Miami Short sales of real estate properties provide unique opportunities for buyers willing to buy Miami real estate on the cheap at very steep discounts.
Miami short sales is a process by which the owner of a Miami home brings a buyer to its lender and negotiate a transaction whereby, the owner will loose its equity in the transaction, the bank will accept also to loose a portion of the money owed by the lender. In The current environment banks are not in the business of owning real estate and are willing to leave properties go even at a loss for them. Banks have rules that force them to value their lending portfolios and to adjust their values in their books if the real estate loans have depreciated. When they acknowledge that their loan portfolio does not worth what is on their book they will accept to take a loss. During the last quarter of 08 and beginning of this year banks are acknowledging hefty losses and therefore are opening up toward significant negotiation. Buyers of Miami real estate that have cash, are in a unique position to capitalize on short sales and get great real estate deals. The Process of a short sales take some times, banks are usually overloaded with transactions and are not very responsive. Would be buyers of a short sales in Miami need to be patient, but deal will come it is a certainty. Additionally banks have their own transaction terms, homes are usually sold in a "as is condition'' Buyers should establish a price at which they would be buyer and send their trusted Miami realtor to the front line to fight for them. Any Miami realtors will not do, they will need to be a residential realtors that has a significant experience in those kinds of real estate transaction.
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