8885 SW 225th St Cutler Bay, FL 33190

Property Site: http://tour.keyes.com/home/4BUCLT/8885-SW-225th-St-Cutler-Bay-FL-A10479932

This beautiful townhome is located in the quiet Cutler Bay neighborhood of The Cove, at Isles at Bayshore. This home is your turnkey solution complete with Living, Dining & Bedroom furniture. Take walks along the community lake nearby. Relax in the clubhouse pool, or break a sweat in the gym. If youre a first time home buyer or looking to start a family, go no further as this is the home for you!

Bedrooms: 3

Bathrooms: 3

Square feet: 1,416

Price: $253,000

For more information about this property, please contact Shelton Coats II at (305) 878-7416 or SheltonCoats@keyes.com. You can also text 5061357 to 67299 (Message and Data Rates May Apply, see terms and privacy policy).

See more listings at: SheltonCoats.keyes.com

MLS ID: A10479932

Common Contingencies in Real Estate In many real estate transactions, the term 'contingency' may come up. A contingency is a clause that is added to the contract that gives the parties the right to back out of the contract under certain circumstances that must be negotiated between the buyer and seller. Essentially, a contingency clause allows either the buyer or the seller to back out of the sale without any kind of repercussions or breach of contract. For the majority of real estate transactions, most contingencies are for the benefit of the buyer. It's important to know the most common contingencies that could come up in your next home sale or purchase. Appraisal Contingency For those home purchases that require funding, an appraisal is required to determine the overall value of the home. The lender won't lend more than what a home appraises at, so should an appraisal come in lower than asking price, a problem arises. If a buyer doesn't have the cash to make up the difference, the lender won't loan more money to cover the difference. Because of this, an appraisal contingency is helpful: it allows the buyers to back out of a deal if the appraisal price is not as high as the purchase price, or it allows the buyer and seller to re-negotiate the purchase price, giving the buyer the ability to back out of the deal if the seller declines to come down in the total price of the property. Financing Contingency The buyer is responsible for funding the home purchase, whether it be with cash, mortgage loan or some kind of other funding. If the purchase is dependent on financing a loan, then a financing contingency will likely be included in the contract. A financing contingency helps protect the buyer should the loan not come through. A financing contingency can also include other details regarding the purchase, like the type of loan, the amount of the down payment, loan term and even the interest rate. This is an important contingency in that it protects the buyer, allowing him/her to walk away from the deal without any repercussions or loss of earnest deposit, which is incredibly valuable to the buyer. Home Inspection Contingency One of the most important protection contingencies, the home inspection is a huge part of the home buying process. The inspection is performed by the buyer in order to ensure the property is up to his/her standards. A home inspection does a great job at determining the overall condition of the property, calling to light any major issues with the home's major systems. The buyer has a lot of protection with a home inspection contingency, especially if major items come up in the inspection report. With a home inspection contingency, the buyer can: ask for a discount to help with any necessary repairs, go through with the sale regardless of the findings and do the repairs after move in, or back out of the deal based on the findings without any negative repercussions. Home Insurance Contingency Home insurance is important: it provides protection for things such as property damage, fires, natural disasters, and other issues. When it comes to a home insurance contingency, this could be a requirement that the buyer secures home insurance prior to finalizing the purchase. The contingency could be part of the loan agreement, put in place by the mortgage lender, or it could be something the seller dictates in the contract. This can be a tricky one (especially if the insurance is needed prior to closing) if the property is located in an area where insurance is difficult to get, like a known flood zone or other region that experiences inclement weather and/or natural disasters. Home Sale Contingency For those buyers who are also selling their own home, a home sale contingency is usually inserted into the contract. Basically, this contingency is "I want to buy your house, but I can't until my house sells." Properties listed as "under contract" or "contingent offer" likely have a home sale contingency on them. The homes are still open for offers, but the contingency clause will likely have a stated amount of time for the original offer maker to sell his/her home before the seller can accept new offers. Contingencies are common in real estate, and they're not a bad thing: they help protect both buyers and sellers. If you have questions about contingencies, or about real estate in general, contact your local agent for more information! - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Investment Property FAQ For many cities and areas around the country, real estate is an excellent investment as real estate markets continue to grow. Investment properties are a great way of taking advantage of competitive real estate markets, and with more renters in the U.S. than any time since 1965 (according to the Pew Research Center, as of 2016, 36.6 percent of household heads rented their home), investment properties are not only a great way to grow wealth, they're a sound investment for anyone considering the investment real estate world. With any type of real estate transaction there are a number of questions, and below are some of the most common FAQs regarding investment properties. How do I find a profitable property? Finding the property that's going to fit your needs and wants in an income property begins with determining what kind of income property you'd like to own. Are you going the traditional route, where the property will be rented full-time, month-to-month or via a lease? Are you more interested in a home that will be used via a house rental program, like Airbnb or VRBO? Are you interested in a multi-family property, where there are multiple units within one property? Once the type of property is determined, the next step is to look. Your agent is a great resource and will be able to find properties that fit your needs and wants in an income property. This is also the time to determine location, because you're not only investing in a property, you're also investing in a location, so finding a location that is popular and sought-after is just as important as the property itself. How to determine if it's a worthwhile investment? The main indicator of whether a property will be a worthwhile investment is its potential cash flow. Cash flow, in the most basic sense, is the property's rental income minus monthly expenses. Positive cash flow means the property produces income each month or rental period; negative cash flow means there is not enough income to offset the expenses. With an investment property, you'll need to consider how many items influence positive cash flow: insurance, property tax payments, vacancies, general maintenance, upkeep of the property's major systems, and if there is a mortgage payment on the property. If the property is going to require a lot of repairs and monthly maintenance, there might not be a positive cash flow for some time. If the property won't require a lot of maintenance and is in a desirable location, it could have a positive cash flow in just a couple of months. How do I finance it? Financing an investment property is similar to financing a regular home. The most common way to finance is through a bank loan. There are loans available specifically for investment properties, which can cover many different types of income or investment properties: multi-family properties, vacation homes and more. It's important to note that mortgage insurance won't cover investment properties, so if you're going the mortgage loan route you'll need to put at least 20 percent down to secure traditional financing. Credit score and income are also important when it comes to securing financing, and for some lenders, securing a loan will require two years of landlord experience. Is an agent necessary? Using an agent is an excellent idea, especially when you consider all an agent offers and can help with. An agent will often be the first to know of an available property as s/he helps with property searches; s/he will look into the different markets, work with inspectors and appraisers, aid in negotiations and much more. A real estate agent is trained to do the dirty work - and unless you are self-employed or have a decent amount of time to dedicate to searching for real estate and all the paperwork that comes along with it, using an agent will make the entire process more enjoyable and easier to navigate versus going it alone. Are there any benefits? There are a number of benefits of investment or income properties: if you own the property long-term, you have the possibility of seeing a significant appreciation in property value and equity growth. For rental properties, there are a number of tax deductions that landlords can take advantage of that cover things like interest, depreciation, repairs, local travel, long distance travel, employees and independent contractors, casualty and theft losses, insurance premiums and many more. It's important to note that a trained tax professional with experience in investment properties will be able to provide additional information on the tax benefits and deductions available to income property owners. There is also the potential benefit of leveraging your investment. As an example, if you purchase a property worth $300,000 with 20% ($60,000) down, when that property appreciates in value to $330,000, your $60,000 investment just appreciated 50 percent! If you have any additional questions, or are interested in more information about investment properties, contact your agent today.

