Miami, FL

A year and a half ago, when I listed my first REO, the selling banks were being less cautious about the pre-qualification letters submitted with the offers. But then too many deals fell through, a lot of time was wasted and, as property values were still declining then, money was lost when the property had to be returned to the market to find another buyer two to three months later.

Most banks then decided that they would not consider an offer unless it had a pre-approval from one of their own branches. In theory it sounds benign enough. It certainly is a way to do away with the “fluffy” pre-approvals that aren’t worth the paper they are written on. But in this market, where each foreclosure that is listed garners at least 10 offers (and in some cases 40 and 50 offers), having to pre-qualify your buyer with a different lender every time you submit an offer is ridiculous.

I have a buyer who has been looking for almost a year now. He’s getting really frustrated that not enough properties matching his criteria are showing up. And when one does, we submit an offer immediately to try and get in before the slew of offers comes in. We put together really decent offers. They have been above asking price, but not ridiculously high just to get the offer accepted. We dot all our I’s. We cross all our T’s. We fill in all our blanks. We submit copies of our earnest money and copies of our pre-approvals.

But what happens when you get really tired of having your credit pulled time and time again just to get pre-qualified by the seller’s choice of bank? Unfortunately, there’s not much that can be done. The listing agent won’t submit the offer without that new pre-qual. I am dealing with an offer we submitted yesterday on a foreclosure. I submitted a brand new DU approval with the offer from my buyer’s mortgage person. This was a DU that was pulled for this buyer, for this home, for this purchase price and still the listing agent won’t accept it. He insists that we go to his mortgage broker for a pre-qual.

It sounds to me like this is the listing agent’s requirement, not the sellers’. The reason I think this is because most sellers are having buyers prequalified by their own entity. Wells Fargo wants Wells Fargo pre-qualifications. Chase wants Chase. But with this one, I am being asked to take my buyer to a local mortgage broker, not a direct lender for their approval.

Now, I am not a mortgage broker and will never be. I prefer to let each practice his own specialty and will not try to wear two hats, with neither fitting quite right. But isn’t a DU approval just as good from one mortgage broker as from another? Maybe this is where I am wrong on this. Because I am not a mortgage broker, I may be misunderstanding the power of the DU.

What I do know is that a real estate agent can be as frustrated as her buyers. Oy vey.

Isola Brickell Key Bayfront Condos - Miami, Florida
December 2nd, 2009
Miami Beach, Florida

Isola Brickell Key Bayfront Condos selling conditions have improved dramatically in the last twelve months.  One bedrooms apartments start at $120,000 and two bedrooms at $195,000.  Recent sales have been in the $175 to $225 per square foot range. 

One bedrooms are approximately 670-720 sqft and two bedroom apartments range in size from  995 to 1,025.

The real change has come in the reduced inventory for sale over the past year with a 68.7 percent decline while sales have averaged about three apartments a month.

Isola Brickell Key Bayfront Condos Inventory Down Drastically

Isola Brickell Key Bayfront Condos

Isola Brickell Key Bayfront Condos

Isola Condos - Brickell Key Bayfront Real Estate

Isola Condos offer 300 one and two bedroom residences, each with a private balcony offering spectacular city or bay views. With eight different floorplans ranging in size from 717 sqft one bedrooms to 1,121 sqft two bedrooms, this is the perfect affordable second home opportunity.

Isola Residences is located at 770 Claughton Drive on Brickell Key near the Brickell Avenue financial district in Downtown Miami. Isola has recently renovated all the apartments; making it one of the more attractive buildings on the island especially for investors and second home owners.

A well managed building with easy access to the financial district, clubs, restaurants and all that is the Brickell condo lifestyle. Isola is a great live and work location for Miami's young professionals.

Few communities like Isola Brickell Key offer downtown conveniences as well as the utmost in privacy and seclusion. That's what makes Isola condo residences so unique. Long commutes to work become ancient history; the Isola Brickell Key location is just minutes from the business centers of Brickell Avenue & downtown Miami. When it's time to relax, shopping, clubs, entertainment, sports, & recreation are just over the bridge. Isola Condos Brickell Key has twenty-three stories and 300 one and two bedroom residences. Each apartment has a private balcony with spectacular city and bay views - the Miami Bayfront lifestyle. Luxurious appointments abound within Isola Brickell Key Condominium, & a resort style pool, state-of-the-art fitness center, two tennis courts and; even a fully-equipped business center offer the maximum in convenience.

Isola Brickell Key Condo Residences incomparable location, luxurious appointments & idyllic island ambiance will provide you with the Miami Condo lifestyle youknow you want.

Isola Condo Residences - Driving Directions:

I-95 to exit 2 (Brickell). Go to Southwest 8th street, at the traffic light turn left (eastbound) onto southwest 8th street which becomes Brickell Key Drive. After you pass Brickell Avenue, go over the bridge and through the security gates, you will see the property sign for Isola Island Residences on your right.
For more information or to schedule a showing, please call 800-433-5960, toll free or visitIsola Brickell Key Bayfront Condos.

Miami-Dade County is seeing a significant increase in sales, particularly condominium sales, within the last 8 months. In the month of November, condominium sales rose .71%, while single-family home sales dropped 1.1%. Buyers are taking advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. This coupled with increasing closed sales each of the last 15 months is indicative of a stabilizing and constantly improving market. The total number of sales in this market rose significantly, a 46% increase for pending sales from March 2009 to November 2009.

"A 46 percent increase in pending sales over this extended period is an important indication of the strength of the South Florida market, which is heavily impacted by first-time, vacation, second home, and international buyers," said Rick Burch, RAMB Chairman of the Board. "The Miami market is one of the first nationally to make such an impressive turnaround and is expected to outperform most other U.S. real estate markets. As the top spot in the U.S. for international real estate purchases, Miami is a world-class city with affordable options for all types of global buyers, who are taking advantage of current market opportunities."

Broward County has also seen an increase in both single-family home pending sales, as well as pending sales for condominiums. Single-family home pending sales have rose 34.2% within the last 8 months, while condominium pending sales have shown an increase in the last 8 months of 68.7%. The total number of sales in the market for Broward County rose significantly as well - a 50.6% increase for pending sales from March 2009 to November 2009.

Selling homes in sunny Miami, Florida, means I get to process a lot of documents. An awful lot. This would ordinarily mean that I am using a lot of actual paper. But I try to be responsible and go digital whenever possible.

Just tonight I emailed a listing agreement to one of my sellers and sent it using Transaction Desk. It's a tool made available to us by the Florida Association of Realtors (also known as FAR to it's members). Of course, I sent myself a copy as well. As I was reading the copy I received I noticed a little Go Green, Go Paperless image and it caught my eye.

It allowed me to see what an impact we are having by using tools such as this one to go green. I thought it was neat l that it showed actual pages saved as well as CO2, water and trees saved. It made my small gesture viable. It wasn't so small any more!

The program also allows the documents to be signed digitally and be returned to me so we can keep everything totally paperless.

Nice going FAR & Instanet!

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