Miami’s property owners who chose short sales have already been challenged by the market, which made it almost impossible for the to sell their homes.
Long before the financial market meltdown, the real estate downfall had driven down pricing on all kind of properties, including condos. Buyers with short sale offers were discouraged by the slow response of lenders, which were – and continue to be – swamped by foreclosure activity.
Banks have improved in the last few months with the turnaround time on bid reviews to four to six months. But they continue to slow down the process by coming in higher than the market can handle.
Some Miami properties are down 50 percent from what the owner paid.
The bank can go after the seller for the shortage on the mortgage – something the seller must negotiate with the lender before a sale is closed.
The bank helps you with the mortgage so you can sell, but, technically, the seller owes the money to the bank, as part of the negotiation.
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