Real Lessons Learned When Buying a Home It's easy to find lists of all the things to expect when buying your first home because there's a lot of information out there for first time homebuyers. But the reality of buying a home is that there will always be things that a buyer will overlook or disregard because they're often realized after the sale, when hindsight is 20/20. Below are some real lessons homeowners have learned after buying their first home. "Move-in ready" isn't a reality There are many homes out there touted as "move in ready," meaning a buyer will be able to move in immediately without having to do any work. For brand new homes, this may be the reality, but for homes that are not new construction, it's very likely there will be things that need to be fixed, changed or altered in some way. When looking at homes, pay attention to whether the showers have doors or curtains (even new construction may be missing these items), and be sure the contract states what appliances and window treatments stay or go; be sure to test the faucets to see if the hot water works, and if the sinks drain. While a home can look perfect, it's very rare it will be move-in ready with absolutely no work needed. Shop around for a mortgage before getting pre-approved Sometimes finding the right home can take precedence over how or who will fund the home. While a mortgage loan doesn't sound all that exciting (and, let's be honest, it's not), what is exciting is knowing you got the best mortgage you could get. Not all loans are equal, and not all lenders are equal. You are more than able and should shop around for the best lender, rate, loan amount, and everything else before the home search begins. It actually benefits you to look at more than one lender (you're not going to look at just one house, are you?), because, if you need a mortgage, it will likely be one of the biggest financial decisions of your life, and finding a great lender and an even better loan is incredibly important. It's essential to look beyond the house alone Finding the perfect home can feel like a monumental success, and if the house checks off all your needs and wants, it certainly is something to celebrate. But the reality is that you're not just buying a house - you're buying a lot of other things that come along with it. Many home buyers realize after the fact they didn't spend enough time on things beyond the house: the location, access to amenities, growth (or non-growth) of the area, and even the neighbors. While a house may be perfect, if the area isn't, you may consider moving sooner than you anticipated. It can be hard to resist the urge to pounce on a house as soon as possible, so do your due diligence and really get to know the area before you begin your home search. Neighbors know everything If you can, get a relative (parent, sibling, etc.) to interview the neighbors in the area(s)you're looking to buy in. The neighbors will be clued into what happens on the day-to-day within the neighborhood, know the local schools, what the local traffic is like, and anything else that may be important about your potential new neighborhood. They live there; they have the experience you're looking for, and it's likely they'll be able and want to provide information. You can look online at different websites, but nothing beats actual information from someone living in the area. Pay attention to staging When a seller stages a home, it's meant to highlight or showcase the home for greater appeal to buyers. A well-staged home can make a dud look like a diamond, and for that fact alone paying attention to what's behind the smoke and mirrors of staging is a big must for any home buyer. Look at the windows and behind the nice window treatments. Don't be afraid to lift up a rug and look at the floor below it. If the house smells unusually clean, don't hesitate to ask if the current owners have pets or if there are any smokers in the home, and make sure to visit the house several times before closing. Staging can sometimes hide issues - don't let a pretty room fool you into thinking everything is perfect. Figure everything into your budget Many home buyers have the notion that the down payment is the only item to save for, and while it certainly is important, when it comes to figuring out your final home budget, you have to include the other items that come along with owning a home: a mortgage payment, monthly home insurance and utilities, private mortgage insurance (if your loan requires it), maintenance costs, possible monthly or annual HOA payments, and all the other little things that come with homeownership. It's also important to remember that if you're saving, you need to save additional funds for closing costs, inspections, and any other surprises that may come up.

