Miami Luxury Homes: How to Buy & Sell

Principal Attorney of the Campbell Law Group, Regina Campbell, discusses Miami Luxury Homes: How to Buy & Sell with Guest Speaker Melva Garcia.

Melva Garcia was inspired to own her real estate brokerage where she successfully mentored a team of agents and gained recognition as a luxury broker. Her years of combined knowledge in every aspect of the real estate industry—from negotiation and financing to selling and purchasing—would be insightful knowledge for our audience.

The Campbell Law Group P.A. while representing clients whether in civil, corporate, commercial, employment, or family law matters, our company’s primary goal is first to help clients minimize the need for unnecessary litigation and conflict where possible. If litigation is necessary, our company is more than capable of representing you or your business’ interest and helping you achieve a fair outcome, while guiding you, your family and your company through the difficulties involved in litigation.

The Campbell Law Group P.A. while representing clients whether in civil, corporate, commercial, employment, or family law matters, our company’s primary goal is first to help clients minimize the need for unnecessary litigation and conflict where possible.

Contact us by calling our office at (305) 460-0145 or emailing us at service@thecampbelllawgroup.com.

Transcript

0:19

hi everybody I’m Regina Camp I’m your host here at the legal zone and we're happy to bring you another episode 

0:25

today we're going to be talking about Miami luxury homes how to buy and sell how to sell them basically and we

0:31

have a wonderful guest that's going to join us and I’m going to introduce Mrs. Melva Garcia in a moment but I do want to talk about our last

0:37

speaker just to remind everyone if you're interested in seeing the last podcast it was mar

0:42

alfredo Gonzalez was able to provide us the pointers as to how to make investments here in Miami

0:49

and particularly for Latin American investors coming into the country to help us to help them basically get pointers on how to do so

0:56

and enter into this country's market but today we are going to shift our topic of conversation we are going to introduce

1:01

our guest speaker Melva Garcia for our episode today Miami luxury homes how to buy and sell hi Mrs. Garcia how are you

1:09

thank you for having us it's a pleasure to have you here it's such a hot market in Miami so it's

1:16

still it's still there for negative news we're kind of like that inflation buster

1:22

aren't we we're sort of what we don't really ride always the regular rules I think we don't I mean 

1:28

real estate is geographical and so the markets are geographical you have to look at each market when we look at the

1:35

statistics that we see oftentimes on the news and negative press they're looking

1:40

at everything that's true and Miami South Florida but Miami

1:47

and the tri-county area we're very different and post coping yes

1:52

entirely different changed forever wonderful sounds fantastic so this is why we want to we brought Melva on

1:59

she's a friend of mine also I’m going to call her Melva she's head of the mind I want to give you a little bit of background in

2:05

Melbourne her experience also because I think it's very important to know where she's coming from and her experience as to why she needs an

2:11

authority on this issue and can help people also understand and give tips from how to buy and sell particularly luxury homes so this is Garcia from Melva

2:19

it helps provide high quality concierge type services as a real estate agent affiliated with compass a compass

2:26

compass okay so I’m going to say that differently different languages our dedicated team of sales agents and

2:33

brokers assist clients with all level all of their real estate needs with the years of combined experience in every

2:39

aspect of the real estate industry melba adds that that key ingredient that

2:45

distinct that makes her distinct in the real estate world she helps you from negotiating to financing to help selling and

2:51

purchasing different homes and she also works with buyers and sellers of course purchase transactions and homes and

2:57

tries to make the process as seamless and smooth as possible so we are very grateful to have her here

3:02

today and with that I want to ask her first question that is such a hot topic here and particularly in Miami for

3:08

people coming into Miami I think they need to know right yeah so as an experienced professional in the real

3:13

estate market can you tell us about the varying difficulties that people are having to buy and selling

3:19

electric homes in Miami in general the luxury clientele with what they call that one

3:25

percent they typically know what they want they have the money to buy it 

3:33

they're private their security they may have more assets they may have artwork

3:40

so dealing with them is a little bit different I think when you work with

3:46

anyone you try to make them a friend right so that's the best part of what I do you

3:52

end up yeah so yes

3:58

you when you get to know them throughout the transaction you ask questions you learn a little bit about

4:04

their lives about what they're going through at that moment what is their motivation to buy

4:10

so the luxury seller or buyer they're a lot more private okay so they're not as easy to

4:19

give up that information for many different reasons

4:24

and so it takes a little bit more gauging a little more time

4:30

more questions you know typically in conversation you know nothing you know you can't send

4:36

them like sometimes we sell we send clients a questionnaire to kind of get to know them you can't do that with them

4:42

you just have to get to know them and pay close attention to the things they say

4:48

the people there even to the people that they're around oftentimes they have advisors

4:55

so you really have to get to know who their trusted advisor is that is going to be

