Episode Transcript
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Speaker 1 (00:05):
Good morning, it's Wednesday. Today is March twelfth, and thank
you for listening and welcome to real Estate Exposed here
on news radio WCCF. Real Estate Exposed a fast paced
hour filled with great information, a whole lot of fun.
And chances are if you're listening, whether you're buying or selling,
chances are you're going to hear something that'll maybe raise
(00:28):
a question or two. If you have any questions or
want to find out more, you can always call the
Patterson Group at nine six eighty six hundred once again,
that's nine four one six eighty six hundred, or log
on to Matthewpatterson dot com. Let's get into it. Let's
get to today's show. Here's Matthew Patterson.
Speaker 2 (00:50):
Thank you, zaying good morning, good morning. I tell you
what I'm gonna apologize now if I call off because
as I hear, Zane's a little scratchy dude. I know
everybody's been fighting it. So if that happens and I
leave the room, just enjoy the silence.
Speaker 1 (01:08):
So I'll sing a song.
Speaker 2 (01:09):
There again go a silence. So today I am. I'm
super excited. We're going to get into that in the
second uh in the second segment here after the first break,
I've got the mister David Holmes with us today from
far law firm.
Speaker 3 (01:24):
How are you, my friend, I'm doing fantastic, Thank you.
Speaker 2 (01:28):
So we're gonna get into some legal stuff today, that's right,
some burning questions that that I get asked. I'm passing
them on. So looking forward to that. And uh, you know,
we were talking just for the show about the market,
so we'll get into some market stats here in the beginning.
I have to tell you, as the weather's been beautiful here,
(01:50):
so is the real estate market. The last few weeks
has been a blessing, seeing a lot more properties go
under contract, and uh, you know, of course we've all
been waiting on that, so of course you're seeing a
lot of price adjustments. Would you say to me, David.
Speaker 3 (02:08):
The stats that I saw set of one hundred largest
markets in the US, which includes Ponta Gorda. Ponta Gorda
leads the country with an eight point one percent year
over year average price decline.
Speaker 2 (02:21):
Okay, year over year, I mean I get the eight
percent numbers. I'm here, it's ten percent over the you know,
over the last year. But what they're not starting that
with is a is a fifty percent increase for the
five previous years.
Speaker 3 (02:36):
Comeine, it's always either the V or the inverse V.
The biggest declines follow the biggest increases, and vice versas. Yeah,
normal market dynamics.
Speaker 2 (02:46):
Yeah, yeah, so not doom and gloom doesn't shock me.
We're seeing, you know, six hundred, six hundred and ten,
six hundred and fourteen price reductions in seven day spans,
as we've talked about it on here many at times,
it's price improvements. If you're overpricing a property, especially in
this day and age with the Internet, with all of
(03:08):
the tools that everyone has at their fingertips, they're going
to know it. And I don't know about you. I mean,
I'm still upset about what I pay for eggs. I'm
not going to buy something sover priced. I'm just not
unless it is a unicorn, the one and only and
I have to have it.
Speaker 3 (03:24):
Yeah, selling a piece of real estate or a house
is just like selling any other asset. There's a market,
there's comparables, and there's price dynamics. And what we see
at our firm or we handle a lot of residential
real estate closings as volume is holding steady and properties
that are priced right for the market tend to move
the fastest.
Speaker 2 (03:43):
That's right. We've sold some recently in two days, a week,
ten days others. Now average as on market is still
eighty five days if you're listening others. Definitely on that
eighty five ninety. We've seen some over It's about making
the adjustment quickly to get back on the market in
(04:04):
a better position. Yeah.
Speaker 3 (04:06):
I look at real estate a lot. I have this
dream of buying a vacation home someday up in the mountains.
Probably won't ever get around to it, but I look
at Zillo a lot and I see properties in the area.
I'm looking at entering the market, and I've been doing
that long enough, and I can tell the ones that
are going to sell fast. Yeah, because they're priced two
three hundred thousand dollars lower than the ones where the
sellers are holding out. And I watch it and goes
(04:27):
under contract in a week or two.
Speaker 2 (04:29):
Okay, So does that mean they're given it away?
Speaker 3 (04:31):
Well, nobody's given anything away. There's a market right right exactly.
And if a buyers sends opportunity in a declining market,
which means there's more buyers with interest you know, sellers
who've been waiting and trying to time the market and
thinking about selling a piece of property and they still
have their mind in what the market was like a
year ago are going to be frustrated.
Speaker 2 (04:51):
That's it.
Speaker 3 (04:51):
But what they need ice of a good professional like
you who's looking at the market and looking at comparable
sales every day, and a little bit of a reality
check sometimes, and someone like you says, this is what
your house will sell for, and the seller that listens
to you and prices their property accordingly is going to
have a successful transaction a lot sooner.
Speaker 2 (05:11):
Yeah, I mean, the first question I asked now is
what you're timing. Timing's everything, And what I mean by
that is, you know, then we can talk about where
to position you or better yet not enter the market yet.
That's okay. I'm not looking to go anywhere. I'd love
to work with you five years from now, if that's
the timeline that works for you. Yeah.
Speaker 3 (05:31):
If somebody has a gotta have number that's inconsistent with market,
everyone's probably better off for them to wait and tell
the market will accommodate that number. Conversely, if someone's in
a gotta sell this frame of mind. Price it right,
and you'll be under contract a lot sooner.
Speaker 2 (05:49):
I love it. I'm not sure why I'm really here
today saying because this guy is nailing this. I mean,
that's what I'm saying.
Speaker 1 (05:54):
It's amazing. I mean every time I remember the last
time I sat here in my brain was just like
from so much information, it's wonderful.
Speaker 3 (06:02):
Well, we all do what we love to learn.
Speaker 2 (06:05):
Yeah, that's right.
Speaker 1 (06:05):
I love to learn.
Speaker 2 (06:07):
All right. So let's see here I've got we're going
to talk about open houses. Later, we're going to talk
about homes entering the market. I've got some hot ones,
you know. By the way, last week I had mentioned one.
I said, listen, this thing is hot. It's a screamer.
It is going to sell fast. And guess what happened.
(06:28):
We had five. Now this went live on third Friday,
five offers by Monday. It is under contract. So anyone says, oh,
that's the thing of the pat No, it's not. It's
just you know, the question is is where do you
want to position it if you're up against in your
price point two thousand other homes. I don't know about you,
(06:50):
but I don't I don't want to be nineteen hundred
and ninety nine down on the list. I want to
price it near the top of those two thousand and
get that, and ultimately I'm going to get more money.
Speaker 3 (06:58):
The other thing I think I saw it in terms
of inventory is the number of houses on the market
with a listing price greater than a million dollars is
like three times what it was two years ago.
Speaker 2 (07:12):
Mi, has it changed here?
Speaker 3 (07:13):
Yeah, it doesn't mean everybody's getting it, but everybody's trying
to get it.
Speaker 4 (07:16):
I know this.
Speaker 2 (07:17):
Somebody said to me one day. They said, you know
that the new number seems to be when you know, uh,
when you you know, what do you want to sell
your ass a million dollars? And hey, I'm all about it. If
it's worth a million. If it's one too, well then
we're going to talk about we need to move it
to one too. But if it's a seven hundred, we're
not getting a million.
Speaker 3 (07:34):
I can remember talking to a good friend and client
who's a real estate appraiser. This was probably twelve years ago,
fifteen years ago, and he said, David, you know, the
number of houses itself for more than a million dollars
in Charlotte County is one or two a year. Now,
that was only maybe a little more than a decade ago.
I remember five six years ago that being the case. Yeah,
and because I, you know, I had had a home
(07:57):
put it on the market. It was one point four
and it was with every penny of it. But you're right,
there was only a couple that sold like that a year,
and so it took some time to get the right buyers.
And of course it's sold, and now that seems to
be nothing. Yeah, a lot of them runs like a
two five.
Speaker 2 (08:14):
Yeah.
Speaker 3 (08:14):
A lot of the run up had to do with
the incredible inflation we've seen in building materials and construction costs.
That's right, because there's always a relationship between replacement cost
the cost to construct a new dwelling versus existing there's
always that relationship, and when it becomes so onerously expensive
to build something new, you're going to see that kind
of inflation we've seen over the last two three years
(08:34):
in the market prior to this little correction.
Speaker 2 (08:37):
That's right. All right, So we're gonna go to the
first break we come back, we're going to talk a
lot more with mister Holmes, and then we're going to
talk about our coming listings later on in the segment.
So stick around see on this side of the break.
Speaker 1 (08:50):
And you're listening to real Estate exposed on news radio WCCF.
Speaker 5 (08:56):
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exact same extra effort coupled with experience and strategy that
sells homes, and nobody knows that better than Matthew Patterson
and the Patterson Group at Keller Williams Peace River Partners.
Take Jeff and Kay. They needed to sell their home
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(09:20):
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(09:41):
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Speaker 6 (09:47):
Sales down when you call Matthew Patterson go to Matthew
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Speaker 7 (09:54):
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Speaker 1 (10:24):
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This organization has helped thousands of people providing shelter support
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Speaker 8 (10:56):
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(11:20):
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Speaker 3 (11:26):
Your whole sale is done, and.
Speaker 6 (11:28):
You call Matthew Patterson.
Speaker 2 (11:31):
Go to Matthew Patterson.
Speaker 1 (11:33):
Dot and welcome back to Real Estate Exposed here on
NewsRadio WCCF. And don't forget if you'd like to contact
(11:56):
the Patterson Group nine one six that's nine four one
six eighty six hundred or their website Matthew Patterson dot com.
Let's get back to the program. Here's matt all.
Speaker 2 (12:11):
Right, welcome back. So David, where were we at. We
were talking about the market, we were talking about, uh,
pricing the property. Right now, let's talk about you know,
one thing I would like to know from you is, uh,
what's the most frequent things that you're running into Since
all the storms, all the you know, litigation, what are
(12:33):
people still dealing.
Speaker 4 (12:34):
With the most?
Speaker 3 (12:35):
Yeah, I mean whenever we have these storm events, Uh,
there's often or always houses that are under contract when
the storm event occurs, and then everybody goes to the
contract and says, what what are our obligations? Do we
have to repair it as a seller does a buyer
have to take it as is? And we look at
what we're called the casualty damage provisions, and usually what
(12:55):
it says is the seller. Sometimes the contract will say
the seller is obligated to restore up to a maximum
amount measured as a percentage of the contract price, usually
one percent or one and a half percent, something like that. Otherwise,
if the excess cost exceeds that threshold, then either party
can cancel. So we see a lot of those casualty
(13:17):
loss kind of provisions, especially you know houses that get flooded.
Most of those aren't going to close, right.
Speaker 2 (13:22):
That's okay. So you raddled a lot of great information,
but very fast. And I know so if you're listening
and you don't get all that first, let's start with
and I'm gonna I'm gonna give it to you again
here in a little bit. If anyone listening wants to
get ahold of your law firm, how do they do?
Speaker 3 (13:37):
So, Yeah, just give us a call. We're in Punta Gorda.
We just celebrated o one hundredth anniversary last year.
Speaker 2 (13:41):
I saw that in the emails man. Then that's awesome.
Speaker 3 (13:44):
Nineteen twenty four to twenty twenty four is one hundred
years of the far Law firm in Punta Gorda. We're
at ninety nine Nesbitt Street, right next to the Last
League Crab House.
Speaker 2 (13:52):
If you've went to the Last League Crab House or
down there boat you've went by it.
