Looking for Luxury Homes at Incredible Prices? Look at Foreclosures & Short Sales

The Miami-Dade & Broward County housing market seem to be looking up especially in terms of sales involving condos and houses with $1 million or more price tags. This is the first time in 11 months that such activity happened. Compared to 2009 figures from the county real property appraiser, there was a 18 percent increase in sales transaction.

According to experts, the growing demand for high-end homes does not translate to a boom. In fact, a ritzy mansion is attracting home buyers both locally and internationally because of its discounted prices. For example, some homes that were initially listed for about $15 million & $14 million were purchased for under $10 million each.

It is evident from this that homebuyers and investors are simply taking advantage of their upper hand and the fact it is a buyer’s market at present. If you have the money and is in no hurry, you might even want to consider buying a property whose owner is considering a short sale.

Yes, you might have heard horror stories about the complications involved in short sale proposals and you might think twice. If you are able to provide the seller proof of your financial credibility and the short sale Realtor that you and the seller is working with knows what he or she is doing, then you are in good hands.

Short sale properties are definitely cheaper if you consider the fact the seller is looking to avoid foreclosure by asking the lender to accept the proceeds of the home sale, which is less than what is owed in mortgage. Of course, you need to do your homework since you do not want to find out at the end of the day, you will be paying more than you expected. This could happen especially if you do not watch out for hidden costs, which usually come if you signed the sales contract without reading it carefully or without consulting a real estate attorney who is an expert in short sale transactions.