Comments on: Short Sales http://www.miamicondorealty.com Wed, 14 Dec 2011 13:04:41 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Samir from Miami Condo Realty http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2349 Samir from Miami Condo Realty Wed, 22 Jun 2011 15:00:20 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2349 Alex - In a short sale the buyer presents an offer and from that offer a HUD is prepared which would disclose to the seller's financial institution all the costs associated with the sale of the property. Among those numbers the seller's lender will see a NET payoff to them. If they approve the sale and the NET payoff then you can proceed to closing the sale. The buyer would be issued title and is not responsibile for any past obligation on the mortgage. The seller may still have an obligation but that is between the seller and their lender not the buyer. As a buyer you would be responsible for cost of property taxes going forward and maintenance fees going forward. We try to have past due fees and taxes accounted for prior to presenting a contract to the seller's lender for approval. Regarding your last question - I am not sure which building/unit you are asking about. Alex – In a short sale the buyer presents an offer and from that offer a HUD is prepared which would disclose to the seller’s financial institution all the costs associated with the sale of the property. Among those numbers the seller’s lender will see a NET payoff to them. If they approve the sale and the NET payoff then you can proceed to closing the sale. The buyer would be issued title and is not responsibile for any past obligation on the mortgage. The seller may still have an obligation but that is between the seller and their lender not the buyer. As a buyer you would be responsible for cost of property taxes going forward and maintenance fees going forward. We try to have past due fees and taxes accounted for prior to presenting a contract to the seller’s lender for approval.

Regarding your last question – I am not sure which building/unit you are asking about.

]]> By: alex gomez http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2347 alex gomez Wed, 22 Jun 2011 05:03:33 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2347 in a short sale will I keep the mortgage or the mortgage is paid with the amount the seller is asking for? is there any banking obligation that I will absorb by buying the property? I have the cash for the property, can you send me the floor distribution? in a short sale will I keep the mortgage or the mortgage is paid with the amount the seller is asking for?
is there any banking obligation that I will absorb by buying the property?
I have the cash for the property, can you send me the floor distribution?

]]> By: Samir from MiamiCondoRealty.com http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2028 Samir from MiamiCondoRealty.com Fri, 10 Jul 2009 08:27:00 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2028 Walter - I'll do my best to get the photos. All units in Marina Blue typically have waterviews, this unit would be on the South side of the building and would have downtown and bay views behind American Airlines Arena. Short Sales don't all require cash but because this building is not a Fannie-Mae approved building at this time probably 30-40% down payment would be required by lender. I will email you details. Walter – I’ll do my best to get the photos. All units in Marina Blue typically have waterviews, this unit would be on the South side of the building and would have downtown and bay views behind American Airlines Arena. Short Sales don’t all require cash but because this building is not a Fannie-Mae approved building at this time probably 30-40% down payment would be required by lender. I will email you details.

]]> By: Walter http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2027 Walter Fri, 10 Jul 2009 03:14:00 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2027 Re: Marina Blue #1806...can you mail me any photos and give orientation (eg. facing east) and size of balcony--18th floor, I suppose. Does this short sale require all cash (I have about 40% available now)? Thanks. Re: Marina Blue #1806…can you mail me any photos and give orientation (eg. facing east) and size of balcony–18th floor, I suppose. Does this short sale require all cash (I have about 40% available now)? Thanks.

]]> By: Samir from MiamiCondoRealty.com http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2026 Samir from MiamiCondoRealty.com Tue, 14 Apr 2009 07:47:00 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2026 More information about? More information about?

]]> By: Ganesh http://www.miamicondorealty.com/short-sales/comment-page-1/#comment-2025 Ganesh Tue, 14 Apr 2009 02:07:00 +0000 http://www.miamicondorealty.com/?page_id=1240#comment-2025 need more information. Thanks need more information.

Thanks

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