5:01

you know with them throughout this process because oftentimes that's the person you're going to be dealing with okay that makes a lot of sense so a lot

5:07

of times it's also trusted advisor knows what they're looking for whether it's like you're saying privacy I’ve had some

5:13

clients also that want anonymity to you know to you know they don't want their titles and their name on title so to speak aside from investment concerns and

5:20

other issues that might come about right from purchasing a property and asset protection so to speak but I guess

5:26

that's when you talk to them do they like it this way do they like certain views what are they concerned with do they want extra I guess that's what

5:32

you're referring to yeah what is the house for I guess so for instance a seller

5:38

that has you know multi-million-dollar home they may have millions of dollars

5:45

hanging on their walls wow it's not like they can pack it up and

5:50

move it into a warehouse temporarily because they have to keep certain climate controls it just it doesn't work

5:56

for them yeah so you really have to know this is where like you know we all talk about having

6:02

clients that come directly to you I love working as a transaction agent

6:08

with another agent a qualified agent on the other side why because that agent knows their mind

6:13

so when she brings me or he brings you an agent brings me a buyer and it's a luxury property I feel a lot more

6:19

comfortable going right into it I’ll even question the agent okay so how do

6:24

you know have to you know their financials and a lot of times agents will tell me yeah I’ve known them I’ve

6:30

known the family I’ve done multiple transactions for them you know it's not like they have to

6:35

bring you and give you a proof of funds because they may not want to do that no that makes sense but also you want to make sure not wasting your time for

6:42

something is not just trying to sneak into someone's home to do a listing

6:53

you know walking into some of these closets they probably have millions of dollars in handbags

6:58

and shoes and things of that nature you know good for them they enjoy it and this is the life they want but they

7:04

also you know don't want to be that exposed you know as you are when you have you're

7:10

showing your own people you're exposing your closets your bathrooms

7:25

right so this isn't the type of showing where you have the aunt the grandmother

7:31

you know yeah you're typically going to try and show to as little you know as few people as possible

7:37

not having that rotation revolving door especially if the home is occupied if it's unoccupied

7:43

then typically the values of the take okay because it makes sense also I guess the securities that you know they

7:49

have to be concerned with someone getting to know the floor plan of their house for you know what nefarious intended

7:56

that actually happened to me and you know I had a seller that god blessed

8:02

her I love her we're still good friends but she insisted on being there for all

8:07

of the showings okay and I didn't really the virus came without

8:13

an agent I for some reason you know my Spidey senses yes

8:18

and I actually I oftentimes bring somebody to those showings so I’ll bring an associate with me and we'll both be

8:26

there to see what's going on so we'll walk to the home and so you know they'll walk behind me

8:32

and we'll switch it up to make sure that everybody's going to the same rooms no they're not splitting up they're not

8:38

allowing them to just walk and I had that happen so she was

8:44

there and she hears them ask about the home floor plan and the security system which at

8:50

that point had been disconnected okay they have had an issue with the alarm and she told me it's disconnected so I

8:57

knew that and so when he actually like pops in and says well

9:02

let me show you the control room it's disconnected but yeah we have all of this here

9:08

and just like my heart is going yeah and at that point I had my associate with me

9:14

and they said hey do me a favor take them outside and oh and then they asked what do

9:21

you have floor plans and she pops up again of course I have floor plans let me get

9:26

them in the office and so I asked her to take them in the yard and I took her into the office and I said

9:32

I’m sorry with all due respect I’m trying to protect you here yes I don't know these buyers

9:39

I don't want and I explained to I said this is the security of your family and

9:44

she's just kind of like froze and I remember like I felt really bad because I had to be almost stern with her yes

9:51

and she later on apologized and I said you have to trust me you cannot just let

9:57

me walk through there are certain things you really you know you shouldn't be saying because

10:03

it's for your own safety yeah and I don't realize that because a lot of times you think people are like you they don't have any various intent

10:09

they're just here to look and she's like that you know she's just like let me make Cafecito for you

10:15

that's the way you know

10:21

so that that's a really important point it really is very distinct in the average sort of you know purchase

10:27

you know or even just showing of the property so you that's one of the things that sets you apart is why you know

10:33

a lot about selling luxury homes and so forth and this is tips hopefully helpful for everybody today you know

10:39

so I want to ask also so what are the other difficulties you're seeing is it I mean I assume credit is not such an

10:46

issue about a lot of these buyers or sellers I mean like what's going on here like the terms the different kinds

10:51

of things in these transactions currently I think

10:56

across the board and this is one thing that hasn't changed it's whether it's luxury or not

11:02

and this is something that most attorneys would recommend against is a post occupancy okay yes so

11:10

as an attorney you're going to tell your seller no don't do it because of

11:15

course it creates somewhat of a landlord tenant yeah accident relationship post-closing yes

