Key West

Very useful information!

First decide whether you want to keep your home.  If you want to keep your home then you should talk to your lender to see if you qualify for a loan modification.  If you don't want to keep your home and you have the choice to short sell your home or to foreclose I would choose the short sale. 

The most obvious reason to short sell is that it will be on your credit for 2 years and you can buy a home again in 2 years if you want to according to FHA guidelines.  A foreclosure will be on your credit for 7 years.  The short sale lowers your credit score, but if you pay all of your other bills on time and take care of your responsibilities then the impact will not be as great and your score will not be as low as it would be if your home were foreclosed.

If you have no choice and you have already been foreclosed on you know how things add up.  You might have started out with a $670,000 mortgage and by the time you were served with the final judgment you might have owed the lender $720,000 or $740,000. 

Lenders are likely to sell the deficiency judgments in the future.  If you have ever been late on a credit card bill you know how fast your telephone starts to ring.  In Florida a deficiency judgment can last 10 years and can be renewed for another 10 years.

If your home has already foreclosed you may consider talking to an attorney that can negotiate a settlement with the lender or with a credit company that may purchase the deficiency judgment in the future from the lender.

The better choice is a short sale.  I recommend that a seller talk to a real estate attorney that specializes in short sales, a bankruptcy attorney, your accountant and a tax attorney to confirm their decision.  I have never had a seller decide not to short sell their home after talking to these professionals. 

I'm not saying that everyone should short sell their home.  I'm saying that after talking with sellers about their situation and their hardship and determining that they may be a good candidate for a short sale I recommend that they consult professionals who can give them a crystal clear idea about how the decision to short sell their home will affect them.

Maya Thomas
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

This does not take into account individual circumstances, but in general... I've seen these strategies work in these ways over the years...  If you want to sell fast and get the most for your home then price right from the 1st day you go on the market!  The buyers are out there!  In Key West Florida from July 30, 2009 to January 30, 2010 123 homes sold.  The average percentage of asking price paid was 88.14%.  25% of the homes sold for 96% or more.  12% sold for 96% to just under 100% and 13% sold for 100% or more of asking price.

If you are a seller how do you make the magic work for you?  Your Realtor will help you, but will you take their advice?  Your Realtor will share with you your biggest threats and your toughest competition.  If you are not the prettiest, cheaptest home at the party you aren't going to get a date.  And if you are the prettiest, cheapest girl at the party you have a good chance of getting asked out on a lot of dates!  Rember the 12% of homes that sold for 100% or more of asking price?  There was more than one buyer or the threat of more buyers coming in and stealing you away!

Which sellers were the biggest winners?  #1 was 31 Seaside Court.  The asking price was $495,000 and the sold price was $599,000 so it sold for 121.01% of asking price.... 21.01% over asking price!  #2 was 2515 Seidenberg.  The asking price for 2515 Seidenberg was $139,900 and the sold price was $155,500 so it sold for 111.15% of asking price... 11.15% over asking price?

If you are a buyer, your best friend is an over-priced home and an unrealistic seller.  The best thing about the over-priced and unrealistic seller is they sit for a really long time and when you come along there is no one else that is interested except you.  You can take advantage of the situation.  You probably are not bidding against any other buyer.  You can take your time.  You can be a shark.  You can bee 100% sure that the Realtors for these sellers told them to price properly so they would sell faster and for more money.  But the seller didn't listen.  Your buyer's agent will know the market very well and can give you the best guidance on which homes that meet your criteria are ripe to be picked for the best price. 

Which buyers were the biggest buyer winners?  #1 was 623 Grinnell.  The asking price was $695,000 and the sold price was $418,000 or 60.14% of asking price.  #2 was 1100 South Street.  The asking price was $800,000 and the sold price was $515,000 or 64.38% of asking price.  #3 was 913 White Street.  The asking price for 913 White Street was $1,650,000 and the sold price was $1,100,000 or 66.67% of asking price.

Will you be the biggest winner or the biggest looser?

634 Louisa Street #5 just sold!  See the Virtual Tour!  2007 condo 2 blocks from Duval Street in the heart of Old Town and just a few blocks to the Southernmost Point and a bike ride from the beach. 

MLS # 111212
Asking price $269,000
SOLD price $260,000
765 sf
2/1.5

Maya Thomas
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Last week a Realtor in my office showed a tenant occupied home.  The listing agent gave her the key.  She knocked on the door a few times.  As she opened the door she called out to say, "Hi, it's ----- the Realtor..." before she got the rest of the sentence out of her mouth a naked man over 6 feet tall came running down the stairs and started punching her and calling her names you wouldn't say in public.  The buyers grabbed the 5 foot Realtor and pulled her out of the home.

