Real Estate Chatter

Miami Property Tax Appeal – Do Your Homework Now

January 3rd, 2009 Categories: Real Estate Chatter

If you were shocked when you got your Miami-Dade property tax notice back in August, you may have responded by filing for a tax appeal hearing.  If so, you’ll be called by the county to present evidence as to why you think their tax bill is wrong and you deserve a break today…that old McDonald’s jingle is ringing in my head…my age is showing…but I digress.

The County was still hearing appeals for the 2007 property tax year in mid 2008, so chances are no one will be called until mid 2009 for the 2008 tax appeals.  You have time to get all your evidence ready.  But don’t put it off!

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Spoken by Maggie Dokic | Discussion: 1 Comment »

Should I Stop Paying My Mortgage and Buy the House Across the Street Instead?

October 17th, 2008 Categories: Random Thoughts, Real Estate Chatter

It may sound like a nonsense question, but in today’s Miami real estate market, there are folks pondering this very same thing.

Faced with owning a house that has declined in value by 40% or more since they bought it a couple of years ago, people in Miami are wondering why they don’t just let the bank foreclose on them and then buy the house down the street at the new, lower price.

Hmmm! Can someone actually pull this off? I bet with a little creative thinking, it could be done. I don’t know anyone who has actually done it, but I’ve heard people pose the question. Not directly at me, expecting an answer. But as a “what if” scenario.

I’m not here to provide an answer to this question, by the way. But I think banks must be aware that this is a possibility and they’re more motivated to help homeowners stay in their present homes by restructuring their current loans. A lower loan payment can certainly provide the relief needed so a person doesn’t have to think about doing things like this. Even, if thinking is all they’re doing.

I’m sorry we’ve even gotten to the point where questions like this pop up. Bummer.

Spoken by Maggie Dokic | Discussion: 5 Comments »

Property Tax Appeal Deadline Is Today

September 17th, 2008 Categories: Community News, Random Thoughts, Real Estate Chatter

Today is the deadline for submitting an application to Dade County to contest the 2008 market value of your property.  If you haven’t yet done so, today is your last chance! It can take up to a year or possibly longer for your case to be heard, so don’t worry if you’re not prepared yet.  Just get the form turned in today.  You’ll have plenty of time later to gather your supporting documents.

It costs $15 to file the application.  Here is a link to the form.  Here are the filing locations:

Stephen P. Clark Center (VAB Main Office)
111 N.W. 1st Street, Suite 1720, Miami, Florida 33128-1981

· South Dade Government Center
10710 S.W. 211th Street, Room 207, Miami, Florida (Sept. 11 & 12 & Sept. 15 – 17 Only)

· North Dade Justice Center
15555 Biscayne Blvd., Room 100, Miami, Florida (Sept. 11 & 12 & Sept. 15 – 17 Only)

I’ll follow up with another post to provide more info about getting ready for an appeal, but for now, get the application in!

Spoken by Maggie Dokic | Discussion: No Comments »

Housing Stimulus Bill Summary

July 31st, 2008 Categories: For Buyers, For Sellers, Real Estate Chatter

I’m going to catch some slack from my blogging colleagues on this one. That’s because I’m reprinting an article in it’s entirety. What a faux pas! But for time’s sake, I opted for that this time. This issue is too important and I don’t have the time for a full-fledged analysis of it but still want to make my readers aware of what’s going on. I do hope to blog soon about the fact that this bill ELIMINATES in it’s entirety down payment assistance programs and I don’t agree with the change. But for now, without further ado, I present you the National Association of REALTORS®’ take on the Housing Stimulus bill:

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Spoken by Maggie Dokic | Discussion: 4 Comments »

Miami Renters Beware. Please!

June 29th, 2008 Categories: Real Estate Chatter

We Realtors are known for working all odd hours and weekends. I’ve been attempting to take Sundays off whenever possible. When duty calls, I go though. Today duty called and it was a most unsavory type.

I received a call from a real estate agent who had tried to show one of the REO (bank owned) properties I have listed. He had a problem when he arrived at the property though. Apparently it was no longer vacant, but occupied. I assured him that the home was vacant and on lockbox. He assured me that it was not.

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Spoken by Maggie Dokic | Discussion: 8 Comments »

Miami Short Sale Tax Implications

June 25th, 2008 Categories: For Sellers, Real Estate Chatter, Short Sales

Several of my clients have been sellers of distressed Miami homes. Homes where the owners were no longer able to keep up with the mortgage payments. In some cases, short sales were good options. In others, a short sale was not the solution and the owner allowed the properties to be foreclosed on.

Why would someone who is facing a foreclosure in Miami not want to get out of it if possible? The simple answer is tax implications. Allow me to explain. If you own a property that is facing foreclosure and you work out a short sale agreement with the lender, that lender is going to give you a form 1099 for the amount that was short to pay the loan off completely.

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Spoken by Maggie Dokic | Discussion: 5 Comments »

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