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Home Selling in Carl Fisher : Real Estate Advice

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Activity 13
Sun Jun 18, 2017
Mike Vadim asked:
I am selling a condo in Miami Beach, FL myself to my current tenant thats been renting the place for me for the past year. He is using a mortgage and is currently in process of scheduling…
0 votes 0 Answers Share Flag
Wed Sep 2, 2015
Pierce M Love answered:
Hello,

I can help with getting your apartment rented.

Please contact me at my number below and send me an email so I can better assist you.

I look forward to hearing from you.

Pierce M Love P.A.
Broker Associate
Howard Chase Real Estate, LLC
1354 Washington Avenue
Miami Beach, FL 33139
Mobile: 305-610-6698
piercel@howardchaserealestate.com
www.lovemiamiproperties.com
... more
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Mon Feb 23, 2015
Jeffrey Miller answered:
Hi Tony,

I suggest first going through word of mouth. If you have any friends or professional contacts in the area that you trust, reach out to them to get recommendations. Additionally, feel free to check out www.Zilbert.com. We have a great list agents who would be more than happy to assist you. I myself am Zilbert's #1 agent and work exclusively on Miami Beach to help buyers and sellers negotiate the market. Feel free to email me at jeff.miller@zilbert.com if you have any additional questions or concerns. ... more
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Tue Feb 17, 2015
Jeffrey Miller answered:
Seasonal rentals are very popular, especially within the time frame you suggested. Be sure to check with the condominium about what their rental restrictions are, because they vary from building to building. ... more
0 votes 15 answers Share Flag
Mon Dec 23, 2013
Irina Karan answered:
Hello Thomas,

I agree with other agents here that you could start from disputing your credit report with all 3 agencies - explaining that it is a mistake to report this a derogatory. Chase will have 30 days to respond (which they may not) - after which this info will be removed.

You could also try to use the branch to help you.

However, you might need to dig deeper and see if there was an underlying investor (with Chase being a servicer). If that investor didn't sign off on the deal properly or they didn't keep good tracking on your file - there could be potential issues.

In that case, it is best to hire an attorney familiar wit debt handling - like credit card, IRS, short sale deficiencies handling...Some are not as expensive as others - younger hungry ones, for example.

You could also call Chase and investigate it (writing down all contacts' log) - which could help
find the weak link in the short sale transaction.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
0 votes 7 answers Share Flag
Sat Mar 2, 2013
Santiago Vitagliano answered:
Alex

All my colleges answers are good, but let me also point out that price alone and recent sales alone do not determine the marketability of an asset. There several other intrinsically factors which could hinder the sale of the property. All things being equal in terms of marketing efforts, then one must also look at how is the unit appointed, how do the finishes compare to units within the immediate market, in other words are they to the same level or substandard. Any needed maintenance like a fresh coat of paint. How do the views or lack of it affect the valuation, etc. Some times is not just price but other factors that need to be considered. Hope this helped you think on a different angle to the situation ... more
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Fri Mar 1, 2013
Santiago Vitagliano answered:
Everything that has been said here is valid and valuable, but the biggest mistake homeowners do when improving their property is under or over improvement or improvement at all. Determining your properties positioning against the market average "improvements" ( in other words - structures and finishes) is the first and most important benchmark required to answer your question. Our we develop luxury single family homes and I will gladly give you my developer opinion on your property and what needs to be done for FREE ... more
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Sun Jun 10, 2012
Santiago Vitagliano answered:
Condos with rental restrictions are abundant in Miami hence I do not see an issue, in fact several of our international investors prefer a one long term tenant who takes good care of the condo. Because international investors are absentee owners they rather not have the turnaround of short term rentals.

If your condo is still in the market and hasn't sold then the issue is marketing and pricing not rental restriction. Contact me for a free evaluation and assessment of the marketing strategy

Kind regards

SAVI
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0 votes 10 answers Share Flag
Tue Mar 29, 2011
Kurt Weber answered:
No. The homestead protects you from basically non-real estate creditors like business associates.

Look in the IRS website and look under short sales or short pays. It forgives the phantom or shadow income (where there’s the bank loss, there's your gain) from the sale. You don't owe the IRS anything if it's your principle residence.

Kurt W
Anaheim, CA
... more
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Thu Sep 23, 2010
Wenceslao Fernandez Jr answered:
That's a great question, Celia.

My advise is that you seek professional answers from relevant professionals. In other words, seek answers to specific medical questions from doctors in the proper specialty, legal questions from the right, competent attorney and tax questions from the proper tax professional.

The IRS website provided earlier is a great source of information but most of it is quite complex for most people. Make sure you speak to a CPA or experienced tax professional who is familiar with these matters.

