Weather. Shout outs. Insurance. Interest rates. Short sales.

Episode Transcript

Speaker 1 (00:14):
Navigating today's real estate market can be tricky. Wanta buyer,
sella house, finance or insure a house, or stuck with
a house and don't know what to do. Florida Talk
real Estate has been your local one stop real estate
shop since twenty twelve. Get the advice you need from
your local real estate pros. Here are your hosts, Jim
Depola and Johnny Ce. You live on real Radio.

Speaker 2 (00:36):
Yeah, good Saturday morning to you. Welcome another edition of
Florida Talk Real Estate. We got you hopefully for the
next two hours of infotainment and thank you for being there.
I see ninety two one one one seven, the old
terrestrial radio phenomenal to have you with us on a
Saturday morning. Maybe you're tuning in on the iHeartRadio app
that is a free download in we are world wide.
You could be at many little corners of the Earth listening.

(00:59):
And if that's the case, man, you're amazing. And of
course we live stream on a Saturday. I see the
camera set up, the lights are on in a studio.
That means we are rolling. Find us on Facebook, Florida
Talk real Estate on Facebook on YouTube as well. Florida
Talk Real Estate LLC home of a ton of informational
chunk videos plus our live stream. You can join us
for two hours of infotainment. Thanks for doing just that.

(01:21):
Of course, you're welcome to be a part of the program.
You got a toll free number. Questions, comments, concerns in
the world of real estate. Want to dive into the
conversation at hand, Dial it up eight seven seven nine
two seven six nine six ' nine. The first voice
you'll hear the melodious tones of our producer at Shortinaiir, Jimmothy,
my brother from another mother. How you doing?

Speaker 3 (01:40):
Hey, heyo, I'm doing a mighty fine.

Speaker 2 (01:42):
Good morning, Johnny. Good to see, but I'd always a pleasure,
my dude. I am your boy, Johnny C your old buddy,
your old pal. Let's get your starting lineup on a Saturday.
Say good morning to Mike Row. He's the mortgage guy
from the mortgage firm.

Speaker 3 (01:53):
Good morning, Mike, Good morning, sir.

Speaker 2 (01:55):
How are yah?

Speaker 3 (01:55):
I'm doing great? There doing great? Yeh. Had a nice
little winter this week, didn't we Yeah, and we got
I think we got.

Speaker 2 (02:00):
A little another one, a little winter coming here.

Speaker 3 (02:02):
Sweet hard participated this year.

Speaker 2 (02:06):
I just love I love knowing that my meter is
not just spinning like a mad man, just random points
of the day off.

Speaker 3 (02:15):
Have you turned your heat on?

Speaker 2 (02:16):
No?

Speaker 3 (02:17):
No, not once, not ever. Yeah, in Florida, I had.
We went to my mom's for dinner this week. She
had the heat on. I'm like, Mom, Yeah, which is
I just want to be comfortable? Hey, which I'm What
am I gonna say? What are you going to say?

Speaker 2 (02:27):
Exactly? Besides it's hot in here? Say good morning to
Ross Kamara Natzi's with Bright Waying Insurance. Do you know
beach Ross? How you doing?

Speaker 4 (02:36):
I am doing well, Good morning everyone, Good morning.

Speaker 2 (02:38):
Good to see you as well as always on a Saturday.
And it's weird to be doing this with the music out.
That means it took far too long this morning.

Speaker 3 (02:46):
That was probably my fault.

Speaker 2 (02:47):
No, it's nobody's fault. If i'm if there's a.

Speaker 3 (02:49):
Blame, I thought you were saying it was your fault. Yeah,
well I guess yeah, it's it's my fault. I'll take
some of the blame.

Speaker 2 (02:55):
You're awesome.

Speaker 3 (02:56):
Mike put the mortgage from me.

Speaker 2 (02:57):
I fault. I know who's fault. It's not what's Mike's fault. Evidently,
Let's say good morning to our fearless leader. It is
thirteen years now. I've told you he runs a top
producing Keller Williams team, the Florida Home Pro Team. At
Keller Walliams Innovations, you'll find Jimmy d Jim Deipola, How
you be?

Speaker 5 (03:13):
Hey, Good, Johnny c Hey, Happy South Florida. Everybody Happy Saturday.
Ross and Mike and Jimmy. Hope everything's going good today.
Got a lot to talk about. I want to talk
a little bit about the weather too. Guys, when you
jumped on that, I wanted to talk about some stuff
that I think is kind of fun. We'll get that
in a second. But later on today we're going to
be talking about I'm sorry, we're going to be talking

(03:37):
about but it's good, twenty twenty five mortgage predictions. We're
going to continue with that a little bit. We're also
going to talk about the mortgage rates and a couple
interesting things that are happening with these unsafe buildings throughout
South Florida. We got a lot of stuff going on
with that. I'm going to continue talking about that because
this is going to become kind of a trend for

(03:58):
a while.

Speaker 3 (03:59):
Are you allowed to say I'm safe is that PC.
Can you say that?

Speaker 5 (04:02):
Why why would it be PC to say or un
PC to be.

Speaker 3 (04:06):
You yeah, less than optimal or something like that.

Speaker 5 (04:09):
Death trap is no good. I mean one of the
buildings we're going to talk about. According to the county,
if you just barely touched the handrail on a multi
store building, you go flying off the handrail, go flying
off the building.

Speaker 3 (04:24):
Nice?

Speaker 5 (04:24):
Yeah, pretty nice? Fifty five and over community, So who cares?

Speaker 3 (04:27):
Right?

Speaker 5 (04:27):
So we're the chances that a fifty five in oh
community is going to need the handrail? Nobody, any of them?

Speaker 3 (04:32):
Right, We don't need those thinking an rails.

Speaker 5 (04:34):
Anyway, We're going to talk about that a little bit.
We're also going to be talking about some changes to
or I shouldn't say changes, but a ruling in the
insurance industry. It was a judicial ruling in an appeals court.
That's a really big deal because it's choring up the

(04:55):
protections against insurance fraud and how people assigned benefits to
contractors and other people, and they're not allowed to do
that anymore. They kind of not have been allowed to
do that, but they found a loophole and now that
loophole has been shut down, and I love this. They
shut down the loophole and only took them five years,
you know, get wind their way through the courts. And

(05:17):
the quote from one of the attorneys that was not
involved in the case, but just talking about the industry,
he's like, Oh, they're going to find another loophole to
work around, but right now, we shut down this loophole.
So it's whack the mole with the insurance fraud in Florida.

Speaker 2 (05:31):
Sure, at least washing them react though, you know, that's
a good thing.

Speaker 3 (05:33):
Yeah, the first year of law school. I'm sorry, it
wasn't that first year of law school. Well whack a mole,
No loophole.

Speaker 2 (05:38):
Oh loophole?

Speaker 5 (05:40):
Well no, I don't know. And the other thing. Uh okay,
So we're going to get into the weather a little bit,
you know, everybody and I forgot to talk about this
last week, Johnny and I felt bad. Everybody was predicting
last week. I shouldn't say predicting. Everybody was asking the
question last week, is it going to slow in Florida?
Is it going to snow in Florida? Did we talk
about maybe we did talk about it. Yeah, I don't

(06:02):
remember about it.

Speaker 3 (06:03):
I don't remember.

Speaker 5 (06:04):
I don't think we did. But anyway, the last time
it's snowed in Florida was nineteen seventy seven, and I
was around during that time.

Speaker 3 (06:11):
Was anywhere in Florida?

Speaker 5 (06:12):
Yeah, anywhere anywhere Florida.

Speaker 1 (06:15):
No.

Speaker 5 (06:15):
I Orlando was nineteen seventy seven and we were nineteen
seventy seven. I'm gonna have Mike be the Joe Ruggy guy.

Speaker 3 (06:25):
Look it up right, you're looking it up right now.

Speaker 2 (06:27):
You can see. I mean, if there's a certain amount
of measure you're talking about.

Speaker 5 (06:31):
No, no measurements, just snow.

Speaker 2 (06:32):
I follow Mike's weathers page. I'm sure many people do
out there. He's famous.

Speaker 5 (06:37):
I don't know who he is, Okay, okay, yeah, but cool.

Speaker 2 (06:39):
But he showed pictures of him and his daughter standing
next to snow.

Speaker 5 (06:44):
I don't know in Florida. Yeah, maybe Jackman snow right.
Are you sure it isn't coming out of blow?

Speaker 2 (06:51):
Yeah?

Speaker 3 (06:51):
Those little bubbles?

Speaker 2 (06:52):
Yea.

Speaker 5 (06:53):
They went to the city. All there was the three
foot high Jim huh. Nineteen seventy seven.

Speaker 3 (06:59):
So this says in Pensacola one inch fell January twenty eighth,
two thousand and fourteen.

Speaker 5 (07:06):
Oh okay, so twenty fourteen but what about before then?

Speaker 3 (07:10):
Hold on or research give me a second, right, I
can't tell you. The mean maximum monthly snowfall in most
parts of Florida is zero.

Speaker 5 (07:20):
For once, the for once to be dalogists got it right.

Speaker 2 (07:24):
I remember one year I think there was a little
bit of snow in the state. One year we came
for Christmas. I was probably, oh, I don't know, sixteen seventeen,
and we were woefully unprepared for Christmas that year. I
got scarfs and flannels and like, woefully unprepared. It was
like in the forties. The whole time we were here.

(07:45):
That was insane. Pictures of us by the pool, all
bundled up. It's hilarious.

Speaker 3 (07:50):
Well, it's great that they didn't know what to get
you for Christmas until you got there.

Speaker 2 (07:54):
Oh no, you're a lot.

Speaker 5 (07:57):
Well when it snowed in nineteen seventy seven, I was,
and it was really big deal. Was over the front
page of the papers everywhere and everything down here, yeah,
down right Sunrise. Actually I was in Sunrise in Brower County.

Speaker 2 (08:09):
So you might be your timeline might be perfect for
like South Florida.

Speaker 5 (08:12):
It might be. Yeah, So seventy seven and I was
riding my bike to school that day. You know, I
grew up in New Oregon, in New York and Oregon,
where we had lots of snow, so I was used
to snow. I'm not a Florida boy.

Speaker 2 (08:25):
Well, when you're snowing, you're riding your bike uphill both ways.

Speaker 5 (08:29):
Yeah, well that's what I want to tell you what
snowing meant in Florida. Right, So in South Florida, what
snowing meant was you would see little tiny flakes, not
a lot of them, but some tiny flakes were flying
around in the air and you didn't even see them
hit the ground because they melted almost immediately. And I
remember that one of the famous pictures in the Sun

(08:50):
Sentinel at that time was a picture of bird baths. Right,
Remember bird baths used to be really popular.

Speaker 2 (08:56):
Right.

Speaker 5 (08:57):
You don't see as many around as much, but the
bird baths. And they had like maybe an inch of
snow on the sides of the bird bath, not even
like covered the whole bird bath bowl, if you will,
just a little bit on the sides, and it was
like an inch inch and a half high. And that
was our snow's right, there was snow and then and
I know it snowed a little heavier that year, that

(09:19):
that snowstorm was a little heavy in Orlando. What did
you find anything, Mike.

Speaker 3 (09:25):
Yeah, there's not. I'm reading they have this list. It's
hilarious reading this thing because it's like January twenty first,
twenty twenty two, light freezing rain and freezing drizzle occurred
during the morning. What are we doing? You know they've
got this the flurries January.

Speaker 5 (09:43):
Seventy, twenty twenty four, twenty twenty.

Speaker 3 (09:45):
Four, snow flurries, sleet and freezing drizzle during the mid
morning hours and far western portions of the Florida Panhandle.

Speaker 5 (09:52):
Uh okay, I think it's a Alabama.

Speaker 3 (09:54):
Yeah. I don't know if you're looking for like real snow,
like yeah, appreciable snow.

Speaker 5 (09:59):
Oh you know that. I don't think that's happened in
Florida very long.

Speaker 2 (10:02):
Yeah.

Speaker 6 (10:03):
Snow flour is were reported in West Palm Beach and
Kendall on January eighth, and ninth, and twenty ten, according
to Florida Climate Center.

Speaker 5 (10:10):
So I guess this snows a lot. This just a
blizzard of information.

Speaker 3 (10:17):
January twenty twenty who knows what this is? There were
reports of GROUPOL in the South Florida area. Well that
g r A U P E L. I'm gonna look
at that. You have a caller.

Speaker 5 (10:31):
Yeah, if anybody knows what gropul is, let me know. Hey,
while we're doing that. While Mike's looking that up, one
of the things I wanted to talk about the weather
is what happens during cold weather in Florida. That makes
all the newspapers nationwide and internationally. So that got me
in the iguana rabbit hole yesterday. So, like at ten
o'clock at night, I started looking up iguana stuff.

Speaker 2 (10:54):
Right, I think I'm doing this again.

Speaker 5 (10:55):
I'm really doing I can't believe I'm doing it, but
I found it made me laugh so hard. So let
me tell you what I found out. Okay, So what
when I read the article, it's said that they were
really you know, they if the weather gets to blow
forty five degrees, the iguanas start hibernating, right, So they

(11:17):
freeze up and they're still alive, but they're in hibernation
and they can actually fall out of trees and it
you know, everybody makes fun of these iguanda's falling out
of trees, and they can get pretty big. If people's
never seen these iguanas, they can get you know, fifteen
pounds I think, and maybe even bigger sometimes, right, So
these things falling around, it's pretty funny kills. But what

(11:38):
it said on the ground with this is where I
went down the rabbit hole. It said, you're allowed to
you mainly kill the animals in your yard or state parks,
but you're not allowed to relocate them. And if you
relocate them, you could be charged with a misdemeanor.

Speaker 2 (11:58):
Fine, So I can't pick it up and move it somewhere.

