Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Property Market Headed South? - Real Estate - MiamiHerald.com

Rental Rates Are Up - Inventory Low!

Just Rented: Southdale Condo, Unit 105 Fort Lauderdale, FL JCG Property Management continues to fill vacant managed units in record time. The rental market is hot. Inventory is low and rates are high. JCG Property Management is a full service company. If you are interested in purchasing, selling or renting or residential management, Janice Gomez can handle the entire transaction. Property Management and consierge services also available for the absentee owner. For additional information call Janice at 954.562.8210 or visit http://www.fortlauderdalepropertymanagement.com

The Ellington in Victoria Park

Just Rented:
The Ellington in Victoria Park
518-1 NE 7 Avenue
Tri-level townhouse,2 bedroom plus den, 3.5 bath, two car garage.
$1900 per month

Unit was listed on August 8,2011 and rented August 17, 2011. Inventory is low thus rents are high. It's a good time to buy an investment property in Fort Lauderdale

JCG Property Management is a full service company offering asssitance with purchases, sales and property management of single family, townhomes and condos for the investor and/or absentee owner.

For additional information contact Janice at 954.847.1126 or visit http://www.fortlauderdalepropertymanagement.com

THREE STORY LUXURY TOWNHOUSE RENTAL IN VICTORIA PARK

JCG Property Management inventory now includes a 3 story luxury townhouse in Victoria Park.

The Ellington is a luxury townhouse complex in the east Fort Lauderdale neighborhood of Victoria Park. Unit has volume ceilings, high end finishes, gourmet kitchen with gas stove, two car garage and a community pool.

Walk to the shops and restaurants of Victoria Park. Close to Las Olas, downtown and the beaches.

Lease terms: Annual rental, pets negotiable. First, last and security deposit required as well as a background and credit check.
Monthly rent $2000.

For additional information, contact Janice Correale Gomez, 954.847.1126. Janice is a licensed realtor with Coldwell Banker Residential Real Estate located at 910 SE 17th Street in Fort Lauderdale. Janice is the owner of JCG Property Management. For additional information visit http://www.fortlauderdalepropertymanagement.com

The Real Deal | South Florida Real Estate News

The Real Deal | South Florida Real Estate News

JULY MANAGED RENTAL INVENTORY

Available for immediate occupancy

200 S Birch, Unit 415
Leisure Beach Condo
Fort Lauderdale
Two bedroom, one bath, with balcony and ocean view. Walk to beach and Las Olas area shops and restaurants. Unit freshly painted and new carpet.
$1200 per month.

1100 NE 9 Ave
Southdale Condo
Fort Lauderdale
One bedroom, one bath, tile throughout. Gated complex with pool and rooftop sitting area. $750 per month.

5820 NE 1 Ave
Single family home
North Andrews Gardens
Oakland Park
Two bedroom, one and a half bath, tile throughout. Water and lawn maintenance included in rent. $1350 per month.

JCG Property Management is a fort lauderdale property management company owned and operated by Janice Correale Gomez. For additional information, contact Janice at 954.847.1126 or visit http://www.fortlauderdalepropertymanagement.com

Janice Correale Gomez is a full-time licensed Realtor with Coldwell Banker located at 910 SE 17th Street, Fort Lauderdale, FL 33316. A full service Realtor...buying, selling, property management and leasing.

JUST SOLD IN CROISSANT PARK - 606 SW 11 STREET

First time home buyer single family residence closed in under one month. True depiction of teamwork with realtor, loan office and title company.

Interested in buying or selling real estate in the east Fort Lauderdale area. Janice Correale Gomez, A licensed realtor with Coldwell Banker, 910 SE 17th Street in Fort Lauderdale can do the job for you.

Janice is a full time, licensed realtor and property manager. JCG Property Management is a local Fort Lauderdale property mangement company and handles management of tenant occupied investment properties or second homes, townhomes or condos.

For additional information visit http://fortlauderdalepropertymanagement.com or phone Janice at 954.847.1126

JUST SOLD IN VICTORIA PARK - 514 NE 7 AVENUE AT THE ELLINGTON

Just sold in Victoria Park:

The Ellington, a three story townhouse community. Two bedroom plus den, three and a half bath fee simple townhouse with roof top terrace. Great views of downtown to the west and the ocean to the east. Wood floors, granite kitchen counters, gas stove. Stones throw to restaurants and shops of 6th Avenue
.
Short sale from contract to close in 4 months. Sold for $279,000.

Thinking of buying or selling. Contact Janice Correale Gomez. Janice is a full time realtor with Coldwell Banker, 910 SE 17th Street, Fort Lauderdale, FL 33316.

For additional information contact Janice at 954.847.1126 or visit www.fortlauderdalepropertymanagement.com. Janice also owns and operates JCG Property Management, a Fort Lauderdale property management company.

Single Family Home in Cresthaven section of Pompano Beach

Just Listed:
Pompano Beach/Cresthaven
3071 NE 11 Ter
Three bedroom, two bath, two car garage. Recently updated with granite kitchen and pergo floors. Ready to move in. Short sale...$149,000

To preview, contact Janice Correale Gomez, Fort Lauderdale Propety Management, 954.847.1126. Janice is a full service, licensed Realtor with Coldwell Banker Residential RE located at 910 SE 17th Street. For additional information visit http://fortlauderdalepropertymanagement.com

REDUCED FOR QUICK SALE - 180 FEET OF WATERFRONT $890,000

The Landings - 180 feet of water, dual docks, boat lift. Over 16,000 square feet of land. House beautifully updated, 3200+- square feet under air. Huge master suite, gourmet island kitchen with wine cellar. Heated pool, many extras.

Priced to sell at $890,000

IMPERIAL POINT CONDO - NEW PRICE, QUICK CLOSE

NEW PRICE:
IMPERIAL VILLAGE CONDO
1/1 $49,000

Live in the prime Fort Lauderdale neighborhood of Imperial Point. Close to hospital, across from TGIFridays, Bonefish Grill and Einstein Bagels. Great get-a-way for the snow bird. Low monthly maintenance

The Landings - 180 Feet of Waterfront

Just listed in The Landings
5550 NE 29 Avenue
$990,000.


Fabulous 3 bedroom plus library, 4 full bath. Approximately 3000 square feet of air conditioned space. Beautifully appointed house, gourment kitchen, travetine floors, full master suite with wood built in library, his/her closets, spa like master bath. If you are looking for land, this property is over 16,000 feet on 180 linear feet of water. Dual docks, boat lift. A must see.

Click on the link below to preview the photo tour.



Contact Janice Correale Gomez for additional information, 954.562.8210.

April 2011 Rental Inventory

200 S Birch Rd, 2 bedroom, one bath. New carpet and paint. Ocean view on east balcony. Walk to beach and Las Olas area shops/restaurants. $1400/month.

2 Hendricks Isle, 1 Bedroom, one bath with water view. Available furnished or unfurnished. Possible boat dockage up to 30' boat. Walk to Las Olas shops/restaurants. $1075/month.