11:23

and so you know for different reasons as tight as that post-occupancy agreement could be it could get

11:29

complicated it can and you had a lot of teeth in them too yeah you're going to get them out and

11:35

yes well the funny thing is we have been seeing like the post-occupancy agreements getting a lot more relaxed

11:43

okay the terms have been much more favorable to the divide for the sale rather than the

11:50

owner who's you know to well because it changes yeah so to the seller right

11:58

I mentioned some sellers may have to stay they're having a hard time finding a new home so they say can I stay you know outside the house and I’ll close in

12:05

30 days but I’m going to go I have to work that's exactly why we're seeing it so

12:11

because we have such a shortage in inventory especially last year yeah you know the

12:17

sellers that they would call you didn't tell you know I want to sell my home but what if I don't see anything so you

12:23

start sending the properties right before they list it but then they're seeing they don't see anything that they like

12:29

so they're having trouble with that and then you know you have to at that point we

12:35

shifted a little bit and had to say look you know

12:42

we're more often than not able to negotiate the post occupancy yeah you know you're clear because

12:48

in Florida we're transaction agents so you know I have to tell them you know this doesn't mean that this is your home

12:56

once we close it becomes this buyer's home and

13:01

you have to understand when they you know leave here you know you have your tenant now

13:08

and but you know we've been able to navigate them I even had one it was again a

13:14

luxury home it was a 90-day post occupancy and I thought oh my goodness I

13:20

mean I don't even know how we got it done yeah 90 days rent-free wow

13:26

I had never had one like that yes yeah and some of the help is bad

13:31

apparently I really like the house and the seller couldn't find the home

13:36

yeah so luckily she looked very fast and you know we were on it constantly on it she

13:42

found them home directly after the closed and we were able to get it done but yeah

13:48

it definitely the blessing oh no and that one was a good one and

13:54

right at the end it got yeah it got messy the attorneys came into it

14:02

and at that point I just I kind of like it when they're trying to step in because it takes so much pressure off of

14:07

me yeah and I was like okay now you guys have to work this out right

14:13

right now situations where it's like the 90 day

14:18

post occupancy or 60 days 30 days whatever they agreed to the other person's closing on their property got

14:25

delayed in the next 15 days but technically it goes past the contract period and I’m really going to kick

14:30

someone out for 15 days you know did they cause damage or they caused this all of a sudden you

14:36

know what I mean there's other things that start to appear that it's like a gut fruit but something happens with a roof or an incident or a hurricane

14:43

all of a sudden you know it becomes more complicated because post occupancy agreements are not very clear you know

14:49

what happens in other circumstances like you know you know renters technically the biggest issue that you just

14:55

mentioned so the buyer buys and they're excited they're now you know they own this home

15:01

they're paying all this money for it and they have you know all these expenses yeah they

15:06

want to come in to measure for currencies to survey to do this

15:13

they're going to be planning you know the an alteration of something and now the seller is packing

15:20

and getting ready to leave but now the news they don't want to be bothered so okay one time you come in

15:27

but then the buyer is like this is my home and I’m letting you stay here so I want to come back

15:34

again and again as often as I need and this is the time that my contractor

15:39

could go this is the time I need to give a sign that is where it's almost impossible for

15:44

any attorney to pursue all of these different scenarios in those situations you almost have to create an actual

15:51

landlord tenant agreement to that extent because then you at least have some well

15:56

some one part another benefit depending on the party who wants or doesn't want it but at least it gives clarity now

16:01

under those circumstances you can't be bothering the tenant unreasonably coming into their house every five minutes

16:07

so if you default to chapter 83 lieutenant sort of rules you have not you know okay you know the rules but the

16:13

buyer may not be like no I want to be able to come in and now well now they're going to put that in an agreement and then is one time we could no i

16:20

need to come in twice and go no and it was not clear it's like you're saying that makes it even worse

16:27

it's very difficult that's I think that's probably been the biggest change

16:33

and it's part of almost every transaction wow I guess because the shortage

16:39

so no one's leaving Miami [Laughter] I think the statistics I was looking at

16:44

statistics from national association of realtors and they said in 2021 for every 100

16:52

people that left Miami 256 moved into

16:58

Miami yikes so it's no it's not stopping either you know

17:04

this year we're seeing I think it's Florida see maybe 834 relocations a day or something like

17:11

it's like this number actually I forget the exact numbers but it's this yeah it was one of the questions I was

17:16

going to ask you how many different relocations like you know and it sounds like at least a youtuber you've seen

17:22

that's kind of consistent with this with this very fit system okay we're very consistent and we're seeing it at all

17:28

levels okay and it's all primarily dude covenant I mean we're seeing

17:35

as hard as we had it here other countries have it still haven't still happened

17:41

a lot worse and when you have this unforeseen pandemic who would have

17:47

thought in our lifetime we would have seen that you know they would have said they're going to close the world down

