P. Langlois, Home Buyer in Alabama

enter your question...My military husband is getting transfered to the area of Ft. Lauderdale, FL. We don't

Asked by P. Langlois, Alabama Fri Apr 18, 2008

know whether to buy or rent. I'm hearing that mortgage insurance along with property taxes are very high. Are they? Also, Renters get hosed there also with so many foreclosures, families that rent may get thrown out before lease is up. Any truth to that? P. Langlois

Help the community by answering this question:


I agree with Jeannette, there are benefits to buying foreclosure homes. We are however in a buyers market and therefore agree with Tobias comment that there are many non-foreclosure homes available at attractive prices as well.

As far as your decision wether to buy or rent, it really depends mainly on you finantial capabilities. I`ll be happy as a Realtor and Mortgage broker to guide you through that decision.

As far as mortgage insurance, your husband probably qualifies for a VA loan which in many cases(not all) can provide better deals than regular mortgages.

As far as taxes, Florida state provides some tax relief for homestead properties(For your main residence).

Last, as far as renters being thrown out before their lease is up in a foreclosure property - yes you have to be carefull. What is happening though is that the term foreclosure is used broadly and may reffer to properties that are either pre-foreclosure, in a short sale negotiation or maybe were already foreclosed by the court. Each case is different. I will be happy to clarify the differences.

Please feel free to contact me with any additional questions at jflasterstein@gmail.com or call me at 954-274-0998. I am currently out of the country and will be back on Tuesday
1 vote Thank Flag Link Sat Apr 19, 2008
I have a two bedroom two bath home in Cooper City for rent. I own it free and clear so there is no danger of losing your residence because of foreclosure. Also, I just completely remodeled it about 4 years ago so it is all nice, clean, contemporary and lots of closet space. I am asking $1500 per month.
0 votes Thank Flag Link Thu Dec 2, 2010
Thank you for the question.

Leases on foreclosed properties must be honored, plus 3 months. It's a new federal law.

This means, if you happen to be renting a property that is foreclosed, the Lender who now is the legal owner of the property, cannot touch said property, plus for another 3 months AFTER the lease has expired so that you have time to relocate.

I hope this helps.

954 495 3858
0 votes Thank Flag Link Wed Sep 29, 2010

My husband is retired military and we have worked with the military from the Southern Command in Doral. If you are only going to be here for 2-3 years, it's best to rent. There are some rentals that aren't foreclosures. Have just rented a home in the Silver Lakes section of Pembroke Pines to a military family for 2 years. The home doesn't have a mortgage on it.

Barbara Madewell, urhomesold@aol.com
0 votes Thank Flag Link Thu Jul 8, 2010
Hello P. Langlois,

I would definitely recommend buying now with many properties to choose from, a declining market, historically low interest rates. As a buyer you can eliminate your Purchase Mortgage Insurance by putting at least 20% downpayment if that is an option. My father used to always say why throw money in the air by renting when you can invest in your future and make money. Just a thought, but ultimately your personal situation, today and the near future, will determine what you decide and where you will live. I typically will do a thorough check on a landlord when a client does decide on a property to rent.
Web Reference: http://www.stelsells.com
0 votes Thank Flag Link Tue Jul 8, 2008
Relatively speaking, owning a home in Florida either scares people away, or keeps them flocking to the state - a little less more so lately, but they keep coming here anyway! I have heard from several sources, directly and otherwise, how a home being rented was suddenly unavailable due to an impending foreclosure on the property... its sad, but an actuality in some instances. A realtor may be able to look up properties and judge the circumstances on paper, but people do not advertise they are in financial trouble and these situations do occur.
What part of Ft. Lauderdale are you talking about, and when? I personnally know family and friends who are military families (Coasties) who rent or own, and they have all made a decision to do so in the last three years. If your husband is to be stationed for the next 3-4 years, it may do you well to own as the market is a buyers market. Prices of homes have come down - are children of school age an element of your search? A realtor with a solid broker could help put you in a home that will meet your requirements - financially and personally. Let me know if you are still looking, my contact information is included, and my email address is: attila.laczko@floridamoves.com
0 votes Thank Flag Link Sun Jul 6, 2008
You haven't mentioned what area you are moving from for comparison purposes. I am from the Northern Virginia area and found taxes very high there and I was delighted to see the lower real estate taxes here though many complain about our taxes. As far as insurance being expensive yes it is since in most cases you are paying homeowner's insurance, flood insurance (if applicable to the locations) and usually windstorm insurance. Renting vs. buying obviously depends on the length of time you plan to be here and how good a deal you get on what you buy. Now is certainly a great time to buy the right property in the right place for the right price. As far as the issue about renting a pre-foreclosure and finding yourself out in the cold it is not likely if you are working with a professional who researches that aspect of the property she shows you. I am a Realtor in the Ft. Lauderdale area and work with both buyers and tenants and would love to help you locate either a rental or home.
0 votes Thank Flag Link Tue Apr 29, 2008
I work with lots of Military relo's, my nephew being one of them right now.

Why don't you stay on base for a bit? Is there no room?
If not, then consider doing BHA, there are laws about kicking military
personel out of a rental....and a lot of the rentals are controlled through the military.

I have 4 condo's for sale right now with long term leases by the military, so that would not be a problem
for someone who wants to rent here in Orlando, you may have similar options.

Other questions to consider prior to buying, renting, or staying on base is how long will you be in Ft. Lauderdale (if they even give an answer to that question). There are many perks to buying, but not if you get moved again within a short time.

You need to deal with a Realtor who is a Military specialist. There are many of them out there, if you need some assistance finding one in Ft. Lauderdale, let me know and I'll search through my database.

Good luck and thanks for all of your help in protecting our Country!! Are you Army, Navy, Marine, ???? There are special programs for each that you need to know about before making a decision.

Do you have children??? If so, what ages?? Hope this helps! Call or email me if you want more info.

Paula Bean
Orlando, FL
321-228-HOME (4663)
0 votes Thank Flag Link Sat Apr 19, 2008

Because of the large local inventory, it is a buyer's market, but there are also a lot of unsold homes which are currently offered for rent. A foreclosure could preempt a rental agreement for an individual rental as far as I know, true.

In addition, there are so many non-foreclosure homes available that a lot of my clients to not want to go through the motions of buying a foreclosure, which are generally in lousy condition.

But much more important in the question to buy or rent is how long will you stay put (and you may not know). If you are going to be stationed in the Fort Lauderdale are for, say, less than three years, buying may not offer you a good viable exit strategy, and renting may be a better choice.

I would be delighted and honored to assist you, and advice you with your interest in mind. Please call or email me with any further questions you may have.

Tobias Kaiser
0 votes Thank Flag Link Sat Apr 19, 2008
Buying foreclosure homes right now has many benefits. There are many great deals and on top of it you get a 7000 tax credit. If you would like to talk more about this call me at 954-993-4104. Look forward to speaking with you.
Web Reference: Http://www.neerpat.com
0 votes Thank Flag Link Sat Apr 19, 2008
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