Speaker 5 (12:01):
You head off, right, That's the whole So then I
was like, wait a second, what do you mean you
can't relocate it? So I started reading that a little bit.
It's like, what's the definition of relocation, right? And what
it means is it's like if you're a humane person.
Remember since Beetlejuice. Beetlejuice was really popular this year. You
know the first movie, do you remember at the beginning,

(12:24):
Alec Baldwin found a spider on that upstairs attic thing
you know with the town and they found a spider
and he picked it up and he put it gently
outside because he was so gentle. He didn't even want
to kill a spider.

Speaker 2 (12:37):
Right.

Speaker 5 (12:38):
That started getting me to think about like what you're
allowed to do and not allowed to do to deal
with these things. So you're not allowed to be Alec
Baldwin and take a iguana and like, oh, I don't
want to kill it, but I don't want it to
be here, so I'll take it into the woods, chop
it off or something. You can't do that that's illegal,
you'll get.

Speaker 2 (12:56):
He didn't realize it was a live weapon.

Speaker 5 (12:58):
So you're not allowed to relocate them, but you and
if you're going to kill them, you allow You're allowed
to kill them, but you have to you mainly kill them.
And if you don't you mainly kill them, you could
be charged with animal cruelty. Right, So then that got
me into and I know Johnny's gonna know where there
goes what is the definition you made me mainly killing? Right?

(13:19):
So this is what this is what I found out
about that from the statutes and online Sunshine dot com. Uh,
this is a government site talking about all the Florida
state statutes. Right, so it talks about cruelty to animals.

Speaker 3 (13:33):
Before you get into the lisk, are you able to
call like animal control and have them come take care
of it.

Speaker 5 (13:39):
Yes, you can call animal control. That's another option, and
they tell you that is an option. They prefer you
not to if you don't you know, if you see
one and you don't want it around your property and
you don't want to kill it, they prefer that you
call or have to come out, and they have companies companies.
But the fine for dealing with cruelty to animals can
be anywhere from fire five thousand to ten thousand dollars fine,

(14:02):
and it's a misdemeanor of the first degree. And what
let's see, I wanted to show you what, uh, what
you're not allowed to do? Oh geez, you're you're not
allowed a person convicted of the violation. Let's see.

Speaker 2 (14:19):
Hold on, pretty sure you're not okay to grab it
by its tail and swinging over your head like a
helicopter and slamming against a wall.

Speaker 5 (14:25):
No, yeah, you will be guilty of cruelty to animals.
So if you do this to an iguana, you're gonna
be guilty where you can get a five thousand to
ten thousand dollars fine and a first degree mister greener misdemeanor,
mister greener, mister green, mister greed or what the hell
is that? A person who unnecessarily overloads, overdrives, torments the prize,

(14:46):
the prize of necessary sussidence or shelter, or unnecessarily mutilates
or kills any animal, or cause it causes the same
to be done, or carries in upon any v or
otherwise any animal in a cruel or in humane manner
commits animal cruelty.

Speaker 3 (15:06):
So you can't do the movie seven on the.

Speaker 5 (15:08):
Yes, you're not allowed to four minute. So then that
got into Then then when I read the article, it said, uh,
you have to humanely kill it. So then I clicked
on a link I started searching what would be a
humane kill. So they have a state regulation under the
Florida Fish and Wildlife Conservation Commission on what humane killing

(15:29):
is on non native reptiles. Right reptile? Oh yeah, native reptiles. Right,
So non native reptiles, if you're going to kill them,
it's still under the anti cruelty law, but they tell
you how you need to kill the reptiles. And the
funny part is it says after you, like, let's say
you decide to shoot it in the head or shoot

(15:50):
it right, you immediately have to pith it. It's called pithing.
Have you heard a pitthing before? Because I've never heard
of it.

Speaker 3 (15:56):
I think, don't look at my.

Speaker 5 (16:00):
You've heard of that, you've heard of that. I've never
heard of that. In other ways, so.

Speaker 4 (16:09):
Does it every morning?

Speaker 3 (16:10):
Every morning. Mechanism of bleeding it out is that.

Speaker 5 (16:13):
Well, no, what you have to do is you have
to let me see. You have to ensure after you
shoot or hurt the animal, to make sure that the
reptile's dead, you have to insert a small rod, a
rigid tool like a.

Speaker 3 (16:26):
Screw stop stop.

Speaker 5 (16:30):
Wait, insert a small rod, a rigid metal tool like
a screwdriver, spik or pick into the cranial cavity using
a deliberate multidirectional movement, ensuring destruction of the tire break. So,
after you put down the animal, you're supposed to take
your screwdriver scramble the brains of the iguana. But if

(16:52):
you just shoot it, that's not enough. You're supposed to
pif it. It's a two part process. You have to
do both. So it says your method of incapacitation should
result in the animal losing consciousness immediately. Then you should
then destroy the animal's brain by piffing fun So that

(17:15):
took me an hour yesterday enjoying this go around reading
all this stuff like, oh my god.

Speaker 3 (17:22):
There sitting down there with their scrambled egg.

Speaker 5 (17:26):
Hey, I hear iguanas taste really good. Egs, I heard
an ecuador the very good eating.

Speaker 3 (17:33):
Check does does the count is relocating if you tie
it to some like helium balloons and just send it
right right?

Speaker 5 (17:42):
I just watched a documentary.

Speaker 2 (17:45):
Yeah, and then that.

Speaker 5 (17:46):
Guy that put all the balloons together and went into
the chair and they did the movie and everything about
him where they had the helium balloons. So he had
a lawn chair and he went up.

Speaker 2 (17:54):
There's a movie about that.

Speaker 5 (17:55):
Oh yeah there. Remember there was lift or something I
think it was called, but I saw the documentary on it.
That was fascinating. Yeah, because the guy got in big trouble.
He didn't know how high was going to go, or
how fast it was, or any mechanism to like read.
He had a BB gun down, He's gonna shoot the
right He was shooting out the balloons in order.

Speaker 3 (18:12):
To come down.

Speaker 5 (18:14):
Is that funny?

Speaker 7 (18:14):
It is very well anyway, So Johnny, if you see
any iguanas, and you decide you're going to take them down,
don't forget to do the pithing.

Speaker 5 (18:25):
Okay, got to scramble those brains.

Speaker 3 (18:28):
We should point out the iguanas here are an invasive
species and so they know basically you have to you're
supposed to.

Speaker 5 (18:35):
They want you to get rid of them. Yeah, they
want you to go rhythm with You're on your property,
you have every right to to do it, but don't
forget to do the pithing. And you're even on state parks,
so I think there they said there was only four
of them or something. But on the state parks you
don't need any kind of license or anything to kill
the iguanas. You could just go ahead and kill them.

Speaker 3 (18:53):
And if you're I guess if you are not excited
by the thought of any of that, you could just
leave them.

Speaker 5 (18:59):
Yeah, you could just leave him alone relocate. Like I know,
I've told this story before, but not everybody's artist. I'm
going to say it again. One of my favorite animal
stories is my my brother in law who reminds me
more of Cheat and Chong than anybody. My ex brother
in law who reminds me more like Cheat and Chong

(19:21):
than anybody I know Greg, and he had an iguana
that was in his yard because he was a botanist
for the Boca Raton Resorting Club. So he he was
like the chief guy for all the plants for the
whole compound and they would bring in plants that like
they would have the only type of that plant at

(19:42):
the Boca Resorting Club, and he was in charge of
making very expensive plants and making sure that they're all
lived in the compound looked beautiful. So he had a
lot of pupps that he would take from the plants
at the at the resort and bring him to his house.
So his house was like, uh, it's like a rainforest
over there. Right, it's only a quarter acre, but you

(20:03):
can't see the house or anything. It's just like plants
everywhere and a lot of animals come there. And he
had this big, big iguana. Was really big. It had
to be three feet three and a half feet long
from to tail, and it was really heavy and you
could hear when it was crawling up on the on
the roof and everything. You could hear it. It was
a very heavy animal. You can hear it walking and stuff. Anyway,

(20:24):
it loved the hibiscus in the ard. They love hibiscus. Well,
one summer, one winter, it was really cold and we're
at our house and we're only five blocks away, and
he calls up in a panic. He goes, hey, do
you got any space heaters or anything? And we're like, no,
are you okay? Do you need to come over?

Speaker 2 (20:39):
Hey? Man, you have an heaters.

Speaker 5 (20:42):
That's kind of the way it was, and we were like,
come on over here. So he tells me that he
heard a big thump and the iguana fell out of
the off the roof by the hibiscus plant and it
fell off and a plumped on the ground. So he
carried it into the house, put it into the small

(21:03):
his small bathroom in his house, put in a bunch
of heat lamps, turned on the turned on the shower
as hot as it could to have uh steam. I
didn't hear that. What was he doing? Oh, you're ready
to pot and uh that wasn't working. He felt like
it wasn't working. So we did bring over a space heater,

(21:25):
and by the time we were there, the animal was alive,
and it was always alive because I don't think he
knew that it went in a hibernation at that point.
Because they weren't that common back then. And uh, we
got over there and he goes, oh, it's alive now
and everything. And we went in and looked at it
and was alive and all that. But he gave it
mouth to mouth.

Speaker 3 (21:45):
He did.

Speaker 5 (21:46):
He gave it mouth to mouth.

Speaker 2 (21:49):
Time.

Speaker 5 (21:49):
I think this is probably late nineteen well, right, I
don't think he knew that they hibernated. They weren't as
they weren't avent. Well, they were invasive, but not invasive species.

Speaker 3 (22:09):
Yeah, Jim, there's a comment from Paul on the thing.
He says he feels like he's watching Home Improvement. I
was like, because we're talking about, you know, animals. But
I think it's because of the way your camera zoomed
in the guy. You're the guy on the fence line.

Speaker 5 (22:24):
It keeps turning onto uh stupid thing. Yeah, it's on
the tracking. It keeps tracking me.

Speaker 2 (22:33):
How do you neighbor whoever?

Speaker 3 (22:36):
It's just zoomed in. You're on like zoom Yeah, what's
somehow batter you put on some weight recently?

Speaker 5 (22:42):
Yeah, well it could people.

Speaker 3 (22:44):
Have you seen Tim Allen's new show Tony No, I've
seen promos for it. Okay, Yeah, it's with like cat
Danny and some kids. Stiffler's in it too, Yes, that's right, really, yeah,
the whole movie is coming back with what's her name?

Speaker 6 (22:59):
She's and and every commercial for the past year feels
like Steffler's mom.

Speaker 2 (23:05):
Yeah, yeah, Jennifer yea.

Speaker 3 (23:07):
She has been now, but she was on White Lotus
She's I never saw that either, isn't that almost For
a second, I don't know what's going on.

Speaker 5 (23:18):
I think we're gonna it's still on tracking and I
have no idea.

Speaker 3 (23:21):
But it zoomed back out now.

Speaker 5 (23:22):
Yeah, but it's gonna if any time I move, it's
gonna do it. I know what I could tell you
what I.

Speaker 3 (23:27):
Got a feeling?

Speaker 2 (23:28):
Yeah, I know. Florida Talk real Estate is at dot com.

Speaker 3 (23:31):
What do you do? How do you feel about the
real estate?

Speaker 2 (23:34):
It's tracking Florida Talk real Estate dot com. You onceop
real estate shop if you need a team. You're looking
to buy a home, sell a home, stuck with a home,
you don't know what to do anything that touches the
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It's Florida Talk real Estate dot Com.

Speaker 5 (23:52):
Thank you, Johnny, thank you. I wanted to just do
a couple of shout outs and just uh, first of all,
I've been sending out weekly emails pretty consistent now for
three or four months. So if you're getting those great.
I'm getting a lot of response from the emails from
the people that see them and open them. Sometimes you're

(24:15):
in your in your junk. That emails now turning into
more like a newsletter thing, kind of telling you what's
happening in the market and stuff like that. And I
sent them out every Mondays. And the other thing that's
going to happen is is on Wednesdays and Fridays, we're
gonna start telling you what we're gonna be talking about
on the next week's show. That's going to start next week.
We have a bunch of guests starting to line up.

(24:36):
I'm really excited that we're going to have a little
bit new content and stuff going. I don't want to
make too many promises yet because we've got to see
if it's gonna happen, but I'm really looking forward to
We've got three guests lined up coming up. We're gonna
have Dorothy Jacks, Pompache County property Appraiser second time for her, Yes,
and probably multiple times because I have like three subjects
for her. So I don't know if we're going to

(24:58):
do more than one, but I hope so, because I
really that that office is so as always, I'm kno
gonna wood here because I don't want to drink anybody,
but that office is so well we're on that property
praise their office in Palm Beach County. That's staff there
is awesome. I don't know what she does as a leadership,
but she's got a really good staff there. You call
that customer Service office, they're so helpful, you feel like

(25:19):
you're getting a piece of apple pie. Anytime you get it.

Speaker 3 (25:22):
All there, you get somebody on the phone, and almost
invariably the person who picks up can help you with
the situation. Sometimes I have to transfer you. But it's
different when it comes to like calling.

Speaker 5 (25:34):
Help out the Driver's Bureau, the Driver's License Bureau, I
something like that.

Speaker 3 (25:38):
That's like, hell right, I had to call the I
R S the other day and you're on, oh yeah,
forget it right an hour and a half.

Speaker 2 (25:43):
That's a pleasure. When you can pick up the phone
and you're just greeted with competence.

Speaker 5 (25:48):
Yeah, and and they're polite and they're happy. They sound
like they're happy to talk to you, but it's like,
what do you want? You know what I mean or
like to you know. So it's really nice. It's nice
to see when government runs nicely. But I we have
a lot of subjects we could talk to her about.
Like one of the things I want to do, remember,
Texas is trying to end property taxes completely to make

(26:09):
houses more affordable in their area. Like to see what
thoughts are on that from our people here in Florida.

Speaker 2 (26:15):
Sure.