17:53

I think you're in a movie right yes yeah and so it happens so what happens is

17:59

when things like that happen it changes countries you know it changed the us it's psyches too it changes everything

18:06

and a lot of these a lot of countries outside the us that have it so hard

18:12

they're seeing the news they're still undergoing very difficult times economical

18:18

physical political they're creating fun about people as well yeah so a lot of them if they're able to

18:25

their communication they're buying here they know that their money is safe here no matter

18:31

you know this no matter how much negative we hear about our market you're always going to do better I would

18:38

do better with real estate people it is and it's a good place because it's not a

18:44

place that's where people are exiting you know this place is some place in New York and California are having that issue yeah California and New York are

18:51

in California and New York but they're having an issue they're having more of an exodus that place from new jersey Illinois I mean so they just for

18:57

different reasons a lot of the multinationals are coming down to Miami into Florida a lot

19:04

of Miami and that's unheard of because we used to not have multinationals

19:12

New Yorkers yes it's funny you mentioned all those markets New York California and Illinois are in

19:18

the top 10 tax brackets yeah there's a reason why they're leaving and

19:25

then the others that we're seeing in summers new jersey Pennsylvania

19:30

so there's like four or five out of the top yeah I think I mentioned four 

19:35

state income tax so this is health stating concept yeah and we are now we've been attracting

19:42

technology yes so Florida in 2021 was one of the top states to attract

19:48

technology companies so it's now you know before it was California

19:55

what's happening is the CEOs are coming here yeah and they are saying wait a minute you know they see a lot of

20:01

negative surprises because we do like every state yes you know you see the press and they like to focus on the

20:07

bad but then they get here and they're like what is this I have one buyer 

20:13

in on the Miami beach and he was you know he's moving his whole company here

20:19

and I asked him if I could ask why what is it that motivated you and he this was

20:24

December and we're in this beautiful condo Miami beach and he's his kids are downstairs in the

20:30

pool and he said I just got off the phone with you know

20:36

one of my friends in New York there's a snowstorm yeah and they're in lockdown

20:41

yeah and here we are and it's December my kids are in the pool

20:46

everybody's tad happy restaurants are open and it just makes sense like yeah I was out

20:54

there in December for my son's graduation shortly thereafter they were just about to start locking people down you know of course the winter you know

21:00

like some of the winter I’ve missed probably just wouldn't want to be the wrong winter but in general we're locking down yeah and I love New York

21:06

yeah it's one of my favorite places to visit I love yeah new York’s like my second home I’m going to be honest with

21:12

you no mommy I’m just moving as I see I feel like a little ghost in the room that seemed to like start moving on me I

21:17

don't know what it's doing here I was like okay

21:23

all right so and that makes sense that kind of falls in line with a lot of what we've talked about in the past what people

21:29

are seeing in the news and everything although it's not as I know but the biggest problem is I think also

21:34

people are coming in here they're driving up the prices so I think part of the issue is that

21:39

then where did the employees go you know where did the other workers and on you know because I hear a lot of CEO there's a lot of hedge funds coming your head I

21:45

mean some big capital companies coming down here but then where do you and it kind of keeps expanding those boundaries

21:51

but remember they're coming from markets where rents are much higher than even

21:57

our current companies okay so for them if you're coming from California New York especially which is

22:04

that's twenty percent yeah that's the other relocation buyer’s ten percent roughly from New York and ten percent

22:10

from California if you're coming from those states yeah you're used to paying

22:15

very high rent if we've lived awesome here for a very long time

22:22

we're like what's going on what are you doing is an efficiency of 1800 you're like yeah it's insane right so it

22:28

depends on the area but they're fine you know they come down here and to them

22:34

you know to pay 400 500 I’m sorry enough to pay for a four or 500 square foot

22:39

yeah you know unit on Brickell 1900 1800

22:45

they're okay with that they're okay with that I guess it's the Floridians that don't that are like what is that they're sticker shock yeah I’m hearing some red

22:52

going up 30 yeah fifty percent oh no fifty you know we're sleep fifty percent

22:57

you can't afford it it's very difficult and for our kids you know if we the kids who are in their twenties

23:04

right now that are looking to my assistant tells me all the time she's

23:09

like I want to move I want to find a place where am I ever going to move because she sees you know what we're looking at

23:15

and it is getting harder even with good incomes yes

23:21

yes they're making an increase they come to Slovak my son was like mom new York’s so expensive he likes Miami as well he likes both

23:27

places I’m coming down there and he starts looking he's like oh it's not that cheap down there

23:33

it is not yeah for sticker shock also because everybody's

23:38

known Miami the big difference between like Miami California and New York

23:44

it's you know we're inching closer yeah so even hundred-thousand-dollar incomes don't go as far as they used to

23:50

yeah so you know it's kind of so that's that kind of answer some of the questions we talked about what's going on with 

