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Home Selling in Miami : Real Estate Advice

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  • Local Info256
  • Home Buying1K
  • Home Selling87
  • Market Conditions104

Activity 140
Franck Dossa, Real Estate Pro in Miami, FL
Thu Apr 30, 2009
Franck Dossa answered:
Dear Lina,

I think I answered too quickly and send you to the Fannie Mae approved condominium developments.

Since you are talking about FHA approved, and not Fannie Mae approved, here is where you will get now the right information : https://entp.hud.gov/idapp/html/condlook.cfm

That will be more accurate now.

Best regards.

Franck Dossa
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0 votes 3 answers Share Flag
Linda Robins…, Real Estate Pro in Coral Gables, FL
Wed Apr 22, 2009
Linda Robinson answered:
I just saw your answer from a while back and didn't seem to hear from you. I would have office listings that I could tell you about!
0 votes 10 answers Share Flag
Ivette, Home Seller in Miami, FL
Mon Apr 20, 2009
Ivette answered:
Hi Janie, Thanks for the quick response. I agree that if it weren't for the decrease in rent competition & monthly losses I would attempt to hold on.

Thanks again!
0 votes 1 answer Share Flag
Janie Coffey,  in Coral Gables, FL
Mon Apr 20, 2009
Janie Coffey answered:
Hi Ivette

Your first question is pretty easy, normally lenders are granting short sales on investment properties.

I do agree that if you plan to hold a property for over 5 years, there is a good chance you can "right" your upside down properties, but for the time being, the recovery is going to be slow and gradual.

If you can hold on to them and wait it out, the effects will be minimal if at all (not taking into consideration the neg. you are paying out each month). If you just cannot, the short sale option is by far the better solution and the one easier to overcome than foreclosure. Neither are great, but the recovery from a short sale is faster and less painful.

I wish you luck and please do not hesitate to contact me should you have any additional questions.

With kind regards

Janie
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0 votes 1 answer Share Flag
Bob Galivan, Real Estate Pro in South Miami, FL
Thu Mar 12, 2009
Bob Galivan answered:
Anthony: there are about 150 properties for sale in Lakes by the bay, ranging in price from $87,900 (townhouse in Isle, to $470,000 for a 5/3 2,800 sf in Day. There are 28 4/2 homes, 7 of which are similar to yours in square footage. Yours is the most expensive (the mls also shows that you're a 4/2, not a 4/2.5). That is not the position to be in because you become the last option, even if you're the best house. There were two closings in the last 90 days of similar homes, both for about $210,000 (9838 SW 221 ST, a regular sale and 8744 SW 213 LN, an REO). Unfortunately, those two numbers set your price point. There are about 2,800 properties in Lakes by the Bay; there are 640 that show lis pends (the first step towards foreclosure) filed against them.
The answer to your question is that you have not hit bottom, and that in a year or so, your home is likely to fall below $200,000. There are a number of areas to the South - Lakes by the Bay, Spicewood, and several others, that have been hit very hard by the foreclosure market. I don't know what you owe on the property, but you may need to seriously examine your position before deciding what to do next.
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0 votes 1 answer Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Tue Mar 3, 2009
Keith Sorem answered:
Adam
My advice is do not chase the market.
Craigslist would be a great way to help your Realtor.

I suggest that you underprice and hope you can start an auction type effect. Consult with your Realtor. ... more
0 votes 2 answers Share Flag
Get-smart, Other/Just Looking in Durham, NC
Sun Mar 1, 2009
Get-smart answered:
There are home buying companies that can put in an offer on your house since that is what your lender wants, otherwise your file will sit on their desk until they receive a bonafide offer to purchase with other supporting documents. ... more
0 votes 5 answers Share Flag
RN,  in Miami, FL
Mon Dec 29, 2008
RN answered:
Hello D,
Condos in general are extremely slow because of the huge inventory. They are going to have to be more competitive with price before they will get taken off the shelves, because buyers have literally tens of thousands of choices.