522 NE 7 Ave, 2 bedroom plus den, 3.5 bath. Tri level townhouse at the Ellington. Large,corner unit, light and bright with hugh roof top terrace and gazebo, 2038 square feet, two car garage, community pool. $2350/month - available May 1st.

544 NE 7 Ave, 2 bedroom plus den or 3 bedroom. Tri level townhouse at the Ellington. 1679 square feet, 2 car garage, rooftop terrace, community pool. Small pets considered - $2150/month. Available mid April.

728 NE 23 Dr., Wilton Manors half duplex. Two bedroom, one bath, updated unit with washer/dryer. Walk to Wilton Drive. Small pets considered. $1295/month. Available May 1, 2011.

9006 Vineyard Lake Dr., Plantation. Two bedroom, 2.5 bath townhouse on the lake. Two levels, one car garage, community pool. $1350/month. Available for immediate occupancy.

4154 Inverrary Dr., Lauderhill. Manors of Inverrary. Two bedroom, two bath, central air, washer/dryer, screened balcony. Unit being rehabed throughout. Scheduled availability Mid April $1000/month.

JCG Property Management is a Fort Lauderdale property managment company specializing in residential property management for the investor or absentee owner. For additional information visit http://www.fortlauderdalepropertymanagement.com or phone Janice Gomez at 954.847.1126. Janice is a licensed realtor with Coldwell Banker located at 910 SE 17 Street, Fort Lauderdale, FL 33316

March/April Rental Inventory

200 S Birch Rd, 2 bedroom, one bath. New carpet and paint. Ocean view on east balcony. Walk to beach and Las Olas area shops/restaurants. $1400/month.

2 Hendricks Isle, 1 Bedroom, one bath with water view. Available furnished or unfurnished. Possible boat dockage up to 30' boat. Walk to Las Olas shops/restaurants. $1075/month.

522 NE 7 Ave, 2 bedroom plus den, 3.5 bath. Tri level townhouse at the Ellington. Large,corner unit, light and bright with hugh roof top terrace and gazebo, 2038 square feet, two car garage, community pool. $2350/month - available May 1st.

544 NE 7 Ave, 2 bedroom plus den or 3 bedroom. Tri level townhouse at the Ellington. 1679 square feet, 2 car garage, rooftop terrace, community pool. Small pets considered - $2150/month. Available mid April.

728 NE 23 Dr., Wilton Manors half duplex. Two bedroom, one bath, updated unit with washer/dryer. Walk to Wilton Drive. Small pets considered. $1295/month. Available May 1, 2011.

9006 Vineyard Lake Dr., Plantation. Two bedroom, 2.5 bath townhouse on the lake. Two levels, one car garage, community pool. $1350/month. Available for immediate occupancy.

4154 Inverrary Dr., Lauderhill. Manors of Inverrary. Two bedroom, two bath, central air, washer/dryer, screened balcony. Unit being rehabed throughout. Scheduled availability Mid April $1000/month.

JCG Property Management is a Fort Lauderdale property managment company specializing in residential property management for the investor or absentee owner. For additional information visit http://www.fortlauderdalepropertymanagement.com or phone Janice Gomez at 954.847.1126. Janice is a licensed realtor with Coldwell Banker located at 910 SE 17 Street, Fort Lauderdale, FL 33316

Waterfront one Bedroom One Bath Just Listed on Las Olas

JCG Property Management rental property available for immediate occupancy. Recently Updated one bedroom, one bath apartment with water views and possible boat dockage up to 30' boat. Unit being offered furnished or unfurnished. A stones throw to the beach and Las Olas area restaurants and shops - $1075/month.

For a listing of additional inventory or information regarding property management services contact Janice Correale Gomez at 954.847.126. Janice is a licensed Realtor with Coldwell Banker, 910 SE 17 Street, Fort Lauderdale, FL 33316

March Rental Inventory

The following properties are avaialble for annual rental.

The Ellington, Victoria Park - large corner unit, open and bright. Three story townhouse offers open gourmet kitchen with natural gas cooking. Two bedroom plus den with three and a half bath, two car garage.Large rooftop terrace and gazebo. Endless views to the ocean and downtown. Asking $2450. Available first week of May.

Vineyards of Plantation - two story townhouse on the lake. Two bedroom, two and a half bath, one car garage. Large open living/dining area that opens to a patio on the lake. Second floor has two bedrooms each with their own bath. Pets negotiable. Asking $1350.

Coral Heights - large, open and bright waterfront home with three bedrooms, two baths, tile throughout. Beautiful yard with covered loggia, heated pool, fruit trees. House offered fully furnished or unfurnished for long term tenant. Asking $2300, includes pool and lawn maintenance.

JCG Property Management is owned and operated by Janice Correale Gomez, a licensed Realtor with Coldwell Banker, 910 SE 17 Street, Fort Lauderdale, FL 33316. For additional information visit http://www.fortlauderdalepropertymanagement.com or phone Janice at 954.847.1126

Lease Signing Procedures

Having the best drafted lease in Florida will be useless if proper procedures are not followed in the lease execution or “signing process”. Once your applicant is approved, you are only part of the way there. You want the applicant to become an actual resident. This is accomplished through the signing of the lease and the addenda to the lease. While this is a simple process, errors are made which can result in the lease not being fully or properly executed, and this can enable the resident to get out of the lease obligations, or can present even greater problems if all the residents do not sign the lease, with possession being granted without all signatures on all the documents. Following a checklist and carefully consummating the “deal” in the lease and addenda signing process is essential. There will be ample time later for mistakes to be made; the lease signing is not that time.
Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk www.evict.com

JCG Property Management is a Fort Lauderdale based property management compmay. Janice Correale Gomez is a licensed Realtor with Coldwell Banker located at 910 SE 17th Street, Fort Lauderdale, FL 33316. For additional information visit http://Fortlauderdalepropertymanagement.com or call Janice at 954.847.1126

Wilton Manors Duplex Rental

Just Listed: Wilton Manors Duplex two bedroom one bath. Available for rent May 1, 2011. Large front unit with private fenced patio. Updated kitchen and bath, tile floor throughout. Central air, washer/dryer in unit. Large open kitchen with room for a table, spacious living/dining area, large bedrooms. Walk to Wilton Drive. $1400 per month.

For additional inventory of available rental properties contact JCG Property Management. Janice Correale Gomez is a licensed Realtor with Coldwell Banker located at 910 SE 17th Street. Visit http://www.fortlauderdalepropertymanagement.com for additional information or contact Janice Gomez at 954.847.1126

LEASE SIGNING PROCEDURES

LEASE SIGNING PROCEDURES
by Harry A. Heist, Attorney at Law

Once your applicant is approved, you are only part of the way there. You want the applicant to become an actual resident. This is accomplished through the signing of the lease and the addenda to the lease by all parties. While this is a simple process, errors are made which can result in the lease not being fully or properly executed, and this could enable the resident to get out of the lease obligations, or could present even greater problems if all the residents do not sign the lease, with possession being granted without all signatures on the lease documents. Following a checklist and carefully consummating the “deal” in the lease and addenda signing process is essential. There will be ample time later for mistakes to be made; the lease signing is not that time.

