Miami Beach 411
Like what you see? Let's talk about how
we can help your vacation --> Contact Us
Results 1 to 12 of 12
  1. #1
    Jim
    Jim is offline
    Member Jim's Avatar
    Join Date
    Aug 2005
    Location
    Surfside
    Posts
    322
    Likes Received
    3

    Default Buying Real Estate in Miami - You want to talk about service

    Hello, my name is Jim Moore. I am a licensed mortgage broker, I am Gus' dad and have been writing finance-related articles at Miami Beach 411 for awhile. Gus has been asking me to post something here.

    I thought my recent experience helping finance a condo at Club 1800 was a good opportunity to introduce myself to the 411 Community.

    Here's a story about where the rubber meets the road in service. You want to buy a property? You need funding fast? This is how one client found out what "FAST" meant when it came to getting paperwork expedited.

    Dateline: October 22, 3:57 PM - Miami Beach 411 was contacted by internet shopper stating:

    <blockquote>I am looking for a one-bedroom apartment with UNOBSTRUCTED views of the bay ($400,000-500,000). 20th or higher floor.</blockquote>

    Dateline: October 22, 8:16 PM - I send the following e-mail:

    <blockquote>Dear Mr. Borrower:

    Thank you for contacting Miami Beach 411. My name is James Moore and I am your personal mortgage assistant.

    As you shop for your property, be assured that there are mortgage products available which will give you choice of low interest rates, minimum up front costs and no cash down should you wish.

    I will attempt to reach you by telephone on Monday October 22, 2006.

    Looking forward to taking care of your mortgage and saving you $$.

    Respectfully,

    Jim Moore
    </blockquote>

    Dateline: October 22, 2006 8:22:42 PM - Mr. Borrower sends the following:

    <blockquote>Thank you, but somebody from Chariff Realty (Liliana Gomez) already contacted me about my inquiry. Thank you, Jim! In fact I was consulting with Liliana about this. Let me forward the message I just sent to her. I would like to know your opinion too.</blockquote>

    What happened at this point is I had evaluated Mr. Borrowers' credit and determined he was an outstanding client and that he had the ability to purchase a property and obtain a mortgage of $500,000 or a little more.

    On Monday just 24 hrs after Mr. Borrower made contact, I get a call from the Realtor (Lilliana), Mr. Borrower and the developer at Club 1800 saying Mr Borrower has found the exact property he wishes to purchase. Now here's where things really begin to start moving at light speed.

    The developer insists they have to have $120,000 by Monday Oct 30th or they won't hold the property. (Mr. Borrower had given a $2,000 earnest deposit).

    Today, just 50 hours from when Mr. Borrower has agreed to purchase this property...The manager of Club 1800 calls and says they have a back up offer and that unless we have $120,000 to Club 1800 by Monday Mr. Borrower loses his dream home.

    We pulled out all the stops...we called Orlando Delgado of Orlando Delgado PA a title genius and he had us a title commitment in 1 hour...we called Alex Garcia at 1st Class Appraisals who appraised the property within 2 hours and went straight back to his office and completed the appraisal today! Sue Schaner of Clark Financial Group electronically sent an entire loan package to Mr. Borrower which allowed him to downloaded, sign, and fax it back within 30 minutes. Terri Hendricks of Sun Trust Bank came to my home office and manually input client information which allowed the Freddie Mac to render an "approve-eligible" for Mr. Borrower.

    We're 1 Day from funding a loan that would normally take from 2 to 3 weeks to fund, how'd that happen you ask? One word...Teamwork!!

    Sorry if this sounds like an infomercial...(it should be) I am highly excited about working with dedicated professionals who understand when there is truly a situation which requires alacrity.

    If you are experiencing bad service, or have finance-related questions, I'm happy to continue this discussion.

  2. #2
    Gus
    Gus is offline
    Administrator Gus's Avatar
    Join Date
    Jun 2005
    Location
    Somewhere between South Beach and South Miami
    Posts
    6,506
    Likes Received
    167

    Default

    Dad, great article! Thanks for introducing yourself.

    I'm happy Mr. Borrower was taken care of. I don't understand why the developers would threaten to not hold the property after he had given them $2,000 deposit. Seems like a bad way to treat a future tenant.

    Maybe Liliana, or Chariff has something to say.

  3. #3
    Administrator Michelle's Avatar
    Join Date
    Jul 2005
    Location
    Miami Beach, FL
    Posts
    1,706
    Likes Received
    53

    Default

    Great, article, Jim! And, that's what I call excellent customer service. I couldn't be more proud of everyone that worked as a team to make Mr. Borrower's dream come true. This is the level of service that Gus and I have been committed to since we started. :-)

  4. #4
    Moderator mirna's Avatar
    Join Date
    May 2006
    Location
    Miami Beach
    Posts
    937
    Likes Received
    33

    Default

    Congrats, Jim!

    Reading article like this, make feel that is not hard to have my own house. I hope you can help when I buy my first property.
    Your service was Outstanding!