23:57

you know what are you seeing in these transactions and I guess the answer was mostly the post occupancy and it

24:04

does seem to bring true also this where everyone's coming in the influx of a lot of relocators and sort of

24:10

well people that are repatriating here or they're patriotic here depending on the circumstances I’m

24:17

sure you're hearing about that right yeah so but we listed at home last week and

24:24

I was surprised that a lot of the buyers it's been that they're coming from Venezuela from Columbia

24:37

from different places and some of them have had properties

24:42

here but one case in particular they're moving they have you know I will say what

24:49

they do but they have a very big chain in their current yeah country and

24:54

they're moving they're opening several locations here interesting so now they're buying their properties

25:00

which I think helps them you know with their businesses so each one of the family members is

25:07

buying a particular yes and I was you know

25:13

four national loans were kind of a thing of the past that was the 2000s you know right before the

25:20

great department of recession but now we're starting to see them come

25:26

back which I love yeah they're great loans you know these people really and

25:31

you know this yeah they really they want their status here yes they want they're

25:37

not going to do anything to mess it up yeah so they're coming in with large down payments you know they take a

25:43

little bit longer to close yes but they need to but it's also part of them being able to come into the

25:48

country's part of their base that's part of establishing them and then we have people that come from various countries they want to see some

25:55

of the name brands they're used to in their country if you have a lot of people coming here from Brazil or Columbia Venezuela they want to see some

26:02

of those sort of chain stores that they had there that they're used to well there's a lot of Venezuelan Colombians here great

26:09

place to open up and you have a store here bring it here makes all the sense you know a little bit of home and we're

26:14

seeing it even more when you walk through the malls right on these little pop-up shops yes that you can see that

26:20

they're a little bit different beautiful stuff especially handmade stuff yes 

26:25

so I I think it's awesome I I was so surprised and pleasantly surprised to see it yeah

26:32

me too as well definitely so I think you've answered the question what kind of percentage of the homes in

26:37

Miami are I guess from relocation we've kind of talked a little bit about that as well

26:42

and do you find that's the primary reason for people selling and purchasing homes so to speak is it a

26:48

real okay somewhere in Miami or do because you're saying a lot of people are selling them they're still staying they're still staying yeah so in the

26:55

past you know statistics would show that people would even come to retire in

27:01

Miami yes or they'd retire outside Miami so he would have the person that would

27:07

sell their home and move a lot of relocations from retirees to like north Carolina

27:14

you know I think Miami has become more metro right yes it's becoming

27:20

bigger and bigger and bigger and so I think you know if you're retired and you're

27:27

living on any context and you want maybe one a little bit

27:32

slower pace where you can drive to the corner to go to your local shop you know

27:37

what things like and not be a part of the traffic yeah but what we're seeing now post code

27:44

is so we also had pre-COVID the younger population as

27:51

rise that would leave here because all these tech jobs were in California or they voted in New York because this is

27:57

where all of the big companies were all the finance companies were and law firms yeah so that's where everybody

28:04

wanted to be that's changed now it's coming back right it's coming back so

28:10

the new graduates they're saying I don't want to be stuck now they know that there's a possibility

28:15

of the world closing down yes so you know that's changed forever you know

28:22

these all these generations that have lived in it that it could happen you know so and also I think they could

28:29

feel a sense of empowerment you know the great resignation right now there is a lot of flexibility and I unfortunately

28:34

probably will start to clamp down a little bit recession comes around the corner but right now the employees in general have

28:40

have more say I want to work remotely I want to work here because I want to make this much money so it is more possible

28:46

to live in different places so if you then you want to live where you're going to be easier for you or you may enjoy it

28:51

where you don't have to go to New York city absolutely and it'll work for a hedge fund in particular you know see

28:56

the smaller ones the bigger banks were still there yeah but it's funny because my son was he's going to

29:03

start a graduate program and he had a choice between a New York school in my school and he was like mom and I love

29:08

Miami and I’ll build my network down here it's a bigger network now even though New York is from New York it

29:14

should support exclusive but he's not living there so he's like mom it's possible it's grown so much you know

29:20

there's so many opportunities I’m like honey I’m happy to have you here you know I know Ricardo feels different

29:25

but [Laughter] you know but basically so it's they're

29:32

seeing that possibility in real time we're seeing these changes yeah instead of taking 10 15 years 20 years it just

29:38

seems the pandemic kind of just pushed everything into gear so to speak for you know changed forever yes and that's the

29:46

primary change for what we're seeing in the real estate industry that makes sense but it seems like we are just

29:52

still have right we are okay we are we have seen them

29:59

from last year we just look at the numbers from last year to this year inventory is up okay

30:05

sales are down slowing down a little bit slowing down but what we haven't seen much of is so

30:11

they keep talking about prices and prices and some buyers are sat on the fence yeah you know so

