
Income tax returns are due every year before the 15th of April.
Foreign investors from contries such as Canada that have special tax treaties with the US can request
to obtain credit from their governement when declaring their foreign source of income for tax already withheld in the US.
This information is provided for your benefit only and readers are adviced to consult with their own tax adviser before investing in the US.
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What are some of the things I should do to help sell my house quickly?
Home Buyers purchase a home for one of these two main reasons:
1- They fall in love with a certain home.
2-They feel that they are getting a good price.
These two aspects go hand in hand. So make sure that your home is clean, pleasing, that it does not need any
repairs AND that your price is not well over your competition.
Click on this link to get a list of tips to prepare your house before you place it on the market.
Prepare your house for Selling
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Can I sell an investment property without paying tax on the capital gains? What is a tax-deferred exchange?
You can sell an investment property using the 1031 Tax-Deferred Exchange process and reinvest the proceeds into another investment property of "like-kind" without triggering a taxable event.
This may be advantageous if your property has already been depreciated and you want to move into another property without paying capital gains during the transaction. This process allows you to deffer the tax that would be owed to the IRS but not to avoid it. If you later sell your investment properties, taxes may be due at that time.
Because the tax rate for capital gains has been reduced to 15%, many investors are now choosing to sell and pay the taxes due rather than exchanging for another investment property.
The advantage of a 1031 exchange is to postpone taxes due on a sale of qualifying properties, to have more money available to invest into another property.
Here are some of the general rules to follow:
The value, equity and debt on the replacement property must be equal to or greater than the value, equity and debt of the property being replaced.
The entire net proceeds from the sale of the relinquished property must be used to acquire the replacement property.
The investor has 45 days to select potential replacement properties. The entire exchange must be completed within 180 days.
More rules will apply with each situations.
The key to a successful 1031 exchange is use a Title company experienced with the process and to help you achieve your investment goal.
Refer to your tax professional for additional tax advice.
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What is the meaning of FSBO?
FSBO is the acronym for "For Sale By Owner" and is often pronounced "fizbo"
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Can you tell me how much my home is worth?
You can make a request on the following page and I will get back with you with the results.
Request a Free Home Valuation
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Still need help with a question?
Please feel free to ask, and we'll do our best to find the answer.
Click here to reach the Contact-Us page and write us a note.
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