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33901 : Real Estate Advice

  • All23
  • Local Info1
  • Home Buying11
  • Home Selling4
  • Market Conditions1

Activity 19
cbarsa, Home Buyer in Madeira Beach, FL
Thu Jan 21, 2016
cbarsa answered:
I had a contract on a condo which the buyer wouldn't extend contract over New Years. The contract ended Dec 29, 2015. I needed a few more days to complete financing.

He had a cash buyer and wants to keep my earnest money. His attorney has been brutal. In the real estate contract you must notify 7 days prior of cancellation. I had no intentions of cancellation because I wanted condo.

I wanted a couple extra days due to Holiday's Christmas etc. Is there any consideration allowed for business days. I found out since that he had done this to prior contract on this condo?
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0 votes 14 answers Share Flag
Jacquie Yekm…, Real Estate Pro in West Palm Beach, FL
Tue Dec 15, 2015
Jacquie Yekmalian answered:
Hi Mrsthejenn,

The best way to estimate your property taxes is 2% of your purchase price. This will give you a good "estimate" of where your taxes will be. You should never go by what the current owner taxes are, as their taxes are related to many factors when they purchased. For example, if owners are the original purchasers their taxes could be much lower than someone who purchased recently or during the boom. Why? Because their purchase price was lower compared to todays market. However, if the home was purchase let’s say during the boom/height of the market then taxes may reflect more than someone else in the same community. Add on the other exemptions like homestead, widow, disability, portability, etc., more deductions are put into play.
You can also go to www. Pbcgov.com/papa for more information.
I hope that helps you.

Jacquie Yekmalian
Lic. Real Estate Broker/owner
Blue to Green Realty, from the sea to the 18th tee
www.isellflahomes.com
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1 vote 2 answers Share Flag
Michael Jose…, Home Owner in Gulf Breeze, FL
Wed Aug 13, 2014
Michael Joseph answered:
File a lawsuit against them in small claims court. An attorney would be expensive depending on if you put the standard 1k for escrow but small claims court would cost nothing but filing fees. I would also contact the listing agents broker and if you had an agent representing you as a buyer their broker as well. The agent should be trying to rectifying the situation rather than say she will not speak to them about it. ... more
0 votes 6 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Apr 19, 2014
Anna M Brocco answered:
Good areas are all about personal preferences, budgets, wants, needs, lifestyle; therefore consider researching areas of interest on your own, and take the time to visit more than once, then determine where your comfort level can best be reached; don't simply just entertain what other people think or say, another's opinion may not be anywhere near the best thing for you. If you have crime/safety concerns contact the local authorities... ... more
0 votes 2 answers Share Flag
Angeline Sac…, Real Estate Pro in Fort Myers, FL
Mon Feb 10, 2014
Angeline Sackett answered:
Did you put a deposit on the home is the first question I have for you. If so, there is a god possibility that you will not receive any refund of that deposit without a release form. If this is a SHORT SALE that you are attempting to purchase, the bank is not the one that has it on the market.... but the current owners have it up for sale. The bank is the one that has the FINAL SAY of the ultimate sale price - even after the seller signs your short sale offer. Your paperwork, if read carefully, give the bank all the rights to pull out from this sale. They have to clear up that 2nd mortgage or you would own a home with a lien on it which I do not think is what you wish to happen. You may see it go up for a higher dollar amount if that is an amount they need to clear both liens they are now looking at. Also, please check to see if the form you now have says that you are wanting to cancel the contract or if it states that lender is not accepting your offer? Alter the form before signing if it makes you happier, stating that you want the property but only IF the lender will close at the amount you are willing to pay as stated on your original purchase offer.
Either way, you need to consult with legal council in the area you are attempting to purchase and they will advise you what is in your best interest. The longer you wait, the higher not only this home will be but others in the area you are looking. Most of the country is now on a swing upwards... if only ever so slight. Good luck to you in finding a home that is fee of any liens. suitable to you and your family and at a price you can afford.
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0 votes 8 answers Share Flag
Marsha Umans…, Real Estate Pro in Tamarac, FL
Tue Jul 2, 2013
Marsha Umansky answered:
If you are looking at listings on a website other than MLS and realtor.com , please, understand that realtors DO NOT input their listings into all those various website, so the mislabeling can be the result of a faulty IDX mechanism. I am not saying realtors do not make mistakes like everybody else, but it does not happen that often. My guess is it is more of a computer programming issue. ... more
0 votes 10 answers Share Flag
Jason Lipsher, Real Estate Pro in Fort Myers, FL
Tue May 7, 2013
Jason Lipsher answered:
I would be happy to help you with any of your real estate needs.

Jason Lipsher
(239) 850-0466
jasonl@thecozzateam.com
0 votes 6 answers Share Flag
Pam Wittenau…, Real Estate Pro in Fort Myers, FL
Sun May 5, 2013
Pam Wittenauer answered:
Please call me and I can refer you to someone in that area.

