Property Q&A in Miami Beach>Question Details

Jack, Home Buyer in New York, NY

is this the total price? or is this a sort sale?

Asked by Jack, New York, NY Tue Feb 3, 2009

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A lot of times, there will be very low prices on the mlx for REO's (bank-owned), foreclosures, short sales. Sometimes, listing agents do this to get a loss leader. Other times, they do this because that's the price of the last appproved short sale, or that's the loan amount.

The true price is what the market will bear. Therefore, if the property in on the beach, in South Beach, the demand will be higher, and bidders will bid higher than the listed price, if they really want the property.

The best approach is to have a realtor research the address of the property, the status of the foreclosure, do a CMA (comparative market analysis) of the property, get recent closed sales to determine appraised value, and to check the building for % of foreclosure/cash reserve situation, etc., to see if the building can get financed.

I am a mortgage broker, as well as a realtor. I'd be happy to find you the details of this and other foreclosure me: 954-536-0648 or email:
0 votes Thank Flag Link Tue Feb 3, 2009
No, this is not the total price. I believe this property is listed in the high $800,000s on the MLS (and not as a Short Sale). However, you can see from the explanation from 'RealtyTrac', that "The property is a Lis Pendens" (the bank has begun the foreclosure process). So, depending on the financial situation of the owner it could become a short sale or eventually a foreclosure. The price you see here is not a list price, but the estimated loan balance according to RealtyTrac ... they track foreclosures.

Feel free to contact me for assistance in your foreclosure search.

0 votes Thank Flag Link Tue Feb 3, 2009
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