    This is one more reason why I love to be part of MiamiBeach411.
    :-)

  5. #5
    Junior Member
    Join Date
    Oct 2006
    Location
    Miami Florida
    Posts
    33
    Likes Received
    0

    Default

    Jim, thank you for all the kind words but the bottom line is just good old fashion service, when you work with qualified people you can count on quality results. You are a pleasure to work with and thank you for the personal advice you gave me on my Construction Loan. My house is almost finished and your suggestions really paid off.

    Lyle Chariff

  6. #6
    Gus
    Gus is offline
    Administrator Gus's Avatar
    Join Date
    Jun 2005
    Location
    Somewhere between South Beach and South Miami
    Posts
    6,506
    Likes Received
    167

    Default

    Hey, Chariff, thanks for posting. Is this the first you've heard about a developer threating to not hold a property after receiving a deposit?

    Giving someone 8 days to come up with an unexpected 120k, and saying if they can't, they'll loose the unit seems harsh.

    One more question: how long can this paper process normally take?

  7. #7
    Junior Member
    Join Date
    Oct 2006
    Location
    Miami Florida
    Posts
    33
    Likes Received
    0

    Default

    Gus, last time I checked there hasn&#39;t been a line of people sleeping outside of a new condo projects in order to be the first person in line to buy the next hyped development. All you have to do is turn on the TV or pick up any newspaper and you&#39;ll see exactly what I&#39;m talking about.

    The days of cocky developers and sellers are over. At least for a little while and especially in the condo real estate sector. What a real buyer/user as opposed to investors/flipper needs to realize is that a real person that&#39;s interested in purchasing a condo in today&#39;s market is King. Yes I said King. He&#39;s now in the driver&#39;s seat and needs to play the game accordingly. He now has strength unlike 6 months ago when the developers and sellers made him fell like a privileged person by being allowed to buy what they were selling.

    This is a global message that needs to be sent to all buyers - the sooner developers/sellers realize that the tables have really turned the sooner developers/sellers will know they can&#39;t make idle threats about not holding units and another poker type bluff&#39;s and the sooner this market correction can get over with and then hopefully we will see sales volume jump back up but at much lower dollar amounts. And that&#39;s what we cal a "market correction” and not a “bust” or "crash” This is very healthy stuff.

    I hope this helps answer your question or at least helps you figure out you own answer. I keep preaching this information to all my clients and Broker friends in order to make for one big happy market.

  8. #8
    Gus
    Gus is offline
    Administrator Gus's Avatar
    Join Date
    Jun 2005
    Location
    Somewhere between South Beach and South Miami
    Posts
    6,506
    Likes Received
    167

    Default

    Lyle, sounds like you've got a lot to say. I've never heard a Miami real estate professional speak so candidly before; it's refreshing.

    So, what you're saying is: Miami is a buyers market. That's what everyone is waiting to hear.

    I'm still curious to learn how long it normally takes to acquire financing and get the paper processed in Miami?

  9. #9
    Jim
    Jim is offline
    Member Jim's Avatar
    Join Date
    Aug 2005
    Location
    Surfside
    Posts
    322
    Likes Received
    3

    Default

    Gus, to answer the question of "how long does it takes to obtain financing?"

    Average time would be 3 weeks.

  10. #10
    New User
    Join Date
    Nov 2006
    Posts
    7
    Likes Received
    0

    Default

    Hey Gus:

    Valerie Allen here, I love your web site, it is so informative and current. Anyone who needs anything in Miami is sure to find it here! Very Cool...

    I am the real estate voice of Orlando! There are so many great investment opportunities here that I would love to have an orlando411 site to share with the world too. Since Orlando is the number one tourist attraction in the world, condohotels, condo coversions and even villas with pools are selling realy well. Since the slowdown of the marketplace nationwide, the developers are offering excellent incentives which make purchasing less of a risk than in recent years.

    Look forward to hearing your thoughts on Orlando411, I am ready to rock!

    Val

  11. #11
    Gus
    Gus is offline
    Administrator Gus's Avatar
    Join Date
    Jun 2005
    Location
    Somewhere between South Beach and South Miami
    Posts
    6,506
    Likes Received
    167

    Default

    Hi Valerie, thanks for joining. Your avatar is too cute!

    Michelle and I love visiting Orlando. You're right, it's the vacation capital of the world. When it comes to attractions, Orlando blows Miami and Las Vegas away.

    You say there are some good condo hotel investments. What are the average cost per square foot? I'm curious if condo hotels in Orlando are more, or less expensive than the condo hotels in Miami.

    If you have some data to share, it might be best to start a new topic specifically about Orlando condo hotels. I'm sure people here are intersted to learn more about what's going on.

  12. #12
    New User
    Join Date
    Nov 2006
    Posts
    7
    Likes Received
    0

    Default

    Great idea! I will send you over some of the hotest properties here in Orlando. The price per square foot actually varies with the quality of the product. But, yes they are much lower than Miami for sure. Thank you for the compliment of my Avatar, Jim helped me with it! Go figure.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •