Buyers are you worried when your pre-approval letter says you are approved for more?

Money Money MoneyA colleague recently asked if he should get a new approval letter for his buyer. The reason was that he was negotiating on a house, and was planning on offering less than the approval amount that the buyer could afford. I’ve also been in a situation where my buyer has cash in the bank for a cash purchase, and the bank balance is far more than the purchase price.

The question is:  Are you giving away too much information by letting it be known that you CAN spend more than you want? Perhaps, but I don’t think this is a significant objection to overcome.

Let’s say a buyer has a mortgage approval for $400,000. A house is listed for $375,000 but is only worth $360,000.   Will it make negotiations more difficult if a seller sees a letter that says the buyer can spend $400,000? Not if I’m good at what I do.

There is absolutely no justification for a negotiation to include a dialog of “but he has the money.” What in the world does that have to do with the price of Tea in China? Nothing.

This reminds me of sellers that “need to get” to a particular price in order to buy a new property. How is that my problem? It’s not. The house is worth what the house is worth. If it’s like all the other houses on the block, it’s probably worth close to the other houses. If it’s unique, it’s worth what a buyer is willing to pay. It’s certainly not worth what my bank balance says I have. That’s like my other favorite saying “How can I be overdrawn? I still have checks left!”

Next thing out of my mouth when someone says that to me is: prove it. Show me some justification for your price. I’ve proved my client can buy it. Now you prove your worth. If you can’t? We’ll be on our way.

Snowbird Condos in South Florida – Lauderdale Oaks in Lauderdale Lakes

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Previously we wrote about our favorite collection of condominiums that are favored by Snowbirds throughout South Florida and today we are adding Lauderdale Oaks in Lauderdale Lakes to the selection because so many of our clients have discovered the community.

Lauderdale Oaks is located along Oakland Park Boulevard in central Broward between I-95 and the Turnpike, and once you enter the community the tranquility will amaze you compared to the busy congestion that surrounds the community.  Don’t let it deter you, however, as the community is located conveniently close to I-95 for easy access to the airports, and the central location means residents have access to both the beach (3.5 miles east) or to attractions further west in Weston and Sunrise.  Golf, shopping, movies, dining, and entertainment are plentiful in any direction.

Inside Lauderdale Oaks the community features 716 condominiums in 19 buildings.  Being a 55+ community means the homes are very affordable which is a surprising change from incredibly expensive new construction nearby.  A large club house features an auditorium with seating for 300 and many activities all year long.  Three pools, shuffleboard, bocce ball, and plentiful walking trails create a tranquil oasis where it’s easy to relax.

Homes available in Lauderdale Oaks

Beautiful Turn key new furniture from Baer, remodeled bathrooms, open kitchen with granite counter top, crown molding, porcelain rectified flooring all through, brand new AC and tank less water heater, low maint fee only $265.00 monthly. No assessment building has a new roof, plumbing and electricity redone. Good location access to main road, close to shops, airport and beach. Community offering: Heated pool, BBQ area, billiard and exercise room, shuffleboard, petanque, bingo, shows and much more. adult community 55+ $110,000 Active

2801 NW 47th Ter 409A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

Completely updated and furnished 2 bedrooms, 2 bathroom condo in Lauderdale Oaks. Beautiful kitchen, large master bedroom with huge walk in closet, enclosed patio and more. Enjoy resort style amenities including Clubhouse, Exercise room, 3 pools, shuffle board, billiard & social activities. Close to shopping mall, transportation, hospital, etc. Low maintenance fee in a well maintain community. A MUST SEE!!! $89,900 Active

3051 NW 46th Ave 409 Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

Beautiful 55+ community apartment for sale with 1 bedroom and 1/2 bathroom. Totally renovated with upgraded, modern looking, kitchen, bathroom, floors, etc. The unit is located at a very nice area surrounded by shopping centers, restaurants and banks and other 55+ communities. The condominium is amazing! with beautiful social areas with game rooms, theaters, pool, meeting rooms and resting areas all around the complex. Lots of green areas to take a walk and just relax. Property is currently tenant occupied, showings by appointment only. $89,000 Active

