Foreclosure in 33141>Question Details

Luna, Home Seller in Miami Beach, FL

How do i find out my condos market value? I have no other choice but to try a shortsale!

Asked by Luna, Miami Beach, FL Sun May 3, 2009

Got laid off a few month ago, modification denied twice, mortgage and hoa is 4 month late. Renting the unit
is not allowed if we are late 4 month with hoa. Nobody wants to rent the unit if mortgage is late 4 month.
I am tired of living in the condo without paying, it makes me feel guilty, i know everybody does it but i can't any
longer. The condo is brand new as i took care of everything. I paid 65000 down in 2005 which now is in the
garbage. Anyone knows the market value if 600sqft studio condos at 401 69th street Miami Beach Fl 33141?
The condo building also has 110 foreclosures and pending foreclosures. A lot of shortsales which are not
selling, but that's my next step before deed of lieu. Help!

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Answers

4
You can do jiggle mail but the bank can come after you on the default. If you wish to do a short sale you need to work with a Realtor who is familiar with the process to help lower your stress level. The property needs to be priced right and you must get it to market ASAP. If you need to speak to shortsale specialist please contact me via e-mail and can provide a contact information
0 votes Thank Flag Link Sun May 3, 2009
The best way you find out what your condo is worth is to pay $300 to $350 and have an appraisal done. In the mean time contact me to obtain a list of comparable sales which may have sold in the last 6 months in your building. The best way to sell your condo is to create an auction situation. You list the property at 50% of its current value and accept multiple offers to push the price back up. Let the bank decide which contract it will accept. Make sure you give full disclosure to all buyers that you have multiple contract and the bank will choose the one which best suits their needs. I have had 20 listings sell this way for my clients. The sellers usually get 10 to 20 offers depending the location and condition of the property.

I will be happy to assist you.


Dan Maza
0 votes Thank Flag Link Sun May 3, 2009
You're in a tough spot. Unit 502 is a studio listed as a short sale for $79,000. The unit's been in the market for almost 3 years, although it was at a much higher price. The unit went under $100k in early April, then down to $79k in mid April. That's essentially your price point. There are 26 units listed for sale. There's only been 2 sales in the last 6 months. The most recent was in January - unit 404 (1/1) went for $125k.
The problem you face is the trouble the building is in. Anyone who buys faces the same issues with the number of foreclosures and short sales in the building, and the very real problem of declining maintenance from the inability or unwillingness of other residents to pay their dues. You can try to short sale - there's information on my website about doing this and avoiding the fraud that's pretty rampant in the area. I am guessing that the price in your unit is going to have to be around $50k or lower to sell before foreclosure.
Deed-in-Lieu is difficult, because the unit has to be completely free and clear of any obligations - no 2nd mortgage, no past due fees, anything, and lenders are getting very reluctant to accept these on condos because of all the problems.
Web Reference: http://www.MyriamsHomes.com
0 votes Thank Flag Link Sun May 3, 2009
You need to get someone who knows how to handle short sales in your market. Try to look at http://www.cdpe.com and see who is in your market.

Good Luck


Keith Manson
First Weber Group
Certified Distress Property Expert
Greenfield,Wisconsin
0 votes Thank Flag Link Sun May 3, 2009
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