Homebuyer Advice
NAEBA celebrates 25 years of exclusively serving the interests of home buyers.
PHOENIX, April 09, 2020 (GLOBE NEWSWIRE) — The National Association of Exclusive Buyer Agents (NAEBA) reached their 25th anniversary. This milestone is a major confirmation of the importance of their mission and the value their members bring to the market. In a world where it is sometimes hard to tell who is on what side, the National Association of Exclusive Buyer Agents is clear that they exist to provide exclusive fiduciary duties to home buyers. NAEBA members avoid the conflict of interests that arise when the same firm attempts to represent both buyers and sellers.
“It is incredibly validating to have reached this major milestone of 25 years. Our members are the vanguards for the standards and ethics of fiduciary duty to buyer-clients,” says Rich Harty, current volunteer President of NAEBA. “As a membership association, we support each other so that we can better serve our buyer-clients.” NAEBA’s members are a part of a community of like-minded people who understand the value of professional development, camaraderie, networking, and the strength that comes from association.
This anniversary comes with many recent initiatives and accomplishments, including:
• The launch of the Certified Exclusive Buyer Agent online program
• The incredible growth of the NAEBA leads referral system helping connect buyers with EBAs
• Ongoing development of benefits and resource sharing for NAEBA members only
“NAEBA has offered me great tools and educational experiences to enhance my career as an Exclusive Buyer Agent, business owner, and broker. I credit my attendance at NAEBA meetings and getting involved as a volunteer with helping me establish my position as a trusted expert in my market,” says Andi DeFelice, former volunteer President of NAEBA. “Membership in NAEBA is a powerful asset for my business.”
To learn more about National Association of Exclusive Buyer Agents, visit https://naeba.org/about-naeba/ The National Association of Exclusive Buyer Agents is an independent alliance of real estate professionals who provide client-level services to home buyers only and whose real estate companies do not accept seller-property listings. The members of this Association adhere to a strict code of professional ethics and professional standards which guide them in serving their buyer-clients.
COVID-19 South Florida Resources
If you live in Broward County, you can call this hotline to have your questions answered: 954-357-9500.
If you live in Palm Beach County, you can call this information line with your questions: 561-712-6400.
The Sun Sentinel posted drive-through testing sites in South Florida here.
Please be aware of financial scams. You can learn more and report them here.
Tele-Health
Medicare: Medicare has temporarily expanded its coverage of telehealth services to respond to the current Public Health Emergency. Learn more here.
Florida Blue: Florida Blue’s network of primary care doctors and specialists will be able to treat patients virtually at their normal office visit rates. Visit the Florida Blue website, the Florida Blue app, the Teladoc app, or by calling Teladoc directly at 800-835-2362.
Baptist Health: Baptist Health is offering telehealth services through its Care on Demand platform. If you or someone you know has cold or flu-like symptoms, visit here using code CARE19.
Cleveland Clinic: Cleveland Clinic Florida is encouraging the use of its Express Care Online Virtual Care services as much as possible during the outbreak. Click here for more information.
Cigna: Cigna is offering COVID-19 specific resources for enrollees. Click here for more.
Humana: Humana has agreed to waive telemedicine costs for all urgent care needs for the next 90 days. This will apply to Humana’s Medicare Advantage, Medicaid, and commercial employer-sponsored plans and is limited to in-network providers delivering synchronous virtual care. More information here.
COVID-19 Public Website and Call Center
Please visit the Florida Department of Health’s dedicated COVID-19 webpage for information and guidance regarding COVID-19 in Florida.
For any other questions related to COVID-19 in Florida, please contact the DOH’s dedicated COVID-19 Call Center by calling 1-(866) 779-6121. The Call Center is available 24 hours a day. Inquiries may also be emailed to COVID-19@flhealth.gov.
County Health Departments
If you’re concerned that you may have contracted the coronavirus, please contact your healthcare professional or county health department:
Broward County: 954-467-4700
Palm Beach County: 561-840-4500
Miami-Dade County: 305-324-2400
Additional Resources
Bank Regulators have also instructed banks and servicers to be proactive in extending help to homeowners:
- Federal Deposit Insurance Corporation (FDIC)(link is external)
- Office of the Comptroller of the Currency (OCC)(link is external)
- Board of Governor of the Federal Reserve System (Fed)(link is external)
Banks have posted their own policies and ways for consumers to contact them for assistance:
- Bank of America(link is external)
- Capital One(link is external)
- Chase(link is external)
- Truist(link is external)
- U.S. Bank(link is external)
- Wells Fargo(link is external)
Consumer Financial Protection Bureau (CFPB)
Protect Your Credit: The CFPB is urging consumers to protect their credit(link is external) during this pandemic.