Speaker 3 (13:57):
Yeah, we've got about eighteen lawyers. We've got offices in
and Sarasota and Punta Gorda. And our main number is
nine four one six three nine one one five eight.
The easiest way to find us on the web isfar
dot com fa ar r dot com.
Speaker 2 (14:10):
Yeah. And I have to say, for years of working
with them personally professionally, if you want a law firm
that cares, a law firm that's going to be there
tomorrow or in ten years, this is a place to call.
So I love working with them. So I don't necessarily
like paying the bills like we don't with any attorney.
But you know what, when you when you need an attorney,
(14:33):
you need an attorney.
Speaker 3 (14:34):
Well, one of the things we always try to do
is be very conscious of the value we can bring
to a task, or a relationship or an engagement. So
like a lot of things in life, they have cost
associated with them, and cost tend to increase over time.
But we look at a problem or a transaction and
we say, how can I get our client to a
better place at the end of this process and feel
(14:55):
like they achieved value for the money they invested in
our services. And most of the time, I think we
feel like we deliver on that proposition.
Speaker 2 (15:01):
You do you do? I made that, I mean that
was a little tongue cheek, but I mean honestly, there
is a point where you need legal counsel. So I
want to get into that a little bit because being
a real estate agent, as many times as we say,
you know, it's you know, we want to help, right,
I mean, you know, we build a rapport with them,
(15:23):
We care about our clients, and throughout the process sometimes
things happen and we start getting asked questions that really
belong in your wheelhouse. So of course we you know, hey,
at this point, you know, I think you need to
consult you know, an attorney. Any words on that words
(15:43):
of wisdom? I mean, you know what's importance there.
Speaker 3 (15:46):
Yeah, I mean all too often people come to us
on the back end, that's instead of the front. Yes,
if you had called me before you entered into this agreement,
I would have suggested this. I would have suggested that
now we're and we have to play the hand that
we're dealt, and oftentimes digging out of a problem that
we could have avoided on the front end is more frustrating,
(16:08):
more time consuming, and more expensive for our clients. So
we always suggest that people call us before they sign
instead of afterwards, because there's more that we can accomplish
for them. But all too often people send me a
contract and say what do you think, And I say, well,
I changed this, I changed that, and like, well, I
already signed it, but I was just curious. I said, well,
why would you do that? Why don't you ask me upfront?
(16:29):
But everybody has a different approach, but we are always
here to help, whether you're already in a pickle or
whether we can keep you out of one.
Speaker 2 (16:37):
Yeah, absolutely with that talking about signing agreements, and I'm
not sure I may have made one of those calls
to you at one time, and I'm like, yeah, David,
I already did this, and he said, okay, well, then
let's go forward and look at it like this. Yeah, okay,
but then I learned So speaking of which real estate contracts,
(16:57):
there's only one out there, right.
Speaker 3 (17:00):
And there's a you know, the Florida Association of Rilters,
working with the Florida Bar Association, the legal organization, has
put out a number of form real estate contracts that
are common a lot of them, but the one that
everybody tends to use, especially in Charlotte County, is the
as is with right to inspect contract right. Sometimes there's
some variants from county to county. Some counties local Association
(17:23):
of Lters I can call your county have put out
their own form that is a variation on that state
wide form, but by and large they are fairly standardized documents. However,
within those documents, there are a number of decisions and
choices that need to be made, costs to allocate between
buyer and seller. So even when you're working off of
(17:45):
that form document, you need somebody knowledgeable like mister Patterson
to help you understand how to complete that contract document
in the most advantageous way.
Speaker 2 (17:53):
You know, on that last page or next last page
depending on the contract, which I did give you a
load of question. I'm going to go back to it.
But you know, in that it's called additional terms. Anything
written in that supersed the rest of the contract.
Speaker 3 (18:04):
Absolutely.
Speaker 2 (18:05):
It's things like that that you know you can put
you know, I'm paying this or that or this is
included in the front of the contract, but then they
write something else different in there. That's why this is
so important and the reason why I said it was
a load of question is because what I want to
cover is, yes, we do use the Florida Farbart. We
(18:26):
use that as is ninety to a percent of the
time the standard at times. But you know, if you're
listening out there, I'm getting a lot of these investment groups,
a lot of these hedgephones that that are calling people
trying to make them offers, and they have their own
contract or you know builders, they all have their own
contract and depending on who wrote them up, they're there.
You know, there's different stuff in them. It is so
(18:49):
imperative to get counsel on this. Yeah.
Speaker 3 (18:51):
Absolutely, I'm working on a professional practice that we're selling
the business and the associated real estate and the buyer's
attorneys are in Pennsylvania or somewhere, and they send us
this real estate contract that has absolutely no conception of
how things work in Florida. Right, I said, hey, why
don't we make this easy. Let's work off one of
these Florida standardized forms and then we can prepare additional
(19:12):
terms to go with it for this deal, but let's
start with something that makes a little more sense. Waiting
to hear back on that proposition.
Speaker 2 (19:19):
Yeah, you know, well it just to be honest, it
really ticks me off when, you know, when I get
a call from someone and they're like, Matt, could you
look over this. I'm like, sure, absolutely, let me take
a look. And there's stuff in there that I'm like, okay,
well you'd be agreeing to that. Well they didn't. That's
not what they said to me. And I'm like, well
that's what's in the contract.
Speaker 3 (19:38):
Yeah, And these as is contracts for our audience. They
give you, a buyer, the right to inspect the property,
using hopefully a professional contract or inspector, and then either
take it or not. That's the idea. You're the seller
is not responsible for any repeat. The buyer has a
period of time in which to undertake those inspections and
either cancel, go forward or trying to.
Speaker 2 (20:00):
Or do no inspections. They can walk with the buyer's soul.
Speaker 3 (20:02):
Discretion absolutely during a specified period of time. Now, sellers,
when especially when they're negotiating on price, try to shorten
that period to sometimes like as little as five days. Yeah,
I always say to my buyers, you make sure you're
working with a realtor who has a good inspector. Matt's
got great inspectors, and that you can get that report
in your hands before your opportunity to cancel has expired.
Speaker 2 (20:24):
And with that, by the way, that changes with the market.
So there was a time I could get inspections done
in five days, get them back to you, we could
review them. Okay, well guess when that was. That's when
things weren't moving, because that means appraisers weren't busy, inspectors
were slow. Then you get into a hot market where
there's a lot of deals happening. Now all of a sudden,
(20:45):
we had to go you know, we like to really
see ten days max on our listings, but we had
to start going on some of them twelve days, thirteen days.
Especially then, depending if you had a septic system. I
don't want you to do an acceptic inspection until I
know that we like the house. I don't want to
waste that money. So it you know, it took more
time because the benchmark for the inspectors was a minimum
(21:07):
of seven eight nine days to get there.
Speaker 6 (21:09):
Yeah.
Speaker 2 (21:10):
So yeah, that's why it's so important. So I just
want to, you know, say, you know, this is where
you definitely need to get good legal counsel. These contracts
are all different. I'm seeing a bunch of different ones.
I know you are and know what you're signing.
Speaker 7 (21:28):
Yeah. You know.
Speaker 3 (21:28):
Another thing people question is what do I need title
insurance for?
Speaker 2 (21:32):
Okay, I just got that yesterday.
Speaker 3 (21:33):
Yeah, so I'll give you a great example of the
police deal that just came across my desk. People always say,
why do I need title insurance? You know, I get
a deed, I'm going to own the property. It's great.
So a title company issued a title policy to some
people that bought a house out of an estate. So
the owner of the property was deceased. The property was
the owner's homestead under Florida law. They appointed a personal
(21:57):
representative for the estate, and the person representative signed the deed.
The rest of the story is that the decedent had
left the property to his brother, and the way Florida
works with respect to homestead is it vests in the
person you leave it to immediately upon death. So the
deed from the personal representative was absolutely no good and
(22:20):
the buyer did not have good title to the property,
even though the transaction had been handled by a title company.
So we helped them make a claim again against the
title insurance policy. It's just like any other policy of insurance.
And the underwriter, the insurance company hired an attorney up
in Sarasota, and they're either going to have to find
the brother and get a deed from him, or they're
(22:41):
going to have to give them their money back one
or the other.
Speaker 2 (22:44):
Okay, I've got a question, cause I get this a lot.
I love them.
Speaker 3 (22:47):
This was the house they bought for I don't know,
like eight nine hundred thousand dollars.
Speaker 2 (22:51):
Okay, what about the client that I'm setting with, This says,
why do I need title insurance? Matt, I've lived here
thirty years and everything I've got to pay for.
Speaker 3 (23:02):
Yeah, Well, you know, a buyer wants title assurance, right,
I'm not going to give you X one hundred thousand
dollars for your house without the understanding that I'm not
going to have a lean against it, that I'm not
going to have some third party who claims an ownership
interest or other problems with my title, Because someday, even
though I'm a buyer now, I'm going to be a seller,
(23:23):
and if I don't have good title, I'm not going
to be able to market that property and get paid
to sell it. So title assurance is the concept of
making sure that I actually own what I'm paying for
when I walk away from the closing.
Speaker 2 (23:36):
Table, And can the buyer's sealery one pay for this?
Speaker 3 (23:39):
Yes, it's a negotiable item under those contracts. There's custom
you know, in Charlotte County it's customary for the seller
to pay the cost of title insurance. In Lee County
it's customary for the buyer to pay.
Speaker 2 (23:51):
Samely with Sara Soda County, Sarah, Yeah, so on both
sides of us, we see that. So right on my
net sheet says negotiable buyer or seller can pay. So
typically whoever picks pays, unless we end up spelling that
out differently. If we come to an agreement there but
the reality is is in my mind, it's the net sheet.
It's it's that net number that I'm circling for you.
(24:14):
That that's what you're walking away in your pocket, and
then we can work into that title insurance. So please,
if you're told, oh, well, you know you're in Charlotte
County and mister and miss the seller you have to pay, No,
it's negotiable.
Speaker 3 (24:28):
And the you know, sometimes people have private transactions without
realtors or lawyers, and the beware of the seller that says, oh,
let's keep it simple. We don't need title insurance. I'll
just give you a good deed. Yeah, that's the seller
that probably knows there's a problem.
Speaker 2 (24:41):
I'm a realer and I have never bought a piece
of land or a property without title insurance.
Speaker 3 (24:46):
It's i mean, for ninety nine percent of the people
we come across, buying a home is the single largest
purchase you will ever make in your life by far.
Make sure you're getting what you're paying for and what
you're borrowing from a bank to pay for. A nice
thing about you know, non cash deals is the bank's
going to make you get title insurance.
Speaker 2 (25:06):
So yeah, okay, we're bumping up. Well, we're a little
past the clock on break. We're going to take a break.
You've got to stick with this guy. I've got a
couple other great topics that we're going to talk to
mister Holmes with far Law Firm when we come back
see on his side.
Speaker 5 (25:18):
One of the strongest indicators of customer satisfaction is repeat business,
and if you look closely at Matthew Patterson's over five
hundred and forty five star Google reviews, you'll see that
same concept again and again and again. Ken, for example,
had numerous experience with the Patterson Group over the past
nine years, so when he needed to sell his home
in Northport, he reached out to the Patterson Group at
(25:38):
Keller Williams Peace River Partners. Once again, he wasn't disappointed.
Ken tells everybody and in complete confidence, if you're looking
for great results when selling your home, be sure to
contact the Patterson Group. I'm Todd Matthews and that is
the only one I'd trust personally.