Who Signs the Lease?

All adult occupants should be lease signatories. Unless an adult occupant is somehow incapacitated and incompetent to be a lease signer, all adults living in the unit should sign the lease as “residents”. They will be named in the body of the lease, usually at the beginning and also in the signatory section, if this differs than the beginning of the lease.

Suppose the Applicant does not meet your Resident Selection Criteria?

Your company may have a policy that both parties (assuming 2 residents) must meet the company’s resident selection criteria and/or be approved by the screening company in order to qualify for occupancy. Some companies only require one party to meet the criteria. Regardless of your company policy, all adults need to be signatories, even if one does not meet your company’s criteria and your company still allows both residents to move in. A serious, common mistake is to allow the party that meets the resident selection criteria, or who is approved by the screening company, sign the lease as a resident, and not make the one who fails to independently qualify sign anything, with the lease only referring to this individual as an occupant.

Possible consequences of having an adult listed as an occupant only

An occupant who is not a lease signer has the best of both worlds. She has the benefits of the lease but have no written legal obligation to the landlord. Further, situations occur when the resident who signs the lease vacates, leaving the occupant behind in the unit, who may or may not pay the rent. If the occupant pays the rent, she establishes a potential separate tenancy with you, and this further confuses matters. If the occupant violates the lease terms, the landlord must pursue the resident who signed the lease, and this person could be long gone.

All spaces, sections and initial areas must be completed by all parties

Many leases unfortunately have too many spaces for the parties to sign. This can and often does result in parties not signing all the sections or failing to initial all the sections where initials are required. The more spaces to sign or initial, the greater the risk of a space being missed. The resident can argue that since she did not sign or initial a designated space, she did not agree to it. Try to see if your company can revise you lease to reduce the number of spaces for the parties to sign or initial, and take great care in your current lease to make sure no space is missed by any party. Take your time and look at each and every page to see if they have all been initialed and signed by all parties before you as the manager put your signature on the lease and addenda. Make sure that where signature lines appear, the residents use their signatures, not their printed names or initials.

Verifying Identity and Identification Copying

If your company has a policy to not copy identification, including but not limited to the driver’s license, state ID card, passport or Social Security card, during the application process, all these items should be copied for the file at lease signing. There is no law prohibiting the copying of these items, and they may be needed later for identification purposes, collections and bad check prosecution. If one or both of the lease signers do not have the identification in their possession for signing, the process needs to STOP, and the lease should not be signed by anyone or possession granted, until all the lease signers bring in their identification. Property managers should never let their guard down or fall for the, “I forgot my ID and will bring it to you later” excuse. NO ID, NO lease signing. It does not matter if the applicant has his driver’s license or Social Security number memorized. Demand to see the documents. Failure of management to look at the documents is the primary cause of identity theft in the leasing process.

All parties to lease must sign lease before possession is granted

A common mistake is made when one approved applicant signs the lease, but the other is not available for whatever reason at that time to sign. While many property managers claim they will not give out the keys until all parties sign, our office commonly sees the situation when only one approved applicant has signed. The typical scenario is that one of the parties comes to the office, signs, and the other party is to come at a later time or for some reason is unavailable, due to an emergency or other reason. The move-in date is the next day or sooner, the keys are given to the resident who has signed the lease, and the other approved applicant who is to sign the lease never comes in. The file is placed in the filing cabinet and forgotten. The party who is supposed to come in and sign the lease never does, and this is all discovered later when there is a noncompliance, skip or eviction. The party who has not signed the lease has no legal obligations to the landlord. Sometimes, the party who did sign the lease will attempt to break the lease by saying that since all parties did not sign, the document is incomplete and therefore not legally binding on anyone. Your strict rule should be simple. All parties sign the lease, or no one gets any keys.

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk www.evict.com

When in doubt, leave it to a professional. JCG Property Management is a Fort Lauderdale based property management company located at 910 SE 17 Street. Janice Correale Gomez is a licensed Realtor with Coldwell Banker. For additional information visit http://www.fortlauderdalepropertymanagement.com or call Janice at 954.847.1126

Daytona Bike Week Anyone - Great Ocean View Rental

Interested in Bike Week, International Speedway races or just a week relaxing on the beach. I have a beautiful two bedroom, two bath condo available for rent. Minimum rental period is one week. The building offers top shelf amenities. Sits on the sand and it conveniently located 6 miles from the International Speedway.

For additional information, photos and rates visit my website at http://www.fortlauderdalepropertymanagement.com and click on the properties tab.

JCG Property Management is a Fort Lauderdale based property management company, owned and operated by Janice Correale Gomez, a licensed Realtor with Coldwell Banker Residential RE. Janice can be reached at 954.847.1126.

Rufus Needs to Go - Are you Protected?

The scenerio is as follows: Rufus was allegedly a 16 pound terrier mix when your new tenant signed the lease and pet addendum. You are now scheduled for your first quarterly property review and find Rufus at the property looking to be about 70 pounds and a mix of what you are not certain. Your tenant is now in non-compliance of the lease. Does your lease include a signed pet addendum? Is the pet addendum worded to protect you and your property in the event of a non-compliance?

When in doubt contact the professionals. JCG Property Management is a Fort Lauderdale property management company. Janice Gomez is a licensed Realtor with Coldwell Banker, 910 SE 17th Street, Fort Lauderdale, FL 33316. Visit http://www.fortlauderdalepropertymanagement.com for additional information or call Janice at 954.847.1126

VIneyards at Plantation - New Managed Rental

I just added a Plantation townhouse to my inventory of managed properties. Vineyards of Plantation is located on Pine Island Road between Sunrise and CLeary Blvd's. Convenient to I595, I95,restaurants and shops.

The townhouse is a lakefront, two story; two bedroom, two and a half bath, one car garage. The entry level has an open kitchen with space for a small table and chairs, half bath, large living area with vaulted ceilings and a lake view from sliders to the the tiled patio. The second floor has two bedrooms, each with their own bathrooms.

Complex offers a community pool with lounges and chairs as well as a benched seating area on the lake. $1350/month.

JCG Property Management is a Fort Lauderdale based property management company located at 910 SE 17th Street. Janice Gomez is a licensed Realtor with Coldwell Banker. Visit http://www.fortlauderdalepropertymanagement.com or call Janice at 954.847.1126.

No Dog, No Addendum

Have you ever run into a situation where your tenant is signing a lease and may, perhaps, sometime down the road, want to adopt a dog. It is important that the lease not include a signed pet addendum. Having the tenant sign a pet addendum, especially if a pet deposit is collected, can cause problems as time goes on and the tenant doesn't adopt that cute little poodle he/she spoke about but an oversized, very aggressive 90 pound mixed breed. You now have a tenant in your property with a signed pet addendum, however, not the pet you would have approved. How do you prevent this from happening?