Speaker 5 (26:16):
Also I want to get her on the air with
this guy Greg Greg Norris from Cohen Norris Law firm.
He's trying to create some regulations to help protect people
from title fraud and he says that he has really
good ideas on how to do a very cost effective
through the government, you know, portal system of the clerk
of the courts to make sure everything's okay and not

(26:38):
have to have people be charged a monthly fee from
like those lock life companies or whatever.

Speaker 2 (26:44):
Well, you can do it through the county.

Speaker 5 (26:45):
You can, But apparently there's still fraud going on, and
he has ways, he has extra ways, like extra levels
he could put on it to protect more people. So
I don't know if it's a good idea bad idea,
but hey, they're trying to make things better, so i'd
like to talk to people like that. And then we're
gonna get on Shane McElwain from Pet's Pet Pest Smart,

(27:09):
not Pet Smart, Pest Smart. He owns a pesticide company.
We're gonna talk about the creepy critters that are down
here that are unique to Florida that you got to
deal with. And also I'm sure the guys he's second
generation or third generation pesticide company, so I'm sure he's
got tons of creepy critics stories of stuff in the

(27:30):
attic and in the pool and stuff like that, so
we'll probably talk to him. So we're gonna really try
to change it up this year. In twenty twenty five,
our thirteen year on the show. And now I look
like it's completely different.

Speaker 3 (27:41):
No, you look great.

Speaker 5 (27:42):
I might think, Oh, maybe it's oh it's funny on YouTube.
I look different than on stream yard. That's so weird. Paul,
thank you for letting me know about all that. Mom,
good morning, this is a bit thanks for coming out.
These are all people on our Facebook YouTube, Francis, thanks
for checking in with us again, like every week. If

(28:02):
you want to catch the show off air, or if
you're catching the show while you're driving and you want
to say, oh, I'm missing that part. I wish I
could have it. All you got to do is go
to Facebook or YouTube or the iHeartMedia app and look
up the last show and it's right there. You can
either listen to it or watch our ugly Mugs except
for Hot Ross. Right, everybody's the ugly mug except for

(28:23):
Hot Ross. So I just want to do, real quick
a couple of shout outs.

Speaker 3 (28:28):
Jath he couldn't even make the video.

Speaker 5 (28:32):
I wanted to say congratulations to Chris. We put his
house under contract. We already had the inspection, that's done
and over with, and now we're moving on to the
appraisal Monday. So Chris, congratulations. I think this is the
fourth property I've helped Chris Amy and his family either
buy or sell over the years, So thank you so

(28:53):
much for trusting us.

Speaker 3 (28:54):
And I saw the preview of that condo you have
coming out with the.

Speaker 5 (28:57):
Doc with the DOC really a doc.

Speaker 3 (28:59):
Yeah, really appealing for somebody who wants to be on
the water, you know, close to the.

Speaker 5 (29:04):
Water and relative access, and that dock is relatively cheap.
It's that DOC condo is relative cheap. Where it's a
two bedroom, two bath, fully renovated on Singer Island and
Riviera Beach. The unit is completely renovated. Every square inch
of the house has been touched in some way. I
think the oldest thing in that house is a twenty

(29:24):
twenty two air conditioning but everything else is twenty twenty four.
And then it has a thirty foot dock and they
just redid the seawall and the docks so there's nothing there.
And they've already dealt with all the assessments. And the
condo it's a condo and they've dealt with all the assessments,
and the sellers have paid all the assessments that are needed.
So when you buy it, you don't have to worry
about up what's coming up now it's all being handled

(29:48):
and no more surprises. Yeah, and thirty foot dock, you
can you can lease the dock or sell the dock
to somebody else in the community. If you're not a boater,
and they're asking five pointifty nine, which is a very
reasonable price for fully fixed up unit on Singer Island.
So I wanted to say to Troy, Caroline and Jerry,

(30:08):
thank you so much for trusting me to do the deal.
I got that through a referral from Shane from pets
Oh Smart, because he was over there working on the
condo and he heard them complaining that the unit wasn't moving,
and he's like, you gotta call Jim awesome, and that's
and they did, and when I met with them and
they went ahead and agreed to us, So thank you

(30:29):
so much. Also got a couple of shout outs here
for Muriel. Muriel, thank you so much. She's in icy
South Carolina right now. We helped her sellar house and
move up there. I hope you stay warm up there.
I hope you got a fireplace up there at South Carolina.
I know a lot of people do, and we gotta.
We got a shout out from Joe, which we hardy
do because he's always on the road truck or Joe,

(30:51):
Joe and Linda, you know, Joe and Lynd, dunkyep so Hey,
good morning, stay warm out there, Joe if you're on
the road. I don't think he is, because he's very
hyper about not bocket while he's on the road. That's
a professional hazard when you're.

Speaker 3 (31:03):
When you're a truck driver, especially if it's icy.

Speaker 5 (31:05):
Yeah, also wanted to give a let me see who
else was it?

Speaker 2 (31:12):
Oh.

Speaker 5 (31:12):
I wanted to give a shout out to Rick and
his family. Rick's been with us for many, many years,
and I told you he was going through a very
serious health issue. I went out and took the listing
last Saturday. We're going to be putting it on the
market very soon. It's a log cabin home. It's a
log cabin home in the acreage. I've already talked to
Mike and AJ the what what is it?

Speaker 2 (31:35):
What?

Speaker 5 (31:35):
What's the name of his experienced appraisers? I always get
it wrong, his experienced appraisers. I'm sorry, AJ, but AJ
I called him up to pick his brain because when
you have a log cabin home, you can't just use
regular comps for it all. You have to have log
cabin homes, like like for light. So uh not a

(31:56):
lot of the log cabin homes in South Florida. See,
the comp's going to be a little different so I
really trust the family on working on that. We're going
to get that house sold for them so that Rick
can move on and get healthy and heal. Really happy
about that, and let's see you and Mike. Oh and Lisa,

(32:19):
thank you so much, Lisa. I met with them. I
met Lisa and Kevin last week at their house. They
got a great house. They're thinking about selling and move
into a new construction home at some point. So we
sat down and had the consultation. I think I answered
a lot of their questions. Just like a lot of spouses,
not everybody's on the same page all the time. They
might have the concept that they both agree they want

(32:41):
to do something, but when or where or how it's
all going to work. It's very stressful when you're selling
a house and moving into a new house. So they
had a lot of questions and stuff. I hopefully answered
everything for them, and I'm more than happy. I can't
wait to jump on it when they're ready. We do
it on your timeline, not their timeline. And Mike c

(33:02):
just put out a thing on Facebook saying, really sad
when your homeowners and your homeowner's insurance and your taxes
exceed your mortgage payment. Yeah, that is kind of sad,
but you know it's sadder if you had a big more,
if you had a big principle and interest too. So
it isn't the end of the world, right, because if
you had a seven percent interest rate with the high balace,
that would be pretty bad too. So Lisa's listener, she

(33:28):
just said, made her husband laugh, make Kevin laugh, I guess, so, Hey, Kevin,
I'm glad he gave you a laugh today. And you
know what, I didn't even get to say this to Kevin.
Kevin is a big Mimmy Dolphins man. He had Dolphins
stuff everywhere, right, And the funny part about that, when
I left, I saw he had an old, old I
think it was a Ford or Chevy pickup chalk. I'm
thinking seventies. The whole thing was perfectly painted and detailed

(33:51):
with pinstriping. It was so nice Mimmy Dolphin colors. This
guy's like real deal, hardcore Miami guy. I like that too,
because I like Mamma Dolphins too. Anyway, let's go ahead
and take a break because my computer is about to
die and I gotta charge it up.

Speaker 2 (34:04):
Oh well, let's do just that. Then give an opportunity
to charge this bad boy. Of course, opportunity for you
to dive on into the phone lines. If you'd like
to be a part of the program. It's a four
minute reset. We can get right to your phone calls
eight seven seven nine two seven six nine six nine.
You want to dive into something we've discussed. You have
a question for the team, don't be shy. You're always welcome.
Of course, if you're not comfortable on the radio, always

(34:25):
remember access to the entire team at Florida Talkrealestate dot com.
You're one stop real estate shop. You're buying a home,
selling a home, stuck with a home, you don't know
what to do anything that touches the world or real estate.
We got a professional for you at Florida Talkrealestate dot com.
On Facebook and YouTube, like and share. You never know
when you can be helping people out in your life

(34:46):
big time. So I say no, what youse? The love
of shared. It's Florida Talkrealestate dot Com. We're back in
four minutes. Thanks for being with us every Saturday. It's
Florida Talk real Estate. Right here, It's Real Radio.

Speaker 1 (34:56):
This is Real Radio ninety two one and one oh
one seven seven. You'll talk for the Pone Beaches and
the Treasure Coast. This is Florida Talk real Estate with

(35:18):
Jim Depola and Johnny c. Got a question for the show.
Call us live at one eight seven seven nine two
seven sixty nine sixty nine.

Speaker 2 (35:26):
It is toll free eight seven seven nine two seven
six nine six nine. If I were to dial that, Jimmothy,
if I were to dial that right now, what what?
What would it sound like? Just keep ringing the ring? Yes,
I wouldn't answer. You're not an answer? Yeah, Actually, well
all right, I'm gonna go.

Speaker 3 (35:43):
Thank you calling Florida Talk real Estate.

Speaker 5 (35:45):
What's your name?

Speaker 2 (35:46):
Please? It's Johnny. Hi, Johnny.

Speaker 6 (35:49):
Would you would you like to give us a callback
number in case the guys knew to get in touch
with you off air.

Speaker 3 (35:54):
Absolutely, it's eight eight eight No, yes, Jimmy picks up
in the bar too. You want to hear all that number?
Just in case our communications interrupted here, guys need to
get in touch with my wife might show up anytime.

Speaker 2 (36:10):
Just in case. Jimmithy is our producer show today. Of course,
I'm your boy. Johnny's your old buddy, your old pal.
That's Mike Row. He's the boy from the mortgage.

Speaker 3 (36:21):
Firm, funny guy. Hi, doing good morning.

Speaker 2 (36:24):
Rosca mare Nets is here too. He's with Bright William Shurance,
Jude no Beach, Ross w.

Speaker 4 (36:29):
Yeah, I'm doing well. Good to see everybody.

Speaker 2 (36:31):
Always a pleasure. Although I can't see you, I know
here you are. Yeah, Hey, there's Ross and uh And
if you're like, how can you not see him? Because
we have lights and cameras and things set up. Because
we live stream on a Saturday. Y'all Facebook YouTube Florida
Talk real Estate on both you'll find us. Join the
live stream, check out the beautiful faces like Jimmy D.
Jim Depolo told you for thirteen years now he runs

(36:52):
a top producing Caloornias team, the Florida Homepro's team, the
Calowiams Innovations. Jimmy D.

Speaker 5 (36:57):
How you be, I'm doing good. I'm doing good out
the face for radio and the voice for newspapers and
I'm ready to roll beautiful and the body for the
body for I don't know. I have to think about that.

Speaker 3 (37:07):
I got the third one right screen.

Speaker 5 (37:10):
Body for It has to be something with the media,
right because the newspapers, TV, radio, there has to be another.
It has to be something about streaming or something important.

Speaker 8 (37:22):
But yeah, So we were talking to we were talking
about Kevin's Mommy Dolphin pickup Chuck, and I thought it
was really old, and she wrote back it was a
ninety seven Ranger and I was like, that can't be
and I just looked up the images and you know.

Speaker 5 (37:40):
What, the ninety seven Ranger hasn't changed much in body
style from nineteen seventy nine to nineteen ninety seven, because
I thought she transposed the numbers and really meant it
with seventy nine, but it might have been in ninety seven.
I don't know.

Speaker 3 (37:54):
Although the seventy nine's I looked at it too. They're
really cool looking.

Speaker 5 (37:57):
Yeah, they are county, kind of like.

Speaker 3 (37:58):
That forward looking, like the front bumper leans forward, the
cab kind of leans forward a little bit. Yeah, it
looked a little tough, yeah, fast.

Speaker 5 (38:05):
Yeah, So we're going to talk a little bit about
insurance before. Well, we'll go on to that part second.
So there was a ruling by an appeal court in
Florida that is continuing to make big sweeping changes to
our insurance industry. So by twenty nineteen, everybody woke up

(38:27):
that we had our insurance rates were starting to get really,
really high. We had insurance companies pulling out of the state.
Citizens was getting bigger and bigger, growing the rules, bigger
and bigger citizens' insurance, and what they were figuring out
was by twenty twenty, this is one of Ross's favorite
stats that we've learned over the years. In twenty twenty,

(38:49):
seventy nine percent of the homeowner's insurance lawsuits nationwide we're
in Florida. Seventy nine percent were in Florida, but only
nine percent of the claims. So we had seventy nine
percent lawsuits for nine percent of the nationwide claims. So
they wanted to tamp that down and they changed a

(39:12):
lot of the laws. One of the biggest laws was
or regulations. I don't I don't know if it's the law,
but one of the biggest insurance regulations was, and this
was the really big one, was that homeowners now cannot
just sue an insurance company and expect that the insurance

(39:33):
company is going to pay for their attorney fees. Buyers, homeowners,
if they're going to sue their insurance companies, have to
pay for the homeowner their own attorney fees. Correct Ross.
If I'm saying anything wrong, please let me know.

Speaker 4 (39:46):
Yes, if you want to see your insurance company, you
have to hire somebody. You have to or work it
out with them. The insurance company is not going to
pay the fees.

Speaker 5 (39:53):
Right, even if you win. I'm pretty sure even if
you win, you still have to pay your own attorney fees.
The way it used to be is you could sue.
The attorney would say, don't worry about it. As long
as I want a dollar in the court system, you
don't have to pay me anything because they're obligated to
pay me all my fees if you win, mister homeowner. Right,

(40:15):
So the homeowner would go, sure, let's go ahead and
see going to cost you nothing. It's not going to
cost me. I don't have any risk. It's all on
the risk of the attorney winning.

