Oh great - Short sale looming (Miami, Orlando: for sale, sublease, foreclosures)

[cixcell]

Originally Posted by Jmlacysr

I don't see this place going to a single famlly. The realtor told me that he has 4 or 5 people to look at it and they were all investor types.

Yes, the price of gas and everything else here is going up but the wealthy don't feel the real crunch when they don't have to decided to eat or drive.
We're not to that point thankfully but it's still tighter than we would like.

I have a friend who lives in Dallas and has millions. He was complaining the other day about the Obama tax initiatives and he was having to move his accounts off shore, too bad about that guy.

We still have the scooter and I use it for short runs and we'll keep it when we move. Seems to make even more sense now as gas goes to 5.00 sometime this summer if you value money more than your life.

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we just need them to find a giant gold mine to crash the price of gold. i would belly laugh so hard.

[Jmlacysr]

Originally Posted by cixcell

we just need them to find a giant gold mine to crash the price of gold. i would belly laugh so hard.

Or elect Trump which is another belly laugh that wouldn't be so funny if it happened.

The Saudis are part of the problem as they got their turbans in a twist when Obama supported the uprising in Middle East. So they cut back production and raised prices. Of course the oil companies couldn't absorb that price difference and make less than 3 billion dollars every 3 months so they pass it on to us.

You may recall back in the Bush years there was an outcry over gas prices and Congress called the heads of the American oil companies to speak. The heads of the oil companies agreed but with one provision. They would not be sworn under oath.

Of course the politicians folded like a lawn chair because of the money at stake to their reelection campaigns, so it was less than nothing.

It wouldn't even matter how much we cut back because the producers would cut back on production the keep the "demand" prices high.

Fact is, we're just Arab Exxon ******* and politicians are just whores.

But this is nothing new.

Who Killed the Electric Car? - Wikipedia, the free encyclopedia

The oil industry, through its major lobby group the Western States Petroleum Association, is brought to task for financing campaigns to kill utility efforts to build public car charging stations. Through astroturfing groups like "Californians Against Utility Abuse" they posed as consumers instead of the industry interests they actually represented. Mobil and other oil companies are also shown to be advertising directly against electric cars in national publications, even when electric cars seem little to do with their core business. At the end of the film Chevron bought patents and controlling interest in Ovonics, the advanced battery company featured in the film ostensibly to prevent modern NiMH batteries from being used in non-hybrid electric cars. The documentary also refers to manipulation of oil prices by overseas suppliers in 1980s as an example of the industry working to kill competition and keep customers from moving toward alternatives to oil.

[Jmlacysr]

It will be ok. Had an hour conversation with the Realtor today. I feel much better and the property will likely go under contract today.

He's been a Realtor since 1991 and told me some stories. Houses in my neighborhood sold in the 500k range back a few years ago, now under 200. He said if this house was in Miami Beach it would be 800k.

He has only well qualified buyers and understands our concerns. The guy is from Arkansas and knows Dallas well. He's a good guy I think and understands our position. I trust him as best I can in a town I trust nobody.

[cixcell]

i knew a guy who was gradually building a modest house out in the redlands in 2005. he got a sign on his door from a buyer offering - i kid you not - a million dollars for the property. he was a little reluctant because he had put so much time and work into it and expected to retire there but he sold it. now whoever it was who bought it is probably stuck with it at massively devalued prices.

[Jmlacysr]

Originally Posted by cixcell

i knew a guy who was gradually building a modest house out in the redlands in 2005. he got a sign on his door from a buyer offering - i kid you not - a million dollars for the property. he was a little reluctant because he had put so much time and work into it and expected to retire there but he sold it. now whoever it was who bought it is probably stuck with it at massively devalued prices.

I was a Realtor in Dallas for 7 years. We had what we called "wide swings" there of 15-20% but nothing like Florida. The S&L crisis hit us hard there but even then the prices were never wildly over inflated. You can buy a beautiful home in Dallas for 200k even today.

We just had our first showing and it went fine. Nice people all around. The prospect said he was going to move into the property and if the deal goes through he would take over our lease while he waited to close. He's on a month to month lease now and lives nearby. He knows the hood and has the money.

If that would happen we could get out of Miami sooner than 6 months. I'll know tomorrow if he makes an offer.

[santiago33]

Originally Posted by ♥♥PRINC3Ss♥♥

If the law backs me up(which it should)I wouldnt show the property, that's HIS problem, not yours. If he wants to sell he needs to break the lease.

Correct, the landlord or their agent needs to be the one to actually show the house.

