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 11/21/2024.   Contact us to learn of additional units being offered as short sales. Prices may be further reduced, in some cases.

If you are a properly-qualified buyer, you may find this to be a great 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 property:

1. You must be an all-cash buyer, AND
2. Financing will not be permitted on these sales (cash only), AND
3. 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 to Help You Buy A Short Sale Property?

When you 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 are paving the way for short sales in Miami Beach.  We are happy to assist you.

 

 

Photo	Unit	List Price	List $/ s.f.	Bd/Bth	Interior Space	Contact
	2202	$25,000	$9.55	3/3/1	2618s.f. (243.2m²)	Colin Feuling Contact - MORE - Virtual Tour

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Source:  Southeast Florida MLS. Data updated 11/21/2024. Information is deemed reliable but not guaranteed. Copyright � 2024. The listing data on this page comes from the Internet Data Exchange (IDX), a collaboration between the following REALTOR� 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' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Use of search facilities of data on the site, other than a consumer looking to purchase real estate, is prohibited. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.