Marketing is also a factor. Unless listing brokers are marketing these properties well, they will not get the necessary exposure they need to get people excited about them, but again, no one will get excited unless they have an attractive price.
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0 votes 1 answer Share Flag
Andre Shambl…, Real Estate Pro in Miami, FL
Wed Dec 17, 2008
Andre Shambley answered:
When deciding an asking price, your initial temptation may be to add to the price you paid until you are satisfied with the profit. In reality, though, this method will probably not put your price at the home’s true market value.

To figure out what your home is really worth, you need to try to put aside your personal feelings about the home and ask yourself what homebuyers may actually be willing to pay. Selling a home can be an emotional process, but although it means a great deal to you, homebuyers aren’t likely to have interest in the memories and good times you’ve had in the home or in the amount of time you spent decorating.

Market conditions have the most significant impact on the sale price of your home, so take note of whether the homes in your area are priced high or low and if they’re selling quickly. I can help you with this by giving you a marketing consultation and information about property values in your area.

Call me today 305-788-6643 or visit www.OnePlaceOpenHouse.com. I am looking forward to helping you get the best price for your home.


Ready to refinance for a better rate, visit: http://www.JShambley.ApexLending.com
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1 vote 5 answers Share Flag
Mott Marvin…, Real Estate Pro in Sunny Isles Beach, FL
Sun Jul 6, 2008
Mott Marvin Kornicki answered:
That depends on several factors. How is the warehouse titled? But that really will not make a difference. You'll need to supply tax returns, profit/loss statements, pay-stubs, etc. The lender could do everything within the law to secure the bad debt. Usually, the short-sale property is the only collateral that the bank will use as the security.

Worst case scenarion the lender denies the short-sale based on a lack of hardship, or other factors. I've seen many financially stable seller successfully complete a short sale! The bank really wants to unload these non-performing loans.
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0 votes 3 answers Share Flag
J R,  in New York, NY
Thu Jun 26, 2008
J R answered:
Inform your agent, verbally and in writing, that you would like to withdraw your home. Unless they have already brought you a ready, willing, and able buyer, or if your contract has a cancellation fee, or if you agreed to reimburse your agent for expenses, you should owe little or most likely nothing. ... more
0 votes 10 answers Share Flag
Open Door St…, Other/Just Looking in Fort Lauderdale, FL
Thu Jun 19, 2008
Open Door Staging answered:
Buyers want value today - price and presentation. Not price alone.

How does it look online and in person? What does your property say to buyers?
- nice
- same as the others
- or , wow , we need to put an offer on this property - it looks like home.

Have you considered having a home staging consultation to finfd out what buyers think?
Over 85% of buyers search online before visiting a listing, does your's stand out in the online photographs?
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0 votes 5 answers Share Flag
Claudia & Ju…, Real Estate Pro in Pembroke Pines, FL
Mon Jun 16, 2008
Claudia & Justin Willard answered:
Stacey,

My team and I specialize in selling properties in North Mima Beach. In fact we are the number one producing agents in zip code 33179 (Sky Lake / California Club) for volume of condo slales in the last 12 months as ranked by Real Trends. If you would like a CMA or would like to discuss the sale of your condo further please give us a call at 305-336-5699 or 305-332-8330. You can also go to my profile and read some seller testimonials about the service we provide.

