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investors Are After the short sale: Will You Miss Out? ? Real Estate ? Condominiums
Article by Leon Belenky
Though the economy and the real estate market within the greater Miami-Dade area have remained surprisingly stable throughout the past three troubled years for the country, there are always incidents of hardship and loss for the general public, for whatever reasons, and in these cases, properties often fall back to the bank or remain in transition between the owner and the bank until an agreeable sale is made. The first of these is known as a foreclosure, while the latter is referred to as a short sale. Both can be an absolute diamond in the rough for the investor or the potential buyer, but the trick lays in knowing how and where to find these properties.
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The foreclosure is often more difficult to procure, or find at any rate, than is the short sale. short sales present to the novice as a regular sale, with the sign out front and the open viewings. foreclosures are often on the auction circuit or set to head there shortly, and can also be found more readily through an agent than with the naked eye. foreclosures are, however, usually open to the public, so any knowledge that you can muster about these properties should be used to your advantage quickly and effectively in order to avoid loss. These types of sales often move quickly and quietly, which is why investors so enjoy shopping them.
The short sale happens when an owner fears an eminent loss of the home, and/or when the value of the home, due to recession, depletion, or whatever reason, is less than the fair market value for the home at any given time. In these cases, or often when both of these factors work together, the bank would rather work out a feasible arrangement with the owner for the fair purchase of the home rather than to snatch it back and sell it at auction for a fraction of its worth.
The most disconcerting thing about a short sale is that they can often take months, 6 to 8 months to be exact. The bank will take a lot of time in deciding whether the offered price is acceptable, but this is often the very best way for investors and potential buyers to gain ownership of properties that they may not otherwise have afforded. Either of these scenarios bode well for the prepared buyer, and there are a great many steals to be had out there when one keeps their eyes and their ears wide open.
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