Your lease should state that pets are not allowed without prior written consent from the landlord. Once you see the dog and give approval, then have the pet addendum signed. This will prevent having to file a notice of non-compliance and having any issues with your tenant.

JCG Property Management is a full service residential property management company located at 910 SE 17 St, Fort Lauderdale, FL 33316. Janice Gomez is a licensed Realtor with Coldwell Banker. For additinal information please visit http://www.fortlauderdalepropertymanagement.com or call Janice at 954.847.1126.

Keeping up with the time.

I am headed to a refresher course this morning. We learn something new everyday and as it relates to property management, new statutes, rules and regulations constantly change. It is imperative to stay on top of new ordinances.I will write tomorrow and share the events of the day.

JCG Property Management specilizes in residential property management for the investor or out of state owener. For additional information, visit my website at http://www.fortlauderdalepropertymanagement.com or call Janice at 954.847.1126. Janice Gomez is a licensed realtor with Coldwell Banker at 910 SE 17th Street, Fort Lauderale, FL 33316.

Are Dogs Allowed? Let's be Certain...

Dogs are like family and most times you will encounter a tenant looking to rent a property wanting to bring along their furry companion. There are several commonplace rules to follow when allowing pets in a rental property.

First and foremost is to confirm that pets are allowed if you are dealing with an association. From there, you need a properly executed pet addendum. Secondly, you should collect a pet deposit, which is refundable if the pet does not damage the property. Some owners opt for a pet fee, which is a non-refundable fee.

Paramount to the above, it is imperative to confirm your insurance policy allows pets. Does the coverage include pets for tenant's? In the event of an injury due to a dog bite does the liability insurance cover it?

Let the professionals handle the management of your investment property. When in doubt, contact JCG Property Management, a Fort Lauderdale Property Management company. Owned and operated by Janice Correale Gomez, JCG Propery Management can cover all your property managment needs.
For additinal information visit http://www.fortlauderdalepropertymanagement.com or call Janice at 954.847.1126. References available on linkedin.com.

Fort Lauderdale Propety Management Website Update

JCG Property Management just completed an update to the website http://www.fortlauderdalepropertymanagement.com. Please visit my website for a list of available rental properties in the Fort Laudedale and Daytona Beach areas. You will also find information on property management services that are available to the investor or out of state owner.

JCG Property Management is owned and operated by Janice Correale Gomez, a licensed Realtor with Coldwell Banker, 910 SE 17TH Street, Fort Lauderdale, FL 33316. Janice can be reach at 954.847.1126

Imposing a Claim on the Security Deposit

There are many laws that pertain to the landlord/tenant. One of prime importance is the intention to claim a security deposit. Florida statue 83.595 allows for 30 day notice to impose a claim. Thirty day notice begins on the day the tenancy ends.

What are the consequenses to not following the law? For certain, they are not favorable to the landlord as you are now required by law to return the security deposit to the tenant and forfeit the right to impose a claim.

Property Management should be left to the experts. JCG Property Management can do the job for you. Residential property management services are available to the investor or out of state owner. Whether tenant occupied of in need of management or concierge service in your absence, JCG Property Management can do the job for you. For additional information visit http://www.fortlauderdalepropertymanagement.com or call Janice Correale Gomez at 954.847.1126.

MANAGING IN CONDO OR HOMEOWNER ASSOCIATIONS

The landlord managing property governed by a condominium association or homeowners association, hereinafter “Association” has unique challenges and requirements. Not only do the Florida Landlord/Tenant laws apply to the relationship, but the Declaration of Condominium and the rules and regulations of the Association apply to the relationship. Often these rules and regulations change, and if the landlord or property manager is not alert and keeping up with these changes, major problems can occur. Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

When in doubt hire a professional. JCG Propety Management, a Fort Lauderdale based property management company handles all aspects of residential property management services. Visit http://fortlauderdalepropertymanagement.com for additional information or call Janice Gomez at 954.847.1126

DOES A LEASE TERMINATE WHEN THE PROPERTY SELLS?

A common question that we get has to do with the status of a lease in the event of the sale of the property. The quick answer is that the property can sell a hundred times, and the lease will survive. When a tenant rents a unit, the tenant has a full right to use that unit for the period of time as defined in the lease agreement. While it is not a right of ownership, it is a right of use, and this right is strong and recognized under law. All terms and conditions of the lease will continue when only the ownership changes. Can the rights of the tenant and landlord be modified by contract? Absolutely, and often leases are prepared which do in fact terminate upon the sale of the premises.
Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

JCG Property Management is a Fort Lauderdale based company. Janice Gomez is a licensed Realtor with Coldwell Banker, 910 SE 17th Street, 33316. For additional information on rentals, sales and purchases of real estate, call 954.847.1126 or visit http://www.fortlauderdalepropertymanagement.com

WHY IS A THREE DAY NOTICE NECESSARY?

Florida law states that a landlord must serve a Three Day Notice when a tenant is late with the rent, giving that tenant three business days to pay the rent or vacate. Many landlords have trouble accepting that a tenant has the right to be given this notice when the tenant is delinquent, often each month. Why can’t the landlord just evict the tenant if the tenant fails to pay on time? The landlord can, but only after allowing the tenant a legal “grace period” of three business days after the date that the rent is due, according to the terms of the lease agreement. No matter how many times the tenant has been late, the landlord cannot attempt to terminate the tenancy if a valid lease is in place without first serving the Three Day Notice, waiting for payment, and then not receiving the payment within the three business day time period as the notice allows. Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

JCG Property Management is a Fort Lauderdale based company. Janice Correale Gomez is a licensed Realtor with Coldwell Banker located at 910 SE 17 Street. For additional information on management of your property you can contact Janice at 954.847.1126 or visit http://www.fortlauderdalepropertymanagement.com

Web Trailer for JCG Property Management

THE POWER OF THE MOLD ADDENDUM

Mold and the Landlord/Tenant Act

Nowhere in the Landlord/Tenant Act is mold mentioned. Can a tenant break a lease because of mold? Does the landlord have to remove the mold for the tenant? Can the tenant withhold rent due to the mold? Suppose the tenant’s actions or inactions cause the mold problem? Can we simply terminate the tenancy because of the mold? These are tough questions in an incredibly grey area.