Speaker 2 (40:25):
Right. This isn't like are This isn't I'm taking you know, fifty,
This isn't like a contingent. This is a they will
pay my fees if I get you a one dollar reward.

Speaker 5 (40:36):
And I'm basing this not only what I read, but
also what happened to me in real life, because this
happened to be in real life where we did have
to sue the insurance company. And this is what I
was told by the attorneys that we hired, because I
was very afraid that if we lost the lawsuit.

Speaker 3 (40:50):
You're going to owe your lawyer.

Speaker 5 (40:51):
Then I'm going to allow my lawyer all this money
that I could have put into the house, because if
I lost, that means I was going to have to
spend more money on the construction out of my own pocket,
and then I have to pay the attorneys too. And
I was like, that's not a smart move.

Speaker 3 (41:03):
Billable minutes mounts and now I guess the attorneys are
just doing contingency so very similar to personal injury, where it's.

Speaker 5 (41:10):
Like, is that what they're doing? I don't even know.
I would assume that that's what they're.

Speaker 3 (41:13):
Going to think. So, because it's like if you're a
lawyer and all of a sudden, you're you know, clients
who probably don't have that kind of money, you know,
what are you going to do?

Speaker 2 (41:22):
Right?

Speaker 3 (41:22):
You have to be able to get a cab?

Speaker 4 (41:23):
But okay, so what's your what's your cut? The typical
forty I don't I don't know what, because then you're
suing your so your insurance company says, hey, we'll give
you ten grand, and you go, no, I want forty, right,
or I mean, yeah, you know whatever, and you end
up with say something or you know, I want twenty right, right,
and then you only end up with sixteen?

Speaker 5 (41:45):
Can you only get right? You only get to go
through a lawsuit.

Speaker 3 (41:48):
I haven't seen the agreements, but I know that I've
talked to lawyers who basically say, yeah, we're just continent now.
So I don't know the percentages, but I'm sure that
it is part of the negotiations because it does come
out of your portion of the claim right the the
the proceeds of the claim. And so he's got to
ask for enough to get what you need to do

(42:09):
the repairs. Ain't get enough to pay your lawyer's terrible,
but you know, I mean, I think what it does, though,
is that lawyers have to be particular about the cases
they're gonna that they're gonna take the litigation potentially.

Speaker 5 (42:21):
And here and here was the trick to me. Here
was the loophole to me. Back then, all they had
to do was win a dollar for the homeowner, and
then the homeowner's attorney was paid by the insurance company.
In my case, the insurance company was already offering me
money and I didn't feel it was enough for what
we needed to do for it based on our coverage. Right,

(42:43):
So they already were agreeing that they were going to
give us more than a dollar anyway. So you file
the lawsuit, it's almost guaranteed they're going to give you something.
So it was almost like free money for the homeowners
insurance attorneys, right, because chances are you were going to
win something either, you know, throughout that process.

Speaker 3 (43:03):
But yeah, I think it made it so they could
just take any case.

Speaker 5 (43:06):
Right, So they'll take any matter or right. Right, So
maybe the insurance company offered the right amount, right, you
suit them because the attorneys, you had a free attorney,
and then they end up giving you the same amount
that they were going to give you anyway. And then
the attorney goes, oh, I got a dollar, so give
me all my money. So that was that was kind
of screwed up. Totally agree with that, and the regulations

(43:30):
of stopping that really helped Ross predicted what's going to
happen Ross. I think that while went an effect in
twenty twenty two, and you said give it a couple
of years, it'll start flattening everything out, and it has. Right,
We've seen big flattening now right.

Speaker 4 (43:44):
Ross, Yeah, flattening and rate increases and more companies willing
to off recovered.

Speaker 5 (43:49):
Right, flattening in rate increases, not flattening and rate increases,
right right, right?

Speaker 3 (43:54):
I heard flattening and rate increasing, lattening flattening in the
rating and or seeing a little bit of reductions and
more carriers willing not recovered.

Speaker 5 (44:04):
Yeah, and more choices, which is really great that this
is starting to come back from a pretty bleak market
to a little bit of better market. Well, now there's
a new ruling that came out from an appeals court
on how claims are going to be handled, and this
is another thing that would happen. Has anybody there's a
couple of tech nuanced stuff, but I'm going to just

(44:27):
kind of gloss over the fine points. Has anybody ever
heard of assignment of benefits with insurance? Have you guys
heard about that before?

Speaker 2 (44:36):
Yes?

Speaker 5 (44:37):
So with the change, right, that's another big change. So
the way that that worked is your roofer would say, hey,
just give me the legal rights to basically represent you
before the insurance company and give me the legal right
to be the paye of the money that's needed, so
I can put the roof on your house and I'll
handle everything. And then the roofers were actually fighting with

(45:01):
the insurance company to get let's say, the new roof
on behalf of the homeowner. But the homeowner was kind
of out of it right because they gave a legal
assignment of benefits to the roofer. Well, they stopped that
from happening a while ago. But then what happened was
the loophole people I called loophole people, the people always

(45:21):
trying to find a loophole and whatever the system is,
the people gaming the system. They came up with this
thing called Holding Insurance Companies Accountable and it was a
company called HICCA HICA. And what was happening was instead
of having the construction company sue or deal with the

(45:42):
insurance company, the homeowner would hire this holding insurance Company
Accountable Corporation, and then they would hire the roofing company,
and then the HICCA people would be the ones representing
you in the court for the lawsuits, and the homeowners
out of it right. They don't have to deal with anything.

(46:03):
It's all all the rights are given to this Hicker
group and then and then HICCO basically already had a
deal with the roofing company, so it was an end
run around and they cut all that out. Have you
heard about any of this, Russ, Like, if you've seen
anything like this in real life or anything, I know
that you don't deal with claims. I get it.

Speaker 4 (46:23):
Yeah, I mean I've never I mean this seems pretty unique.

Speaker 5 (46:26):
Yeah. I think I think it was more common than
because when I had problem with my house, I had
a lot of people want to do the assignment a
benefit thing.

Speaker 4 (46:35):
With the AOB The assignment of benefits thing is not unique, right,
or it used to. It used to not be unique.
It's now you can't. I haven't do an assignment of benefits.
But I think whatever that this was trying to do,
mm hmm, whatever they were trying to do in this thing,
it seems pretty weird the way you described it.

Speaker 5 (46:54):
Yeah, they're saying. The Florida the Florida's Fifth District Court
of Appeals wrote and it's ruling that the assignment HICCA
relies on is an assignment agreement. The legislator is mandated
that such assignments comply with all other provisions of the statute,
so you can't have conflict to interest, and the conflict

(47:14):
of interest is that HICCA basically is paying the roofing company.

Speaker 3 (47:20):
And so that's not the way that I read it.

Speaker 5 (47:23):
Okay, how did you understand it?

Speaker 4 (47:25):
I read it that there was a direct to pay
where they had a where you can direct the insurance
company to just pay the roofer. Say hey, just just
pay the roof for directly.

Speaker 5 (47:37):
Isn't that like assignment of benefits though, No, that's different.
That's why that's different.

Speaker 4 (47:43):
That's different, okay, because you can say, hey, just cut
my roof for a check. I don't want to check.
Just here's my roofer's info cut the check. Assignment of
benefits was if you were the contractor, I would just
assign every Hey, you are now dealing with the insurance company.
You have all of the benefits of the claim and
you can do and if you come out and it's

(48:07):
you say, hey, it's fifty thousand dollars a work and
they say no, it's only fifteen thousand, you sue them
and you get it and the homeowner has no idea
what's going on.

Speaker 3 (48:16):
This is just the direct to.

Speaker 5 (48:18):
Pay is just hey, don't give me the money, give it.

Speaker 4 (48:21):
Directly to my roof ering. And then HICCA tried to sue,
because you know, tried to sue for I guess additional amounts,
and the court said you can't sue without a valid
assignment of benefits. But that's compliant with the twenty twenty
three law, and so they were shot down. So they

(48:44):
were trying to find a loophole, it seems like, and
they did.

Speaker 5 (48:47):
Not, right, that's right, okay, so thank you for clearing
that up.

Speaker 3 (48:52):
I think I see the loophole. I'm just what I'm
reading right now, Yeah, which is the law says you
can't assignment of benefits is now longer allowed for any post
lost benefits sorry post lost benefits of residential commercial property.
So maybe you do your assignments and benefits before you
have a loss. Right, So I just basically transfer my

(49:15):
benefits now and then just in case in the future,
I've already assigned my benefits.

Speaker 2 (49:21):
Because it does says yost post loss, pre loss.

Speaker 5 (49:25):
So the what the media is saying about this ruling
on that was on appeal was that this is going
to strengthen the insurance industry where we will have even
less fraud. Right, it'll be less lawsuits because of this
because Hico was filing a lot of lawsuits. Well I
shouldn't say a lot, but whoever hired them was filing

(49:48):
lawsuits automatically to the insurance. So this is going to
stop another little gap in problems. And you know, people
aren't really understanding this, but we've been saying it on
the show for quat while. Now insurance is getting better,
It's not great. I don't think it's going to be
great anywhere in the country anymore after what's going on

(50:09):
in California and everything. But Florida is starting to turn
around and get in control of the insurance crisis that
they've had.

Speaker 3 (50:19):
Yeah, because getting better for most people is like, hey,
my premiums are not going up as much, right, they're
getting more affordable there, or they were getting out of
control and now they're kind of in control. But if
you're an insured making a claim, has it gotten better or.

Speaker 5 (50:33):
I'm very concerned about that because part of the regulations
allowed insurance companies and I think they were allowed to
do this beforehand because I had it in my policy
where the insurance company will give you a discount if
you automatically sign when you sign up with the policy
to say you're not going to sue them right before
you even have any kind of issue. When you sign
in the policy, I won't sue you. We'll go at

(50:56):
me mediation. And if you do that, then you get
a discount on your premium. That correct ross some carriers
have some of them have that, and it's optional, and
it is.

Speaker 4 (51:05):
It's optional some carriers, it's required.

Speaker 5 (51:07):
Always required. And that always gets me a little nervous because, yeah,
you know, you have a big industry that's kind of
controlling your every man on the whole. Yeah, so we're
giving them a lot of power. But they were abused,
to be fair, they were abused for a long time.
That industry was abused for a long time.

Speaker 3 (51:27):
It's gotten worse for people who were trying to abuse
the system, whether that was contacts or just homeowners who
were like yeah, i'll take the free roof or whatever. Like,
it's gotten worse for them harder, for sure.

Speaker 5 (51:38):
So I wanted to ask you questions about claims. For us,
we have a house where they're putting the roof on
right now, is in fact it might have been finished
on yesterday, depending on the rain. But we had a
homeowner that put on a roof. They're already under contract
to sell the house, and when we put the listing out,
we said brand new roof coming January sixth, because we
put the house on the market right before New Year's Eve. Sold,

(52:01):
by the way, so they got the brand new roof.
But what happened was it was from a twenty nineteen
claim and I was like twenty nineteen and he said
it was hail damage and they approved it. Right, I know,
isn't that crazy? And Fort Saint Lucy right along with
this nineteen seventy seven smell, But it was legitimate. He

(52:22):
didn't hire anybody. The insurance company said, yes, you have
a claim. They put the roof on. Right. My question
is that house tainted when it goes to resell that
there was a recent claim that was taken care of
on that house, Like, is there any kind of kind
of like tainted property if you will.

Speaker 2 (52:43):
Not on that one, not on that one.

Speaker 4 (52:44):
But it feels like a water claim.

Speaker 5 (52:45):
Yeah, so tell me about that.

Speaker 4 (52:47):
So some companies, so some insurance companies, they when they're
evaluating risk, you know the risk and we'll call the
risk the home, the actual home they look at. You know,
everybody's going to look at claims for the actual person,
the person that the insured. Everybody's going to look at

(53:08):
their previous claims on the homes that they've owned, or shoot,
you could have had a renter's policy or something like
that and filed a claim. There's some carriers that look
at the actual house itself as well and say, hey, uh, sorry,
this house had a water claim, you know, two years ago,
so we won't ensure it.

Speaker 5 (53:29):
What would happen to a person that had that problem
and that they wanted to keep the house and they
had a mortgage or they wanted to sell the house.
What would happen in a house like if they just
said we're not going to cover you citizens, is that
what would happen? You would just I mean, like.

Speaker 4 (53:49):
I said, some carriers look at the insured, and some
carriers look at the insured and the risk. But if
you have like multiple claims in a short period of time,
I mean, it's you're you're either going to get something
crazy expensive or something that has zero covered.

Speaker 5 (54:08):
So the reason why I asked that question, other than
just to learn the answer, is to let people know,
don't abuse your insurance company, because if you do, you
ended up like really hurting, damaging the property really bad
and your financial future.

Speaker 4 (54:24):
I mean I tell everybody if you if you think
you have a claim, call me first, because it may
not be a claim because as soon as you pick
up the phone and call your insurance company, there's a
claim on your I remember that.

Speaker 5 (54:35):
Yep. Even if you don't do it, you just call
up and say.

Speaker 4 (54:37):
I think here's my policy number. I've got this going on,
and call him back half hours. No, sorry, I just
needed to tighten that and everything.

Speaker 2 (54:45):
So I remember when I had a unfortunate day where
a car went through my fence. I called Ross and
he's like, yeah, don't call him, bro, you're good. We'll
sort it out and we need to. But I would
not call.

Speaker 5 (54:58):
Them, not call yeah, oh, because you used the other
people have the other guy his insurance. See that's what's
good happen to the team.

Speaker 2 (55:06):
I think it was to get everybody involved involved, like, hey,
this just happened.

Speaker 3 (55:10):
Did my people involved?

Speaker 2 (55:11):
Yeah? I went to my people for a boss, Hey
this just happened. What should I do? Do? Nothing?

