You may want to look for bank owned condos that come on the market. They will be priced well and the banks are eager to get them off the market. You will get a much faster answer and be able to close in a more timelyl fashion as short sales can take 60-90 days just to get an answer.
RE/MAX Tropical Sands
A short sale happens when the owner of the property owes more on it the property than what it is worth in today's market. The owner then tries to sell the property at a lower price and have the bank accept a loss for the difference. The bank is the one that decides if he accepts or not the lower price. This is the short version of the defenition.
There are many short-sales specially in Brickell/Downtown because many of the sales that took place back in 2005-2007 were units that sold for top dollar- for the most part overpriced. Many individuals were able to get loans without being able to afford them and now that prices have dropped significantly lots of people are walking out of their units and the only way to do this without damaging your credit entirely is trying to sell the property via a short-sale.
Hope this helps. If you need any help looking for a condo feel free to give me a call I speciazlie in Brickell and Downtown.
A short sale is the early stages of a foreclosure, the person cannot meet the mortgage obligation and has stopped paying the mortgage. The most common reason for this is the condo is not worth what they owe on the mortgage. So you are actually making an offer to their mortgage holder for a price less than what they owe.
If you are looking at a building that is not financlable, as I said before, you cannot get a loan on it and it would be a cash sale only. It dpends on the building, and it does change as the sales pick up. We are hearing of many buildings getting FHA approval lately.
A bank owned property is when the person loses the property and now you are offering directly to the bannk, and thye have set the price at what they want. Short sales can take months, bank owned are pretty much normal, you will get an answer in about 48 hours.
Hope that helps,
South Florida Brokers