83.52 Tenant's obligation to maintain dwelling unit. The tenant at all times during the tenancy shall:
(1) Comply with all obligations imposed upon tenants by applicable provisions of building, housing, and health codes.
(2) Keep that part of the premises which he occupies and uses clean and sanitary.
(3) Remove from his dwelling unit all garbage in a clean and sanitary manner.
(4) Keep all plumbing fixtures in the dwelling unit or used by the tenant clean and sanitary and in repair.
(5) Use and operate in a reasonable manner all electrical, plumbing, sanitary, heating, ventilating, air-conditioning and other facilities and appliances, including elevators.
(6) Not destroy, deface, damage, impair, or remove any part of the premises or property therein belonging to the landlord nor permit any person to do so…

Proper wording in a Mold Addendum could be the answer. Since mold can be a serious problem requiring the landlord to terminate the tenancy, we recommend that the parties agree by way of the Mold Addendum that the tenancy can be terminated in the event of a mold situation. Many leases have clauses which allow termination in the event of damage to or destruction of the premises. The Mold Addendum clause deals exclusively and specifically with termination due to mold. Can the tenant terminate if there is mold? While it is not mentioned in our sample clause, the answer is yes. If a landlord receives notice of mold from the tenant and the landlord does not rectify the situation within 7 days, the tenant by law can most likely terminate the tenancy or withhold rent.

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk 1.800.253.8428

JCG Property Management is a Fort Lauderdale based company. Janice Correale Gomez is a licensed Realtor with Coldwell Banker located on the 17th Street Causeway. Visit www.fortlauderdalepropertymanagement.com or call Janice at 954.562.8210

Accepting Rent and The Seven Day Notice

The most common lease noncompliance is of course nonpayment of rent. Most landlords are quite familiar with this problem and know to serve a Three Day Notice in accordance with the law. If the rent is not paid within the three day time period excluding Saturdays, Sundays and legal holidays, an eviction can be filed, and the tenant most likely will be evicted. Life though is just not that simple. Many tenants engage in other non-rent noncompliances, such as having the unauthorized occupant, unauthorized pet, excessive noise disturbances or simply having a grill on the balcony which violates the fire code. There are many noncompliances that the tenant will engage in, necessitating the landlord to serve the Seven Day Notice to Cure. This notice gives the tenant seven days to either start doing something he is supposed to do, or stop doing something he is not supposed to be doing, or else the landlord may have a right to terminate the tenancy and begin an eviction if the tenant fails to vacate. The situation becomes complicated when the tenant is out of compliance with a lease provision unrelated to rent AND rent becomes due in the meantime. Timing of the notices and the actions of the landlord can determine whether or not the notices will remain valid and support an eviction.

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

For additional information on property management services in the Fort Lauderale area contact JCG Property Management. Janice Gomez is a licensed Realtor with Coldwell Banker Residential located at 910 SE 17th Street. Visit www.fortlauderdalepropertymanagement.com for additional information or call Janice at 954.847.1126

Copying ID - Is it Legal?

Many landlords are reluctant to copy the tenant’s identification due to a fear that this will trigger a Fair Housing violation. By not having a copy of the identification, the landlord is at a distinct disadvantage when this identification is needed later in the tenancy or for collection purposes. Should the identification be copied? Is it legal? Let’s look at the risks and benefits of copying the ID and get some advice from our nation’s Fair Housing Experts.

The Application Process

Most landlords have been advised that copying an applicant’s identification and keeping it with the file can open you up to a Fair Housing complaint. The theory behind this is the fact that you can gather up numerous applications, sit down and review them, look at the photos of the applicant and decide to discriminate against the applicant based on race, religion, color, nationality or anything else you may be able to determine by viewing the image of the applicant. Possibly, the applications are gathered and sent to a third party in your company who makes the ultimate decision as to accepting or rejecting the applicant. This person can easily sort through the applications and make decision based on what they see on the applications. In the event of a Fair Housing complaint, the investigator may and probably will want to see all your applicants’ files, and in the event there appears to be a pattern of discrimination against someone based upon a protected class that can be determined by the ID copies, you will have a lot of explaining to do. Is it illegal to make copies of the ID at the time of application? Nadeen Green, a nationally respected Fair Housing expert and Senior Counsel with For Rent Media Solutions says this :"If you feel a need to have a copy of the applicant’s photo prior to them being approved, (1) know the risk, (2) be consistent within the policy, and (3) be sure you can absolutely justify the decision making procedures and process as to why one person got an apartment and another did not. Otherwise there could easily be the illusion that decisions were based on factors about the people, with those factors being identified through the photos."

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk.

JCG Property Management is a Fort Lauderdale based property management company. For additional information call Janice Gomez at 954.847.1126 or visit www.fortlauderdalepropertymanagement.com

REQUIRING NOTICE PRIOR TO LEASE END

Many leases have a clause stating that the tenant must give the landlord a certain number of days notice in writing that they are vacating at the end of the lease. If the tenant fails to give this notice and vacates, the landlord tries to charge the tenant a specific amount for failure to give this notice. While it is our opinion that a landlord should do their best in determining whether a tenant is staying or going through the use of notices to the tenant which require a response by a specific time, landlords still insist on charging for insufficient or nonexistent notice. Florida law now allows this, but if it is not done properly, the landlord can find themselves in serious trouble, especially if they report the amount charged to a collection agency, and it winds up on a credit report.

A careful reading and understanding of the law is crucial if the landlord insists on charging the tenant an amount for failure to give notice. Unfortunately, the law is a bit tricky, as it requires the landlord to give the tenant notice that they will be charging the tenant for failure to give notice. This may seem like a tongue twister, but it simply is a requirement of the landlord to “remind” the tenant that the tenant must give notice so the tenant is not “surprised”.

The law enacted in 2004

83.575 Termination of tenancy with specific duration.--

(1) A rental agreement with a specific duration may contain a provision requiring the tenant to notify the landlord before vacating the premises at the end of the rental agreement; however, a rental agreement may not require more than 60 days' notice before vacating the premises. (2) A rental agreement with a specific duration may provide that if a tenant fails to give the required notice before vacating the premises at the end of the rental agreement, the tenant may be liable for liquidated damages as specified in the rental agreement if the landlord provides written notice to the tenant specifying the tenant's obligations under the notification provision contained in the lease and the date the rental agreement is terminated. The landlord must provide such written notice to the tenant within 15 days before the start of the notification period contained in the lease. The written notice shall list all fees, penalties, and other charges applicable to the tenant under this subsection. (3) If the tenant remains on the premises with the permission of the landlord after the rental agreement has terminated and fails to give notice required under s. 83.57 the tenant is liable to the landlord for an additional 1 month's rent.

How it works: In order to enforce a clause in your lease that requires a tenant to give you notice prior to lease end, you must do the following:

Give the tenant a notice WITHIN 15 days of the beginning of the notice period you are requiring from the tenant.

Example: Your lease requires 30 days notice from the tenant. You must “remind” the tenant of this by giving the tenant notice of this sometime within days 30 and 45 prior to the lease ending.

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

Contact JCG Property Management, a Fort Lauderdale based property management company. Visit www.fortlauderdalepropertymanagement.com or call Janice Gomez at 954.847.1126

TWO PEOPLE PER BEDROOM?