Common Appraisal Myths

An appraisal is an important part of many real estate transactions. An appraisal is typically done if a buyer requires a mortgage loan to purchase a property. The appraisal is done by an appraiser (who is licensed), and it's based on multiple data gathered during an inspection by the appraiser. When it comes to appraisals, there are many myths or misconceptions around them. Whether you're looking to buy a home, looking to refinance a current mortgage, or you're looking for more information about all that goes into real estate transactions, here are some of the most common myths when it comes to appraisals.

An Appraisal Is The Same As A Home Inspection

For many properties and in many states, the idea that the assessed value, appraised value and the market value are equal is understandable. But, in many areas and instances, this isn't the case. Assessed value is determined by an assessor (who works for a city, town or county) and is usually used to levy taxes; if the assessor doesn't actually physically inspect the property, s/he won't know if any improvements (remodeling projects, interior updates, additions, etc.) have been done. The same can also be said if nearby properties have not been reassessed for a long period of time or they don't reflect the area's current real estate market. Appraised value is determined by an appraiser, and is a result of a detailed physical inspection of a property and research done on the neighborhood and any nearby recently sold properties. Market values are consumer-driven and can be influenced by a buyer - if a buyer is willing and able to pay more for a property, then the market value is what the buyer is willing to pay. While all three values can be similar, all three also have the chance of being vastly different.

The Appraiser Is Hired By The Buyer

An appraisal is required when a home is being purchased with a mortgage loan; a current homeowner

is looking to refinance his/her existing mortgage; or when someone is selling a home to someone that is not an all-cash buyer. The appraisal acts as a security for the lender to understand the value of the property when making the loan decision. Due to federal changes several years ago, although the lender orders the appraisal, the lender does not hire a specific appraiser; the appraiser comes from a 'pool'. For the majority of property transactions, the buyer is responsible for the cost of the appraisal (sometimes a seller will cover the cost of the appraisal, but this is unique, and for the most part the buyer or borrower pays the costs through the lender). There are times when a seller may want to get an appraisal to get an idea of a home's value before listing the property - in this case, the seller would hire the appraiser and pay for the appraisal.

The Appraisal Varies Whether Its For The Seller Or Buyer

Typically, an appraiser has no vested interest in the price of a property - s/he doesn't represent any particular person. The appraiser should complete an independent and objective appraisal, simply performing the service of determining a property's appraised value. Appraisals can be done for a number of reasons: insurance, home loans, tax losses, estates, liquidation and net worth. Because of this, depending upon the purpose of the appraisal, the market value and appraised value can vary, but the appraiser does not complete an appraisal in favor of the seller or the buyer.

Appraisers Use A Formula When Determining The Value Of A Property

The way in which appraisers determine the value of a property is very detailed. An appraiser will analyze all aspects of a property: location, condition, size, proximity to amenities and other facilities, and s/he will also consider the recent sale prices of comparable properties in the area. Other items that are considered in the appraisal: number of bedrooms and bathrooms and the floor plan functionality. The appraiser does a visual and physical inspection of the interior and exterior of the property. S/he will take into consideration the type of flooring in a home; the materials used in the kitchens, bathrooms, and other rooms; the siding and any other recent upgrades. An appraiser will also consider things that need to be repaired, and other miscellaneous items. Far from a specific formula, appraisers use a lot of data to determine the appraised value of a property and an appraisal can take a number of hours to complete depending on the size of a house and complexity of the property.

Renting Vs. Homeownership: Which Is Better for YOU?

8/15/2017 Cutler Bay Market Stats

Market Watch of Cutler Bay on August 15th, 2017

	For more information and details of what the market looks like in your area click here and enter your desired location.  After you've entered your location, click "View Market Stats" for a breakdown of recent market trends in your area.

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