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 and completely remodeled 2/2 apartment. Marble floors. Luxury finishes. Peaceful views of the lake and the gardens. Multiple amenities. 15 minutes from the beach. Very close to the Florida Medical Center. Easy access to the main avenues and highways. Ideal for snowbirds. 55+ Can be rented after one year generating excellent profits. $109,000 Active

2801 47th Ter NW 409A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

Beautiful and completely remodeled unit on the upper floor with water views. This 2 bedrooms 2 bathrooms has a dream kitchen with granit counter top, new cabinets, SS appliances, wine refrigerator and 2 pantries! Lots of room to prepare the food but also to store everything! Tile floor and wood floor throughout the unit ( No carpet). Wait until you see those 2 bathrooms, WOW, brand new also and all tile! Large patio also with tile for a quiet great view of the backyard (with BBQ) & the canal. Located right in front of the pool and the clubhouse. Community with 3 heated pools, shuffleboard, gym, library, ping-pong, billard, activities, extra storage and more. Close to the malls, restaurants and highways. AC & Hot water tank from 2010. Simply the best of Lauderdale Oaks furnished & Turnkey $99,900 Active

2900 47th Ter NW 409A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

VACANT, MOVE IN READY AND EASY APPROVAL PROCESS! ONLY ONE PERSON NEEDS TO BE 55. The perfect location close to highways, shopping, transportation, hospitals and dining. Completely remodeled, brand new stainless steel appliances. New kitchen, and bathrooms. Huge bedrooms with ample closet space. Unit has its own storage! located across from one of three community pools. Gym, sauna, community bus, patrolled security. laundry facilities on both sides of the unit. Elevator makes it easy access to the second floor, A must see! Clean and move in ready looking for the perfect future owner! $89,900 Active

2990 46th Ave NW 206A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

55+ Adult Community!! Partially furnished, first floor corner unit in great community. Unit is close to the pool and social activities. Health club and community room on the premises. Unit has been remodeled, large ceramic tile, some upgrades to kitchen. Newer water heater and roof. Storage unit on 2nd floor. $85,000 Active

2861 47th Ter NW 110A Lauderdale Lakes, Florida

2 Beds 2 Baths

For sale is an immaculate 2 bedroom, 2 bath CORNER condo located in Lauderdale Oaks (55+ community). This nice, quiet corner unit has a direct view of the swimming pool, outdoor water fountain & part of the Clubhouse, which includes the community Gym & Library. There is Tile flooring throughout the unit, with exception of 2 rooms, that are wood flooring. Unit is located near the elevator, stairwell & laundry facility of the building. Everything in unit has been very well maintained including several stainless steel appliances. Nearby businesses include Walmart located about 2 blocks away; Lauderhill Mall & Broward Meat market about 5 mins away; & a Ross clothing 7 mins away. This corner unit is also located a few blocks in between both turnpike & 441. There is a 24hour security patrol! $79,999 Active

3081 47th Ter NW 315 Lauderdale Lakes, Florida

2 Beds 2 Baths 922 SqFt

Very nice and clean 2/2 Condo unit , Building 12, on the first floor, ready to be moved in. Very clean painted walls with Ceramic tile and floor in bedrooms. Relaxing water view from the bedroom and a back patio. Quiet 55 and over community, convenient to shopping and restaurants. Near to I-95, Turnpike and State Rd 7.The community offers 3 pools, clubhouse with a gym, library and a recreation room with pool tables. Very easy to show , call Listing Agent. Very near to public transportation, or drive your car. VERY MOTIVATED SELLERS!! $79,900 Active

3001 46th Ave NW 102 Lauderdale Lakes, Florida

2 Beds 2 Baths

TURNK KEY TOTALLY FURNISH VERY CLEAN IN MOVING CONDITION. IMPACT WINDOWS IN THE PATIO AND FRONT. AC 2008, WATER HEATER 2009. MUST SEE. VERY ACTIVE COMMUNITY: BINGO,SHUFFLEBOARD,PETANQUE,SAUNA,EXERCISE ROOM AND MUCH MORE. THIS IS AN ADULT COMMUNITY 55+ NO PET THANK YOU FOR SHOWING $78,000 Active

3091 46th Ave NW 402A Lauderdale Lakes, Florida

2 Beds 2 Baths

No expense spared!!!!!! Gorgeous remodeled contemporary European style open concept 1BR 1.5BA home has recessed lighting, elegant wood flooring throughout including living room, dining room, kitchen, bedroom & study/office area. Fabulous kitchen has all stainless steel appliances, soft-close cabinets, built-in wine storage, reverse osmosis system, granite counters, recessed LED lighting, brand new outlets & gorgeous subway tiles . Luxurious bathrooms have a resort style feeling complete with porcelain flooring & custom granite designer accent in master shower. This is a must-see!!!!! Seller prefers to sell partially furnished for convenience. $74,000 Active

2901 46th Ave NW 404 Lauderdale Lakes, Florida

1 Beds 2 Baths

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 46th Ave NW 308 Lauderdale Lakes, Florida

2 Beds 2 Baths

55+ Community. No Leasing 1st year. Maximum Lease term 6 months. Furnished, 4th floor unit. Lovely community. Unit close to pool and social activities. Additional Storage space. Health club and community room on premises. Some upgrades. Just bring your suitcases and your toothbrush! $69,100 Active

