Gabriele Set…, Home Buyer in Outside U.S.

653 Michigan Avenue #1, Miami Beach FL 33139 Is it a short sale or foreclosure?the price is undermarket, why??

Asked by Gabriele Sette, Outside U.S. Tue Oct 16, 2012

This question was asked from this property:…

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There is only one reason a home is priced under market value. That reason is to get a purchase offer. Many hope to get multiple offers. The end game is to sell the home for more than the listed price.

In regards to short sales. the listed price is somewhat irrelevant since the bank/investor will respond with the price THEY are willing to let the home be sold for. Often this price can be tens and tens of thousands above the original list price. Again, the purpose is to get an offer to find out what the bank/investor wants.

Finally, I was excited to see a South Dunedin home listed at $109,000. It looked GREAT! Inside, however, the structural integrity was so compromised 'TREES" were growing through the cracks. The current price of $60,000 is stilll 20K to high. This home IS NOT priced above market value because of condition.

Without knowing the specifics regarding 653 and having an agreement with you regarding your intent to have professional representation, investing the real research needed would be as productive as searching homes for sale on an aggregate real estate website.

There is lots of Florida real estate changing ownership everyday. The 'deal' market will still exist in protected pockets for another year, maybe two. Working with a pro with whom you have shared your purchase objectives and parameters could prove very beneficial. Contact one of them.

There are several agents listed in the thread.
No, don't use that 'contact' button.
No, don't use Truila email.
Go old school and give an agent a call, if you are serious.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group

First Look:
0 votes Thank Flag Link Tue Oct 16, 2012
Hi Gabriele,

It is a short sale and it has a pending contract, but they accept backup offers.

The price was reduced from $145,999 to $99,900 only in September. It's hard to tell why... A possible reason can be that it had to sell fast or it needed repairs.

I hope that helps. Don't hesitate to contact me if you have further questions or if you need assistance with buying a condo in Miami.

Kind regards,
Ania Lenzholzer
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Tue Oct 16, 2012
This is a short sale property that has a contract pending . They are only accepting back up offers at this point. If you would like to purchase i have access to all properties and would be happy to send you available places to consider. Contact me Best Regards Mason

Mason Boggs P.A.

Elite Sales Group
2665 S. Bayshore Drive suite 605
Coconut Grove FL 33133

Cell (786) 253-4680
Office (305) 554-1544
Fax 1 (305) 851-4061
0 votes Thank Flag Link Tue Oct 16, 2012
Good Afternoon Gabriele,

This property does in fact appear to be well below market for the location, condition and size of unit. It is currently under contract, and does appear that it wil be handled as a short sale. From what I am able to see there are two foreclosure proceedings pending on this property. If you have any additional questions please feel free to contact me.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Tue Oct 16, 2012
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