Speaker 2 (25:54):
You should too.
Speaker 5 (25:55):
Matthew us is the best marketing tools and technology in
the industry to sell your property for the most of
out of money in the least amount of time. Find
out more by calling nine four one six two one
eighty six hundred, or by going to Matthew Patterson dot
com and then start packing cause you will be moving
your home.
Speaker 6 (26:11):
Sale is done when you call Matthew Patterson go to
Matthew Patterson dot com.
Speaker 7 (26:18):
It's the little things that make a big difference. That's
the motto of Oak and Ink Land and Title Company.
Picture this a seamless, stress free closing where their expert
team will guide you through the closing process from start
to finish. They understand that every home purchase is unique.
That's why their personalized service insures your needs are met
with precision and care. At Oak and Ink, Land and Title,
(26:39):
you aren't just a customer your family. Call today at
nine four one five zero zero five five zero nine
or online at Oak Andinc Title dot com.
Speaker 1 (26:48):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. CARE provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people providing shelter support
and counseling. Donate or volunteer today. Call nine four one
(27:11):
sixty nine five four nine nine or donate items at
their reuse store, Kenilworth Boulevard, Port Charlotte.
Speaker 9 (27:20):
You can't buy a best friend. You can love them,
walk them, pet them, and care for them whether they
want you to or not. You can take a picture
or fifty. You can fly to the moon, travel the world,
or just stay in bed. You can't buy a best
friend like that, but you can't adopt one. There are
(27:43):
millions of pets waiting for a best friend, just like you.
Help us save them all at best friends dot org.
Speaker 6 (27:49):
Your home sale is done when you call Matthew Patterson
go to Matthew Patterson dot com.
Speaker 1 (28:04):
It's eleven thirty four here at news Radio WCCF and
you're listening to Real Estate Exposed. Let's get back to
the program with Matthew Patterson and his special guest David Holmes.
Speaker 2 (28:16):
Welcome back. I'm here with mister David Holmes from Far
Law firm again. If you would, how do we get
a hold of you or your firm?
Speaker 3 (28:23):
So we're in downtown Punta Gordon. Have been there for
one hundred years on the internet.
Speaker 2 (28:26):
Where you haven't been there one hundred years.
Speaker 3 (28:28):
You're feels like it only for a third of that time,
I'm thirty one years in so almost a third of
that of far dot com, fa r R dot com
or nine four one six three nine one one five eight.
Speaker 2 (28:42):
That's right. Okay, David, let's talk a bit about this
is something I'm getting a lot of questions on. It's
been coming up more and more and more. It seems
like it kind of happens in waves, you know, during
markets or changes or timing. But lately had a lot
of questions about deeds and upon death, how do we
(29:04):
need to have the home needed to make it maybe
the easiest on the family, and then as well as probate.
So let's start with deeds. You know, I was in
one the other day and they weren't quite sure. Would
they have to go through probate? Would they not? Where
do you begin with this?
Speaker 3 (29:22):
Yeah, So we have the concept of ownership of property.
When someone passes away. What does it take to get
that property from the person who is deceased into the
hands of the person or people that they want to
own the property after they have passed away. So we
talk about a state planning. If we set up a
(29:44):
trust for someone, we would actually convey the property into
the trust during their life, And the great thing about
a trust is it has continuous existence. After the person
that sets up the trust has passed away, there's a
success or trustee that can immediately deal with the property,
sell sign listing agreements, whatever, without having to go to
court and go through a judicial process that can take time. Also,
(30:08):
there are forms of joint ownership that provide for property
to pass outside of a probate process by operation of law.
So property owned between spouses will vest in the surviving
spouse upon passing of one's spouse. But you can also
own property jointly with a non spouse with a what's
called right of survivorship, and upon one of the joint
(30:28):
owner's death, the property will pass by operation of law
and vest in the other joint owner, again without the
necessity of probate.
Speaker 2 (30:36):
So when you say operational law, does that mean that
it does have to go through the court.
Speaker 3 (30:40):
No, it just passes automatically and we can close.
Speaker 2 (30:43):
You've done everything up front.
Speaker 3 (30:44):
Yeah, we record a death certificate and an affidavit and
we can go ahead and close the transaction. Probate is
a judicial process that gives your creditors an entry point
into your probate. A state to try to reconcile any
unpaid claims that exist after death. But it's also a
process that moves at the pace of other judicial proceedings,
which is slower than the rest of us in the
(31:05):
real world, like for things to get done. So probate
takes away privacy, it gives creditors an entry point, and
it takes time, whereas these other forms of ownership that
you can set up before you pass away will allow
your errors to receive the property you want them to
proceed without having to go through that process. That's a
high level summary. There's a lot of.
Speaker 2 (31:26):
Details, yeah, there is, and certainly that's why I want
to give your number out a few times so they
can get, you know, deeper conversations on that, you know,
and a lot of times it's the time. It's the
time and the frustration, I know, lose them, both of
my parents, it's you know, it took some time to
get everything worked out for them, and that's it's such
(31:47):
a high pressure time as it is, Yeah, parents and
adjustments of life and them not being in it, and
you know, it becomes a lot.
Speaker 3 (31:56):
As parents, I think what we want to do is
try to set things up so that there's as little
a burden left behind as possible. Right, So facing the
reality that not if, but when I pass away, because
we're all on the same train, right going to the
same destination and we don't know when we're going to
arrive there. But when I pass away, what do I
(32:20):
want to happen? And what can I do to make
things as smooth and seamless and easy as possible. No
one likes to think about that, but it's a really
important bit of planning that can reduce the burden on
your survivors after you've passed away and.
Speaker 2 (32:35):
Well, and also the burden you know, I'll speak for myself,
was having clear direction. Other wishes absolutely, you know, happy
to carry them out no matter what they are, but
I need clear direction.
Speaker 3 (32:45):
And that's what these trust and will documents and forms
of joint ownership can do. They make clear your intentions
and provide a smooth, orderly process for those intentions to
be executed.
Speaker 2 (32:57):
Okay, all right, I know the clock is just flying on.
It does every time you're on here. You know, we
had talked a bit before about contracts. I want to
talk a little bit about these quick claim deeds because
I'm noticing more and more of that happening where they
did not you know, want to or did not decide
(33:17):
to involve an attorney and pay the fees.
Speaker 3 (33:22):
Why is it so important, Well, there's various forms of deeds,
but a quick claim deed is a deed that has
no warranties whatsoever. It makes no representation that the person
signing the deed and delivering it to you has any
interest in the property. So in law school we talk
about the fact that I could give you a quick
claim deed to the Brooklyn Bridge and there would be
nothing wrong with that because the deed itself says I
(33:45):
give you whatever interest, if any, that I have in
the property. So what we want in a transaction is
a deed with warranties of title that says I own it,
I hold it, I have the right to sell it,
and I will give you good and marketable title to it.
But then we also want that warranty backed by a
third party source of payment if it turns out to
(34:05):
be false, and that is of course a policy of
title insurance. So as a buyer, don't take a quick
claim deed under any circumstances, and make sure you're getting
title insurance to ensure that you're getting good title very important.
Speaker 2 (34:19):
Also, you know, I've heard had a couple of situations
where you know, I've heard they've had trouble with a
little bit of the wording. You know, later they go
to do something, they get to you know, they and
there was a quick claim deed ten years ago and
there's a problem just because the way something's worded. Have
you seen that?
Speaker 3 (34:38):
Yeah, you know. And all of this depends on what
we call the public records. All these documents and instruments
related to property transfers get recorded in the public records,
as do mortgages, as do judgments, as do leans. And
what we're doing is public records, and the public records
are put together by human beings who make mistakes. I
was involved in a case involving a piece of property
(34:59):
five six years ago where two different policies of title
insurance were written and did not pick up a judgment
lien on the property because it wasn't indexed right by
the clerk of court.
Speaker 2 (35:09):
Oh wow.
Speaker 3 (35:10):
And eventually the judgment creditor came along and the title
insurance policies had to pay out because there was a lean.
Nobody made a mistake. Nobody did anything wrong. The lian
was just not properly indexed by the Clerk of court.
So those title insurance companies had to pay out the
full policy amount.
Speaker 2 (35:27):
That's why we have it.
Speaker 3 (35:28):
Then if you don't have the policy, or if you
don't have a big enough policy, you could be in
a bad situation. That particular case involved a vacant lot
that was purchased for X hundred thousand dollars and the
policy amount was the price of the vacant lot. Someone
then built a million dollar house on the property and
they didn't increase the limit of the title insurance when
they built the house, so there was a gap and
(35:51):
they had to come out of pocket.
Speaker 2 (35:52):
I don't like gaps. Yeah, we don't like gaps. Okay,
what else have we not talked about that it's important
to you?
Speaker 3 (35:58):
Well, I think in the real estate mark it right now,
we're seeing a sort of steady, continuous flow of transactions.
I think the most important thing for sellers is to
stay in touch with the market with a professional like you,
and if they really want to sell, price accordingly and
things will move quickly. The people who get frustrated are
the people that are thinking about what the market was
(36:20):
a year ago or eighteen months ago. But if you're
realistic about price, there's plenty of buyers in the market,
and you know everyone of them is stable.
Speaker 2 (36:30):
Yeah. Where we are Yeah, And I'm so happy to
hear that. Yeah. And I'm going some more and more
buyers every day that that are finally, you know, re
engaging and ready to move forward. Obviously, we've seen some
changes in interest rates. That always helps.
Speaker 3 (36:48):
I saw a piece this morning on CNBC that interest
mortgage applications are starting to go up for refinances because
mortgage rates are starting to come down. The funny part
about that is they went down from on average six
point nine percent to six point six percent or something,
which is still maybe if you look over the last
(37:09):
fifty years, not an incredibly higher but if you look
over the last fifteen years, that's still an incredibly high rate.
But as we go through the business cycle that we
always go through, we will eventually see interest rates and
mortgage rates that are largely tied to government bonds continue
to come down. That will provide more fuel for the
market because mortgages become more affordable. The lower your rate,
(37:35):
the more you can afford to borrow at the same
monthly payment, which means the more you can afford to
pay for a house, which means more demand for sellers.
So lower rates is another piece of this puzzle that's
kind of the same nationwide. But as we get through
the cycle and see those rates start to and continue
to come down, that will bring some fuel to the
(37:55):
market and provide more opportunities for buyers because they can
afford to borrow more and pay more.
Speaker 2 (38:00):
I love it. Okay, we're coming up on our final break.
When we come back, we're going to talk about our
coming soon listings, our hot properties to the market this week,
So stick around. We'll see you on his side. Thank you,
mister emp.
Speaker 1 (38:12):
Looking to buy your first home, curious about investing in
real estate, or just want to understand the market better,
well now you can tune into Real Estate Exposed. Every
Wednesday at eleven am on NewsRadio WCCF. Join your host
Matthew Patterson as he dives deeply into the real estate
market right here in Charlotte and Sarasota County. Each week,
(38:33):
Matt uncovers industry secrets, breaks down market trends, and answers
the questions you've always wanted to ask about the real
estate business. Whether you're looking to buy, invest or just
get insider knowledge, this.
Speaker 3 (38:44):
Show is for you.
Speaker 1 (38:46):
That's real Estate Exposed with Matthew Patterson Wednesday's at eleven
am on news radio WCCF. Don't miss it. Your step
into the world of real estate starts here. Don't miss out.
This is your chance to get ahead in the world
of real estate. Next step towards success starts here.