30:19

December of last year I remember a buyer asking me oh I don't know what do you think so too I have interest from like

30:25

they're offering me I have like a 3.2 or 3 do you think they'll go lower I just

30:31

like my job yeah and I said well if you want the best to give you the money yeah I don't

30:37

see that happening but I can't imagine that too much you know and I would tell people when I was

30:42

financing when it was you know I was mortgage lender I would tell them you know

30:48

your rate is what it is when you're motivated to buy yourself or to buy or to refinance it just lock the

30:55

rate don't look back yeah because you're going to be so much more upset if you don't lock it and it goes up

31:00

then if it goes down a little bit yeah you're going to be so much yeah sometimes you don't want to be

31:06

completely greedy about everything you can't always pick I mean it's like trying to pick up a spot in the market know where it's going to be on certain

31:11

days yeah possible so I’m sure he's shooting himself in the footprint oh my goodness yeah so yeah they waited and

31:18

they were like now imagine the interest rates going up almost double what they were looking at

31:24

before that's priced them out of the market for the homes they want correct yes yeah increases the price yeah

31:29

absolutely you know so it's amazing sometimes it's you know I would say

31:34

god puts you where you need to be when you need to be there but whether it was meant to be for them or they just were

31:40

there and didn't realize this because sometimes we don't capitalize on where we are you know and

31:47

Miami I mean my home is increased in value

31:54

I like the whole thing is that even if I sold where you know like the particular would I go you know I mean it's just

31:59

it's just something so it doesn't make it something like oh I guess we're sitting here guys you know what I mean like the kids and I love my kids love my house you know

32:06

they've been there for less 11 years so they're happy you know but it's just sometimes you have to

32:12

also be educated about these things and what works and kind of understand the bigger picture and I think also working

32:17

with a broker and knows the environment knows that the market and everything does help

32:23

that's for you not to like being offset you know because the faces can come and go but even when you are in the middle

32:28

of the phase and everything has been overpriced in Miami but even then you need someone to help guide you is this

32:33

still more overpriced than normal or average or you know helping you run comps helping you kind of make those

32:39

decisions and look at different aspects you just you need a school these are the kind of schools that are nearby something that knows the

32:45

market as well and a lot of people come in they don't you know live here and it's hard to

32:51

you know you buy a house you may not have you know you may have if you had to do it again in a year or two you might

32:56

have bought the house 10 miles or 5 miles you know further south you don't know but someone that can help you

33:02

you know think about these things and answer these questions for you and that goes back to what you originally said

33:07

getting to know your clients yeah it's not just about the transaction and

33:12

sometimes you know you may have to walk away from it yeah you may have to walk away from the client because they're

33:17

being unrealistic and they're pulling away so much energy yeah

33:22

and you know it just gets to that point where you're like okay maybe this isn't the time for you like right it's funny

33:30

sometimes you have to sit them down and say okay but you're putting all these obstacles yeah maybe you just don't want

33:37

to do this right now yeah is it possible it's just the timing isn't right for you

33:42

and you're not sure right unless you've sold your home and you really just don't want to rent or whatever I get that

33:49

but yeah I’m getting to your right sometimes they don't know they might actually it might be better you know what you know why don't you run

33:54

somewhere for a year figure out where you want to live get to know the area come back to me because there's no point in pulling hair

34:01

you know trying to figure out what they wanted this this closet is too big this closet is too small meanwhile you

34:06

know you find them that unicorn and they're still not sure yeah that's when you know it's

34:11

that's what you know yeah there's that little moment when you get fined

34:16

with that unicorn and they're just like it's I call it the golden goldilocks syndrome yeah we're just about to put

34:22

the bag there's some ways there's usually an underlying reason

34:28

you say that oftentimes in couples okay and yeah I recently have one similar to

34:35

that and you know one of them wanted there was there were other reasons going on and I caught on

34:43

immediately and you know how you address that sometimes because it's more personal yes and

34:50

but yeah and you got to be careful not to be getting involved in their styles I mean

34:56

you know at the end of the day someone wants a big house with the big mansion and the guy wants a smaller house

35:02

just something simple that's you know it's a three-car garage yeah three four yeah that makes sense yes

35:08

so you're like okay what are you supposed to say you should think differently and you should want differently you're not going to say that

35:13

you have to be very delicate and just right ultimately they have to make a decision so that actually kind of brings

35:19

us into our last topic and this will help a lot of my clientele and I’m sure a lot of people in Miami can help use

35:24

this advice as well what is the best way to sell a house if you're in the middle of

35:30

a divorce proceedings because that's tricky you technically have someone aligned

35:36

interest but they're really none because obviously depending on who's going to get what the division of the assets

35:42

they can't change the trajectory of people's lives so to speak and it already is happening you know they may

