(305) 777-8820
Click to fax me now.
Powered by MyFax Online Fax Service


Real Estate Chatter

What To Do If Thinking of Renting My Miami House?

Dear Maggie,

The wife and I are thinking of moving in with her folks.  It’s an opportunity to save some money and be closer to the family.  I’m all for it, but now I’m wondering what are the things I need to consider if I am going to rent my house to a complete stranger?

Signed,

Landlord-to-be

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on What To Do If Thinking of Renting My Miami House?

Paying More Than Appraised Value For Your New Miami Home

I am seeing it more and more these days…folks are paying more than appraised value when buying a home in Miami.  It’s happening in Pinecrest, Palmetto Bay, Kendall, South Miami, High Pines, Ponce Davis, well, let’s just say it’s happening in all of Miami-Dade County.

One thing first time home buyers think is “well, the home’s got to appraise, right?”  Armed with this thought, they don’t think twice about assuming that if a home seller is asking too much for his home, he’s going to have to come down in price when the appraisal is done.  Right?  Well, not always!  Depending on whether the home has some really good features, and most importantly, no competition as far as other available properties, the seller may be able to hold out and get more than his home actually appraises for.

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on Paying More Than Appraised Value For Your New Miami Home

Miami Renter Foreclosure Scam – Don’t Let This Happen To You

Yesterday I had the unpleasant experience of having to tell a Miami tenant that she had been scammed. It’s interesting that as I told the story to different people later in the day, some were surprised, but most were not. This is Miami after all. Capital of the scammers, is what most seem to think.

I still believe that there are lots of good people in the world. However, it’s hard to deny that there is lots of real estate fraud going on in Miami. The fraud that I am talking about is not necessarily being done by agents. This was done by someone who has no scruples, and can sleep at night, after taking a family’s last bit of money to put them into a home he knows they are going to be evicted from shortly after they move in. Here’s what happened:

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on Miami Renter Foreclosure Scam – Don’t Let This Happen To You

Buying a House Now Makes Sense

Buying a home in Miami today just makes sense. The special combination of low prices plus really low interest rates means you save on both counts. Mortgage rates are the lowest they have ever been since they started keeping track. Did you get that? The lowest. And home prices are back to what they were 10 years ago in many areas.  Anyone able to take advantage of this will look back in 10 years and pat themselves on the back.

People are always asking me “are banks lending money these days?”  They’re always surprised when I answer with a resounding, “YES!”  Here’s the deal, they’re lending money to people who can prove that they are creditworthy.  That means the person must have verifiable employment (those stated income loans are long gone, thankfully), a good credit score and history plus some funds to put down and reserves left over.

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on Buying a House Now Makes Sense

What’s a Short Sale?

shortsalesIn today’s Miami real estate market it’s impossible to not come across many foreclosures and short sales.  Although the term “short sale” was probably a buzz word a couple of years ago, I still find that I am asked to explain what a short sale is.

A short sale is simply a home that is being sold for less money than is owed to the bank holding the mortgage note.  Because the price is less than is owed to the bank, the bank will have to approve the sales price.  The purchase price will be “short” a certain amount of money, hence the term “short sale.”

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on What’s a Short Sale?

Buying a Home NOW is a Very Wise Move

FIU College of Business did a 30 year study which casts doubt on whether buying is really better than renting.  Although the results are not available yet, you can read a summary here.  After reading the summary, I’d like to make two points:

Their conclusion that renting makes more sense is based on the premise that the renter would be investing the difference between renting and owning.  By their own admission, renters DON’T do this nor do historical trends support that they are likely to have the discipline to do so.  Life gets in the way and the money is spent elsewhere.  Additionally, in Miami, there are places where renting costs more than buying, so there would be no savings to invest.  So each month you’d be a little poorer and you’d have no tax advantages at the end of the year either.

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: Comments Off on Buying a Home NOW is a Very Wise Move

« Previous Entries

Next Entries »

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

  Copyright © 2007 The Blog That Ate Miami     Agent Login     Design created with Real Estate Tomato     Powered through Tomato Blogs