Protect Yourself Financially: The CFPB has a number of resources(link is external) focused on financial protection, both short and long term, such as paying bills, income loss, and scam targeting. Resources include contacts for housing and credit counselors, debt collectors, and state unemployment services.
Department of Labor (DOL)
DOL has provided resources for employers and workers(link is external) in responding to COVID-19 and including the impact on wages and hours worked and protected leave (these resources are primarily for businesses and employers).
Environmental Protection Agency (EPA)
Americans can continue to use and drink water from their tap as usual. EPA has provided important information about COVID-19(link is external) as it relates to drinking water and wastewater to provide clarity to the public. The COVID-19 virus has not been detected in drinking-water supplies. Based on current evidence, the risk to water supplies is low.
Federal Housing Administration (FHA)
Immediate Foreclosure and Evictions Relief for Homeowners for the Next 60 Days
The U.S. Department of Housing and Urban Development (HUD) has authorized the FHA to implement an immediate foreclosure and eviction moratorium(link is external) for single family homeowners with FHA-insured mortgages for the next 60 days. Read the full press release(link is external).
FHA Q&A Form
FHA continues to run single family business operations. FHA has created a Q&A form available on their website to keep interested parties updated on their procedures during the COVID-19 crisis. Please refer to https://www.hud.gov/program_offices/housing/sfh(link is external) for the most current information.
Federal Housing Finance Agency (FHFA)
FHFA has instructed Fannie Mae, Freddie Mac and their servicers to be proactive in providing assistance to homeowners including forbearance. In addition, FHFA imposed a moratorium on eviction and foreclosures on mortgages backed by the GSEs:
Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac have issued similar guidance:
- Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
- Foreclosure sales and evictions of borrowers are suspended for 60 days
- Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
- Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
- Homeowners in a forbearance plan will not incur late fees
- After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification
Fannie and Freddie have also created pages with additional information:
- Fannie Mae: Coronavirus (COVID-19) Help(link is external)
- Freddie Mac: Foreclosure & Alternatives – Who to Contact for Help (link is external)
Internal Revenue Service (IRS)
The IRS has also created a Coronavirus Tax Relief section(link is external) on their website with updated information for taxpayers and businesses (these resources are for businesses and not specifically for consumers).
- Tax Time Guide to Guard Personal, Financial, and Tax Information Year-Round(link is external) (these resources are for businesses and not specifically for consumers).
- Income Tax FILING and PAYMENT Deadlines Extended: In light of COVID-19 crisis, the IRS on March 18 extended the income tax payment deadline(link is external) for individual returns (as well as all other entities) until July 15, 2020. Two days later, the IRS also extended the tax filing deadline to July 15, 2020. Additional forms do not need to be filed to qualify for these extensions
Virtual Home Buying Made Easy!
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How To Set Up A Home Office
Things to Improve Your Time Stuck at Home!
How to Keep Your Home Virus-Free
For many people, staying safe from the new coronavirus means staying home. But infectious germs can live in your house, too.
Although the CDC has not found evidence of surface-to-person transmission to date (which is good news!), the virus may live on surfaces for hours to days, making regular cleaning and disinfecting a wise practice during this time.
To minimize the risk of getting sick, the Centers for Disease Control and Prevention recommend taking action to disinfect high-touch surfaces, such as countertops, doorknobs, cellphones and toilet flush handles, since some pathogens can live on surfaces for several hours.
Here are some other tips for staying safe at home:
The CDC recommends washing hands vigorously with soap and water for at least 20 seconds. As a backup, use hand sanitizers that are at least 60% alcohol.
The Environmental Protection Agency recently released a list of approved disinfectants to kill coronavirus. For surface cleaning, look for products such as wipes, sprays and concentrates that say “disinfectant” on the label and include an EPA registration number. These are required to meet government specifications for safety and effectiveness. For a homemade disinfectant, the CDC recommends mixing a quarter-cup of household chlorine bleach with one gallon of cool water.
