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Joanna, Home Buyer in 10003

Since this is a short sale, is the $450,000 a bank approved price?

Asked by Joanna, 10003 Wed Feb 18, 2009

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This question is about this property: http://www.trulia.com/property/1074235744-2301-Collins-Ave-1…

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3
Joanna~

As is the case in almost ALL short-sale transactions; the price has yet to be approved. Typically, the lender awaits the short-sale package from the "seller"- hardship letter, bank statements, profit & loss statements, supporting documents, etc. Upon the receipt of everything the lender(s) request, an oder is placed for a Price Opinion. The next step is to secure a ready, willing & ABLE buyer. Once the buyer submits the offer along with a pre-approval letter or "proof of funds" statement- ONLY then will the lender accept or reject the offer.

There are many twists and turns; but generally these are the steps in order to buy/sell with third party approval. Many factors are taken into consideration. The loan balance(s), the market value, number of units on the market in the building, number of owner occupied vs. tenant occupied units, number of foreclosures, degree of non-maintenance paying owners, etc.

As of this posting, It seems like 104 units are actively on the market, plus several units being marketed in silence! The area is fantastic... Gansevoort Hotel, South Beach, W Resort,...Quite a fine location!

There are some great deals at The Roney and nearby buildings as well.

Mott Marvin Kornicki // Broker-Associate • 786-229-7999
http://waterwayrealty.sef.mlxchange.com • SEARCH HERE
Miami Beach Real Estate • Sales, Leasing & Marketing

See the link below for available units at Roney Palace • Miami Beach
0 votes Thank Flag Link Sat Feb 21, 2009
Hello Joanna,

The 450,000 price is NOT the final appproved short sale price by the sellers lender.

Unit 1606 at the Roney Palace has had several offers all at 400,000 or below and the bank has not accepted any of them.

If you would like more information about this or any other similar property please feel free to contact me at your convenience.

Hope this helps and make it a great day today.

Jose Castillo
Coral Shores Realty
954-240-3940 or josesellsfl@yahoo.com
Web Reference: http://www.josesellsfl.com
0 votes Thank Flag Link Thu Feb 19, 2009
Short sales are not approved when the property is listed. The package is submitted after a offer has been received. It is very important that the listing agent has done their homework and that a complete package is sumitted to the bank. If the value is too low the bank will not approve and if the borrower does not meet the criteria the deal will not be approved.

If the lister knows what they are doing it is a good chance the deal will be approved, if they do not the deal most likely will not be approved. Every thing must be done correctly.
0 votes Thank Flag Link Wed Feb 18, 2009
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