Speaker 6 (39:02):
Your own salesdom you call Matthew Patterson, go to Matthew
Patterson dot com.
Speaker 7 (39:10):
It's the little things that make a big difference. That's
the motto of Oak and Ink Land and Title Company.
Picture this a seamless, stress free closing where their expert
team will guide you through the closing process from start
to finish. They understand that every home purchase is unique.
That's why their personalized service ensures your needs are met
with precision and care. At Oak and Ink Land and Title,
(39:31):
you aren't just a customer your family. Call today at
nine four one five zero zero five five zero nine
or online at oakandinctitle dot com.
Speaker 1 (39:41):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. Care provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people, providing shelter, support
and counseling. Donate or volunteer today call nine four one
(40:03):
six nine five four nine nine or donate items at
their reuse store Kennilworth Boulevard, Port Charlotte.
Speaker 4 (40:11):
Our veterans risked it all to protect our freedom. One
of the best ways to say thank you is to
volunteer to support them at a time and history where
kindness is a virtue. Volunteering at a therapy bag event,
teaching a craft class, or simply helping veterans at a
hospital means a lot. For over forty seven years, Help
(40:32):
Heal Veterans, a not for profit organization, with the support
of citizens like you, has created manufactured and distributed therapeutic
art and crafts projects for our veterans and military at
no charge to them. As a National Veteran service organization,
Help Heal Veterans supports VA hospitals, patients at home, and
(40:52):
our active military. Together, Help Heal Veterans and volunteers like
you have delivered over thirty two million THEIRS kits too
injured and recovering veterans to a volunteer or learn more.
Visit heel vetts dot org. That's heel vetts dot org.
Speaker 6 (41:11):
Your home sale is done when you call Matthew Patterson.
Go to Matthew Patterson dot Comcotts.
Speaker 2 (41:25):
Fron property.
Speaker 1 (41:29):
And welcome back to real estate exposed here on news
radio WCCF. Don't forget. If you have any questions about
anything you heard this morning, you can call the Patterson
Group at nine one six one eighty six hundred once again,
that's nine four one six one eighty six hundred, or
go to Matthew Patterson dot com. We're down the home stretch.
(41:51):
Let's get to it. Here's Matthew Patterson.
Speaker 2 (41:53):
All right. We got some great properties this week as always,
also some some open houses. Open houses have been very
busy lately, good activity, a lot of people loving to
get out in this weather and view their and find
their next home. So uh thirty one hundred Magnolia Way
and pont AGUARDA three three nine five zero, so that
(42:16):
this one's in Charlotte Park. It's a two bedroom, two bath,
one car garage. This is new to the market. And
let me tell you when I say everything is done.
Everything is done. It's got an oversize one car garage,
so you can still fit some toys in there. On
a saltwater canal, eighty feet a front eage, all stainless
(42:40):
still appliances, granite countertops, tileback splash, breakfast bar, good sized
pantry and it was replumbed in twenty twenty four. All
electric has been updated. Updated cabinets, doors, trim twenty twenty four.
Water heater LANNAI, huge screening LNAI so you can sit
out there, get a view of the back yard, get
(43:00):
a view of the water. Just just a boater's paradise.
And this one is introduced to the market of four
hundred thousand. Next we're going to go to fourteen to
twenty three Mediterranean Drive. This is unit number c H.
This is a two bedroom, two bath condo again in
Pontagorda in PGI and it's a second floor unit, so
(43:22):
great views. You have a private deeded doc with a
six thousand pound boat lift. All appliants is grantite counter
or granite grant. Appliances are granted. All wide appliance is
granite countertops, tile back splash, and breakfast bar. Twenty twenty
four roof twenty twenty four. Building exterior was painted. You
(43:45):
get two parking spaces with this unit. Boat lift has
has the remote with it, So I mean this is
just a great property. At two hundred and seventy five thousand.
I know that one actually was already getting showing, so
that one will not be around. Long three three zero
one sixteen terrace. Now we're in Cape Coral. I've got
(44:07):
a three bedroom, two bad three car garage. That's right.
Everybody wants space. We need the storage for our toys.
This is a pool home, large family rooms situated on
a half acre. No HOA fees, so if you're wanting
to not have those additional fees, this may be the
(44:28):
home for you. All stainless steel appliances, building, double oven
with cook top, granite countertops, tile backsplash, it's got the
island with the breakfast bar, just a lot of cabinets,
a lot of storage, the landscape, backyard fully fenced with
a storage shed. Twenty twenty one roof, whole home reverse
(44:49):
osmosis system, solar panels with eight A three Tesla backup batteries,
hurricane protection. If you have a Tesla, you know what
that means, I do not hurricane protection, alarm system with
two cameras, ceiling, garage story, apoxy garage floor. Now we're
(45:13):
talking my language. This home is built in twenty twenty one,
introduced the market at six hundred thousand. Next we are
going we've got a three bedroom, two bath, two and
a half cour garage. This one is at one five
zero nine zero Buswell Avenue, Port Charlotte, three three nine three.
It is on tyle flooring, double oven, solid surface countertops,
(45:39):
breakfast counter, dinette with large windows. This home has great
natural light, twenty twenty two roof, the kevlar hurricane shutters,
fully fenced yard, lush landscaping, screen front entry. Next we
are going two two three four eighty eight Almond Avenue,
Port Charlotte. So we've got homes everywhere. We have got
(46:02):
the home for you. This is a three bedroom, two bath,
one and a half car garage. Just introduced to the market.
Pool home situated on overside cornered lot, is in section fifteen,
which we all know and love. Eating kitchen offers white appliances,
(46:24):
cause it pantry, breakfast counter, slider to the Luni twenty
twenty one roof and The furniture is negotiable in this
home and it is introduced to the market at three
seventy nine to nine. Now we are at one three
zero four to nine Pembrook Circle. This is in Lake
Susy four bedroom, three bath, three car garage and this
(46:48):
is just an absolutely stunning home. Spacious four bedrooms, formal
dining room, situated on oversized lot, very low HOA fees.
The eating kitchen offers stainless still appliances, granite countertops, plenty
of cabinets and storage, twenty twenty three roof, twenty twenty
solar with Tesla battery backup for up to twenty hours
(47:11):
of power. The twenty twenty three updated drywall, twenty twenty
three updated flooring, updated kitchen cabinets, countertops, hurricane protection twenty
twenty four hurricane windows, irrigation system with the water saving sensors,
screened entry and of course you've got the electric screen
(47:34):
door on the garage. And it is introduced to the
market of four hundred and ninety thousand, so under five
hundred thousand you are ready to go. Next, we're going
to three to one to two Mendoza Street. This is
in Deep Creek three three ninety eighty three. It is
a four bedroom, two bat two car garage pool home
with an office, formal dining room on a call to
(47:56):
sack Deep Creek has always been very desirah eaden kitchen,
all stainless appliances, granted countertops, tile backsplash, breakfast bar again,
a lot of cabinets, a lot of storage on this
home as well. Twenty twenty three roof, twenty twenty four,
kitchen remodel, twenty one master bathroomodel, twenty two updated flooring.
(48:21):
Let's see retractable flagpole. This home is introduced to the
market at four hundred and twenty thousand. Okay, this one
is a is it two three nine to one date street.
This is in James City. It is a three bedroom.
This is in Pine Island Shores, three bedroom, two bath,
two car garage pull home on fifty foot of water frontage,
(48:42):
minutes to open water. So if you're voter this this
definitely is going to be appealing to you. Situated on
an oversized cornered a lot, it is a has a
twenty twenty hvac so air conditioning, twenty twenty three roof,
twenty twenty three water heater, twenty five pool pump, twenty
three poolcage home wired for a generator, extra high ceilings
(49:05):
in the garage so it's perfect for the race, storage
or a car lift if you're if you're into cars,
if Todd's listening out there, this might be the one
for you. Kitchen has all stainless appliances include double oven,
double dishwasher, Cambria Courtz countertop style backsplash introduced to the
(49:25):
market at seven and nineteen thousand. Now we're going to
talk about the coming this week. We are at six
oh one Shreve Street. So if you're looking for a condo,
I got to tell you this is the one for you.
Intersecting canal views absolutely stunning. I'm really excited about this
one hitting the market. Two bedroom, two baths, one assigned
a carport and it is furnished third floor condos and
(49:49):
it is right in the middle of this complex, so
you get that big water view. To me, there's a
couple in there with this kind of view. That is it.
So you do not want to miss this. All stainless appliances,
reverse osmosis in the kitchen. This complex has great reserves.
Twenty twenty three roof twenty twenty five Lenai screening, twenty
(50:14):
twenty UV protective vinyl sliders, twenty four carport roofs so
all of the big ticket stuff's been done. Twenty twenty
four gutters and down spouts. The parking lot was resurfaced
in twenty three. Also upgraded elevators. This is a water first, come,
first serve community, so for your boat, the dockage around it.
(50:37):
It has a total of twelve hundred feet of water frontage,
community pool, covered parking, plenty of guests parking century located.
You can walk to fishermen in the village, take the
bike pass and it's hitting the market for three hundred
and fifty thousand. You are not going to want to
miss that. Now we're back over into Deep Creek. We're
on Explore two six one six nine Explorer Road from
(51:00):
two bat two car garage. These are villas. This is
a turnkey end unit and it does have a modified
floor plan to include a home office. This is a
fifty five plus community. All stainless steel appliances, granite countertop
style backsplash wood cabinets, whole home generator transfer box installed,
(51:21):
twelve thousand dual fuel home generator, so twelve thousand kW
is a big generator, twenty twenty four water heater, twenty
twenty two electric was done. Hurricane impact windows and doors shutters.
Very nice. Nice property introduced the market three hundred and
fifteen thousand. Next we're going to one seven to eighty
(51:42):
Acapolca Road. This is unit four eleven, two bedroom, two baths.
These were just built in two thousand and eight. You
have the garage. This is a first floor unit. All
stainless steel appliances, absolutely spotleish and it is being sold
furnished as shown for two hundred and seventy five thousand.
(52:02):
Next we're going to Prada, which is in three three
ninety five five. So that's your burnt Storre Lakes area
two five four to one three three bedroom, two bat
two car garage, all stainless still appliances, lots of kitchen
counter space. Introduce to the market at three hundred and
twenty thousand. My last one is on Riverside seven zero
five to five Riverside Drive. This is a four bedroom,
(52:25):
two back two car garage with workshop, formal dining room,
family room, updated kitchens, granite countertops on over two acres
with a pond so you're not going to miss this
under five hundred thousand and four to ninety nine. I've
got a list of open houses where out of time
give us a call nine four one six two one
eighty six hundred definitely, or look online or go to
(52:48):
Matthew Patterson dot com. Until next week, you have an
amazing weekend. An
Good morning, it's Wednesday. Today is March twelfth, and thank
you for listening and welcome to real Estate Exposed here
on news radio WCCF. Real Estate Exposed a fast paced
hour filled with great information, a whole lot of fun.
And chances are if you're listening, whether you're buying or selling,
chances are you're going to hear something that'll maybe raise
(00:28):
a question or two. If you have any questions or
want to find out more, you can always call the
Patterson Group at nine six eighty six hundred once again,
that's nine four one six eighty six hundred, or log
on to Matthewpatterson dot com. Let's get into it. Let's
get to today's show. Here's Matthew Patterson.
Speaker 2 (00:50):
Thank you, zaying good morning, good morning. I tell you
what I'm gonna apologize now if I call off because
as I hear, Zane's a little scratchy dude. I know
everybody's been fighting it. So if that happens and I
leave the room, just enjoy the silence.