I showed a tenant occupied home today.  I met the young husband, his friend and saw their gorgeous blue-eyed baby as they walked out.  They were friendly.  The happy couple looked so pretty in their pictures.  The furniture was new and stylish.  It was immaculate.  It looked like a magazine picture of a happy home.  Perfect staging!  I wanted to live in the home!

I had a tenant occupied home that was my listing.  The tenants were a dream come true.  They were a gorgeous young couple.  The perfect couple!  I admired them and still do.  The wife is a stunning beauty... breath taking!  Her husband is a kind, strong loving husband.   I wish I had her style for decorating.  Every time I walked in the front door I had to stop and just look at how pretty the home was.  The home looked like a Pottery Barn catalog.  Every time I showed the home it looked better than the time before.  New curtains, a new piece of art, a new pillow... always something new and beautiful.  They always called me back and nearly always let me show the home at the time and on the day the buyer's agent requested.  The investor buyer was going to let them stay.  On the Saturday before the Monday closing the buyer's agent called and said buyer wanted them out or they were not closing.  It was pouring buckets of rain.  I nearly fainted when the buyer's agent told me.  I could not believe I had to make that call and tell them that.  The couple called friends in their church and would you believe they packed the entire house and all of their beautiful belongings in 2 days and we closed on Monday?  It's been years since the closing.  I liked them so much I stayed in touch over the years.  Now years later we've been looking for a home.  I'm so blessed to be working with such wonderful people.

I have a tenant occupied listing now.  The couple is yacht-chic.  Amazing art and pretty furniture.  The family pictures and the way the home is decorated makes you wish you could be friends with them.  At the very least I want to have a glass of wine with them and hear about how cool and exciting their lives are.  You just know that they have incredible stories of adventure and experiences most of us only dream about.  Did I mention their pretty baby?  They nearly always let me show the home any time a buyers agent asked.  They always return phone calls, emails and text messages.  Very, very nice people.

It's not always sunshine and fairy tales.  One of my sellers let a friend who got fired stay in the house for free.  All she asked was for the friend pay the utilities.  The friend didn't return calls, text messages or emails.  I had to call the seller for every showing after keeping the buyer and buyer's agent waiting.  The weeds grew 3 feet high.  Coconuts and tree branches filled the yard.  When they let us in there were little cigar poops on the floor in every room.  At one showing the friend was blow drying her hair in a bra with jewels glued to it and jeans with cut-outs so that they looked like leather cowboy chaps.

What I normally see as a buyer's agent when I show a tenant occupied homes is between the scary stories and the success stories.

When I list the typical tenant occupied home it has been on the market for years before I get the listing.  The homes sell for 1/2 of what they would have sold for had they sold within the first 30 days of being on the market the 1st time.  It usually costs about $10,000 to fix the damage caused by tenants.  How do you break the electricity???  Mold, holes in the wall, urine soaked carpet and roaches.  In one home the urine leaked through the carpet and plywood floor on the 2nd floor and through the drywall in the living room on the ground level.  They took all of the appliances, all of the ceiling fans and the smoke detectors.  They burned the floor.  There were bags of dirty clothes, broken light fixtures, a desk, tables, broken windows, fushia pink walls, navy blue walls.  

I remember being a tenant.  I would spend a couple of days after moving out scrubbing the refrigerator, microwave, stove, the sinks, that bath tubs.  I cleaned the windows, dusted the window sills and ceiling fans.  I would clean the inside and outside of every cabinet in the kitchen.  I dusted and vacuumed the closets.  All the lights had light bulbs.  I would vacuum the floors or scrub the floors and dust the base boards.  I would leave some paper towels, toilet paper and soap.  A good tenant is an incredible blessing.  I'm always grateful for good tenants, but I am kind and respectful of all of my tenants whether they choose to be a joy or a challenge to work with.

Maya Thomas, Realtor

Exit Realty Old Island Key West

1511 Truman Avenue

Key West, FL  33040

(305) 522-1398

MyRealPro@gmail.com

www.ShowcasePortfolioProperties.com

Is a Beachfront Penthouse your idea of enjoying life?  Then take a look at 1901 South Roosevelt Blvd., # 406 South at La Brisa Condominium.

Striking beach front penthouse perched high above a white sandy beach, palms swaying in the ocean breeze and the boardwalk with a panoramic Atlantic Ocean back drop. Splendid balcony perfect for glorious sunsets, graceful ocean breezes, fireworks on the 4th and gazing at stars, shrimp boats and cruise ships. 3 glass panels stack and open to blend the ample beach front balcony, clean ocean air, sun light and simple island residence. Beach front master suite. Secure, fully fenced, tranquil and private compound. Mature landscaping, tennis, pool, jacuzzi, tiki huts, BBQ pits and Club House. Excellent location. Hobbie Cats, chairs, kayaks and concessions on the beach.

MLS 111701
$385,000
2 bedrooms, 2 baths
1,099 square feet
Virtual Tour!

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Want to be in the $300,000 range and looking for a house you can move right into without calling in the contractors?  Right in mid-town in the middle of the island and close to everything is the home you have been looking for!  Check out this duplex at 1508 Duncombe Street.

Sophisticated 2007 elevated, 3 bedroom, 1,600 sf home. Excellent floor plan a few blocks from the beach. Fresh, clean and sunshine filled. High ceilings, crown molding, ceiling fans in every room. Glamorous dark chocolate wood kitchen cabinets, peanut brittle granite counter tops, stainless steel appliances, on-demand water heater. Energy efficient, low insurance rates, 2 zone a/c, concrete hardy board siding, brick driveway, oak staircase, new carpet, master suite observation deck, 2 walk-in closets. French doors over look the back yard. The kids will save time and gas money getting to and from KW high school and all of those practices and social clubs necesary to get that Ivy League scholarship.

MLS 111997
$314,000
3 bedrooms, 2.5 bathrooms
1,600 sf
Virtual Tour!

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Looking for 3 bedrooms, a lot of square footage (for the Keys!) on a big grassy lot?  Here it is!  431 Avenue B on Big Coppitt just might be perfect for you!

It's safe to set the kids free to play in this 5,000 sf pretty, fully fenced, grass yard. Cheerful, clean home. Perfect bike riding area, peaceful, tranquil neighborhood w/ lots of shade trees. Elevated doublewide w/ lattice skirting, covered concrete front porch, concrete driveway, and partial concrete fence. 1,152 sf of living space, 7 ceiling fans, 3 large bedrooms, 2 walk-in closets, 2 baths, functional dining room, XL living room, easy to keep clean vinyl floors. Attractive kitchen, tile counter tops, ample cabinet space, laundry room and a sturdy shed. With 20% down, payment is less than $800 before taxes and insurance. Close to boat ramps, Key West and schools.

MLS 111620
$149,900
3 bedrooms, 2 bathrooms
1,152 square feet
5,000 square foot lot
Virtual Tour!

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Want your piece of paradise for pocket change?  This may be the property for you if you are a do-it-yourself contractor.  Prepare yourself!  It needs work!  A new roof... tear out some drywall... and the list goes on, but if it's a super cheap deal then it might be worth it right?  So take a look at 28181 Helen Avenue on Little Torch Key. 

28181 Helen Avenue, Little Torch Key, FL  33042
$80,000
CASH OFFERS ONLY!
2 bedrooms, 1 bath
Virtual Tour!

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Looking for a little tiny payment and a brand new house close to everything fun and wonderful about living in Key West?  Take a look at 634 Louisa Street!

This is a fantastic opportunity to own a handsome, solid, immaculate 2007 home in a peaceful and tranquil neighborhood on a block lined with pastel colored jewel box homes. Pristine, exudes Key West charm, excellent floor plan and splendid use of space. Careful attention to detail, vaulted ceilings, a few blocks to the Atlantic Ocean, Southernmost Point, Duval, art galleries, restraunts, cafes and bars. Lovely landscaping, underground utilities, impact glass, porch, granite and SS appliances, tile floors. Absolutely perfect in every way. This excellent investment is the sweetest deal in Key West! Condo dues $73.33 and insurance $100 monthly, X Zone.

MLS 111212
$269,000
2 bedrooms, 1.5 baths
765 square feet
Virtual Tour!

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Want a little gingerbread conch home to call your own?  Well then take a look at 815 Eaton Street in Key West's Old Town Historic District.

MLS 111655
Bank Approved Price!  $325,000 (yes, it's a short sale)
2 bedrooms, 1 bath,
749 square feet
2,326 square foot lot
Virtual Tour

Happy home. Quaint wrap around people watching porches frame this whimsical and romantic gingerbread Conch cottage. Lots of natural light and windows. Lovely Old Town neighborhood between William and Margaret. Relaxing retreat just around the corner from the historic seaport, orange and gold sunsets, tall ships, great food, tasty drinks and lively entertainment. Walk or bike to everything fun and interesting. Duval Street art and culture just a hop, skip and a jump! Excellent location for fun-lovers. Beautiful wood floors, 5 ft side yard, nice sized back yard. Pretty little front yard with a white picket fence. Huge cistern would be a great wine cellar.

 Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

When you get that craving for some sticky, sweet, smokey, yummy, deliciousness then you just gotta go to Daddy Bones on North Roosevelt Blvd... The baby back, baby back, baby back ribs are sticky, sweet, heaven!  Great atmosphere, nice people and always a good time!  The prices are good too. 