Speaker 3 (55:15):
Did you end up getting something from their insurance?

Speaker 2 (55:18):
We we did it. Came out of pocket. Uh. Fortunately
it was a little bit of casual around. Thank you mom,
and uh uh yeah, it took took a little bit
a year, a year plus. What they did.

Speaker 3 (55:33):
They caught us up and mom got reimbursed.

Speaker 2 (55:36):
She did. It was very It was a happy day
to be able to hit me. They yeah for a minute.

Speaker 5 (55:41):
Yeah, because you were lying on somebody else to give
them money, that must be pretty scary.

Speaker 4 (55:45):
I actually had a client who their house got hit
by a car twice and the insurance company non renewed him.

Speaker 2 (55:52):
What yeah, oh you.

Speaker 3 (55:54):
Know what you told me the spot.

Speaker 2 (55:56):
You told me that story when I called you.

Speaker 3 (55:59):
Yeah, that's the house on a golf course, right hit
golf balls.

Speaker 5 (56:03):
There was a house. There was a house in downtown
Delray that it got hit like four times over ten years.
And we had and yeah, we met and we wrote
a story about it every time. So I was like,
I was a younger reporter, but it happened like the
fourth time or something. So then you do a background
check on the you know, before you write the story.
I was to do a background check just to see

(56:24):
in that house kept popping up and it had been
hit three times before, and so you're gonna have I
you know, I made the local front with that stories
like house hit for fourth time in the family, and
it was just the way it was a four way
stop sign. There should have been no reason that people
were like driving. It was a corner house under a
four way stop sign situation. And anyway anybody making the

(56:48):
left hand turn onto that street, they just always went
wide and smashed right into the house. It was amazing.
But four times, can't you imagine? And is all the
same owner. I think that I think the quote we
put in the headline was not again.

Speaker 2 (57:11):
Guard rail.

Speaker 5 (57:12):
I know, right, would trees or something? Right, put a
bunch of palm trees in the way or something.

Speaker 3 (57:19):
One of them like a like a wall, you know,
you see those walls on the corner to kind of
you know, mark your house or whatever, you know, Johnnyville
or whatever.

Speaker 5 (57:26):
It's pretty wild. Let's go ahead. Let's go ahead and
take a break on the flip side. What we're gonna
tell is continue with the Florida real estate predictions and
a couple of things that I saw that were kind
of interesting. Also, we're going to talk about all the
problems with these unsafe buildings that are popping up all
over South Florida. There's two more that just popped up,

(57:49):
and I've found out about one that isn't even made
the paper just because it's such a small complex. But
we're going to talk about all those new laws to
make condos safer and how it's affecting.

Speaker 4 (57:59):
Every real quick, can I can I say something? If
you live in Palm Beach County, THEMA just redid their
maps in December, and just be on the lookout for
communication from your mortgage company because if you were remapped
into a high risk flood zone, your mortgage company will
now require you to carry flood insurance and they will
be sending you notices. So make sure you pay attention
to your mailbox.

Speaker 5 (58:19):
That sounds expensive. No, it's not, ben No required to
have the flood insurance.

Speaker 3 (58:24):
Yeah, I got somebody at like six hundred and eight.

Speaker 5 (58:26):
We'll talk about that on the flip side. Let's talk
a little bit about floods. If that's happening. We need
to tell people what's going on. So we're gonna get
advice from Ross. See breaking news right here. We're going
to get advice from Ross about what to do if
you get that letter and make sure you open up
your letters. If you're getting anything from your insurants company
right now.

Speaker 4 (58:42):
No, it's going to come from your mortgage company.

Speaker 2 (58:44):
Ah, always open your mail. I'll always open your mail.
Florida Talk real Estate is a dot com. That's Florida
Talk real Estate dot com. You're one stop real estate shop.
You get the entire team, pros pros, all at one space.
That's why we call it the one stop real estate shop.
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(59:04):
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Remember Florida Talkreestate dot com. Know it, use it, love it,
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(59:28):
They're there for you. Know it, use it, love it,
shared It's a formula break. We're back right here on
real Radio.

Speaker 1 (59:48):
This is Florida Talk real Estate with Jim Depola and
Johnny C. Got a question for the show. Call us
Live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 2 (59:58):
Yeah, that's it. Eighty seven seven nine two seven six
nine six nine. Toll freak. We got at about an
hour remaining on this Saturday. If you'd like to dive
in with a question, comment, concern in the world of
real estate, get involved in the conversation at hand. Wouldn't
do just that? Jimmy the will pick up the phone line.
You up there? What's up? My brother? Hell? I know?
And good morning, gentlemen. That's our producer at Short and Air.

(01:00:18):
Of course, I'm your air traffic control, your old buddy,
your old pal. Johnny C. We got Mike Row he's
the mortgage guy from the mortgage firm. He's right over here.

Speaker 3 (01:00:25):
How you doing, I'm good? How are you?

Speaker 2 (01:00:27):
Sir? Uh?

Speaker 3 (01:00:28):
Real good than good morning? Much for ask good Roskamer.

Speaker 2 (01:00:31):
Nets is here too, he's with Brett Winter Shurance, jew
No Beach Ross. How are you?

Speaker 3 (01:00:35):
I am doing well?

Speaker 2 (01:00:36):
Love it? And Jimmy D's here. Jim Depola, he runs
the top producing Keller Williams team, the Florida Home Pros team,
at Keller Williams Innovations, Jimmy d how you be.

Speaker 5 (01:00:45):
I'm doing good. I'm doing good. We're gonna talk a
little bit about what's gonna happen in twenty twenty five
real estate markets. So what do you think happened over
the last week with mortgage rates?

Speaker 3 (01:00:55):
On?

Speaker 5 (01:00:55):
Freddy Mack not asking Mike, what do you think? Up
or down? Uh?

Speaker 2 (01:01:00):
Flat?

Speaker 5 (01:01:02):
Flat? What do you think?

Speaker 3 (01:01:03):
Ross?

Speaker 2 (01:01:04):
Up?

Speaker 3 (01:01:04):
A tiny bet?

Speaker 2 (01:01:05):
I'd say flat too.

Speaker 3 (01:01:06):
I don't think it moved much to find flat. When
you say flat, Johnny, what.

Speaker 2 (01:01:10):
Do you mean, Oh, I mean within Uh? You know
small little variances that flat?

Speaker 3 (01:01:15):
What's a small variant?

Speaker 2 (01:01:17):
Oh, I don't know.

Speaker 3 (01:01:19):
Not one percent? No, no, no, no, half a percent.

Speaker 2 (01:01:22):
No even less than that said, I think would be
I think even a quarter. I think you're you're willing
to say it moved one way or another, less less
than a quarter. Yeah, that's flat?

Speaker 3 (01:01:30):
Point one two five? Up or down is flat?

Speaker 5 (01:01:33):
I would say, yeah, So this week we went up
point zero two, So it is kind of.

Speaker 3 (01:01:37):
Flast we're talking about.

Speaker 4 (01:01:39):
That's an increase, that's it.

Speaker 3 (01:01:44):
I sat up a little bit.

Speaker 2 (01:01:45):
Ye.

Speaker 5 (01:01:45):
Ross's ross was most accurate out of that group. There's
no doubt about it.

Speaker 3 (01:01:50):
I like Johnny's like an eighth of a point one
or the other. No big deal. I wish my clients
would have that. So there were six point eight virus.

Speaker 2 (01:02:00):
I work in the cannabis industry and THC levels are
often discussed turping levels. For me, a variance of like
two or three percent on the THC, that's a non variance.
Now we're talking. There's no different, nothing you're going to
even notice.

Speaker 5 (01:02:20):
So interest rates have gotten up four weeks in a row. Okay,
we December twelfth was our low for the last couple
of months of six point six. Now we're at six
nine three quarter you know, almost a quarter point was
actually more than a quarter point higher. Every time interest
rate increases one percent, you lose ten percent of your

(01:02:45):
purchase power, right, yeah, so two and a half percent
every quarter point is two and a half percent up
or down on your purchase power. Just to give you
an idea what these numbers mean in real life. So
last year we started out at six ' six and
we ended at six ' nine, and we're did we

(01:03:08):
end sixth nine?

Speaker 3 (01:03:08):
Hold on, where'd we end?

Speaker 2 (01:03:11):
Like?

Speaker 3 (01:03:11):
The last January second was six nine.

Speaker 5 (01:03:13):
One actually six.

Speaker 3 (01:03:17):
We're actually closer to the six nine than the six
eight five, because.

Speaker 5 (01:03:20):
Yeah, we are so. So the thing is is that
we're we're scooting up again now the high for last year,
and I think this is going to be I'm keeping
an eye on this to see what happened last year
compared to this year, because I think there's going to
be a lot of mirroring. Might be wrong on that,
but I think we're going to see a lot of
similar trends from last year to this year. So last

(01:03:43):
year we got a peak of seven to two in May,
and we started out the interest rates at the beginning
of year a little lower, about a quarter point lower
then we're starting out this year. And it took us.
It took us. It took us almost nine months to

(01:04:03):
get from six point sixty one to six point oh
eight and then we shot up. And you know that
that increase from September mic until until November that that
was the fastest interest rate increase in the history of
the United States. It went up from uh, six oh eight, Yeah,

(01:04:24):
it went up to six oh eight to six seven
nine in two weeks, and that was the fastest interest
rate increase. And then it continued to go up. There
was one little week where there was a blip, but
it would continued to go up the week after that
to six eight four.

Speaker 3 (01:04:38):
Tease, I'm looking at uh, looking like August through November
of twenty twenty two.

Speaker 5 (01:04:45):
Okay, I'm looking at that now too. Yeah, that was
a pretty fast Oh well, you might be right about
this visually.

Speaker 3 (01:04:50):
Visually it looks like a pretty Yeah.

Speaker 5 (01:04:52):
Actually that was a pretty bad one too. And that
started out at four nine to nine, and it got
all the way to seven point oh eight. Yeah, and
then we started going down and then we peaked again
at seven to two to two. So what I'm expecting
to see happen here for this year is what I'm
thinking is gonna happen, is that we're gonna see rates.

(01:05:17):
The rates could continue to climb for a little bit,
and then we're gonna start seeing maybe March where it
starts going down again. Now this is just based on
last year. I'm not saying it's gonna happen for sure.
You know, there's a lot more factors than this chart
to decide and where we are in the economy, but
we might What we might be seeing is the interest
rates aren't going to go down significantly anytime for a while,

(01:05:40):
and if they do, they might take a long time
to have those drops, Like you might have point zero
five point zero, three point one two, and then over
a period of like eight weeks, all of a sudden like, wow,
we dropped three quarters of a point. But it's gonna
be over a longer period of time. So, Mike, let
me ask you this question. If somebody were getting six

(01:06:01):
point seventy five or seven, right, Yeah, is a lot
of times? Is a lot of times for affordability? Is
for most people that are out looking to shop, is
a quarter point higher make or break for them? Or
is there like where where does it become where the

(01:06:22):
interest rate really really affects the person's ability to buy?

Speaker 2 (01:06:27):
Yeah?

Speaker 3 (01:06:27):
I mean, if we're talking make or break, we're talking
about the payment exceeding your maximum qualifying payment. Right, So
when you qualify for a mortgage, technically you're qualifying for
a mortgage payment, which is the combination principal, interest, tax,
insurance HOA. Right, So, taxes, insurance HOA are all very
specific to the home you're looking at. Principal and interest

(01:06:49):
is price is basically the loan amount, the interest rate right,
and so you can usually I would say that the
fluctuations and the interest rate over you know, a period
of weeks, whether it's an eighth of a point week
over week or a quarter maybe even is not going

(01:07:09):
to make or break you, because you just have to
find a house that fits, that has taxes that are
the direct number. Maybe you can play with the insurance
a little bit, maybe take coverage that you wouldn't not ideal,
so those things are much more you know, flexible, I
would say, and you know, obviously the price point, so
it becomes it really becomes. And this is what we

(01:07:31):
talk about a lot, a house by house analysis and
a moment in time analysis, right, because it could be
that you got your insurance estimate as low as it
possibly could be. It could be that the taxes you found,
the taxes that are as low as they're going to be,
right now, how do you get into that house? Well? Yeah,
that that that interest rate at that moment in time

(01:07:53):
could be the difference, right, seven percent lower than seven
a quarter six point seventy five lower, So maybe you
throw some money at it to buy the rate down
or whatever. So I would say there's usually some some
ways that you can get into the house as long
as you're in the zone.

Speaker 5 (01:08:07):
But let's say that, let's say that over while you're
house hunting and you haven't got into the house yet. Yeah,
over a three week PEP period, the interest rates go
up three quarters of a point, yes, right, that that's
when it becomes that that could be or sure, right.

Speaker 3 (01:08:22):
You just you might have to look lower your price perspective,
which is why it's really important, and we have the
tools so that you're not making the decision of whether
they make an offer in that house unless you know
it works right, right, yes, which you have to. So
very still very very common in this industry for mortgage
loan originators to issue you a pre approval letter that says, hey, Jim,

(01:08:45):
you're good for you know, four hundred and fifty thousand conventional,
you know, twenty percent down whatever, and then you're out
there shopping based on that number. Does that mean you
could buy a home that's four seventy five maybe the
neighbor next door, or maybe you can only buy that
one for four to twenty five, right, so you kind
of have to that generic preapproval letter really doesn't answer

(01:09:05):
the question can I get to the closing table on
this house, right, So you have to be able to
assess that information real time. You know that's a house
that is in your range that you should be looking at. Right.
It checks the boxes, bedrooms, bathrooms, location, all of that stuff.
But you got to know your numbers too if you're
pushing your limit, and that's where interest rate fluctuations are important.

(01:09:28):
That's where you know the homeowners insurance number is important,
the property taxes are important.