Speaker 1 (01:08):
So I'll sing a song.
Speaker 2 (01:09):
There again go a silence. So today I am. I'm
super excited. We're going to get into that in the
second uh in the second segment here after the first break,
I've got the mister David Holmes with us today from
far law firm.
Speaker 3 (01:24):
How are you, my friend, I'm doing fantastic, Thank you.
Speaker 2 (01:28):
So we're gonna get into some legal stuff today, that's right,
some burning questions that that I get asked. I'm passing
them on. So looking forward to that. And uh, you know,
we were talking just for the show about the market,
so we'll get into some market stats here in the beginning.
I have to tell you, as the weather's been beautiful here,
(01:50):
so is the real estate market. The last few weeks
has been a blessing, seeing a lot more properties go
under contract, and uh, you know, of course we've all
been waiting on that, so of course you're seeing a
lot of price adjustments. Would you say to me, David.
Speaker 3 (02:08):
The stats that I saw set of one hundred largest
markets in the US, which includes Ponta Gorda. Ponta Gorda
leads the country with an eight point one percent year
over year average price decline.
Speaker 2 (02:21):
Okay, year over year, I mean I get the eight
percent numbers. I'm here, it's ten percent over the you know,
over the last year. But what they're not starting that
with is a is a fifty percent increase for the
five previous years.
Speaker 3 (02:36):
Comeine, it's always either the V or the inverse V.
The biggest declines follow the biggest increases, and vice versas. Yeah,
normal market dynamics.
Speaker 2 (02:46):
Yeah, yeah, so not doom and gloom doesn't shock me.
We're seeing, you know, six hundred, six hundred and ten,
six hundred and fourteen price reductions in seven day spans,
as we've talked about it on here many at times,
it's price improvements. If you're overpricing a property, especially in
this day and age with the Internet, with all of
(03:08):
the tools that everyone has at their fingertips, they're going
to know it. And I don't know about you. I mean,
I'm still upset about what I pay for eggs. I'm
not going to buy something sover priced. I'm just not
unless it is a unicorn, the one and only and
I have to have it.
Speaker 3 (03:24):
Yeah, selling a piece of real estate or a house
is just like selling any other asset. There's a market,
there's comparables, and there's price dynamics. And what we see
at our firm or we handle a lot of residential
real estate closings as volume is holding steady and properties
that are priced right for the market tend to move
the fastest.
Speaker 2 (03:43):
That's right. We've sold some recently in two days, a week,
ten days others. Now average as on market is still
eighty five days if you're listening others. Definitely on that
eighty five ninety. We've seen some over It's about making
the adjustment quickly to get back on the market in
(04:04):
a better position. Yeah.
Speaker 3 (04:06):
I look at real estate a lot. I have this
dream of buying a vacation home someday up in the mountains.
Probably won't ever get around to it, but I look
at Zillo a lot and I see properties in the area.
I'm looking at entering the market, and I've been doing
that long enough, and I can tell the ones that
are going to sell fast. Yeah, because they're priced two
three hundred thousand dollars lower than the ones where the
sellers are holding out. And I watch it and goes
(04:27):
under contract in a week or two.
Speaker 2 (04:29):
Okay, So does that mean they're given it away?
Speaker 3 (04:31):
Well, nobody's given anything away. There's a market right right exactly.
And if a buyers sends opportunity in a declining market,
which means there's more buyers with interest you know, sellers
who've been waiting and trying to time the market and
thinking about selling a piece of property and they still
have their mind in what the market was like a
year ago are going to be frustrated.
Speaker 2 (04:51):
That's it.
Speaker 3 (04:51):
But what they need ice of a good professional like
you who's looking at the market and looking at comparable
sales every day, and a little bit of a reality
check sometimes, and someone like you says, this is what
your house will sell for, and the seller that listens
to you and prices their property accordingly is going to
have a successful transaction a lot sooner.
Speaker 2 (05:11):
Yeah, I mean, the first question I asked now is
what you're timing. Timing's everything, And what I mean by
that is, you know, then we can talk about where
to position you or better yet not enter the market yet.
That's okay. I'm not looking to go anywhere. I'd love
to work with you five years from now, if that's
the timeline that works for you. Yeah.
Speaker 3 (05:31):
If somebody has a gotta have number that's inconsistent with market,
everyone's probably better off for them to wait and tell
the market will accommodate that number. Conversely, if someone's in
a gotta sell this frame of mind. Price it right,
and you'll be under contract a lot sooner.
Speaker 2 (05:49):
I love it. I'm not sure why I'm really here
today saying because this guy is nailing this. I mean,
that's what I'm saying.
Speaker 1 (05:54):
It's amazing. I mean every time I remember the last
time I sat here in my brain was just like
from so much information, it's wonderful.
Speaker 3 (06:02):
Well, we all do what we love to learn.
Speaker 2 (06:05):
Yeah, that's right.
Speaker 1 (06:05):
I love to learn.
Speaker 2 (06:07):
All right. So let's see here I've got we're going
to talk about open houses. Later, we're going to talk
about homes entering the market. I've got some hot ones,
you know. By the way, last week I had mentioned one.
I said, listen, this thing is hot. It's a screamer.
It is going to sell fast. And guess what happened.
(06:28):
We had five. Now this went live on third Friday,
five offers by Monday. It is under contract. So anyone says, oh,
that's the thing of the pat No, it's not. It's
just you know, the question is is where do you
want to position it if you're up against in your
price point two thousand other homes. I don't know about you,
(06:50):
but I don't I don't want to be nineteen hundred
and ninety nine down on the list. I want to
price it near the top of those two thousand and
get that, and ultimately I'm going to get more money.
Speaker 3 (06:58):
The other thing I think I saw it in terms
of inventory is the number of houses on the market
with a listing price greater than a million dollars is
like three times what it was two years ago.
Speaker 2 (07:12):
Mi, has it changed here?
Speaker 3 (07:13):
Yeah, it doesn't mean everybody's getting it, but everybody's trying
to get it.
Speaker 4 (07:16):
I know this.
Speaker 2 (07:17):
Somebody said to me one day. They said, you know
that the new number seems to be when you know, uh,
when you you know, what do you want to sell
your ass a million dollars? And hey, I'm all about it. If
it's worth a million. If it's one too, well then
we're going to talk about we need to move it
to one too. But if it's a seven hundred, we're
not getting a million.
Speaker 3 (07:34):
I can remember talking to a good friend and client
who's a real estate appraiser. This was probably twelve years ago,
fifteen years ago, and he said, David, you know, the
number of houses itself for more than a million dollars
in Charlotte County is one or two a year. Now,
that was only maybe a little more than a decade ago.
I remember five six years ago that being the case. Yeah,
and because I, you know, I had had a home
(07:57):
put it on the market. It was one point four
and it was with every penny of it. But you're right,
there was only a couple that sold like that a year,
and so it took some time to get the right buyers.
And of course it's sold, and now that seems to
be nothing. Yeah, a lot of them runs like a
two five.
Speaker 2 (08:14):
Yeah.
Speaker 3 (08:14):
A lot of the run up had to do with
the incredible inflation we've seen in building materials and construction costs.
That's right, because there's always a relationship between replacement cost
the cost to construct a new dwelling versus existing there's
always that relationship, and when it becomes so onerously expensive
to build something new, you're going to see that kind
of inflation we've seen over the last two three years
(08:34):
in the market prior to this little correction.
Speaker 2 (08:37):
That's right. All right, So we're gonna go to the
first break we come back, we're going to talk a
lot more with mister Holmes, and then we're going to
talk about our coming listings later on in the segment.
So stick around see on this side of the break.
Speaker 1 (08:50):
And you're listening to real Estate exposed on news radio WCCF.
Speaker 5 (08:56):
It's kind of become a lost art, but it's that
exact same extra effort coupled with experience and strategy that
sells homes, and nobody knows that better than Matthew Patterson
and the Patterson Group at Keller Williams Peace River Partners.
Take Jeff and Kay. They needed to sell their home
in Port Charlotte, and because they were living in another state,
they needed to work with someone they could trust to
handle all the details. Sure enough, Shelley from the Patterson
(09:20):
Group went above and beyond, even taking on special repair
requests from the new buyers, keeping a watchful line to
make sure everything was handled correctly. Jeff and Ky, like
so many others, now recommend the Patterson Group to their
friends and family. Take it from me, Todd Matthews, Matt's
the only one I would trust to sell my home.
Find out more, including the market value of your home
(09:41):
at Matthew Patterson dot com. Then start packing cause you
will be moving your home.
Speaker 6 (09:47):
Sales down when you call Matthew Patterson go to Matthew
Patterson dot com.
Speaker 7 (09:54):
It's the little things that make a big difference. That's
the motto of Oak and Ink Land and Title Company.
Picture this a seamless, stress free closing where their expert
team will guide you through the closing process from start
to finish. They understand that every home purchase is unique.
That's why their personalized service insures your needs are met
with precision and care. At Oak and ink Land and Title,
(10:15):
you aren't just a customer your family. Call today at
nine four one five zero zero five five zero nine
or online at Oakandinctitle dot com.
Speaker 1 (10:24):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. CARE provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people providing shelter support
and counseling. Donate or volunteer today Call nine four one
(10:47):
six three nine five four nine nine or donate items
at their reuse store Kennilworth Boulevard, Port Charlotte, HI.
Speaker 8 (10:56):
This is Celine Dion asking you to help put an
end to premature birth. I share the concerns and fears
of every parent. Knowing that more than one million babies
around the world die every year simply because they didn't
get enough time to grow. Let's work together for stronger,
healthier babies. Visit Facebook dot com, slash world Premature today
(11:20):
to find out how you can make a difference. Thank
you for caring.
Speaker 3 (11:26):
Your whole sale is done, and.
Speaker 6 (11:28):
You call Matthew Patterson.
Speaker 2 (11:31):
Go to Matthew Patterson.
Speaker 1 (11:33):
Dot and welcome back to Real Estate Exposed here on
NewsRadio WCCF. And don't forget if you'd like to contact
(11:56):
the Patterson Group nine one six that's nine four one
six eighty six hundred or their website Matthew Patterson dot com.
Let's get back to the program. Here's matt all.
Speaker 2 (12:11):
Right, welcome back. So David, where were we at. We
were talking about the market, we were talking about, uh,
pricing the property. Right now, let's talk about you know,
one thing I would like to know from you is, uh,
what's the most frequent things that you're running into Since
all the storms, all the you know, litigation, what are
(12:33):
people still dealing.
Speaker 4 (12:34):
With the most?
Speaker 3 (12:35):
Yeah, I mean whenever we have these storm events, Uh,
there's often or always houses that are under contract when
the storm event occurs, and then everybody goes to the
contract and says, what what are our obligations? Do we
have to repair it as a seller does a buyer
have to take it as is? And we look at
what we're called the casualty damage provisions, and usually what
(12:55):
it says is the seller. Sometimes the contract will say
the seller is obligated to restore up to a maximum
amount measured as a percentage of the contract price, usually
one percent or one and a half percent, something like that. Otherwise,
if the excess cost exceeds that threshold, then either party
can cancel. So we see a lot of those casualty
(13:17):
loss kind of provisions, especially you know houses that get flooded.
Most of those aren't going to close, right.
Speaker 2 (13:22):
That's okay. So you raddled a lot of great information,
but very fast. And I know so if you're listening
and you don't get all that first, let's start with
and I'm gonna I'm gonna give it to you again
here in a little bit. If anyone listening wants to
get ahold of your law firm, how do they do?