35:47

have to sell their house and not where they're going to live and see how expensive it is now and they're like okay well I can sell my

35:53

house but where do I go you know so I guess it's a what are your what your tips be for

35:58

that because that's a tough one yeah that's a really tough one I I

36:04

I guess luckily if you're thinking of a better word I have been involved in a number of

36:09

divorces so my background as a parent legalize 13 years of paralegal

36:14

it takes a lot of patience those types of transactions when you're

36:20

dealing with divorce feelings emotions it's you know buying a

36:25

home is just one off selling them on a stressful enough when you're going through a divorce

36:30

compound all of those emotions times a hundred children may be involved

36:38

they love their home this is where they were born you know

36:44

it's really important and this has been something that I’ve I myself have struggled with clients

36:51

in this scenario is like you said you have two parties they're not there should be a line because it's there's

36:58

one asset but two parties that all this one answered but they're

37:03

the motivations are not aligned not necessarily right so I mean I would in a perfect world I try

37:09

and talk to both of them and I tell your clients

37:15

as an agent invite this to home and they're going through a divorce I have to be available

37:20

to those parties I think we have to speak to both parties and

37:27

our job we're transaction agents in Florida transaction brokers

37:33

we have to be ethical we have to be transparent we have to disclose it's

37:38

for we work for the transaction yeah we work for the sellers which in this these

37:44

are two parties that are not aligned what I try and do is like I said I meet

37:50

with both of them yes if I can meet with both of them together it's always the best scenario because I kind of see the

37:55

synergy between the two of them and you will very quickly learn

38:01

who has the power yeah because there is there's typically one party okay and it's not always the

38:07

one that the court designates responsible for the sale yeah

38:13

it's oftentimes just in the marriage there's always going to be somebody who's the stronger I mean

38:20

it's it happens so there's something also stronger financially understand the transaction better I think my concern is

38:26

also sometimes people have motives that are not right yes I don't want her to get that house or I

38:31

don't want to be able to sell it or get as much money out like you know so I want you know I want to fire sell it

38:37

and they're difficult you know so I find this where I have a lot of times if I’m drafting an agreement to

38:43

American agreements of that nature I tried to lock down as much contingency as I can even at the

38:49

end of the day it's hard like it's listing prices this much you know it's going to be based on a

38:54

realtor's analysis of what that what it should be listed for what the market sale is and you try to have some reasonable language in there because

39:01

someone well you know I mean there's been very pretty crazy stories seldom per dollar to find the house for talking to

39:08

a friend so you want to be careful with these kind of issues so it's touching and I assume the court wants to also be

39:14

making sure you might have been brought in as an expert or as a witness what is going on here is should we

39:20

reduce the price should we not reduce it five percent the other thing is of course now that couples realize you

39:25

don't want this to be advertised either because in a buyer knows there's division there's concern there's

39:31

urgency and they're going to take advantage of it so I can imagine that's a lot to wrestle

39:36

with it's a lot it's funny you say that but it's typically and I find that more and more

39:42

these days the internet has taken away any secrets

39:50

so if you're going through a divorce do not be posting

40:01

because people do their homework buyers that are looking at especially in the luxury

40:07

market they look to see they go online figure out who the owner is

40:13

go into the social media and say oh hmm yeah they're going through a divorce they're going through the divorce they

40:19

figure it out like that yeah like that I have people walk into the house and as we're walking through

40:25

they'll tell me oh exactly they're getting divorced or they knew the neighbor who knows

40:32

somebody because it's especially Miami it's kind of like the crowd kind of runs the same circles

40:38

so people will know and they want inside information too before someone else comes in right

40:45

so you know I don't know especially in this market that it really

40:50

it doesn't matter they're going to get what they're going to get and the value is the value I think

40:55

years passed it really was used as a bargaining ship

41:01

now they have because it is what it is go buy another home find it yeah because I guess in general

41:08

the market is so hot too I guess so you don't have an issue yeah right it's changed yeah so that's interesting okay

41:13

that's a good point because it does happen and we forget about that's another aspect of the industry also yeah

41:18

you know you know you're not always controlling the circumstances I just actually had a transaction that

41:26

you know they were separating and there were kids involved and 

41:32

you know the husband referred me and you know you know we have to sit down

41:38

and with everything transparent and it was really

41:43

you know it's heartbreaking for me as a mom because when you get there you can see the kids are upset yeah and they see

41:50

what's going on and so when they see you they know what that means yeah and

41:57

you know in the middle of it they're having a little bit of a discussion and so it's you honestly

42:04

you wear the hat of psychologists you really do and you know you're not we're not attorneys or not but

42:10

you really do have to have a little bit of a little bit of psychology a lot of empathy yes because they're

42:18

both wrong but they're both right yeah and they both have the feelings that they feel yeah neither one can feel that

42:24

you're going to offer one side of the other or the other and I was able to manage it you know

