Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office has earned our reputation working with clients throughout the greater Fort Lauderdale real estate landscape. Whether buyers or tenants, or sellers, landlords or investors looking to maximize their return or portfolio value, we are respected as leading Realtors who can handle any real estate transaction – from the seemingly simple to highly complex. To view the entire library, click here.
When we say complex, we’re referring to transactions that stymie other, less experienced agents. One example involved a property owner who died without first establishing in a will or trust to whom the property should pass.
Advising Real Estate Beneficiaries
We recently assisted a client after the passing of his long-time partner. While the partner who died intended to pass the home to the survivor as the sole beneficiary, the deed remained in the decedent’s name. This required the sale go to probate, which many real estate agents and estate-planning attorneys warn is a challenging, burdensome process. It’s also avoidable with the establishment of a trust prior to the owner or benefactor suffering illness, loss of mental capacity, or an owner’s passing.
While probate is far from ideal, we helped guide the surviving partner through the probate process. This included having the home assessed and valued as of the day of deed holder’s death for purposes of the probate sale. We also had all the contents appraised and valued for liquidation.
Working with the estate-planning attorney, the survivor appealed to the court to allow him as beneficiary to sell the property.
An additional complexity: the beneficiary needed to perform a “simultaneous closing,” or sell the decedent’s property while buying a new condominium concurrently.
In this situation, the decedent’s probate attorney was not skilled in real estate transactions. We therefore relied on a trusted and proven real estate attorney to help communicate “attorney to attorney.” Together they coordinated the transfer of funds to the beneficiary to close on the condo purchase. This fail-safe helped reduce any risk and avoid liability on the purchase side of the transaction.
Separating Good from Great Realtors
This example is one of several that separates qualified from exceptional Realtors. The truth is, every Realtor begins with the same credentials. Each must pass the Florida Board of Realtors examination before hanging their shingle as a Florida real estate agent.
It’s what each real estate professional accomplishes after the day they hang their shingle that makes the difference in the quality, skill, and value they bring to your transaction.
For example, my own South Florida real estate career and credentials have been built on results. I am one of only 1,600 real estate professionals worldwide to earn the National Association of Realtors® Certified International Property Specialist (CIPS) designation. My Certified Residential Specialist (CRS) designation places me among only 3% of 1.1 million Realtors nationwide to hold the highest certification awarded to residential Realtors for both experience and education.
Team members include Eileen Mulkey is a senior forensic Fannie Mae appraiser who has handled difficult reviews and comparables for more than three decades. Across our 8-person team, we have more than 75 years’ experience as Florida real estate agents and brokers.
What does all this mean to you and your next real estate transaction? Whether you own investment property or are a baby boomer facing predictable - or unforeseen - life changes, we are ideally suited for your transaction. We'll position, negotiate, and sell your home or investment property, or guide you through the buying process.
Complex Real Estate Challenges
Investors, home owners, or other property owners face a host of potential realities with regard to their properties. Perhaps they are boomers retiring, wishing to relocate and downsize. This was the case in our previous article, where George and Mary were empty-nesters who needed to sell their Coconut Creek home with hopes of relocating to Indiana. The equity they’d amassed in their home, along with the pricing calculation and advice from our team, provided them significant proceeds at sale – and options for their future.
Maybe you’re a boomer or an investor who’s sold real estate at a profit and are facing a “1031 exchange” to reinvesting proceeds in a like-kind property.
Following the Great Recession of 2008 to around 2012, you might have been like many South Florida property owners facing life circumstances. You might have seen your finances sapped or yourself “upside down” or “underwater” in your current mortgage. Maybe you faced a “short-sale” to cut your losses and just get out from under your burdensome mortgage.
Another common situation we often see in South Florida occurs when elder parents or in-laws recently passed. They possibly moved into a senior living facility, or simply entered the next stage in their lives. As is increasingly common - and frustrating - these family members may be facing dementia or other loss of cognitive capacity or mental function. This adds further complexity to the sale process.
This can lead to one of several outcomes. The family may need to sell the parent’s residence to settle the estate or release the equity in the home. This could come as an estate sale or a probate sale, or execution of power of attorney in order to perform this transaction.
In any of these situations, the talents of a skilled and proven real estate agent is invaluable. They help manage such complex transactions.
Successfully Managing Life Events
The successful real estate professional focuses on managing life events to the convenience of the customer. With the example above of the customer whose partner passed, he was facing enough headache and heartache in his life. By looking out for his needs, we brought our decades of knowledge and experience to bear. We kept him informed and prepared for the best possible outcome.
Today, he’s living in his new residence and enjoying the next chapter of his life.
Throughout Broward County, from Pompano Beach to Coral Ridge, Imperial Point to Las Olas, Oakland Park to Wilton Manors and north to Boca Falls and south to Miami, South Florida real estate can be wrought with complex transactions. The team at Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office brings the skills to see around the corners to potential roadblocks that might hinder a successful transaction.
If you want the help of a professional for your next real estate transaction, give us a call.
Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office is a boutique real estate organization offering sales, leasing, and brokerage services to the Greater Fort Lauderdale area. A listings agent matches home sellers with buyers and tenants with landlords. While Broward County is our universe, we focus on Coral Ridge Country Club, Oakland Park, Wilton Manors, Pompano Beach, and the surrounding areas. Call us today at (954) 695-6518 or visit www.GaryLanhamGroup.com.