You can find Daddy Bones at 2502 North Roosevelt Blvd., Key West, FL  33040.

If you want some take out call (305) 295-7427.

Wonderful fixer upper condo in the perfect location! 

MLS 111141
$110,000
3312 Northside Drive, unit 409, Key West, FL  33040
2 bedrooms, 1 bath
631 sf
Pool, tennis, peek-a-boo view of the Gulf of Mexico 

SEE the Virtual Tour Lovely breezes from the tallest building in Key West. West side of the tower, end corner unit with the very best views. Peek-a-boo view of the Gulf of Mexico. Sunrise views from balcony and master suite and sunset views from the guest bedroom. 50' heated pool, 2 tennis courts, secure building, concrete construction, appealing lobby w/ 2 elevators, on site manager, tall shade trees, lots of grass and blooming flowers, plenty of parking, close to the football and baseball fields, shopping, banking, theatre and public transportation. Laundry facilities on each floor, emergency generator, reserve water supply, hurricane shutters. Low maintenance living.

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

$130 a square foot in KEY WEST!?  W-O-W, I'm floored!  This one is not my listing, but I was so excited the moment I saw it pop up that I jumped up and ran out of the office to go snap some pictures.

1100 Whithead Stret is just 1 block from Duval Street in the Historic Distric of Old Town Key West.  Short bike ride to the beach and a few blocks to the Southernmost Point.

Here is the tour!  Virtual Tour 1100 Whitehead

I have a competing property with off-street parking so I'll throw that one in first... off-street parking in Key West is a really big deal.  WE have something in common with the city dwellers in Manhattan and Chicago.  We pay big money just to park in the Old Town Historic District.

So here is my lovely fixer upper... $225,000 (uggghhh a short sale!)  This is around the corner from 1100 Whitehead.  Here is the link to the mls for 1107 Thomas.

MLS 111870
1107 Thomas Street, Key West, FL  33040
$225,000
1 bedrooms, 1 bathroom
no extra apartments, just 1 single family home 
1,102 square feet of living space
4,016 square foot lot which is just 3 sf smaller than my big competition
Here are my marketing remarks, "Grand old home w/ 14 foot ceilings on 4,000 sf corner lot with Dade Co Pine. Large side yard w/ concrete pad, small back yard, fully fenced, off street pkg. for 4 or more cars. 4 blks from Southernmost Point & 2 blks from Duval St. Walk to restaurants, bars, cafes, art galleries & Duval shopping. Park, pool & basketball courts across the street. Douglas Street gym just around the corner. Extra large lot for historic Old Town. Dade Co Pine in dining room, ceiling & closets. There may be Dade Co Pine under wall paneling. New lateral sewer lines."

Here is my serious competition... $280,000 bank owned (whew, an easy closing!) Click the link to see the an old expired listing, the old sold listing and the new listing 1100 Whitehead .
Here are the agent's marketing remarks, "Key West. Investors Here Is The Property You Have Been Waiting For. Great Old Town Location 1 Block From Duval St. The 3 Units Include Main House 1558+ Sq Ft With 3-4 Bedrooms, 2 Baths And 2 Separate Units, 324 Sq Ft And 268 Sq Ft. Excellent Income Potential. The Structures Are In Good Condition. Interior Of The Main House Is Plywood Floors, Studs, Plumbing And Electric Ruffed In."

MLS 550817
1100 Whitehead Street, Key West, FL  33040
$280,000
6 bedrooms, 4 bathrooms
3 legal units
2,150 square feet of living space
4,019 square foot lot which is big for this area

I'm just including a couple of pictures here... check out the virtual tour for the complete story with 50 panoramics. 

Front View from Whitehead Street

It helps to see all three listings since there are no pictures and you can see some valuable things that I won't tell you about since I want you to do the detective work.  It's worth your time because this one has a lot to offer.

The front apartment.  You actually enter from an interior front door.

 Living Room

 Kitchen

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Rentals are huge pain in the neck.  We have about 25 in the mls from Key West to Big Pine Key.  The rest of the rentals are at KeysNews.com, KeysNet.com, on Craigs List or you have to sit down and call every single property management company in the phone book or on the internet.  None of the Property Management companies want to share the rentals.  One company sold me that they didn't want to bother putting them in the mls because they can rent them the 1st day on thier own.  It seems like the companies would rather see a homeowner loose 3 months of rent rather than share $100 for a Realtor to bring them a qualified buyer.  I can't think of anything worse than searching for a rental back when I rented.  And I feel for my short sellers who get out of their home and then find themselves looking for a nice place to rent and start rebuilding their lives.