42:32

throughout and you know it went relatively well and it was funny because

42:39

there were there were no attorneys involved I was shocked but

42:45

they weren't legally married so okay but they have been together for many years

42:50

okay so but it was the same thing you know they have the kids it's the same but

42:55

it's the very second area it was just and it was really like I got to know both of them

43:01

yeah and then you feel you feel that both then you just see them all happy yes and moving on to be

43:08

fine moving on it's getting you know and I think you probably go through this too is telling people

43:16

you know when they're going through something like this you feel like it's the end I’ve been through it so I understand I think that

43:22

helps me help people go through it yes you know so I tried I think because I did have some

43:29

legal background I tried to pull out the emotion from my divorce

43:34

almost impossible and as much as I tried but if you do pull back the layers of

43:40

the motion and try and focus on what you're trying to do here and that's

43:47

if you have kids in the house and they have two parents that are disgruntled and it's not a good scenario

43:54

so but your home is going to be wherever you're happy and where both parents are happy that is exactly

44:01

my philosophy as well and I a lot of times I’ll tell people when they're so angry and sometimes you'll get people playing dirty on their sides

44:21

remember that when you have peace it doesn't matter if you're you know in a small apartment at 200 square feet or

44:27

or 40 000 square foot house what's the point if you're unmiserable or you're not happy

44:33

you know you're better it's just fine you have to think about tomorrow after the divorce everyone's still hung up on

44:39

right now and it is important too because certain legal rights are attached to that ejection force and be watching and preserve

44:45

but there also has to be a limitation or reasonableness that comes in there and think about what is it going to be after

44:51

I have to remember there is a life after this and I have to set it up for that and for me and my kids to be happy right

44:56

you know if you if you create trauma everywhere and these kids have gone through so much trauma now you're going

45:02

to take that trauma with you and the children are going to take it forever with them so it's just better to

45:07

try to you know unfortunately not everyone's very reasonable but they just think about okay this is

45:13

we have to do this we're going to separate we'll try to do the best we can and we try to see it more objectively think about like you said the children

45:19

where are we going to be hungry what would we have to be somewhere else and I wouldn't go around telling the other side that I want to be happy when I

45:24

leave I don't know that's starting a fight one of the things that

45:31

when they're negotiating in the settlement part you know everybody focuses okay well I

45:36

want to keep the house or I want to do this they have to remember when you're negotiating you're negotiating today

45:44

with the value of that home today that product can go down it can go up

45:50

but if it goes up typically for it to go up in a normal market you're talking there looking for five years it's going to

45:55

be a while we haven't seen that that hasn't been but this hasn't been normal now so for

46:00

me I would think always the smartest thing is to sell the home in the market that

46:06

you're in because that's the market that you're going to be able to buy you're going to get totally top dollar for the most part yes

46:13

yeah and then you're not having to think of down the line yeah what happens if the values go down which a lot of people

46:20

happen they do both look at 2007 people really lost their shirts on them

46:25

and they were negotiating and saying oh I want this and all of a sudden you know and then like they got it and half the

46:31

time they happen to modify and they're realizing wait and I got nothing from the house I took the house and everything just dropped it dropped

46:36

significantly and I have upside down on my mortgage versus the value of the house and I do that a lot with assets so I’ll

46:43

take a look at what do you want okay you want this hedge fund or you want a certain type of accountant do you know what that means your rights and

46:49

obligations go with that asset because that's just the houses other assets as well you may want a yacht or the boat or

46:55

something else well let's think about how much money it costs to maintainable

47:01

and do you like the bottle do you know what it means to do that you know tonight because that's nice it's emotional they want it not because

47:08

it makes sense yes it's because of an emotion that they have attached to this asset yes correct ways they're

47:15

not really looking at it so I try to bug financial advisors if I can you look at you know the top this is a

47:21

look at this type of worker just have certain losses you don't you know they don't quite understand that meaning because they're looking at it as just

47:27

okay hold on to what I have but it's not necessarily the only way you don't usually not always have what

47:32

you think you have so and life will change if you're getting along voting or you want to start working expenses will shift

47:40

and what do you really want what do you really need what you know that's really important so that was one

47:45

of the last questions I think we've hit almost everything see there's a little ghost here I think it's a little bit

47:50

going off by tilting it's the prompter it's just literally

47:56

going off by itself but I think we've hit everything today

48:06

well I want to thank you for coming in today and being part of this episode it's so great to have you I think it's so important to have someone like you

48:12

that has this background this experience to help buyers and sellers alike you know thank you yes I appreciate you

48:18

having me here absolutely so we want to thank everybody for joining us I hope you'll enjoy it enjoy

48:24

join us for the next podcast also which will be announced soon and please don't forget to follow us on our social

48:30

media accounts thank you so much everybody have a good day thank you have a great day