2861 47th Ter NW 409 Lauderdale Lakes, Florida

2 Beds 2 Baths

INVESTOR SPECIAL 10% return- cash on cash 100% renovated, everything is new long term tenant at $975.00 a mo 1-1&1/2 with screen porch $69,000 Active

3001 48TH AV NW 341 Lauderdale Lakes, Florida

1 Beds 2 Baths

Beautiful turnkey unit. Mint condition. Screened balcony equipped with hurricane shutters. Serene view of the pool and common area. Association requires at least 1 resident be a min of 55yrs old, have a min annual gross income of $35,000 and a min credit score of 680 This is a must see. $67,900 Active

2999 48th Ave NW 453 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

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 Active

2999 48 AV NW 138 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

STUNNING TURN KEY. ALL REDONE,NEW KITCHEN,BATHROOM,TILE AND LAMINATE FLOOR. NICE FURNITURES INCLUDED EVERYTHING STAY. GOOD LOCATION CLOSE TO MAJOR ROADS,STORES AND THE BEACH. LOW MAINT.THIS IS A VERY ACTIVE COMMUNITY: SHUFFLEBOARD,PETANQUE,BINGO,SHOWS AND MUCH MORE. 55+ $64,000 Active

3091 46th Ave NW 104C Lauderdale Lakes, Florida

1 Beds 2 Baths

55+ Adult community. No leasing 1st year. 24-Hour notice to Show. Fabulous top floor, large, light and bright CORNER apartment completely furnished, just waiting for you. This unit overlooks the pool/clubhouse area from enclosed balcony. Eat-in kitchen. Newer A/C and water heater (3 yrs). Mrs. Clean lived here. Immaculate and very organized. Bath has separate dressing area with huge walk in closet. Unit has storage locker. Parking spot 1st row in front of bldg. $59,000 Active

2861 47th Ter NW 405 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. $57,000 Active

3061 47th Ter NW 232B Lauderdale Lakes, Florida

1 Beds 2 Baths

Great Location!!! Close to Shopping, Restaurants, and Hospitals. Unit needs updating. Great opportunity to customize to your liking. Price to sell!! This is a 55+ community. No Income Requirement. No credit score requirement. Motivated Seller $51,000 Active

3001 48th Ave NW 432 Lauderdale Lakes, Florida

2 Beds 2 Baths

Fantastic top floor unit in Lauderdale Oaks. This property has been extremely well maintained! Enclosed balcony can be great for reading or open up the window to enjoy the breeze as you overlook the patio. Interior features an eat in kitchen, newer appliances & a nice bathroom. Unit includes storage locker. Best parking spot in the bldg! 10 min from the beach! Social activities like bingo, barbecue at the picnic area, library, Billiard room, exercise room, heated pool! 55 + community. $47,500 Active

2881 47th Ter NW 405 Lauderdale Lakes, Florida

1 Beds 1 Baths

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

3071 47th Ter NW 322 Lauderdale Lakes, Florida

1 Beds 1 Baths

LOWEST PRICE IN COMPLEX........COZY ONE BEDROOM UNIT IN 55 PLUS ADULT COMMUNITY, IN GOOD CONDITION.....FEATURING AN OPEN LIVING ROOM WITH LARGE WALK-IN-CLOSET IN MASTER BEDROOM, SCREENED PATIO......READY TO MOVE IN....BEING SOLD AS-IS WITH RIGHT TO INSPECT..CASH OFFERS ONLY $41,500 Active

3081 47th Ter NW 114 Lauderdale Lakes, Florida

1 Beds 1 Baths

2/2 corner unit priced to sell fast ! 55+ community. No pets allowed.No leasing first year. Buyer must have 700+ credit score and around 30K yearly income to qualify for residence as per association information provided. Unit is vacant and ready for new buyer's touch. Unit is in a trust . Unit to be sold in its present as is condition. AC Compressor does not work. All attached docs must be part of any offer submitted to seller for acceptance. No exceptions. Buyer must use seller's title agent therefore seller will pay for the title insurance. $37,900 Active

3061 47 Ter NW 333A Lauderdale Lakes, Florida

2 Beds 2 Baths 922 SqFt

***Completely Remodeled*** Spacious 2 bed 2 bath for rent with a large screened in patio on 2nd Floor. You will love it! No Pets. Association states 55 years old or more. $1,300 Active

2950 46th Ave BLDG 7 NW 207 Lauderdale Lakes, Florida

2 Beds 2 Baths

Centrally located to FL Turnpike & I-95. 2 Bedroom with walk-in closet & 2 Baths. Eat-in kitchen with formal dining area, living room opens to Sunny Florida room overlooking garden and pool. Central air/heat, accessible elevators & laundry on floor; security cameras throughout complex. Garden area located at center of complex with benches, heated in-ground, community pool, hot tub, picnic/barbecue area with shuffleboard. Community room, billiards & sauna. Close to hospitals; close to all major shopping, restaurants. $1,200 Active

3001 48th Ave NW 336 Lauderdale Lakes, Florida

2 Beds 2 Baths

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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