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Home Buying in Downtown Miami : Real Estate Advice

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  • Local Info0
  • Home Buying6
  • Home Selling2
  • Market Conditions3

Activity 6
Tue Aug 11, 2009
Bob Galivan answered:
SImply put, a short sale is one where the owner of the property owes more than the mortgage balance. For example, if you own $300,000 on a property, but the home is worth only $200,000, the note-holder would have to agree to allow you to sell the property "short" of the loan balance. In addition, the seller needs to be in some circumstance where they are in financial difficulty which would make it hard for them to pay off the loan. There is a great deal of fraud surrounding short sales, so you should only deal with someone who is familiar with the process. My website (link below) has information on the short sale process that you might find interesting ... more
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Thu Jun 4, 2009
Beth Jenkins answered:
Hi Rob,
If you are working with a realtor, we are able to give you the basic rundown on most buildings in our area of expertise, but the actual building financials are given to the buyer when an offer is accepted and this is a part of the 3 day recission period that is given for any condominium purchas in Florida.

Also if you are looking for financing, your mortgage broker will have to determine if the building is FHA qualified under the guidelines they mus follow, and his involves getting the buildings financial information.

I wish I could tell you it is just on a web-site somwhere, but it is not. But it is not that difficult either, especially when you start narrowing down the buildings you are interested in.

If you need assistance in your search, feel free to contact me directly.

All the best,
Beth Jenkins
South Florida Brokers
786-374-4778 (direct)
... more
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Sat May 30, 2009
Manon Mohammady answered:
Nimesh, can you tell me how many floors total in the building there are? I would keep in mind that many people do not like to be on an extremely high floor and it might make a resale more difficult. But if you really like the unit on the 40th floor more, then try to get it for less than 50kl What building is your unit in? Are you aware that many condo buildings have huge financial difficulties and that it is critical to buy into the right building. ... more
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Tue Sep 22, 2009
RN answered:
Hi Mahen,
Call me.. you have my number, and I'll point you in the right direction for those condos.
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Wed Jun 17, 2009
Victoria Lorusso answered:
Old debt counts. Not sure what you mean by that. There are tricks you can play to boost your credit. For example: Let a credit card ride with minimum for a couple of months then pay it off. They like to see that you manage credit. Worked for me~! ... more
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Sun Jul 20, 2008
Ines Hegedus-Garcia answered:
Jeff, depends on the type of investment. I know this is a week answer but there are many factors you need to study in order to make an educated decision.
There are plenty of great deals in Miami - you need to study duration, location, type of property, returns and obviously risk.
You have people upside down right now that bought in pre-construction and are dumping properties. There are also people that need to move because of a relocation on personal issues. One person's misfortune may turn out to be another's gain.
... more
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