Are you getting the deal of a lifetime buying a SHORT SALE? The idea of a short sale whispers “Oh… Yes!” to many of us. But is it? Don’t confuse a short sale with a quick sale. It’s usually not speedy. In fact, it can often be a rather lengthy process, taking months to process.
So, what exactly is a short sale ? A short sales means the homeowners, SHORT the money needed to pay off their mortgage, are asking the lender to accept less than full repayment on their mortgage … eliminating part of the stigma and concenquences attached to a full foreclosure.
Because the seller is marketing their house BELOW what they may owe on their mortgage, the buyer presumes that he or she is getting a deal. Not always the case! Often, houses selling as SHORT SALES, were purchased at the height of the the market. They aren’t necessarily the BEST DEALS, but OFTEN merely properties for which the owners/sellers may have overpaid. Markets fluctuate. Prices can drop (at least in the short run!).
A homeowner wanting to sell something they bought at the height of market may be hard pressed NOT to take a hit if they are forced to sell in a housing market that has dropped.
If you’re looking for DEALS, take a look at properties purchased years ago … before the Miami housing market hit a ‘high’… What you’ll find, with many homes purchased years back, are sellers happy to reap the benefits of a natural market progession. These are homeowners who can sell NOW for a decent profit on their original purchase. Don’t limit yourself, by scrounging solely for hardship cases. Some sellers paid through the nose at the pinnacle of the market and can’t hold on any longer. Many of those risk falling into short sale or forclosure . While they scream ‘opportunity’ to many potential buyers, there are good deals out there if you know how to look. Look , because there are MULTITUDES of deals out there. Get a Realtor to help sort through them and guide you. . If you are considering buying or selling a house or condo in Miami, please give me a call at 305-793-1365 or send me a note here.