Speaker 3 (13:37):
So, Yeah, just give us a call. We're in Punta Gorda.
We just celebrated o one hundredth anniversary last year.
Speaker 2 (13:41):
I saw that in the emails man. Then that's awesome.
Speaker 3 (13:44):
Nineteen twenty four to twenty twenty four is one hundred
years of the far Law firm in Punta Gorda. We're
at ninety nine Nesbitt Street, right next to the Last
League Crab House.
Speaker 2 (13:52):
If you've went to the Last League Crab House or
down there boat you've went by it.
Speaker 3 (13:57):
Yeah, we've got about eighteen lawyers. We've got offices in
and Sarasota and Punta Gorda. And our main number is
nine four one six three nine one one five eight.
The easiest way to find us on the web isfar
dot com fa ar r dot com.
Speaker 2 (14:10):
Yeah. And I have to say, for years of working
with them personally professionally, if you want a law firm
that cares, a law firm that's going to be there
tomorrow or in ten years, this is a place to call.
So I love working with them. So I don't necessarily
like paying the bills like we don't with any attorney.
But you know what, when you when you need an attorney,
(14:33):
you need an attorney.
Speaker 3 (14:34):
Well, one of the things we always try to do
is be very conscious of the value we can bring
to a task, or a relationship or an engagement. So
like a lot of things in life, they have cost
associated with them, and cost tend to increase over time.
But we look at a problem or a transaction and
we say, how can I get our client to a
better place at the end of this process and feel
(14:55):
like they achieved value for the money they invested in
our services. And most of the time, I think we
feel like we deliver on that proposition.
Speaker 2 (15:01):
You do you do? I made that, I mean that
was a little tongue cheek, but I mean honestly, there
is a point where you need legal counsel. So I
want to get into that a little bit because being
a real estate agent, as many times as we say,
you know, it's you know, we want to help, right,
I mean, you know, we build a rapport with them,
(15:23):
We care about our clients, and throughout the process sometimes
things happen and we start getting asked questions that really
belong in your wheelhouse. So of course we you know, hey,
at this point, you know, I think you need to
consult you know, an attorney. Any words on that words
(15:43):
of wisdom? I mean, you know what's importance there.
Speaker 3 (15:46):
Yeah, I mean all too often people come to us
on the back end, that's instead of the front. Yes,
if you had called me before you entered into this agreement,
I would have suggested this. I would have suggested that
now we're and we have to play the hand that
we're dealt, and oftentimes digging out of a problem that
we could have avoided on the front end is more frustrating,
(16:08):
more time consuming, and more expensive for our clients. So
we always suggest that people call us before they sign
instead of afterwards, because there's more that we can accomplish
for them. But all too often people send me a
contract and say what do you think, And I say, well,
I changed this, I changed that, and like, well, I
already signed it, but I was just curious. I said, well,
why would you do that? Why don't you ask me upfront?
(16:29):
But everybody has a different approach, but we are always
here to help, whether you're already in a pickle or
whether we can keep you out of one.
Speaker 2 (16:37):
Yeah, absolutely with that talking about signing agreements, and I'm
not sure I may have made one of those calls
to you at one time, and I'm like, yeah, David,
I already did this, and he said, okay, well, then
let's go forward and look at it like this. Yeah, okay,
but then I learned So speaking of which real estate contracts,
(16:57):
there's only one out there, right.
Speaker 3 (17:00):
And there's a you know, the Florida Association of Rilters,
working with the Florida Bar Association, the legal organization, has
put out a number of form real estate contracts that
are common a lot of them, but the one that
everybody tends to use, especially in Charlotte County, is the
as is with right to inspect contract right. Sometimes there's
some variants from county to county. Some counties local Association
(17:23):
of Lters I can call your county have put out
their own form that is a variation on that state
wide form, but by and large they are fairly standardized documents. However,
within those documents, there are a number of decisions and
choices that need to be made, costs to allocate between
buyer and seller. So even when you're working off of
(17:45):
that form document, you need somebody knowledgeable like mister Patterson
to help you understand how to complete that contract document
in the most advantageous way.
Speaker 2 (17:53):
You know, on that last page or next last page
depending on the contract, which I did give you a
load of question. I'm going to go back to it.
But you know, in that it's called additional terms. Anything
written in that supersed the rest of the contract.
Speaker 3 (18:04):
Absolutely.
Speaker 2 (18:05):
It's things like that that you know you can put
you know, I'm paying this or that or this is
included in the front of the contract, but then they
write something else different in there. That's why this is
so important and the reason why I said it was
a load of question is because what I want to
cover is, yes, we do use the Florida Farbart. We
(18:26):
use that as is ninety to a percent of the
time the standard at times. But you know, if you're
listening out there, I'm getting a lot of these investment groups,
a lot of these hedgephones that that are calling people
trying to make them offers, and they have their own
contract or you know builders, they all have their own
contract and depending on who wrote them up, they're there.
You know, there's different stuff in them. It is so
(18:49):
imperative to get counsel on this. Yeah.
Speaker 3 (18:51):
Absolutely, I'm working on a professional practice that we're selling
the business and the associated real estate and the buyer's
attorneys are in Pennsylvania or somewhere, and they send us
this real estate contract that has absolutely no conception of
how things work in Florida. Right, I said, hey, why
don't we make this easy. Let's work off one of
these Florida standardized forms and then we can prepare additional
(19:12):
terms to go with it for this deal, but let's
start with something that makes a little more sense. Waiting
to hear back on that proposition.
Speaker 2 (19:19):
Yeah, you know, well it just to be honest, it
really ticks me off when, you know, when I get
a call from someone and they're like, Matt, could you
look over this. I'm like, sure, absolutely, let me take
a look. And there's stuff in there that I'm like, okay,
well you'd be agreeing to that. Well they didn't. That's
not what they said to me. And I'm like, well
that's what's in the contract.
Speaker 3 (19:38):
Yeah, And these as is contracts for our audience. They
give you, a buyer, the right to inspect the property,
using hopefully a professional contract or inspector, and then either
take it or not. That's the idea. You're the seller
is not responsible for any repeat. The buyer has a
period of time in which to undertake those inspections and
either cancel, go forward or trying to.
Speaker 2 (20:00):
Or do no inspections. They can walk with the buyer's soul.
Speaker 3 (20:02):
Discretion absolutely during a specified period of time. Now, sellers,
when especially when they're negotiating on price, try to shorten
that period to sometimes like as little as five days. Yeah,
I always say to my buyers, you make sure you're
working with a realtor who has a good inspector. Matt's
got great inspectors, and that you can get that report
in your hands before your opportunity to cancel has expired.
Speaker 2 (20:24):
And with that, by the way, that changes with the market.
So there was a time I could get inspections done
in five days, get them back to you, we could
review them. Okay, well guess when that was. That's when
things weren't moving, because that means appraisers weren't busy, inspectors
were slow. Then you get into a hot market where
there's a lot of deals happening. Now all of a sudden,
(20:45):
we had to go you know, we like to really
see ten days max on our listings, but we had
to start going on some of them twelve days, thirteen days.
Especially then, depending if you had a septic system. I
don't want you to do an acceptic inspection until I
know that we like the house. I don't want to
waste that money. So it you know, it took more
time because the benchmark for the inspectors was a minimum
(21:07):
of seven eight nine days to get there.
Speaker 6 (21:09):
Yeah.
Speaker 2 (21:10):
So yeah, that's why it's so important. So I just
want to, you know, say, you know, this is where
you definitely need to get good legal counsel. These contracts
are all different. I'm seeing a bunch of different ones.
I know you are and know what you're signing.
Speaker 7 (21:28):
Yeah. You know.
Speaker 3 (21:28):
Another thing people question is what do I need title
insurance for?
Speaker 2 (21:32):
Okay, I just got that yesterday.
Speaker 3 (21:33):
Yeah, so I'll give you a great example of the
police deal that just came across my desk. People always say,
why do I need title insurance? You know, I get
a deed, I'm going to own the property. It's great.
So a title company issued a title policy to some
people that bought a house out of an estate. So
the owner of the property was deceased. The property was
the owner's homestead under Florida law. They appointed a personal
(21:57):
representative for the estate, and the person representative signed the deed.
The rest of the story is that the decedent had
left the property to his brother, and the way Florida
works with respect to homestead is it vests in the
person you leave it to immediately upon death. So the
deed from the personal representative was absolutely no good and
(22:20):
the buyer did not have good title to the property,
even though the transaction had been handled by a title company.
So we helped them make a claim again against the
title insurance policy. It's just like any other policy of insurance.
And the underwriter, the insurance company hired an attorney up
in Sarasota, and they're either going to have to find
the brother and get a deed from him, or they're
(22:41):
going to have to give them their money back one
or the other.
Speaker 2 (22:44):
Okay, I've got a question, cause I get this a lot.
I love them.
Speaker 3 (22:47):
This was the house they bought for I don't know,
like eight nine hundred thousand dollars.
Speaker 2 (22:51):
Okay, what about the client that I'm setting with, This says,
why do I need title insurance? Matt, I've lived here
thirty years and everything I've got to pay for.
Speaker 3 (23:02):
Yeah, Well, you know, a buyer wants title assurance, right,
I'm not going to give you X one hundred thousand
dollars for your house without the understanding that I'm not
going to have a lean against it, that I'm not
going to have some third party who claims an ownership
interest or other problems with my title, Because someday, even
though I'm a buyer now, I'm going to be a seller,
(23:23):
and if I don't have good title, I'm not going
to be able to market that property and get paid
to sell it. So title assurance is the concept of
making sure that I actually own what I'm paying for
when I walk away from the closing.
Speaker 2 (23:36):
Table, And can the buyer's sealery one pay for this?
Speaker 3 (23:39):
Yes, it's a negotiable item under those contracts. There's custom
you know, in Charlotte County it's customary for the seller
to pay the cost of title insurance. In Lee County
it's customary for the buyer to pay.
Speaker 2 (23:51):
Samely with Sara Soda County, Sarah, Yeah, so on both
sides of us, we see that. So right on my
net sheet says negotiable buyer or seller can pay. So
typically whoever picks pays, unless we end up spelling that
out differently. If we come to an agreement there but
the reality is is in my mind, it's the net sheet.
It's it's that net number that I'm circling for you.
(24:14):
That that's what you're walking away in your pocket, and
then we can work into that title insurance. So please,
if you're told, oh, well, you know you're in Charlotte
County and mister and miss the seller you have to pay, No,
it's negotiable.
Speaker 3 (24:28):
And the you know, sometimes people have private transactions without
realtors or lawyers, and the beware of the seller that says, oh,
let's keep it simple. We don't need title insurance. I'll
just give you a good deed. Yeah, that's the seller
that probably knows there's a problem.
Speaker 2 (24:41):
I'm a realer and I have never bought a piece
of land or a property without title insurance.
Speaker 3 (24:46):
It's i mean, for ninety nine percent of the people
we come across, buying a home is the single largest
purchase you will ever make in your life by far.
Make sure you're getting what you're paying for and what
you're borrowing from a bank to pay for. A nice
thing about you know, non cash deals is the bank's
going to make you get title insurance.
Speaker 2 (25:06):
So yeah, okay, we're bumping up. Well, we're a little
past the clock on break. We're going to take a break.
You've got to stick with this guy. I've got a
couple other great topics that we're going to talk to
mister Holmes with far Law Firm when we come back
see on his side.