3061 NW 47th Ter 328B Lauderdale Lakes, Florida

1 Beds 2 Baths 662 SqFt

Immaculate & bright unit with 2 bedrooms and 2 bathrooms at Lauderdale Oaks with only a few steps from the pool and the country club. Tile floor throughout the entire place, large patio with relaxing views on the water and all furnished & turnkey.Community with 3 heated pools, shuffleboard, gym, library, ping-pong, billard, activities, extra storage and more. Close to the malls, restaurants and highways. $85,000 Active

2900 NW 47th Ter 309A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

BEAUTIFUL ALL REMODELED CONDO IN LAUDERDALE OAKS. NICE 2 BEDROOMS 2 BATHROOMS LOCATED IN A BEAUTIFUL 55+ COMMUNITY. THE CONDO CAN BE SOLD ALL FURNISHED. LOTS OF AMENETIES. CLOSE TO RESTAURANT, SHOPPING AND 20 MINUTES DRIVE TO THE BEACH. $79,900 Active

3051 NW 46th Ave 310 Lauderdale Lakes, Florida

2 Beds 2 Baths

Come check out this spacious 2br/2ba Condo, move in ready with a nice kitchen and living area and a great view of the courtyard from the balcony, easy access to major highways, roommate floor plan on the 4th floor with Elevator access. Laundry Facilities on site, 55+ community with minimum credit score of 680+, Income required of $35K and 10% down payment. please allow up to 45 days Association approval. $75,000 Active

2999 NW 48th Ave 440 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

HURRY PRICE TO SELL! BEAUTIFUL AND SPACIOUS 2 BEDROOMS 2 BATHROOMS 2ND FLOOR CONDO UNIT IN LAUDERDALE LAKES AREA. ADULT COMMUNITY 55+. FICO SCORE OF AT LEAST 680 REQUIRES BY THE ASSOCIATION. PROCESSING TIME CAN TAKE UP TO 45 DAYS. $71,500 Pending Sale

2999 NW 48th Ave 253 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

Lovely 2/2 with enclosed patio that overlooks the pool area! Large eat-in kitchen, and bathrooms have had some updating. Lots of storage! Great location! Furniture negotiable! 55+ community per association. No rentals the first year, after that can rent for one month minimum, six months maximum. No pets. FIRPTA with offers. $69,900 Active

2991 NW 46th Ave 308 Lauderdale Lakes, Florida

2 Beds 2 Baths

2 bedroom 2 baths with additional enclosed family room that could be used as an office or 3rd bedroom,first floor,all ltalian tiles,back door leads out to the pool area $67,000 Pending Sale

2999 NW 48 AV 138 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

Contemporary designed and remodeled to a high standard with a canal view from the Florida Room. Located in a desirable 55+ community of Lauderdale Oaks the home features Pergo oak flooring throughout except Porcelain tiling to the Bathroom and Florida Room. A new kitchen, with stainless steel integrated appliances , granite counters , reverse osmosis water system and LED lighting. All electrical outlets modernized and LED / Fans installed in the Living and Florida rooms. ceramic top vanity’s to both Bathrooms, thermostatic shower controls and LED lighting. separate Study/Office area with storage. Close to shopping (including Walmart) Dining and 20 minute drive to the Beaches.******Supplement has complete additional information****** $62,000 Active

2901 NW 46th Ave 404 Lauderdale Lakes, Florida

1 Beds 2 Baths 768 SqFt

Beautiful turn key very clean and excellent condition. all tile through out, AC only 5-6 years old, low maint. internet and antenna included. Building have a new roof and electric, plumbing redone. Good location access to main road, close to shops, airport and beach. Community offering: Heated pool, BBQ area, billiard and exercise room, shuffleboard, petanque, bingo shows and much more. Adult community 55+ $62,000 Active

2801 NW 47th Ter 306B Lauderdale Lakes, Florida

1 Beds 1 Baths 768 SqFt

BEAUTIFUL 1 BEDROOM WITH GARDEN VIEW. COMPLETELY FURNISHED,READY TO MOVE-IN! FLORIDA ROOM WITH SHUTTERS .NEW WATER TANK.THIS COMMUNITY OFFER A POOL,SPA,GYM,CLUBHOUSE,BILLIARD,SHUFFLEBOARD.THIS WON'T LAST $57,000 Active