When it comes to occupancy limits, it is good to follow the HUD regulations. But what, exactly, are those guidelines? Contrary to myth and rumor, the guidelines do not say “two heartbeats per bedroom”. Instead, HUD recommends basing an occupancy limit on the number and size of sleeping areas or bedrooms and the overall size of the dwelling unit.

Consider two situations where landlords refused to rent a two-bedroom unit to a family of five, based on a “two people per bedroom” policy. The first family was attempting to rent a unit with two large bedrooms and spacious living areas. The second family was attempting to rent a small unit with two small bedrooms. HUD says the first family likely has a claim for discrimination, while the second does not.

The bottom line? There is no clear cut rule. Your occupancy limits should be reasonable. They should be based on size of the unit (how many square feet?) and the number of sleeping areas (i.e., people can use a den for a bedroom).

Lastly, your occupancy limit should refer to the number of people in the unit, not the number of children in the unit.


Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

Evicting for Housekeeping Issues

To evict a tenant for housekeeping issues, the condition of the unit must be BAD. That means it must be MORE THAN messy, full of stuff, or cluttered. A sink full of dirty dishes does not constitute a violation that rises to the level of a noncompliance with the lease or Florida law.

To terminate a tenancy for poor housekeeping issues, you first need to serve a proper Seven Day Notice of Non Compliance with Opportunity to Cure. A Seven Day Notice to Terminate might follow if you are able to prove that the housekeeping issues listed on the cure notice were not rectified and that the housekeeping is indeed a serious problem that affects the health and safety of others, or that it is damaging the property.


SOME PROOF THAT NECESSARY PRIOR TO TERMINATING THE TENANT FOR HOUSEKEEPING REASONS...Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk


Contact a professional for management of your investment/rental property.
JCG Property Management is a Fort Lauderdale based property management company. Janice Correale Gomez is a licensed Realtor with Coldwell Banker Residential Real Estate. For additional information contact Janice at 954.847.1126 or visit www.fortlauderdalepropertymanagement.com

Interest Bearing Security Deposits

Florida law states that if a security deposit is held in an interest bearing account, you have two options to deal with the earned interest.

The first option is for the tenant to be paid at least 75% of the annualized average rate. The second option is to pay the tenant 5% simple interest per year.

Are you familiar with the Florida law as it pertains to rental properties?

JCG Property Management is a residential property management company based in Fort Lauderdale, Florida. The company is owned and operated by Janice Correale Gomez, a licensed Realtor with Coldwell Banker Residential Real Estate located on the 17th Street Causeway. For additional information, visit www.fortlauderdalepropertymanagement.com or call Janice Gomez at 954.847.1126

Rentals with Pets - Collecting a Pet Deposit

A pet deposit is by its nature refundable. If something is designated a pet deposit with no other qualifying language, that refundable deposit is for pet damage, and in the event there is no pet damage, the deposit gets refunded.

Are you familiar with the legalities of rent deposits. How and where they are held? Time frames they must be returned? How to claim monies from a deposit? If not, contact JCG Property Management, a Fort Lauderdale property management company. Run by Janice Correale Gomez, JCG Property Managment is a full service residential property management company. Janice Gomez is a licensed Realtor with Coldwell Banker Residential RE on the 17th Street Causeway. For additional information visit www.fortlauderdalepropertymanagement.com or phone Janice at 954.847.1126

Sales Tax and the Seasonal Rental

Seasonal rentals are quite common in Florida. Before taking on seasonal rentals,you must understand and follow all the laws set forth by the Florida Department of Revenue, or you could be in for some trouble. Recently, the Department of Revenue, hereinafter DOR, has increased its auditing and has been catching quite a few seasonal rental owners by surprise. Most of these owners who were in noncompliance did not fail to collect the taxes intentionally, but simply failed to know the law and made a mistake.

This article will address only a small part of the requirements regarding the taxes in seasonal rentals, and we will concentrate on the “non-rent” items which are taxable. Most peope, if asked, will know that the “rent” is taxable on a seasonal rental ,but the DOR goes a bit farther, and there are big traps for the unwary. If you find after reading this article that you have not been properly collecting the taxes, we recommend you contact your accountant right away and see what the best approach would be to avoid bigger problems, if and when you are audited. If you are audited and found to be in noncompliance, you will be subject to the back taxes, interest and penalties. Often the penalties and interest will be waived by the DOR if the mistake was unintentional, but the back taxes could be substantial.

JCG Property Management is a full service Fort Lauderdale property management company. In need of a property manager for your seasonal or annual investment property. Contact Janice Correale Gomez at 954.847.1126 or visit www.fortlauderdalepropertymanagement.com for additional information. Janice Gomez is a licensed Realtor with Coldwell Banker Residential Real Estate on the 17th Street Causeway.

NON-RENEWING A TENANT AT LEASE END

DO YOU NEED A REASON TO NON-RENEW AT LEASE END?

A landlord can non-renew a tenant for any reason or no reason at all, as long as the non-renewal is not based upon any illegal, discriminatory or retaliatory reason. A landlord is not required to provide the tenant with the reason for the non-renewal. It is imperative that if there is a reason for the non-renewal, that the landlord has this well documented in the landlord’s files. Often a tenant who is non-renewed claims that the non-renewal was based upon race, handicap, familial status or almost any other reason related to their status as a protected class. In the event the tenant files a discrimination lawsuit, a complaint with HUD or the local fair housing office, the landlord will be required to provide proof that the non-renewal was not based upon an illegal discriminatory reason, but was rather based upon some valid business decision or due to the tenant’s noncompliance with the lease or Florida law

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

New Vacation Rental in Daytona Beach - Ocean View

Are you planning to vacation in Daytona Beach. Perhaps planning for Bike Week or the Daytona 500. I have the perfect vacation rental for you. Just six miles from the Daytona Internation Speedway, this two bedroom, two bath is on the ocean. Over 2000 square feet of air conditioned space with ocean views from both balconies. Condo is comfortably furnished, kitchen stocked for at home cooking; linens and towels. A week minimum is required. Rates starting at $1200 per week and subject to 12.5% sales tax and $100 cleaning fee.

For additional information visit www.vrbo.com/339205 .

JCG Property Management is owned and operated by Janice Correale Gomez.
Janice Gomez is a licensed Realtor with Coldwell Banker, located on the 17th Street Causeway. Visit www.fortlauderdalepropertymanagement.com for additional information.

Creating a Procedure for the Eviction Decision

Creating a procedure for the eviction decision
 
There is no set date on which you should file an eviction. Usually rent is due on the first, late charges begin on the 6th.  The decision to file is often based upon market conditions, prior rent payment history, and unfortunately, the promises or statements made  by the tenant. While many tenants will often come through and pay the rent, there will be many instances when they will deceive you, and now you are into the next month.

A property manageer will professionally handle all aspects of the eviction process.  For additional information, contact JCG Property Management, a Fort Lauderdale based property management company. Janice Gomez is a licensed Realtor with Coldwell Banker Residential Real Estate on the 17th Street Causeway. Visit my website at http://www.fortlauderdalepropertymanagement.com/  or call at 954.847.1126.

Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk

Fair Housing to Include Sexual Orientation

Fair housing’ to include sexual orientation
WASHINGTON – Jan. 21, 2011 – The U.S. Department of Housing and Urban Development (HUD) proposed new regulations intended to ensure that its core housing programs are open to all eligible persons, regardless of sexual orientation or gender identity.
“This is a fundamental issue of fairness,” says HUD Secretary Shaun Donovan. “We have a responsibility to make certain that public programs are open to all Americans. With this proposed rule, we will make clear that a person’s eligibility for federal housing programs is, and should be, based on their need and not on their sexual orientation or gender identity.”
HUD is currently seeking public comment on a number of proposed areas including:
• Prohibiting lenders from using sexual orientation or gender identity as a basis to determine a borrower’s eligibility for FHA-insured mortgage financing.
FHA’s current regulations protect some classes, saying a loan decision “shall be made in a uniform manner without regard to” specified prohibited grounds. The proposed rule would add actual or perceived sexual orientation and gender identity to the prohibited grounds.

• A clarification to the term “eligible families” for HUD programs, stating that the term should not ban anyone based on marital status, sexual orientation or gender identity from participation in HUD programs.

• Prohibiting owners and operators of HUD-assisted housing, or housing whose financing is insured by HUD, from asking about sexual orientation or gender identity of an applicant. HUD is proposing to institute this policy in its rental assistance and homeownership programs, which include the Federal Housing Administration (FHA) mortgage insurance programs, community development programs, and public and assisted housing programs.
Previous HUD actions
• HUD is conducting the first-ever national study of discrimination against members of the lesbian, gay, bisexual and transgender (LGBT) community in the rental and sale of housing.
• HUD currently requires discretionary fund recipients to comply with local and state non-discrimination laws that cover sexual orientation or gender identity. The Fair Housing Act prohibits discrimination in rental, sales and lending on the basis of race, color, national origin, religion, sex, disability and familial status. Approximately 20 states, the District of Columbia and more than 150 cities, towns and counties have additional protections that specifically prohibit such discrimination against LGBT individuals.
The complete report – Equal Access to Housing in HUD Programs – Regardless of Sexual Orientation or Gender Identity – is available online in PDF format.

© 2011 Florida Realtors®

SOUTH FLORIDA REAL ESTATE

Rental market on upswing in South Florida

As foreclosures and falling home values continue to slam the local housing market, the forecast for rentals is improving

 

 

BY TOLUSE OLORUNNIPA

tolorunnipa@MiamiHerald.com

In the three years since Dan Cordtz moved to his one-bedroom apartment above Mary Brickell Village, a slew of restaurants have opened up, young professionals have swarmed the area and a New York-style street market has livened up South Miami Avenue on Sundays.
But the neighborhood's blossoming has come with a price tag: As Cordtz's lease at Camden Brickell was about to expire last month, he got a letter from his landlord saying his rent would be increased by 29 percent, or $358 each month, when he renewed.
``It struck me as being odd, given what I know about the market in Miami, that they would feel free to impose these increases,'' the 83-year-old native New Yorker said.
In a housing supply-demand tug of war being pushed and pulled by falling home values, hard-to-come-by credit and a foreclosure tsunami, rentals could be the only upward trend in South Florida's battered housing market this year.
Rising rents are unwelcome news for the everyday consumer, already struggling with stagnant wages and a turbulent job market, but some economists believe they foreshadow a tail end to the housing crisis.
A collection of recent research portrays a rental market that is likely to improve this year, even as most other housing measures -- foreclosures, home values, new construction -- are forecast to worsen.
``Significant increases in rents at upper-class properties will raise market wide rental rates modestly,'' a fourth-quarter market report from real estate firm Marcus & Millichap said. ``In the [high-end] segment, vacancy has fallen [in 2010], and operators continue to leverage modest improvements in renter demand in several submarkets to raise rents.''
According to that report and others published recently, South Florida's rental occupancy rate is nearly 95 percent, and that number is expected to continue to increase as the economy improves. Rental rates, which fell significantly during the housing crisis, are expected to increase 2.3 percent this year in Miami-Dade County and about 5 percent in Broward.
``When the economy got to its worst point, a lot of younger renters ended up either doubling up or moving back home, and that took a lot of renters out of the market,'' said Kirk Felici, vice president and regional manager at Marcus & Millichap's Miami office. ``Now as the economy starts to [improve], we're seeing some of those renters come back.''
As failed condo projects turned to renters for relief, young professionals flooded submarkets like Brickell and downtown Miami, where leasing activity is up about 11.5 percent in the last year, according to a study by the city's Downtown Development Association. Across Miami-Dade, occupancy was up slightly in 2010, with rent prices increasing about 2 percent to an average of $990, according to the Marcus & Millichap report.
Based on highest rent prices and occupancy rates, the healthiest market continues to be Miami Beach, where the average unit rents for $1,367. The occupancy rate there is about 96 percent.
In Broward, rent prices are forecast to increase 5 percent as occupancy rises 1.6 percent this year, according to Texas-based MPF Research.
Cities like Coral Springs and Hollywood saw prices increase last year, and analysts predict they will lead the way in Broward's rising rental market this year.
Rising rent prices are generally regarded as a sign of an improving economy, but for renters who have gotten used to special deals from landlords desperate to fill units, they can be a nuisance.

This article was pusblished in the Miami Herald on January 17, 2011.

JCG Property Management is a Fort Lauderdale property management company that offers services with rentals, sales and purchases.  Janice Gomez is a licensed Realtor with Coldwell Banker Residential Real Estate located at 910 SE 17th Street in Fort Lauderdale.  For additional information please visit my website at http://www.fortlauderdalepropertymanagement.com/ 

Evictions and Proper Execution of the Writ of Possession

Properly Executing the Writ
The proper execution of the Writ of Possession is crucial to a successful and completed eviction action. The key word here is completed. Many landlords make serious mistakes at the end of the eviction action, increasing the liability to the landlord and potentially defeating the whole purpose of the eviction action. Most evictions result in the tenant vacating the premises within a week or two after the eviction action is filed with the court, and many landlords have never experienced the execution of the Writ of Possession. (Reprinted with the permission of the Law Offices of Heist, Weisse, Davis & Wolk).
 
JCG Property Management, a Fort Lauderdale Property Management Company, can assist you in effective management of your rental property.  If  in doubt, use a professional. Property Management services also offered to the part time home owner. Call or contact us for additional information . 
 
JCG Property Management is owned and operated by Janice Correale Gomez, a Realtor with Coldwell Baker Residential Real Estate, 910 SE 17th Street, Fort Lauderdale, FL  33316
Services include rentals, sales, purchases, leasing and property maintenance.
Janice Gomez can be reached at 954.847.1126 or www.fortlauderdalepropertymanagement.com
 

 

Short sales spike across South Florida in 2010

MIAMI – Jan. 17, 2011 – The number of homeowners completing short sales rose sharply across South Florida in 2010, following the release of government guidelines designed to simplify the process.