Kindest Regards
Pam Wittenauer
239-989-7077
www.realtyinswflorida.com
0 votes 2 answers Share Flag
Justin Ruzic…, Real Estate Pro in Greenville, SC
Tue Dec 11, 2012
Justin Ruzicka answered:
yes, you can. Infact great agent suggest this. that way there are no open contingencies on the buyers side of transaction when Short Sale Approval comes from lender. Here are some good articles on short sales. http://blog.house-guy.com/category/everything-about-short-sales/ ... more
0 votes 11 answers Share Flag
Shelley Hugh…, Real Estate Pro in N Ft Myers 33903, FL
Tue Sep 4, 2012
Shelley Hughes-Spradling answered:
You will need to get quiet title and could take 2-4 months. Call if you have any other questions.
0 votes 5 answers Share Flag
Shelley Hugh…, Real Estate Pro in N Ft Myers 33903, FL
Sun Aug 5, 2012
Shelley Hughes-Spradling answered:
I would be happy to help you. I am the owner /Broker and 90% of my brokerage firm is Property Management. I have 12 years of experiance. I also travel the country training others how to do the same. I have a list of qualified tenants just waiting for thier new home. I can have your property on the mls today and rented within 30 days. I am good at what I do and I love it.I will look forward to speaking withyou. 239-234-0277 or Shelley@investorfriendly-pm.com ... more
0 votes 3 answers Share Flag
Jacob Eister, Real Estate Pro in Fort Myers, FL
Mon Sep 19, 2011
Jacob Eister answered:
No one can force a Buyer to sign Closing Documents. There is no such thing as "for sure", until you get the deed signed and your closing proceeds in the bank. A Buyer may forfeit their deposit if they do not perform according to the contract. There are plenty of variables. The last variable in the contract is the Title Committment. Usually, the Buyer needs to have been sent the committment and had a chance to review it, before the closing. This is one of the variables that gets overlooked frequently. I hope you sold your home by now! ... more
0 votes 7 answers Share Flag
Alma Kee, Real Estate Pro in Tampa, FL
Sat Nov 6, 2010
Alma Kee answered:
Some lender sets their minimum bid below their final judgement amount. You can subscribe to a service that may provide this info.

www.IRSFL.com
0 votes 1 answer Share Flag
Alma Kee, Real Estate Pro in Tampa, FL
Sat Sep 25, 2010
Alma Kee answered:
You may be able to pay below market rent if you're willing to move within 30 days on a short sale house.
0 votes 2 answers Share Flag
Pam Wittenau…, Real Estate Pro in Fort Myers, FL
Sat Aug 21, 2010
Pam Wittenauer answered:
I have spent the last 2 years with short sale properties of my own. I can help you and I have a team ready to assist also. Call me at 239-989-7077. I will let you know of my experiences. I am so happy I used this process.

Pam Wittenauer
pamelakaym@yahoo.com
Exit Platinum Realty
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0 votes 10 answers Share Flag
Erik Elsea, Real Estate Pro in Fort Myers, FL
Wed Apr 28, 2010
Erik Elsea answered:
You definitely need to hire an attorney for this and quick. I would highly recommend Charles Jones here in Lee County. He can be reached at 239-542-9136. Best of luck.

Erik Elsea
239-405-4063
erik@erikelsea.com
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0 votes 10 answers Share Flag
Diane Wheatl…, Real Estate Pro in Upland, CA
Fri Feb 13, 2009
Diane Wheatley answered:
If you are certain and determined to purchase this particular home then I would highly suggest hiring an attorney to sort out the details for you. However, I can tell you that the seller has taken great leaps to save their home from foreclosure. If their home cannot be saved from an inevitable foreclosure through various court actions they are willing to take then at the very least they stand a good change of retaining their home for an extended period of time while the lender and the legal system hash it all out.

Be sure to hire an attorney that is well informed with foreclosure law in your state. Not an easy task but feasible. They will be able to give you a timeline on how many months you will be on the hook.

My suggestion would be to keep looking at other homes. Maybe you'll find one that is just as nice if not better and will save you from turning prematurely grey with unnecessary stress.

Good luck! I'm sorry you have to deal with a situation that prevents you from purchasing the home you really had your eyes on, and money!!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 981-5589
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1 vote 5 answers Share Flag
Nancy Doyle, Real Estate Pro in Cape Coral, FL
Wed Oct 8, 2008
Nancy Doyle answered:
Hi Jennifer,
I would think you could call the local board and double check on how many short sales an agent has actually closed. The number is 239-936-3537.
Goos Luck,
Nancy
www.nancydrealtor.net
239-209-2237
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0 votes 3 answers Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Mon Sep 22, 2008
Keith Sorem answered:
Ronald
It sounds like you made a wise investment. You have some great posts so far, so I encourage you to read them carefully.
Having been involved in investment property transactions here are some thoughts that might not not be included in the "normal " thought process:
People buy and sell real estate for specific reasons, so as you contemplate the sale of this property consider carefully what you are trying to achieve. The obvious reason might be to sell it at the highest price possible, however in most cases there are more subtle reasons:
1. If your goal is to sell for the most money, why sell now? Why not wait for the market to swing the other way?
2. What are the tax consequences of selling? Would it be better to sell outright, or conduct a 1031 exchange? What would the impact be of a Democrat-controlled government? Might the capital gains tax go back up? If it did, what would that do to your profit picture?
3. Exactly what do you plan to do with the proceeds? Determining the best end result might help you. For example, if you were going to be buying more similar property (vacant land), where should you buy? If you do decide to conduct a 1031 exchange, you have a limited time frame to decide.
4. What about finding some development partners and developing your property your self?

I encourage you to obtain the wise counsel of experts. I expect that you will reap a fairly good profit from this, so you'll want to leverage that to the best of your ability with minimum risk.

I also recommend interviewing three Realtors. I would be honored to provide you with a referral to a seasoned REaltor who is expert in this type of property in your area.

Best of luck to you.
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0 votes 4 answers Share Flag
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