Home Buying in Miami>Question Details

Ralph, Home Buyer in Miami, FL

Son looking for a Home 3 months no Luck :(

Asked by Ralph, Miami, FL Thu May 1, 2014

My 33 year old son has been trying to find a home in Miami for 3 months with no luck, all have been junk or bad locations. He is pre-approved for 220K and would like to spend up to 220K . Conventional Mortgage with 20% down. He is single so a 2/1 or 2/2 or 3/2 home is fine. Any of these zip codes 33134, 33155, 33144, 33126, 33125, 33135, or 33145.
Any ideas we are losing hope.
THANKS

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Answers

9
Dear Ralph,

After looking for 3 months your son should have a very good idea of what $220k will buy him in the area he is looking. Prices are continuing to go up so the longer he delay in making a decision, the less of a property he will get for $220k.

I would suggest he contact Andy Wood, mortgage lender, to find out about getting a "renovation" mortgage approval. These mortgages tend to take more time to close so you may have to exclude Bank owned (they will not allow a delayed closing) and Short Sales.

The "pretty" properties will attract multiple offers above "retail" prices so to get more for his money he will do better looking for an ugly fixer upper. All of the repairs can go on after closing. A new roof, new A/C, granite kitchen counters, etc.

As far as pocket listings, most Brokers are not so foolish to allow their agents to engage in this type of activity that only benefits the listing broker. Studies have found that "pocket" listings result in a significantly lower sale price for an owner. Our regional MLS in the Orlando/Tampa/Sarasota area now even require the Seller to sign a disclosure if the agents wants to exclude the listing from the MLS.

One other word of advice... go for a http://www.HomePath.com property since your son will NOT have to compete for the many cash investors for the first 20 days listed.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun May 4, 2014
Homepath maybe the way to go for my son. I can see the pros are there any cons to a homepath purchase ??
Thanks
Flag Wed May 7, 2014
Hello Ralph, it seems your son needs to find and agent that will devote the time necessary to find a nice property on the zip codes you've mentioned. I have lived in one of those zip codes for over 30 years therefore I know every single one of them very well, the price and condition you wish to accomplish is quite challenging.

It is very difficult to find a "good" property for $220K or below in areas where average age is around 60 years and the average sales price for the past six moths or so on properties on good repaired condition is well above $220K.

Ideas?

Since it is almost impossible to have your cake and eat it to in today's market, I suggest you consider prioritizing your demands by focusing on potential. What should be the number 1 priority? Home-ownership, the rest is all up to you.

Best wishes!
0 votes Thank Flag Link Sat May 3, 2014
Yes what you are saying is VERY true in the areas he wants to live, thanks for your input.
Flag Sun May 4, 2014
Hi Ralph,

Has he considered getting a renovation loan and having a contractor complete the repairs after closing? I know you said he was busy and not handy but these loans require a licensed professional to do the work. I have specialized in this type of financing for 21 years and actually teach a 3-hour continuing education class to Realtors across the state on how to use it to close more homes. Whether the repairs are needed or strictly cosmetic, the home closes "AS-IS" and with 20% down he would have no mortgage insurance. It is a great opportunity for him to have the "perfect house" because he can choose everything that he wants (appliances, countertops, flooring, etc.).

With the inventory in Miami the way it is, we are doing a lot of business down there. It's a great way to take advantage of the market and come out with some equity!

Please feel free to call me or email if you have any questions or would like to learn more.

Best of luck to you,

Andy Wood
Titan Home Lending
727-410-9663
awood@titanhl.com
http://www.titanhl.com
0 votes Thank Flag Link Fri May 2, 2014
Hi Ralph,

Has he considered getting a renovation loan and having a contractor complete the repairs after closing? I know you said he was busy and not handy but these loans require a licensed professional to do the work. I have specialized in this type of financing for 21 years and actually teach a 3-hour continuing education class to Realtors across the state on how to use it to close more homes. Whether the repairs are needed or strictly cosmetic, the home closes "AS-IS" and with 20% down he would have no mortgage insurance. It is a great opportunity for him to have the "perfect house" because he can choose everything that he wants (appliances, countertops, flooring, etc.).

With the inventory in Miami the way it is, we are doing a lot of business down there. It's a great way to take advantage of the market and come out with some equity!

Please feel free to call me or email if you have any questions or would like to learn more.

Best of luck to you,

Andy Wood
Titan Home Lending
727-410-9663
awood@titanhl.com
http://www.titanhl.com
0 votes Thank Flag Link Fri May 2, 2014
Inventory is low in many area's and more homes are coming on the market during this time. He hasn't found the right home that meets his expectations and that's fine. My wife and I have been looking for a home since Jan. We put an offer on two homes but they wouldn't come down on the price so we walked away. Tell him to give it time. Better to wait than buy a home you regret purchasing later
0 votes Thank Flag Link Thu May 1, 2014
I'm seeing a lot of the same in Northwest FL. I've looked at homes that say "move in ready" however they have wood rotted around door frames with holes in it. Carpet destroyed, pool liners cracked along with other issues. Top it off they are asking market or above market price for these homes. I consider them a waste of my time to even look at. You just have to keep looking. I wouldn't settle for something less than what you want because of low inventory.
Flag Sat May 3, 2014
True, but EVERY home we have seen has issues not minor issues. Seems the good homes never make it on the internet. I see nice home that have sold in that time frame but they NEVER showed up on the internet in the last 3 months. We check EVERY day. I have read of "Pocket List's" and I believe this is happening a great deal of the time.
Flag Thu May 1, 2014
Hello Ralph,

I just went to MLS and check on those zip codes.
51 homes came up under 230K (asking price, subject to negotiation).
Of those, 11 were Homepath (Fannie Mae) property foreclosures.
Homepath financing does not require 20% down, yet there is no PMI - and interest is tax deductible.
This could make possible buying with say 5% down, then using the rest of the funds to fix things up
with the help of a licensed insured contractor (your son does not have to do it himself).
I've had many clients buy foreclosures, and almost no one did their repairs/remodel themselves.

There are homes available. Don't give up!

Best of luck,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Thu May 1, 2014
Thanks you for checking, that seems to be an option will have to do some more checking how that works.
Thanks again.
Flag Thu May 1, 2014
As Robert suggested, it may be time to update his search criteria. He may have to search other areas or increase his price range if at all possible.

Best of luck to you!
0 votes Thank Flag Link Thu May 1, 2014
Does he have an agent he is working with? What advice has your agent suggested? You may need to adjust your search criteria.

Best Regards,
Robert Adams
Dual Licensed Real Estate Broker NV#62827 MA#9530304

NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

MA Broker at Sankey Real Estate
C: 508-250-0345
O: 508-543-8060
F: 508-643-1515
RobertAdams@MArealestateHELP.com
http://www.MArealestateHELP.com
0 votes Thank Flag Link Thu May 1, 2014
Yes he has a GREAT agent but he is located in Coral Gables and home in that area are out of my son's price range. The agent see's about the same listings my son and I see on the internet. ALL have issues, not one good house in 3 months. I believe the good homes get sold before they even get on the internet.
Flag Thu May 1, 2014
Your post says that you are looking for real estate listings. You should check out this site: http://www.bankforeclosuressale.com/. It is a leading website database that contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation.

All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day. Membership opens up the listing and reveals the contact information and a detailed property description including more photos.

I did a quick check for homes in the 33134 zip code, for example, and I found 570 active listings starting at $50,000. Here is the link to check it out: http://www.bankforeclosuressale.com/list/zipcodes/33134.html
0 votes Thank Flag Link Thu May 1, 2014
We will check but don't think this type of purchase would be good for him, he is not handy and works LONG hours, he really needs something that is move-in ready or close to it.
Flag Thu May 1, 2014
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