– by Cindy Abraham, Keller Williams Realty Professionals A Team Florida
We have gotten several calls lately from people who live in condos, especially on the beach. Many have been doing fine up until now. But the hike in maintenance fees as well as assessments in condos has made it impossible to make ends meet. IF you think you have no choice but to sell and move somewhere else, think again.
Number 1 – DO NOT be too proud to ask your family for financial help – especially your damn kids. I use the word “damn”, because if they were good kids, they would already know you are struggling and have offered to help already. Once you understand that, here are your other options.
A. If you have any equity at all in your property, go to your bank and see about getting a line of credit, preferably interest only. Then use that money to help you out as long as possible. If this bothers you because you are afraid you won’t have anything to leave your family, see Number 1.
B. Some buildings may be approved for reverse mortgages. If your building is financially stable and passed the 40 and/or 50-year safety inspection, please contact Lou
Silvers of Mortgage Solutions on page 5 to see how to start the process. If you are afraid that a reverse mortgage will greatly lessen the amount that your heirs will get when they sell after you pass, see Number 1.
C. Hard money loans are available. They run from between 8%-14% and you need to know what you are doing. If you do not have a trusted financial person, please call us at 8-HILLCREST and we will find someone who can advise you. Besides the interest rate, you need to make sure that the money will last as long as you live. If you are concerned that it will reduce the amount of money…. well, you know…
It is a fact that the vast majority of those with real estate licenses do very few deals. They use their license to make a few bucks on the side. These agents usually discount their commissions because they just want to make a few extra bucks. Every percent that they discount the commission is equal to $1000 per $100,000 of the sales price. So, if you are selling a 500K property, you are only saving $5000 which is 1%. If they aren’t willing to fight for their own money, they will NOT fight for yours. I will tell you one more time about an agent that had a listing in my building, turned down an offer from one of OUR buyers and sold it to their own buyer for 5K LESS than our offer so they could keep both sides of the discounted commission. The seller thought she saved $2000 on the commission.
You know Brian and I as trusted neighbors and GREAT Realtors with a stellar reputation of always putting our clients’ best interests above our own. If you think you must sell, please talk to us first. That may not be the case. Call 8-HILLCREST or 954-964-2559.