A borrower who transfers their home back to the bank through a Deed in Lieu of foreclosure is eligible to rent back their home for market rate as long as the market rate rent does not exceed 31% of gross monthly rent.  The rent must cover ongoing maintenance. The borrower can stay for 12 months and so can tenants living in the homes.  The loan needs to be owned by Fannie Mae.  You contact your loan servicer and the servicer contacts Fannie Mae for you.  Convential mortgages for homes and 1-4 unit properties qualify.  If you have a 2nd mortgage that kills the deal if they won't give you a release.

After the Fannie Mae verifies income, checks the property, determines the rental rate they execute a lease agreement.  The home must be the primary home of the borrower or the tenant.  2nd homes and vacation homes are not eligible.  You must have made 3 payments since the loan was originated.  You can not be 12 payments or more past due.  You can not be involved in an active bankruptcy proceeding.  The title must be marketable. There can not be ay zoning or HOA rental limitations that prohibit D4L.

An inspection of the property must show that that the occupant is maintaining the property and keeping it in good condition.  The tenant must also allow the home to be shown and marketed for sale.  If there are pets the occupant must have renters insurance.  If repairs are needed to make the home habitable the price to fix the home must be in line with acceptable values.  The home must be brought into compliance within 30 days.  The home can not be in an areas that is a target area for any corporate or government or community neighborhood plan that needs to property. 

All occupants over 18 must agree to a credit check and a background check.  They must receive clearance from the Office of Foreign Assets Control (OFAC).  There can be no signs or reports of illegal activities taking place on the property.  

Loan servicers must submit an "REOgram" 24 hours after approving the program for a property.

It’s murder. I’ve had negotiators scream and call sellers names I would never repeat. Laid of school teachers, cops in divorce, 70 year old cancer patients, people who have been laid off and can not get another job, people who have been hurt and are totally disabled. I had a bed ridden disabled man and the banks wanted him to sign a $60,000 note to close the deal. Good people with serious hardships and the negotiators think they are scum and I’m scum for being a Realtor.

Aurora and CW / BoA are at the top of every single Realtor’s list of The Worst of the Worst. I don’t know why anyone sends a buyer to get a loan from them. Wells Fargo has been organized and totally professional. There are a few banks that you can work with and it’s all about the numbers and whether they add up which makes sense and anyone can work like that.  With other banks you can tell them and show them that loosing this buyer is going to cost $30,000 or $100,000 and they couldn’t care less because it’s not their money.

Chase and Citi can be difficult and time consuming.  You could loose 5 buyers waiting for an answer just to have the home go to foreclosure and sell for 50% less 2 years later.

The shareholders and tax payers are the big loosers.  And Realtors who invest 500 hours dealing with a short sale.  Then, particularly Aurora, doesn’t feel you deserve a nickle for holding the deal together.

Some of my sellers ask for a Loan Modification.  None of them get it.   Some would pay off the full loan if they could get the interest rate down to 0% or 2%. Instead the bank would rather take that 1 million dollar loan or that $600,000 loan and sell the house for 1/2 off to a new buyer.

It’s heart breaking to watch sellers suffer. It’s frustrating to get a call every 2 or 3 days from a buyers agent asking when we are going to close when the process takes 4 months if it’s quick and 9 months or more if you are dealing with one of the dreaded banks.  A house I made an offer on 3 years ago is still on the market for what I offered 3 years ago.

I know dozens of Realtors who have lost their homes.  One hard working agent lost her husband to a heart attack and worked on 12 sales when this short sale market first started and every one of the contracts was rejected by the bank.  She had to go to a psychiatrist.  She thought it was her fault.  She took it to heart.  She internalized the pain and suffering that her sellers went through.  She used all of her savings and didn't close a single deal.  She has lost everything she has.  It's been a few years and she is rebuilding her business and her life and her deals close regularly.  I've been praying for her and pulling for her.  She is a good woman and a great Realtor.

I have Realtor friends who owned 5 homes that were supposed to take care of them in their retirement when they could no longer do our demanding job.  They have lost all of their homes because they can’t make a living working 14 hour days 7 days a week for years on end dealing with unresponsive and uncaring banks.

I have heard, “I don’t care, I’ll foreclose on this house!” so many times it almost doesn’t hurt to hear it anymore.  The negotiators don’t care about anything except getting a pay check at the end of the week.  They have no concept how a hard Realtors work and how important our work is to our economy. 

I've been blessed to close every short sale that I've worked on.  It hasn't come without a cost.  I'm also blessed with an understanding family that realizes that I love my job and that there is nothing better than helping a buyer get out of a home that is killing them and help a buyer get into a home that makes their American Dream come true.  It's hard work and a lot of time, but I wouldn't trade what I do for anything in the world.  

My perception is different.  I know it's going to take a long time and I know it's going to be a lot of work.  I know what I have do do.  I know how to put my package together and how to respectfully and professionally work with the banks.  Everyone has a boss that they have to answer to and I get that.  Things do seem to be easier today than they were a few years ago.  Persistence, patience and education pays!  This market won't last forever!

If someone had told me it could happen I would never have believed it.  The home inspectors were just packing up and getting ready to leave when the neighbors 4 houses down walked in and asked if they could look around.  We shook hands, started chatting and walking around the ocean front home.  After a little bit of, "Oh what a view!" and "What a great neighborhood!" they told me that they really wanted to buy this house but since we never responded to their offer they bought the house up the street. 

My stomach fell.  I remember seeing the house they bought turn "Contingent" in the computer and wondering why in the world the buyers didn't even look at our home.  We were priced $20,000 apart, but in house dollars that would never stop a buyer from atleast LOOKING.

Before I said a word my neighbor went on to say that they had been living in the neighborhood for many years and they didn't book an appointment because they had been in the house before the bank took it back.  They said they looked through the windows and sliding glass doors that over look the ocean when they saw my sign go up.  I asked what her offer had been.  When she told me their offer price, which was exactly what our asking price is, I felt myself get hot all over.  At the time they made their offer our price was higher.  We reduced our price right after the home they bought closed escrow.

I asked if I could see her home.  We walked down the block and up the stairs and in the front door.  The place was under construction.  They were taking down walls and she told me the kitchen was getting ripped out next.  Then she introduced me to her friends that were helping with the work.  She told them the price of my home.  They all started talking and soon the house full of people were walking over to take another look at my home.

Every day I learn something new.  Just when you least expect to learn something about another Realtor you get the shock of your life.  I would have never in a hundred million years have believed anyone on this planet who would have told me that this Realtor would not deliver an offer to a seller.  I'm still in shock.  I woke up 3 times last night.  It was the first thought that popped into my mind this morning.  I couldn't help but think of it in the gym this morning.  I'm torn between calling her just so she can tell me it didn't happen and not calling because if it did happen what is she going to say? 

Maya Thomas, Realtor
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Looking for a well-priced on a duplex in Key West?  If so, check out 2405-2407 Flagler Avenue which was just listed.  To get some perspective you can take a look at 1907-1909 Patterson Avenue which is the closest comparable property on the market.  The 2 closest comparble recent sales are 1612 Bertha Street and 1219-1217 3rd Avenue in Key West.

2405-2407 Flagler Avenue, Key West, FL  33040 (available) listing agent's details
MLS 112267
$285,000
1,479 sf home
6,047 sf lot
4/2, each side 2/1
Built in 1950
CBS

 
2405-2407 Flagler Avenue, Key West, FL  33040 (available)

For some perspective, 1907-1909 Patterson Avenue is the most comparable property available for sale right now...

1907-1909 Patterson Avenue, Key West, FL  33040 (available) listing agent's details
MLS 111901
$339,000
1,500 sf home (little smaller)
7,000sf lot (little bigger)
4/2, each side 2/1
Built in 1950
CBS

1907-1909 Patterson Avenue, Key West, FL  33040 (available)

There are 2 good sold properties to compare these properties with.

1612 Bertha Street, Key West, FL  33040 (SOLD) listing agent's details
SOLD / MLS 110089
SOLD price $349,000, Asking price $343,000
1,533 sf home (a little bigger)
4,840 sf lot (much smaller)
4/2, each side 2/1
Built in 1968
CBS

1612 Bertha Street, Key West, FL  33040 (SOLD)

1219-1217 3rd Avenue, Key West, FL  33040 listing agent's details
SOLD / MLS 111465
SOLD price $286,000, Asking price $275,500 (sold for $10,500 above asking price)
1,376 sf home (a little smaller)
7,195 sf lot (1,148 sf bigger lot)
4/2, each side 2/1
Built in 1950
CBS

 
1219-1217 3rd Avenue, Key West, FL  33040 (SOLD)

Maya Thomas, Realtor
Exit Realty Old Island Key West
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com

Why turn people against you and set up a battle?  Good manners go a long way and help you get what you want from life.  

Last week I was showing a buyer a home.  The buyer told me that he wanted to buy the home before he even saw it.  I started to introduce my buyer to the listing agent.  Mid-introduction my buyer told her that the house was a piece of garbage and whose idea was it to list it at the original list price?  My buyer asked her how could anyone be so stupid to price the home that high.  I was wondering what he was thinking... did he think the agent wanted to over price the home?   Or did he think the agent might agree that the home was over priced and join in on saying negative things about the seller who priced the home?  What possible benefit could he get from being rude to the listing agent? 

