http://www.trulia.com/voices/profile/Real_Estate_Pro-Downtown_Miami_Miami_FL-268581/The latest answers submitted by Melanie Dawn Molina Wood to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Buying/removed-304641Answer by Melanie Dawn Molina Wood: The answer will depend on what your contract and addendums specifically say. Typically, if you are financing in order to purchase the property, part of the financing contigency will be that the property needs to appraise for the contract purchase price. But keep in mind that if the appraisal price comes in lower than the contract purchase price, the seller does not HAVE to reduce the purchase price. They may agree or they may refuse to adjust the price. If they refuse, your choice will be to pay the difference yourself or for you to cancel the contract. And you need to be sure that the contract includes this type of financing contingency or a separate appraisal contingency. Don't assume or you could have a big problem on your hands with this strategy.Wed, 13 Jul 2011 11:09:57 PDThttp://www.trulia.com/voices/Property_QandA/Some_one_by_the_Name_of_Jay_Vicky_that_in_Africa_i-294344Answer by Melanie Dawn Molina Wood: Elizabeth, do NOT send this person any money. This is a very common scam going on in Florida and other states. If you proceed, this "owner" will present you with an authentic looking lease and the keys to this house, and he will take your rent and security deposit. Within days or weeks of your moving in, you will find out that someone else actually owns the house and you will have to leave. You will also discover that the contact information you have for "Jay Vicky" is no good anymore, and you will have lost all of your money. If you need help finding a place to rent, speak to a reputable Realtor and check the "owner's" name against the Miami-Dade tax database (online) before you give anyone your money.Fri, 3 Jun 2011 10:25:19 PDThttp://www.trulia.com/voices/Home_Buying/We_contacted_her_company_and_requested_them_to_pay-287705Answer by Melanie Dawn Molina Wood: I agree that you need to consult an attorney. Legal counsel can look at the timeline and what facts can be established, and advise you properly. If nothing else, it would seem that you have a case against the Seller if your contract included the missing items and you can prove that the items were stolen prior to closing. Or if it is possible that the theft occurred after closing, your own homeowner's insurance policy may cover the loss. But your situation does serve as a cautionary tale for other out-of-town buyers and other real estate agents. It is the buyer's responsibility to do that final walk-through, and it should be done immediately before the closing. If the buyer can not be present, it is the buyer's responsibility to send a family member or personal friend in their place. It is not the agent's responsibility to do a final walk-through for a buyer. I am sorry that you walked into such a mess. I wish you all the best in getting it sorted out.Fri, 6 May 2011 07:23:05 PDThttp://www.trulia.com/voices/Home_Buying/Issue_with_short_sale_Have_a_signed_contract_with-287563Answer by Melanie Dawn Molina Wood: JSmart, I do agree with Elizabeth that typically the bank will accept an addendum that simply extends the original contract. Based on what you have said about your specific situation, however, it would probably be just as easy to do a new contract. First, it sounds like that is what the bank asked for and it is always wise in a short sale to give them exactly what they've asked for rather than try to explain to them why an addendum is just as good. Second, if your original contract had a 90 day deadline to obtain the short sale approval, that deadline expired in early April. Since an extension wasn't signed before the deadline expired, the bank may feel it is better to just do a new contract. And yes, as Elizabeth also said, make sure your agent or attorney includes a new short sale approval deadline for you. And finally, as Karen notes, if you have your own agent and you trust him/her, they are your best source of guidance as they know the details of your transaction. If you don't have your own agent, or feel that you may not be getting accurate advice, you can also consult a real estate attorney. I have several (with very reasonable fees) that I can recommend. Let me know!Thu, 5 May 2011 15:26:50 PDThttp://www.trulia.com/voices/Home_Buying/Issue_with_short_sale_Have_a_signed_contract_with-287563Answer by Melanie Dawn Molina Wood: Good afternoon, JSmart I am a Realtor in Miami-Dade, and can confirm that Elizabeth has offered you sound information. You