Speaker 5 (25:18):
One of the strongest indicators of customer satisfaction is repeat business,
and if you look closely at Matthew Patterson's over five
hundred and forty five star Google reviews, you'll see that
same concept again and again and again. Ken, for example,
had numerous experience with the Patterson Group over the past
nine years, so when he needed to sell his home
in Northport, he reached out to the Patterson Group at
(25:38):
Keller Williams Peace River Partners. Once again, he wasn't disappointed.
Ken tells everybody and in complete confidence, if you're looking
for great results when selling your home, be sure to
contact the Patterson Group. I'm Todd Matthews and that is
the only one I'd trust personally.
Speaker 2 (25:54):
You should too.
Speaker 5 (25:55):
Matthew us is the best marketing tools and technology in
the industry to sell your property for the most of
out of money in the least amount of time. Find
out more by calling nine four one six two one
eighty six hundred, or by going to Matthew Patterson dot
com and then start packing cause you will be moving
your home.
Speaker 6 (26:11):
Sale is done when you call Matthew Patterson go to
Matthew Patterson dot com.
Speaker 7 (26:18):
It's the little things that make a big difference. That's
the motto of Oak and Ink Land and Title Company.
Picture this a seamless, stress free closing where their expert
team will guide you through the closing process from start
to finish. They understand that every home purchase is unique.
That's why their personalized service insures your needs are met
with precision and care. At Oak and Ink, Land and Title,
(26:39):
you aren't just a customer your family. Call today at
nine four one five zero zero five five zero nine
or online at Oak Andinc Title dot com.
Speaker 1 (26:48):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. CARE provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people providing shelter support
and counseling. Donate or volunteer today. Call nine four one
(27:11):
sixty nine five four nine nine or donate items at
their reuse store, Kenilworth Boulevard, Port Charlotte.
Speaker 9 (27:20):
You can't buy a best friend. You can love them,
walk them, pet them, and care for them whether they
want you to or not. You can take a picture
or fifty. You can fly to the moon, travel the world,
or just stay in bed. You can't buy a best
friend like that, but you can't adopt one. There are
(27:43):
millions of pets waiting for a best friend, just like you.
Help us save them all at best friends dot org.
Speaker 6 (27:49):
Your home sale is done when you call Matthew Patterson
go to Matthew Patterson dot com.
Speaker 1 (28:04):
It's eleven thirty four here at news Radio WCCF and
you're listening to Real Estate Exposed. Let's get back to
the program with Matthew Patterson and his special guest David Holmes.
Speaker 2 (28:16):
Welcome back. I'm here with mister David Holmes from Far
Law firm again. If you would, how do we get
a hold of you or your firm?
Speaker 3 (28:23):
So we're in downtown Punta Gordon. Have been there for
one hundred years on the internet.
Speaker 2 (28:26):
Where you haven't been there one hundred years.
Speaker 3 (28:28):
You're feels like it only for a third of that time,
I'm thirty one years in so almost a third of
that of far dot com, fa r R dot com
or nine four one six three nine one one five eight.
Speaker 2 (28:42):
That's right. Okay, David, let's talk a bit about this
is something I'm getting a lot of questions on. It's
been coming up more and more and more. It seems
like it kind of happens in waves, you know, during
markets or changes or timing. But lately had a lot
of questions about deeds and upon death, how do we
(29:04):
need to have the home needed to make it maybe
the easiest on the family, and then as well as probate.
So let's start with deeds. You know, I was in
one the other day and they weren't quite sure. Would
they have to go through probate? Would they not? Where
do you begin with this?
Speaker 3 (29:22):
Yeah, So we have the concept of ownership of property.
When someone passes away. What does it take to get
that property from the person who is deceased into the
hands of the person or people that they want to
own the property after they have passed away. So we
talk about a state planning. If we set up a
(29:44):
trust for someone, we would actually convey the property into
the trust during their life, And the great thing about
a trust is it has continuous existence. After the person
that sets up the trust has passed away, there's a
success or trustee that can immediately deal with the property,
sell sign listing agreements, whatever, without having to go to
court and go through a judicial process that can take time. Also,
(30:08):
there are forms of joint ownership that provide for property
to pass outside of a probate process by operation of law.
So property owned between spouses will vest in the surviving
spouse upon passing of one's spouse. But you can also
own property jointly with a non spouse with a what's
called right of survivorship, and upon one of the joint
(30:28):
owner's death, the property will pass by operation of law
and vest in the other joint owner, again without the
necessity of probate.
Speaker 2 (30:36):
So when you say operational law, does that mean that
it does have to go through the court.
Speaker 3 (30:40):
No, it just passes automatically and we can close.
Speaker 2 (30:43):
You've done everything up front.
Speaker 3 (30:44):
Yeah, we record a death certificate and an affidavit and
we can go ahead and close the transaction. Probate is
a judicial process that gives your creditors an entry point
into your probate. A state to try to reconcile any
unpaid claims that exist after death. But it's also a
process that moves at the pace of other judicial proceedings,
which is slower than the rest of us in the
(31:05):
real world, like for things to get done. So probate
takes away privacy, it gives creditors an entry point, and
it takes time, whereas these other forms of ownership that
you can set up before you pass away will allow
your errors to receive the property you want them to
proceed without having to go through that process. That's a
high level summary. There's a lot of.
Speaker 2 (31:26):
Details, yeah, there is, and certainly that's why I want
to give your number out a few times so they
can get, you know, deeper conversations on that, you know,
and a lot of times it's the time. It's the
time and the frustration, I know, lose them, both of
my parents, it's you know, it took some time to
get everything worked out for them, and that's it's such
(31:47):
a high pressure time as it is, Yeah, parents and
adjustments of life and them not being in it, and
you know, it becomes a lot.
Speaker 3 (31:56):
As parents, I think what we want to do is
try to set things up so that there's as little
a burden left behind as possible. Right, So facing the
reality that not if, but when I pass away, because
we're all on the same train, right going to the
same destination and we don't know when we're going to
arrive there. But when I pass away, what do I
(32:20):
want to happen? And what can I do to make
things as smooth and seamless and easy as possible. No
one likes to think about that, but it's a really
important bit of planning that can reduce the burden on
your survivors after you've passed away and.
Speaker 2 (32:35):
Well, and also the burden you know, I'll speak for myself,
was having clear direction. Other wishes absolutely, you know, happy
to carry them out no matter what they are, but
I need clear direction.
Speaker 3 (32:45):
And that's what these trust and will documents and forms
of joint ownership can do. They make clear your intentions
and provide a smooth, orderly process for those intentions to
be executed.
Speaker 2 (32:57):
Okay, all right, I know the clock is just flying on.
It does every time you're on here. You know, we
had talked a bit before about contracts. I want to
talk a little bit about these quick claim deeds because
I'm noticing more and more of that happening where they
did not you know, want to or did not decide
(33:17):
to involve an attorney and pay the fees.
Speaker 3 (33:22):
Why is it so important, Well, there's various forms of deeds,
but a quick claim deed is a deed that has
no warranties whatsoever. It makes no representation that the person
signing the deed and delivering it to you has any
interest in the property. So in law school we talk
about the fact that I could give you a quick
claim deed to the Brooklyn Bridge and there would be
nothing wrong with that because the deed itself says I
(33:45):
give you whatever interest, if any, that I have in
the property. So what we want in a transaction is
a deed with warranties of title that says I own it,
I hold it, I have the right to sell it,
and I will give you good and marketable title to it.
But then we also want that warranty backed by a
third party source of payment if it turns out to
(34:05):
be false, and that is of course a policy of
title insurance. So as a buyer, don't take a quick
claim deed under any circumstances, and make sure you're getting
title insurance to ensure that you're getting good title very important.
Speaker 2 (34:19):
Also, you know, I've heard had a couple of situations
where you know, I've heard they've had trouble with a
little bit of the wording. You know, later they go
to do something, they get to you know, they and
there was a quick claim deed ten years ago and
there's a problem just because the way something's worded. Have
you seen that?
Speaker 3 (34:38):
Yeah, you know. And all of this depends on what
we call the public records. All these documents and instruments
related to property transfers get recorded in the public records,
as do mortgages, as do judgments, as do leans. And
what we're doing is public records, and the public records
are put together by human beings who make mistakes. I
was involved in a case involving a piece of property
(34:59):
five six years ago where two different policies of title
insurance were written and did not pick up a judgment
lien on the property because it wasn't indexed right by
the clerk of court.
Speaker 2 (35:09):
Oh wow.
Speaker 3 (35:10):
And eventually the judgment creditor came along and the title
insurance policies had to pay out because there was a lean.
Nobody made a mistake. Nobody did anything wrong. The lian
was just not properly indexed by the Clerk of court.
So those title insurance companies had to pay out the
full policy amount.
Speaker 2 (35:27):
That's why we have it.
Speaker 3 (35:28):
Then if you don't have the policy, or if you
don't have a big enough policy, you could be in
a bad situation. That particular case involved a vacant lot
that was purchased for X hundred thousand dollars and the
policy amount was the price of the vacant lot. Someone
then built a million dollar house on the property and
they didn't increase the limit of the title insurance when
they built the house, so there was a gap and
(35:51):
they had to come out of pocket.
Speaker 2 (35:52):
I don't like gaps. Yeah, we don't like gaps. Okay,
what else have we not talked about that it's important
to you?
Speaker 3 (35:58):
Well, I think in the real estate mark it right now,
we're seeing a sort of steady, continuous flow of transactions.
I think the most important thing for sellers is to
stay in touch with the market with a professional like you,
and if they really want to sell, price accordingly and
things will move quickly. The people who get frustrated are
the people that are thinking about what the market was
(36:20):
a year ago or eighteen months ago. But if you're
realistic about price, there's plenty of buyers in the market,
and you know everyone of them is stable.
Speaker 2 (36:30):
Yeah. Where we are Yeah, And I'm so happy to
hear that. Yeah. And I'm going some more and more
buyers every day that that are finally, you know, re
engaging and ready to move forward. Obviously, we've seen some
changes in interest rates. That always helps.
Speaker 3 (36:48):
I saw a piece this morning on CNBC that interest
mortgage applications are starting to go up for refinances because
mortgage rates are starting to come down. The funny part
about that is they went down from on average six
point nine percent to six point six percent or something,
which is still maybe if you look over the last
(37:09):
fifty years, not an incredibly higher but if you look
over the last fifteen years, that's still an incredibly high rate.
But as we go through the business cycle that we
always go through, we will eventually see interest rates and
mortgage rates that are largely tied to government bonds continue
to come down. That will provide more fuel for the
market because mortgages become more affordable. The lower your rate,
(37:35):
the more you can afford to borrow at the same
monthly payment, which means the more you can afford to
pay for a house, which means more demand for sellers.
So lower rates is another piece of this puzzle that's
kind of the same nationwide. But as we get through
the cycle and see those rates start to and continue
to come down, that will bring some fuel to the
(37:55):
market and provide more opportunities for buyers because they can
afford to borrow more and pay more.
Speaker 2 (38:00):
I love it. Okay, we're coming up on our final break.
When we come back, we're going to talk about our
coming soon listings, our hot properties to the market this week,
So stick around. We'll see you on his side. Thank you,
mister emp.
Speaker 1 (38:12):
Looking to buy your first home, curious about investing in
real estate, or just want to understand the market better,
well now you can tune into Real Estate Exposed. Every
Wednesday at eleven am on NewsRadio WCCF. Join your host
Matthew Patterson as he dives deeply into the real estate
market right here in Charlotte and Sarasota County. Each week,
(38:33):
Matt uncovers industry secrets, breaks down market trends, and answers
the questions you've always wanted to ask about the real
estate business. Whether you're looking to buy, invest or just
get insider knowledge, this.
