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Buying Short Sales or Foreclosures - what are the Differences for Miami-Dade Buyers? Let's compare...
Every buyer wants a "deal" right now and I don't blame them!  If you are buying in this wildly crazy market in Miami-Dade, you need to feel comfortable about your purchase.  Deals can most definitely be had, often in the form of a short sale purchase or a true foreclosure. 
Here is Miami-Dade County we have a four year supply of houses (compared to a 5-6 month "normal" supply) and at least 1/3 of them are "distressed sales" (foreclosure, pre-foreclosure, etc.).  The properties that are actually closing however, are 2 to 1 distressed vs "normal sale conditions".  This means most buyers are going for the blue light specials.  
Buying a pre-foreclosure or a foreclosure can be very different, both from "normal" sale and from each other.  Let's take a quick look how each one could be from the eyes of the buyer...
 
 
 
Pre-Foreclosure (often a short sale)
In this scenario the seller still owns the house but owes is behind on their mortgage and the lender has begun foreclosure action.  Normally for most pre-foreclosure in Miam-Dade the owner owes more to the lender than a buyer is willing to pay for it so they have to have ... more

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