But as a tenant, by Florida law, you are actually required to honor any reasonable request by the landlord to access the property. Yes they have to notify you a certain number of hours in advance and it has to be during reasonable hours... but you can't lock out the landlord from his/her own property (even if they aren't paying the mortgage... that's between them and the bank)

I think the basics have been covered already. If you aren't sure flsenate.gov has all the statutes (Chapter 83 Landlord-tennat)

Originally Posted by cixcell

if you have kids you can milk it and stay in there practically forever. compare this to vegas where they can throw you out on the street in 36 hrs after your landlord defaults.

Kids are not relevant. Once the house is sold the new owner needs to file an eviction with the court. That is why many times they'll offer you $1,500 or something like that to move out by X date, so they don't have to pay a lawyer to evict you. At that point pick what you want: some months of free rent or money to move out.

[cixcell]

"Kids are not relevant. Once the house is sold the new owner needs to file an eviction with the court. That is why many times they'll offer you $1,500 or something like that to move out by X date, so they don't have to pay a lawyer to evict you. At that point pick what you want: some months of free rent or money to move out."

i dont know. my neighbor milked it for 3 years and they finally offered him a few k to move out. people without alot of money here sure seem to know all the laws and legal loopholes. another place we lived at they would get half their checks in cash so they would qualify for section 8.

[Jmlacysr]

Originally Posted by santiago33

Correct, the landlord or their agent needs to be the one to actually show the house.

But as a tenant, by Florida law, you are actually required to honor any reasonable request by the landlord to access the property. Yes they have to notify you a certain number of hours in advance and it has to be during reasonable hours... but you can't lock out the landlord from his/her own property (even if they aren't paying the mortgage... that's between them and the bank)

I think the basics have been covered already. If you aren't sure flsenate.gov has all the statutes (Chapter 83 Landlord-tennat)



Kids are not relevant. Once the house is sold the new owner needs to file an eviction with the court. That is why many times they'll offer you $1,500 or something like that to move out by X date, so they don't have to pay a lawyer to evict you. At that point pick what you want: some months of free rent or money to move out.

That's what we learned, we must allow reasonable access but that doesn't mean all the time or at the drop of a hat.

The realtor made a good point that it's not like this place is for rent and so it will only be shown to people who can afford to buy. He also said there are many more expensive homes in Miami than ours, so logically if someone was cases homes, they wouldn't be casing them in my neighborhood.

The first offer that come in takes the property off the market until the bank decides what to do with the offer. That might take months and by that time we'll be close to the end of the lease anyway and in the meantime we just pay rent normally.

Before moving to Miami I had heard about this situation and was warned to avoid it. Seems I got caught up in it anyway but hopeful it will work to our advantage.

What I didn't want was a sign in the front yard and other agents showing the property and it doesn't appear to be a need in my case. That's what I say this morning but that could change later today.

As a renter, I can say no to a lockbox by law, must have 24hr notice and a time that is convenient to me. If the property went into MLS, I would ask that the listing agent be present at all showings but that might require the owner to stipulate not me.

Florida real estate laws are different than Texas. Florida realtors have a dual fiduciary relationship, where in Texas a Realtor represents one side of the transaction only. Personally, I don't see how you can walk on both sides of the fence but that's my understanding of Florida real estate law.

Here's why this doesn't work for both.

If it's your listing your fiduciary realtionship is to get the seller the most money for their property. If you have the buyer it's your fiduciary responsibility to get the property at the lowest price.

If they buyer asks the Realtor what they should offer, what price does the Realtor recommend? Texas did away with such laws because dual representation was the cause of countless law suits.

Property inspection was another biggy. If it's your listing and you know or even think there might be a problem, you can't say that to the buyer because you have the seller's best interest in mind. If you have the buyer, you also have a responsibility to tell them what you think as the real estate professional. In Texas there were lawsuits over properties sold and even though the Realtor had no knowledge of problems, they were sued and won on the basis of they "should have known."

That doesn't have anything to do with my situation but thought it was interesting when I asked the realtor who held his fiduciary relationship. I needed to know that, before I opened my mouth. Both was his answer, so caveat emptor definitely applies in Florida, just FYI.

[Jmlacysr]

Spoke to the Realtor this morning. Offer being submitted today from yesterday's showing.

[♥♥PRINC3Ss♥♥]

Jm, the listing or seller's agent works with the seller and tries to get the highest bid

The buyer agent works with the buyer, but it is still on their best interest to get a high pric since they are getting paid commission on the selling price

Then there is dual agent who represents both.

What kind of realtor were you in Dallas?

The buyer is responsible for everything. He needs to make sure he gets a fair price and he has the right to inspect the property. Anyone willing to invest hundreads os thousands in real estate would have no problem paying $300-$500 for an inspection.