definitely want to include an expiration date in the addendum. As Elizabeth notes, this is to protect you, otherwise the Seller can hold you to a binding contract indefinitely. The standard FAR/BAR short sale addendum's most agents in Miami are currently using do contain a 90 day expiration as a default, but you should make sure that your agent is using that form or at least including an expiration date in whatever addendum s/he prepares. The bank usually doesn't care or require this detail, and there is no automatic bank imposed time period. To correct one error from a previous answer, in Miami at least, the contract IS binding as soon as both the Buyer and the Seller have signed it. The bank's short sale approval is a contingency, similar your inspection and financing contingencies. The bank is NOT a party to the contract itself. Having said that, your original contract has probably expired which is why the bank is requesting a new contract or addendum before they will proceed. Congratulations and good luck with your home purchase!Thu, 5 May 2011 13:06:37 PDThttp://www.trulia.com/voices/Home_Buying/hey_quick_question_Is_it_normal_for_a_loan_proc-287467Answer by Melanie Dawn Molina Wood: Good morning, Silvana For a convention loan, the process from application to closing should be approximately 30 to 45 days. An FHA or VA loan could take a bit longer, up to 60 days. But if you are getting something like an FHA 203K loan, it could very possibly take longer. Also, if there are documents missing (proof of insurance from a condo association, for instance) this will delay the process. If you would like to talk to a loan consultant for more detailed advice as to your specific situation, I highly recommend David Caporini at CB Home Loans. His phone number is 305-803-5845 and his email is david.caporini@mortgagefamily.com. No obligation, no cost. Just let him know that I referred you. Good luck and congratulations on your purchase!Thu, 5 May 2011 05:58:02 PDThttp://www.trulia.com/voices/Financing/I_live_in_Miami_I_have_an_approved_FHA_loan_with_-240764Answer by Melanie Dawn Molina Wood: Good Morning, Lorena, Miami-Dade County offers several assistance programs for low income buyers. One such program is known by the acronym "MMAP-HAP". As I wrote in a blog on this topic: "Since 1995, the Miami Dade Economic Advocacy Trust has assisted homebuyers who are qualified for any of a variety of fixed-rate loan programs by providing up to $7,500 (or 4% of the purchase price, whichever is less) towards the down-payment and/or closing costs on the purchase of a Miami-Dade County home. Funds are available on as “as-needed basis” in the form of a zero interest zero payment loan; and if the buyer lives in the property for at least 10 years the entire loan is forgiven. The program is available to low-to-moderate income buyers. A family of four can earn up to $98,420 while a single person can earn up to $69,020. Buyers with low to median income according to the guidelines will need to contribute 1% of the purchase price, while moderate to moderate/middle income earners will contribute 3%. These buyer contributions may come from other assistance programs. The buyer must not have owned any real property within the past three years, and must be a current resident of Miami-Dade County. There is an exception to the “three year rule” for the “displaced spouse” in a divorce situation. Eligible properties include single-family homes, town homes and condominiums up to a $423,750 purchase price. The property must be immediately livable so 203(k) or FannieMae Rehab qualified properties are not allowed." If you would like additional information, please give me a call at 305-801-3133. I am an approved MMAP-HAP real estate agent and will be happy to assist you further.Tue, 31 Aug 2010 07:15:24 PDThttp://www.trulia.com/voices/Home_Buying/Association_information_on_a_condo_I_would_like_to-235970Answer by Melanie Dawn Molina Wood: Typically a buyer is provided with the "condo docs" (including financials) within a few days of signing the contract. Under Florida law, the buyer then has three business days to review the documents and cancel the contract if there are issues unacceptable to the buyer. In a short sale, the short sale addendum often changes the Effective Date to the date when the seller's lender provides written approval of the short sale. It is very likely, based on the information you've provided, the deadline for the seller to provide those condo docs to you was changed by the short sale addendum to a date after short sale approval. Nevertheless, it shouldn't be a problem for you to