Category: Buying with CASH

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Selling or Buying a Hurricane Damaged Home

Selling:

  • If the home was damaged, the seller should remove all wet drywall and dry the house out
  • Fill out a seller’s disclosure listing all known damage
  • Don’t cover water stains with paint – no cosmetic coverups
  • Do the necessary repairs and disclose all repairs
  • Get your own mold inspection done
  • Do a pre-listing home inspection to make sure you didn’t miss any repairs
  • Choose licensed Florida contractors to provide estimates and repairs
  • Don’t assume your home will sell only at a discount; many damaged homes are sitting on valuable land and many may even sell at the full market value of the home before it was damaged in the hurricane

Buying:

  • Get both home and mold inspections
  • Choose licensed Florida contractors for estimates and repairs you are considering having done
  • Get it in writing – if the seller wants to sell “as is” – get it in writing what repairs the seller will have done and what potential credits they may give you
  • Ask to see written evidence of the insurance proceeds and when they were disbursed to the seller
  • Make sure the property can be insured!
  • Ask if they have had the home treated for mold and whether they have a mold certification
  • If it looks like there’s no damage from the hurricane, ask if there was damage that was repaired
  • Ask for the seller’s disclosure and be sure to read it very carefully – ask questions about anything that seems vague
  • Know what has been repaired and what hasn’t – if repairs have been done ask what comany did the repairs and be sure to check whether the proper permits for the work were pulled from the local building department
  • If purchasing a condominium (this applies just to hurricane damage, not the new requirements) ask aboiut hurricane-related assessments, hurricane related insurance claims and if there are additional fees ask whether the seller will cover the fees or if the responsibility will be yours as the buyer

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Downsizing Checklist – With Housing Costs Surging Is This a Good Move to Reduce Expenses?

  • What are your total transaction costs on the sale AND the purchase
  • What are the holding costs on the new home
  • Will you have to pay a capital gains tax on the sale of your current home
  • What are the moving costs
  • If you will be using your equity from the sale of your home to purchase the new home without a mortgage, how will losing the interest deduction affect your personal taxes
  • Will you need to store any of your belongings
  • Be sure to factor in your health care costs & inflation in your new location
  • It’s MUCH easier to accomplish a down sizing in your 50s & 60s than in your 70s & 80s
  • What repairs & delayed maintenance will be necessary of your current home to bring it to move-in condition
  • Can you afford the repairs & potential staging costs
  • If you will be purchasing your new home before your old home is sold can you afford the overlapping holding costs
  • Don’t waive a home inspection if you are buying a new build
  • Can you afford the inflation on home services in your new neighborhood
  • Will you regret getting rid of your “stuff”
  • You’re going to get decision fatigue
  • Will you have seller’s remorse
  • Make sure you’re not down sizing too small – you don’t want to have to move twice
  • If you are moving to a completly new area, consider renting before buying

Property taxes, hazard insurance and HOA fees are all increasing and up to 65% of homeowners with mortgages have “escrow shortages” — many were qualified at higher percentages of their income. In my opinion, I would not originate a mortgage (principal and interest) at more than 20-22% of my income because of it. With escrow shortages, your lender keeps the money on a monthly basis that was your old escrow PLUS the amount needed for your new escrow to meet ongoing payments. The average shortage in escrow balances was $2,157.00!!! Property taxes have increased by approximately 15% between 2019 and 2024 (Cotality.) Property insurance has increased approximately 70% between 2019 and 2025, says the Dallas Fed (March.)

This insurance issue is enough on its own to force some homeowners into falling behind on mortgage payments because they cannot move/downsize or otherwise lower their costs.

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Our Transaction Policies

We send a notice to anyone who wants to utilize our services to sell their property BEFORE we will even consider an employment agreement, particularly for sales of vacant land. These policies have become necessary in a global economy, where scammers can be located anywhere on the planet. Out of our legal jurisdiction. So you’d get an e-mail that looks like this:

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Dear [Customer Name]:

We are looking forward to working with you to sell your property.

As part of our company policies (in accordance with licensing law & regulations duties) we ask you to review our policies listed below and reply to to this communication with the statement, “I agree.”

We are unable to list any property unless you first agree to these terms:

We will be conducting an exhaustive title search to confirm the rightful ownership of the property at the cost of the seller.

We require a copy of the seller’s latest property tax bill and the most recent proof of payment.

We require an in-person meeting or video conference with all sellers.

A “For Sale” sign with our contact information must be posted on every property we list, including the name of our listing agent and a phone number where we can be reached (unless prohibited by law or HOA or Condo Assn.)

We require all clients use one of our approved notaries public. If you are located out of our immediate area, we will provide a list of approved Notaries Public to you.

All transactions are subject to a minimum 48 hour hold before funds will be released. If the 48-hour period ends during a holiday or weekend, funds will be released on the next business day.

Sincerely,

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UPDATE – TEXAS COURT PAUSES THIS RULE – COURT STATES IT LIKELY EXCEEDS CFPB AUTHORITY UNDER THE BANK SECRECY ACT – FINCEN Residential Rule Postponed Until March 1, 2026

But TARGETED GTOs are still in force…

FinCEN issued a temporary order granting exemptive relief from the reporting requirements. In the interim, any Real Estate Geographic Targeting Orders will remain in effect.

https://www.fincen.gov/news/news-releases/fincen-announces-postponement-residential-real-estate-reporting-until-march-1

https://www.fincen.gov/news/news-releases/fincen-renews-residential-real-estate-geographic-targeting-orders-0

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Residential FINCEN Rule Goes Into Effect for Entire US on December 1, 2025 (Will Affect ALL Cash Buyers)

house of dollars

QUESTION: Is it a transfer of real property containing a structure designed for 1-4 family occupancy, land on which transferee intends to build such, or shares in a cooperative housing corporation to a legal entity or trust without financing through an institution required to have AML procedures? IF YES, A REPORT IS REQUIRED!

Exemptions include:

Transfers to a trust by an individual, without consideration and where transferor is both a beneficiary and a settlor

Transfers resulting from the death of an owner including to or by a P.R.

Transfers by or to bankruptcy estates, trustees or court appointed receivers pursuant to bankruptcy proceedings

Transfers that create, convey, modify or terminate an easement

Transfers pursuant to a final divorce order, judgment or settlement agreement

Transfers supervised by U.S. courts

Transfers to a qualified intermediary in a 1031 exchange

Transfers that do not involve any “reporting person”

ALTA INFO/FORMs:

https://www.alta.org/file/ALTA-FinCEN-Seller-Collection-Form-v-10

https://www.alta.org/file/ALTA-FinCEN-Buyer-Collection-Form-v-10-fillable

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