You are seeking an answer on Debt Forgiveness. Typically, my understanding is that this takes place after a short sale or foreclosure and the lender can either claim the unpaid debt by issuing you a 1099 (for taxes, which creates a phantom income to you), or by filing for a Deficiency Judgment with the court (which creates a legal issue and possibly not a tax liability), requiring the professional advice of a competent real estate or bankruptcy attorney.

You may also find additional information at www.CDPE.com.

All the best and do let us know how it all turns out.
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Sun Jun 13, 2010
Alma Kee answered:
The Seller will get the money and you will have to bring the extra money to closing.

What's causing the delay? Call your lender immediately to let them know the penalty is $100 per day! If you've failed to provide info requested by your lender, get everything to them immediately and tell them you must close asap! ... more
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Since agents belonging to a local board of Realtors also typically belong to the MLS, we all share this information.

Units "sold" in a building may be provided by agents in a postcard or newsletter format for that building as information of sold inventory and prices for all owners in that building to see.

The sold units may have been sold by any number of agents who had those particular listings. However, the listing agent may have not attracted the buyer directly and so, their marketing effort may have attracted another agent who was working with a buyer who was interested in the building and ultimately purchased a unit in it.

In essense, most sales are done in collaboration with an agent who brings in the buyer and as a result of the listing agent's ability to use the network of other agents to their advantage for purposes of serving their client and getting the unit sold.

Therefore, although finding an agent who works with a reputable national company, who is competent and can demonstrate knowledge of the local market and who works in a team and does not have to juggle the hundreds of tasks required is imperative, most agents you find in this community will be able to assist you with the sale of your property with competence.

In the end, it is not always the agent that has the most listings in a particular building who can best serve you (though an intimate knowledge of the building and the market are key), but one who can also demonstrate other qualities important to you.

Ask plenty of questions when interviewing agents. Among other things, seek Realtors (members of the National Association of Realtor who adhere to a strict Code of Ethics) who are also members of national, reputable companies and among them, those with additional designations who have demonstrated that this is in fact their FULL TIME means of earning a living.

All the best.
... more
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Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Hi, Archipel. Just wanted to point out a few things.

One, an appraisal goes beyond what most Realtors (members of a local board and the National Association of Realtors who adhere to a strict Code of Ethics), do. Typically, we offer a Comparative Market Analysis or an opinion of value. Appraisals require a closer look and are best performed by licensed Appraissers who perform these services for a fee and per strict guidelines.

Second, there are several appraisal methods a licensed appraiser may use and the result will depend on the type of appraisal you hire them to do. Typically their fees are different depending on the type of appraisal they perform.

Third, if you hire an appraiser, the fee you pay will most likely only provide you with an appraisal that will serve you for information purposes. The buyer will have to pay for a separate appraisal if they are looking to get financing to complete the purchase. Although your appraisal will help you properly price your unit for sale, this document will not be valid for the buyer's lender.

Therefore, seek a competent Realtor from whom to obtain your Competitive Market Analysis or Opinion of Value which are typically offered complementary.

The value of units in your building (Marjo Condo), and particularly your 2/2 unit wich sold for $350k in June of 2007 will greatly depend on a buyer's ability to obtain financing to acquire your unit based on the building meeting FNMA/FHA guidelines. Otherwise, only cash buyers may buy or those who can obtain private or nonconforming (to FNMA/FHA guidelines) loans.

Another factor which may affect the sellability of units in your building is the status of the 40 year recertification, possible assessments and budget/mainenance issues as well as the condition of your unit.

As you can see, there is a lot to consider before an answer can be provided. According to tax records however, there have been 15 similarly sized (square feet), properties sold within a one mile radious of yours in the last 3 months, 3 of which were South of 5th. Of the remaining 12 non-waterfront units sold (though the unit sold may have been on a bay building like in the Mirador, the unit itself may have not been waterfront), the average price of these units sold was $171,700 based on price/per square foot.

Although they were all of similar size square foot-wise, none were 2/2 (only one was a 2/1.5) and the rest were 1/1 or 1/1.5, which may be to your favor if the unit shows well as a 2/2 similarly sized to a 1/1.

Tis true that the price may have dropped that much since June, 2007 to now (from the mid $300s then to the mid-upper $100s now). This is why many owners cancel their listings and decide to wait (which could prove quite expensive and a competent Realtor could show you how), while yet others, resort to attempt a Short Sale in order to avoid Foreclosure.

If your situation is such that you can wait another 3-5 years before condo prices get to a more acceptable level to you then, go for it. If however, your situation is such that you can no longer afford the unit, make sure you seek a Certified Distressed Property Expert (CDPE) to assist you with the sale. These are Realtors who have undergone more extensive training, specializing them in this field of distressed property sales. Ask a lot of questions and make sure you avoid foreclosure.

Again, do your research and all the best.
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