Jon Zolsky, your Daytona Beach, Florida connection

We got this listing and thought that we would just find the Buyer and run it with Boa VIA Equator, and be done with it.

And then the Seller has received a letter that she was chosen to participate in Co-Op Short Sale Program, and there were quite serious perks to jump on it. No deficiency, stopping foreclosure, $2,500 allowance...

So, she filed her paperwork, we did ours and submitted it all to those Dignified Solution's people. They acknowledged that we are OK. We had a bunch of showings, reduced the price a few times, and the contract came at $80K.

Long wait from Co-Op people, can do anything with Equator, as they are supposed to initiate it, a few complaints, and finally we got to Equator. In the process, being frustrated with no timely response, I asked if we could switch to a regular short sale and not deal with this Co-Op BS. The answer was «No». They «had» the loan, and we could not bypass them.

The summary judgment came and the attorneys and the judge agreed on 90 till Foreclosure Auction date. Notified Dignified Solutions, no problem, we have plenty of time.

Then they come and tell us that we need to list it at $99K. Well, we have accepted contract for $80K, and $99K is quite overpriced. Asking them whether they insist on cancelling this contract and put it back on the market for $99K, which was the last listed price before accepting the $80K offer.

They don't recommend it and a week or so later again tell me that they need it to be listed at $99K. It is like talking to the wall. They keep repeating things as if they did not hear you.

Meanwhile, there is a Fllorida incentive, and Sellers under certain conditions are guaranteed $5K to $20K. Calling them, they check and say that the Seller qualifies, and is entitled to get $8,911. We are pushing the Co-Op and Negotiator to use it to so that they agree to drop the price at least by this amount. Sending they the proof that similar houses start from $53K...

They say it can be done...

Then there is a long drought in the communication. Nothing. They do not respond to e-mails, do not answer the calls and do not return the calls, Equator is wonderfully dead...

Tweeting BoA. Immediately someone calls, promises to investigate, and next day I get a conference call from Dignified Solutions and Negotiator for BoA. Sounds like they were listening for the first time.

Again the same crap about the investor (Fannie Mae) needing certain amount to clear, and I finally able to get that figure from the negotiator. We agree on preparing new HUD using reverse engineering from the Net to Lender considering crediting the Lender with the incentive amount.

They say they would open a task in Equator for us.

Getting the closing agent to do reverse engineering, and the gap is about $4,500. Before I call the Buyer's agent to ask if they would take it, the task is open and it ia a counteroffer, which is very different from what we have discussed. If we accept it, then the gap is about only $500.

We accepted it, even though there were some mistakes in the way they computed the taxes and other small stuff.

It was November 21. Did not hear from them. And foreclosure is coming. Sending e-mail to Negotiator, sending e-mail to Co-Op Transition Advocate screaming «URGENT». Co-Op comes back next day. They can't do anything. Fannie Mae will not stop the foreclosure sale.

Tweeting BoA, they call back next day, nothing can be done.

House foreclosed December 12. Looking at the documents sent to the Seller, it sounds like as long as you follow the program's guidelines, it should not be foreclosed.

Does anyone has the same experience? Can anyone give me the contact at Fannie Mae? Has anyone ever made them vacate the Foreclosure? We did it once with Chase, but never with BoA/Fannie Mae...

«I want a condo where I wake up and I see the ocean». This is what my out of state customer told me...

Is it possible? Of course... Everything is possible. It is only about money. And with $75K it is so much more difficult than with $750K.

Imagine being hungry and going to the restaurant. The waiter comes to you and you tell him that you are very hungry and you want him to bring you ice cream. I assume it does not happen very often.

Why anybody needs a direct oceanfront bedroom? Isn't it a place where we go to sleep? Do we really need any view at night?

There are more important things to consider. Size, ceiling height, age... you are going to live there, and look at the ocean. So, why start with look?

I explain that after years of looking at the ocean, I do not see it from my condo now, but it is a great condo, and I am 4 minutes walk from the ocean...That it makes little sense to sacrifice quality and features for the view, if this is going to be a place to live, not just vacation...

Falls on dead ears...

I was at the County Court today. It is in DeLand, a small quaint town, our county seat… It was a tax Deed sale auction, and there were a few properties that were of interest to my investors.