After disinfecting food-prep surfaces such as cutting boards and countertops, rinse them with water before use.
For laundry, use detergent and bleach (for white loads) or peroxide or color-safe bleach (for colors) to kill germs. (Be sure to read clothing labels to avoid damaging garments.) To boost the effect, some washing machines have sanitize or steam settings that kill germs. Drying laundry on the dryer’s hot cycle for 45 minutes also is effective.
If possible, operate dishwashers on the sanitizing cycle. Machines certified by NSF International, formerly known as the National Sanitation Foundation, must reach a final rinse temperature of 150 degrees and achieve a minimum 99.999% reduction of bacteria when operated on that cycle.
Household air purifiers and filters that advertise the ability to kill or capture viruses can be useful but shouldn’t be a substitute for cleaning. Some purifiers use ultraviolet light, which has been shown to have germicidal effects, but their overall effectiveness can vary depending on their design, according to a 2018 technical summary of residential air cleaners by the EPA. While some filters advertise the ability to capture things like viruses, smoke and common allergens, they don’t necessarily kill microorganisms
Upgrade Hand-Washing Stations
Stock up every sink in the house to make hand-washing easier and more sanitary with:
- A bottle of liquid hand soap (anti-bacterial soap not needed)
- Stacks of fresh hand towels and a hamper for dirty towels, or a roll of paper towels and a wastebasket
- A container of sanitizing wipes for daily cleaning of faucets and counters
Use the Right Products — and Follow Instructions
When it comes to cleaning, regular soap and water is all you need. But for the second step of disinfecting, it’s important to be sure you’re using the right product. Already have rubbing alcohol or bleach in your cupboards? Either one will fight the COVID-19 virus. (A word of caution on using bleach to clean surfaces: It can discolor laminate and may damage the seal on granite and other stone countertops over time.)
- If surfaces are dirty, remember to clean with soap and water first.
- To prepare a bleach solution, mix 5 tablespoons (⅓ cup) bleach per gallon of water, or 4 teaspoons bleach per quart of water. Never mix household bleach with ammonia or any other cleaners.
- If using rubbing alcohol,choose an alcohol solution containing at least 70% alcohol.
- Check expiration dates. Do not use expired products, as they may not be effective against the COVID-19 virus.
- Follow label instructions. Clorox has issued specific recommendations for preventing the spread of the COVID-19 virus, including leaving bleach solution on surfaces for five minutes.
Focus on High-Touch Surfaces
Cleaning and sanitizing the entire house would be overwhelming — and probably excessive. Instead, focus on the surfaces that get lots of contact throughout the day. These areas include doorknobs, light switches, tables, remote controls, handles, desks, toilets and sinks. And if you have kids or housemates who play video games, include those video game controllers.
Start a Just-Got-Home Routine
Put your belongings down in one spot, paying attention to what you carried with you throughout the day — likely suspects include your phone, key ring and sunglasses. Wash your hands for 20 seconds, then wipe personal items with an EPA-registered disinfecting wipe and leave to dry. When cleaning electronics, keep liquids away from openings, never submerge devices, and be especially gentle with touchscreens.
Help Kids Follow the Recommendations
If you have kids at home — especially if they’re not so keen on frequent hand-washing — consider one or more of these to make the ritual more fun:
- Let your child pick out a fragrant hand soap or put hand soap in a colorful container.
- Tape the verse of a silly song to the mirror so they can sing for the recommended 20 seconds.
- For younger children, cue up a song to sing along to on your phone.
- Be sure a sturdy stool is positioned by every sink in the house to make the soap and water accessible.
Do the Laundry, Wash Your Hands
If you have a cloth laundry hamper liner, toss it in the wash when you do the laundry. Wash laundry on the warmest setting your clothes and linens can handle, and avoid shaking dirty laundry, which can spread virus through the air. And when you’re done handling dirty clothes and towels, be sure to wash your hands.
Tips for Buying a Fixer-Upper
- Consider the amount of time and the amount of cash you have to address obvious deficiencies with the property.
- Does the property smell damp? From mold to warping, moisture can cause considerable damage to homes, even making them uninhabitable. The first clue is that moisture smells. Besides damage to the house, moisture can adversely affect a homeowner or tenant’s health.
