Thursday, February 25, 2016

The Property Shop: Proud Supporters Of The Polar Bear Plunge!

Ask any local, and they'll tell you that one of the most amazing things about living at the Lake of the Ozarks is being surrounded by the incredible generosity of our local community. Lake residents are always donating their time, money, and services to countless local charities, helping to better our community and improve the lives of those around us. This week, The Property Shop at the Lake is excited to further this effort by supporting one the Lake's favorite annual winter events: the Polar Bear Plunge.

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The Polar Plunge
The Polar Bear Plunge is a fun-filled event where brave participants plunge into the icy waters at the Lake of the Ozarks on a chilly February afternoon. Participants can run, walk, or even crawl into the water, as long as they promise to submerge themselves at some point! Polar Plunges are held all over Missouri throughout the month of February, and all the money raised benefits Special Olympics Missouri.

Participants are required to be at least 10 years old and must raise a minimum of $75 to donate by the day of the Plunge. This year, the Lake of the Ozarks Polar Plunge will be held on Saturday, February 27th. The Pee Wee Polar Plunge (specifically for kids ages 10 and up) will be held the day before.

For those who aren't up for the freezing waters, The Polar Bear Strut is also held on the 27th. These participants are still subject to being out in the February cold, but they are spared from the icy waters and instead get the opportunity to walk or run along the designated route.

Last year, plungers faced some of the coldest temperatures on record. The forecast looks a lot more forgiving this year, however - The Weather Channel is calling for a high of 64° and beautiful sunny skies on Saturday. This is GREAT news for anyone who was planning to plunge (or walk/run) in the cold!

About Special Olympics
Special Olympics is an international organization dedicate to bettering the lives of individuals with intellectual disabilities. On an international level, they work with almost 4 million athletes in more than 170 countries. They strive to engage youth, build communities, and promote healthy lifestyles for people with intellectual disabilities, their families, their coaches, and volunteers. Their goal is to promote better fitness, nutrition, and healthier lifestyles for everyone involved in Special Olympics.

The Property Shop Is Proud To Support Special Olympics Missouri!
We greatly admire the efforts of everyone involved in Special Olympics and are proud to support our state's events in any way we can. Last year, our real estate agents at the Lake of the Ozarks showed their solidarity by plunging into the icy waters. While we aren't plunging this year, we are still supporting the event! We are donating $100 from 80 separate real estate transactions, adding up to a grand total of $8,000. We are honored to support such a great cause!

Have A Great Weekend
Even if you aren't actively participating in the plunge or the strut, you can still attend the event to cheer on this year's participants. There are also plenty of other great events to attend, like Winterfest 2016: Roaring 20's Speakeasy and the Lake of the Ozarks Bridal Show. As always, our Lake of the Ozarks REALTORS® are also available to take you on a tour of some the available homes for sale at the Lake of the Ozarks as well. Whatever you choose, we hope you have a great weekend at the Lake!

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760

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Tuesday, February 16, 2016

What Contingencies To Include In Your Home Purchase Offer

After days, weeks, or months of searching the homes for sale at the Lake of the Ozarks, you've finally found your dream home! Now it's time to begin the process of negotiating the sale so you can work towards making the home your own. The first step is submitting an offer detailing your suggested terms of the sale. A good offer contains several important components. This week, we want to look specifically at one such component: contingencies.

What Are Contingencies?

When A is contingent upon B, it means that A will only happen if B does. In a real estate purchase agreement, including contingencies means that your offer will only remain valid if certain conditions are met. This allows you to back out of the agreement if other parts of the process fall through or reveal information that changes how you feel about the purchase.

Common Contingencies To Include

There are several different types of contingencies that may be included in your home purchase contract. Here are a few examples of some of the most common ones.

Inspection Contingency
The home inspection is a critically important part of the home buying process. During the inspection, a professional inspector will thoroughly evaluate the home from top to bottom, inside and out. If the inspection report reveals something that is not up to code, in poor condition, and/or requires extensive and costly repairs, you may not wish to purchase the home as is. This contingency may allow you to negotiate the repair into the sale or potentially back out of the agreement entirely.

Financing Contingency
Even if you already have a pre-approval letter from your mortgage lender, the financing will not be official at the time that you submit your offer. While it may not be likely, there is always a small chance that something will fall through and you may not be approved for your loan. If you are not able to get the financing required to purchase the home, this contingency will allow you to back out of the sale.

Title Contingency
When you submit an offer, you will have to specify which title company you would like to handle your transaction. The title company will then conduct a title search to identify any potential issues with the title. In some cases, issues may be revealed that you don't want to deal with. The current owner may have an ex-spouse who still has some claim to the title, for example, or you may learn that the person trying to sell the property actually has no legal claim to the title. The title report may also reveal any outstanding liens that need to be resolved.

House Sale Contingency
If you have a current home that needs to be sold before you can purchase a new one, you may want to include this contingency. If your ability to purchase your new home will be dependent upon the sale of your existing home, this contingency can provide valuable protection. However, it is worth noting that this contingency is not always as common and may discourage sellers from accepting your offer simply because they may not feel as confident about the sale going through.

Designing Your Real Estate Purchase Contract

These are examples of a few common types of contingencies, but there are several other ones that may be beneficial depending on your unique situation. When you are ready to submit an offer, your Lake of the Ozarks real estate agent will help you determine which contingencies to include and how to structure your purchase agreement so as to best protect your interests. Visit our website to learn more about our real estate resources for buyers.

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760

Wednesday, February 10, 2016

Don't Miss This Waterfront Home For Sale In Lake Ozark

Welcome to your new home in Lake Ozark, MO! If you have been waiting to relocate to the Lake of the Ozarks until you find your perfect home, the wait is over. The Property Shop at the Lake is here to introduce you to the home of your dreams, located off of Horseshoe Bend Parkway in Lake Ozark.