The listing agent was composed and did not loose her cool.  The buyer got more aggressive as we walked through the home pointing to the things they saw wrong with the home.  The buyer was right about what was wrong, but there was a better way to start our negotiation.  I knew that listing agent could have helped negotiate a deal that would have helped the buyer get the property and helped the seller sell the home.  I'd worked with her before.  She is tough, trustworthy and fair.  She is an experienced and patient agent.  After the rude behavior by the buyer I knew that my buyer was not going to get the house without paying a premium.  The buyer and I wrote an offer.  it was rejected in less than an hour.  No counter offer.  

I'm certain the listing agent did not say anything negative about the offer.  My guess is that she handed it to the seller and the seller said "No" and she said, "Ok."  The listing agent didn't make the extra effort to get a counter offer.  She did not attempt to keep the dialog going which could have turned the offer into a contract.  

We are human and despite our best efforts to be unemotional and professional sometimes our feelings and ego get involved. The home is actually a good deal. It's the cheapest home on that island.  The home will be under contract in the next 30 days.  

Another buyer experience 2 years ago stands out in my mind.  My buyer and I looked home that was really inexpensive.  It was priced far under my buyers budget a was in the area they wanted to buy.  In needed upgrading and repairs, but the buyer thought the work would be a piece of cake and that the house was a steal.  The buyer asked the listing agent about the septic system.  The listing agent gave the buyer a lecture about septic tanks versus aerobic systems.  Then the buyer made a comment about the environment.  In the blink of an eye the listing agent and buyer were in a fight.  That buyer wanted to buy that home, but was so angry with the listing agent that they didn't write an offer.  Recently I saw the home in the MLS as a bank owned foreclosure.  

The same listing agent that got into a fight with my buyer about the aerobic system, had the listing for a pretty home on a big grassy lot with a fence.  It was perfect for a young couple with 4 kids that I was working with.  During the showing my buyer asked the agent if she had any offers.  The agents said something I didn't hear.  Then listing agent asked my buyer where she worked.  My buyer was a stay at home mom at the time.  The agent then told her that if she got a job maybe she could afford the home.  WHAT!?  My buyer told her that it would cost more in child care than she could make working.  The listing agent then started to lecture here about work.  The buyer turned and walked out of the home.  This happened in a few seconds.  The buyer was so mad she didn't want to look at any more homes.  About a month after the incident the home expired.  Whether you want to buy or sell add more honey and less vinegar.

Maya M. Thomas

Exit Realty Old Island Key West

1500 Truman Avenue

Key West, FL  33040

(305) 522-1398

MyRealPro@gmail.com

www.ShowcasePortfolioProperties.com

This is for my friend that is a tenant that MUST be at all showings because they have valuable things and confidential work related information in their condo.  The agent is evil and stupid and obviously doesn't know what she is doing.  The rude agent always asks to show the condo on Thanksgiving, New Years or some other special holiday or the weekend.  The thoughtless buyers have been standing in my bedroom, with no one watching them, for 10 minutes talking about which wall they are going to put the bed on.  The listing agent should protect my stuff and watch the people as they look around to make sure they don't steel anything.  The lazy agent doesn't even give the people a tour of the condo!  And by the way, the condo is on all of the banks black list!  

Is there any way that you can make an offer to purchase?  In the Keys it's cheaper now to buy than it is to rent.  If you are paying $1,500 a month to rent you get nothing back after taxes.  If you bought you would get a big fat check from the IRS every year.  When you figure that amount into your annual expenses you could be getting a $300 or a $200 rent reduction.  One day you will have paid off the condo.  If you rent for 20 or 30 years you will have nothing at the end.  If you buy it then you will have paid less to live there and you may have a property worth a 1/2 a million or a million dollars that you own.  You'll have something you can sell or give to your heirs.
 
Maybe buying isn't an option so....
 
Agents hate to show property on the weekend and on a holiday so they are not showing on the weekend just to drive you nuts.  I've had 2 days off this year.  I'm blessed to be busy and I'm grateful to my buyers and sellers.  I would much rather take care of my clients than take a day off.   
 
Buyers love to see property on weekends since they usually have Monday through Friday 9-5 jobs.  With the time change it's dark by 5:30 pm and most sellers won't let you see a house at 7:30 am or 8 am so that a buyer can get to work on time.  The only option left for 95% of buyers is to see homes on the weekends.
 
Sellers and tenants hate showing homes on weekends. 
 
It's tough to be in the tenant.  You love your home.  You don't want it to sell.  You're forced to show it to people.  It's horrible from any angle you look at it.
 
More experienced and better agents usually talk less and let the buyer think and look.  It happens to me when I go see a home with a seller.  They are talking non-stop about this thing they did and that thing they did and I'm respectfully maintaining eye contact and looking at all of the important things they are pointing out.  Then hours later I'm thinking about the house and I can't remember some important details about house that really matter. 
 
Or, I'm with a buyer and the listing agent is going on about, "Here is the kitchen and here is the bathroom" and my buyers look at me with their eye brows furrowed and roll their eyes. 