Speaker 5 (01:09:35):
In the cycle we were in last year, there were
a lot of ups and downs that jumped up kind
of high, and then it would slowly go down and
then it would jump up again. That happened a lot
last year.

Speaker 3 (01:09:45):
Sure.

Speaker 5 (01:09:46):
So my advice to people is the realtor part of
this conversation is you've got to get planned, you know,
well in advance before you're ready to buy. It's really important.
Remember that guy Eddie that called a bunch of times.
This guy Eddie, he has called me now like five

(01:10:06):
or six times since the last time you talked to him.
And the last thing we left off is Eddie turned
in your paperwork. He hasn't right, he says he will,
he hasn't right. I didn't even call you to ask
him ya, this is the the house that he wanted
is gone now right, and the interest rates are changing.
The interest rates when he started with us, which was
a couple months ago, the interest rates are about half

(01:10:27):
a point less than they are now now. We don't
know if Eddie is like on that bubble where the
interest rates really matter a lot, but if he was,
he would have been better off coming to us when
he came to us before the interest rates started going
up really fast, and we may have been able to
lock him in or now what he might have to
do is find out, oh, I can buy a house. Well,

(01:10:48):
we got to get wait for the interest rates in
general to get into the six fives. Let's say I'm
just making it up before you really can go house
hunting based on your situation unless we find the house
as a perfect and everything.

Speaker 3 (01:11:01):
Yeah, it's a weird thing, but I try to like
step outside of myself because you and I were in this,
we're in the trenches. We know logically you should never
be looking at homes that you can't actually buy. Like
that's kind of I don't want to say time waste,
it's because it's not really the way I think about it.
I just think about it as like you're spinning your wheels,
like you're just not going anywhere. And if you have
no hope of buying the house, why would you put

(01:11:25):
yourself through the emotional turmoil of looking at things that
you just can't buy. But some people love window shopping.
I mean, so I'm kind of practical on that, but
I try to think about the other perspective, and there
is sometimes this hesitation to know where you stand right,
Like you got an idea like I'm going to buy house.

(01:11:46):
I think these are the houses that I like. I
know there's probably but there's a hesitation to actually getting
the details from somebody like me and saying, hey, listen,
here's where you, Yes, you qualify, here's the limits under
which you qualify, Like you need to be shopping in
this price range. And that does involve not only you know, me,
gathering that initial information, but also verifying it. So that's

(01:12:07):
the documentation part. So you tell me, hey, I make
seventy five thousand dollars a year, Okay, cool, I believe you.
Let's get the pay stups because we're gonna need them.
And if we're pushing our limits, I really need to
be sharp on this stuff. Do you make seventy five
or you make seventy three five? Right, like, that's that's
a difference.

Speaker 2 (01:12:22):
It matters.

Speaker 3 (01:12:23):
So some people they're just like you have the conversation,
you talk about the stuff, and then the documentation is
the stall point for whatever reason. And it's also you'll
see Jim people on and you know sharp real estate
agents don't allow this, but you can go in, put
in all that information in some sort of system or
give us somebody and then they spit you out the

(01:12:44):
generic I'll call it a pre qualification letter, not a
pre approval of pre qualification. And then you're out there
kind of shopping with that. It's like, geez, you're really
just it's like throwing darts and you're blindfolded or you
got one eye closed or whatever. You just don't really
really know if you can get to the closing. And
of course we don't want to be in that position.
And it's not just because like, oh, I don't want
to waste my time, but the truth is I don't

(01:13:04):
want to be I don't want you to be in
and I don't want the professionals, the agents, the title company,
the all that I don't want anyone to be in
a contract that can't get to the closing, to the
to the finish line. So it's it's important. It's not
really painful to do it, but it does take a
little bit of time to have the conversation, takes a
little bit of time to get your docs gathered up

(01:13:26):
and you know, send them over and then it takes
a little bit of you know, courage to share that
information and then also receive and digest the results of
that process. Right, just like this is really where you stand. Sorry, guy,
your credit's not quite there it needs to be, so
you got to work on this. You're going to have
to do this with your credit card balances or do

(01:13:47):
this with some of the negative stuff, and sometimes that's
just hard to to like build up the courage to
start that process. Yep, so but I forget what you
asked me initially. But yeah, so its definitely can impact
your ability to qualify. And they're changing week over. How
many times, Jim have you called me and say, Hey, Mike,
what's the maximum that this person can offer on this house? Right?

(01:14:11):
Meaning like hey, it's it's listed for sale, they like
the house, they want to make an offer, maybe it's competitive.
Maybe you get the sense from the agent they're not
going to take you know, any they want the highest
and best or whatever it is. And Jim will call me, Mike,
what what is the maximum that they can offer on
this house? And I'll look at it and I'll say, well,
if they do this and interest rates are here, well
we're gonna have to have insurance right around here. Can't

(01:14:34):
do anything with this. And so here's the max, Jim,
here's the max that they could get. And if they're
doing that, gets get a seller credit back or something,
right Like, That's the type of conversations we'll have when
people are pushing their absolute limits.

Speaker 2 (01:14:47):
Yep. You need that expertise when you're doing that stuff. Yeah,
you really do.

Speaker 3 (01:14:51):
Expertise, the willingness to like put in that level of analysis.
It is as detailed analysis. You got to get to
the finish line.

Speaker 2 (01:14:58):
Yeah, you do. That's the ultimate goal of floridatokrealestate dot com.
You need prospros in your corner of floridatokreal estate dot com.

Speaker 5 (01:15:06):
Uh kind of interesting, you know. I always try to
every week if I can, to find out how many
properties are for sale in the in the mls in
this market, not just Palm Beach County or anything, but
all the South Florida mls. We're at fifty five thousand,
five hundred and thirteen to be exact, but that's about
where we were the last couple of weeks. It's been
fifty five four hundred fifty five five hundred. Not much

(01:15:29):
change there. But what has been changing. Remember when we
first started to do this was in September, because everybody
was saying, oh, the market's crash on the markets crashman,
So it's like, I'm not seeing it, but let's go in.
And we found out that at the time that there
were like forty five thousand properties for sale and there
were less than two hundred short sales and foreclosures. Out

(01:15:50):
of that forty five thousand, now we're at almost four hundred,
two sixty one and one thirty two.

Speaker 3 (01:15:56):
Mic.

Speaker 5 (01:15:56):
I think that comes out to three ninety four or
something like that, three ninety three, so I almost have
four hundred, which is almost double. Now here's the trend
I'm seeing on this now. These are properties that are
active right now. Of the two hundred and sixty one
foreclosures right now, one hundred that are active on the
market now last month, let me see out of the

(01:16:18):
two hundred and sixty one coovery Oh sorry, out of
two hundred six that would help.

Speaker 3 (01:16:24):
Do you remember when those were single digit numbers, Johnny?

Speaker 5 (01:16:26):
Yeah, one hundred and thirty eight of the active properties
of the two hundred and sixty one, so about half
are condos, Okay, the rest are mobile homes, town home,
single family homes. Now for short sales, there's one hundred
and thirty something short sales on the market right now,
and only I think one hundred and thirty two on

(01:16:48):
the market, and there is there is only out of
the one hundred and thirty two, only forty seven of
them more short sales. So what is this telling me?
Fifty of the foreclosures or short sale fifty of the
foreclosures or condos. Only about thirty percent of the short

(01:17:13):
sales or condos. So what does that tell me a
lot of the people that have the condos are just giving.

Speaker 3 (01:17:20):
Up letting foreclose.

Speaker 5 (01:17:21):
Yeah, and just think, remember, Johnny, we used to say
stick your head in the hole and just hope it
all goes away, and then you lose your house to foreclosure.
That's what's happening with a lot of these condo owners
right now because they can't afford the fees and everything.

Speaker 2 (01:17:34):
Does it tell you if it's the banks for closing
or if it's HOA for closing.

Speaker 5 (01:17:38):
It doesn't say in the listing, But you can check
in the Clerk of the County Courts, the Clerk of
the Courts and find that out who's foreclosing because they
have to file a lawsuit against you, so you know
who's foreclosing on you. But it doesn't say in the
listing who the foreclosing person is or the four.

Speaker 2 (01:17:55):
Yeah, because if you're not keeping up with your assessments,
your HOA obligations, they can foreclose on you as well,
much like the bank and the condo.

Speaker 5 (01:18:02):
Absolutely so. So here's the tip I want to leave everybody.
If you're in trouble with your condo, do not let
it go into foreclosure. Do not do that. Work with
your bank to try to do what's called a short sale.
A short sale is when you're going to the bank
and say, hey, mister banker, I know I owe you
two hundred and fifty thousand dollars for this condo, but because

(01:18:24):
of the condo assessments, I can only sell my house
for one hundred and ten thousand, and I have a
buyer that if they take the one hundred and ten
thousand on the two hundred thousand dollars loan, they'll pay
all the extra assessments that you're going to have to
pay if I go into foreclosure, mister banker, So please
take this offer as payment and full let me walk

(01:18:45):
away debt free. You won't have to deal with the assessments.
The buyer will take care of that, but you have
to sell the house low right, and the banks will
do that. Don't think that they won't. They will do that.
As long as you could show certain hardships and stuff.
It's almost guaranteed. Okay, So don't think that you don't

(01:19:05):
have any option against foreclosure because your assessments are too
high and you can't afford everything. You've got to go
to a professional and get free advice to find out
ways to do it. When you do short sales, nobody
charges you for the short selle. You don't pay anybody
for the short sale. To do that, we've done hundreds

(01:19:26):
and hundreds of actually thousands of interviews of people who
didn't know if they should short sell or let it
go into foreclosure, or try to do a loan mod
and we sit down and we go over all the
avenues for you to figure out what's best for you.
Don't let your house go and condo into foreclosure, because
if you do that, that doesn't mean that you're wiped

(01:19:48):
away of the debt once the foreclosure happens. Okay, the
bank can come after you for the losses. That add
if you just give up and say I don't want
to deal with this, you deal with mister lender, they
can come after you and sue you for the money
after they figure out what their losses are. But if
you cooperate with the bank to try to make it

(01:20:09):
its best situation for them and for you, they're more
likely to cooperate with you to get what you need,
which is to be able to walk away debt free.
And back in the day, you used to get what's
called relocation assistance back in the day, Back in the day,
but I don't know if that's happening now. There used
to be programs out there where you can get up
to thirty thousand dollars to move a very different market.

(01:20:31):
It's a very different market and desperate we're not at all,
but the banks they may still offer some small I
bet you if Paul was here, I bet you Paul
Krasker from the law office of Polycrassker, I bet you'd
be saying, we do ask for relocation assistants and sometimes
we get it.

Speaker 3 (01:20:46):
And it's always it's always a negotiation with them, which
is also really important. Way. So let's say you're in
that position for whatever reason, and you said we do
want a short sale. You should be working with people
who have experience with short sales, because it is like Jim,
I don't know if you know this or not, but
I am in a contract, not me personally, but you
know the buyer. Somebody's buying a short who's a real

(01:21:07):
estate agent. They're in a short sale contract. And they
were told in the beginning, this was October, that it
was a bank approved short sale, which usually means the
bank has already reviewed a short sale offer from a
prior buyer. That deal didn't go through for whatever reason,
but the bank had already done their analysis, they knew
the number. They're allowing it to proceed, and it can
be done thirty forty five days, right, because you're not

(01:21:27):
waiting around for the bank to do the analysis. Well,
here we are January and we still don't have an
answer from the bank, which tells me it wasn't.

Speaker 5 (01:21:37):
A bit approved. So when you're an agent and you
have a customer that's buying a short sale, specifically not
a foreclosure, but a short sale, there's a lot of
extra questions you got to ask the realtor to make
sure that the short sale's going to go through. Because
even at the height of the crisis, when four out
of ten homes in South Florida were either a short

(01:21:59):
that were for sale, we're either a short sale or foreclosure.
Think about that, four out of ten. Right now we're
under a half a percent foreclosure, four out of ten,
forty percent. But when that was happening, when that was
going on, people there were all kinds of people trying
to do the short sales on the listing side, on

(01:22:20):
the listing side, right, And what you want to know,
Number one, Hey, mister listing agent or missus listing agent,
are you negotiating the short selle with the bank or
do you have a third party that's negotiating for you? Oh, yeah,
we have a third party. That's that's the better answer
of the two. Right, Great, who is the third party?

(01:22:41):
ABC Short Sale Company? Right? Well, what do you know
about them? How many short sales have you done with them? Oh? Nothing? Right,
they probably just pulled them off the internet. Hey, we'll
process of your short selle for you.

Speaker 3 (01:22:51):
Right, you should go with a Z.

Speaker 5 (01:22:53):
You want to Right, you want to another question asked great,
ABC short sale company? Do they are they back attorneys?
Do they have attorneys there that can actually talk to
the bank in attorney language? Right? You want to ask that.
You want to ask if they've if they've been pre
approved for the short sale. Now, there's a lot of
different types of pre approvals. Sometimes the pre approval is

(01:23:17):
the bank says, yes, we will consider a short sale,
and that's it. That's the pre approval.

Speaker 3 (01:23:22):
Send us your package, Send us.

Speaker 5 (01:23:23):
Your package and we'll decide what to do with it afterwards.
Maybe we'll do it, Maybe you want. But as the
buyer's agent, if you're working with a listing agent and
you ask them, is the short sale approved? You want
to ask, well, what do you mean by approved? Have
you had a short like Mike mentioned, have you already
gone through the short sale process with another offer? And
it was rejected, and they came up with a number.

(01:23:45):
And now if you bring them that number, that doesn't
even in that case, that doesn't even mean that they're
going to take it. You could turn in two point
fifty and they say they want three hundred, the buyer
walks away, You find a new buyer for three hundred,
and then the bank is we want three ten. That
could happen. So you try to get a real approval,
and a real approval where the bank is stating to

(01:24:07):
the listing agent, we will agree to the short sale
and release the obligation to the.

