Selling Property For Less Than What Is Owed To The Bank
A Short Sale Summary|
There are 0 condos in Miami Beach with listing prices of $350,000 or more being offered as short sales as of 10/16/2018.
Contact us to learn of additional units being offered as short sales.
Prices may be further reduced, in some cases.
Are You Eligible to Short Sell Your Condo?
If you owe your lender more than
you believe your condo is worth today, and you are having a
financial hardship, your lender may permit you to sell your condo
for less than what you owe. Contact us to learn more.
More About Short Sales
If you are a properly-qualified buyer, you may find this to be a
time to buy real estate. You have the potential to buy first-class
properties at prices that are often below market prices.
Lenders who have financed many of these properties are trying to avoid foreclosures. If the
situation is right, they will gladly allow a property to be sold for a
fraction of what the owner owes them. There are many reasons why the lenders
are motivated, and we would be happy to discuss them with you.
Before you get too excited, however, you should know that the number of
great deals, particularly in South Beach, Bal Harbour and other beach cities
may be less than what you imagine. Understand that short sales are quite
rare, even in today's market. Our current list (see below) of short sale
properties for sale in Miami Beach shows only 0
condos for sale (Source: SEF MLS properties listed
at $500,000 or higher). Every now and then we find something amazing,
but it's not an every day occurrence.
There are a few things you need to be aware of as a buyer of a short sale
- You must be an all-cash buyer, AND
- Financing will not be permitted on these sales (cash only), AND
- It normally takes about 3 months to complete a short sale
When you make your offer, you must be able to prove that you have the
funds to make the purchase. A letter from your bank is normally sufficient.
Your offer is always going to be subject to lender approval, and this can
take 30-90 days, sometimes longer. So, you will need to be patient.
Why use Brown Harris Stevens | Zilbert - Zilbert International Realty - Zilbert Realty Group to Help You Buy A Short Sale Property?
engage a transaction broker to help you find and purchase a short sale
property, you should understand that the short sale process is very
complicated. Your broker needs to be skilled in the handling of short
sale offers and negotiation with lenders. Often, the seller of the
property that you may wish to pursue has engaged a listing broker who does
not have the skills to negotiate and process a short sale with a lender.
This is where our role as the buyer's transaction broker becomes
especially-important. We sometimes need to guide the listing
agent through the process.
So, as a buyer, seek out the best people to help you find and acquire a
short sale property. The sales associates at Brown Harris Stevens | Zilbert - Zilbert International Realty - Zilbert Realty Group are
paving the way for short sales in Miami Beach. We are happy to assist
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Source: Southeast Florida MLS. Data updated 10/16/2018.
Information is deemed reliable but not guaranteed. Copyright οΏ½ 2018. The listing data on this page comes from the Internet Data
Exchange (IDX), a collaboration between the following REALTORοΏ½ associations in the South Florida Multiple Listing Service (MLS): Realtor Association of Greater
Miami and the Beaches, Realtor Association of Greater Ft. Lauderdale, Realtor Association of Miami-Dade County, Northwestern
Dade Association of Realtors, South Broward Board of Realtors. All rights reserved. The information being provided is for consumers'
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By Mark Zilbert
Short Sales in Miami Beach is one of our favorite condos.
Mark Zilbert recommends that buyers, sellers and renters of real estate
consult appropriate professionals for legal and other specialized advice.
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