130 Circle Drive, Lake Ozark MO - $449,950

Built in the 1970s, this home is truly a rare find. Meticulously maintained and in turn-key condition, this home is move-in ready and boasts many desirable attributes that are typically hard to come by. The property actually features two buildings: a primary residence and a "boat house" or guest house. The lot gently slopes down to the water, culminating at a spacious dock with a private swim platform. In other words, this home for sale in Lake Ozark MO has everything you need to enjoy lakefront living at its finest!

Main House

The main house boasts several desirable attributes, including two bedroom suites, a nicely updated kitchen, lots of cabinet space, two indoor living areas, and one outdoor living area that is perfect for enjoying the warm summer weather at the Lake.
  • 2,050 square feet (approx 300 unfinished)
  • 3 bedrooms
  • 3 full bathrooms

No matter whether you choose to designate this home as your full-time residence or summer home at the Lake of the Ozarks, you are sure to love every minute you spend here.

Boat/Guest House

You will never run out of space to entertain you guests! The guest house as a spacious open living concept with room to comfortably sleep 8-10 people in a bunkhouse fashion. If you house fewer people, there will be lots of room leftover for additional living space.

The guest house is complete with its own full bath and kitchenette area, so your guests will have access to all the necessities. The lower level has plenty of storage space, so you will have ample room to store all your water toys and other belongings.

Waterfront Access

This home rounds out your lake living experience with 120 feet of lakefront property and a dock that is ideal for swimming, fishing, boating, and enjoying all other aspects of living on the water. There is even a boat ramp leading straight into the water, making it easy to load your boats in and out of the water.

The two-well dock has an attached swim platform with plenty of room to play - it even comes with its own slide into the lake! If you have kids or grandkids who will come over to play, you can guarantee that they will be entertained for hours.

Contact The Property Shop To Schedule A Showing Today!

With so many outstanding features, this waterfront home for sale at the Lake of the Ozarks probably won't be available for long. Don't wait until spring - contact The Property Shop to schedule your private showing today! By starting the process early, we can help you be totally settled in and ready to enjoy the summer season as soon as it arrives. We truly look forward to working with you!

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760

Friday, February 5, 2016

What You Should Know About Renting To Own

While no two transactions are alike, anyone who purchases real estate at the Lake of the Ozarks must typically follow a set procedure. After settling on a home they wish to purchase, the buyers extend an offer to the sellers outlining their suggested purchase price, contingencies, desired inclusions, etc. The sellers then have the opportunity to accept the offer or submit a counter-offer. Once the buyers and the sellers agree on an contract, things proceed until closing, at which point the buyers are given the keys and allowed to move into their new home at the Lake of the Ozarks.

If buyers do not have the funds or the credit score to qualify for a standard mortgage loan, however, there may be an alternative option: renting-to-own. Rent-to-own agreements are unique and offer specific advantages and drawbacks to both buyers and sellers. This week, The Property Shop At The Lake is here to help you get a general understanding of how these contracts work.

Note: All rent-to-own agreements are unique. This blog only aims to provide a general overview to help you get a better understanding of the concept. You must talk to a lender to determine what your specific options may be.

Basic Concept Of Renting-To-Own

Rent-to-own agreements are attractive options for buyers who may not be able to qualify for a standard mortgage loan and sellers who may be having a hard time getting their property off the market. In a rent-to-own agreement, the buyers are allowed to move into the property before the purchase and pay monthly rent to the sellers. These agreements typically last for anywhere from 1-5 years, at the end of which the buyer will have the opportunity to purchase the home outright. If they choose to go through with the purchase, a portion of their monthly rent payments that has been set aside up until now will be returned to them and they can apply it towards the down payment. If they choose not to purchase the home at the end of the lease agreement, this money will likely not be returned to them.

How Renting-To-Own Benefits The Buyer

Renting-to-own may be a great option for buyers who wish to purchase a home but are not able to do so as a result of a poor credit score or minimal savings. It allows them to move into the property immediately and "test out" the home and the neighborhood before being locked into homeownership long-term. Rent-to-own agreements also typically allow buyers to lock in the future sale price, so even if the home would eventually be more expensive, they can secure it for the cheaper price. One potential drawback is that many rent-to-own agreements require an initial deposit called "option money." This is the deposit that gives them the option to purchase the home at a later date and it is typically non-refundable. If the buyers are in a challenging financial situation, they may find it difficult to provide the option money.

How Renting-To-Own Benefits The Seller

Renting-to-own may be a good alternative for sellers whose property has been sitting on the market for an extended amount of time. By renting-to-own, the sellers are able to make some money off of their property to offset the costs of their mortgage before the sale is finalized. Renting-to-own may be a more attractive option than simply leasing out your property, because renters who are looking to eventually purchase the property will likely take better care of the home. Depending on your agreement, you may be able to negotiate that the sellers handle the costs of maintenance, repairs, and insurance. This financial help can be enormously beneficial, especially if you have already purchased a new home of your own and are holding down two mortgage payments. One potential drawback is that the buyers may choose to back out of the agreement at the end of their lease, at which point you will have to start the process over with a different buyer. 

The Property Shop Agents Can Help You Find Your Dream Home!

If you are dreaming of buying a home at the Lake of the Ozarks, our real estate agents in Lake Ozark MO can help! We can help you scour the market to find the homes that will best meet your needs and negotiate with the sellers to find a sale option that will work well with your unique situation. Visit our website to learn more about how can serve as your trusted Lake of the Ozarks real estate resource.

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760