obtain the documents earlier if all parties are agreeable. Just remember that you will still have to review the documents and notify the seller if you intend to cancel the contract within three days of your receipt of the documents; not after the short sale approval.Tue, 3 Aug 2010 10:41:02 PDThttp://www.trulia.com/voices/Property_QandA/We_have_been_trying_to_sell_our_house_for_the_last-233148Answer by Melanie Dawn Molina Wood: There is no "one size fits all" answer. I would suggest that you interview at least three real estate agents so that you have a clear picture of the real estate market in your specific neighborhood. In general, though, I do not think that refinancing cash out of your existing property to purchase a new home is a good idea. You indicated that the homes in the neighborhood you want to buy in are priced higher than your current neighborhood. So unless you have additional cash, you are likely planning to finance some of the new purchase. With a shaky credit score, you will be complicating issues even further because you will need to show that your current house is either rented or that you can carry both mortgages. Moreover, you are going to be holding the current house as an investment property for at least 5 years, not one year, in my opinion. And you will need to factor in higher real property taxes, maintenance, vacancy time and capital gains upon sale. Obviously, I advocate for long term real estate investment. But it is very important that you understand what you are getting yourself in to if you plan to be a Landlord in addition to purchasing a new home. If you would like to discuss your situation further, you may call me at 305-801-3133.Sun, 18 Jul 2010 09:03:24 PDThttp://www.trulia.com/voices/Home_Buying/I_placed_an_offer_on_a_short_sale_property_several-218416Answer by Melanie Dawn Molina Wood: Good afternoon, Pam. Short sales can be very frustrating for a buyer and this is one of the reasons why. The specific answer to your question depends on exactly what your contract says. The standard "short sale" addendum used in most transactions states that the Seller can continue to accept multiple offers until the transaction has closed. This is very different from a "back-up offer" because, as you've seen, in a multiple offer situation the higher offer can jump ahead of yours at any time. In addition, in a short sale the Seller and/or his lender usually reserve the right to cancel your contact at any time prior to closing for various reasons including bankruptcy or loan modification. If you are working with your own real estate professional, they can give you advice on how to avoid these pitfalls as a buyer in future transactions. If you are not working with a real estate professional, and you have additional questions, please don't hesitate to give me a call. I have an excellent success rate with short sales for buyers and for sellers, and would be happy to assist you going forward. My phone number is 305-801-3133Wed, 28 Apr 2010 11:29:08 PDThttp://www.trulia.com/voices/Financing/I_am_interested_in_buying_an_investment_property_i-214543Answer by Melanie Dawn Molina Wood: Good afternoon, Baldo You have received some excellent answers here, and I will have to second Adrian & Casey on several points. Even if financing might make better investment sense in some markets, in the current Miami-Dade downtown market you will want to pay cash. Almost none of the new developments in the downtown area (The Madison being one exception) are even eligible for FHA financing, and many will require up to 50% cash down-payment for conventional financing anyway. Moreover, as the others have noted, cash offers are often considered first against financed offers as well. From the Seller’s perspective, that is one or two fewer contingencies to worry about. Keep in mind that you can always re-finance to take some cash out later if that makes better financial sense in your over all investment strategy. I hope this helps, but don’t hesitate to give me a call if you have any additional questions or would like my assistance finding an investment property to purchase. Melanie Dawn Molina Wood Coldwell Banker Residential Real Estate LLC 305-801-3133Tue, 13 Apr 2010 13:12:00 PDThttp://www.trulia.com/voices/Home_Buying/IS_there_any_homes_for_sale_in_the_N_Bayshore_Dr_-212724Answer by Melanie Dawn Molina Wood: Opera Tower in downtown Miami Florida is a luxury high-rise condominium located just north of the Doubletree Grand Hotel at the south end of Pace Park on Biscayne Bay. The Opera Tower is a 60 story building made up of 635 luxury apartments (studio, one two bedroom models) and