Occasionally a listing agent points out something that you or a buyer might not have noticed like some special architectural detail that no one does any more, or bronze hinges or a hand made sink, the Saturnian Carrerra marble, door handles that are just a little nicer than usual or some other wonderful detail that you are grateful they told you about. 
 
I try to keep my mouth shut when a buyer is looking at a house whether I am the listing or selling agent.  I focus on the buyer, what they are doing, where they are lingering, the looks they give each other, the speed at which they go through this house compared to the other houses, the questions they ask and other non-verbal communication.  And, I'm looking at the details so that should the buyer ask me a question in the car I know what they are talking about and have the answer. 
 
If I'm the selling agent I'm doing the same thing.  I don't want to distract the buyer.  I want to be ready to answer their questions on their schedule and according to their personality so I'm paying attention to everything that is happening around me.  As well as analyzing how the buyers and their agent are communicating.  I usually know the other agent and their personality style and that goes in the mix.  It generally pays to be quiet when you are an agent.
 
Buyers linger.  Sometimes they just want to have a private word with their partner, wife or husband away from their Realtor®.  If the agent was standing in your bedroom the buyers would probably stand in the kitchen.  If you stand in your bedroom during the showing they will probably peek in the door and get out quick.  They won't stand there and talk privately in front of you. 
 
I know you feel invaded and you don't know or trust the buyer, but I have never had a seller tell me that a buyer took something.  I have never seen a buyer act the slightest bit interested in a seller's or a tenant's belongings except for the pictures.  Pictures are eye magnets.  People l-o-v-e to look at pictures.  The buyers are probably lingering in your bedroom because it's a mid-point between where you and the agent are or far enough to feel like you can't hear their private conversation. 
 
Buying a home is a BIG deal.  You're talking about someone's life.  You're talking about a LOT of money.  I don't know what your condo is selling for, but it's probably somewhere between a 1/4 and a 1/2 a million dollars.  A buyer is going to work a lot of hours over the next 30 year to pay for that.  A buyer wants to look at the details.  A bedroom is an incredibly important component of a purchase. 
 
Hopefully it will make you feel better to know that the more serious a buyer is the LESS interested they act.  When someone hates the house they are in and out in 5 minutes.  If someone LOVES the house they might be in and out in 10 minutes, but they act like they don't care much about it.  They certainly don't talk about where they would put their bed because they don't want to look too eager in front of the agents or in front of you.  They might not know if you are the seller or the tenant.  If you are under the radar the agents won't say anything.  If you are difficult or weird the agent may warn the buyer so the buyer doesn't get spooked.
 
Tenants are not usually present at a viewing.  I know you have to be there because of your confidential work papers.  Your presence makes everyone uncomfortable.  You feel invaded.  The buyer feels like they can't say what they want to say, look at what they want to look at or linger where they want to linger.  The listing agent and buyer's agent feel like they can't say or do what they want to do.  There is hostility between you and the listing agent because of previous interactions and everyone feels it. 
 
There is almost nothing worse than having a tenant present during a viewing.  The only thing worse than having a tenant present at a viewing is having a tenant present who thinks someone wants to steel their stuff.  It's insulting for everyone.  And, the seller is going to take a hit on the purchase price because the negotiation starts out on a bad foot with unpleasant emotions from the first second the buyer enters the home.  Depending on the asking price the seller will loose $10,000 to $50,000 just because you won't leave the house for a showing. 
 
It's common for a condo to be on a black list in markets where there are hundreds of condos for sale and in foreclosure.  If the non-tenant occupied units exceeds a certain percentage it can land the condo on a black list.  Other reasons:  The number of foreclosures and short sales available for sale and the amount of money in reserves. 
 
Being on the black list may limit the seller to a cash buyer.  A buyer's agent will tell her cash buyer about the black list situation and the buyer will, like a shark that smells blood in the water, want to take advantage of the sellers situation.  Since cash buyers are going to be the only option you have a greater chance of being able to stay in the unit.  A cash buyer usually has a primary residence and they didn't get a 1/4 or a 1/2 a million dollars by being stupid.  Even if they inherited the money someone smart made that money or invested in a house that has been sold in an estate so a buyer recognizes the value of real estate.  So, you have a good chance of meeting your future landlord.
 
You are living with stressful conditions.  This will pass and be a memory a year from now.  People remember how they have been treated.  Emotions are like a wooden fence.  You hammer a nail in every time there is a negative experience.  You can pull the nails out, but the hole will be there forever.  Don't let your emotions control you.  You are the Master of your Universe.

Maya Thomas
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL  33040
(305) 522-1398
MyRealPro@gmail.com
www.ShowcasePortfolioProperties.com