- Stuck windows and doors. These can also be a sign of moisture or that a house is settling due to age or structural shifting. Both are problematic.
- Sloping or sagging floors. Both indicate structural problems beyond just aging. Buyers should find out if framing, joists or sub-flooring need replacement.
- Foundation problems. One small crack can be just the beginning of many cracks and can signal that a house could eventually crumble.
- Inward grading, poor drainage and short downspouts. Improperly installed or clogged gutters and downspouts all may cause water to enter a house.
- Bad roof. An old roof may leak but it’s not always the shingles or tiles that are the culprit. Sometimes, it’s what’s underneath – sheathing, trusses, beams and rafters. The sellers should disclose when the roof was installed.
- Outdated wiring and fuses. Because homeowners rely on so much technology today, outdated wiring may, in worst cases, start a fire. Often, dated electric boxes make the home un-insurable.
- Outdated plumbing. Toilets that don’t flush properly, sinks and showers that lack adequate pressure or have leaks, and water heaters that don’t provide enough hot water signal a need for attention. Not to mention the condition of the pipes from the home to the street.
- Termite damage and wood rot. Buyers may spot blisters in wood flooring, hollow sections of wood, and even the bugs themselves. An exterminator can determine the extent of the damage and estimate repair costs.
- High energy bills. This should alert buyers to the cost of cooling the home. Due diligence can tell them whether their Ac handlers, insulation, or doors and windows are inefficient and need to be sealed, repaired or replaced.
- Historic home designation and zoning rules. Municipal guidelines may restrict buyers from making certain improvements to their home and property.
Tips for Condo Buyers
- What exactly are your ownership and voting rights within the association?
- What percentage of the common expenses are you be liable for – many units offer different floor plans of various sizes, with each one making up a percentage
- What restrictions are in place regarding the common elements and your unit?
- Is there planning in place for further units to be constructed? Â If so, how many and when?
- Does the developer have any options NOT to complete any of the facilities or amenities?
- Is there a history of resident complaints at the condominium?
- Is the Condominium Association currently involved in any form of litigation?
- Does the Condominium Association have reserved funds set aside for maintenance projects and future capital expenditures?
- What about pets – are there ANY restrictions?
- Can you rent or sell your condo without restrictions?
- Are there any restrictions regarding family and friends using, staying with, or occupying the unit?
Top 10 Reasons to Use an Exclusive Buyers Agent
Why Use an Exclusive Buyer’s Agent When Purchasing a House?
Buying a house is one of the most significant undertakings you’ll make in your entire life. It’s not simply about finding the right home for you and your family; more than anything, buying a house is about making the right financial investment on a long-term basis.
Before you even put down your earnest money deposit, an exceptional buyer’s agent will have been doing several things for you, including searching for the right property and starting the due diligence process when you do. There are a plethora of reasons you should turn to a buyer’s agent when you start the house-buying process. The most important of which is that an Exclusive Buyer’s Agent owes you a fiduciary and never lists properties. There is no conflict of interest.
Below are some of the most essential reasons to hire a buyer’s agent when purchasing your next house:
1. It’s Free
One of the first things you need to know about hiring a buyer’s agent is that it’s not going to cost you anything. That’s right; 99 percent of the time it won’t cost you a dime!
A buyer’s agent will be paid by the home seller once the home is sold. Not only is it free, but a buyer’s rep will be saving you both time and money. As always, it’s essential to have a good working relationship with an agent. In other words, make sure you find one that you feel comfortable working with.
2. Going to the Listing Agent Isn’t Smart
For some reason, lots of buyers think they’ll get a better deal if they go to the seller’s agent. This is one of the biggest myths in real estate and could cost you considerable money in the long run. Quite often, buyers think if they go to the seller’s agent, they’ll give them back some of the commission. While this may be true, the agent works in the best interests of the seller, or in the case of Florida where they are transactional agents…themselves! Not you!
Saving a couple thousand dollars in commission but overpaying on a home by $10,000 works out to a net loss of $8,000! In addition, the agent is going to be doing everything in their power to close the sale, not what’s best for you. Avoiding dual agency is something every smart buyer does. Always have your own designated buyer’s agent.