Bottom line, your price is a little high. What I think would be best for you is to have a one on one consultation with a Realtor who specalizes in your market. Together you and the Realtor will analize the current market trends and data for sold, active and pending listings. (for instance did you know that according to the MLS there are currently 186 condos currently available in your zip code 33162. And that last month only 3 of those 186 sold) This information and other data like it helps a skilled Realtor point you in the right direction. Armed with this data and the experiance of a skilled Realtor you will arrive at a price point and construct a strategy for success. Again we would love to hear from you. We specalize in selling NMB condos fast.
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0 votes 8 answers Share Flag
Wenceslao Fe…,  in 33140
Mon Jun 2, 2008
Wenceslao Fernandez Jr answered:
For more information about the property you're inquiring about, you may view the public records website for the county at http://gisims2.miamidade.gov/myhome/propmap.asp?Cmd=&cmdTemp=&tool=&searchtool=&searchtoolTemp=DUMMY&MinX=&MinY=&MaxX=&MaxY=&selX=&selY=&ownerl=&ownerf=&stnum=&stdir=&stname=&sttype=&stunit=&stzip=&folio=&reffolio=&startnum=0&sOrthophoto=&Dis=&Mkt=&HexV=&vbMakeLink= ... more
0 votes 3 answers Share Flag
Kathleen Sei…, Real Estate Pro in Gainesville, FL
Thu Mar 20, 2008
Kathleen Seide answered:
No doubt that the amount of inventory out there makes this a seller''s market, but things are moving and I think you are pretty pessimistic (hoping the sellers of the home you want are reading?) j/k

Anyway, I just got this by email the other day and it is full of news about upturns in the Florida market. I haven't checked it for accuracy, but since my broker forwarded it I assume most of it is right.

TRENDS as reported from the State Capital!

- The Venice Area Board of Realtors(r) (Sarasota County)
reported 110 pending sales in February 2008 compared to 85 in January
2008. This is an increase of 29 percent.

- The Sarasota Association of Realtors(r) MLS (Sarasota County)
reported 654 sales pending (single-family and condo) in February 2008,
an increase of 27 percent over the 516 sales reported pending in January
2008. In addition, Sarasota had 418 closed sales in February 2008, up
28 percent from the 327 closed sales in January 2008.

Following is good news from other counties:
1. The number of Realtor-assisted sales pending for single-family homes
in
Lee County was 1,088 on Feb. 14, up 33 percent from 821 a month earlier.

2. The Realtor(r) Association of Greater Fort Myers and the Beach (Lee
County) had an 85.4 percent upswing in pending single family home sales
in
the last 10 weeks. The number of months it takes to sell all residential

properties has dropped to 12 months from a high of 22.98 months in
December
2007.
3. In Martin County, there were 182 pending sales on January 1. Today,
there are 345 pending sales, representing an increase of 90 percent.
4. The Emerald Coast Association of Realtors(r) (Okaloosa County)
reports
their pending home sales were 383 in January and rose to 473 for
February,
representing a 23 percent increase.
5. Pinellas County reported 600 single family units under contract in
February, up 23 percent from 489 a month earlier.
6. Marco Island (Collier County) reports pending sales numbers on March
1,
2008 at 135 while a year ago (March 1, 2007) this number was 104. Their
pending sales on January 1, 2008 were 77 and in March 1, 2008, pending
home
sales were 135, up 75 percent.
7. The Realtor(r) Association of Greater Ft Lauderdale (Broward County)
has a forecast of pending sales that is quite impressive. Their single
family pending sales (which includes condos and town homes) totaled 529
in
January but their pending inventory forecast for the month of February
is
871. That is an increase of 65 percent.
8. Palm Beach County has seen a drastic increase in single family homes
sold between January and March this year. Between January 14 and
February
14, 2008, 672 homes were sold. Between February 15 and March 10, 2008,
827
homes sold for an increase of nearly 30 percent month to month.
9. The Pensacola Association of Realtors(r) (Escambia County) reported
pending sales at 297 (includes single family homes and condos) in
January
2008. In March 2008, this number rose to 345, an increase of 16 percent.