amenities that include pool, fitness center, social hall, media room, business center, valet, retail shops, restaurants & more. There are currently 20 apartments available for sale through the Multiple Listing Service and additional apartments available through the developer. Since June of 2009, there have been 4 RECORDED sales ranging from $$179,900 for a studio up to $262,000 for a 2/2 model. Additional MLS & developer sales may not be reflected in the county records yet. If you would like more detailed information about this or any other development in Miami-Dade County, feel free to call/text me at 305-801-3133 or email me at Melanie.Wood@FloridaMoves.comTue, 6 Apr 2010 09:42:38 PDThttp://www.trulia.com/voices/Home_Buying/Will_the_prices_in_hit_a_bottom_any_time_during_-202917Answer by Melanie Dawn Molina Wood: No one can predict with absolute certainty when prices will "hit bottom" in any given market. What we can say with certainty is that inventory in zip code 33156 has been slowly but steadily shrinking since mid-2008. In July 2008, there were 684 available properties listed in the MLS. In January 2010 that number shrank to 475 with average of 178 days on the market. Compare this, however, to July of 2005 when there were only 177 and the average days on the market was only 73. Another statistic that we can look at is the numer of months of inventory based on the current absorbtion rate - the rate at which properties are selling. We currently have approximately 16 months worth of inventory, compared to July 2005 when we had less than 5 months and home prices were rising. Keep in mind that actual sales prices will lag behind these indicators. July 2005 was the peak of the market, with the lowest inventory, highest closed & pended transactions, and lowest months of inventory in the last 7 years, yet prices continued to rise for another six months. Analysts typically use 6 months worth of inventory as an indicator of a stable market. Once we've again reached approximately 6 months of inventory in zip code area 33156, we can feel confident that we have "hit the bottom" of this particular cycle and prices should stop dropping within the next few months. <iframe src ="http://post2web.trendgraphix.com/Post2Web.asp?Lev1=CBFL&Chart=/MIA/charts/3156-01-01-01-0129-1-38-1B-87&Uid=dcgm`bhu" width="835" height="675" frameborder="#"></iframe> If you woud like to receive a quarterly "Facts & Trends" report so you can watch the inventory trend for your zip code, please email me at Melanie.Wood@FloridaMoves.comSat, 27 Feb 2010 07:33:59 PSThttp://www.trulia.com/voices/Home_Buying/removed-136474Answer by Melanie Dawn Molina Wood: Good afternoon Carlos. If your contract reads that the Seller must have the windows properly permited before your closing, I would hold him/her to that. They may suggest holding some of the seller's proceeds "in escrow" until the permiting work is complete. This is usually a safe course of action provided you have your attorney review the escrow agreement , there are time limits included in the agreement and there is a substantial sum of money held in escrow to ensure the Sellers do complete the work. One of the possible consequences of not getting the permits completed is that the City of Coral Gables will hold you responsible for doing so later. And if the work was not done to code, you could be facing costly renovations to bring the windows into code compliance and/or to pass city inspections. And even if the City of Coral Gables never addresses the issue, your buyer in the future may require you to complete the permit process years after the fact. You may want to contact a "permit expeditor" for more information about possible costs and consequences. If you have a Realtor, ask him/her for recommendations. If not, feel free to contact me if you want.Sat, 13 Jun 2009 13:10:52 PDThttp://www.trulia.com/voices/Property_QandA/Is_the_the_starting_bid_or_the_final_price_My_-107382Answer by Melanie Dawn Molina Wood: The house you are asking about went under contract on March 26th. $202,900 is the listed price. Once the transaction closes, we will be able to see what the final price was. Typically, a buyer can offer less than the listed price. However, when the property is a foreclosure in good condition and listed low for the neighborhood - like this one - there will be multiple offers and the final price is very often higher than the listed price. If you are interested in purchasing a home and need further assistance, please do not hesitate to contact me at 305-801-3133.Sun, 5 Apr 2009 15:29:54 PDThttp://www.trulia.com/voices/Property_QandA/hi_i_am_a_resident_of_GA_looking_to_relocate_to_mi-101984Answer