Buying Miami Real Estate For Less: Learn The Difference Between Short Sales And Foreclosures
Both of these options provide people with a chance to own real estate within Miami for more affordable prices as they are both considered to be “distressed” properties.
If you happen to be looking for the best deals on today’s Miami real estate market, it will definitely help for you to know the difference between short sale and foreclosure homes so that you know what you are getting into in the event that you opt for either of the two types of distressed homes.
Short Sales
There are so many people within Miami that have found it hard to keep up with their financial obligations when it comes to their loans and many of them are forced to try making arrangements with their lenders in order to set the problem right, even if it means that they will have to say goodbye to their home in the end.
Whatever the reason for being unable to keep up with their due payments, there are those who arrange for a short sale of the home in order to avoid having to default on their loan completely. However, before home owners are given the option to short sale their home, they need to first seek approval from their lenders which can be quite a tedious process that can take weeks or even months to finalize.
Nevertheless, people that do get approval from their lenders are given the chance to sell their home in order to make up for their financial obligations and walk away from the situation free from debt.
Foreclosures
Unlike short sales, people whose home end up in foreclosure tend to have much less of an option as far as how they are going to deal with their inability to live up to their financial obligations. Miami foreclosures have been a major issue across the region as they come about due to the fact that lenders will make it a point to recover their funds by simply seizing the home once they have been given legal rights to do so.
There is a process that needs to be observed which begins from sending out a notice of default which is then followed by a notice of sale which usually comes about three months after the first notice. The final step in the process is when the notice of sale is published in local newspapers which then tends to mark that the home is definitely going to be sold on the market.
If you are interested in being able to purchase Miami real estate at affordable prices, you will find that today’s selection of Miami foreclosures and short sales are sure to provide you with the right type of bargains that you are looking for. It always helps to make sure that you have professional assistance when it comes to these matters since these are not the same as standard real estate options found on the market today.
Yaz Morgan
Miami Foreclosures