10. The Heartland Association of Realtors(r) (Highlands County) had 10
pending home sales in January 2008 and 43 in February 2008. This is an
increase of over 300 percent.
11. The Venice Area Board of Realtors(r) (Sarasota County) reported
110 pending sales in February 2008 compared to 85 in January 2008. This
is
an increase of 29 percent.
12. Naples Area Board of Realtors(r) (Collier County) had 513 pending
sales in February 2008 compared to 413 pending sales in January 2008, an

increase of 24 percent. Also, the pending sales for February 2008 are 10

percent higher than pending sales in February 2007 (464).
13. Flagler County Association of Realtors(r) (Flagler County) did not
have any pending sale in January 2008 but had 20 pending sales from
February
1, 2008 until now.
14. The West Volusia Association of Realtors(r) MLS (Volusia County)
shows a 34 percent increase in home sales in February 2008 over January
2008.
15. The Orlando Regional Realtor(r) Association report s an increase
in pending sales in both Orange and Seminole Counties. In Orange County,

pending home sales increased by 29 percent from February to March and in

Seminole County, pending home sales went up from 331 to 404, a 22
percent
increase.
16. The Tallahassee Board of Realtors(r) (Leon County) reports an
increase in their pending sales both from a year ago and from January
2008.
Today, the pending home sales in Leon County are 410 compared to 325 in
January 2008, an increase of 26
... more
0 votes 4 answers Share Flag
TeamDoubleZ.…,  in Miami, FL
Tue Mar 18, 2008
TeamDoubleZ.com answered:
Teddy,  in Royal Palm Beach, FL
Tue Mar 11, 2008
Teddy answered:
The inspection period is over tough luck to the buyer. How can they not see the units in the windows
0 votes 7 answers Share Flag
Ines Hegedus…, Real Estate Pro in Miami, FL
Wed Oct 24, 2007
Ines Hegedus-Garcia answered:
Ruxpen - most real estate agents will handle a rental for you as well, and if they don't, they should be able to refer you to someone that can.
Renting your home is a great option until the market stabilizes and that same agent should be able to give you comparable rental rates in your area.
As for how much agents charge for rentals, there is usually a standard amount, but can't discuss it because in Florida, it would be considered "price fixing".
The agents get paid upon signing of the Lease agreement and it does not involve any property management. (some agents also offer single-property manament for their customers).
The tenants will be responsible for getting utilities in their own name (what the Lease agreement includes is negotiable).
If eviction is necessary, you will have to hire an attorney or the property manager (if you hire one) may be able to guide you.
The liability will not rest with the real estate professional, that's why they will recommend to get a credit check and credit reference before the Lease agreement is signed.
Rentals of SFH's vary depending on your need - short-term rentals of 3-4 months are usually more expensive, one year rentals are more common.

The rental market is HOT, which means your home, if priced correctly, should rent quickly.

Take a look at the link attached to get my opinion on the rental market. Sometimes renting a property that has been on the market for a while will help, because it will let it cool off from the market.
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0 votes 1 answer Share Flag
Bryan Sereny,…, Real Estate Pro in Miami Beach, FL
Sat Sep 15, 2007
Bryan Sereny, Pa answered:
Either call the board, or call their brokers office. Its simple!
0 votes 7 answers Share Flag
Manny Aguilar,  in Miami Lakes, FL
Thu Jun 14, 2007
Manny Aguilar answered:
Most people are not afraid to admit it: selling your home is a big step, and there's a lot involved.
There are many legal pitfalls involve trying the FSBO method.
That's why Realtors are here.
We' make sure the seller calls the shots, and knows exactly what's happening.
Call a listing agent first! A listing agent is an expert at marketing homes to sell on the market.
They have a Marketing plan that is designed to expose your home to the maximum amount of buyer.
Make sure the agent is a full time agent and get proof and documentation of past marketing methods, such as magazines, internet, flyers, brochures, videos est.
Make sure you are getting full exposure on the MLS and that you are with participating on IDX and Ok to advertise by co-op brokers system.
Get a Realtor that offers an electronic lock box.
I see many expired listing that fail to sell just because there was no marketing campaign on the property, some do not even have pictures, no descriptions, call agent 24 hours before showing, others you have to make an appointment at the agents convenience to show the home, some just have lawn sign; that’s sad.
There are hundreds of steps in selling a home, get a pro to do it and make sure they are technology savvy.

Best Regards
.
The Keyes Home Team
Manny A.
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