I'm a real estate agent and mortgage consultant in Miami-Dade County, Florida specializing in Second or Vacation Homes and Financing for Condo-Hotel, Fractional Share properties and Foreign National buyers. My second specialty is distressed property sales.
Two nights ago, Jim Cramer from CNBC's Mad Money, called the bottom on July, 2009. Basically, the 3rd Quarter of 2009 will mark the bottom of the real estate market according to Jim. Obviously, some markets would hit bottom along the way, until the worst finally hits bottom once and for all in about 309 days from the show's date. The caveat he used - for Fannie and Freddie to be absorbed by government. Regardless of when the bottom comes to your town, the question in everyone's mind then will be: when will my house be worth again the zillions I paid for it in 2005?! www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
Emannuel, it seems only "buyer-beware" rules apply and this may be why they're not interested. As far as the hazzards of being an REO agent is concerned, few now have the pocket to sustain this type of relationship. Trully unfair. Yes, builders build and buyers bought, but someone also handed out checks with loan documents attached. Now, these same lenders are holding back payments (in essence, not paying their bills), while taking away homes from people who can no longer afford them and can not keep paying their bill. Ironic, isn't it? www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
Condominium living has its perks and peeps. Issues like this one could be great if you favor owner occupancy and pride of ownership. If you need or favor the investment side of owning, this is the kind of issue that should be evaluated before closing. At this point, it seems that consulting a real estate attorney and perhaps even paying them a fee for reviewing the condo docs and your options may be in order. However, pursuing legal action should be your last resort. As Ilyce suggested, you don't want to start this type of war in the building. After all, even if it is allowed, remember someone will likely have to approve the tenants. If you choose to sell, someone may have to approve the buyers. Again...think it through before acting. www.MiamiRealEstateKing.com Certified Distressed Property Expert Miami-Dade County, Florida.
