Is it a short sale or foreclosure?the price is undermarket...why???

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

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5
Fort Lauderd…, , Fort Lauderdale, FL
Fri Oct 19, 2012
This short sale is under contract.
1 vote
Ann Ryan, Agent, Doral, FL
Tue Oct 16, 2012
Greetings Gabriele!

Your guess was correct, it was in fact a short sale. (It actually just went under contract, but it is accepting back-up offers, probably with a preference for cash buyers). I'm not sure the price is actually too far off market. It was previously listed for about $150K from about July 2010 to September 2012. Clearly, they needed an offer to take to the bank, and they just got one.

The community also requires at least a 6 month lease, making it less attractive to those who are looking for short term rentals.

Let me know if there's any other information you need!

Ann
1 vote
Beth Jenkins, Agent, Miami Lakes, FL
Tue Oct 16, 2012
Hi Gabriele,
The unit is an unapprovd short sale, and it has a contract on it at this time.
The reason it seems priced under market value is because the agent is trying to "estimate" what the bank may take for the unit, and they are likely estimating too low.
Once the bank does an appraisal the price will likely change for the current buyer, and they may cancel the contract.

I suggest if you are looking for a good deal in the south beach area that you contact a local realtor for guidance.
Good Luck!

Beth Jenkins
Suth Florida Brokers
786-374-4778
bethjenk1@gmail.com
Web Reference:  http://www.arealtyteam.com
1 vote
Gabriele Set…, Home Buyer, Outside U.S.
Tue Oct 16, 2012
sorry...the address is 653 Michigan Avenue #1, Miami Beach FL 33139
1 vote
That property is "B" Pending sale Backups requested. Not uncommon for short sales which this one is. Email any further questions to Kenny@elitemiamiproperty.com
Flag Tue Oct 16, 2012
Kenny Raymond, Agent, Miami Beach, FL
Tue Oct 16, 2012
what is the property address?
0 votes
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