Real Estate Chatter

Random Thoughts

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

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

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: Comments Off on Property Tax Appeal Deadline Is Today

These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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