What Are the Hot Price Points in Miami?





If you listen to the news, real estate is this unstoppable juggernaut that’s doing better than ever. In a sense it is, when compared to the market crash of 2007. However, not all market segments are behaving the same way.

In general, the market is a bit soft for sellers, meaning it’s slightly favoring buyers. Prices aren’t going up quickly, properties are selling for less than asking price, and it’s taking them longer to sell. Some areas in Miami have more homes available in the $300,000 and over range. However, there is one exception to this general market condition.

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In general, the market is a 
bit soft for sellers.
”

If you’re looking at homes priced below $250,000, the market is still really hot and it’s hard for buyers to find properties. A big reason for this is because a lot of the homes in this segment are townhomes or condos. Most of these properties don’t qualify for financing unless a buyer can give a 25% down payment in addition to closing costs. That’s pricing a lot of people out and forcing them to instead look at single family homes.

There are a ton of qualified buyers looking for homes in the $250,000 and below range. Any time a single-family home comes on the market below $250,000, it gets multiple offers. Usually in the double digits.

What does this mean for the buyer? Go as fast as you can to a good property when you see it. Don’t try to lowball the seller, either. It won’t work. If you’re a seller, you’re going to have to be competing if you are priced above $250,000, and you need to know the market is shifting for your price segment.

If you have any questions for me or if you’re looking to buy or sell in Miami, I would love to help out. Just give me a call or send me an email.
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Location: Miami, FL, USA

What Is a Dry Closing in Miami?



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 Have you ever heard of a dry closing? Not many people probably have, but it means that there is no funding at the time of closing.

For example, say you’re a buyer, and you close on a Friday but don’t get the keys until Monday. This is a dry closing, and it means that the bank didn’t send all the documentation on time or the wire came through at the incorrect time. All of the paperwork is ready, but the money isn’t there.

Your best option is to find the reason for the delay and when the funds are expected to arrive. Even if you have signed all of the documentation, you cannot get the keys to the home until the money has gone through.

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During a dry closing, you need to 
ask your Realtor what your next 
move should be.
”

My recommendation is to ask the right questions and then assess what you need to move forward. You should always look to your Realtor for tips and tricks on what you should do.

If you have any further questions, please don’t hesitate to contact me!
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Location: Miami, FL, USA

Be Careful With Quitclaim Deeds




Quitclaim deeds are most often used to transfer property within a family. For example, when someone gets married and wants to add their spouse to the property, or a couple gets divorced and wants to exclude one person from the property. They can also be used to transfer property from parents to children, or between siblings. Sometimes, they can even be used to avoid having the property involved in a litigation or lawsuit.
However, there are two problems you need to be aware of before using a quitclaim deed.
1. The quitclaim deed only impacts the name and ownership of the property, it does not affect the note of the mortgage. For example, let’s say a couple is going through a divorce. If part of the divorce settlement is that one of the spouses is going to keep the property and both are listed on the mortgage, removing one of the spouses from ownership does not exclude the responsibility of that spouse within the mortgage. They will still be responsible. The only way to be totally free of the mortgage responsibility is to sell or refinance the property.
2. If you are thinking of removing your name from the property in order to not be tangled in litigation, or you bought the home for someone else and want your name removed and their name added, the mortgage also gets in the way. If you are the sole person on the deed and mortgage and you remove your name from the deed and the bank finds out, the only alternative they have is to enact the acceleration clause of the mortgage, which results in a foreclosure. Then, the only thing the bank has to protect their interest with the note is the property itself. It’s the only legal recourse they have, and it’s a very quick foreclosure.
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Consult an attorney before using a 
quitclaim deed.
”
If you’re thinking about doing anything with a quitclaim deed, consult an attorney first so you are on better and safer ground. If you have any questions for me or need any additional information, don’t hesitate to give me a call or send me an email. I would be glad to help out!
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Location: Miami, FL, USA
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