But real estate agents and housing analysts say other factors besides the new rules have largely driven these transactions over the past year.

Many potential buyers have steered away from foreclosed homes since foreclosure freezes began last fall, concerned that the deals would be delayed or canceled while lenders investigated possible wrongdoing by so-called robo-signers. As a result, banks have been more willing to approve short sales.

Even without the effect of moratoriums, lenders have warmed up to short sales, realizing they can dispose of properties more quickly and make $30,000 to $50,000 more per sale than they could by foreclosing on a home, said Peter Zalewski, principal at CondoVultures.com, a Bal Harbour-based consulting firm.

“My experience was very positive,” said Fernando Incarnacao, 54, who recently arranged a short sale on his three-bedroom Parkland home. “I’m very happy with the outcome. Now I can kick back.”

He owed about $321,000 and hoped to avoid foreclosure, so he listed the home with real estate agents Michael Citron and Rosy Baron. They worked with lender U.S. Bank to complete a $230,000 deal that closed Jan. 5 after less than four months.

There were 16,767 short sales in Palm Beach, Broward and Miami-Dade counties last year, up 49 percent from 2009 and 437 percent from 2008, according to CondoVultures.

In a short sale, the homeowner gets approval to sell the property for less than what’s owed on the mortgage, and the lender typically forgives the difference.

The transactions are seen as a key to reducing the massive inventory of available properties, which will go a long way to solving the nation’s housing woes, now heading into a sixth year.

The most recent figures from Zillow.com show that roughly four in 10 single-family mortgages in South Florida are worth more than the homes, making short sales one of the only viable options for “underwater” homeowners who need to move.

In the past few years, though, sellers and buyers complained that lenders took several months or longer just to consider short sale offers. Frustrated buyers walked away during the delays, and properties lingered on the market, prolonging the housing slump and the recession.

To address those concerns, the U.S. Treasury last spring introduced a voluntary program called Home Affordable Foreclosure Alternative, which included a series of guidelines governing short sales.

The rules call for lenders to approve or deny offers within 10 business days. Also, sellers, loan servicers and investors who own the mortgages receive financial incentives for completing the deals.

Sellers don’t have to repay any of the remaining debt and also get $3,000 in moving expenses. Servicers get $1,500, while investors owning the first mortgage receive a maximum of $2,000 for allowing up to $6,000 of sale proceeds to be distributed to less senior mortgage holders.

The guidelines were supposed to take effect by April 2010, but some lenders didn’t start following them until the summer, Treasury spokeswoman Andrea Risotto said.

“It’s still pretty early in the program’s life,” she said.

Some real estate agents remain skeptical.

Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties, said the Treasury program hasn’t meant anything to her clients.

“I haven’t heard of any success stories with it,” she said.

Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach, said lenders seem to be approving more short sales because they realize it makes good business sense. Also, he said, a new automated computer system that banks use is expediting the process.

Joe Kohn, a Fort Lauderdale lawyer, agrees that some banks are getting better at executing short sales. Still, no lender that he has worked with on a transaction has stuck to a 10-day deadline.

“There’s no 10 days,” Kohn said. “That’s not how it happens.”

Two of the nation’s largest lenders insist they follow the government guidelines.

A spokeswoman for Chase said in an e-mail the lender does respond to bona fide offers within 10 days “under normal circumstances.” Bank of America responds “well within 10 days” for short sales approved under the program, spokeswoman Jumana Bauwens wrote in an e-mail.

But not all homeowners who want to complete short sales qualify for the government program. If a property isn’t eligible, lenders aren’t subject to the 10-day deadline and don’t receive the incentives. In those cases, deals still tend to drag.

First-time buyer Martin Austin said he offered $84,900 for a two-bedroom villa last fall in Boynton Beach.

Austin said the lender, Bank of America, didn’t respond for more than 80 days. When it did, the bank said it wanted more money for the house – $104,000 – and the deal collapsed, Austin said.

Bauwens said the property wasn’t eligible for the short sale program, but she denied it took so long for the lender to respond.

“I was in shock,” said Austin, a 49-year-old waiter, standing outside another short sale nearby that he expects to close on this month. “If I would have known, I would have told my Realtor, ‘No short sales.’“

Copyright © 2011 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers. Distributed by McClatchy-Tribune Information Services.

Florida Realtors® Headquarters - Orlando: (407) 438-1400
Office of Public Policy - Tallahassee: (850) 224-1400

© 2011 Florida Realtors®

Fair Housing Law

Did you know:

The fair housing laws are very clear: it is unlawful to discriminate in the terms and conditions of a rental based on a person’s race, color, religion, sex, national origin, familial status, or handicap.

If in doubt, contact JCG Property Management to handle your  rental properties.

For further information visit my website at http://www.fortlauderdalepropertymanagement.com/

A Proper 3 Day Notice is Crucial to a Successful Eviction

A Proper Three Day Notice is Crucial to a Successful Eviction

 

Are you playing landlord and not certain about the proper notices used to evict a tenant for non payment of rent?  JCG Property Management,, owned and operated by Janice Correale Gomez, offers complete property management services to the investor or out of state property owner. 

 

Simplify your life and allow a professional to do the job for you.  For rates and additional information,  visit my website at

http://www.fortlauderdalepropertymanagement.com/

 

Janice Correale Gomez, PA

Realtor/Property Manager

Coldwell Banker Residential RE

910 SE 17th Street

Fort Lauderdale, FL  33316

954.847.1126

 

Fort Lauderdale Beach Rental

I am in the process of refurbishing a 2 bedroom, one bath condo at 200 S Birch Road.  Unit will be available for occupancy February 1, 2011, is newly painted throughout, new carpet and new flooring in kitchen.  Sliding doors to balcony with view of the ocean.  Condo is managed by Janice Gomez,  Property Manager with Coldwell Banker.  Visit my website at www.fortlauderdalepropertymanagement.com for further information on property management services.

Janice Correale Gomez, PA
Realtor/Property Manager
Coldwell Banker Residential RE
910 SE 17th Street
Fort Lauderdale, FL  33316
954.847.1126
www,fortlauderdalepropertymanagement.com

EXCLUDING BANKRUPTCY PROTECTION IN A LEASE

EXCLUDING BANKRUPTCY PROTECTION IN A LEASE

Rental Management News Clip:

Many of our clients want us to place a clause in the lease that provides in the event the resident files bankruptcy, the landlord will be excluded from the effects of the bankruptcy, and that the resident cannot use the bankruptcy as a way to stop or suspend paying the rent. Sounds like a great idea but it is not possible. If it were possible, then every creditor would have this type of clause in their contracts. These clauses are completely unenforceable. All landlords take a risk that their residents may file bankruptcy, and there is simply nothing you can do about it. If you receive notice that your resident has filed bankruptcy, call your attorney immediately.


 


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