Foreclosures Miami

TOP cities with highest number of foreclosed homes Miami is # 1

  • Miami, FL

  • Chicago, IL

  • Las Vegas, NV

  • Los Angeles, CA

  • Phoenix, AZ

  • Short sale and Foreclosures information

Buying a property in a short sale usually takes a lot longer because it's not just the buyer and the seller who have to agree to the sale its also the lender. All the lenders that hold a lien on the property have to agree to the sale. If the first mortgage has been re-sold by the original lender, it may now be owned by multiple banks.

If there is a second mortgage on the house, the lender(s) in the second mortgage also may be lien holders. Getting all lenders to approve takes time and could even prevent the deal from closing if a lender does not agree.

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.

Credit is also typically damaged from a foreclosure, but a short sale usually involves a lot more paperwork.

After foreclosing on a house in Miami, an individual is eligible to buy another home in 5 years, with some restrictions, or in 7 years with no restrictions. Individuals must report the foreclosure on all future loan applications.

After a short sale in Miami, the individual may be able to purchase a new home immediately, if their payments had never been more than 30 days late and the lender does not require them to pay back the loan. However, finding a new lender may be difficult. 

Buying foreclosures in Miami vs Buying a short sale in Miami

Short sales typically sell for a 10% discount to ordinary homes

Foreclosures with a 30% discount typically, foreclosed properties are usually sold for the outstanding mortgage balance or in some cases balances,

Short sale properties are also often bought for less than appraisal price.

 

Latest Foreclosures in Miami area