Recent surveys predict that Miami will be the worst hit market for falling real estate values in the country during 2010. Much of Florida will experience significant declines throughout the year with Fort Lauderdale and Orlando also predicted to show big declines. It is further predicted that our real estate inventory will continue to grow as banks release built up inventories of foreclosures in the coming months.
One method that Realtors are utilizing to work through this crisis is what is known as the Short Sale process to acquire real estate at current market values. A short sale occurs when the proceeds of a real estate transaction fall short of the loan amount due on the subject property. When this occurs the lender must decide if he/she will agree to discount a loan balance of the seller. There are many factors that determine whether a short sale will be successful or not and it can take weeks or months to find out whether or not a deal is accepted. The mortgagor must also meet certain requirements to qualify to short sale their property.
As a seller or buyer, it is critical that you deal with someone who is knowledgeable about the short sales, as many pitfalls can easily ruin a deal. For more information on short sales and to learn if you are a seller candidate or a buyer looking to purchase a short sale property, please contact Troy Fowler at 305-206-0349 or visit www.Auction-Generation.com
Troy Fowler
Lic. Real Estate Broker & Lic. Real Estate Auctioneer #AU3595
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