3. Professional Experience
A buyer’s agent should have the right kind of professional experience in finding the right home for you. Finding the right property is a time-consuming process, and it’s easy to find yourself spending hours viewing properties that are not right for you. It’s crucial to have a bit of help, especially if you’re a first time home buyer or a very busy person. Having an agent screening the properties for you can save you lots of time. Not only that, but they’ll also view properties to make sure they’re in good order.
A buyer’s agent who has been in the business for a long time will pick up on common problems, and can advise you before you even get in the car about the neighborhood, what the location issues may be with the home and the general condition of the property.
4. How Well Do You Know the Area?
Having a buyer’s agent on board when you move to a new town or part of the country is especially vital. After all, you may not know the area that well. Having someone with local knowledge means that you’re much more likely to end up investing in a property in the “right” part of town. An exceptional agent that services primarily buyers will know their way around the local area well. They’ll know the popular neighborhoods that are appealing to most buyers and those that aren’t.
Also, an agent will make sure the amenities that are important to you are close by. Schools and leisure facilities are often on the top of most homebuyers’ agenda.
5. Valuation and Finance
Valuing a property is not easy when you don’t have a lot of experience. When you’re buying your first or second home, you’ll need all of the help that you can get. Nothing beats turning to a professional to help you purchase a property at fair market value, or less, if you’re lucky. One of the best skills of a buyer’s agent is to be able to evaluate the right purchase price for the home.
Financing can be a nightmare, as well. Sure, you may have your mortgage pre-approval, but when it comes to buying a home and financing it, there’s often a mountain of paperwork to work through. A buyer’s agent will help you to do so, and make sure the process stays on track. They explain fundamental real estate terms you might not be familiar with. For example, a significant percentage of buyers don’t know the difference between earnest money and a down payment. Understanding the function of each of these things is crucial for a buyer to understand. There are a myriad of others, such as insurance, HOA approvals, inspections, and more.
6. How Much Time Do You Have for Your Showings?
Not having a buyer’s agent can mean you end up at a lot of showings or viewings that aren’t right for you. When you contract in a buyer’s agent at the start of the process, they’ll make sure that they schedule everything for you. It’s like having your own personal assistant. Tell them when you’re free, and they’ll do most of the work for you.A listing agent will take you to their listings first, regardless of whether or not they are suited for you…..they need to make sure their Sellers feel like their homes are getting shown.
7. The Value of Contracts
Never underestimate the value of contracts when it comes to buying a home. Arrangements are not only about money; timelines are established in the purchase contract, as well. A buyer’s agent will make sure you follow through with any necessary responses required under the terms of the contract. This is critical because not doing so could put your escrow funds at risk of loss.
An excellent agent will keep you informed and on track so that you don’t lose any of your escrow funds. There’s also an abundance of smaller details you need to deal with before you sign on the dotted line. Many of them form part of modern-day contract law. Changing regulations are something else a buyer’s agent will help you with.
8. Professional Contacts
Once you’ve bought your first home, you’ll appreciate how many people form part of the buying process. It’s not just you and your bank manager. You’ll also need the help of other professionals, such as a home inspector. What if the home inspector picks up a problem during the inspection, and you need an estimate for work? A buyer’s agent is likely to have the right contacts at their fingertips, and will also be familiar with the process.
9. A Buyer’s Agent: Your Negotiator
Many of us don’t like to negotiate, and we’re not always that good at it. You may like the seller and don’t want to upset them. After all, we’re only human. It’s hard to say “no,” or ask someone you like to drop the price or negotiate a needed repair.
Let’s go back to that home inspection that picked up a slight problem. Ask yourself if you have the skill, and confidence, to renegotiate the price of the property. It takes both to close a deal. Once again, this is something that your buyer’s agent can do for you.
10. Let’s Stay on Schedule
Staying on schedule is an important part of the process of buying a home. You may need to get out of your old house on a specific date, or you may have a starting date for a new job. Trying to pack up your old home and keeping the ball rolling is not easy.
Many buyers don’t realize that a buyer’s agent will keep things going while you focus on moving out of your property or drive across the country to take up that promotion you’re getting.
An exclusive buyer agent will have your back at all times. That is perhaps the best way to look at the relationship. They’re your fiduciary in the strongest sense of the word. Once it’s all over, you’ll be glad that you decided to ask for the help of a buyer’s agent instead of going through the buying process on your own!
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