by Melanie Dawn Molina Wood: Please give me a call at 800-889-9315 ex 128; ask for Melanie Dawn. Or you can email me at Melanie.Wood@FloridaMoves.com I specialize in relocations and am here to assist you.Mon, 23 Mar 2009 06:15:57 PDThttp://www.trulia.com/voices/Property_QandA/Brickell_Bay_Drive_-96682Answer by Melanie Dawn Molina Wood: Unit 3822 at The Club at Brickell Bay Plaza is listed for sale at $250,000. Trulia and other real estate web sites often pull foreclosure data from the county tax records which will indicate the dollar amount listed on the deed when the property transferred back to the financial institution, but will not have any relationship to the market value or the price it will be listed for. You have requested information about a number of properties on Trulia today. If you would like personal assistance on all of your real estate question, please give me a call directly at 305-801-3133.Sun, 8 Mar 2009 11:04:23 PDThttp://www.trulia.com/voices/Property_QandA/_Claughton_Island_Drive_-96602Answer by Melanie Dawn Molina Wood: Unit 708 currently has a contract, but there are serveral other lovely units currently available at Isola. Please give me a call at 305-801-3133 to discuss and schedule an appointment.Sun, 8 Mar 2009 06:04:40 PDThttp://www.trulia.com/voices/Property_QandA/Are_these_homes_only_for_sale_or_can_they_be_rente-96604Answer by Melanie Dawn Molina Wood: There is one home currently for rent in The Villas of St. Agnes. It is a three bedroom, two bath Key West style house. This community consists of 3 and 4 bedroom single family homes only; you will not find any 2 bedroom units here. If you would like further assistance, you may give me a call at 305-801-3133Sun, 8 Mar 2009 05:59:05 PDThttp://www.trulia.com/voices/Property_QandA/Brickell_Bay_Drive_-96606Answer by Melanie Dawn Molina Wood: Please call me or text me at 305-801-3133 to schedule an appointmentSun, 8 Mar 2009 05:36:25 PDThttp://www.trulia.com/voices/Property_QandA/If_my_condo_is_worth_of_what_it_was_worth_in_h-96384Answer by Melanie Dawn Molina Wood: Another point to keep in mind is that property taxes are paid in arrears. This means that the property value determined by the county was done as of January 2008 but you do not pay the taxes on that amount until late 2008/early 2009. In a rapidly declining market, your taxes were calculated on a higher amount than your property is worth today. When values begin to appreciate again, the reverse will be true.Sat, 7 Mar 2009 09:42:49 PSThttp://www.trulia.com/voices/Property_QandA/Is_this_price_correct_I_am_looking_to_purchase_in-96114Answer by Melanie Dawn Molina Wood: That is the per month rental price. Please give me a call to discuss what you are looking for. 305-801-3133Fri, 6 Mar 2009 09:38:50 PSThttp://www.trulia.com/voices/Property_QandA/how_do_I_find_the_listing_agent_information_for_th-95706Answer by Melanie Dawn Molina Wood: This property has a contract pending on it. Please give me a call for further information. 305-801-3133Thu, 5 Mar 2009 08:51:00 PSThttp://www.trulia.com/voices/Home_Buying/is_property_SW_pl_still_available_I_am_interest-77768Answer by Melanie Dawn Molina Wood: Good afternoon, Eileen The listing agent is a friend of mine, so I just checked to make sure that it is not only available on the MLS, but there are no offers submitted to the bank. The house is in good shape, too, so give me a call to see it and write up the offer. My number is 305-801-3133, or my email is Melanie.Wood@FloridaMoves.comTue, 6 Jan 2009 09:53:59 PSThttp://www.trulia.com/voices/Property_QandA/Is_this_property_for_sale_-61862Answer by Melanie Dawn Molina Wood: It does not appear to be. It is not in the Multiple Listing Service database, so it is definitely not listed by a Realtor. There is a possibility it is a "fsbo" but it is odd that there is no asking price or contact information. If you would like assistance to find a home to buy, please give me a call at 305-801-3133 or visit my website. We have many homes that ARE available in that same area.Sun, 12 Oct 2008 09:55:33 PDThttp://www.trulia.com/voices/Financing/does_foreigners_can_get_mortgage_now_days_in_orde-61149Answer by Melanie Dawn Molina Wood: Yes! Foreign nationals typically need to put at least 30% down, but the financing is certainly available. Keep in mind that lenders are requiring 50% down for certain newer condominium developments, but that is a separate issue. Give me a call if you would like recommendations for several lenders specializing in loans for foreign nationals. 305-801-3133Tue, 7 Oct 2008 18:01:12 PDT