3001 NW 48th Ave 438 Lauderdale Lakes, Florida

1 Beds 2 Baths 705 SqFt

Centrally Located Condo with access to major transportation and shopping. Community Pool. Priced to sell. $45,000 Active

3071 NW 47th Ter 322 Lauderdale Lakes, Florida

1 Beds 1 Baths

Welcome to Lauderdale Oaks. Spacious 1st Floor 1/1 condo located in very active 55+ Adult Community. Unit is offered furnished. Open layout with living and dining area. Master has large walk in closet.Low maintenance fees. Amenities include - club house, pool, shuffle boards, exercise rooms. No pets allowed. No leasing 1st year.Must have 700 credit. Close to shops, restaurants and highways, just 20 min to the beach. Information believed accurate but not warranted. $44,900 Active

3061 NW 47th Ter 132C Lauderdale Lakes, Florida

1 Beds 1 Baths

QUITE APARTMENT WITH LUSH GARDEN VIEWS MOSTLY ORIGINAL UPDATED AIR CONDITION AND WATER HEATER. LOCATED ACROSS FROM THE ELEVATOR AND LAUNDRY ON SECOND FLOOR. COME ENJOY THE EXQUISITE CLUBHOUSE AND GROUNDS. BRING YOUR FRIENDS TO PLAY CARDS OR HANG BY THE POOL. CENTRALLY LOCATED CLOSE TO HIGHWAYS. $42,500 Active

3061 NW 47th Ter 232B Lauderdale Lakes, Florida

1 Beds 2 Baths 662 SqFt

Can I use my condo in South Florida as a short-term rental or Vacation Rental By Owner?

Your Guru gets asked every now and again to help a buyer, who fancies himself/herself an investor, locate a condo that can make a little income (or perhaps a lot of income) on the side.  You should know that there are virtually NO condos in the area that allow AirBnB, VRBO or short term rentals.

Why can’t I rent my condo short term?

Here’s the reason:  The over-supply of condos in 2005 heralded the “beginning of the end’ of the condo building boom in South Florida.  We led the nation in the real estate “bust” and in turn, led the nation in the recovery.

Cash investors bought up the bargain-priced inventory and used those condos as rental properties – in any way they saw fit.  There were traditional long-term rentals, but those investors also treated their investments like short-term rentals and even as alternative to hotel rooms.

Lending on condominiums ground to a halt because so many condos had more tenants than owners.  Most lenders didn’t see condominiums as viable investment for their lending portfolios – they believed they’d lose money on every one of them.

Condominium boards also got an earful from angry residents as tranquil buildings turned into transient communities and party-pads.  Associations responded by enacting rules requiring anything from a year of ownership before an owner could rent their unit, to restrictions on lease length, and outright bans on short-term leases.  In most cases here in South Florida you’ll find a condominium association will have a minimum of a 6-month lease, or 12 month lease, or a restriction that a unit may only be leased once or twice per year.

Our marketplace and season has matured as well.  We don’t get as many snow-birds as in the past who drove the short-term rental demand.  The Fort Lauderdale and Miami metro areas are not as tranquil as they once were, contributing to the decline in demand for quiet short term housing.

Homes for sale in the Lakeside Elementary School District in Pembroke Pines

Pembroke Pines is known for its great schools and Lakeside Elementary is considered to be one of the best. Lakeside Elementary has a Great Schools rating of 8 out of 10. Parents give complements to the great teachers, the involvement of the local PTA and a great administrative staff.

If you’re looking for a home in this great school district, check out the homes available in Lakeside Elementary

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Homes for sale in the Panther Run Elementary school district in Pembroke Pines

Pembroke Pines is known for its great schools and Panther Run Elementary is considered to be one of the best. Panther Run elementary school has a Great Schools rating of 8 out of 10. Parents give complements to the school’s diversity, the well-qualified teachers, an amazing auditorium, after-school clubs and plenty of activities.

If you’re looking for a home in this great school district, check out the homes available in Panther Run Elementary School

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