June 2013 « Gina Branch

El Siboney in Key West Florida

By Tom Branch, on June 12th, 2013

Fate has an interesting way of showing up when you least expect it.

On a recent visit to Key West, Florida, we had picked out a local seafood place that was recommended by some friends. The day was nice so we decided to walk the eight blocks to the restaurant. You can only imagine our surprise to find out it was closed on Tuesday! (Note to self—Google can be your friend)

What to do?

Fate showed up at that moment in the form of a local taxi driver. He suggested a local Cuban restaurant called, El Siboney. I have to admit I was skeptical as the taxi dropped us off at this little hole-in-the-wall looking place on the corner of Catherine and Margaret.

Once inside I noted the Zagat Awards on the wall and the aroma coming from the kitchen was heavenly. We were quickly seated and a basket of fresh Cuban bread arrived. Now I really love bread, but this was up there with some of the best I’ve had. The waitress suggested we try a pitcher of Sangria. Served over ice with a slice of lime, it hit the spot after our walk in the humid air.

The menu was filled with all kinds of interesting dishes—fresh seafood, chicken, pork and beef—it all sounded good. I selected the Chicken Enchilado with yellow rice and fried bananas. Being from Texas, I was a bit surprised when the meal showed up. What happened to the Tortilla? A quick taste and another piece of bread and the thought of the tortilla was long gone. With a hint of spice in the sauce, it was a wonderful dish.

No visit to Key West is complete without a slice of Key Lime Pie. It was homemade and the perfect way to finish up the meal.

If you find yourself in Key West, stop by El Siboney and enjoy yourself!

Making Smart Offers in a Seller’s Market

By Tom Branch, on June 2nd, 2013

Home Buyers Sitting on the Fence It’s a seller’s market in many places these days. The good news is buyers who have been on the fence waiting for interest rates and prices to bottom out are back in the market. The bad news for those buyers is inventory levels are at all-time lows. In Plano Texas, new listings are sold in hours with multiple offers. One new listing a few weeks ago had 34 offers in the first two days!

The impact is two-fold. First, buyers are driving up the prices of homes to the point where they will not appraise for the sales price. Second, for every buyer who manages to enter into a contract, many more are left dismayed that they cannot find a home. I had one buyer last week who offered $15k over list price on a $310k home and their offer was not the highest offer.

While it often would appear that the offer with the highest price is the accepted offer, that’s not always true. Sellers often consider other terms in addition to price:

Title Policy – In Plano Texas it is customary for the seller to pay for the title policy. On a $300k home, that policy costs the seller $1911. The buyer can make their offer look stronger by paying for the title policy. I recently sold my personal home and the offer I accepted was not the highest offer. I was really concerned about appraisal issues so I took a slightly lower offer that paid for the title policy (among other things) since those items added to my bottom line without raising the sale price of the home.

Possession Date – Typically the buyer takes possession at closing and funding. Many sellers are moving into new homes so being flexible with the closing date and allowing a seller lease-back can make a buyer’s offer stronger. I recently had a seller who was willing to move out of their home at closing and funding, stay in a short-term lease for 90 days, and place most of their furniture into storage. A smart cash buyer came in with an offer that included a 90 day lease-back. While it was not the highest offer, it was the accepted offer.

Residential Service Contracts and Homeowners Association Resale Certificates – These costs are typically paid for by the seller and can often add $1000 to the seller’s closing costs. Smart buyers are paying for their own residential service contracts and offering to pay for the resale certificates. This adds to the seller’s bottom line by reducing their closing costs.

Smart buyers can get their offers accepted in a tight market. It’s not always about the price!

Click here to search homes for sale in Plano Texas.

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