Speaker 3 (01:24:13):
Owner at this number.

Speaker 5 (01:24:15):
At this number, with these terms, you've got to close
by this state, You've got to do this, blah blah blah.
So there's a lot of things you got to ask
in short sales, and they're going to become more common.
It isn't going to be like back in the old times,
but these condos is going to be happening more and
more so if you're in trouble. And the other thing
I wanted to mention was there was an article I
just read this morning in Miami Dade. Now there is

(01:24:38):
in the public Housing Department, Community of Public Housing, they
have programs now for low income residents where they can
get their assessments paid over a forty year loan at
zero percent interest through the county government. These are for
fixed and I love this program. I mean, I don't
know enough about the program, but I love the concept

(01:24:59):
because to me, it's going to be very, very sad
what we're going to be seeing with these older condos
that are especially the fifty five and overs, older condos
where people aren't fixed income and they bought the unit
fifteen years ago for fifty thousand dollars. They paid a
cash and they were like, I don't care. My HOA
is five hundred dollars a month. I don't have a mortgage,

(01:25:20):
and I have a safe place to live in a
gated community and I got bus service. I'm thinking of
some of the specific fifty five and overs and now
the buildings are seventy years old and they're about ready
to fall down, and now all these assessments are coming
and these people are now like in their late seventies, eighties, nineties,
and they have no money to deal with this, and

(01:25:41):
they also don't have a place to live, and if
they were to sell the place, they'd probably be underwater.
And they wouldn't have a place to live afterwards. So
this government program sounds like it could really help out
those people. But I don't know how much money's in there.
I don't know how it all works other than zero
percent what are your financing with some point?

Speaker 3 (01:26:02):
So that's not bad, but it does highlight Johnny's question earlier,
which is how much of the how many of the
foreclosers are association foreclosers versus bank because a lot of
those you just mentioned there might not be any loans
on those and so they're just behind on their condo
dues or their special assessments. They can't pay them right
for the reasons you mentioned, their income is fixed whatever,

(01:26:23):
they just can't afford these five hundred dollars month increases,
and those associations could be foreclosing.

Speaker 5 (01:26:31):
I think that's happening a lot because the associations are
under the gun from the state to comply with federal
state deadlines that they have enough reserves in their account
at a certain time, and that they've done all the
structural integrity reports which cost money, and then to repair
everything from the structural.

Speaker 3 (01:26:49):
Integrity Remember a lot of these associations because they're forced
to do these inspections and even you know, contract for
the repairs, they have to borrow that money oftentimes right
to do these repairs. And so then if they're not
getting the assessments in from the homeowners, they can't afford
to pay the loans back, and then it's going to
be a big, you know, a big.

Speaker 5 (01:27:09):
Or not comply with the state guidelines that they're supposed
to and so they don't have a choice. It's like,
you've got to give us some money, and if you can't,
we're gonna have to foreclose. So we could find somebody
that's going to buy this unit and make us whole, right, right,
So don't don't get into that. This is very high level,
very stressful, stressful stuff. Believe as we know that we're

(01:27:30):
trained to deal with it. We don't judge people. You
don't have to be embarrassed going to us. It's like
some people they're so embarrassed that they're in a jam,
a financial jam, they don't want to talk to anybody.

Speaker 3 (01:27:41):
Takes courage again to kind of like initiate that conversation
and unbury your head or whatever.

Speaker 5 (01:27:47):
Yes, and you really gotta pull your head out of
the sand, right, you got to you gotta do that,
because if you don't, you might be coming back with
a what did they call that? The default judgment? I
forget what they call that. The money left over that
you haven't paid back in a foreclosure. I forget what
there's a name for that. But they can come after
you for that difference whatever they lose. And technically, if

(01:28:10):
they make money on the foreclosure, they're supposed to give
you money back, Like if they actually foreclothes on you
and they actually pay everything that there's owed to them,
the condo is owed to them, there's money left over. Yeah,
some of that that some of that money is supposed
to come back to you. But I don't know how
that works. I've never seen that happens.

Speaker 3 (01:28:26):
A couple of questions from Jackie on THEE. Oh, I
didn't think Jackie's a real estate.

Speaker 5 (01:28:29):
Agent, right, it might be my broker.

Speaker 3 (01:28:31):
I don't even know she's a real estate Yeah, she's a.

Speaker 5 (01:28:34):
Hey Jackie, she used to have a radio show. She's
been around at forever. I love Jackie. What's going on? No,
this is a different Jackie.

Speaker 3 (01:28:41):
Okay, okay, all right, Well maybe but Jackie's saying, how
long are foreclosures taking. And then also you'd mentioned that
buyers will come in and pay the assessments on your
you know, but they're buying your condo, and the buyers
would pay those back assessments or not.

Speaker 5 (01:28:56):
They're going to pay a lower price for the condo, right,
So the what they're going to want to do. Most
people that are buying it, they're going to pay a
lower price for the condo and say I'll take over
your fees, but they want a lower price. They're not
going to pay your market value and pay the assessments.
That's not usually going to happen. I'm looking at closed
right now. Closed.

Speaker 3 (01:29:18):
I don't know how long foreclosures are taking in general.

Speaker 5 (01:29:20):
I think I'm going to tell you right now, they're.

Speaker 3 (01:29:21):
Filing the initial foreclosure. Let's say you go behind on
your mortgage payment. Well back in the day when it
was like crazy busy, you could go for a year
two years before they filed or even processed your foreclosure.
Right I think now, like if you miss three mortgage payments,
that's a row, so you're essentially ninety days late. Yep,

(01:29:41):
they're going to start the foreclosure process.

Speaker 5 (01:29:45):
It is expensive, so the condos A lot of times
don't want to do it because it's expensive, so they'd
prefer not to.

Speaker 3 (01:29:52):
I would say the associations, if there is a loan,
I don't know that they're filing foreclosure at all because
they're in essentially second lean position, behind a, behind the lender.
So even if they foreclose and they there's a whole
there's a whole thing. So I don't know that they're
doing that these days. But if there's a loan, I mean,
you have a mortgage, expect if you're third ninety days late,

(01:30:12):
if you haven't called and like arrange something, then yeah,
they're gonna find so I have and I'm sorry.

Speaker 2 (01:30:18):
That's a tough position because if you know, like I
got a loan on my condo, they're in second position.
I ain't paying my HOA. They ain't gonna be able
to do nothing to me. That's a weird position for
the hoas to find themselves in.

Speaker 5 (01:30:29):
Yeah, they just I think a lot of them will
file the foreclosure anyway because they'll work with the bank.
They they'll work, uh, they'll work with the bank at
the same time to try try to make this work
because the bank doesn't want to be stuck with the outs.
That's why it's great to do the short sales. Now
you have leverage with the lender because the lender isn't
going to want to take it over, especially if assessments

(01:30:51):
are starting to come through. It's like there's multiple assessments coming.
They don't want to be hit over and over again,
so some of them will just take the law doesn't go.
So it's really important. Now Jackie's question, there were five
hundred and ninety closed foreclosures in the MLS over the
last twelve months, and the I can't tell you the average,

(01:31:16):
but I can tell you the range. So out of
the five hundred and ninety, there were ten that were
zero days on market, just to give you an idea.
And then there are the longest days on market was
eight hundred and thirty four. Eight hundred and thirty four days.
And it's funny. I know this community. I sold the

(01:31:38):
house over there, Sunrise Lakes. They usually have fifty to
one hundred units for sale. The last time I was
over there, there were over three hundred units for sale
over there, and I did sell my house right. I
sold ours super fast. But I can see eight hundred
and thirty four days and Sunrise lakes, so they're all
over the place. But I would have to tell you

(01:32:00):
that the median thing for foreclosures is probably under one
hundred days for foreclosures, okay, And so that just gives
you an idea of how long the foreclosures take. They're
really the big differences is in foreclosures, it's really short
sales because short sales take forever a foreclosure, the bank
already owns the property, so it's just like a regular

(01:32:21):
seller almost they can sell at any time they want.
They don't have any obligations. With the short sale. You
got to get the bank and the homeowner to agree
that they're going to sell the price house for the
right price. In terms, so there were only one hundred
even though there were five hundred and ninety foreclosures closed
in the last year, only one hundred and seventeen short

(01:32:41):
sales closed over the last over the last year, So
big difference, Like of the deals were short sales compared
to foreclosures. Now short sales, there were five that were
zero days on market and out of the one hundred

(01:33:02):
and seventeen, and the longest days on market was nine
hundred and thirty five beat out the foreclosure. Imagine nine
hundred and thirty five days for the short sale. Wow,
three years? All right, two and a half three years?

Speaker 3 (01:33:14):
What does that mean? Just the bank would never accept
an offer.

Speaker 5 (01:33:18):
I believe that most of the times with the short sales,
the reason for the longer days, unlike foreclosures, is that
it takes a longer time to find the buyer, and
I also think it's longer for the bank to process it.
But I also think short sales, why would you go
and buy a short sale in today's market when you

(01:33:38):
have so much inventory and you have a lot of
motivated sellers out there. Sure, you're only doing it if
you have the patience and you want to go for
the jugular. And it's like, if I get it, I
get it, and if I don't, I don't want the
house at all. And you're okay to go through that process. Investors, Yeah,
most of the investors or people who just like really

(01:33:58):
really great deals and they're on a wait and they
don't mind rejection too much. Oh, they do want to
take my super low ball offer. Maybe this other bank
will right, And if it takes longer, I don't care.
I want that super low ball offer. That's the most
important thing to them. Nothing wrong with that, right, but
you just have to go through a lot more pain. So, Jackie,
I don't know if that answers some of your questions.

(01:34:18):
I thought it was Jackie from our office, so sorry,
but hey Jackie, so let me see somebody's making fun
about Sunrise Lakes, but I'm not going to put it
in there. So a couple things about what's happening in
the market today. So we see that the inventory is
kind of staying flat right now. Now, it's grown like

(01:34:40):
thirty percent over the last eighteen months, but it's not
really growing much more over the last couple of months,
right about fifty five thousand properties. Our sales are slow,
but prices haven't really dropped that much yet, and interest
rates haven't dropped yet either. Mike, do you see anything
in the future that sees that the interest rates are
going to drop significantly or do you agree with the

(01:35:02):
national economists that we're going to stay in that six
to high six numbers pretty much through the year.

Speaker 2 (01:35:08):
Yeah.

Speaker 3 (01:35:09):
I don't know about high six, but I would say
certainly between six and seven is a reasonable reasonable prediction.
Maybe at some point in the year we get down
to you know, six and six and a quarter or
something like that. But I wouldn't expect that, if anything,
expect things to be flat. I wouldn't expect any any
big bumps either. But there's a lot of uncertainty, like

(01:35:29):
we don't know what this year is going to bring
as far as the economy goes, as far as like
global economy as well.

Speaker 2 (01:35:38):
So yeah, the way it started, I would anticipate turbulence.

Speaker 5 (01:35:42):
Yeah, I think it's going to be very choppy waters
this year.

Speaker 4 (01:35:45):
I read something in the Wall Street Journal that we're
talking about. There's a some sort of spread between the
interest rate and the yield of the treasury rate or something,
and as that is bigger than it may incentivize more
banks to start offering loans, which could then bring the

(01:36:06):
rates down.

Speaker 2 (01:36:06):
Lower the rates the same thing.

Speaker 3 (01:36:08):
I think the spread space stays the same essentially, so
you can always like, what's the ten year.

Speaker 4 (01:36:12):
Well, there was something where it's growing, and it's been,
it's been the spread has been greater over the last
like recent five years or something like that. Yeah, and
then I tried to run the article to Chachiputa, tell
me what it really meant, did it work?

Speaker 3 (01:36:28):
Did it work?

Speaker 5 (01:36:29):
Did it work?

Speaker 3 (01:36:29):
To explain this to me?

Speaker 5 (01:36:31):
Like I should have done that with that article that
we were talking about earlier.

Speaker 4 (01:36:35):
But so it says, uh, the gap could shrink back
to normal levels, which might bring mortgage rates down without
needing major changes. Volatility decreases with the Fed not cutting
you know, they think they've they're done cutting rates, more

(01:36:56):
investors may step in, and bank behavior shifts with lower
interest rates.

Speaker 5 (01:37:03):
Yeah, so so I I kind of think that I
think that there could be natural price. Interest rates declined
this year, no problem, because we had it last year.
Last year, our biggest rate cuts were before the Fed
cut the rate, and once the Fed cut the rate,
the interest rates went crazy high.

Speaker 3 (01:37:23):
Leading up to the rate cut, they dipped, and then
after the rate cut they held for a week and
then and then they started and we've pretty much been
creeping up since then.

Speaker 5 (01:37:32):
But there were much lower rate interest rate drops before
the Fed started cutting the rate. The lowest interest rates
cuts we had last year were not during the interest
the Fed Freddie Mac interest rate the Federal Reserve interest
rate cuts, so it isn't tied together as much as

(01:37:53):
some people. We lied on because it was pretty consistent,
consistent indicator. It was pretty fast if the FED cut
the rate. Before this year, if the Fed cut the rate,
it just rates dropped pretty quickly, even though it isn't
directly tied and we've always said it's not directly tied
syndicator where we're heading.

Speaker 3 (01:38:11):
Matter of fact, there are times the FED cut the
rate and then you would see mortgage rates go up. Yeah,
that that same week. Yeah, but didn't we just have
a strong jobs report too?

Speaker 2 (01:38:19):
Yeah we did.

Speaker 5 (01:38:19):
Yeah, we had a very strong jobs report.

Speaker 2 (01:38:21):
You know, more examples of why they shouldn't have dropped
the federate exactly.

Speaker 3 (01:38:26):
And that's the reason.