Speaker 3 (38:44):
Show is for you.
Speaker 1 (38:46):
That's real Estate Exposed with Matthew Patterson Wednesday's at eleven
am on news radio WCCF. Don't miss it. Your step
into the world of real estate starts here. Don't miss out.
This is your chance to get ahead in the world
of real estate. Next step towards success starts here.
Speaker 6 (39:02):
Your own salesdom you call Matthew Patterson, go to Matthew
Patterson dot com.
Speaker 7 (39:10):
It's the little things that make a big difference. That's
the motto of Oak and Ink Land and Title Company.
Picture this a seamless, stress free closing where their expert
team will guide you through the closing process from start
to finish. They understand that every home purchase is unique.
That's why their personalized service ensures your needs are met
with precision and care. At Oak and Ink Land and Title,
(39:31):
you aren't just a customer your family. Call today at
nine four one five zero zero five five zero nine
or online at oakandinctitle dot com.
Speaker 1 (39:41):
The local organization CARE, the Center for Abuse and Rape Emergencies,
needs your help. Care provides twenty four hour hotline services,
twenty four hour rape crisis, hospital response, and victim advocacy.
This organization has helped thousands of people, providing shelter, support
and counseling. Donate or volunteer today call nine four one
(40:03):
six nine five four nine nine or donate items at
their reuse store Kennilworth Boulevard, Port Charlotte.
Speaker 4 (40:11):
Our veterans risked it all to protect our freedom. One
of the best ways to say thank you is to
volunteer to support them at a time and history where
kindness is a virtue. Volunteering at a therapy bag event,
teaching a craft class, or simply helping veterans at a
hospital means a lot. For over forty seven years, Help
(40:32):
Heal Veterans, a not for profit organization, with the support
of citizens like you, has created manufactured and distributed therapeutic
art and crafts projects for our veterans and military at
no charge to them. As a National Veteran service organization,
Help Heal Veterans supports VA hospitals, patients at home, and
(40:52):
our active military. Together, Help Heal Veterans and volunteers like
you have delivered over thirty two million THEIRS kits too
injured and recovering veterans to a volunteer or learn more.
Visit heel vetts dot org. That's heel vetts dot org.
Speaker 6 (41:11):
Your home sale is done when you call Matthew Patterson.
Go to Matthew Patterson dot Comcotts.
Speaker 2 (41:25):
Fron property.
Speaker 1 (41:29):
And welcome back to real estate exposed here on news
radio WCCF. Don't forget. If you have any questions about
anything you heard this morning, you can call the Patterson
Group at nine one six one eighty six hundred once again,
that's nine four one six one eighty six hundred, or
go to Matthew Patterson dot com. We're down the home stretch.
(41:51):
Let's get to it. Here's Matthew Patterson.
Speaker 2 (41:53):
All right. We got some great properties this week as always,
also some some open houses. Open houses have been very
busy lately, good activity, a lot of people loving to
get out in this weather and view their and find
their next home. So uh thirty one hundred Magnolia Way
and pont AGUARDA three three nine five zero, so that
(42:16):
this one's in Charlotte Park. It's a two bedroom, two bath,
one car garage. This is new to the market. And
let me tell you when I say everything is done.
Everything is done. It's got an oversize one car garage,
so you can still fit some toys in there. On
a saltwater canal, eighty feet a front eage, all stainless
(42:40):
still appliances, granite countertops, tileback splash, breakfast bar, good sized
pantry and it was replumbed in twenty twenty four. All
electric has been updated. Updated cabinets, doors, trim twenty twenty four.
Water heater LANNAI, huge screening LNAI so you can sit
out there, get a view of the back yard, get
(43:00):
a view of the water. Just just a boater's paradise.
And this one is introduced to the market of four
hundred thousand. Next we're going to go to fourteen to
twenty three Mediterranean Drive. This is unit number c H.
This is a two bedroom, two bath condo again in
Pontagorda in PGI and it's a second floor unit, so
(43:22):
great views. You have a private deeded doc with a
six thousand pound boat lift. All appliants is grantite counter
or granite grant. Appliances are granted. All wide appliance is
granite countertops, tile back splash, and breakfast bar. Twenty twenty
four roof twenty twenty four. Building exterior was painted. You
(43:45):
get two parking spaces with this unit. Boat lift has
has the remote with it, So I mean this is
just a great property. At two hundred and seventy five thousand.
I know that one actually was already getting showing, so
that one will not be around. Long three three zero
one sixteen terrace. Now we're in Cape Coral. I've got
(44:07):
a three bedroom, two bad three car garage. That's right.
Everybody wants space. We need the storage for our toys.
This is a pool home, large family rooms situated on
a half acre. No HOA fees, so if you're wanting
to not have those additional fees, this may be the
(44:28):
home for you. All stainless steel appliances, building, double oven
with cook top, granite countertops, tile backsplash, it's got the
island with the breakfast bar, just a lot of cabinets,
a lot of storage, the landscape, backyard fully fenced with
a storage shed. Twenty twenty one roof, whole home reverse
(44:49):
osmosis system, solar panels with eight A three Tesla backup batteries,
hurricane protection. If you have a Tesla, you know what
that means, I do not hurricane protection, alarm system with
two cameras, ceiling, garage story, apoxy garage floor. Now we're
(45:13):
talking my language. This home is built in twenty twenty one,
introduced the market at six hundred thousand. Next we are
going we've got a three bedroom, two bath, two and
a half cour garage. This one is at one five
zero nine zero Buswell Avenue, Port Charlotte, three three nine three.
It is on tyle flooring, double oven, solid surface countertops,
(45:39):
breakfast counter, dinette with large windows. This home has great
natural light, twenty twenty two roof, the kevlar hurricane shutters,
fully fenced yard, lush landscaping, screen front entry. Next we
are going two two three four eighty eight Almond Avenue,
Port Charlotte. So we've got homes everywhere. We have got
(46:02):
the home for you. This is a three bedroom, two bath,
one and a half car garage. Just introduced to the market.
Pool home situated on overside cornered lot, is in section fifteen,
which we all know and love. Eating kitchen offers white appliances,
(46:24):
cause it pantry, breakfast counter, slider to the Luni twenty
twenty one roof and The furniture is negotiable in this
home and it is introduced to the market at three
seventy nine to nine. Now we are at one three
zero four to nine Pembrook Circle. This is in Lake
Susy four bedroom, three bath, three car garage and this
(46:48):
is just an absolutely stunning home. Spacious four bedrooms, formal
dining room, situated on oversized lot, very low HOA fees.
The eating kitchen offers stainless still appliances, granite countertops, plenty
of cabinets and storage, twenty twenty three roof, twenty twenty
solar with Tesla battery backup for up to twenty hours
(47:11):
of power. The twenty twenty three updated drywall, twenty twenty
three updated flooring, updated kitchen cabinets, countertops, hurricane protection twenty
twenty four hurricane windows, irrigation system with the water saving sensors,
screened entry and of course you've got the electric screen
(47:34):
door on the garage. And it is introduced to the
market of four hundred and ninety thousand, so under five
hundred thousand you are ready to go. Next, we're going
to three to one to two Mendoza Street. This is
in Deep Creek three three ninety eighty three. It is
a four bedroom, two bat two car garage pool home
with an office, formal dining room on a call to
(47:56):
sack Deep Creek has always been very desirah eaden kitchen,
all stainless appliances, granted countertops, tile backsplash, breakfast bar again,
a lot of cabinets, a lot of storage on this
home as well. Twenty twenty three roof, twenty twenty four,
kitchen remodel, twenty one master bathroomodel, twenty two updated flooring.
(48:21):
Let's see retractable flagpole. This home is introduced to the
market at four hundred and twenty thousand. Okay, this one
is a is it two three nine to one date street.
This is in James City. It is a three bedroom.
This is in Pine Island Shores, three bedroom, two bath,
two car garage pull home on fifty foot of water frontage,
(48:42):
minutes to open water. So if you're voter this this
definitely is going to be appealing to you. Situated on
an oversized cornered a lot, it is a has a
twenty twenty hvac so air conditioning, twenty twenty three roof,
twenty twenty three water heater, twenty five pool pump, twenty
three poolcage home wired for a generator, extra high ceilings
(49:05):
in the garage so it's perfect for the race, storage
or a car lift if you're if you're into cars,
if Todd's listening out there, this might be the one
for you. Kitchen has all stainless appliances include double oven,
double dishwasher, Cambria Courtz countertop style backsplash introduced to the
(49:25):
market at seven and nineteen thousand. Now we're going to
talk about the coming this week. We are at six
oh one Shreve Street. So if you're looking for a condo,
I got to tell you this is the one for you.
Intersecting canal views absolutely stunning. I'm really excited about this
one hitting the market. Two bedroom, two baths, one assigned
a carport and it is furnished third floor condos and
(49:49):
it is right in the middle of this complex, so
you get that big water view. To me, there's a
couple in there with this kind of view. That is it.
So you do not want to miss this. All stainless appliances,
reverse osmosis in the kitchen. This complex has great reserves.
Twenty twenty three roof twenty twenty five Lenai screening, twenty
(50:14):
twenty UV protective vinyl sliders, twenty four carport roofs so
all of the big ticket stuff's been done. Twenty twenty
four gutters and down spouts. The parking lot was resurfaced
in twenty three. Also upgraded elevators. This is a water first, come,
first serve community, so for your boat, the dockage around it.
(50:37):
It has a total of twelve hundred feet of water frontage,
community pool, covered parking, plenty of guests parking century located.
You can walk to fishermen in the village, take the
bike pass and it's hitting the market for three hundred
and fifty thousand. You are not going to want to
miss that. Now we're back over into Deep Creek. We're
on Explore two six one six nine Explorer Road from
(51:00):
two bat two car garage. These are villas. This is
a turnkey end unit and it does have a modified
floor plan to include a home office. This is a
fifty five plus community. All stainless steel appliances, granite countertop
style backsplash wood cabinets, whole home generator transfer box installed,
(51:21):
twelve thousand dual fuel home generator, so twelve thousand kW
is a big generator, twenty twenty four water heater, twenty
twenty two electric was done. Hurricane impact windows and doors shutters.
Very nice. Nice property introduced the market three hundred and
fifteen thousand. Next we're going to one seven to eighty
(51:42):
Acapolca Road. This is unit four eleven, two bedroom, two baths.
These were just built in two thousand and eight. You
have the garage. This is a first floor unit. All
stainless steel appliances, absolutely spotleish and it is being sold
furnished as shown for two hundred and seventy five thousand.
(52:02):
Next we're going to Prada, which is in three three
ninety five five. So that's your burnt Storre Lakes area
two five four to one three three bedroom, two bat
two car garage, all stainless still appliances, lots of kitchen
counter space. Introduce to the market at three hundred and
twenty thousand. My last one is on Riverside seven zero
five to five Riverside Drive. This is a four bedroom,
(52:25):
two back two car garage with workshop, formal dining room,
family room, updated kitchens, granite countertops on over two acres
with a pond so you're not going to miss this
under five hundred thousand and four to ninety nine. I've
got a list of open houses where out of time
give us a call nine four one six two one
eighty six hundred definitely, or look online or go to
(52:48):
Matthew Patterson dot com. Until next week, you have an
amazing weekend. An
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