The hall, where they conduct the sales, was packed. Besides the seats at the table, people were sitting on the floor and standing along the walls.

I know about half of the faces there, We see each other pretty often, even though I am not the one who goes there regularly. I only go when there is something of interest, and when I have an investor for a particular property.

Tax Deed sale can be tricky, and requires some knowledge and understanding of the nuances. We have seen people, who bought a property at Tax Deed sale, because "it was so cheap", and then lost their shirt on it.

Anyway, it was a pretty good day for us, as we bought a condo-hotel unit for a rather decent price. It was one of the last tax Deeds for today, and in a few moments the auction was over, and we were getting ready to leave the courtroom.

A guy came to me and asked me whether I was on Active Rain. That was so unexpected. I said I was. He introduced himself, it was Rob Arnold, a fellow agent from Orlando. I did not recognize him right away, as he was without his cap.

Of course, I “know” Rob. He often leaves comments on my posts, and I know him as an agent, who knows what he is doing, very realistic and very practical.

The kind of agent who does not whine, but rolls the sleeves and gets hands dirty…

I was very glad we finally met, and shook hands, even though it sounds like he may become my competition (LOL).

Rob, you hear me? I am glad I met you.

See you in court, Rob… oops, well... whatever...

;-)

I Will Never Pay Full Price…

I have known this guy for 5-6 years. He is a retired college professor. He and his wife have bought a unit in condo-hotel and live there since then.

Sufficient to say that I do not know of anyone in Daytona area, who has money and lives in the condo-hotel.

Time from time he would start talking about buying, and every time he smiles from ear to ear and tells me that this should be a deal.

And then a new listing pops up in St. Regis subdivision of Venetian Bay in New Smyrna Beach. Exclusive area of Venetian Bay, all houses are over 2,500 sq. ft., slate roof, pavers in the driveway, masonry. The house is on the lake, absolutely gorgeous. Viking appliances, and restaurant grade Viking hood… The house was originally purchased for over $600K.

They listed it at only $244,900. There have never been anything for this price in St. Regis. This is a short sale, and I explain how it works and that $244,900 may turn to be not good enough for the bank...

We made all calculations, showing him comparable houses and price psf. CMA comes to $360K.

He tells me he will call me in the morning. He is a man of his word. When he calls me he says he is ready to make an offer.

What is the offer? $175K. I tell him it is a waste if time. What would be my suggestion? Full price?

- I will never pay the full price. Are you crazy?

These imges are photos of actual house.

Saturday was our time at Art Basel Miami, the annual art show, the biggest art show in the nation, which transforms Miami for 4 days.

This year it was 10^th show in Miami. The fair and a several parallel art events and exhibitions are way beyond just an art show. Miami slowly grew to the point that it is now firmly on the art map in the world, and the college courses now reflect it at the highest level.

The main exposition is in Miami Beach Convention Center. But there are parallel venues happing all over the city. The Convention Center housed the presentations not by individual artists, but galleries from all over the world.

The Convention Center doors opened at noon, and by that time there was already a long line of people.

We were at Art Basel Miami, I thin, 4 years ago, and I must say that in my uneducated opinion this fair was far superior.

I was surprised at a the quality of paintings and sculptures presented and offered for sale by galleries. One of the most stunning collections was presented by Galerie Thomas from Munich, Germany. The actually presented La Ruche, which was at the beginning of the 20^th century the building with 24 artist, who at that time lived hand to mouth, and ten year later became the pride of any gallery in the world. They are: Alexander Archipenko, Konstantin Brancusi, Marc Chagall, Henri Laurens, Fernand Leger, Jaques Lipchitz, Amedeo Modigliani, Chaim Soutine, Ossip Zadkine…

Also, a stunning collection with many of the same names was presented by Landau Fine Art Gallery from Montreal. Also different Galleries also offered unusually many works by Picasso. I also saw Claude Monet, excellent etude by Van Gogh, showing him as the master of drawing.

I also enjoyed photos by Helmut Newton, and also Robert Mapplethorne. Of course, there were so many works by artists I have never heard of, and, of course, there were many that only puzzled, me, but I am old enough to understand and accept that that me not understanding art speaks more about me, than this art.

An hour and a half hours exhausted me. I would have left earlier, but my wife wanted to see more...

I will be there next year. It is so worth the 4 hour drive.