Speaker 5 (01:38:28):
Yeah, And the Fed's already said next, you know, this
year twenty twenty five, they're not expecting the rates cuts.
I think they're only thinking too this year for the
whole year. And I don't even know if you if
they're only gonny to need that right. So, Uh, what
I think is going to happen is is that, uh,
the I expect that the inventory is going to continue

(01:38:51):
to grow. I think that they're going to be more
buyers coming back than last year, only because of the
pent up demand, not because of the economic benefits of
doing something. It's more like the social level. I gotta
buy a house. I can't take this apartment with the kids,
it's too small. I gotta move up and get to

(01:39:12):
a house. Whatever I can do, I'm going to do
because I need that. Or people that are like, I'm retiring,
I gotta downsize. I don't care what the market is
right now. It's just the right time for me to
do that. Or I'm moving, which is like you're always
the it's life, right, it's just your life situation stuff.
You're normal the cycle of life.

Speaker 3 (01:39:34):
Or ready to sell our house and do the next step.
And it's not always like, oh, is this the best
time to do it, because that's very hard to predict, right,
But it's like, we want to do this now. Let's
just get things lined up and then evaluate.

Speaker 5 (01:39:46):
In any of the sellers waiting, if you're waiting because
you think, oh, I don't like the price I'm getting today,
so I'm going to wait until next year to get
a better price. They're predicting that price appreciation this year
is going to be nationwide. They're talking about two point
nine percent. That's what they're thinking that.

Speaker 3 (01:40:03):
Uh, Florida, I heard a number the other day.

Speaker 5 (01:40:07):
I heard that no was like three to four, right,
I heard nine? Yeah, they were. They were so wrong
last year. That guy Lee whatever, that guy's that that
economist over there for them. I forget the guy's name.
I can't remember his name. But he's been around with
them for a while and he's not really in.

Speaker 2 (01:40:27):
My opinion, so he's expecting double.

Speaker 5 (01:40:29):
He's a ro rock guy for he's just you know,
he's a it's like a lobbyist for nor in a way,
you know what I mean. So they're gonna say, however
it looks even when things are bad, they're always putting
the positive to spin on it. That's their job, right,
that's their job.

Speaker 2 (01:40:43):
Let them tell me, though, you're talking about people waiting
for certain things. We have discussed over the years. If
you're waiting for something in particular, that's very understandable, a
certain number, a certain I need my mortgage to be x,
I need I need that trade to be here, I
need this many dollars. If you're waiting for something in particular,

(01:41:05):
you have a goal, that makes sense. But if you're
waiting for prices to come down or this, it's not
a very specific thing. And In the thirteen years of
doing this show, I listen a lot. Obviously, I don't
always retain everything, but I try to learn from these pros. Pros.
I'm gonna tell you that waiting game. It has worked

(01:41:25):
for some, but the vast majority you are screwing yourself.
And I hate to put it so bluntly, but my gosh,
those have just been in the I'm waiting for this mode.
They have just totally missed the boat. The equity positioning,
if you to just pull the trigger, because if you
can the weight again, if you're financially able, but you're

(01:41:49):
waiting for something in particular, even Mike, you know, the
mortgage guy, Jim Ross, They're all gonna understand you have
a specific thing that you're waiting for. That's understandable. It's generalized.
I'm waiting for X to cap.

Speaker 3 (01:42:05):
EN's like I'm waiting for the market to get better. Yeah,
it's just ridiculous, very vague, you know, and it just
kind of means like you're not really waiting, You're just
you're gonna hope to time when when you have to
make a move, you're gonna hope the timing is right.
And even the success just miss out over the years,
Johnny Like people who bought in two thousand and ten, eleven, twelve, thirteen, fourteen,
like they look back and be like, wow, that was

(01:42:28):
really smart to buy in that time. And the truth is.

Speaker 5 (01:42:31):
And everybody said there were morons at the time.

Speaker 3 (01:42:33):
But the truth is, you got lucky. You got lucky
with the time and people who were able to refinance
into three percent.

Speaker 5 (01:42:39):
Loans that was yeah, that was like, yeah, kind of.

Speaker 3 (01:42:42):
Got lucky and you were able to, you know, take
advantage of it when when it was there, it couldn't
have predicted it. You weren't like, I'm gonna wait till
next year. We were we were looking at Ohnny's refine.
It was just like, we need to get down to
this number before it to makes sense. Now, could you
have if you waited another year or a year and
a half, maybe, could you've gotten lower than your current rate?

Speaker 5 (01:43:04):
Yeah, but that's crazy to how to think that way.
You had to think that way again, it is because
nobody knew what was going to happen in eighteen months
or anything. The way I look at it, here's ask you,
if you guys, anybody listening, this is frustrating that they
want to buy a house, but they feel like they
can or anything. Let me ask you this, if you could,
if you could have bought a house in twenty eighteen,

(01:43:25):
and you put seventeen thousand dollars out of your pocket
to buy the unit, right, whatever kind of house it is, right,
and you kept the house until twenty twenty four, and
you walked away with that seventeen thousand back in your pocket,
plus at least another one hundred thousand. So now you're
walking away with one hundred and seventeen thousand when you
put seventeen thousand into the house. Now that's not pure profit.

(01:43:48):
I'm not talking profit, Okay, I'm just talking about that.
But you get back. Some of it's because you paid
down your mortgage over that time and you paid down
the equity. Some of it's because the pricing went up
in the from twenty eighteen to twenty twenty four. Some
of it's that right. But when you push all that
together and you mush it all together, you're walking away
with a check for one hundred and seventeen thousand dollars

(01:44:10):
when in twenty eighteen you could barely get into the
house with three and a half percent down. Okay, now
you got one hundred and seventeen to buy your new house.
Now let's say that you're the person that would like
to do that, but you think twenty eighteen was a
bad time to buy because the interest rates are too
high and the prices were two high at that point, right,
and everybody was you just felt like everybody was crazy.

(01:44:32):
So you decided to rent. And now you're here, you know,
twenty twenty four, and now you're ready to buy your house.
And now you've got to come up with your first
i mean, your down payment, plus you're closing costs and
your prepaids and.

Speaker 3 (01:44:46):
You're becoming the first time How it harder or you know, worse?

Speaker 5 (01:44:50):
Right, it's gotten worse? And so who is? Who is?
They both really wanted to buy a house, one pulled
the trigger, one didn't. Who is the one that made
the correct decision? Do you think the one that was
waiting for the perfect market made the right decision in
this example I'm giving you? Or do you think the
one that said, you know what, I'm going to do
the best I can with the market. We have now.

Speaker 2 (01:45:12):
Their mortgage versus their landlord's mortgage.

Speaker 5 (01:45:15):
That's what I'm saying you got nothing for that. From
twenty eighteen to twenty twenty four, all you got was
a roof over your head. I don't even care what
you pay.

Speaker 3 (01:45:23):
They're both wrong, though. The guy who bought in two
that eighteen he should have bought in twenty twelve. Even
I don't even care about equity.

Speaker 2 (01:45:31):
You're paying for your mortgage versus that guy or Gallas.

Speaker 5 (01:45:36):
And that's that's true to the value.

Speaker 2 (01:45:38):
Your home only matters when you're trying to get a
loan against it or sell it. True if you're renting
and your rent control is in and you're paying for
your mortgage versus his or her mortgage, you won every time. Again,
equity is a gravy that's extra.

Speaker 3 (01:45:55):
Yeah, but this isn't.

Speaker 5 (01:45:56):
But this isn't like concepts. This is real money that
somebody's getting, you know what I mean. It's like the
one hundred thousand in this example is real money that
somebody's getting in their pocket. That's real. It's not equity
on paper, and you can do it. You know, you
can use it to buy your next.

Speaker 3 (01:46:13):
Mean, there's a saying that a good financial planner that
I know, and I'm sure this isn't hers, right, But
it's when you're talking about housing or just investing in general,
it is not timing the market. It's time in the market. Right,
So for any like home investment, as long as this

(01:46:34):
is a place, you know, I don't have to sell
next year. I don't have to sell two years from now.
Doesn't mean you wouldn't, but you don't have to. It's
a long term play. They don't The buying versus renting,
I mean, I'm like that has been beaten to death,
that argument, and it's just it's.

Speaker 5 (01:46:48):
I got to get those college professors on from South Florida.
There's a whole bunch of college professors that specialize in
real estate. Yeah, they all say that this market here
locally South Florida, Mark, you're better off renting than buying.
And I'd really like to talk to them about that
because they do these economic analysis, right, they're professors, right,
They're specialize this, and they do these economic analysis to

(01:47:11):
make that decision. It isn't just flipping off of their head.
But to me, in real life, I don't feel like
that's It might be true on paper, but in real life.

Speaker 3 (01:47:21):
Whether they say that all the time or just in
this market.

Speaker 5 (01:47:24):
They checked the market. They continually monitor the market, and
they come out through reports if it's a good time
to buy or rent.

Speaker 3 (01:47:30):
You know stuff. We were talking just a little bit ago.
You're talking about foreclosures and short sales, and we see
those numbers increasing, and somebody could look at that and
be like, oh, it looks like we're headed for a
you know, two thousand and eight style two thousand and
six to twenty twelve style downturn. And the thing that
you can't lose sight of, and you can never forget
is the foreclosure rates were crazy high because people were

(01:47:54):
in loans that they were dirty loans.

Speaker 5 (01:47:57):
Yeah, they were dirty loans.

Speaker 3 (01:47:58):
You could just get the loan and had no analysi
of the ability to repay. The other thing is we
do have a lot of people who did take advantage
of the refine market. They're in you know, three three
and a half four percent loans. They're not struggling with
that part of their payment. The principle and interest right like,
that part is super rock solid.

Speaker 5 (01:48:16):
And employment people forget that. When we had that crash,
we had big unemployment at that point. A lot of
people lost their jobs. Right now, part of the reason
why they lost the jobs. It was a domino effect.
The real estate market got bad. People weren't making the payments,
people went in foreclosure, left services were needed. People started
scaling back and employment and then people couldn't make their payments.

(01:48:37):
It got even worse, right, and there was a lot
of dirty mortgages they were dealing with. Yeah, so that
now our unemployment. The biggest issue we have now is
do we have enough people for employment right for the
jobs that we have out there. And so it is
a completely different market. We don't see any crashes. Five hundred,

(01:48:58):
you know, four hundred four and short sales out of
fifty five thousand.

Speaker 2 (01:49:03):
That's a very low number.

Speaker 3 (01:49:04):
Yeah, it's higher, higher than it's been.

Speaker 2 (01:49:07):
Oh yeah, yeah, I guess if you're looking comparatively, but
it's still is super low. Yeah.

Speaker 5 (01:49:11):
So we didn't get to it this week, but next
week I do want to talk about two communities, one
in four lauder Down one in West Palm that are
having really big problems related to the tow structural integrity
of their communities and the costs to deal with it.
It's going to be this big trend. If you're in
one of those communities and you don't know what to do.

(01:49:31):
You do know what to do. All you gotta do
is pick up the phone and call its right, Johnny.

Speaker 2 (01:49:35):
That's it floridatok real estate dot com. Absolutely, what else
are we going to get to do?

Speaker 5 (01:49:39):
We're going to get into that next week. We'll get
into the build. Oh we got three minutes. I'm sorry.
I thought we were down to two minutes. Yeah, yeah, yeah,
are you too?

Speaker 2 (01:49:48):
And Johnny one, Okay, so I'll need three minutes to
give you the website?

Speaker 5 (01:49:51):
I don't okay, yeah, yeah, so I can tell you this.
I'm I'm kind of working behind the scenes right now
on a thing where I got a where there's a
four unit complex down in Miami, and it was kind
of owned by a family, but then they sold some
of the units to like strangers, and now this building

(01:50:11):
has no garbage collection because the it has to be
paid for by the individual by the community, and the
community's not paid because nobody's paying the condo fees. There's
only four people. So now the landlord quote or the
community director for the community of the four units, they
come and knock on the doors and say, hey, give
me some money so I can get a garbage company

(01:50:33):
to come and pick up our garbage outside, okay, And
some of the units are saying, no, you haven't done
anything for the condosatation a long time. I'm not paying
you to have a private garbage collector come deal with
the problems. So now I'm investigating to see if that
building could be bought out, torn down, and given to
a developer. Isn't that wild?

Speaker 3 (01:50:54):
Wow?

Speaker 5 (01:50:55):
Isn't that crazy?

Speaker 2 (01:50:55):
Wow?

Speaker 5 (01:50:56):
So this is going to be happening a lot all
over South Florida, and they don't have to be these big,
gigantic beachfront condos. It's going to be happening all over good.

Speaker 2 (01:51:05):
I guess, well, well we'll have that to discussing so
much more. Thank you for being with us on a Saturday.
As always, like to make sure you know, Florida Talk
real Estate is a dot com, your one stop real
estate shop. You have access to the entire team. These
are pros, pros. You're buying a home, selling home, stuck
with a home, you don't know what to do anything
that touches the world of real estate. Lean on this
team to help you through it, give you the information needed,

(01:51:26):
guide you and your family into the right Decision Florida
Talkrealestate dot Com on Facebook and YouTube as well. Like
Share know what you is it love it Share you
can change lives. Mike Row the mortgage guy from the
mortgage firm. Have a great rest of your weekend. YouTube
hopome to be here. Thanks everyone. That's Russkamaronets with bright
Wing Insurance. You know Beach. I hope you have an
awesome rest of your weekend. Thank you.

Speaker 4 (01:51:48):
Hope everybody else does too.

Speaker 2 (01:51:49):
And Jimathy, my brother, always good to see you. Hope
you have a phenomenal rest of your week Thanks Johnny
you as well. Thank you. I'm gonna give you the
old calls. Try Jim Depolo with the Florida Home Pro Team.
I hope you as well, my friend, get a little rest.

Speaker 5 (01:52:03):
Thank you. I'm gonna be running around South Florida, so
don't have any iguanas fall on me.

Speaker 2 (01:52:08):
All right. We'll do our absolute best locker rooms next,
have an awesome weekend.